* EUROPE: ECB President Mario Draghi offered a road map for policy makers last night, calling on euro-zone governments to quickly craft a “new fiscal compact,” calling it “the most important element to start restoring credibility.” He added that “other elements might follow, but the sequencing matters.” (WSJ). Additionally, Germany and France are pushing for closer economic ties among euro nations and tougher enforcement of budget rules to counter the debt crisis, snubbing investor pleas to back an expanded European Central Bank role. (BBG)
* IMPERIAL TOBACCO: The Company will replace AXA, the continent’s second-largest insurer, in the Stoxx Europe 50 Index and the Stoxx Global 150 Index, Stoxx Ltd. said in an e-mailed statement. The changes will be effective at the open of European markets on Dec. 19. (BBG)
* DEUTSCHE TELEKOM: AT&T Inc. said the Federal Communications Commission misinterprets market analysis and “cherry-picks facts” in concluding that the company’s bid for T-Mobile USA Inc. fails to serve the public interest. (BBG)
* FRANCE TELECOM: Iliad founder Xavier Niel stating that he is putting the final touches to his mobile entry. (FT)
* AIR LIQUIDE: The industrial gas producer was cut to “sell” from “hold” at Hamburger Sparkasse. (BBG)
* BP: The Company agreed to sell its Canadian gas-liquids operations to Plains All American Pipeline for $1.67 billion in cash. (BBG)
* NEOPOST: The supplier of mailroom equipment said third-quarter revenue rose 3.6 percent to 242 million euros. The Bagneux, France-based company narrowed its full-year sales growth forecast to 4.5 percent to 5.5 percent, from 4 percent to 6 percent earlier. (BBG)
* DOWNGRADES: PPG, Schindler (GS). Akron, Uralkali (BofA). Raiffeisen Bank, Pernod Ricard (HSBC). Shoprite, Severstal (CS). Mol (UBS). Severstal, DiaSorin, GN Store Nord (MS).
* UPGRADES: Lululemon (Barclays). Western Refining (CS). Bharat Heavy (HSBC). Neopost (Natixis). AP Moller, Sinotruk (DB). (BBG)
* CORPORATE DIARY: Wendel Investissement Investor Day, Berkeley Group Holdings H1 Results, Temenos Analyst Meeting, SThree Pre-close Trading Statement, Rezidor Hotel Group AB Investor Day, John Lewis Weekly Sales Data.
* MACRO DIARY: UK – PMI Construction (9:30), EC – PPI (10:00). Speakers: GE – Merkel, Austria’s Faymann Brief Reporters in Berlin (12:30), US – Fed’s Fisher speaks in Dallas (14:00), Fed’s Plosser speaks in philadelphia (15:00). EC – ECB’s Stark speaks in NY (17:30), US – Fed’s Rosenberg speaks on economy in Boston (18:30).