Europe Strategy - European Equity Strategy - Wolf von Rotberg    First take on Q3earnings: growth slows, banks beat, guidance is cautious. InitialQ3reporting in line with expectations: The start of the Q3season (15% ofcompanies have reported) has been broadly in line with expectations. AggregateEPS growth for the Stoxx 600at 7.8% yoy, down from 25% in Q1and 18% inQ2, but slightly ahead of consensus expectations, mainly because of financials.Across sectors, only 49% of companies have beaten expectations but 12% ofcompanies have reported results in line, keeping the number of earnings misseslow.    Credit Strategy - Early Morning Reid - Jim Reid    If you're sat next to Mr Draghi on your commute in Frankfurt over the nextcouple of days then maybe you can ask him what he has in store for us. As weapproached ECB day, global bond yields decided to take-off yesterday, with coreEuropean 10y bond yields up c4bp (Bunds +4.4bp; Gilts +4.3bp; OATs +4.1bp)and c1-2bp at the 2y part of the curve. In the US, 10year Treasuries tradedas high as 2.426% before closing 5.3bp higher at 2.42% - the highest sinceMarch. There didn't seem to be one reason for the bond moves but the newswe reported yesterday that the House are accelerating US tax plans seemedto help as did the Euro flash PMIs. As we'll see below the overall numberswere disappointing - dragged down by service sector misses, however the muchsmaller manufacturing sector beat and perhaps this was seen as slightly hawkishas it shows that the sector is not being unduly impacted by the recent rise in theEuro. As such it may give the ECB more comfort at the margin about being morehawkish and risking upward pressure on the Euro if it materialises as a result.

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