FT : Why France and Italy are sparring over the EU’s loans-for-arms scheme

Why France and Italy are sparring over the EU’s loans-for-arms scheme

Number crunching
The EU’s largest countries are battling over the extent to which non-EU arms producers should be allowed to take part in a €150bn defence loan scheme backed by the EU budget, writes Paola Tamma.

Context: The EU is rushing to re-arm in response to Russia’s invasion of Ukraine and threats by US President Donald Trump that if the bloc doesn’t, he could reduce American security guarantees to the continent.

The European Commission’s “SAFE” proposal, which would provide loans to capitals to spend on weapons, is set to limit non-EU countries’ participation to a maximum 35 per cent of the value of each purchase, unless third countries sign defence-related pacts with the bloc.

But on top of that, France is supporting an additional restriction that would limit the participation of any third-country subcontractor to 15 per cent of the value of the contract, three diplomats and officials told the FT.

That, however, is too restrictive for countries including Italy, Germany and Poland, whose defence companies have significant partnerships with British, Turkish, American and Korean contractors. 

There are concerns that some key defence projects in those countries would not qualify for the EU loans if the French threshold is agreed.

The clash is the latest iteration of a long-standing discussion pitting Paris’ emphasis on self-reliance or “strategic autonomy” in the field of defence, against other large EU economies with strong ties to third-country defence contractors which argue for a focus on the cheapest and fastest means of rearmament, regardless of nationality.

Poland, which holds the rotating EU council presidency and thus is tasked with brokering an agreement, is going to make a new proposal to EU ambassadors in the coming days to try to reach a compromise by the end of the month.

“We need to unlock €150bn loans for defence investments as a matter of priority,” Andrzej Domański, Poland’s finance minister said yesterday after discussions with his 26 counterparts on the issue. “We’re really optimistic and we’ll manage to get a consensus on this file during the Polish presidency, hopefully in May.”

>>> US After Hours Summary: AEO -15.1% as it withdraws FY25 guidance; TXO -10% o

After Hours Summary: AEO -15.1% as it withdraws FY25 guidance; TXO -10% on acquisition of assets and offering; ECG +12.8% higher on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: ECG +12.8%, ATXS +9%, ETON +7.9%, ABSI +7.1% (also announces first participants dosed in Phase 1 trial of ABS-101), EXEL +6.1%, KRMN +2.1%, CAE +2%

Companies trading higher in after hours in reaction to news: PSN +2.5% (awarded two contracts by King Salman Airport)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: GRAL -16.1%, AEO -15.1% (provides Q1 guidance, withdraws FY25 guidance), WALD -7.6%, WBTN -6.7%, NU -5.1%, KLC -3.2%, ALC -3%, OKLO -1.9% (also names new CTO)

Companies trading lower in after hours in reaction to news: TXO -10% (to acquire assets in the Elm Coulee field; also commences $175 mln offering), KVYO -5.9% (launches $372 mln offering; also announces stock sale plan by Andrew Bialecki CEO and Co-Founder), OABI -2.8% (showcases single B-cell screening platform), AKAM -2.2% ($1.35 bln convertible notes offering), NFE -2.1% (to delay 10-Q filing), VSTM -0.8% (stock offering by selling shareholders), UBER -0.7% (proposed private placement of $1 bln of exchangeable senior notes), ASND -0.4% (provides new data), PD -0.4% (renews its collaboration agreement with AWS), TEM -0.4% (six posters accepted for presentation), BXC -0.1% (names new CFO), HOOD -0.1% (reports April data), PARR -0.1% (files mixed securities shelf offering)

FT : Thames Water executives to receive bonuses from £3bn emergency loan

Thames Water executives to receive bonuses from £3bn emergency loan
Utility’s chair tells MPs that retention payments are needed to prevent rivals ‘picking off’ staff

Thames Water’s senior executives will receive lavish “retention incentives” as part of a £3bn emergency loan agreed by the utility that is seeking to stave off renationalisation.

Some executives are in line for “50 per cent of salary; very substantial bonuses” as part of the loan agreed with creditors including the US hedge funds Elliott Management and Silver Point Capital, Thames Water chair Sir Adrian Montague told parliamentarians on Tuesday.

Montague claimed that Thames Water had to keep paying bonuses to prevent rival companies from “picking off” its best employees.

“We have a bonus scheme to protect our most precious resource, which is the senior management team,” Montague told the cross-party environment select committee. 

The bonuses will be paid in three tranches in addition to their annual salaries and bonus, the MPs were told.

Montague, a City of London veteran, admitted it was an unusual deal: “This is the first time I’ve encountered this, I’ve done a few restructurings in my time,” he said. “We need this team to stay.”

Chris Weston, a former British Gas executive, was appointed as chief executive of Thames Water in December 2023 and was criticised for taking a £195,000 bonus for his first three months in the job. He is on a total pay package of as much as £2.3mn a year. 

The select committee hearing comes as Thames Water, the UK’s largest water utility, tries to fend off renationalisation under the government’s special administration scheme. The company, which serves about a quarter of the country’s population, is struggling under the weight of its £20bn debt mountain and is in exclusive discussions with the private equity firm KKR to take over the business.

The £3bn creditor loan — which was challenged in court by rival bondholders — comes with a 9.75 per cent interest rate, plus fees. But Montague argued that the company needed to agree to the deal because Thames Water’s “hair raising” financial crisis meant the UK’s largest water utility had just five weeks’ cash left at times in the past year.

“Thames in the last year has come very close to running out of money entirely. There were times in the past year when we had five weeks’ liquidity: running a £20bn corporation on five weeks’ liquidity — honestly it’s hair-rising,” he told MPs on Tuesday.

Montague defended the agreement to give KKR the exclusive right to a deal, even though Thames Water received five other bids. “The KKR bid was by far and away the best, technically, financially, in terms of the commitment to provide equity, they were ahead,” he said.

He added that he expected much of the board to step down if the £4bn KKR deal is confirmed: “When you have a change in control of a big company like this, you have to expect there will be huge changes in the board, it may be that the new equity owners will want some people to stay but the expectation is that the majority will step down.”

WWD : At the Cannes Film Festival, Chanel Seeks More Than Red Carpet Credits

At the Cannes Film Festival, Chanel Seeks More Than Red Carpet Credits
The French fashion house is supporting four projects, including Richard Linklater's homage to French New Wave cinema and Kristen Stewart's feature directorial debut.

PARIS — Chanel’s relationship with cinema runs way deeper than the red carpet.

After dressing the likes of Penélope Cruz, Lupita Nyong’o and Lily-Rose Depp for the Oscars, the French fashion house hopes to snag the spotlight again at the Cannes Film Festival — but this time, for films as much as fashion.

In recent years, Chanel has expanded its support for cinema, which now encompasses everything from costume design to film restoration, in addition to initiatives geared at fostering the next generation of movie directors.

“Cannes has magnified the red carpet with the climbing of the steps. It’s quite unique, but it’s not the most important thing. What’s most important for us is really the content,” Bruno Pavlovsky, president of fashion and president of Chanel SAS, told WWD.

“The red carpet is a current moment, but a fleeting one, whereas a film is something lasting that demonstrates the house’s commitment to this art form. That’s why it’s important not to focus just on the red carpet,” he added.

In Cannes this year, Chanel is involved in four projects.

The brand created a key look and accessories for Zoey Deutch, who plays actress Jean Seberg in Richard Linklater’s “Nouvelle Vague.” The French-language feature chronicles the making of Jean-Luc Godard’s classic film “Breathless” and the birth of French New Wave cinema.

Underscoring its lengthy relationships with its brand ambassadors, the house will also support Kristen Stewart’s feature directorial debut “The Chronology of Water,” which will have its world premiere as part of the festival’s Un Certain Regard section. The actress has been a face of Chanel since 2013.

In addition, it worked with costume designer Virginie Montel on main competition entry “Eagles of the Republic,” featuring another brand ambassador, Lyna Khoudri.

Lastly, Chanel is backing “Arco,” French director Ugo Bienvenu’s debut animation feature, set to bow in a special screening. His animation and production agency Remembers has worked on short films for Chanel shows, as well as a campaign for its Coco Neige line.

Pavlovsky noted that while Chanel has partnerships with nearly a dozen film showcases worldwide, including the Deauville American Film Festival and the Tribeca Film Festival, its presence in Cannes is more low-key. The event’s official sponsors include luxury group Kering, jeweler Chopard and beauty brand L’Oréal Paris.

“When Chanel is present at the festival, it’s always in the background. It’s either to support a film premiere, or to celebrate an ambassador,” the executive said of Cannes.

Fashion Meets Entertainment
As independent films compete for financing in a rapidly evolving landscape, fashion brands have stepped into the breach by becoming producers, cementing their cultural aura and solidifying their relationships with key talents, from actors to directors.

Saint Laurent scored a notable win last year with three films in competition in Cannes. Jacques Audiard’s “Emilia Pérez” scooped the Jury Prize and the joint Best Actress Prize.

LVMH Moët Hennessy Louis Vuitton last year formed a new division named 22 Montaigne Entertainment in partnership with Superconnector Studios to explore possibilities for its 75 brands, which include Louis Vuitton, Dior, Tiffany & Co. and Moët & Chandon.

Meanwhile, French billionaire François-Henri Pinault’s family investment company Artémis in 2023 acquired a majority stake in Creative Artists Agency, or CAA, the powerhouse talent firm whose clients include Zendaya, Brad Pitt and Tom Hanks.

With film ties dating back to the ’30s, when founder Gabrielle “Coco” Chanel headed to Hollywood at the invitation of Samuel Goldwyn, Chanel had a headstart on the competition, though it doesn’t fancy itself as a mini-studio — for the time being.

“I can’t say what the future holds, but right now, our approach is a little different. We’re not trying to replace anyone. Our aim is to support talents and filmmakers in their art,” Pavlovsky said.

“That’s perhaps the difference between us and other brands’ initiatives. There’s room for everyone. What’s important is to have a strong individual vision that’s consistent with our brand values,” he added.

Chanel’s first foray into production came in 2014 when it helped to finance “Clouds of Sils Maria,” a vehicle for Stewart that also starred Juliette Binoche and Chloë Grace Moretz.

The house not only supplied the actresses with clothes, jewelry, accessories and makeup, but also provided a portion of the budget to allow director Olivier Assayas to fulfill his dream of shooting the movie on 35-mm film instead of digitally.

Since then Chanel has collaborated with leading filmmakers including Sofia Coppola, Pablo Larraín and Leos Carax, part of a deep bench of talent cultivated by Elsa Heizmann, its global head of fashion’s relationship with cinema.

Formerly global head of VIP relations for 16 years, she was named head of a new dedicated film division at Chanel in 2022. While the house has professionalized its approach to the sector, the process remains organic, with projects funneled through a network of producers, costume designers and PRs, she said.

“Already through VIP relations, we had initiated a lot of relationship development, film support and patronage,” Heizmann told WWD, citing Chanel’s support of the Cinémathèque Française.

“By creating this department, the idea was to deepen those relationships and even develop links with people in the film industry that are not necessarily in the spotlight, such as costume designers,” she explained.

“The idea is to respect them, support them and connect them to the brand so that they nourish us. There’s a kind of exchange of creativity,” she added. “Projects come to us very naturally. We turn down very few, because we’ve spent years developing this ecosystem, this network of people.”

A Hollywood Connection
Often the films it backs feature its brand ambassadors, like Larraín’s “Spencer,” starring Stewart as Princess Diana, or Joshua Oppenheimer’s musical “The End” with Tilda Swinton. Typically, Chanel will also provide items for the stars’ wardrobes.

Other times the brand’s support is invisible, as was the case for Mona Achache’s 2023 Cannes entry “Little Girl Blue,” a passion project for star Marion Cotillard.

The brand produces promotional content, like a short video of film legend Catherine Deneuve in conversation with director Christophe Honoré marking the premiere of their film “Marcello Mio” at the film fest last year. The following month, Honoré devised the scenography for Chanel’s fall 2024 haute couture show at the Paris Opera.

“Each time we work with a director or an actor, it’s an exceptional experience that fuels the evolution of the brand,” Pavlovsky said. “It’s always a great shot of adrenaline.”

These free-flowing relationships are inspired by the house’s founder, whose welcoming party at the Los Angeles train station in 1931 included Greta Garbo. Chanel would create looks for Hollywood stars like Gloria Swanson, but her impact was most keenly felt in European cinema.

She memorably costumed actresses ranging from Jeanne Moreau in “Les Liaisons Dangereuses” to Delphine Seyrig in “Last Year at Marienbad.” Romy Schneider credited the designer for helping her to shed the starlet image she forged by playing Empress Elisabeth “Sissi” of Austria in a hugely popular trilogy of films in the 1950s.

Chanel met the Austrian-born actress through Italian director Luchino Visconti, who asked the couturier to create the wardrobe for his segment of the comedy anthology movie “Boccaccio ’70,” released in 1962. From then on the house dressed Schneider on- and off-screen.

“Chanel was friends with many talented actresses and directors. She supported Visconti and helped launch the film career of Robert Bresson. He was a young photographer who shot press kits for her, and she later encouraged his ambitions to become a director,” Heizmann recalled.

Likewise, under subsequent creative directors Karl Lagerfeld and Virginie Viard, Chanel has fostered a talent pool that feeds into its image department — something that Matthieu Blazy, who took over as artistic director of fashion activities on April 1, is expected to continue.

“We like to develop these relationships because we love artists and film talents, but we also love to connect them through our events and to generate new projects,” Heizmann said.

For example, after Chanel supported the restoration of “Paris, Texas” to mark the 40th anniversary of its Palme d’Or prize win at Cannes, Wim Wenders expressed an interest in working with Swinton. The brand gave him carte blanche to direct her in a teaser for its Métiers d’Art show in Hangzhou, China, last December.

A regular presence at Chanel fashion shows, Coppola has also directed several campaigns for the brand, most recently for its cruise show on Lake Como. In turn, the brand worked with the director on “Priscilla,” creating the wedding dress worn by Cailee Spaeny in the title role of Priscilla Presley.

Rather than faithfully reproduce the dress, Heizmann asked Coppola what she wanted the look to convey. The end result incorporates elements of Chanel’s spring 2020 couture collection. “It was a collaboration with Sofia and her costume designer, and that’s what made it interesting,” Heizmann said.

Building the “Icons of Tomorrow”
Similarly, it made sense to team with Linklater on “Nouvelle Vague,” since Seberg wore Chanel in real life. The house worked with costume designer Pascaline Chavanne on looks for the character, as well as singer Juliette Gréco, played by Alix Bénézech.

Deutch, sporting a peroxide pixie cut, appears in a reproduction of an archival bustier dress made of striped taffeta and dotted organza, drawn from the spring 1956 haute couture collection. She’s expected to wear Chanel on the red carpet too.

“She’s wonderful in the film,” Heizmann enthused. “The movie doesn’t feature any of our brand ambassadors, but [we liked] the theme and the way it was approached. Richard Linklater is a major movie buff.”

Chanel’s film activities are part of its overall communications budget, alongside its partnerships with the Paris Opera and the Palais Galliera, the French capital’s fashion museum, Pavlovsky said. “We create more impact today with film, dance and other cultural activities than in the cluttered media and advertising space,” he noted.

“We’re not looking for a return on investment. We’ve been working with directors and actresses for years. They’ve had huge successes and lesser ones. It depends on the nature of the film: some are more niche, others more mainstream. For us, what matters is the general image they convey,” he added.

Chanel’s ties with film have become both a brand trademark and a marketing tool, as with last year’s short film in which Brad Pitt and Penélope Cruz reenacted scenes from Claude Lelouch’s 1966 movie “Un homme et une femme” (“A Man and a Woman”). Screened at the fall 2024 runway show, it was the springboard for a handbag campaign.

Pavlovsky happily noted that a still from the cult movie was used for the poster of this year’s edition of the Cannes Film Festival. But rather than a vehicle for product placement, he sees Chanel’s relationship with cinema as a long-term commitment.

“What I hope is that people who know the sector understand that it’s a deep relationship over time, one of support and not appropriation of what cinema represents,” he said.

The efforts are not limited to any particular territory. Chanel supports initiatives worldwide, such as the Tokyo Lights education and mentorship program launched last year in collaboration with Japanese director Hirokazu Koreeda.

It also backs the Atlas Workshops, an industry and talent-development program initiated in 2018 by the Marrakech International Film Festival, and recently inked a new partnership with the Venice Film Festival’s Biennale College, a project dedicated to emerging filmmakers.

“It’s important for us to be present in each of the major ‘Chanel’ countries to show that our interest is truly global, but cinema in China is very different from cinema in Japan, South Korea or the U.S.,” he said. “It’s always important to reflect the local culture and vision of film.”

With its current initiatives, Pavlovsky hopes to burnish the brand’s myth for decades to come. “People approach us all the time because of Chanel’s association with iconic films of the past, but also of the present. That’s the reason we have to continue investing today to create the icons of tomorrow,” he said.

TechCrunch : Tesla’s robotaxi plans have the attention of federal investigators

Tesla’s robotaxi plans have the attention of federal investigators

Federal safety investigators have sent Tesla a detailed list of questions on its upcoming robotaxi service as part of an investigation into how the company’s “Full Self-Driving (Supervised)” software operates in low-visibility conditions.

The National Highway Traffic Safety Administration’s Office of Defects Investigation wants the additional information about Full Self-Driving (Supervised) — or “FSD” — in order to “understand how Tesla plans to evaluate its vehicles and driving automation technologies for use on public roads,” according to the letter published Monday and first reported by Reuters.

Tesla hasn’t been quiet about plans to launch a paid ride-hailing robotaxi service in Austin, Texas, using its own fleet vehicles this coming June. But it appears that Tesla’s April 23 post on X captured the attention of federal regulators.

That post, which is cited in the letter, read: “FSD Supervised ride-hailing service is live for an early set of employees in Austin & San Francisco Bay Area. We’ve completed over 1.5k trips & 15k miles of driving. This service helps us develop & validate FSD networks, the mobile app, vehicle allocation, mission control & remote assistance operations.”

NHTSA opened its investigation into Tesla’s “Full Self-Driving (Supervised)” software in October after four reported crashes in low-visibility situations. Tesla’s FSD software is an advanced driver-assistance system that requires the driver to keep their hands on the wheel even as it handles some of the driving operations like braking and steering in certain environments and conditions.

Tesla CEO Elon Musk has said the robotaxis will use the yet-to-be-released “unsupervised” version of its Full Self-Driving software.

In its May letter, the agency sent Tesla a series of questions squarely aimed at determining whether the automated driving system in its planned robotaxis is the same — or similar — to FSD Supervised. The agency asked for specifics on the fleet size and which vehicle models will be used in the robotaxi service, how Tesla plans to determine whether its robotaxi system is safe and if the automated driving system has any relationship to its FSD Supervised product.

The investigators also asked Tesla to describe how it “intends to ensure the safety of its robotaxi operations in reduced roadway visibility conditions, such as sun glare, fog, airborne dust, rain, or snow.”

>>> Europe : Brokers Upgrades & Downgrades - 13th of May 2025 V2(+)

>>> Up
* Argenx ADRs Raised to Outperform at Baird; PT $680
* Aston Martin Raised to Neutral at Mediobanca SpA; PT 78 pence
* Banca Mediolanum PT Raised to 17.20 euros at JPMorgan
* Barclays PT Raised to 405 pence at Kepler Cheuvreux (+)
* Caterpillar Raised to Outperform at Baird; PT $395
* Entain Raised to Buy at UBS
* Erste PT Raised to 86 euros from 78 euros at JPMorgan
* First Solar Raised to Outperform at Wolfe; PT $221
* Galapagos Raised to Buy at Van Lanschot Kempen; PT 25 euros (+)
* Geberit Raised to Outperform at Oddo BHF; PT 680 Swiss francs
* ProSieben Raised to Buy at DZ Bank; PT 8.80 euros
* RS Group Raised to Buy at BofA (+)

>>> Down
* Adesso SE Cut to Hold at Hauck & Aufhaeuser; PT 102 euros (+)
* ALA Cut to Neutral at Banca Akros (ESN); PT 36.50 euros (+)
* Chevron Cut to Hold at HSBC; PT $158
* Euronext Cut to Accumulate at KBC Securities; PT 150 euros (+)
* GEA Group Cut to Underperform at BofA; PT 52 euros (+)
* IONOS Group SE Cut to Equal-Weight at Morgan Stanley
* IONOS Group SE Cut to Neutral at Oddo BHF; PT 35 euros (+)
* PNE AG Cut to Hold at SMC Research; PT 16.20 euros (+)
* Schneider Electric Cut to Equal-Weight at Barclays

>>> Initiation
* Cie Financiere Rated New Hold at Octavian; PT 249 Swiss francs (+)
* Elliptic Laboratories Rated New Buy at Pareto Securities
* Indra Reinstated Neutral at BNPP Exane; PT 33 euros (+)
* InPost Rated New Buy at Kepler Cheuvreux; PT 20 euros (+)
* Louis Hachette Group Rated New Buy at Kepler Cheuvreux (+)
* Optima bank Rated New Buy at Wood & Company; PT 18.50 euros
* Palantir Rated New Buy at CTBC Securities; PT $142.30
* RAI Way Rated New Accumulate at Banca Akros (ESN); PT 7.30 euros (+)
* Robertet Rated New Buy at Berenberg; PT 1,090 euros
* Saint-Gobain Rated New Sector Perform at RBC; PT 110 euros
* Sika Rated New Outperform at RBC; PT 276 Swiss francs
* Tonies Rated New Buy at Bankhaus Metzler; PT 9 euros (+)
* Volex Reinstated Buy at Investec; PT 325 pence

>>> Call
* Alfen Warning May Trigger 25% Cuts to Consensus, Jefferies Says
* Citi’s Montagu Says US Tech Could Outperform on Short Bet Risks (+)
* Entain Raised to Buy at UBS on Expected Comeback For Bookmaker (+)
* GEA Group is Double Downgraded at BofA on Lower Capex Cycle (+)
* Geberit Raised to Outperform at Oddo BHF on ‘Innovation Power’
* Goldman Raises S&P 500 Targets on Lower Tariff, Recession Risks
* Goldman Sachs Strategists Say Further Stock Rally Is Less Likely (+)

>>> What to look at today - 13th of May 2025

Most Asian stocks rose, following a rally in US equities, on optimism the US-China trade truce marks the end to an all-out tariff war. Japanese shares led gains in the region, with the Topix rising for a 13th straight day, while benchmark indexes also advanced in Australia and Taiwan. The Hang Seng Index slipped with US stock futures after both had jumped on Monday. Treasuries edged higher in Asia, while the dollar fell. The broad return of risk appetite comes after trade negotiators from the world’s two biggest economies announced Monday a de-escalation in tariffs. In a carefully coordinated joint statement, the US slashed duties on Chinese products to 30% from 145% for a 90-day period, while Beijing dropped its levy on most goods to 10%.  Optimism over the US-China talks saw the S&P 500 Index close 3.3% higher Monday, above where it was when President Donald Trump announced sweeping tariffs on April 2. A surge in big tech shares put the Nasdaq 100 back into a bull market just about a month after it plunged 20% from a previous record high. Still, the reverberations of Trump’s trade war are likely to keep affecting global markets for months. In Japan, Prime Minister Shigeru Ishiba said Monday his government won’t accept any initial trade agreement with the US that excludes an accord on autos. In China, the sense of relief has started to fizzle as some investors saw the agreement reducing the prospect that Beijing will ramp up economic stimulus. Others start to recalculate the economic impact of the tariffs to come.  The Hang Seng China Enterprises Index dropped as much as 1.9% after surging 3% in Monday. The CSI 300 Index was little changed in its first reaction to the trade truce.  The dollar weakened against most of its major peers in Asian trade, retracing some of the gains it made on Monday following the US-China truce. The Bloomberg Dollar Spot Index slipped 0.1%. Treasuries also reversed some of Monday’s move. The policy-sensitive US two-year yield fell three basis points after surging 12 basis points in New York amid speculation the tariff truce would bolster the economy. Swaps that track upcoming Fed meetings showed just 56 basis points of easing is now priced in by December, down from nearly 75 basis points last week. Traders still see the first quarter-point cut in September.
Japanese government bond futures fell as demand for haven assets waned. Japan’s auction of 30-year government bonds saw a small improvement in demand as higher yields attracted some investors amid optimism over the US-China trade talks.  Gold was little changed after a selloff Monday as the de-escalation in US-China trade tensions hurt demand for havens. Oil paused after a three-day gain as attention moved away from the trade war and to the Middle East. US After Hours COIN +8.8% to join S&P 500; LSEA +58.4% to be acquired; ODD -7.2% on share sale.

Nikkei +1.80% Hang Seng -1.39% CSI +0.26% Shanghai +0.26% Shenzen +0.12%

Eur$ 1.1110 CNH 7.1848 CNY 7.1902 JPY 147.88 GBP 1.3193 CHF 0.8434 RUB 81.0000 TRY 38.8027 WTI$ 61.81 -0.24% Gold BTC 102,352 -0.31% ETH 2,441 -1.80%

S&P -0.35% Nasdaq -0.44% EuroStoxx -0.02% FTSE -0.21% Dax +0.11% SMI +0.34%

Macro :
- AI Startup Perplexity's Valuation Surges to $14 Billion in Fresh Funding Round -- WSJ
- Goldman Raises S&P 500 Targets on Lower Tariff, Recession Risks
- China Is Willing to Continue Trade Talks With US: People’s Daily
- TPG's $13 Billion Buyout Fund Target Reflects Tough Market -- WSJ
- *GOLDMAN NOW SEES NEXT FED RATE CUT IN DECEMBER INSTEAD OF JULY

Keep an eye on :
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- AMZN US : Amazon strikes a new partnership with FedEx after UPS pullback
- ASTS US : AST SpaceMobile 1Q Loss per Share 20C
- AAG GY : Aumann 1Q Ebitda EU6.6M Vs. EU6.75M Y/y
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- BAYN GY : Bayer 1Q Adjusted Ebitda Beats Estimates, *BAYER 1Q ADJ. EBITDA EU4.09B, EST. EU3.88B
- BA US : US Approves Possible $1.3b Chinook Helicopter Sale to UAE
- BYIT LN : Bytes Technology FY Revenue Meets Estimates
- AFX GY : Carl Zeiss Meditec 1H Ebita EU113.6M
- CWC GY : Cewe Stiftung 1Q Adjusted Ebit EU6.7M
- COIN US : Coinbase Shares Jump on S&P 500 Index Inclusion
- DCC LN : DCC FY Adjusted Operating Profit Misses Estimates
- DUE GY : Duerr 1Q Adjusted Ebit Beats Estimates
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- FRA GY : Fraport 1Q Ebitda Misses Estimates
- GLPG NA : Galapagos to Re-Evaluate Separation Plans
- GRF SM : Grifols 1Q Adjusted Ebitda Beats Estimates, Grifols Reassuringly Maintains Full-Year Guidance: Street Wrap
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- JEN GY : Jenoptik 1Q Revenue Misses Estimates
- SDF GY : K+S 1Q Revenue Meets Estimates
- KWS GY : KWS Saat 9M EPS EU6.15 Vs. EU6.93 Y/y
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- MSTR US : Strategy’s Bitcoin Buying Pattern Coincides With Price Increase
- MUV2 GY : Munich Re 1Q Profit Beats Estimates
- NG/ LN : UK’s National Grid Apologizes to Londoners for Power Outage
- NLFSK DC : Nilfisk 1Q Revenue Meets Estimates; Outlook Maintained
- PGHN SW : Partners Group to Buy Data Center Platform Digital Halo
- PEUG FP : Peugeot Invest Invests $125M in Broadstreet Partners
- BPSO IM : Popolare Sondrio Previously Began Remediation in ECB Response
- PSPN SW : PSP Swiss 1Q Net Income CHF60.6M Vs. CHF81.0M Y/y
- RAIVV FH : Raisio 1Q Adjusted EPS Matches Estimates
- SAB SM : Sabadell Said to Have Approached Unicaja Investors Over Deal
- SBBB SS : SBB 1Q Rental Income Meets Estimates
- TSLA US : U.S. Auto Safety Investigator Asks for Additional Info Regarding Tesla's Plan to Launch Robotaxis
- TWEKA NA : TKH 1Q Organic Revenue +2.2%
- UNI SM : Sabadell Said to Have Approached Unicaja Investors Over Deal
- VASTB BB : Vastned 1Q Net Rental Income Eu16.8M VS. Eu18m Y/Y
- VNA GY : Vonovia Announces €1.3 Billion Convertible Bond Offering
- WLN FP : Worldline Looks to Sell India Payments Business: Mint

>>> Europe : Brokers Upgrades & Downgrades - 13th of May 2025

>>> Up
* Argenx ADRs Raised to Outperform at Baird; PT $680
* Aston Martin Raised to Neutral at Mediobanca SpA; PT 78 pence
* Banca Mediolanum PT Raised to 17.20 euros at JPMorgan
* Caterpillar Raised to Outperform at Baird; PT $395
* Entain Raised to Buy at UBS
* Erste PT Raised to 86 euros from 78 euros at JPMorgan
* First Solar Raised to Outperform at Wolfe; PT $221
* Geberit Raised to Outperform at Oddo BHF; PT 680 Swiss francs
* ProSieben Raised to Buy at DZ Bank; PT 8.80 euros

>>> Down
* Chevron Cut to Hold at HSBC; PT $158
* IONOS Group SE Cut to Equal-Weight at Morgan Stanley
* Schneider Electric Cut to Equal-Weight at Barclays

>>> Initiation
* Elliptic Laboratories Rated New Buy at Pareto Securities
* Optima bank Rated New Buy at Wood & Company; PT 18.50 euros
* Palantir Rated New Buy at CTBC Securities; PT $142.30
* Robertet Rated New Buy at Berenberg; PT 1,090 euros
* Saint-Gobain Rated New Sector Perform at RBC; PT 110 euros
* Sika Rated New Outperform at RBC; PT 276 Swiss francs
* Volex Reinstated Buy at Investec; PT 325 pence

>>> Call
* Alfen Warning May Trigger 25% Cuts to Consensus, Jefferies Says
* Geberit Raised to Outperform at Oddo BHF on ‘Innovation Power’
* Goldman Raises S&P 500 Targets on Lower Tariff, Recession Risks