Good morning,

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

WHAT TO WATCH:

• Concessions Seen for Telefonica-KPN German Deal to Win EU Nod

• Omnicom Investor Sues Over Merger With Publicis Groupe

• UBS to Pay $50m to Settle SEC Claim of Misleading CDO

• Ray Investment to Sell $727m Stake in France’s Rexel

• Yen Hits Six-Week High as Japan Leads Asia Stocks Lower

• Sulzer’s Metco Said to Draw Interest From Oerlikon, Praxair, IHI

• Warsaw Bourse Confirms in Talks to Acquire 30% Aquis Stake

• U.K. Says G4S Withdraws From Bidding for Tagging Contract

• Sjaelso Gruppen Files for Reconstruction

EARNINGS: All times CET, estimates where available

• ING Groep (INGA NA) 7:00am, 2Q GAAP EPS est: EU0.246

• CSM (CSM NA) 7:00am, 1H, no ests.

• Kloeckner & Co (KCO GY) 7:00am, 2Q GAAP loss/shr est: EU0.055

• Fraport (FRA GY) 7:00am, 2Q adj. EPS est: EU0.79

• Brenntag (BNR GY) 7:00am, 2Q GAAP EPS est: EU1.539

• Symrise (SY1 GY) 7:00am, 2Q adj. EPS est: EU0.405

• Axel Springer (SPR GY) 7:30am, 2Q adj. EPS est: EU0.73

• Hannover Re (HNR1 GY) 7:30am, 2Q adj. EPS est: EU1.43

• Voestalpine (VOE AV) 7:30am, 1Q adj. EPS est: EU0.68

• Swisscom (SCMN VX) 7:30am, 2Q adj. EPS est: CHF8.134

• Delta Lloyd (DL NA) 7:30am, 1H, no ests.

• H Lundbeck (LUN DC) 7:45am, 2Q GAAP loss/shr est: DK1.661

• Beiersdorf (BEI GR) 8:00am, 2Q adj. EPS est: EU0.617

• TDC (TDC DC) 8:00am, 2Q adj. EPS est: DK0.906

• Randgold Resources (RRS LN) 8:00am, 2Q adj. EPS est: $0.71

• Old Mutual (OML LN) 8:00am, 1H adj. EPS est: GBP0.10 (3 ests.)

• Ferrexpo (FXPO LN) 8:00am, 1H adj. EPS est: $0.217 (3 ests.)

• TUI Travel (TT/ LN) 8:00am, 3Q, no ests.

• Andritz (ANDR AV) 8:00am, 2Q adj. EPS est: EU0.505

• Sampo (SAMAS FH) 8:30am, 2Q adj. EPS est: EU0.608

• SBM Offshore (SBMO NA) Aft-Mkt, 1H adj. EPS est: $0.568

• Corio (CORA NA) Aft-Mkt, 1H adj. EPS est: EU1.373

• KUKA (KU2 GY) 2Q adj. EPS est: EU0.477

• Monte Paschi (BMPS IM) 1H, no ests.

• Rational (RAA GY) 2Q adj. EPS est: EU1.70

• Norma Group (NOEJ GY) 2Q adj. EPS est: EU0.516

Bank of Japan

The Bank of Japan won’t expand stimulus at its two-day meeting that starts today, according to economists.

UK

Bank of England Governor Mark Carney speaks about implementing forward guidance aimed at anchoring interest rates.

Europe

German data is forecast to show industrial production rose.

Spanish government bonds have returned almost twice as much as Italy’s this year, reflecting investor bets that Spain’s recovery from recession will outstrip the moribund Italian economy. What’s more, with both countries’ governments embroiled in political turmoil, Spanish Prime Minister Mariano Rajoy’s parliamentary majority probably will enable him to ride out corruption allegations, according to analysts.

US

Federal Reserve officials have signaled this week the improving U.S. economic outlook is providing more scope to reduce asset purchases that have fueled stock and bond gains.

Stock to watch: BHP Billiton

BHP Billiton Ltd., the world’s biggest mining company, signaled it will expand in the shale oil and gas industry in the U.S., forecasting global commodity demand will jump 75 percent over the next 15 years.

“It’s my intention to make us hugely proficient, if not one of the leaders in the shale gas and oil business,” Andrew Mackenzie, chief executive officer of the Melbourne-based company, said today in an interview. “Which means if there are opportunities elsewhere we’ll be able to consider them with a lot of precision and interest.”

Good day and happy trading!

Kristian Camenzuli