FT : Shell loses legal claim against US LNG operator Venture Global

Shell loses legal claim against US LNG operator Venture Global
Energy giant among several clients claiming gas provider broke supply contracts to profit from higher prices

Venture Global has won an important arbitration case, defeating Shell’s claims that it broke contracts to profit from higher prices, in a boost to the one of the largest US suppliers of liquefied natural gas.

It is one of several arbitration cases pursued by customers of Venture Global, which allege it failed to deliver shipments under long-term supply contracts and instead sold them for higher prices on the spot market when gas prices soared following Russia’s full-scale invasion of Ukraine.  

The customers — which include Shell, BP, China’s Sinopec and several European energy companies — lodged damages’ claims for between $6.7 to $7.4bn against the LNG provider and sought arbitration at the International Chamber of Commerce.

Venture Global has said contractual provisions limit the total liability for these claims to about $1.6 billion, although this is disputed by some of the customers.

Alex Munton, analyst at Rapidan Energy Group, a Washington-based consultancy, said the arbitration result was a significant win for Venture Global due to the financial stakes involved and would probably set a precedent in the other arbitration cases.

He said foundation customers within the LNG industry — who sign long-term supply contracts to enable providers to finance the construction of gas facilities — were already moving to tighten contractual terms.

Venture Global, which was founded by ex-banker Michael Sabel and lawyer Robert Pender, has shaken up the global LNG industry by expanding rapidly and becoming embroiled in a bitter public dispute with industry heavyweights, Shell and BP.

But the company, which has close ties with the Trump administration and contributed $1mn to the president’s inaugural campaign, faces challenges following a lacklustre initial public offering in January.

Venture Global shares rose around 6 per cent in after-hours trading following the decision, but still trade at less than half of its IPO price of $25.

The company has denied that it violated its supply contracts, arguing that it was not obliged to ship cargoes to its long-term customers because its LNG facility in Louisiana, called Calcasieu Pass, had not started commercial operations when it sold cargoes on the spot market.

The company declared force majeure on its contractual commitments on the grounds that the facility’s power supply equipment needed repair, despite shipping its first cargo in March 2022.

BP, Shell, Sinopec, Poland’s Orlen, Portugal’s Galp, Spain’s Repsol and Edison rejected this argument, noting that Venture Global sold hundreds of cargoes before finally commissioning Calcasieu Pass for full commercial operations in April 2025.  

On Tuesday, Venture Global said it was pleased with the ICC tribunal’s decision.

“We have consistently honoured these agreements without exception,” said the company. “Venture Global’s unique ability to incrementally export commissioning cargos during the construction of our facilities has brought LNG to market years faster than ever before and strengthened global security.”   

Shell said it was disappointed with the outcome but respected the tribunal’s decision.

“Trust in long-term contracts is the bedrock of the LNG industry and essential for continued investment and sustainable growth,” the company said.

FT : Can Dubai keep its crown as the Middle East’s finance capital?

Can Dubai keep its crown as the Middle East’s finance capital?
Offshore financial centre has boomed since the pandemic, but Abu Dhabi and Riyadh have the city in their sights

As the financial crisis infected economies across the globe in 2009, the Dubai International Financial Centre — with its office towers buttressed by ground floor restaurants — became so sleepy that the offshore district’s denizens jokingly dubbed the Gulf’s banking hub the “Dubai International Food Court”.

Back then, it took a $20bn bailout to pull Dubai out of its debt crisis. No such rescue was needed after the next great economic contagion. When Covid-19 hit, the autocratic emirate bet that a rapid reopening would lure hordes locked down elsewhere. While bankers in London, Hong Kong and Singapore endured isolation, those in Dubai got to work.

Today, the Dubai International Financial Centre is heaving. In four and a half years, the DIFC’s number of active registered companies has more than doubled to 7,700; the first half of 2025 was its best for new company registrations. It now counts 47,900 workers — 21,000 more than in 2020 — from gilet-wearing Canary Wharf transplants to traders from Mumbai.

Almost nobody seems to have expected that the DIFC would get this big — even those who championed its development. “I was here in those early years,” said Ian Johnston, who stepped down in May as head of the Dubai Financial Services Authority (DFSA). “We had no idea that the centre would grow to this size.”

With offices full, the centre is building 1.6mn sq ft of extra commercial space by 2027. A bald tract of land on its periphery points to further expansion plans.

But while Dubai has spent decades trying to build a financial centre to challenge the world’s best, the city long defined by boom and bust now has to fend off competition from ascendant cities in its own backyard.

Abu Dhabi, the United Arab Emirates’ oil-rich capital, dangles its estimated $1.7tn in sovereign wealth funds to attract asset managers and hedge funds. Saudi Arabia, the region’s biggest economy, wants bankers and consultants to make their base in the kingdom instead of flying into Riyadh from glitzy Dubai.

Dubai believes it has transcended its status as a regional business hub and become a global financial centre, and its relatively diverse and open economy — for decades, an anomaly in the region — has become a test case for mass immigration and a more liberal lifestyle.

The government is supportive of businesses as long as they “do things properly and work within their rules and regulations, and don’t get involved in politics or get involved in things that are disruptive to the economy or to the population”, said May Nasrallah, a Dubai dealmaker at advisory firm PJT deNovo.


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Both Dubai’s promise in terms of quality of life and its infrastructure are showing the strain of the tens of thousands that have relocated to the city, however.

Many junior employees feel that salaries have not kept up with rising living costs, while rocketing property prices may be unsustainable. “It’s surprising just how far prices have risen and it makes them more susceptible potentially to a correction,” said James Swanston of Capital Economics.

More foreign workers are choosing to stay in Dubai for longer, making the city feel less transient but increasing pressure on its road network. Bankers complain about the traffic, which is especially bad around the DIFC: everyone has a story of someone missing a meeting while trapped in gridlock just a few blocks from their destination.

Dubai’s “sharp rise in population . . . since the pandemic has increased domestic demand”, said Monika Malik, chief economist at Abu Dhabi Commercial Bank, “but also the need for increased critical infrastructure”.

The increasingly crowded feel has not stopped Chinese banks, for instance, flocking to open branches in the DIFC, along with hedge funds and asset managers. Beyond the DIFC, the emirate’s commodities centre — the Dubai Multi Commodities Centre — has also boomed.

Some of that growth has been for geopolitical reasons. Russia’s invasion of Ukraine triggered a wave of émigrés from both countries. Russian traders in particular quit Switzerland for a new base in the DMCC. Others have followed suit.

Those moves hint at some of the reputational issues Dubai has had to fend off.

The Russian influx troubled European nations looking to use financial sanctions to pressurise Russia’s President Vladimir Putin, and in 2022 the UAE was placed on a watchlist by the Financial Action Task Force, an anti-money laundering watchdog.

The country has since been returned to normal status by the FATF. But the low-tax jurisdiction has struggled to shed its image as a dirty money laundry and hub for sanctions-busting. Its multitude of free zones still provide little transparency, despite reforms that followed the UAE’s grey-listing.

“We’re in a jurisdiction and in a city in a country that’s very open and has an open economy. So we are always alive to the risk of financial crime,” said former regulator Johnston. “We’ve always recognised that it’s the greatest reputational risk.”

The DIFC has faced its share of scandals too, notably the high-profile collapse of Dubai-based private equity group Abraaj in 2018. The DFSA fined two Abraaj companies $315mn in 2019, accusing them of “serious wrongdoings” including misleading investors.

Dubai has nonetheless embraced new industries such as cryptocurrency, shunned by many regulators because of its volatility, secrecy and connections with illicit financing. Keen to project itself as an agile financial centre — and to attract freshly minted crypto millionaires — Dubai has introduced regulations to govern them.

Dubai wanting to be a cryptocurrency hub was “less about the asset class” than the emirate’s desire to establish itself as a centre for the “new economy”, said Deepa Raja Carbon of Dubai’s virtual assets regulator, Vara.

Among those it licenses is the world’s biggest cryptocurrency exchange Binance which was fined $4.3bn by US authorities in 2023 for money-laundering failings and international sanctions violations — although Vara only regulates its UAE business.

Kristian Ulrichsen, an academic who has authored a book on the UAE, said wagers on the new economy were not without risk.

“The concentration of many of the new arrivals in sectors such as AI or tech may leave the emirate vulnerable to a slowdown should the bets that have been made on the economy of the future fail to pay off,” Ulrichsen said.

If Dubai does stumble, Abu Dhabi has the Gulf’s original finance capital in its sights. Some executives think the wealthier emirate could benefit from mobile foreigners currently in Dubai who want to live in a quieter city. Abu Dhabi is also trying to outcompete Dubai on regulatory ease.

“I think DIFC is done, apart from being a nice place to have dinner,” quipped one fund executive, arguing that Abu Dhabi Global Market has a lighter regulatory regime that is more appealing to traders and dealmakers.

As regional competition becomes more acute, bankers and regulators think the expanding city is looking over its shoulder.

Dubai was “well aware of what’s happening in other places and other markets and other financial centres”, said Johnston. “They wouldn’t be complacent.”

FT : Luckin’s recipe for success in China may not translate in the US

Luckin’s recipe for success in China may not translate in the US
The coffee chain is coming after Starbucks but its business model is not easily replicated across the Pacific

It is unusual for a coffee shop opening in New York to make headlines around the world. The Chinese chain Luckin Coffee’s American debut earlier this summer is the culmination of an extraordinary turnaround story for a brand that had a fall from grace in the same city. But it has also garnered attention for what it says about the rising competitiveness of Chinese brands that leverage their country’s supply chain and manufacturing prowess to undercut western rivals.

Five years ago, the Chinese chain was publicly disgraced for fabricating sales ahead of its Nasdaq debut, a scandal that would have killed most brands. Luckin used the proceeds of that initial public offering to turbocharge growth in China, where it outgrew upmarket rival Starbucks to become the largest coffee chain by store count and revenue. It was helped by an economic downturn pushing consumers towards cheaper coffee. Now, it is coming after Starbucks in its home country.

Despite all that divides the US and China, their consumers have a surprisingly similar sweet tooth. Luckin’s signature coconut velvet latte drink has been a hit in New York. But that is about as far as the similarities go for the retail experience. The conditions that fuelled Luckin’s rapid expansion in China are not easily replicated across the Pacific.

In New York, the company is largely sticking to its proven formula: a digital-first model with a heavy emphasis on speed, convenience and data. There are a few adaptations, one person involved in the launch told me — machinery designed specifically for the US stores and local milk suppliers — but the core strategy is the same. Customers must order through the app, allowing Luckin to gather behavioural data and serve targeted promotions to encourage repeat orders.

This is not a coffee brand for connoisseurs. There are no baristas, no latte art and no cosy café interiors. Drinks are prepared quickly by automatic machines, with stores designed for pick-up or delivery. Luckin prefers to describe itself as a technology company that happens to sell coffee — one whose algorithms and logistics expertise can deliver growth regardless of the market. But this recipe book ignores the centrality of labour in its business.

Visitors to China often marvel at the seamlessness of its consumer experience. That platforms like Meituan can deliver anything from a $1 coffee to a tube of toothpaste within 20 minutes of ordering seems to many observers a uniquely Chinese triumph of technology.

But this marvel is hardly a product of technical prowess than an army of 84mn delivery workers, many of them young men from lower-income cities earning between Rmb20-30 per hour ($2.80-$4.17). In sharp contrast, the average delivery driver in the US makes about $19.52 an hour, according to the job site Indeed.

Luckin’s ability to leverage this workforce in China has been critical to its success. Its stores are often tucked into locations unlikely to attract walk-ins, inside banks, mobile phone retailers or dusty corners of shopping malls — cheap rentals ideal for delivery.

To its credit, Luckin has leveraged this infrastructure better than Starbucks, which has access to the same networks but has been slower to adapt. Luckin’s flavour innovation and partnerships with the likes of Duolingo and Pingu on themed drinks and merchandise have also struck a particular chord with Gen Z consumers.

In meetings with Chinese companies, I’m often greeted in conference rooms with a smorgasbord of Luckin coffees, an over-ordering ritual enabled by bulk discounts and promotions. It is difficult to imagine this habit taking off in the US.

Even so, early signs in America are encouraging. Online reviews have largely been positive and the brand is riding a wave of novelty. A $0.99 special for app downloads has driven foot traffic in Manhattan, where a speciality coffee can cost north of $10.

Yet signs of friction are emerging. Some New Yorkers are pushing back against Luckin’s app-only purchase policy, saying it violates the city’s regulation that mandates stores accepting cash, designed to protect shoppers without access to digital banking. The person involved in the launch said the company had found a way to be compliant. Luckin said its “internet-based transaction model has been legally validated to comply with applicable local laws and regulations”.

In the end, Luckin’s New York debut may tell us less about America’s coffee habits than about the limits of exporting a business model built for China’s unique conditions. For now, sugar sells. But without cheap labour and frictionless logistics, the buzz may not last.

FT : London gets what it asked for with Dan Loeb’s hedge fund fight

London gets what it asked for with Dan Loeb’s hedge fund fight
Some investors are miffed at the prospect of ending up owning a reinsurance start-up

Daniel Loeb, the founder of Third Point, combines a reputation as a combative activist with a love of yoga and surfing. Critics of his latest deal could benefit from a similar approach: it’s fair to make noise about the combination he is proposing, but when the fight is over their best bet may be to just chill out.

Third Point Investors Limited — a London-listed feeder fund for Loeb’s New York hedge fund — is trying to combine with Malibu Life Reinsurance, which is owned by a different bit of Third Point. 

It has given up on being a feeder after years being valued far below its underlying holdings — it traded at an average discount of 18 per cent over the past five years.

But some investors who thought they were buying a hedge fund vehicle are understandably miffed at the prospect of ending up owning a reinsurance start-up. 


TPIL offered to buy out a fraction of the shares at a slight discount to book value. But, assuming the deal goes through, dissenters are likely to be left with at least some shares in the new business.

Until recently, this type of related party transaction would have needed approval by independent shareholders, which in this case would exclude Loeb. But now he can vote his 25 per cent shareholding, making the deal harder to block. Proxy advisers ISS and even TPIL’s own broker Deutsche Numis have criticised the terms.

But what was the alternative? Asset Value Investors, the hedge fund leading the opposition, would prefer TPIL wind down and return cash to investors. But that needs approval by 75 per cent of shareholders.

The board could try to apply reputational pressure but Loeb is unlikely to be cowed. So the actual choice for investors is to take a deal that they might profit from, or sit in a moribund fund that will keep trading at a deep discount. As it stands, AVI is still set to make a profit on its original investment.

It’s not like Loeb is taking advantage of some overlooked loophole. Regulators acknowledged the risk of weaker governance when they changed related party transaction rules, but decided it was a price worth paying for a more dynamic market.

Malibu may not be the tech unicorn rulemakers dreamt of attracting, but in the long run it is probably a more appealing constituent than a closed-end fund that trades a handful of shares each day.

TPIL warned investors last year it would consider M&A and “other innovative options” to close its discount, and shareholders knew they were backing a famous hedge fund manager who could block a liquidation and who relishes a fight. 

The regulator dived into these waters with open eyes. TPIL’s investors should have done the same — go swimming with sharks, and you should know you might get bitten.

>>> US After Hours Summary: WBTN +38.8%, INTA +25.5%, ECG +18.8% higher on earni

After Hours Summary: WBTN +38.8%, INTA +25.5%, ECG +18.8% higher on earnings; CAVA -21.2%, LAZR -19.3%, CRWV -10.5% lower on earnings; CRCL -5.5% on stock offering

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: WBTN +38.8% (also announces deal with Disney), INTA +25.5% (also authorizes new $150 mln share repurchase program), ECG +18.8%, DFDV +7.1%, LITE +1.3%

Companies trading higher in after hours in reaction to news: VG +6% (responds to positive tribunal decision), FIP +1.9% (to delay 10-Q filing), FNKO +1.8% (names new CEO), CTM +1.3% (teams with Quarrio to provide agentic AI for Govt), DGNX +1% (signs non-binding MOU to acquire Findings), HURA +0.9% (stock offering by selling shareholders, relates to warrants), LLY +0.8% (discloses insider buys by several execs), DRS +0.5% (completes demos of Mission Equipment Package), AFL +0.3% (authorizes new 100 mln share repurchase program), DMAC +0.2% (files for $100 mln mixed securities shelf offering)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: CAVA -21.2%, LAZR -19.3%, HYLN -12.8%, CRWV -10.5%, ZVRA -9%, CAE -5.4%, KLC -5.4%, RGTI -4.3%, HRB -0.3% (also increases dividend)

Companies trading lower in after hours in reaction to news: ACDC -27.1% ($75 mln stock offering), PETS -14.1% (CEO and CFO resign), DNN -11.6% ($250 mln convertible notes offering), ABSI -9.8% (files for $400 mln mixed securities shelf offering), LEU -5.9% ($650 mln convertible notes private offering), CRCL -5.5% (launches 10 mln share offering, comprised of 2 mln shares by co and 8 mln shares by selling shareholders), ERAS -4.5% (files for $500 mln mixed securities shelf offering), HGV -2.8% (announces launch of 7 mln share offering by APO and $40 mln concurrent repurchase; also stock offering by selling shareholders), FORM -2% (names new CFO, reaffirms Q3 guidance), MIRM -2% (files mixed securities shelf offering), SILA -2% (files mixed securities shelf offering), RILY -1.6% (to delay 10-Q filing), TTC -1.4% (names new COO), CMPX -1% (stock offering), MSBI -0.9% (to delay 10-Q filing), CTRE -0.7% (15.5 mln share offering), SKLZ -0.5% (to delay 10-Q filing), BRO -0.1% (acquires the assets of Tire Shield)

>>> What to look at today - 12th of August 2025

Asian stocks rose, led by technology shares, after President Donald Trump signaled a willingness to let US companies resume some chip sales to China and extended a trade truce with the country. MSCI’s Asia Pacific index rose 0.7% as chip shares such as Advantest Corp. rallied. Micron Technology Inc. raising its outlook and easing tensions at Intel Corp. also helped lift sentiment. Earlier, Trump indicated he’d be open to allowing Nvidia Corp. to sell a scaled-back version of its most advanced AI chip to China. Japan’s Nikkei-225 index was the standout, gaining 2.8% to a record high as stocks such as Softbank Group Corp. surged. The yen weakened for a third consecutive session while a gauge of the dollar declined 0.1%. In Australia, the central bank cut its key interest rate to 3.60% as estimated. Stocks extended their gains while the Aussie fell. Trump’s move on chip exports helped ease market concerns over escalating technology sanctions and potential supply-chain disruptions. Investors were also reassured by the extension of the tariff truce with China, which removed a key source of uncertainty ahead of US inflation data due later Tuesday. On trade, Trump extended a pause of sky-high tariffs on Chinese goods through Nov. 10, stabilizing trade ties between the world’s two largest economies. The hike was set for Tuesday. Later Tuesday, attention will shift to inflation data, which is forecast to show American consumers saw a slight pickup in inflation as retailers gradually raised prices on a variety of items subject to higher import duties. The core consumer price index in the US, regarded as a measure of underlying inflation because it strips out volatile food and energy costs, will show a 0.3% increase for July, according to the median projection in a Bloomberg survey of economists. Money markets show traders have priced in more than two rate reductions by December, with about a 90% probability of a quarter-point Fed cut next month. The latest jobs report also pointed to a sharp cooling in the labor market over the last few months. Policymakers left rates unchanged at the end of July. Meanwhile, the Fed’s two vice chairs, Michelle Bowman and Philip Jefferson, and Dallas Fed President Lorie Logan are under consideration to serve as chair of the central bank when the position opens next year, according to two administration officials. Treasury Secretary Scott Bessent will interview additional candidates in the coming weeks, said the officials. Trump named EJ Antoni, chief economist of the conservative Heritage Foundation, to lead the Bureau of Labor Statistics after firing the former head of the agency earlier this month. US After Hours BBAI -27.3%, PUBM -23%, CE -13.2%, FLNC -11.4% lower on earnings; WOW +46.9% to be taken private; HRB -0.8% names new CEO.

Nikkei +2.22% Hang Seng -0.01% CSI +0.52% Shanghai +0.47% Shenzen +0.08%

Eur$ 1.1623 CNH 7.1917 CNY 7.1873 JPY 148.39 GBP 1.3434 CHF 0.8111 RUB 79.5225 TRY 40.7178 WTI$ 64.15 +0.31% Gold 3,354 +0.36% BTC 119,800 +0.17% ETH 4,312+1.50%

S&P -0.08% Nasdaq -0.12% EuroStoxx +0.28% FTSE +0.11% Dax +0.22% SMI +0.18%

Macro :
- Trump Downplays Expectations for Summit Deal With Putin
- Fed Chair Search Expands to Include Bowman, Jefferson and Logan
- It Will Take More Than Trump to Make the ‘Euro Moment’ Last
- China’s 30-Year Yields Rise to Four-Month High on Trade Optimism

Keep an eye on :
- Angelini IPO : Angelini Holding Mulls Opening Up Capital to Investors: MF
- AAPL US : Musk Accuses Apple of Unfairly Favoring OpenAI Among iPhone Apps
- ASTS US : AST SpaceMobile 2Q Loss per Share 41C
- AGR LN : Assura Should Reconsider Its Advice on Bid, Holder TMR Says
- BBVA SM : BBVA Says It Will Stick With Offer for Sabadell After TSB Sale
- BELL SW : Bell 1H Ebitda CHF159.7M Vs. CHF151.6M Y/y
- CE US : *CELANESE SHARES SINK 14% POSTMARKET AS 3Q VIEW TRAILS ESTIMATE
- CMP US : Compass Minerals 3Q Sales Beat Estimates
- DMP GY : Dermapharm 1H Adjusted Ebitda EU148.0M Vs. EU153.0M Y/y
- ENX FP : Euronext July Total Cash Market Transaction Value Y/y +13%
- HNR1 GY : Hannover Re 2Q Ebit Misses Estimates
- ISS DC : ISS 1H Organic Revenue Beats Estimates; Increases Share Buyback
- KODK US : Eastman Kodak Shares Fall After Going Concern Warning (-12%)
- KOMN SW : Komax 1H Net Sales Miss Estimates
- MARA US : Mara in Pact With EDF Pulse Ventures for 64% Stake in Exaion
- NOEJ GY : Norma 2Q Adjusted Ebit Beats Estimates
- OKLO US : Oklo 2Q R&D Oper Expenses Beats Estimates
- OKLO US : Oklo, Lightbridge to Evaluate More Co-Location Opportunities
- PLUG US :Plug Power 2Q Loss per Share 20C, Est. Loss/Shr 16C
- PPGN SW : PolyPeptide Group Narrows FY Revenue Forecast
- 1913 HK : -1.15%
- RAIVV FH : Raisio 2Q Adjusted EPS Matches Estimates
- RHM GY : Rheinmetall chief says tanks to get cheaper despite defence spending surge - FT
- RVRC SS : RVRC Holding FY Dividend per Share Beats Estimates
- SAB SM : BBVA Says It Will Stick With Offer for Sabadell After TSB Sale
- SDZ SW : Lupin Partners Sandoz for Marketing of Ranibizumab Biosimilar
- SBGI US : Sinclair is exploring mergers for its broadcast business
- GLE FP : SocGen Completes 9.6% of Share Buy-Back Program as of Aug. 8
- STOORB SS : Storskogen 2Q Sales Miss Estimates
- TECN SW : Tecan Announces Share Buyback Program; 1H Orders CHF458.3M
- TAG GY : TAG Immobilien 1H FFO EU91.6M Vs. EU88.1M Y/y
- TWEKA NA : TKH 1H Adjusted Ebita EU80.2M Vs. EU95.8M Y/y
- TPOU LN :Daniel Loeb fights investors over plan to convert London vehicle into Cayman insurer - FT
- TTE FP : NextDecade Secures Financing From TotalEnergies, GIP for Train 4
- UBSG SW : UBS Offering by Holder Prices at CHF31.46/Share: Terms
- UMG NA : Taylor Swift Teases Surprise Album ‘The Life of a Showgirl’
- UEC US : Uranium Energy Gains as Goldman Rates Buy on Policy Tailwinds
- X US : US Steel Plant Hit By Deadly Blast Has History of Accidents
- VLA FP : Valneva 1H Net Loss EU20.8M Vs. Profit EU34.0M Y/y, Valneva 1H Net Loss EU20.8M Vs. Profit EU34.0M Y/y
- VWS DC : Vestas Gets 950 MW of Orders in US
- VOW GY : Scania Plans to Export Half of Trucks Built at China Plant: FT
- WAWI NO : Wallenius Wilhelmsen 2Q Ebit Beats Estimates

>>> Europe : Brokers Upgrades & Downgrades - 12th of August 2025

>>> Up
* Barrick Mining Raised to Outperform at CIBC; PT C$41.35
* Palo Alto Networks Raised to Overweight at Piper Sandler
* Prosus Raised to Add at AlphaValue/Baader
* Ralph Lauren Raised to Hold at CFRA; PT $250
* Repsol Raised to Overweight at JPMorgan; PT 15.50 euros
* Sartorius Raised to Buy at Jefferies; PT 263 euros
* Technip Energies Raised to Add at AlphaValue/Baader

>>> Down
* Avolta Cut to Hold at Octavian; PT 47 Swiss francs
* C3.ai PT Cut to $30 from $50 at Citizens
* Domino's Pizza Group Cut to Hold at Shore Capital
* Endomines Finland Cut to Sell at Inderes; PT 24 euros
* Equinor Cut to Underweight at JPMorgan; PT 240 kroner
* Legal & General PT Cut to 200 pence from 220 pence at RBC
* NN Group Cut to Neutral at UBS
* Orsted Cut to Sell at Arctic Securities; PT 180 kroner

>>> Initiation
* Hemnet Rated New Neutral at Cantor; PT 231 kronor
* Solvay ADRs Rated New Neutral at BNPP Exane; PT $3.10

>>> Call