>>> Europe : Brokers Upgrades & Downgrades - 5th of September 2025 V2(+)

>>> Up
* Amazon Raised to Buy at Punto Casa de Bolsa
* ASML Raised to Buy at UBS
* Enento Group Raised to Accumulate at Inderes; PT 17 euros
* Generali Raised to Outperform at Mediobanca SpA; PT 37 euros
* HarbourVest Global Raised to Overweight at Barclays
* HSBC Raised to Outperform at BNPP Exane; PT 1,100 pence
* MFE Raised to Buy at Equita; PT 5 euros (+)
* QPR Software Raised to Reduce at Inderes; PT 58 euro cents
* Sartorius Raised to Buy at Stifel; PT 230 euros
* SGS Raised to Outperform at BNPP Exane; PT 98 Swiss francs (+)
* STMicro Raised to Outperform at BNPP Exane; PT 26 euros
* STMicro ADRs Raised to Outperform at BNPP Exane

>>> Down
* Abivax Cut to Hold at Portzamparc; PT 63 euros (+)
* Admiral Cut to Sell at Peel Hunt; PT 2,350 pence
* Apax Global Alpha Cut to Equal-Weight at Barclays; PT 165 pence
* BioArctic Cut to Sell at Nordea; PT 220 kronor
* DKSH Cut to Underperform at BNPP Exane; PT 55 Swiss francs
* HgCapital Cut to Equal-Weight at Barclays; PT 570 pence
* Jet2 PT Cut to 1,800 pence from 1,920 pence at Panmure Liberum (+)
* NatWest Cut to Underperform at BNPP Exane; PT 520 pence
* NB PE Partners Cut to Underweight at Barclays; PT 1,510 pence

>>> Initiation
* Hermes ADRs Rated New Outperform at BNPP Exane; PT $326.60
* Ralph Lauren Rated New Buy at William O'Neil
* Ninety One Rated New Buy at SBG Securities; PT 221 pence (+)
* Sixt Rated New Buy at UBS; PT 102 euros (+)

>>> Call
* ASML Raised to Buy at UBS; Says Negative Factors Priced In (+)
* Sanofi Selloff Overdone, Valuation Highly Attractive: Berenberg (+
* Sixt New Buy at UBS on Margin Recovery, US Market-Share Gains

FT : Ørsted cuts profit outlook blaming slower summer wind speeds

Ørsted cuts profit outlook blaming slower summer wind speeds
Bad news comes as Danish renewable energy group moves to shore up balance sheet after Trump blocks key US project

Ørsted blamed lower-than-normal wind speeds in July and August for a cut in its annual profit guidance, as the troubled Danish renewable energy group prepared to ask shareholders for three-quarters of its market value in new capital.

The world’s largest offshore wind developer said it now expected earnings before interest, tax, depreciation and amortisation this year to be DKr24bn-DKr27bn ($3.8bn-$4.2bn), down from a previous DKr25bn-DKr28bn.

It said that lower wind speeds during the summer months compared with the rest of 2025 had cost it DKr1.2bn while an additional DKr300mn hit was caused by a delay of almost a year at a Taiwanese wind farm.

It last confirmed its previous guidance on August 11, raising questions about the credibility of its new management team led by chief executive Rasmus Errboe, who was promoted after its previous leader was ousted in January.

The latest bad news comes as the Danish group prepares for an emergency shareholder meeting on Friday to approve a DKr60bn rights issue made necessary by US President Donald Trump’s hostility to wind power.

Ørsted said on Thursday that it would sue his administration over a stop-work order issued last month on Revolution Wind, an almost-complete wind farm meant to provide power for 350,000 homes in the north-east of the US.

The group already faced difficulty selling down its 100 per cent stake in another offshore wind project, Sunrise Wind, prompting it to shore up its balance sheet. Its market capitalisation on Thursday was DKr84bn, close to a record low.

Ørsted’s rights issue is backed by its two largest shareholders, the Danish state and Norwegian oil and gas group Equinor, which own 50 per cent and 10 per cent, respectively. Norway’s $2tn oil fund, which has a 3 per cent stake, has also backed the capital raising, which is expected to take place at a big discount.

The Danish group — which has previously warned, including in 2021, that low wind speeds have hurt profits — once had the ambition to become the world’s first renewable energy supermajor.

But it has been hit by major issues at its US projects that have already led to writedowns, as well as rising interest rates and problems in the supply chain.

FT : Robert Kennedy grilled over vaccine scepticism in fiery US Senate hearing

Robert Kennedy grilled over vaccine scepticism in fiery US Senate hearing
Trump officials defend health secretary after sharp questioning from Republican and Democratic lawmakers

Senators grilled US health secretary Robert F Kennedy Jr in a contentious hearing in Washington on Thursday that piled pressure on Donald Trump’s appointee over his vaccine scepticism.

In a combative three-hour back-and-forth with the Senate finance committee, Kennedy defended last week’s firing of the director of the Centers for Disease Control and Prevention, Susan Monarez, as well as his approach to shaping vaccine policy.

Kennedy faced sharp questioning from three Republican senators, as well as Democratic lawmakers, in a signal of growing discontent within the president’s party over his pick for health secretary.

Louisiana Republican Bill Cassidy, a medical doctor, sparred with Kennedy over access to Covid-19 vaccines. The Food and Drug Administration last week approved a new round of such vaccines, but set new limits on who can get the jabs.

“I would say, effectively, we are denying people vaccine,” Cassidy told Kennedy.

“You’re wrong,” Kennedy shot back.

Cassidy also expressed concerns about Kennedy’s nominees for the CDC’s vaccine advisory panel, which makes recommendations about vaccine dosages for Americans and the age they should be administered.

Cassidy noted many of Kennedy’s picks had been paid for serving as expert witnesses for plaintiff’s attorneys suing vaccine makers.

“If we put people who are paid witnesses for people suing vaccines that actually seems like a conflict of interest,” Cassidy said. “Do you agree with that?”

Kennedy replied that the individuals might be biased in their opinions, but “it is not a financial conflict of interest”.

John Barrasso, the Republican senator from Wyoming and the number-two ranking Republican in the Senate leadership, also vented frustration with Kennedy.

“In your confirmation hearings, you promised to uphold the highest standards for vaccines,” said Barrasso, who is also a trained physician. “Since then, I’ve grown deeply concerned.”

Barrasso said vaccines for measles and hepatitis B “could be in jeopardy” under Kennedy’s leadership, adding: “That would put Americans at risk and reverse decades of progress.”

Republican Thom Tillis of North Carolina pushed Kennedy to explain why he fired Monarez.

Earlier on Thursday, Monarez alleged she was pressed to preapprove certain recommendations from the vaccine advisory panel, which is filled with Kennedy’s allies. Earlier this year, the health secretary fired the entire committee.

While opinion polls show declining levels of public trust in health agencies and institutions, surveys find the vast majority of Americans believe the benefits of vaccines outweigh any risks.

Nevertheless, vaccine scepticism has surged in recent years. On Wednesday, Florida’s surgeon-general Joseph Ladapo and Republican governor Ron DeSantis set out plans to become the first state to end all vaccine mandates, including requirements for children attending school.

The White House has consistently defended Kennedy, who has pushed a “Make America Healthy Again” agenda that has targeted not only pharmaceutical companies but also the food and drinks industries.

White House press secretary Karoline Leavitt said in a post on X on Thursday that the health secretary was “taking flak because he’s over the target”.

“The Trump administration is addressing root causes of chronic disease, embracing transparency in government and championing gold-standard science,” Leavitt said. “Only the Democrats could attack that common sense effort.”

Vice-president JD Vance also defended Kennedy after Thursday’s hearing, attacking the senators who criticised him.

“When I see all these senators trying to lecture and ‘gotcha’ Bobby Kennedy today all I can think is: You all support off-label, untested, and irreversible hormonal ‘therapies’ for children, mutilating our kids and enriching big pharma,” Vance wrote, in a reference to Democratic lawmakers’ support for gender-affirming care for transgender minors.

“You’re full of shit and everyone knows it,” the vice-president added.

FT : Luxury watch prices diverge as auctions test collector appetites

Luxury watch prices diverge as auctions test collector appetites
Retailers see a widening split in the pre-owned market


At its flagship Geneva sale on November 8, Phillips will offer a steel Patek Philippe Reference 1518 that the house last knocked-down in 2016 for the then unprecedented sum of SFr11mn ($13.7mn), making it the first wristwatch to break the eight-figure barrier and the most valuable at auction until the sale of Hollywood star Paul Newman’s Rolex Cosmograph for $17.8mn the following year.

But in the nine years since the last sale of the watch that Phillips describes as a “unicorn” — just four steel-cased Reference 1518s were produced — many areas of the pre-owned market have soared to stratospheric levels before experiencing an equally marked decline that only now appears to be stabilising.

So the question that’s likely to intrigue many collectors during the next two months concerns whether the 82-year-old perpetual calendar chronograph can meet or exceed its record-breaking 2016 price — or whether its anonymous owner will have to come to terms with taking a significant hit.

At Sotheby’s New York in June, a Patek Philippe Reference 2499 (the successor to the 1518) crossed the block for $4.3mn — a sobering 40 per cent drop from the $7.6mn the house sold it for at a Hong Kong auction in 2022.

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Although an extreme example of declining values in the blue-chip sector of the market, it is representative of the Covid-induced boom in pre-owned watch sales having entered a steep decline in the spring of 2022 and continuing until the end of last year.

Ross Crane, co-founder of the data and tech-driven pre-owned trading site Subdial, says the rapid rise in prices during 2020 and 2021 encouraged both established and speculative dealers to pay “tomorrow’s prices” for watches simply to be able to secure stock that they knew they could resell quickly.

“That dealer-driven market put off many end users for two years or more, because they didn’t know where values were going and were afraid to buy a watch that, ultimately, they might end up losing a lot of money on,” says Crane. “But the recent return to stability is definitely giving people the confidence to start buying again.”

However, according to WatchCharts (another platform that tracks prices and sales trends) the pre-owned values of dozens of other brands such as IWC, Jaeger-LeCoultre, Blancpain and Panerai are still on the slide — with Audemars Piguet’s market index dropping by 4.9 per cent in a year and Vacheron Constantin’s by 11.3 per cent.

For Aurel Bacs, the independent watch consultant who works in association with Phillips and is overseeing November’s Geneva sale, it is unrealistic to take a blanket view of the pre-owned market in simple “up or down” terms.

“As an industry, I don’t believe we can talk about one pre-owned watch market,” he says. “It would be like two people in a pub talking about the global real estate market and comparing a villa in St Moritz with a skyscraper in Beijing, a mall in Texas and a private island in the Caribbean. They are all completely different, just as watches can be divided into periods, types, designs, complications and so on.”

Bacs’s point about an uneven landscape is echoed in the experience of Paul Altieri, whose California-based pre-owned watch business Bob’s Watches focuses predominantly on Rolex. Operating since 2010, Bob’s Watches maintains an inventory worth $5-10mn and typically turns over $5mn annually.

Contrary to some sectors of the pre-owned market, Altieri says demand for the Rolex pieces in which he specialises has been exceptionally strong of late, partly coinciding with the US imposing a 39 per cent tariff on Swiss imports.

“July is normally slow due to vacations, but this year we were 36 per cent up on 2024 and are around 20 per cent up on sales overall,” says Altieri.

“I thought the tariff situation would take a few weeks to get resolved, but it looks as though it’s going to go on for a while and that could certainly push buyers from the primary to the pre-owned market — Rolex sends about half of its new product to the US and there is now probably $100bn worth of pre-owned inventory in the country.”

Altieri says the fact that tight controls mean authorised Rolex dealers only have a few weeks’ supply and were unable to “bulk-up” their stock as a buffer prior to the tariff kicking in is likely to further increase the already strong demand for pre-owned.

On the other side of the Atlantic, Charlie Walker, founder of UK business The Luxury Watch Company based in North Yorkshire, also specialises in popular Rolex models in “as new” condition with the brand accounting for more than 80 per cent of the firm’s inventory.

“There has been a market correction, but the appetite for Rolex is still very strong and people are happy to pay 10, 15 or even 30 per cent above retail for a pre-owned piece — it’s a no-brainer, because they can get the watch they want immediately without having to develop a relationship with an authorised dealer, often by buying other watches that they don’t really want.”

But, Walker says other major brands are sticking. “Many watches produced by recognised brands such as Breitling, Omega, Jaeger-LeCoultre and so on have always [underperformed] on the secondary market and can still be had at a 20-25 per cent discount from new.”

At the higher end, he cites models such as Vacheron Constantin’s steel, blue dial, “boutique only” Overseas Self-Winding model as having fallen from being sought-after on the pre-owned market to now selling for well under the £24,800 list price — and the once difficult to obtain Audemars Piguet Royal Oak self-winding with slate grey dial — once fetching as much as £65,000 on the grey market — now commanding less than £30,000.

“The appetite is just not there for those and there are a lot available, so we rarely stock them — when it comes to some brands and some models, it really is a buyer’s market.”

FT : Tag Heuer revisits watch carbon oscillator after past setback

Tag Heuer revisits watch carbon oscillator after past setback
Swiss brand aims to boost precision of high-end models and elevate consumer perceptions

Against the backdrop of an industry downturn, at Geneva Watch Days this week Tag Heuer unveiled a technical innovation it says introduces a “new paradigm in mechanical watchmaking” that will “enchant” consumers disillusioned by the effects of global social, political and economic crises.

According to the brand, the new TH-Carbonspring oscillator is a carbon hairspring that will make its watches more resistant to environmental interference, and therefore more accurate and reliable.

“Some people will say it’s not the moment to show these things,” says Tag Heuer’s chief executive Antoine Pin of the company’s invention. “But the essence of luxury is to surprise and create emotions. And when times are tough, people are looking for a silver lining and you need to enchant. We will stand out with our energy, enthusiasm and positivity, because that’s what this industry has to be.”

Pin says the innovation, which is set initially only to appear in Tag Heuer’s high-end watches, will elevate consumer perceptions of his brand. “We are suffering these days from the fact people don’t see us as a manufacture, but this achievement positions us as the alternative to this big conglomerate of the Swatch Group, Patek [Philippe] and Rolex who developed the silicium [silicon] spring,” he says, referring to technologies developed over the past 20 years that are credited with improving the daily performance of some mechanical watches.


“It’s giving us the independence that we want to have and status as a manufacture,” he continues. “Sometimes people talk about Tag Heuer as a marketing brand, but forget we have 700 people working in our manufactures and that Tag Heuer is one of the biggest manufacturers in Switzerland.”

According to Pin, Tag Heuer is growing this year, despite the crisis engulfing the Swiss watch industry. “Our sellout globally is positive this year, which isn’t the global trend,” he says, citing the impact of the brand’s return as Formula 1 timekeeper. “Brands that are doing well are the brands showing a stronger feeling of value than the actual value of the product.”

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Pin says there was a SFr50mn ($62.1mn) investment in the Tag Heuer Lab that developed TH-Carbonspring, but that it will take years for the technology to trickle down into the brand’s main collection. For now, TH-Carbonspring won’t be shared with Tag Heuer’s sister brands in the LVMH stable. Recent announcements by the French luxury conglomerate’s watch division had indicated greater collaboration between its brands, which include Bvlgari, Hublot and Zenith.

Tag Heuer has some form in developing carbon oscillators. Six years ago, it introduced the Isograph, a system that at the time it said had taken three years to develop and included “the world’s first hairspring made of a carbon composite”. But the spring failed and shortly after launch watches carrying the components were recalled. The company has since invested six years of research and development into resolving issues identified in the previous technology. Tag Heuer says that after thousands of hours of testing, the new technology won’t suffer the same fate.

While the Isograph recall was kept quiet at the time, Pin isn’t shying away from it now. “We make mistakes and we fail,” he says. “But we also surpass our failure and we move on. I believe that we have not been expressing this human side of us.” He adds: “Sometimes it’s boring if you only see successful people on the red carpet.”

At Geneva Watch Days this week, where Tag Heuer is one of more than 60 exhibiting watch brands, it introduced the first watches that will carry the TH-Carbonspring. The Monaco Flyback Chronograph TH-Carbonspring will cost SFr17,000 and be delivered in December; the Carrera Chronograph Tourbillon Extreme Sport TH-Carbonspring will be SFr40,000 and arrive next year. Both have black forged carbon cases and black carbon dials engraved with a spiral motif as a nod to what lies beneath.

“Tag Heuer is emotion beyond technology,” says Pin. “And you could say the same thing about Formula 1. Its success is because it’s expressed emotions beyond the technology. I’m extremely proud of the fact we didn’t give up. This is Tag Heuer. It’s about accepting we can fail, but refusing resignation.”

FT : Uranium shortfall threatens nuclear energy renaissance, industry warned

Uranium shortfall threatens nuclear energy renaissance, industry warned
Association predicts a ‘significant gap’ between supply and demand unless new sources are found

A renaissance for nuclear energy threatens to create a shortfall in the supply of uranium, with the industry body urging producers to step up efforts to find new sources as output from the current crop falls.

Global uranium requirements for reactors are set to rise by a third to 86,000 tonnes by 2030, and to 150,000 tonnes by 2040, according to a report from the World Nuclear Association on Friday.

But output from today’s mines is expected to halve between 2030 and 2040 as existing deposits are exhausted, leaving a “significant gap” that threatens the nuclear power revival.

The report called on the industry to secure investment to locate more uranium and extract it from current as well as new and idle mines to avoid a supply crunch.

“As existing mines face a depletion of resources in the next decade, the need for new primary uranium supply becomes even more pressing,” it warned. “Considerable exploration, innovative mining techniques, efficient permitting and timely investment will be required.”

Nuclear energy has enjoyed a surge in interest as governments look to secure more domestic sources of power. The energy crisis that followed the outbreak of the Ukraine war and the loss of Russian oil and gas has been a powerful driver for some European countries.

Leading technology companies are also eyeing nuclear as a way to fuel the massive data centres needed for power-hungry artificial intelligence technologies, with the power source seen by some as a cleaner alternative to burning fossil fuels.

Yet as big producers, including Kazatomprom and Cameco, have in recent weeks announced uranium production cuts, analysts at Berenberg warned of “meaningful” risks to supply that could “materially” push up prices.

Industry figures who gathered at WNA’s annual symposium this week said addressing the looming supply gap would not be straightforward.

Mark Chalmers, chief executive of US uranium company Energy Fuels, said he expected to see “more companies cutting their guidance,” in part thanks to ageing mines becoming less productive.

“The whole ecosystem needs to be in equilibrium, and it’s not,” he said. “There are clouds on the horizon.” 

Nuclear capacity is set to almost double to 746 gigawatts of electric power globally by 2040, said the report, with much of the increase stemming from new reactors in China and India. 

Yet establishing new uranium mines to feed the growing demand is a complex and lengthy process. It can take 10-20 years from the discovery of uranium to a mine beginning production.

The report also called on the industry to invest in the complex conversion and enrichment processes that turn uranium into reactor fuel.

Russia is a major source of uranium enrichment, a concentrated market that has been a problem since the outbreak of the Ukraine war.

Jacques Peythieu, a senior executive vice-president at French uranium producer Orano, said the west could break its dependence on Russian enrichment by the “early 2030s.”

While Orano was expanding its enrichment facilities, “most” of the new capacity coming online from 2028 had already been allocated to customers, he said. 

FT : Stablecoin group Tether holds talks to invest in gold miners

Stablecoin group Tether holds talks to invest in gold miners
Boss of crypto company that posted first-half profits of $5.7bn has called the precious metal ‘natural bitcoin’

Tether, the world’s biggest stablecoin company, has held talks about investing in gold mining, seeking to deploy its vast crypto profits into bullion.

The company has held discussions with mining and investment groups about investing in the entire gold supply chain, from mining and refining to trading and royalty companies, according to four people familiar with the recent talks. 

While gold has been a physical store of value for thousands of years and bitcoin has only existed as a digital instrument since 2009, there is a growing affinity between some industry executives.

Tether chief executive Paolo Ardoino has likened gold to “natural bitcoin”. “I know people think that bitcoin is ‘digital gold’,” he said in a speech in May. “I prefer to think in bitcoin terms — I think gold is our source of nature.”

However, within the conservative gold mining sector, Tether’s interest has been greeted with surprise — and questions about whether the unconventional newcomer will succeed. “They like gold. I don’t think they have a strategy,” said one mining executive. 

Others are sceptical. “It is the weirdest company I have ever dealt with,” said one commodity industry executive. 

One of the world’s most profitable crypto companies, Tether runs the USDT token, which is pegged to the US dollar and has a market capitalisation of $168bn, and generated profits of $5.7bn in the first half of this year. Tether is also one of the biggest holders of US Treasuries, making its money from the interest it earns on the bills it holds to back the token — the world’s most traded cryptocurrency.

Ardoino is a big advocate of gold and has previously said the metal should be a safer asset than any sovereign currency, and can be a complement to bitcoin.

Tether has already amassed a significant position in bullion — with $8.7bn of gold bars in a Zurich vault, according to financial statements, which it uses as collateral for its stablecoin. 

In June Tether Investments, which is in charge of investing the company’s profits, paid $105mn for a minority stake in a gold royalty company, Toronto-listed Elemental Altus.

Several people familiar with Tether’s thinking said it has held discussions with multiple gold royalty companies, which invest in mines in return for a percentage of future revenues. It is considering further royalty deals, including further investments into Elemental Altus, these people said.

Tether separately held talks with Terranova Resources, a gold mining investment vehicle based in the British Virgin Islands, though these did not result in a deal, the people said.

It also runs XAUt, a crypto token backed by physical gold, although the token has small uptake compared to its main stablecoin, with a market capitalisation of $880mn.

Tether has also built a significant position in commodity trade finance, providing short-term finance for cargoes of raw materials, with a trading book that has grown into the billions, according to industry insiders.

Tether did not respond to requests for comment.

Other companies are also starting to try to bridge the gap between digital currencies and gold. 

Blue Gold, a Nasdaq-listed company with a Ghanaian mine whose licence is contested, is planning to launch digital tokens for its future output, said chief executive Andrew Cavaghan.

“I believe a gold-backed token could really take off globally as a form of currency, because people can really feel how real it is — because they can convert it into stuff, or they can convert it into gold,” he said. 

>>> What to look at today - 5th of September 2025

A Wall Street stock rally extended into Asia as further signs of a cooling labor market reinforced bets that the Federal Reserve will cut interest rates this month. Asian shares gained 0.7% while indexes in mainland China rebounded after a slump Thursday. Futures for the S&P 500 rose 0.2% after the gauge closed at a record high. Contracts also pointed to a stronger open for Europe. Japanese stocks advanced after President Donald Trump signed an executive order implementing his trade agreement with Japan. Treasuries steadied after Thursday’s rally with the policy-sensitive US two-year yield hovering near a one-year low. Money markets are almost fully pricing in a Fed cut and see at least two by year-end. The dollar slipped against Group-of-10 peers, while gold headed for a third weekly gain. The action reflected the latest readings on hiring and unemployment claims before Friday’s jobs data, which is expected to extend the weakest stretch of US job growth since the pandemic. Slowing demand, rising costs and Trump’s unpredictable trade policies have cooled hiring, adding pressure on the Fed to shore up the labor market. Elsewhere, Trump signed an executive order implementing his trade agreement with Japan, under which the US will impose a maximum 15% tariff on most of its products. The deal, including a promise that Japan will create a $550 billion US investment fund, was reached in July, but had yet to be formalized as Washington and Tokyo haggled over its terms.  Japan’s top trade negotiator, Ryosei Akazawa, who was in Washington this week for talks, met with Trump on Thursday, according to a US official.
Meanwhile, Trump said he would be imposing tariffs on semiconductor imports “very shortly” but spare goods from companies like Apple Inc. that have pledged to boost their US investments. In China, the CSI 300 Index rose almost 1% on Friday after the gauge slid 2.1% in the previous session following a report that financial regulators are considering a number of cooling measures after the market’s blistering 10% rally in August. Traders are now positioning themselves for the key US jobs reading. Consensus forecasts peg nonfarm payrolls having grown 75,000 in August, which would mark a fourth straight month of job growth below 100,000. The unemployment rate is seen rising to 4.3% — the highest level since 2021.  In the run-up to the data, figures showed US jobless claims rose to the highest since June. Private-sector payrolls increased by 54,000, according to ADP Research data, missing estimates. Hiring plans fell to the weakest level for any August on record, according to Challenger, Gray & Christmas. Lackluster employment figures released after the July meeting have prompted greater concern, and Fed Chair Jerome Powell recently signaled a rate cut could be warranted, citing a “shifting balance of risks.” In commodities, oil fell for a third day, heading for a weekly decline ahead of an OPEC+ meeting that may see the group sign off on another supply hike.  US After Hours AVGO +4.2%, GWRE +13.8%, IOT +10.2%, DOCU +7.1% higher on earnings; LULU -15.2% sharply lower on earnings; MIR +7.1% on news it will join S&P SmallCap 600.

Nikkei +0.89% Hang Seng +0.86% CSI +1.01% Shanghai +0.44% Shenzen +1.85%

Eur$ 1.1670 CNH 7.1321 CNY 7.1357 JPY 148.18 GBP 1.3462 CHF 0.8041 RUB 81.3375 TRY 41.2520 WTI$ 63.39 -0.14% Gold 3.557 +0.33% BTC 111,560 +1.04% ETH 4,336 +0.69%

S&P +0.23% Nasdaq +0.42% EuroStoxx +0.38% FTSE +0.24% Dax +0.38% SMI +0.23%

Macro :
- Ex-Pimco Money Manager’s Hedge Fund Gets $200 Million CPP Cash
- Gemini, Figure IPOs Are Said to Be Well Oversubscribed
- US Drops Proposed Cash Penalty Rule for Disrupted Flight:Reuters
- Trump Administration Moves to Ease Rules for Self-Driving Cars
- Tether Holds Discussions to Invest in Gold Miners: FT

Keep an eye on :
- AAL LN : Anglo Boosted Valterra Stake Sale Size Following Strong Interest
- AAPL US ; Apple’s India Sales Hit Record $9 Billion After Big Retail Push
- AGX US : *ARGAN SHARES SINK 18% POSTMARKET AFTER RESULTS
- ASHM LN : Ashmore FY Adjusted Ebitda Misses Estimates
- BBVA SM : SEC Grants BBVA Relief to Lower Sabadell Acceptance Threshold
- BMW GY : BMW Seeks Tariff Side Deal Beyond US-EU Agreement, CEO Tells FAZ
- AVGO US : Broadcom to Help OpenAI Create AI Chip to Take On Nvidia
- CIFR US : Cipher Mining Aug. Bitcoin Mined 241
- 1COV GY : UAE’s Adnoc Says EU Probe Risks Derailing Covestro Deal
- EI FP : VSP Vision Said in Talks to Buy PAI-Backed Eyewear Firm Marcolin
- GILD US : Gilead Partners With US on HIV Drug for Countries in Need
- GOOGL US : Trump Says Google CEO Pichai Doing Incredible Job
- HEXAB SS : Cadence to Buy Hexagon’s Design & Engineering Unit for EU2.7B
- LULU US : Lululemon Falls on Slashed Outlook as Sales Growth Slows
- MB IM : Mediobanca Investors Tendered 40.4% Stake in Paschi Bid: Filing
- NOD NO : Nordic Semiconductor Offers $100 million Shares, Nordic Semiconductor Offering Prices at NOK150/Share
- OMV AV : OMV Plans to Cut Up to 2,000 Jobs to Lower Costs, Kurier Says
- ORSTED DC : Orsted Cuts FY Ebitda Excluding Items Forecast
- ROG SW : Roche Gets CE IVDR Approval for HER2 Test Label Expansions
- SAF FP : Safran Mulls Sale of Plane Interiors Assets of Up to €1.5b: FT
- TIT IM : Italy Competition Watchdog Clears Poste’s Telecom Italia Stake
- TEMN SW : Temenos Names Takis Spiliopoulos Interim CEO
- TSLA US : Trump Administration Moves to Ease Rules for Self-Driving Cars
- TTE FP : TotalEnergies Sees Capex Falling After 2025 Amid ‘Softer’ Market
- VOW GY : EV Maker Rivian Cuts 1.5% of Jobs Before R2 Production Start

>>> Europe : Brokers Upgrades & Downgrades - 5th of September 2025

>>> Up
* Amazon Raised to Buy at Punto Casa de Bolsa
* ASML Raised to Buy at UBS
* Enento Group Raised to Accumulate at Inderes; PT 17 euros
* Generali Raised to Outperform at Mediobanca SpA; PT 37 euros
* HarbourVest Global Raised to Overweight at Barclays
* HSBC Raised to Outperform at BNPP Exane; PT 1,100 pence
* QPR Software Raised to Reduce at Inderes; PT 58 euro cents
* Sartorius Raised to Buy at Stifel; PT 230 euros
* STMicro Raised to Outperform at BNPP Exane; PT 26 euros
* STMicro ADRs Raised to Outperform at BNPP Exane

>>> Down
* Admiral Cut to Sell at Peel Hunt; PT 2,350 pence
* Apax Global Alpha Cut to Equal-Weight at Barclays; PT 165 pence
* BioArctic Cut to Sell at Nordea; PT 220 kronor
* DKSH Cut to Underperform at BNPP Exane; PT 55 Swiss francs
* HgCapital Cut to Equal-Weight at Barclays; PT 570 pence
* NatWest Cut to Underperform at BNPP Exane; PT 520 pence
* NB PE Partners Cut to Underweight at Barclays; PT 1,510 pence

>>> Initiation
* Hermes ADRs Rated New Outperform at BNPP Exane; PT $326.60
* Ralph Lauren Rated New Buy at William O'Neil

>>> Call