LLE — 18/05/26
EDITO EU = political dwarf post Trump-Xi Beijing. Inaudible on Ukraine/Venezuela/Taiwan. Market for US AI + Chinese EVs.
STELLANTIS Filosa strat plan Thu 21/05 from Auburn Hills. 4 priority brands: PEUG/FIAT/JEEP/RAM. DS/Lancia/Maserati = niche. Dongfeng coop on Rennes/Villaverde/Cassino plants (<50% utilization). EV-bashing counter-cyclical w/ crude >$100.
JPM Relocating Paris traders → London (tax driver). Paris: 1,000 FTE, €920m cumul tax. New 265m Canary Wharf tower (250k sqm, 12k seats).
ROTHSCHILD Saskia (39) replaces Éric (85) at Concordia (52% of bank). UK branch can sell 4.95% (~€60m) July 2026; Anthony likely exercises put.
BOLLORÉ Acquires 31.5% Verdant Orchards (Mauritius/Zambia/SA/Mozambique citrus+avocado). Cash >€5bn. Also 98.6% Redlands Farm (3,300ha olive oil GA/FL).
AIRBUS 181 deliv YTD vs 870 target. Needs 86/mo. P&W GTF shortage = key bottleneck. Faury lobbying VdL for dereg.
AIR LIQUIDE Sells biogas EU+US to Mobius Renewables (IFM-backed, Houston). 6 US sites + 5 FR methanization + maj. Redo Biosolutions (NO/SE).
KERING McQueen strike 20/05 Florence vs ReconKering (de Meo, 16/04).
DANONE Closes Bridgeton NJ (Silk/So Delicious, 120 jobs). US plant milk $2.7bn -2% YoY.
VINCI Acquires ION Property Group (UK) — urban regen.
SAINT-GOBAIN Extends La Défense lease to 2037 (49k sqm).
STORY — AI LABOUR Data labeling $4-6bn (+25% CAGR). Scale AI $290m→$870m ('22-'24); Meta paid $14bn for 49% ($29bn valo) — Google/OpenAI since cut allocations. 154-435m global microtask workers. OpenAI/Sama Kenya: $12.50/h billed vs $2/h paid. Humanoids (TSLA/Figure/Agility) need human behavior data → wearable cam training.
ORMUZ/FERTILIZER (Le Lab) Urea +28% in 3wks. 20% global LNG via Hormuz (93% Qatar). Gas = 70-85% ammonia cost. 1.78bn ppl dependent. Fertilizers still +71% vs '15-'19 avg.
CEPR/BoI Gas shock = STRUCTURAL inflation driver vs transitory oil. Threshold effect amplified in inflationary regime → ECB implication.
PRESIDENTIELLE 2027 Philippe structures team (Béchu/Boyer/Guévenoux). Élysée tracks Attal (commando), Philippe (slow), Retailleau (rising). Adidas Arena 5/07.
BdF Moulin hearings 20/05 (succeeds VdG, early exit pre Nov 2027).
LPM AN vote 19/05: +€36bn (€8bn munitions, €2bn drones). €436bn 2024-30, €76.3bn/yr by 2030 = 2.5% GDP.
NEW CALEDONIA Provincials 28/06. Roll thaw +10,560 natives. Spouses contested.
FRENCHFOUNDERS/ODOXA 62% FR-speaking CEOs confident '26; France only 46% (APAC 73%). 76% cite geopolitics. 84% see US trade as threat to global econ.
EN VUE Andriès (Safran €300m plan, new Gennevilliers press) • Dedeyan (LBP × Mistral AI) • Drahi (Pereira criminal complaint, up to €500m exposure pre-SFR sale) • Lévy (MSL France → Publicis €5m, €2m capital gain) • Vranken (Pommery refi €50m).