Equity Update

We expect to see a quiet start on the opening in Europe today with a neutral bias and all eyes on the earnings reports that will be out today and with a possible rate hike from ECB Thursday and the important Job Report from US Friday, we think we will see some quiet sessions today and tomorrow.

Earnings today:

Deutsche Bank AG (DBK GY): Deutsche Bank AG, Germany's biggest bank, said profit increased 29 percent in the second quarter, buoyed by revenue from debt and currency trading. Net income rose to 1.23 billion euros ($1.57 billion) from 947 million euros a year earlier, the Frankfurt-based bank said on its Web site today. The median forecast of 21 analysts surveyed was for profit of 1.22 billion euros. Revenue climbed 15 percent to 6.8 billion euros.

Deutsche Post (DPW.XE) shares are likely to come under pressure intraday on the back of the company's weak 2Q net profit result, say traders. Net profit of EUR254M clearly missed consensus estimate of around EUR290M, says a trader. Sales also fall short, he says, but notes operating profit meets expectations.

Metro AG (MEO GY): Germany's largest retailer intends to release second-quarter earnings. The company may close some outlets after buying Wal-Mart Stores Inc.'s 85 German supermarkets. Look for EPS of Eur 0,359.

MAN AG (MAN GY): Shares in Europe's third-largest truck maker were raised to "hold'' by Deutsche Bank AG after the company extended working hours without extra compensation, boosted investment in machinery and shed some non-core businesses. Note: Net profit seen including the MAN Roland printing systems division. All other figures are adjusted for MAN Roland, which the company has decided to spin-off by July 1. Order intake expected +6.2% at EUR4.35B vs EUR4.1B. News on the full year outlook and order intake expected to be in limelight today.

HBOS Plc (HBOS LN): Britain's fourth-largest bank announces its first-half earnings. Last month it announced plans to buy branches from rival lender Barclays Plc as it seeks to expand its U.K. retail distribution network. Note: Analysts see the bank performing well on the back of growth in the UK mortgage market, where it continues to gain market share. Its banking and savings products are also growing, they say, and it has limited unsecured asset growth. Analysts at Keefe Bruyette and Woods say HBOS may also raise its share buyback program to GBP1 billion after it bought back GBP468 million of its shares by the end of June.

Ryanair Holdings Plc, Europe's largest discount airline, reported first-quarter profit surged 80 percent on increased passenger numbers and higher ticket prices. The airline said it was ``cautious'' about full-year earnings. Net income rose to 115.7 million euros ($147.4 million), or 14.9 cents a share, in the three months ended June 30, from 69.6 million euros, or 9.12 cents, a year earlier. Sales gained 40 percent to 566.6 million euros.