Good morning,

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

• Publicis-Omnicom Merger Seen as Drawing Close Antitrust Scrutiny by U.S.

• Siemens to Replace CEO as Loescher Fails to Mimic German Peers

• Omnicom-Publicis Romance Went From Stupid to Real in 6 Months

• Asian Stocks Fall on Japan Earnings, China Debt Audit

• Schaeuble Says Pressure on Greece Must Remain Ahead of Election

• Elan Said to Near Sale of Company With Perrigo a Frontrunner

• Michael Dell Rues LBO Vote Method as He Seeks to Salvage Bid

• Glaxo Says Ex-China Head Reilly Will Return to Assist in Probe

• Liberty Global Increases Ziggo Ownership to 28.5%

• U.K. House-Price Growth Slowed in July on Property Supply Pickup

• U.K.’s Cable Sees Risk Help-to-Buy Could Create Housing Bubble

• Isle of Man’s Aaa Rating on Review for Downgrade by Moody’s

• Sika Reports 1H Net Sales CHF 2.4b vs CHF 2.3b Restated

• U.K. Stake Reduction in Lloyds May Start Within 10 Days, FT Says

• Barclays May Announce Capital Raising Plan, WSJ Says

• Uralkali Says Alexander Nesis Sold Stake in Co.

• Italy Crash Kills at Least 36 as Bus Runs Off Bridge Into Ravine

EARNINGS: All times CET, estimates where available

• Jazztel (JAZ SM) pre-mkt, 1H, no est.

• Galp Energia (GALP PL) pre-mkt, 1H, no est.

• Eramet (ERA FP) 7:00am, 1H, no est.

• JCDecaux (DEC FP) 7:00am, 1H adj. EPS est: EU0.36 (3 ests.)

• Danone (BN FP) 7:30am, 1H adj. EPS est: EU1.48

• Dia (DIA SM) 7:30am, 1H, no est.

• Reckitt Benckiser (RB/ LN) 8:00am, 1H adj. EPS est: GBP1.19

• Intertek Group (ITRK LN) 8:00am, 1H adj. EPS est: GBP0.63

• TNT Express (TNTE NA) 8:00am, 2Q adj. EPS est: EU0.08

• Hammerson (HMSO LN) 8:00am, 1H adj. EPS est: GBP0.11 (1 est.)

• Senior (SNR LN) 8:00am, 1H, no est.

• Ryanair (RYA ID) 8:00am, 1Q adj. EPS est: EU0.06

• National Grid (NG/ LN) 8:00am, 1Q IMS

• Hiscox (HSX LN) 8:00am, 1H adj. EPS est: GBP0.29

• Polymetal (POLY LN) 8:00am, 2Q production

• Aberdeen Asset Mgmt (ADN LN) 8:00am, 3Q IMS

• Temenos (TEMN SW) 5:30pm, 2Q adj. EPS est. $0.21

• Banco Comercial Portugues (BCP PL) 6:00pm, 2Q adj. loss/shr est: EU0.03 (3 ests.)

• CIR (CIR IM) 1H, no est.

European stock-index futures rose, after the Stoxx Europe 600 Index posted the first weekly decline in five weeks, as companies from Danone to Ryanair Holdings Plc

reported earnings. U.S. futures and Asian shares retreated.

Danone may move as the owner of Evian bottled water and Activia yogurt reported second-quarter sales growth that beat estimates. Ryanair, Europe’s biggest discount airline, might be active as first-quarter profit dropped 21 percent. Publicis Groupe SA may move after agreeing to merge with Omnicom Group Inc. Siemens AG might move after saying it will replace Chief Executive Officer Peter Loescher.

Futures on the Euro Stoxx 50 Index expiring in September climbed 0.4 percent to 2,754 at 7:07 a.m. in London. Contracts on the U.K.’s FTSE 100 Index gained 0.3 percent. Standard & Poor’s 500 Index futures lost 0.2 percent, while the MSCI Asia Pacific Index declined 1.6 percent as Japanese retail sales missed economists’ projections and profit growth at China’s industrial companies slowed.

Good day and happy trading!

Kristian Camenzuli