* GREECE: Greece’s money managers are warning of damage to an already crippled economy should European leaders move to restructure the country’s debt.
* EU: The EUR fell to a six-week low against the yen before Greece sells Treasury bills today amid speculation the nation will need to restructure its debt.
* UK: A U.K. house-price gauge rose to the highest level in nine months in April as demand for homes stabilised, the Royal Institution of Chartered Surveyors said.
* OIL: Oil supplies rose to within 1 percent of a two-year high as refineries came back on line after power outages and maintenance and prices rebounded from the biggest decline in more than two years, a survey showed.
* UK BANKS: HSBC, RBS, Barclays will set aside $3.4b for PPI compensation
* BNP: The company plans to announce at the annual shareholder meeting on May 11 that Chairman Michel Pebereau will retire by next year and be replaced by Chief Executive Officer Baudoin Prot. Deputy CEO Jean- Laurent Bonnafe will succeed Prot, the newspaper reported.
* INFINEON: The chipmaker said it plans to return up to EUR 300 million ($429 million) of capital to investors until March 2013, according to a statement. The company may buy back up to 40 million shares, it said.
* ENDESA: The company has brought to an end its process of divestment, carried out by the company’s new shareholder. Endesa’s president, Borja Prado, announced at yesterday’s board meeting the company’s new drive in acquisitions and looks to invest €10.345bn over the coming 5 years. Endesa is also awaiting the go-ahead from the Chilean government to allow the company to invest €2.5bn in a new hydro-electric facility, called HidroAysen, along with a similar sized investment in the country’s electricity transmission.
* BSY: The company asked an appeals court to reverse a regulator’s “dramatic intervention” limiting how much it can charge rivals for coverage of soccer matches.
* ACS: The company will propose, this Thursday, Pedro López Jimenez and José Luis del Valle as new Hochtief board-members. In doing so, ACS will gain a majority on Hochtief’s board, having 4 out of the 8 members. The Spanish firm have also set up a meeting in Australia with the chief advisors of Hochtief and the Australian company Leighton, in which they will outline a plan to integrate the two companies into the Spanish giant, along with addressing the recent drop in profit expectations for Leighton.
* REPSOL: The company is to announce today a large oil find in the Vaca Muerta basin. According to the firm, the new discovery will yield 200-400 barrels/day.
* BG GROUP: MISS. The company said earnings declined 38% on higher North Sea taxes and a charge related to asset sales. Net income in the first quarter fell to $597mn from $960mn a year earlier the company said today in a statement. BG figures on the tape all looks a little light. Net income $1.014bn vs cons $1.199bn. Clean EBIT $1.965bn vs. $2.1. LNG in line (and guided to top end of guided range – we are above for 2011 on expectation of Fukishima effects).
* IMPERIAL TOBACCO: IN-LINE. The company said first-half adjusted operating profit was £1.48bn. Analysts had expected profit of £1.49bn pounds on that basis.
* JCDECAUX: The company had first-quarter revenue of EUR 535.3 million, compared with EUR 487.2 million a year earlier.
* SOLVAY: The soda-ash maker said first-quarter earnings before interest, tax and special items from continuing operations rose 79 percent to EUR 197 million, beating analysts’ estimates.
* UPGRADES: Credicorp (UBS), American Water Works, Ross Stores, Premier Food (Citi), Pirelli (HSBC).
* DOWNGRADES: Schroders, Thomas Cook, Mediaset (Citi), Philips, Semen Gresik (JPM), MAN (DB), United Utilities (HSBC), Redflex (CS).
* CORP. DIARY: BG Group Q1 Results, Intesa SanPaolo Q1 Results, Imperial Tobacco H1 Results, Deutsche Post Q1 Results, Danske Bank Q1 Results, Kuehne + Nagel AGM, Renault SA AGM, Yara AGM, Adecco Q1 Results, Peugeot SA Investor Day in China (10 – 12 May), Deutsche Lufthansa AG April Traffic Statistics , Coca-Cola Hellenic Bottling Company S.A Q1 Results, EUTELSAT Communications Q3 Sales, Mediaset Q1 Results, Autoliv Inc AGM, Capita Group AGM & Trading Statement, Dexia Q1 Results, Resolution Q1 Trading Statement, Fugro AGM & Q1 Trading Statement, G4S Trading Statement, Hugo Boss AGM, InterContinental Hotels Group Q1 Results, Lagardere AGM, Atos Origin Q1 Sales, Autogrill Q1 Results, Rheinmetall AGM, Oerlikon AGM, Wienerberger Q1 Results, Havas AGM, easyJet H1 Results, NH Hoteles Q1 Results.
* MACRO DIARY: US – NFIB Small Business Optimism (12:30), Import Price Index (13:30), TIPP Economic Optimism, Wholesale Inventories (15:00), Speakers – ECB Announces Allotment (10:15 / 12:00), FED (14:30 / 17:45).