Good morning,

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

• Train Derailment Kills at Least 60 in Northwestern Spain

• Asian Stocks Slip on U.S. Economic Data

• ASM International 2Q Rev. Beats Estimates

• Logitech 1Q Sales $478m; Affirms Fiscal 2014 Guidance

• German Business Confidence Seen Rising on Growth Signs

• U.K. Economy Seen Expanding 0.6% as Recovery Gains Momentum

• Anglo Irish Creditors Said to Face More Losses After Liquidation

• Germany’s Roesler Says No Shortcuts to Easing Greece Debt Load

• U.K. Banks Slow to Compensate Interest-Swap Victims, Cable Says

• German Euro Pessimism at 14-Month High on ECB Pledge

EARNINGS: All times CET, estimates where available

• Cap Gemini (CAP FP) pre-mkt, 1H adj. EPS est: EU1.22

• Telefonica (TEF SM) pre-mkt, 2Q adj. EPS est: EU0.24

• Atresmedia (Antena 3) (A3M SM) pre-mkt, 2Q adj. EPS est: EU0.05 (3 ests.)

• Repsol (REP SM) pre-mkt, 2Q adj. EPS est: EU0.34

• Nexans (NEX FP) pre-mkt, 1H, no est.

• Logitech (LOGN SW) 4:00am, 1Q GAAP loss/shr est: $0.11

• ABB (ABBN VX) 6:00am, 2Q adj. EPS est: $0.38

• SEB (SK FP) 6:30am, 1H adj. EPS est: EU2.78 (2 ests.)

• Credit Suisse (CSGN VX) 6:30am, 2Q adj. EPS est: CHF0.67

• BASF (BAS GR) 7:00am, 2Q adj. EPS est: EU1.52

• Roche (ROG VX) 7:00am, 1H adj. EPS est: CHF7.45

• Givaudan (GIVN VX) 7:00am, 1H adj. EPS est: CHF33.27 (3 ests.)

• Lonza (LONN VX) 7:00am, 1H, no est.

• Nutreco (NUO NA) 7:00am, 1H adj. EPS est: EU0.84 (2 ests.)

• Software AG (SOW GR) 7:00am, 2Q GAAP EPS est: EU0.33

• Statoil (STL NO) 7:00am, 2Q adj. EPS est: NK3.70

• Technip (TEC FP) 7:00am, 2Q adj. EPS est. EU1.31

• Randstad (RAND NA) 7:15am, 2Q adj. EPS est: EU0.50

• Aixtron (AIXA GR) 7:30am, 2Q GAAP loss/shr est: EU0.12

• Michelin (ML FP) 7:30am, 1H adj. EPS est: EU3.3 (1 est.)

• Wincor Nixdorf (WIN GY) 7:30am, 3Q adj. EPS est: EU0.59

• Unilever (UNA NA) 8:00am, 1H adj. EPS est: EU0.78

• Petroleum Geo-Services (PGS NO) 8:00am, 2Q adj. EPS est: $0.32

• Faurecia (EO FP) 8:00am, 1H adj. EPS est: EU0.55 (3 ests.)

• BT Group (BT/A LN) 8:00am, 1Q adj. EPS est: GBP0.06

• Reed Elsevier (REL LN) 8:00am, 1H adj. EPS est: GBP0.26

• Rolls-Royce (RR/ LN) 8:00am, 1H adj. EPS est: GBP0.31

• Capita (CPI LN) 8:00am, 1H adj. EPS est: GBP0.25

• CSR (CSR LN) 8:00am, 2Q adj. EPS est: $0.15

• Travis Perkins (TPK LN) 8:00am, 1H adj. EPS est: GBP0.42

• Howden Joinery (HWDN LN) 8:00am, 1H adj. EPS est: GBP0.04 (1 est.)

• Lancashire Holdings (LRE LN) 8:00am, 1H adj. EPS est: $0.61 (2 ests.)

• Colt Group (COLT LN) 8:00am, 1H, no ests.

• SSE (SSE LN) 8:00am, 1Q IMS

• Polyus Gold (PGIL LN) 8:00am, 1H trading update

• Johnson Matthey (JMAT LN) 8:00am, 1Q IMS

• Daily Mail (DMGT LN) 8:00am, 3Q IMS

• Lonmin (LMI LN) 8:00am, 3Q production report

• Mitchells & Butlers (MAB LN) 8:00am, 3Q IMS

• Banco de Sabadell (SAB SM) 8:30am, 2Q adj. EPS est: EU0.01 (3 ests.)

• Orange (ORA FP) 8:30am, 1H adj. EPS est: EU0.59 (2 ests.)

• Bankinter (BKT SM) 9:00am, 1H, no est.

• Metso (MEO1V FH) 11:00am, 2Q adj. EPS est: EU0.68

• SABMiller (SAB LN) 12:00pm, 1Q IMS

• Shire (SHP LN) 1:00pm, 2Q adj. EPS est: $0.55

• Luxottica (LUX IM) aft-mkt, 1H adj. EPS est: EU0.79 (3 ests.)

• Kering (KER FP) aft-mkt, 1H adj. EPS est: EU4.44

• Casino (CO FP) aft-mkt, 1H adj. EPS est: EU1.67

• LVMH (MC FP) aft-mkt, 1H adj. EPS est: EU3.33

• EDP (EDP PL) aft-mkt, 1H, no est.

• Ferrovial (FER SM) aft-mkt, 1H, no est.

• Acciona (ANA SM) 1H, no est.

• Bankia (BKIA SM) 1H, no est.

• Deutsche Boerse (DB1 GR) 2Q adj. EPS est: EU0.96

• Dassault Systemes (DSY FP) 1H, no est

• TF1 (TFI FP), 1H, no est.

• Groupe Eurotunnel (GET FP) 1H, no est.

• Mapfre (MAP SM) 1H adj. EPS est: EU0.16 (1 est.)

• Terna Rete (TRN IM) 1H, no est.

Asian shares fell the most in more than two weeks, while European stock-index futures and copper retreated as investors weighed the withdrawal of Federal Reserve stimulus. New Zealand’s dollar and India’s rupee rallied.

The MSCI Asia Pacific Index lost 0.7 percent to 136.03 as of 7:17 a.m. in London, the most since July 8. Euro Stoxx 50 futures dropped 0.2 percent, while contracts on the Standard & Poor’s 500 Index slipped 0.1 percent. New Zealand’s dollar gained 0.7 percent and the rupee strengthened 0.5 percent. Copper slid 0.6 percent in London, while crude sank 0.4 percent in New York. Asian bonds declined.

Data today may show U.S. durable goods orders climbed and claims for jobless benefits fell, while German business confidence probably rose for a third month. Chinese Premier Li Keqiang said yesterday the nation will accelerate railway construction to bolster an economy that’s forecast to expand at the slowest pace in 23 years.

Good day and happy trading!

Kristian Camenzuli