Good morning,

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

• NYSE Said to Choose JPMorgan, SocGen for Euronext IPO

• Asian Stocks Drop Before Fed Meeting

• Some of New Greek Aid Program to Come From EU: Sueddeutsche

• Repsol Wins Dismissal of Bridas New York Suit Over YPF Pact

• Poland’s Tusk Denies Finance Minister Tendered Resignation

• Zuckerberg-Led Group Seeks to Spread Internet to 5b People

• Catena Agrees to Buy Properties for SK3.8b From Brinova

• Letta Says Govt to Pass Important Fiscal Measures Aug. 28: Ansa

• BMW Owners Waiting for Repairs on Supply Chain Breakdown: Cars

EARNINGS All times CET, estimates where available:

• Heineken (HEIA NA) 7am, 1H adj op. profit (beia) EU1.34b, org. beer vol -3%

• Carlsberg (CARLB DC) 7am, 2Q net DKK2.2b

• Marine Harvest (MHG NO) 7am, 2Q GAAP EPS NOK0.13

• Glanbia (GLB ID) 8am, 1H adj. EPS EU0.31

• Sydbank (SYDB DC) TBD, 1H

• Hikma Pharma (HIK LN) 8am, 1H adj. EPS $0.48 (2 est.)

• Hochschild Mining (HOC LN) 8am, 1H adj. EPS $0.06

• Vestas Wind Systems (VWS DC) 8:30am, 2Q adj. net loss EU1.3m

Today is a very important day for the markets as the Federal Reserve releases minutes from its July meeting. Investors withdrew $8.4 billion from emerging-market, exchange-traded funds this year as weakening economies from India to Indonesia fueled pessimism in markets. The Federal Open Market Committee publishes minutes today of its meeting, as 65 percent of economists surveyed by Bloomberg News predict the Fed will taper bond purchases in September. India’s central bank eased cash-supply curbs as a surge in yields imperiled growth.

Stock to watch: Heineken

Heineken NV, the world’s third-biggest brewer, said a poor spring in Europe will hold back revenue this year, adding that profit before some items won’t grow as consumers in the region rein in spending.

Sales have suffered a “further moderation versus what we had expected after the first quarter,” Chief Executive Officer Jean-Francois van Boxmeer said today on a call with reporters. The second quarter is clearly below our expectations for well-documented reasons, and that will have an impact on total outlook for the year.”

Good day and happy trading!

Kristian Camenzuli