Good morning,

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

• W&G Investments to Submit $2.4 Billion Offer for RBS Branches

• Funds Flow Back to U.S. as Asian Markets Unravel

• Merkel Rejects Joint Euro Region Bond Sales, Passauer Neue Presse Says

• Blackstone Said to Sell Broadgate Complex Stake for $2.7b

• Hollande to Go Further on French Economy Revamp, Ayrault Says

• Netherlands Won’t Try to Achieve EU Budget Deficit Goal in 2014

• Banque Cramer Acquires Banque de Depots et de Gestion From UBI

• Pound Sentiment Shifts as Outlook Versus Euro Raised

EARNINGS All times CET, estimates where available:

• Glencore Xstrata (GLEN LN) 8am, 1H adj. EPS $0.14 (conf. call on LIVE <GO>

• BHP Billiton (BLT LN) 8am, FY adj. EPS $2.47

• Lindt & Spruengli (LISN SW) 7am, 1H adj./GAAP net CHF44.3m

• Straumann (STMN SW), 1H net CHF36.6m

• Topdanmark (TOP DC) noon, 2Q adj. net DKK277.9m

• Cairn Energy (CNE LN) 8am, 1H adj. loss-shr $0.12

• CRH (CRH ID) 8am, 1H adj. net loss, EU18.1m (conf. call on LIVE <GO>

• Persimmon (PSN LN) 8am, 1H adj. EPS GBP0.33 (1 est.)

• John Wood Group (WG/ LN) 8am, 1H adj. EPS GBP0.47

Europe and US

European stock-index futures eclined, indicating that the Stoxx Europe 600 Index will fall or a second day, amid speculation that the Federal Reserve will urb its bond-buying program as soon as next month. U.S. futures ere little changed, while Asian shares dropped.


About four stocks fell for each that gained on the Asia-Pacific index, which decreased to 131.98. Real estate and construction firms led declines in Jakarta where the benchmark index tumbled as much as 20 percent from a high in May.

Everbright Securities Co., the Chinese brokerage whose trading error whipsawed stocks last week, plunged by the 10 percent daily limit in Shanghai. The firm faces possible fines and more restrictions on business as the error threatens to erode confidence in China’s market.

Stock to watch: Glencore Xstrata

Glencore Xstrata Plc’s first-half profit slid 39 percent and the world’s biggest exporter of power station coal wrote down the value of assets by $7.7 billion. Adjusted net income fell to $2.04 billion from $3.36 billion a year earlier, Glencore said today in a statement. That compares with the $1.87 billion average estimate of six analysts

surveyed by Bloomberg. Baar, Switzerland-based Glencore reported a writedown on the value of assets acquired in the takeover of Xstrata Plc three months ago.

Good day and happy trading!

Kristian Camenzuli