FT : China’s CIC considers selling Heathrow stake over third runway cost worries

China’s CIC considers selling Heathrow stake over third runway cost worries
Beijing-backed Chinese Investment Corporation has put 10 per cent stake in London airport on ‘active watch’

A Chinese sovereign wealth fund is considering a sale of its stake in Heathrow airport over concerns about the rising cost of developing a third runway at the London airport. 

The Chinese Investment Corporation, which is backed by Beijing, has put its 10 per cent stake in Heathrow on “active watch” and is mulling a sale, two people with knowledge of its thinking said.

The fund held meetings with financiers to discuss a potential sale late last year but no formal decision has yet been made, the people added.

Heathrow wants to spend £33bn building a new runway and terminal complex to allow it to process tens of millions more passengers a year.

Chancellor Rachel Reeves has said she wants the runway to be operational by the mid-2030s, an ambitious timeline that would require construction to start before the end of this decade. 

But CIC is concerned that the steep costs undermine the business case for expanding the airport.

Airlines including British Airways have raised similar concerns, warning that the costs could be off-putting to carriers and that the total bill for the project, which includes moving part of London’s M25 motorway, may be far higher than currently forecast. 

CIC has held a stake in Heathrow since 2012. The airport’s other investors include Ardian, Qatar’s investment authority, Saudi Arabia’s PIF and Singapore’s GIC. Ferrovial, the Spanish investment group, sold its stake in the airport in 2024. 

The concerns about Heathrow’s costs come as the airport warned this week that it faces a drop in passenger numbers this year as the conflict in Iran saps travel to and from the Middle East. 

The airport is also facing an overhaul of the regulatory model that allows it to claw back its investment by charging airlines landing fees.

The Civil Aviation Authority will recommend a new structure within weeks but Heathrow’s investors have warned that a radical shift will impact the business case behind the third runway investment. 

The airport’s boss Thomas Woldbye has said he is convinced that the Heathrow’s hub status and proximity to London mean it can attract new airlines, even if charges rise in the future. 

As well as its investment in Heathrow, CIC also owns a 17 per cent stake in the Cadent UK gas distribution network. It is planning to sell up to half of its stake in the company over concerns about Britain’s shift towards green energy. 

Earlier this year, CIC was also forced to write down to zero the value of its 8.7 per cent share of Thames Water. The embattled utility is saddled with £20bn debt and being propped up by an expensive loan from creditors, which are seeking to take over the business.

CIC’s retreat from its UK investments comes as the country has become less welcoming to Chinese investors due to rising national security concerns.

In March, the government blocked a £1.5bn investment by Ming Yang for a wind turbine manufacturing plant at Ardersier Port in Scotland, citing security worries and the risk of over-reliance on a Chinese firm in a critical sector.

China believes that there are increasing currency and regulatory risks in the UK and “there are other places it can invest”, another source close to the CIC talks said.

CIC declined to comment. Heathrow did not immediately respond to a request for comment.

FT : Volkswagen rolls out cheaper EVs in battle with Chinese carmakers

Volkswagen rolls out cheaper EVs in battle with Chinese carmakers
ID.Polo is one of four planned affordable electric vehicles across the VW, Škoda and Cupra brands

Volkswagen has unveiled one of its cheapest electric vehicles to date, as it bets on a series of new launches to boost profits from affordable battery-powered models and compete with Chinese rivals.

The ID.Polo, launched on Wednesday, will retail from about €25,000 and is the standard bearer in a new “family” of four entry-level EVs to be released this year across three Volkswagen Group brands — VW, Škoda and Cupra.

The cars were developed jointly, generating savings of about €650mn by avoiding duplicating work across the brands, said Volkswagen, which is seeking to boost the profitability of its EVs and reduce the cost of producing mass-volume models.

“This is how we are making electromobility economically viable in the volume segment and accessible to the masses,” VW brand chief executive Thomas Schäfer said at an event in March.

The vehicles share a common platform, have almost 80 per cent of the same components and will be produced at a single factory in Spain, where labour costs are lower than in Germany.

Volkswagen is in the midst of a major restructuring programme that will see it cut tens of thousands of jobs and capacity in Germany. Earlier this year, it said it was hoping to save €1bn by 2030 by coordinating production across its mass-market brands regionally.

The launch of the brands comes as Volkswagen — which accounted for one in four battery vehicles in Europe last year — faces intensifying competition from BYD and other Chinese manufacturers who are seeking to grow sales in the region.

The ID.Polo’s starting price compares with just under €23,000 for the entry-level version of BYD’s Dolphin Surf, which is in the same segment.

Bringing production for three different brands to one factory outside Germany was “no small thing” for Volkswagen and would give it a cost advantage, said Daniel Schwarz, an auto analyst at Metzler Bank.

The company would normally have had a debate with unions about “whether such an important car should be produced in a certain factory in Germany”, he added.

Analysts have said lower production costs in Spain and the latest iteration of Volkswagen’s battery technology would bring the new model range closer to its petrol offering in terms of profitability.

The new ID.Polo will be followed next year by the release of the smaller and even cheaper ID.Every1 with prices starting at €20,000. While the more compact car would set a price floor for Volkswagen’s battery electric range, executives expect to achieve healthier returns from the larger model.

The ID.Polo would “make Volkswagen fully competitive again in the important small car segment”, which was its traditional strength, Alexander Sauer-Wagner, head of the German Volkswagen and Audi dealership association, told the FT.

The new models would also win over consumers that EVs have so far failed to reach, said independent auto analyst Matthias Schmidt.

The launch of the four models could help “Volkswagen to enter higher-volume segments and markets,” such as southern Europe, where battery sales had lagged behind, he said.

FT : How OpenAI’s $500bn data centre venture Stargate has shifted shape

How OpenAI’s $500bn data centre venture Stargate has shifted shape
Chief executive Sam Altman’s flexible approach to infrastructure projects is unsettling partners but boosting computing lead

OpenAI’s $500bn Stargate plan to secure computing power is being reworked and, in places, abandoned. Yet its willingness to strike whatever deals are necessary to secure capacity has given it an edge in the race to build AI infrastructure.

In recent weeks, the group has halted planned data centres in the UK and Norway, declined to expand its flagship site in Abilene, Texas and seen several senior figures tied to Stargate leave for rival Meta.

Originally announced in early 2025 by Donald Trump as a $500bn joint venture between OpenAI, Oracle, Abu Dhabi fund MGX and Japan’s SoftBank, Stargate was designed to finance and build dedicated data centres for OpenAI’s use. The idea was to pool capital to tackle the cost and complexity of AI infrastructure.

That concept has rapidly given way to a more flexible approach, with OpenAI increasingly relying on third-party providers, leasing capacity rather than building and owning its own facilities.

“I don’t know what ‘Stargate’ means at this point,” said a person who was involved in the data centre buildout at the outset. “I think it is a completely antiquated line right now.

The shape-shifting scheme embodies OpenAI’s broader efforts. From core technology to partnerships, the company places overlapping bets and abandons all but the most expedient. The approach owes much to chief executive Sam Altman’s “venture mindset”, said one person close to the company.

People familiar with the changes at Stargate said that, in practice, OpenAI has abandoned the joint venture in favour of a series of large bilateral deals. But OpenAI executives said the guiding principle remains to “build more compute”.

Oracle has played the most prominent role, agreeing last year to supply OpenAI with 4.5 gigawatts of computing capacity under a five-year, $300bn agreement.

The company has also struck partnerships with AMD, Broadcom, Nvidia, CoreWeave and Cerebras in deals that at one point totalled more than $1tn in commitments, some of which have since been scaled back.

Questions remain over whether it can afford its huge infrastructure spending. On Tuesday, a report that OpenAI had missed internal targets for revenue and user growth led to share price falls at companies linked to the start-up including SoftBank, Oracle and CoreWeave. OpenAI said in response that its business is “firing on all cylinders.”

OpenAI has cut costs by sidelining or revising Stargate plans. But the willingness to renegotiate or walk away from projects has unsettled partners and raised questions about OpenAI’s reliability as a counterparty.

It initially aimed to develop its own data centres under the Stargate banner as it faced two challenges: a complex supply chain, and wariness from lenders about funding a lossmaking start-up with no credit rating.

The joint venture — pooling cash from blue-chip partners and gaining the imprimatur of the US president — aimed to tackle both issues.

Since then, a surge in demand for AI tools has spurred chip, cloud and infrastructure groups into action and eased investor scepticism.

“We created enough demand in the market, and others came along, so we sidelined first party data centres,” said the person involved in Stargate.

OpenAI said: “Stargate is the umbrella for our compute strategy and we’ve done exactly what we said we would do: secure the compute OpenAI needs at unprecedented scale.

“We’ve expanded to a broad partner network across clouds, silicon, and infrastructure, capacity is coming online, and we’re ahead of schedule. Building at this scale is what allows us to put powerful AI into the hands of more people, businesses, and developers.”


OpenAI this month put on hold one data centre project in the north-east of England and rejigged another in Narvik, Norway. Both projects were badged as being part of Stargate in a tie-up with AI cloud start-up Nscale.

OpenAI annoyed the British government by blaming restrictive regulation and high energy costs for halting plans in the country. The UK AI minister Kanishka Narayan said that the “only thing that has changed [since] the moment of those commitments . . . has been the financing environment for OpenAI.”

UK-based Nscale had been investing heavily in anticipation of leasing capacity to OpenAI. Microsoft has stepped in at Nscale’s Narvik site. OpenAI said it still plans to access capacity in Norway via its broader Microsoft deal, instead of leasing directly from Nscale.

Last month, the AI lab ditched plans to expand its Abilene, Texas site, declining to take up a lease option with developer Crusoe.

The person involved in Stargate said OpenAI sourced cheaper options, including in Michigan, because “there is limited money in the world, whatever Sam [Altman] might say [and] the expansion was at an insane price.”

Microsoft has stepped in to take the extra capacity at Abilene. A person close to Crusoe said Microsoft was a preferable tenant. “It’s a better outcome, [they are] more creditworthy.”

Someone familiar with Microsoft’s thinking said its decision “helps out those who are feeling let down and misled by OpenAI on projects”.

“Stargate has now had three or four permutations, I don’t know what it is right now. I can’t tell you. Maybe it never really existed in the first place,” the person added.

When Stargate launched, the company set a goal of locking in 10GW of capacity — roughly equivalent to 10 nuclear power stations — at a cost of about $500bn by the end of the decade.

The company now aims to beat that target. It claims to have already secured more than 8GW of capacity, and forecasts spending more than $600bn by the end of 2030.

That would mean the lossmaking company far outspending rivals such as Anthropic and Elon Musk’s xAI. OpenAI’s commitments are more in line with Amazon, Google, Microsoft and Meta — which generate tens of billions in annual profit.

SoftBank, the main financial sponsor of the original joint venture, is working on building its own data centres but those are yet to come online. The computing capacity from one project in Ohio could eventually go to OpenAI after a tender process, said a person close to the situation.

“Stargate hasn’t disappeared but it has evolved and people can basically pick their own definition of Stargate now,” said another person familiar with the Japanese investor’s thinking. “In one way, basically any compute that involves Softbank or Oracle can be Stargate”.

SoftBank declined to comment.

According to the person involved in Stargate, the term lost its meaning when it was co-opted by OpenAI’s policy and public relations teams as a catch-all for infrastructure build-out. The idea that being the tenant of a data centre in Europe fell under the Stargate umbrella was “always fake”, they said.

Still, OpenAI’s infrastructure push could give it an advantage. Anthropic chief executive Dario Amodei has criticised rivals for their gung-ho plans. But with power constraints starting to weigh on its ability to meet fast-rising demand, Amodei signed off hundreds of billions of dollars of spending on long-term capacity this month.

OpenAI’s moves may be prescient, as long as the company can meet its lavish spending commitments.

In a note to sales staff earlier this month, OpenAI’s chief revenue officer Denise Dresser wrote: “We saw the exponential compute curve earlier, acted on it faster, and now have a real structural advantage.”

FT : Aston Martin secures £50mn cash injection to shore up balance sheet

Aston Martin secures £50mn cash injection to shore up balance sheet
Funding from consortium backed by billionaire Lawrence Stroll comes after fifth consecutive quarterly loss

Aston Martin has secured a fresh £50mn funding from a consortium backed by its chair as the struggling carmaker fell to a fifth consecutive quarter of losses and warned of continuing geopolitical uncertainty.

The group — whose shareholders include Aston’s billionaire chair Lawrence Stroll, China’s Geely and Saudi Arabia’s Public Investment Fund — has struggled for years to generate steady cash flow and profits. Its shares and bonds have sunk to record lows recently amid concerns about the pace of its cash burn. 

Adjusted losses before tax and interest decreased to £56.9mn in the first quarter compared with a £64.5mn loss a year earlier, the British carmaker reported on Wednesday, beating analyst expectations of a £63.7mn loss.

During the first quarter, its net debt increased to £1.5bn from £1.3bn a year earlier. Its free cash flow improved to £117mn from £120mn following the £50mn sale of its Formula 1 naming rights to AMR GP Holdings, the racing team’s holding company that is indirectly controlled by Stroll.

The carmaker has turned to the Canadian billionaire multiple times to shore up its balance sheet. Last year, Aston Martin raised £52.5mn by selling 75mn new shares to Stroll’s consortium, which increased its stake in the group to 33 per cent from 28 per cent.

“Further financial improvement is expected through the rest of the year as we benefit from our expanding core model range, continued Valhalla deliveries . . . and ongoing operational discipline,” said its chief executive Adrian Hallmark.

In February, the company issued a profit warning and confirmed plans to reduce its worldwide workforce by up to 20 per cent.

For 2026, the carmaker maintained its projection that its wholesale volumes would remain flat at about 5,450 vehicles while its gross margin was expected to improve into the upper 30 per cent level compared with 29 per cent last year.

>>> LA LETTRE — DAILY PRESS REVIEW 29 APR 2026/ FR & ENG SUMMARY

═══════════════════════════════════════════════════════════════════════════
LA LETTRE — DAILY PRESS REVIEW 29 APR 2026/ FR & ENG SUMMARY
═══════════════════════════════════════════════════════════════════════════


───────────────────────────────────────────────────────────────────────────
1. TIKEHAU CAPITAL — CHABRAN RECADRE LE TOP MGMT APRES UN T1 RATE
───────────────────────────────────────────────────────────────────────────

FR Mail interne du 24 avril du cofondateur Mathieu Chabran a l'equipe
"leadership" (DGA Henri Marcoux, Thomas Friedberger, Maxime Laurent-
Bellue) — "profonde deception" apres le T1.

Collecte d'encours T1 26 : EUR 669m (vs EUR 1,642m au T1 25)
Dont credit (activite phare) : EUR 736m (vs EUR 1,144m)
Capital markets strategies : EUR -315m (sorties nettes
vs +171m levee T1 25)

Cours de bourse — TKO FP : -6% au lendemain des resultats
de EUR 18.20 a EUR 17.14 (Euronext Paris)

Hemorragie de talents persistante :
- Marwan Lahoud, Franck Crepin (aero/defense, LL 18/09/25)
- Frederic Giovansili (levees de fonds) parti chez JEF en sept
comme MD
- Adrien Dassault (relations strategiques, ex-bras droit Gregoire
Lucas) parti en novembre

PLAN 2026-2029 : objectif collecte nette cumulee EUR 34bn
(~EUR 2.125bn / trimestre)
=> Demarre avec un retard d'allumage de EUR 1.45bn

AGM le 30 avril.

ENG Internal email 24-Apr from co-founder Mathieu Chabran to "leadership"
team (deputy CEOs Marcoux, Friedberger, Laurent-Bellue) — voiced
"profound disappointment" with Q1.

Q1 26 AUM gathering : EUR 669m (vs EUR 1,642m Q1 25)
of which credit (flagship) : EUR 736m (vs EUR 1,144m)
Capital markets strategies : EUR -315m (net outflows
vs +171m Q1 25)

Share price reaction — TKO FP : -6% post-results
EUR 18.20 -> EUR 17.14

Senior departures continue to weigh — Lahoud, Crepin, Giovansili
(joined JEF as MD in Sept), Adrien Dassault (Nov).

2026-2029 PLAN : EUR 34bn cumulative net inflow target
(~EUR 2.125bn / quarter)
=> Roadmap kicks off with EUR 1.45bn shortfall.

AGM 30-Apr.


───────────────────────────────────────────────────────────────────────────
2. PLACE BEAUVAU — LES 200 BRIGADES DE GENDARMERIE DE MACRON S'ENLISENT
───────────────────────────────────────────────────────────────────────────

FR Objectif annonce 02/10/23 par Macron a Damazan (Lot-et-Garonne) :
239 nouvelles brigades d'ici fin de quinquennat.

Realise au 29/04/26 :
- 2024 : 80 brigades creees (budget EUR 7m)
- 2025 : 10 brigades creees (budget EUR 1.2m, vs 57 prevues)
- Total : 90 / 239 = 37% de l'objectif

Budget non contraignant : la gendarmerie compte 3 000 brigades.
Le probleme n'est pas l'argent — c'est le pilotage.

Cour des comptes (rapport fevrier 26) : effectifs nouveaux
"trop peu correles aux besoins territoriaux".
Decision elyseenne en concertation directe avec elus locaux,
DGGN (Christian Rodriguez a l'epoque) tenue a l'ecart.
Plusieurs implantations a quelques minutes de brigades existantes
(Zuydcoote 59, Sauchy-Lestree 62).

Rapporteure AN Valerie Bazin-Malgras (Droite republicaine) projette
58 brigades en 2026 — chiffre comparable a 2025 deja non tenu.

ENG Macron pledge made 02-Oct-23 at Damazan : 239 new brigades by end
of presidential term.

Done as of today : 90 / 239 = 37%
2024 : 80 brigades (budget EUR 7m)
2025 : 10 brigades (budget EUR 1.2m, vs 57 planned)

Not a funding problem — gendarmerie has 3,000 brigades. Execution
failure. Cour des comptes (Feb-26 report) : new staffing "poorly
correlated with territorial needs". Top-down Elysee approach
sidelined the DGGN under then-chief Rodriguez.


───────────────────────────────────────────────────────────────────────────
3. DGEC — CEDRIC BOURILLET EN POLE POUR SUCCEDER A SOPHIE MOURLON
───────────────────────────────────────────────────────────────────────────

FR Annonce attendue ce mercredi 29 avril en Conseil des ministres.

Tete de pont DGEC = poste-cle dans la crise energetique en cours.
Tractations intenses Elysee / Matignon / Roland Lescure (Bercy) /
Monique Barbut (Hotel de Roquelaure).

Profils en lice :
- Cedric Bourillet (X-Mines, DG prevention des risques MTE) — favori
- Laurent Kueny — directeur energie a la DGEC
- Nicolas Clausset — conseiller energie de Macron
- Julien Tognola — ex-dircab adjoint Pannier-Runacher,
aujourd'hui Dreets Occitanie

Bourillet n'est PAS specialiste energie — atypique vs autres
pretendants. Atouts : carriere entiere au MTE depuis l'epoque
Kosciusko-Morizet (~20 ans), bon sens politique. Adapte au mandat
de refonte d'architecture voulu par Sebastien Lecornu.

Sophie Mourlon part comme SG de la RATP aupres de Xavier Piechaczyk.

ENG Decision today (29-Apr) in Council of Ministers.

Strategic appointment in the middle of an energy crisis. Bourillet
(X-Mines) leads vs three energy specialists. His edge : 20-yr
Ecology Ministry tenure + recognised political instincts — fit for
the architecture overhaul Lecornu wants.


───────────────────────────────────────────────────────────────────────────
4. SENAT — CADEAUX ET LOGES ROLAND-GARROS DESORMAIS PROHIBES
───────────────────────────────────────────────────────────────────────────

FR Rapport du comite de deontologie du Senat (preside par Arnaud Bazin,
LR). Reforme de l'an dernier : cadeaux > EUR 150 prohibes.
Exemple type retenu : invitations en loges Philippe-Chatrier ou
Suzanne-Lenglen a Roland-Garros — desormais explicitement bannies,
incl. soirees attenantes (finale femmes "Femmes et tennis").
Regle etendue aux matchs de foot, rugby, concerts.

Tolerance maintenue uniquement si l'invitation est associee a une
"reunion de travail liee au mandat".
Voyage Vinci - senateur Longeot (UDI) a Venise (mai 25) valide
car dedie a la resilience climatique.

ASYMETRIE AN / SENAT — l'Assemblee reste plus permissive :
- Engie : ~10 deputes invites a Roland-Garros 2025 (LL 06/10/25)
- Wauquiez invite par la Federation francaise de tennis
- Aurore Berge, Charlotte Parmentier-Lecocq, Marie Barsacq presentes
a la finale femmes 2025
- Agence francaise anticorruption avait sermonne la FFT
pour controle interne insuffisant (LL 08/10/24)

ENG Senate ethics committee (chair Arnaud Bazin, LR) confirms gifts
over EUR 150 banned since last year — Roland-Garros boxes (Engie,
federations) explicitly added. Tolerance kept only when paired
with "work meeting" linked to mandate. Assemblee Nationale remains
looser : ~10 MPs hosted by Engie at RG 2025; Wauquiez, Berge,
Parmentier-Lecocq, Barsacq guests of the FFT at the women's final.


───────────────────────────────────────────────────────────────────────────
5. T18 (KRETINSKY) — AUDIENCES OK, FINANCIERS DANS LE ROUGE
───────────────────────────────────────────────────────────────────────────

FR Chaine TNT detenue par Daniel Kretinsky, presidee par Christopher
Baldelli. Lancee le 06/06/25.

AUDIENCES :
- Seuil 1% (objectif 2026) atteint en fevrier 26
- Reedition probable en avril
- Classement TNT : 24eme / 25 (devant Novo19 / Sipa Ouest-France)
- Cible "femmes RDA <50 ans" : 21eme sur derniere semaine
(films prime time + docs animaliers)

FINANCIER T1 26 :
- CA : EUR 2.2m (vs EUR 2.8m budgete) — manque - 21%
- Cause : effondrement publicitaire mars (guerre en Iran)
- Comparable : Groupe M6 -5.9% revenus pub T1

OBJECTIFS 2026 MAINTENUS : 1.5% audience a terme,
breakeven en 2029 (annee 4 d'exploitation).

PROGRAMMATION :
- Pour tout dire (Croissandeau) : 70 000 telesp. / avril
- [En]quete de sens (Ava Djamshidi) : 134 000 telesp.
- Chez Ruquier : 93 000 telesp.
=> Laurent Ruquier sur le depart, retour radio + theatre

ENG Kretinsky's DTT channel hit 1% audience target in Feb-26 (set to
repeat in April), but missed Q1 numbers : revenues EUR 2.2m vs
EUR 2.8m budgeted (-21%). Iran war crashed the March ad market —
M6 also down -5.9% Q1. 2026 targets unchanged (1.5% audience long-
term, breakeven by 2029). Ranks 24/25 on DTT. Ruquier leaving the
channel for radio/theatre.


═══════════════════════════════════════════════════════════════════════════
For informational purposes only. Not investment advice.
Laurent Chekroun
═══════════════════════════════════════════════════════════════════════════

>>> Europe : Brokers Upgrades & Downgrades - 29th of April 2026 V2(+)

>>> Up
* Bayer Raised to Buy at Rothschild & Co Redburn; PT 56 euros (+)
* Demant Raised to Buy at ABG; PT 240 kroner
* Eezy Raised to Accumulate at Inderes; PT 13 euro cents
* Enento Group Raised to Buy at SEB Equities; PT 16.50 euros
* Frequentis Raised to Accumulate at Erste Group; PT 85 euros
* Henkel Raised to Outperform at Grupo Santander; PT 81.50 euros (+)
* ITM Power Raised to Overweight at Morgan Stanley; PT 170 pence
* Ørsted Price Target Raised to DKK 210 from DKK 170 by Danske Bank
* Qiagen Raised to Outperform at Baird; PT $43
* Sinch Price Target Raised to SEK 32 from SEK 29 by SEB
* SSAB Price Target Raised to SEK 94 from SEK 92 by Bank of America
* Suedzucker Raised to Hold at DZ Bank; PT 11.85 euros (+)
* T-Mobile Raised to Outperform at Oppenheimer; PT $260
* VAT Raised to Buy at Goldman; PT 703 Swiss francs
* YIT Raised to Accumulate at Inderes; PT 2.80 euros

>>> Down
* Aena Cut to Market Perform at Bernstein
* Brown-Forman Cut to Underweight at JPMorgan; PT $23
* Electrolux Professional Price Target Cut to SEK 72 from SEK 80 by SEB
* Lectra Cut to Hold at Kepler Cheuvreux (+)
* Melexis Cut to Hold at KBC Securities; PT 74 euros (+)
* Nordic Semiconductor Cut to Hold at SEB Equities; PT 190 kroner
* Palfinger Cut to Accumulate at Erste Group; PT 42 euros
* Revenio Price Target Cut to EUR 19 from EUR 25 by Danske Bank
* Schroders Cut to Neutral at Citi; PT 590 pence (+)
* Subsea 7 Cut to Sell at SB1 Markets; PT 270 kroner
* Valmet Cut to Accumulate at Inderes; PT 26 euros

>>> Initiation
* Ferragamo Reinstated Underperform at Jefferies; PT 5.50 euros
* Vincorion Rated New Overweight at JPMorgan; PT 23.50 euros
* Vincorion Rated New Buy at Berenberg; PT 26 euros
* Vincorion Rated New Outperform at Oddo BHF; PT 23 euros
* Vincorion Rated New Outperform at BNP Paribas; PT 21 euros
* Vincorion Rated New Buy at Kepler Cheuvreux; PT 21 euros (+)

>>> Call
* HSBC Upgrades US Stocks as Focus Shifts to Earnings From War
* Mercedes Shows Good Start to Complicated Year, Says Bernstein (+)
* Packaging Stocks Up as Citi Flags Smurfit Price Hike, Cites RISI
* VAT Group Raised to Buy at Goldman on Stronger Outlook (+)

>>> What to look at today - 29th of April 2026

Stocks fluctuated as traders stayed cautious ahead of the Federal Reserve’s policy decision and earnings from megacap technology companies. Oil swung between gains and losses. Shares climbed in Hong Kong and mainland China, and dropped in Taiwan, with MSCI’s Asia Pacific equities gauge edging up 0.2%. Futures contracts for the Nasdaq 100 Index rose 0.5%, as sentiment stabilized following a Wall Street selloff on Tuesday sparked by skepticism over the payoff from artificial intelligence investments. Brent crude whipsawed before trading 0.1% lower at $111.19 per barrel. The commodity had earlier risen to almost $112 following a Wall Street Journal report that President Donald Trump told his aides to prepare for an extended blockade of Iran. That could effectively keep the Strait of Hormuz shut. Treasury futures were little changed after falling Tuesday when elevated oil prices drove up inflation expectations and curbed bets for Fed interest-rate cuts ahead of Wednesday’s policy announcement. Trading in cash Treasuries is closed during Asian hours due to the holiday in Japan. The focus on Wednesday will also be on earnings reports from megacap technology firms. The companies have helped global equities rally in recent weeks to erase losses from the Middle East conflict, making this week’s earnings announcements crucial for sustaining the rally. Big tech firms representing about a quarter of the S&P 500’s value are getting ready to release their earnings. Alphabet Inc., Microsoft Corp., Amazon.com Inc. and Meta Platforms Inc. report Wednesday, followed by Apple Inc. a day later. Tech earnings have been largely shielded from the disruptions of the Iran war. The sector’s results are expected to have grown 41% in the first quarter, according to data compiled by Bloomberg Intelligence. Elsewhere, the United Arab Emirates said it will leave OPEC next month, in a significant blow to the group that raises questions about its future. The UAE’s exit May 1 after six decades of membership is the latest indication of how the conflict is reshaping global energy markets. Meanwhile, in recent meetings, including a Monday discussion in the Situation Room, Trump opted to continue squeezing Iran’s economy and oil exports by preventing shipping to and from its ports, the Journal report said. He assessed that his other options — resume bombing or walk away from the conflict — carried more risk than maintaining the blockade, officials said. US After Hours SIMO +18.6%, STX +16%, NXPI +15.8%, VRNS +12%, FICO +11.8% higher on earnings; OI -18.8%, ENPH -9.6%, HOOD -8.9%, TER -8.2%, BKNG -4.5% lower on earnings.

Nikkei Closed Hang Seng +1.29% CSI +0.64% Shanghai +0.40% Shenzen +1.41%

Eur$ 1.1705 CNH 6.8372 CNY 6.8361 JPY 159.64 GBP 1.3513 CHF 0.7891 RUB 75.2240 TRY 45.0691 WTI$ 99.40 -0.53% Gold 4,605 +0.28% BTC 77,271 +1.05% ETH 2,328 +1.42%

S&P +0.22% Nasdaq +0.50% EuroStoxx +0.28% FTSE -0.12% Dax +0.31% SMI +0.25%

Macro :
- Ackman’s Fund IPO Raises $5 Billion for Permanent Capital Plan
- Ken Griffin Warns of Private Credit Liquidity Mismatch: FT
- KPMG Shuts US Govt Audit Unit After Losing Pentagon Contract: FT
- BlackRock Is Underweight Japanese Bonds, Sees Further BOJ Hikes
- Andreessen, Ellison, Huang Among Attendees at US State Dinner

Keep an eye on :
- ADS GY : Adidas 1Q Operating Profit Beats Estimates, Adidas Sees Robust Growth Underpinned by Apparel and Football
- ADP FP : ADP 1Q Revenue Misses Estimates
- AENA SM : Aena 1Q Net Income Beats Estimates
- AIR FP : Airbus Profit Drops as Earnings Collapse at Main Jet Unit
- AKTR GA : Watch Aktor After It Signs Deal for Sale of US LNG to Albania
- ALSN SW : Also Maintains FY Ebitda Forecast
- AMS SM : Amadeus To Acquire Idemia Public Security For €1.2 Billion
- AMUN FP : Amundi Assets Under Management Beats Estimates
- ANDR AV : Andritz 1Q Orders Beats Estimates; Confirms 2026 Targets (1)
- Anthropic IPO : Goldman Stops Bankers Using Anthropic’s Claude in HK: FT
- APOTEA SS : Apotea 1Q Revenue Above Estimates
- APR NO : Appear 1Q Revenue Beats Estimates
- AAPL US : Apple Plans Photo-Editing Overhaul With AI in iOS 27 This Year
- AML LN : Aston Martin 1Q Revenue Meets Estimates
- CAR US : Avis Holder Pentwater Sold 4.3 Million Shares Amid 70% Rout
- ACR NO : Axactor Offering of 466.1m Shares Prices at NOK4.70/Share
- BIDU US : China Suspends New Autonomous Driving Permits After Baidu Outage
- BE US : Bloom Energy Boosts FY Revenue Forecast, Beats Estimates
- BORG SS : Bjorn Borg 1Q Sales Beat Estimates
- BKNG US : Booking 1Q Revenue Meets Estimates
- BRG BO : Borregaard 1Q Operating Revenue Beats Estimates
- CONSTI FH : Consti 1Q Sales Under Estimates
- DBK GY : Deutsche Bank 1Q FIC Sales & Trading Rev €2.85b, Est €2.87b
- DBK GY : Deutsche Bank Says Commercial Real Estate Remains Key Risk
- DTE GY : T-Mobile Narrows FY Core Adjusted Ebitda Forecast
- DIGIA FH : Digia 1Q Sales Under Estimates
- DSV DC : DSV 1Q Ebit Before Significant Items Misses Estimates; DSV Maintains FY Ebit Before Significant Items Forecast
- DWS GY : Deutsche Bank’s DWS Sees Net Inflows Slow as War Rattles Markets
- EDF FP : EDF Delays Decision on Edison Stake Sale: Reuters
- ENI IM : Eni CEO Claudio Descalzi Met With Venezuela’s Delcy Rodriguez
- FRA GY : LIGA-Pax-Aktien-Union Adds ABB, Exits Fraport
- FSECURE FH : F-Secure 1Q Revenue Under Estimates
- FM CN : First Quantum Minerals Boosts FY Copper Production Forecast
- FPE GY : Fuchs 1Q Ebit Beats Estimates, Fuchs to Raise Prices to Offset Hormuz Impact
- FORTUM FH : Fortum 1Q Adjusted Operating Profit Beats Estimates
- GOFORE FH : Gofore 1Q Sales Above Estimates
- HTRO SS : Hexatronic 1Q Revenue SEK1.70B
- HUH1V FH : Huhtamaki 1Q Adjusted Ebit Beats Estimates
- 1347 HK : US Orders Tool Makers to Halt Some Shipments to Hua Hong: Rtrs
- IDEX NO : IDEX Biometrics Offering of 9.7m Shares Prices at NOK8.25/Share
- INSTAL SS : Instalco 1Q Sales Beat Estimates
- DEC FP : PEP Offers to Buy Outdoor Ad Firm oOh!Media for $537 Million
- KAMBI SS : Kambi 1Q Ebit Beats Estimates
- KESKOB FH : Kesko 1Q Net Sales Meet Estimates
- KNEBV FH : Kone Agrees to Buy TKE in Deal With Enterprise Value of €29.4b
- KNEBV FH : Kone 1Q Orders Misses Estimates, Kone Narrows FY Net Sales Forecast
- KPN NA : KPN 1Q Adjusted Ebitda After Leases Meets Estimates
- MAP SM : Mapfre 1Q Net Income Beats Estimates
- MCOVB SS : Medicover Reports 1Q Revenue of EUR 624.2 Million, Compared With FactSet Consensus Estimates of EUR 619.6 Million
- META US : US Ends Investigation Into Claims WhatsApp Chats Aren’t Private
- MCAP SS : MedCap Reports 1Q Sales of SEK 556.6 Million, Compared With FactSet Consensus Estimates of SEK 558 Million (2 Est.)
- MELE BB : Melexis 1Q Gross Margin Beats Estimates
- MBG GY : Mercedes 1Q Cars Adjusted Ebit Beats Estimates, Mercedes Earnings Slide on China Slump Ahead of Model Offensive
- MOL IM : Moltiply Boosts Share Price in Voluntary Tender Offer
- MTGB SS : MTG 1Q Net Income Beats Estimates
- KN FP : Natixis Sells Down Stake in US Boutique Adviser Solomon Partners
- NCCB SS : NCC 1Q Net Sales Miss Estimates
- NETIB SS : Net Insight 1Q Sales Beat Estimates
- NEXI FP : CVC Weighs €9b Bid for Italian Payments Group Nexi: FT
- NHY NO : Norsk Hydro 1Q Aluminum Metal Adjusted Ebitda Beats Estimates
- NOVOB DC : Canada Approves Its First Generic Version of Novo’s Ozempic
- NXPI US : NXP Semi 2Q Adjusted EPS Forecast Beats Estimates
- ONTEX BB : Ontex 1Q Adjusted Ebitda Misses Estimates
- Open AI IPO : OpenAI Sees Big User Shift to Cheaper ChatGPT Tier: Information
- ORCL US : Oracle Sees Continued Momentum for OpenAI Partnership
- ORA FP : Orange Inks €1.3b Financing Deal For Scorefit Acquisition
- PNDXB SS : Pandox 1Q Ebitda Misses Estimates
- RI FP : Pernod Ricard & Brown-Forman End Merger Talks Without Deal
- POSTI FH : Posti Group FY Outlook Above Consensus; 1Q Sales Above Estimates
- 1913 HK : Prada Faces Slower Miu Miu Growth on Middle East: Preview
- PRU LN : Prudential 1Q New Business Profit $686M Vs. $608M Y/y
- RED SM : Redeia 1Q Net Income Meets Estimates
- HOOD US : Robinhood 1Q Net Revenue Misses Estimates: Snapshot
- SALME NO : Salmon Evolution Offering of Shares Prices at NOK4.50/Share
- SDZ SW : Sandoz Group 1Q Net Sales Meet Estimates
- SAN SM : Santander 1Q Net Income Beats Estimates
- SEBA SS : SEB 1Q Operating Profit Beats Estimates
- STX US : Seagate 4Q Revenue Forecast Beats Estimates
- G24 GY : Scout24 1Q Oper Ebitda Meets Estimates
- WAF GY : Siltronic 1Q Ebitda Misses Estimates
- SLEEP SS : Sleep Cycle 1Q Sales Under Estimates
- SLR SM : Solaria Prices Offering at EU24/Share
- SOLTEQ FH : Solteq 1Q Revenue Misses Estimates
- SOP FP : Sopra Steria 1Q Revenue Beats Estimates
- SF SS : Stillfront 1Q Sales Beat Estimates
- STB NO : Storebrand 1Q Solvency II Beats Estimates
- STORB SS : Storskogen 1Q Sales Miss Estimates
- STMN SW : Straumann 1Q Revenue Meets Estimates
- SWEDA SS : Swedbank 1Q Credit Impairment Beats Estimates, Swedbank to Cut Jobs as 1Q Net Interest Income Beats Estimates
- SY1 GY : Symrise Maintains FY Organic Sales Forecast
- TEP FP : Teleperformance 1Q Like-for-Like Sales Miss Estimates
- TSLA US : Tesla Plans to Expand V14 Lite to More International Markets
- 8TRA GY : Traton 1Q Adjusted Operating Margin Beats Estimates
- THULE SS : Thule 1Q Net Sales Meet Estimates
- TTE FP : TotalEnergies 1Q Adjusted Net Income Beats Estimates
- 2476 HK : Nvidia-Supplier Victory Giant’s Sales Surge on AI Demand --> +7.87%
- UBSG SW : UBS Posts $3 Billion in Profit, Signals More Buybacks to Come
- DG FP : Vinci Compass seeks funding to accelerate Outback's growth, sources say. Tue, 28 Apr 2026 19:01:40
- VOLO SS : Volati Reports 1Q Sales of SEK 2.06 Billion, Compared With FactSet Consensus Estimates of SEK 2.06 Billion (2 Est.)
- VOLCARB SS : Volvo Car 1Q Revenue Meets Estimates
- WCH GY : Wacker Chemie 1Q Ebitda Beats Estimates
- WLN FP : ANZ to Buy Worldline Share of JV for Enterprise Value A$89M
- WLN FP : Worldline Announces 40:1 Reverse Share Split Plan

>>> Europe : Brokers Upgrades & Downgrades - 29th of April 2026

>>> Up
* Demant Raised to Buy at ABG; PT 240 kroner
* Eezy Raised to Accumulate at Inderes; PT 13 euro cents
* Enento Group Raised to Buy at SEB Equities; PT 16.50 euros
* Frequentis Raised to Accumulate at Erste Group; PT 85 euros
* ITM Power Raised to Overweight at Morgan Stanley; PT 170 pence
* Ørsted Price Target Raised to DKK 210 from DKK 170 by Danske Bank
* Qiagen Raised to Outperform at Baird; PT $43
* Sinch Price Target Raised to SEK 32 from SEK 29 by SEB
* SSAB Price Target Raised to SEK 94 from SEK 92 by Bank of America
* T-Mobile Raised to Outperform at Oppenheimer; PT $260
* VAT Raised to Buy at Goldman; PT 703 Swiss francs
* YIT Raised to Accumulate at Inderes; PT 2.80 euros

>>> Down
* Aena Cut to Market Perform at Bernstein
* Brown-Forman Cut to Underweight at JPMorgan; PT $23
* Electrolux Professional Price Target Cut to SEK 72 from SEK 80 by SEB
* *TOTALENERGIES 1Q ADJ NET $5.39B, EST. $4.98B
* Nordic Semiconductor Cut to Hold at SEB Equities; PT 190 kroner
* Palfinger Cut to Accumulate at Erste Group; PT 42 euros
* Revenio Price Target Cut to EUR 19 from EUR 25 by Danske Bank
* Subsea 7 Cut to Sell at SB1 Markets; PT 270 kroner
* Valmet Cut to Accumulate at Inderes; PT 26 euros

>>> Initiation
* Ferragamo Reinstated Underperform at Jefferies; PT 5.50 euros
* Vincorion Rated New Overweight at JPMorgan; PT 23.50 euros
* Vincorion Rated New Buy at Berenberg; PT 26 euros
* Vincorion Rated New Outperform at Oddo BHF; PT 23 euros
* Vincorion Rated New Outperform at BNP Paribas; PT 21 euros

>>> Call
* HSBC Upgrades US Stocks as Focus Shifts to Earnings From War
* Packaging Stocks Up as Citi Flags Smurfit Price Hike, Cites RISI