Good morning,

Markets are called to open higher this morning. This is what's happening today:

• Vodafone Plans to Beat Deutsche Telekom With Merger, WiWo Says

• Germany’s Weak Loan Demand, Low Rates Hurt Banks, Moody’s Says

• Spain’s BBVA May Bid for State-Owned NCG Banco, El Mundo Says

• Euro-Area Economic Confidence Seen Up to 17-Month High

• ECB Council Members Split in Jackson Hole Over Rate Cut Room

• Ryanair May Get Panel’s Order to Sell Aer Lingus Stake: Times

• Fed Officials Rebuff Coordination Calls as Tapering Looms

• Asian Stocks Rise on Fed Outlook as Credit Risk Drops

• Poland’s Outlook Cut to Stable at Fitch on Wider Budget Deficit

• Mutsoev Sells 18.5% Stake in Polyus, Mori Acquires Equal Holding

EARNINGS All times CET, estimates where available:

• Flughafen Zuerich (FHZN SW) 7am, 1H adj. EPS est. CHF9.33 (3 ests.)

• Unione di Banche Italiane SCPA (UBI IM) 2Q adj. net est. EU22.57

US housing data eased concern that the Federal Reserve will pare stimulus. Bank of Japan Governor Haruhiko Kuroda said at a meeting of central bankers in Jackson Hole, Wyoming, that stimulus was having an impact on his economy, while three regional Fed presidents differed over the timing for reducing bond buying.

Data today may show durable goods orders in the U.S. fell for the first month since March after a report last week showed new home purchases plunged by the most in three years.

Stocks, bonds and commodities have been whipsawed since May, when Fed Chairman Ben S. Bernanke first signaled the prospect of cuts to stimulus should the economy and job market continue to improve. The Fed will probably pare its $85 billion a month in bond purchases at its Sept. 17-18 meeting, according to 65% of economists surveyed by Bloomberg.

Stock to watch: Vodafone

Vodafone’s merger with Kabel Deutschland will help merged co. take market share from Deutsche Telekom, WirtschaftsWoche reports, citing interview with Vodafone German-area CEO Jens Schulte-Bockum.

• Deutsche Telekom’s copper network infrastructure is outdated and doesn’t allow it to achieve same speeds as fiberoptic networks: Schulte-Bockum

• Schulte-Bockum says Kabel Deutschland’s only weakness is 1 million customers who use company only for television signal

• Vodafone’s priority after merger will be to switch DSL customers to cable Internet

Good day and happy trading!

Kristian Camenzuli