>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • NUTX +44.6%, PVH +15.7% (also to enter $500 mln ASR), MVST +15.4%, PRGS +7.9% (also names new CEO and COO and files mixed shelf offering), CELC +4.4%
Other news:
  • HI +4.7% (completes sale of Majority Stake in Milacron injection molding and extrusion business for $287 mln)
  • VCSA +3.9% (Davidson Kempner sent a letter to the Special Committee further enhancing the terms of the prior offers by increasing the cash consideration purchase price to $5.83 per share)
  • XRAY +3.7% (files mixed shelf)
  • BIGC +3.5% (CTO departing)
  • XPEV +3.5% (March deliveries)
  • ARDT +2.6% (appoints new COO)
  • NIO +2.6% (March deliveries)
  • TSSI +1.9% (to delay 10-K filing)
  • BTG +1.8% (announces TSX approval for normal course issuer bid)
  • AQST +1.4% (topline PK results from its pediatric study and completes the NDA Submission for Anaphylm sublingual film)
  • VAL +1.3% ($352 mln contract for drillship)
  • INR +1.3% (increases borrowing base under its credit facility)
  • APLS +1.1% (FDA has accepted and granted Priority Review designation of the supplemental New Drug Application for EMPAVELI for C3 glomerulopathy and primary immune complex membranoproliferative glomerulonephritis, which are severe and rare kidney diseases)

>>> US Research Calls I

Research Calls I
  • Upgrades
    • AutoZone (AZO) upgraded to Neutral from Sell at Goldman, tgt $3,811
    • Enova International (ENVA) upgraded to Buy from Hold at TD Cowen, tgt $17
    • First of Long Island (FLIC) upgraded to Outperform from Market Perform at Keefe Bruyette
    • First Watch Restaurant (FWRG) upgraded to Buy from Hold at TD Cowen, tgt $22
    • Keurig Dr Pepper (KDP) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $40
    • Nayax (NYAX) upgraded to Outperform from Market Perform at William Blair
    • Sabre (SABR) upgraded to Market Perform from Underperform at Bernstein, tgt $3.50
    • Shake Shack (SHAK) upgraded to Buy from Hold at Loop Capital, tgt $127
    • Ulta Beauty (ULTA) upgraded to Buy from Neutral at Goldman, tgt $423
  • Downgrades
    • American Airlines (AAL) downgraded to Hold from Buy at Jefferies, tgt $12
    • Cemig (CIG) downgraded to Underperform from Neutral at BofA Securities
    • Delta Air Lines (DAL) downgraded to Hold from Buy at Jefferies, tgt $46
    • Genmab (GMAB) downgraded to Underperform from Market Perform at Bernstein
    • Genuine Parts (GPC) downgraded to Sell from Neutral at Goldman, tgt $114
    • Kroger (KR) downgraded to Sell from Hold at Melius Research, tgt $58
    • Rogers Communications (RCI) downgraded to Sector Perform from Outperform at Scotiabank
    • Southwest Airlines (LUV) downgraded to Underperform from Hold at Jefferies, tgt $28
    • Vipshop (VIPS) downgraded to Neutral from Buy at Citigroup, tgt $18
    • W. R. Berkley (WRB) downgraded to Neutral from Buy at BofA Securities, tgt $74
  • Others
    • Advanced Drainage (WMS) initiated with a Buy at Deutsche Bank, tgt $134
    • Aeva Technologies (AEVA) initiated with a Buy at Canaccord Genuity, tgt $9.50
    • Akebia Therapeutics (AKBA) initiated with a Buy at Jefferies, tgt $6
    • American Tower (AMT) assumed at Overweight from Equal Weight at Morgan Stanley, tgt $250
    • Arbe Robotics (ARBE) initiated with a Buy at Canaccord Genuity, tgt $1.75
    • Arcos Dorados (ARCO) initiated with a Buy at BTG Pactual, tgt $10.50
    • BlackLine (BL) initiated with a Buy at DA Davidson, tgt $58
    • Builders FirstSource (BLDR) initiated with a Buy at Deutsche Bank, tgt $151
    • Cameco (CCJ) initiated with an Outperform at Bernstein, tgt $52
    • Check Point (CHKP) initiated with an Equal Weight at Stephens, tgt $255
    • Core & Main (CNM) initiated with a Buy at Deutsche Bank, tgt $60
    • CrowdStrike (CRWD) initiated with an Overweight at Stephens, tgt $450
    • Cullen/Frost (CFR) initiated with an Equal Weight at Barclays, tgt $130
    • CyberArk (CYBR) initiated with an Overweight at Stephens, tgt $440
    • Daimler Truck (DTRUY) initiated with an Underperform at Bernstein
    • Ferguson (FERG) initiated with a Hold at Deutsche Bank, tgt $174
    • Fortinet (FTNT) initiated at Equal Weight at Stephens, tgt $108
    • Fortune Brands Innovations (FBIN) initiated with a Hold at Deutsche Bank, tgt $70
    • Griffon (GFF) initiated with a Buy at Deutsche Bank, tgt $91
    • Installed Building Products (IBP) initiated with a Hold at Deutsche Bank, tgt $183
    • Knot Offshore Partners (KNOP) initiated with a Buy at Fearnley
    • Masco (MAS) initiated with a Hold at Deutsche Bank, tgt $71
    • Mohawk Industries (MHK) initiated with a Hold at Deutsche Bank, tgt $121
    • MongoDB (MDB) initiated with an Outperform at Daiwa, tgt $202
    • New Jersey Resources (NJR) initiated with a Hold at Jefferies, tgt $51
    • Okta (OKTA) initiated with an Equal Weight at Stephens, tgt $127
    • On Holding (ONON) initiated with a Hold at Jefferies, tgt $44
    • Owens Corning (OC) initiated with a Buy at Deutsche Bank, tgt $183
    • Palantir (PLTR) initiated with a Neutral at Daiwa, tgt $90
    • Palo Alto Networks (PANW) initiated with an Equal Weight at Stephens, tgt $205
    • Pool Corp (POOL) initiated with a Hold at Deutsche Bank, tgt $344
    • Rapid7 (RPD) initiated with an Equal Weight at Stephens, tgt $33
    • Rezolve AI (RZLV) initiated with a Buy at H.C. Wainwright, tgt $4
    • SBA Communications (SBAC) assumed at Equal Weight from Overweight at Morgan Stanley, tgt $240
    • SentinelOne (S) initiated with an Overweight at Stephens, tgt $25
    • SiteOne Landscape (SITE) initiated with a Hold at Deutsche Bank, tgt $135
    • Snowflake (SNOW) initiated with a Buy at Daiwa, tgt $210
    • South State (SSB) initiated with an Overweight at Barclays, tgt $120
    • Tenable (TENB) initiated with an Equal Weight at Stephens, tgt $42
    • TopBuild (BLD) initiated with a Buy at Deutsche Bank, tgt $356
    • Trex Company (TREX) initiated with a Buy at Deutsche Bank, tgt $85
    • Volvo (VLVLY) initiated with an Underperform at Bernstein
    • Zscaler (ZS) initiated with an Overweight at Stephens, tgt $255

Reuters - Arm recently sought to acquire Alphawave for AI chip tech, sources say



Arm recently sought to acquire Alphawave for AI chip tech, sources say - Reuters
Sentiment:
Mostly Positive

  01 Apr 2025 12:00:00 PM

Open in LSEG Workspace
  • Alphawave exploring sale after receiving acquisition interest, sources say
  • Arm approached Alphawave to buy the chips IP owner, sources say
  • Arm has decided not to pursue a deal, sources say
NEW YORK/SAN FRANCISCO/LONDON, April 1 (Reuters) - SoftBank-owned chip tech provider Arm Holdings O9Ty.F recently sought to acquire Alphawave AWE.L, a UK-based supplier of semiconductor intellectual property, to secure a crucial technology that is crucial for building its own artificial-intelligence processors, according to three sources familiar with the matter.
Alphawave, which has a market value of 707.1 million pounds ($913.36 million), has been working with its investment bankers to explore a sale after receiving acquisition interest from Arm and other potential acquirers, one of the sources told Reuters.
Arm, however, has decided not to pursue a takeover of Alphawave after its initial discussions with the company, two of the sources said.
Arm approached Alphawave recently with the aim of acquiring its technology that determines how fast information can get onto and off a chip, which is crucial for AI because chatbots such as ChatGPT and other applications can require thousands of chips strung together at once to operate smoothly.
Known as "serdes" - short for serializer-deserializer - the tech is one of the competitive advantages Broadcom AVGO.O boasts, which has helped it win AI chip customers such as Alphabet's GOOGL.O Google and OpenAI.
SoftBank and Arm declined to comment. Alphawave declined to comment.
Alphawave has a joint venture in China called WiseWave that it operates with the Chinese investment firm Wise Road Capital, which American officials placed on a U.S. blacklist due to national security concerns last year. Arm's ties to China served to complicate its public listing in 2023, Reuters reported at the time.
BIG BET ON SERDES
UK-headquartered Arm, which is 90% owned by Japan's SoftBank Group 9984.T, does not make chips itself but sells the fundamental building blocks and other intellectual property. It generates revenue by billing companies for a license to use its tech and collects royalty payments for each chip sold.
Through a range of tactics Arm has sought to improve its profit margin and expand revenue. These include exploring the idea of designing and selling a chip of its own, signaling a departure from its business of licensing intellectual property to other chip design firms and the possibility of competing directly with Arm's customers.
Executives disclosed specifics about the company's fresh approach to its future plans during a December trial in a civil lawsuit over a contract with Qualcomm QCOM.O.
The plans disclosed during the trial included internal messages and documents that discussed the introduction of its own chip, though Chief Executive Rene Haas downplayed the comments. He said they reflected long-term strategic spitballing, in which executives often engage.
In addition to the details revealed during the trial, Arm has also made a recruiting effort to identify and hire talent capable of launching a chip designed by the company, Reuters reported in February.
Arm does not have SerDes technology - short for serializer/deserializer, which converts parallel data to serial data and vice versa for high-speed communication - as advanced as what Alphawave has built. Though little known, this technology serves as the foundation for Broadcom and Marvell Technology's MRVL.O multibillion-dollar bespoke chip businesses, a market projected to grow to as much as $60 billion by 2028, according to a recent Bernstein report from Mark Li.
Nvidia has also developed SerDes technology and has indicated it is willing to license it to other companies as part of the custom chip business it launched.
Building powerful SerDes technology is crucial to making an AI chip that could stand out from rivals. Building SerDes from scratch requires a specific set of expertise and roughly two years to create, according to chip industry insiders.
($1 = 0.7742 pound)

(Reporting by Max A. Cherney in San Francisco, Amy-Jo Crowley in London and Milana Vinn in New York; Editing by Matthew Lewis)
(( max.cherney@thomsonreuters.com ; 415-404-2697; @chernandburn on Twitter/X))
(c) Copyright Thomson Reuters 2025. Click For Restrictions - https://agency.reuters.com/en/copyright.html
Keywords: ALPHAWAVE-M&A/ (EXCLUSIVE, PIX)

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(BofA-ML) Zealand Pharma : Gubra amylin data impresses, but we remain bullish Pe

Zealand Pharma
Gubra amylin data impresses, but we remain bullish Petre [rsch.baml.com]
Maintain Rating: BUY
PO:1,000 DKK | Price:491.00 DKK
Equity | 01 April 2025

Key takeaways
· Gubra first multi dose data for its amylin demonstrates impressive 8% weightloss at 6 weeks (directionally stronger vs Petre)
· But key potential differentiator for amylins in obesity is a very clean tolerability profile, with Petre PIb data a high bar
· We continue to see Petre as a potentially best in class amylin with most complete/consistent data and 1.5-2y ahead of Gubra

First Gubra MAD data impressive, but we still like Petre
Today Gubra press released first interim MAD data for its amylin GUBamy (recently licensed to AbbVie, covered by Tim Anderson), demonstrating c8% weightloss on day 43 (c10% placebo adjusted), which looks impressive for the amylin class, and directionally stronger than Zealand's Petre (c5% in a similar trial). However we think the key potential differentiator for amylins in obesity is the improved tolerability profile, with limited colour from the GUBamy data today, and we think Petre's impressive PIb data (see details [rsch.baml.com]) sets a high hurdle for competition. At this stage, we continue to see Zealand's Petre as a potentially best-in-class amylin, with the most complete and consistent dataset across trials and c1.5-2y ahead of Gubra/ABBV. The Cagri data (very similar molecule structure to Petre) also supports our Petre confidence, vs Gubra's less-validated adrenomedullin backbone. As a reminder, Zealand signed a partnering agreement with Roche in March, which we saw as a best-case scenario for Zealand (see our feedback [rsch.baml.com]). Reiterate Buy (see our deep dive [rsch.baml.com]) for a best-in-class amylin now with a clear path to market and a very strong commercialisation partner. Zealand is on our "What's big in SMID" list of top ideas. See overleaf for debates on recent stock weakness

Gubra's first MAD data looks impressive (8% weightloss)
Gubra presented its first interim MAD data for its amylin (dual amylin/calcitonin agonist), demonstrating an impressive 7.77% weightloss on day 43 (vs placebo 1.99% weight gain) - almost 10% placebo adjusted. Release suggested AE's predominantly GI, mild and consistent with the SAD study. In its SAD trial, GUBamy 2.0mg looked fairly tolerable, with 17% GI AEs, and directionally better than the 3.5-6.0mg doses. Beyond data today, Gubra is assessing 3 further doses (we assume the 3.5, 4.75 and 6.0mg doses assessed in its SAD trial) in part B of its MAD over 12 weeks of treatment, with expected completed dosing 4Q25E. Although headline data looks impressive, we caveat: 1) this is headline weightloss data for one dose across 6 patients (and 2 patients in the placebo arm); 2) limited details on tolerability profile, which is our focus as detailed below; 3) surprising GUBamy SAD weightloss curves (maintained weightloss to 43 days, despite an 11 day half-life) are still debated (and 2.0mg saw limited 1 dose efficacy).

Key differentiator for Petre is its tolerability profile
The Petre weight loss (c8-9% at 16-weeks) is sufficient to support its PIII target 15-20% weightloss (and the majority of obese patients who need 10-20% weightloss), in our view, but the key differentiator for us for Petre is its very clean tolerability and safety profile. As a reminder, in its 16-week PIb trial, across the highest two doses, PIb data demonstrated very low tolerability (17% nausea, c4% vomiting) for a PI trial with rapid dose escalations. Additionally it saw: 1) a low portion of moderate events, with c10% of GI events moderate (vs approved GLP1's c20-30%), and often higher for pipeline GLP1's; 2) very clean safety profile, with 2.4/4.8mg doses almost in line placebo, and 9.0mg only slightly worse; 3) ease of titration/ compliance, with only 1 patient discontinuing due to AE's, and only 1 patient delaying dose escalation by 1 week.

>>> ITALY | MULLS HIKING THRESHOLDS FOR MANDATORY TAKEOVERS > Reuters reports t

ITALY | MULLS HIKING THRESHOLDS FOR MANDATORY TAKEOVERS > Reuters reports that Italy is considering raising the ownership thresholds that trigger mandatory takeover bids in public companies, three sources familiar with the matter told Reuters, as part of plans to spur the country's underdeveloped capital market. NET-NET - currently mandatory bids currently need to be launched by a shareholder whose stake rises above a 25% threshold in large companies (in the absence of another shareholder with a higher shareholding) or 30% in an SME (sub Eu1bn mkt cap). The article specifically references Poste Italiane, which has a 24.8% stake in Telecom It (ie suggests that it could keep buying shares without having to take over the co.), though would clearly also have wider ramifications re stake-building and the various cross-holdings in Italian fins.

Le Figaro : Land-Dweller, la nouvelle montre Rolex qui change tout

Land-Dweller, la nouvelle montre Rolex qui change tout


EXCLUSIF - Le Figaro a découvert en avant-première la toute dernière collection de la marque à la couronne qui sera dévoilée ce matin dans le cadre du salon horloger de Genève, Watches & Wonders.

Jusqu’à minuit et une minute le 1er avril, l’information était classée secret-défense. Les très rares personnes, dont nous sommes, y ayant eu accès en amont avaient signé un accord de non-divulgation très strict. Et puis, sans crier gare, comme pour pimenter l’attente, Roger Federer, célébrissime ambassadeur de Rolex, a posté sur son compte Instagram des photos de son week-end au ski, dans les Alpes suisses. Sur un des clichés, il déjeune d’une fondue et on devine à son poignet la nouveauté ultra-confidentielle de la marque à la couronne ! De quoi agiter les passionnés les plus attentifs. En effet, chaque année, quand arrive début avril et l’ouverture du salon Watches & Wonders, ils se posent tous la même question : quelles surprises leur réserve la première marque horlogère au monde ? Ils ne seront pas déçus cette année : pour le millésime 2025, plutôt que de se contenter de célébrer un énième anniversaire, Rolex a décidé de frapper fort avec une nouvelle collection baptisée Land-Dweller. Parler du lancement le plus important depuis des décennies est tout sauf exagéré.

Après la Sea-Dweller, née en 1967, et la Sky-Dweller en 2012, place donc à la Land-Dweller. Une nouveauté qui aura fait l’objet de 32 demandes de brevets – dont 18 exclusifs, et 16 concernant son mouvement. Un développement très ambitieux pour la marque qui, à elle seule, représente un tiers des ventes du « Swiss Made » et dont les créations iconiques ont traversé le temps. Ce modèle tant attendu « reprend les codes esthétiques des montres à bracelet intégré, confie le responsable patrimoine de la maison genevoise. Un design expérimenté en 1969 avec la Rolex Quartz, alors équipée du mouvement Beta 21, ainsi qu’en 1974 avec la Datejust Réf. 1630. » Deux spécimens aujourd’hui collector qui inspirent donc cette nouvelle gamme, déclinée en deux diamètres (36 et 40 mm) et trois finitions : en Rolesor gris et cadran blanc, en Everose et cadran blanc, et en platine et cadran bleu glacier. De quoi cultiver juste ce qu’il faut de nostalgie auprès des passionnés tout en proposant une pièce résolument contemporaine. « En 1969, leur design était extrêmement moderne pour l’époque, il l’est encore aujourd’hui, souligne le responsable design de la marque à la couronne. Mais nous ne nous sommes pas seulement inspirés de l’Oyster Quartz et de la référence 1630. Cette Land-Dweller n’est pas un remake d’une pièce historique. L’idée n’était pas de refaire la même montre que l’originale. La boîte, la carrure, sont sans doute l’élément le plus proche du modèle historique. Mais nous y avons aussi injecté beaucoup de nouveaux codes esthétiques. »

Côté design, entre lunette cannelée et loupe Cyclope, on reconnaît certaines caractéristiques d’une Datejust. Mais le boîtier étanche à 100 mètres de cette Oyster Perpetual Land-Dweller est bien plus fin que d’ordinaire. De même, son nouveau bracelet Flat Jubilee impressionne tant par sa finesse que par l’élégance et la souplesse du moindre de ses maillons. La maison suisse est plus que réputée pour cette qualité. « Le bracelet était pour moi l’élément le plus important, car il s’agit d’une montre où il est intégré, c’est-à-dire avec une parfaite continuité entre lui et la boîte, précise le responsable design de la marque. Les deux parties fusionnent, on ne sait pas où commence l’un et où finit l’autre. Nous avons effectué un important travail de formes et de finitions, comme ces biseaux qui partent de la carrure et descendent jusqu’au fermoir, soulignant cette belle continuité. La fixation entre le bracelet et la boîte, Le point clé, est entièrement cachée, invisible. »

Ici, on ne voit en effet aucun axe traversant visible sur les cornes. « Un sacré challenge pour les équipes de R&D, confirme le responsable. Nous avons dû intégrer un minuscule axe remplissant les deux fonctions de fixation et de rotation. Ce système invisible, qui a fait l’objet d’un brevet, loge dans un tout petit espace. » Par ailleurs, « les mailles centrales du bracelet sont légèrement surélevées, ce qui a représenté un défi à la fabrication. Là, nous avons deux niveaux, avec 3/10e de millimètre de différence, qui donnent du volume à la pièce. Pour y parvenir, les méthodes de production ont dû être entièrement revues ».


Style contemporain oblige, le cannelé de la lunette diffère des modèles précédents : quand une 1908 au look plus classique traditionnel compte 180 cannelures, une Day-Date 40 mm n’en a que 72. « Avec cette Land-Dweller, nous sommes vraiment allés à l’extrême : sa lunette possède seulement 60 cannelures, assez larges. Son look est ainsi plus moderne. C’est un petit détail, mais cela s’adapte mieux au design de son bracelet et de sa boîte. » Le cadran, lui aussi, a été pensé pour un rendu ultramoderne, avec un décor nid d’abeille, réalisé au laser. Un motif déjà croisé tant dans les boutiques de la marque que sur des Datejust 36 et 41 mm. « C’est l’une des difficultés chez Rolex : trouver un décor qui marche avec la cannelure. Là, il y a un bel équilibre, et entre chaque hexagone nous avons apposé une couche vinyle qui crée un effet soleillé quand on tourne la montre. » On retrouve par ailleurs les index 6 et 9 en chiffres arabes comme sur l’Explorer ou l’Air-King, immédiatement reconnaissables. « Il y a cinq ans, le brief initial expliquait qu’il fallait que ce soit une montre pour tous les jours. Mais cette pièce se positionne plus haut qu’une Datejust. C’est pourquoi nous voulions donner plus de richesse sur le cadran et les index. » On retrouve enfin sur cette gamme - vendue à partir de 12 800 € HT - fait rare chez Rolex, un fond transparent permettant de voir son nouveau calibre 7135. Un calibre qui fait entrer la marque dans une nouvelle ère en termes de précision.


Un nouveau cœur pour Rolex

« Nous voulions une montre fine, donc le challenge était de faire un mouvement plat », poursuit le responsable R&D de Rolex. Mais ce nouveau calibre 1735, fruit de sept ans de développement, qui est une évolution du 7140 équipant le modèle 1908 depuis 2023, ne se contente pas de cela. Fort de sa maîtrise du silicium, Rolex semble en effet être parvenu à fiabiliser et industrialiser une technique jusque-là limitée à de très petites productions. Elle a déjà fondé une bonne partie de sa réputation sur la précision de ses montres, certifiées chronomètres superlatifs, avec une précision de l’ordre de – 2 /+2 secondes par jour. Un écart de marche toléré par la marque pour une montre terminée encore plus faible que celui admis par le COSC pour la certification d’un chronomètre (-4/+6). De quoi hisser les montres à la couronne parmi les plus précises au monde. Mais ce mouvement intègre également un tout nouveau système de régulation – échappement et oscillateur – révolutionnaire, qui lui permet de battre à la fréquence de 5 hertz, soit 36 000 alternances par heure, et de décompter ainsi le temps au dixième de seconde. Cet échappement à distribution séquentielle offre en particulier un haut rendement, environ 30 % supérieur à celui d’un échappement à ancre suisse conventionnel, pour un encombrement identique. « Cette fréquence de 5 Hz illustre notre quête d’amélioration de la précision, souligne le responsable R&D. Dans notre ADN, Rolex a toujours veillé à protéger ses montres des perturbations externes. De la poussière, de l’humidité, de la température, des chocs et de l’accélération. Quand un mouvement bat à 5 Hz, il est moins sensible aux variations du porteur. La stabilité du calibre est ainsi meilleure au bras du client. C’est dans cette quête de précision que nous avons voulu faire passer la fréquence du mouvement de 4 à 5 Hz. » Une première chez Rolex.

Pour effectuer ce tour de force, 16 brevets ont été déposés. Pour cela, les ingénieurs maison ont développé un nouvel organe réglant, baptisé Dynapulse, et un oscillateur d’avant-garde. « Il est composé d’une roue de transmission en lien avec la seconde, de deux roues de distribution et d’une bascule qui va entretenir le balancier et donner le tempo au mécanisme. Il a été développé dans le même encombrement que notre échappement traditionnel Chronergy, et sur un seul plan. » Fabriqué en silicium, il est par ailleurs plus léger et moins sensible aux champs magnétiques. « Il a aussi l’avantage d’être robuste face aux chocs. On appelle cela un échappement à distribution séquentielle, car tout l’art a été de séparer les fonctions, avec une architecture qui le rend plus performant. Nous avons optimisé toutes les pertes d’énergie : vous n’avez pas deux roues qui interagissent en même temps. » Autre innovation majeure de ce calibre maison : son balancier, qui a donné lieu à lui seul à huit demandes de brevet. Au final, grâce à l’architecture de son barillet et à l’excellent rendement de son échappement, ce calibre haute fréquence bénéficie d’une réserve de marche d’environ 66 heures. Sans aucun doute au-delà de la gamme Land-Dweller, les amateurs de montres de précision retrouveront demain son mouvement et ses innovations brevetées au sein d’autres pièces Rolex.

>>> What to look at today - 1st of April 2025

Asian shares snapped a multi-day losing streak amid increased volatility ahead of President Donald Trump’s tariff rollout plan. A regional gauge gained as much as 1.1% with stocks in Taiwan and South Korea rising the most. European equity-index futures rose while contracts for US slipped, showing markets remain under pressure. Gold hit a record high on demand for haven assets while the dollar strengthened marginally against most of the Group-of-10 currencies.   Traders got further details on when Trump will announce his reciprocal tariff plan — 3pm on Wednesday at an event in the White House Rose Garden — but the extent of his levies remain unclear. Ahead of the upcoming announcement, investors have refrained from taking large positions amid concerns how the tariffs will impact economic growth and inflation in the world’s largest economy.   The president has touted his April 2 announcement as a “Liberation Day,” heralding the start of a more protectionist policy meant as retribution against trading partners he has long accused of “ripping off” the US.  Trump has already placed levies on Canada, Mexico and China — the US’s three largest trading partners — as well as automobiles, steel and aluminum. Import taxes on copper could come within several weeks. Trump has also threatened duties on pharmaceutical, semiconductor and lumber imports. After the measures are unveiled, there could be an extended period of negotiation between the US and major trading partners, and it has the potential to keep this volatility going for longer than market expects, said Sat Duhra, a portfolio manager at Janus Henderson Investors in Singapore.  In European news, several European Central Bank officials are still wavering on whether to cut interest rates, according to people familiar with the matter. The rising price of store cupboard staples and alcoholic drinks has lifted UK food inflation to a nine-month high. In geopolitical news, Trump said he believed Russian President Vladimir Putin would follow through on striking a ceasefire agreement and accused Ukraine of attempting to renegotiate an economic deal with the US.
Global markets are set for more volatility after US shares notched their worst quarter compared to the rest of the world since 2009. It was the first time since the onset of the pandemic in March 2020 that bonds rose and stocks fell in a three-month period. The dollar, long a go-to hiding place during market selloffs, suffered the worst start to a year since 2017. In Australia, the central bank kept its key interest rate unchanged in a widely expected decision, saying it wants to see more evidence that inflation is moving sustainably back to target before easing further. The Australian dollar edged higher.  In commodities, oil steadied after jumping on Monday as Trump suggested that the US may work to curtail crude shipments from Russia. Bullion inched above $3,133 an ounce for the first time, following a 1.4% surge in the previous session.  US After Hours PVH +15.8% up big on earnings and repurchase plan; LPRO -12.3% falls on quarterly results and new CEO announcement

Nikkei -0.02% Hang Seng +0.19% CSI -0.09% Shanghai +0.23% Shenzen +0.30%

Eur$ CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH

S&P -032% Nasdaq -0.39% EuroStoxx +0.40% FTSE +0.41% Dax +0.45% SMI -0.11%


Macro :
- Rolex’s Biggest Release of 2025 Is…
- US Chip Grants In Limbo as Lutnick Pushes Bigger Investments (1)
- Trump Says Tariffs to Be Revealed as Early as Tomorrow Night
- Cantor Analysts Blast RFK Jr., Warn of ‘Dangerous Territory’
- OCC Withdraws Climate Risk Management Principles for Large Banks
- Trump Administration to Review Billions in Grants to Harvard
- Trump Says Automakers Will Likely Return to 2020 Emission Rules
- Finma Deputy CEO Birgit Rutishauser to Step Down on April 30

Keep an eye on :
- A4Y GY : Accentro Real Estate Delays 2023, 2024 Annual Results
- ALGM US : Onsemi Is Said to Add Morgan Stanley to Aid Allegro Pursuit
- AMZN US : Amazon-Backed Nuclear Firm, Dow Seek to Build Reactor in Texas
- AMD US : AMD Powers Oracle Cloud With New Epyc Chips Promising Major Boost In Performance
- AML LN : Aston Martin Clarifies Take-Private Comment Wasn’t Formal Offer
- BAVA DC : Bavarian’s Freeze-Dried Smallpox Vaccine Formula Gets US FDA OK
- BIG LN : Big Technologies Fires CEO Sara Murray, Delays FY Results
- BA US : Stuck NASA Astronaut Says Boeing Committed to Starliner Craft
- CABK SM : Apollo, KKR to Move to Next Round in Bidding for CaixaBank Loans
- CVX US : Chevron Sells 70% of East Texas Gas Assets to Tokyo Gas, CCI (1)
- DOV IM ! doValue Gets New Servicing Mandates in Cyprus for €350m
- DSFIR NA : DSM-Firmenich Starts Buyback of Ordinary Shares for up to €580M
- DD US : DuPont Is Said to Consider Sale of Kevlar, Nomex Safety Brands
- ENAV IM : Enav FY Total Revenue Matches Estimates
- FGR FP : Eiffage to Buy HSM Offshore Energy, No Terms Given: Statement
- FFARMS DC : Constantinsborg Withdraws Voluntary Cash Offer for FirstFarms
- FM CN : First Quantum Agrees to End, Halt Arbitration Over Panama Mine
- GLEN LN : Shell Completes Sale Singapore Oil Assets to Glencore-Chandra
- GT US : Goodyear Seen as Winner in Tariff War, Deutsche Bank Says (1)
- ICAD FP : Icade Appoints Bruno Valentin as CFO Starting April 7
- IPS FP : Ipsos Has Entered Into Exclusive Talks to Buy The BVA Family
- LYV US : Trump Says to Sign Order Aimed At Tackling Ticket Scalping
- ML FP : Michelin’s TBC to Divest Midas Franchise Portfolio to Mavis
- PKN PW : Orlen Restates 2024 Results, Sees No Impact on Dividend
- PKTM AV : Pierer Mobility Parent Sells €50m Convertible Bond to Bajaj
- PTKM AV : Pierer Mobility Says Finance Secured for KTM Production
- PVH US : Calvin Klein Owner PVH Soars as FY Adjusted EPS Outlook Beats, PVH intends to enter into $500 million accelerated share repurchase agreements
- CFR SW : Alison Loehnis to Leave Yoox Net-a-porter Group After 18 Eventful Years
- SDZ SW : Sandoz Signs New $2B Revolving Credit Line, Issues Bonds
- SBBB SS : SBB Proposes Two New Board Members; Johansson to Leave Board
- Sesame AI : Sequoia in Talks to Back Oculus Co-Founder's AI Voice Startup
- SKAB SS : Skanska Gets US Order Worth About SEK4.5b
- SHCO US : Soho House 4Q Revenue Meets Estimates
- SHEL LN : Shell Completes Sale Singapore Oil Assets to Glencore-Chandra
- 9984 JP : SoftBank Leads $40b OpenAI Funding Round, to Syndicate $10b
- STLA US : Stellantis Shift to Hybrids Causes Production Delays in Europe
- STLA US : Trump Met Earlier Today With Stellantis Chief Elkann: ABC
- STMPA FP : STMicroelectronics and Innoscience sign GaN technology development and manufacturing agreement
- TEL2B SS : Tele2 Names Peter Landgren Permanent Group CFO
- TGS NO : TGS Start Multiclient Long Offset OBN Project in Gulf of America
- 7203 JP : TMC Soars as Reuters Reports Possible Deep-Sea Mining Order
- 8301 JP : Tokyo Gas to Buy Texas Shale Stake From Chevron, Nikkei Says
- X US : Nippon Steel’s Mori to Meet With Howard Lutnick Tues.: Semafor
- DG FP : Vinci Gets €150M Contract to Build Transmission Lines in Brazil
- VOW GY : VW’s Seat, Cupra CEO Wayne Griffiths Steps Down From Brands (1)