Randgold. Below a summary of the headlines we're looking at: Lloyds Bank to ban credit card owners from buying cryptocurrencies Ryanair CEO warns of strikes, says some pilot demands 'laughable' Lufthansa aims to replace top management at Brussels Airlines Merck's consumer health sale at risk as Nestle bows out - sources Infineon CEO sees no spin-offs, IPOs for units -Euro am Sonntag Italian shipbuilder Fincantieri takes control of STX France Activist investor Elliott sheds most of Dufry stake MEDIA-iPhone X owners report problems with incoming calls- FT Heathrow terminals should be opened up to competition says IAG Broadcom to raise Qualcomm bid in push for talks, sources say Daily Mirror owner to clinch takeover of rival titles this week -Sky Engie board puts four candidates forward for chairman role -report Daimler, Bosch to test self-driving cars soon - Automobilwoche Schaeffler has e-mobility orders worth $1.25 bln -Automobilwoche MEDIA-SAP sees good chance for 30 pct margin in 2019 -Euro am Sonntag Fitch: Unilever's Strong 2017 Results Do Not Rule Out Downgrade Tesco says Booker's Wilson to be UK and Ireland boss after takeover Engineering group Sandvik Q4 operating profit tops forecast VW seeks delay in U.S. trial after lawyer references monkey testing, EXCLUSIVE-Merck's consumer health sale at risk as Nestle bows out - sources Randgold 2017 profit up 14 pct, doubles dividend BRIEF-lastminute.com Expects For 2017 Net Loss Of EUR 8-9 Mln German coalition negotiators may drop proposal to abolish air transport tax ANALYSIS-Deutsche Bank gambles German goodwill with bonus bonanza (Tom Pfeiffer and Danilo Masoni) ***** FUTURES POINT TO SHARP SELL-OFF IN EUROPEAN STOCKS AS YIELDS RISE (0721 GMT) Futures have opened sharply lower across the main benchmarks, with drops of 0.7 to 1.1 percent. Meanwhile Germany's 10-year government bond yield has risen to its highest level since September 2015 - so the yield pressure looks like it's here to stay today as well. (Helen Reid) ***** EURO AREA PMIS COULD PUSH YIELDS HIGHER (0653 GMT) Euro area PMIs today at 0900 GMT will provide a read on growth in the region, but economists at Societe Generale reckon stocks may not take the data well even if it points to strong activity. "These have the potential to maintain upward pressure on yields if they suggest strong underlying growth momentum. Strong growth will provide little solace for equities or commodities if it pushes bond yields higher," write SocGen analysts. They add that the sell-off in bonds has been more aggressive than they had anticipated. The past week was "a tough one for asset markets" and this one could be more of the same. (Helen Reid) ***** "EXTREMELY WELCOME NEWS FOR ACTIVE" (0638 GMT) Bernstein's global quantitative analysis team finds a pick-up in performance for active managers and signs they could continue to do well this year, a godsend after years of disappointing returns for the industry. European portfolio managers and global quantitative managers beat benchmarks by 3.3% and 1.9% on average in 2017, Bernstein finds, and this strong performance has continued into 2018. Stock and factor correlations at multiyear lows create optimal conditions for active management and stock picking. "Even if are unlikely to go lower from here, the current levels suggest a rich opportunity set for stock pickers for the next 12 months," write Alla Harmsworth and team. Intra-sector correlations are at 20-year lows on both sides of the Atlantic, and valuation spreads are wider than usual across the whole market and within sectors, they note. "This suggests a heightened potential ability to identify idiosyncratic 'winners' even amongst peers within narrow market segments," says Harmsworth. It'll be interesting to see whether this low correlation environment continues even if the stocks rally starts to peter out.
(Helen Reid) ***** MORNING CALL: SELL-OFF TO SPREAD TO EUROPE (0618 GMT) Good morning and welcome to Live Markets. European stocks are in for a turbulent start to the week after a sharp sell-off in Asian shares overnight, with fears of resurgent inflation taking their toll on markets near record high levels. Asian shares fell the most in more than a year, tracking a much weaker Wall Street session after Friday's U.S. payrolls report showed wages growing at their fastest pace in more than 8 years. Spreadbetters call the DAX 153 points lower at 12,632.4, the CAC 40 down 64 points at 5,300.7, and the FTSE down 79 points at 7,364. (Helen Reid) ***** (Reporting by Danilo Masoni, Helen Reid, Kit Rees and Julien Ponthus)