>>> La Lettre — 16 April 2026 | Summary (ENGI / LR / FNAC)

La Lettre — 16 April 2026 | Summary

🇬🇧 ENGLISH
1. Engie in an Uncomfortable Position on Lecornu’s Electrification Plan (Énergie & Environnement)
Sébastien Lecornu’s electrification plan — banning gas boilers in new builds and exiting 2 million social housing units from city gas by 2050 — has broadly been accepted at Engie’s top level, consistent with the group’s pivot toward electricity (including its recent acquisition of UK Power Networks). However, anxiety is running high in the gas subsidiaries: GRDF CEO Laurence Poirier-Dietz sent an internal message on April 13 trying to reassure staff, acknowledging the announcements could be “troubling.” She raised unanswered questions on household finances, electricity grid constraints, and the cost of massive electrification. On April 14, Engie deputy CEO Cécile Prévieu responded via LinkedIn, arguing electrification alone could not meet all challenges, and emphasising the complementarity of electrons and gas molecules (biomethane, hydrogen).
2. Think Tank Écologie Responsable Courts the Tories for 2027 (Politique)
The eco-conservative think tank Écologie Responsable is travelling to London April 20–22 with LR elected official Florence Portelli and its director general Ferréol Delmas to draw inspiration from British Conservatives ahead of the 2027 French presidential election. Meetings are planned with former Boris Johnson advisers, including Sam Richards of Britain Remade and Benet Northcote, former adviser to King Charles III. The think tank aims to build a reservoir of ecology-focused, pro-business, low-carbon proposals for the French right, from Édouard Philippe’s Horizons to David Lisnard’s Nouvelle Énergie and LR candidates Retailleau, Wauquiez and Bertrand.
3. Legrand: Angeles Garcia-Poveda Still Seeking the Right Board Formula (Entreprises — Comex & CA)
Governance adjustments at Legrand ahead of its May 27 AGM show the group extending its leadership transition. Garcia-Poveda is seeking a three-year mandate renewal to remain non-executive chair despite losing her independence in 2024. Michel Landel’s mandate will not be renewed, reducing the board from 14 to 12 members; Isabelle Boccon-Gibod will take the “référent” administrator role, though she too will lose her independence within two years. A conflict-of-interest concern arises as board member Stéphane Pallez is married to François Auque, a Rexel director — and Legrand and Rexel were fined by the competition authority in late 2024 for a vertical price-fixing arrangement. Gilles Schnepp’s inner circle is quietly fading: he has already lost his Saint-Gobain seat and resigned from Sanofi’s board in 2024 amid a PNF investigation into the Opel sale, though he remains chairman of Danone.
4. Truffle Capital vs. Former Secretary General Over Share Valuation (Finance)
In a little-noticed ruling in late October 2025, a Paris commercial court ordered Truffle Capital (run by Philippe Pouletty) to pay former secretary general Émilie Lhopitallier €127,000 for her 17,292 shares upon her departure in May 2024 — twice the firm’s own offer of €62,000, though well below her claim of €198,000. The case will go to appeal in 2027.
5. Fnac and Booksellers Prepare a Fresh Offensive Against Amazon (Médias — Édition)
A coalition of Fnac, independent booksellers (SLF, 3,200 stores) and cultural distributors (SDLC, Cultura, Maison de la presse) is preparing to sue Amazon before the Paris commercial court. The dispute centres on Amazon exploiting a loophole in the Darcos law by offering free delivery to its 3,000 Locker pickup points, circumventing the mandatory €3 minimum shipping charge on online book orders. A mediation attempt failed in March 2026. The coalition is also awaiting a Conseil d’État ruling on Amazon’s challenge to the Darcos law itself.

🇫🇷 FRANÇAIS
1. Engie dans une posture inconfortable face au plan Lecornu (Énergie & Environnement)
Le plan d’électrification de Sébastien Lecornu — interdiction des chaudières à gaz dans le neuf, sortie du gaz de ville pour 2 millions de logements sociaux d’ici 2050 — est globalement accepté par la direction d’Engie, en cohérence avec le virage électrique du groupe (dont le rachat de UK Power Networks). Mais l’inquiétude est vive dans les filiales gazières : la DG de GRDF Laurence Poirier-Dietz a tenté de rassurer ses équipes le 13 avril dans un message interne, reconnaissant que les annonces pouvaient “troubler”. Elle soulève des questions sans réponse sur la capacité financière des ménages et le coût de l’électrification massive. Le 14 avril au soir, la DGA d’Engie Cécile Prévieu a répondu sur LinkedIn en défendant la complémentarité électron/molécule (biométhane, hydrogène).
2. Écologie responsable en tournée chez les Tories pour nourrir la droite en 2027 (Politique)
Le think tank éco-conservateur Écologie responsable se rend à Londres du 20 au 22 avril avec Florence Portelli (LR) et son DG Ferréol Delmas pour s’inspirer de l’expérience conservatrice britannique en vue de la présidentielle 2027. Au programme : des échanges avec d’anciens conseillers de Boris Johnson (Sam Richards de Britain Remade, Benet Northcote, ancien conseiller du roi Charles III), ainsi qu’avec des élus conservateurs engagés sur les sujets écologiques. L’objectif est de constituer un réservoir de propositions pour un spectre large allant d’Horizons à LR.
3. Legrand : Garcia-Poveda cherche encore la bonne formule pour son CA (Entreprises)
À l’approche de l’AG du 27 mai, Legrand prolonge sa transition au sommet. Garcia-Poveda sollicite un nouveau mandat de trois ans malgré la perte de son indépendance. Michel Landel ne sera pas renouvelé ; Isabelle Boccon-Gibod devient administratrice “référente”, mais elle-même ne sera plus indépendante dans deux ans. La présence de Stéphane Pallez — mariée à François Auque, administrateur de Rexel — pose un problème de gouvernance, alors que Legrand et Rexel ont été sanctionnés fin 2024 pour entente verticale sur les prix. La garde rapprochée de Gilles Schnepp s’efface progressivement.
4. Truffle Capital et son ex-secrétaire générale s’affrontent sur des parts sociales (Finance)
Dans une décision passée inaperçue fin octobre 2025, le tribunal de commerce de Paris a condamné Truffle Capital à verser 127 000 € à Émilie Lhopitallier pour ses 17 292 actions à son départ en mai 2024 — soit le double de l’offre initiale du fonds (62 000 €), mais bien en deçà des 198 000 € réclamés. L’affaire sera jugée en appel en 2027.
5. La Fnac et les libraires préparent une nouvelle offensive contre Amazon (Médias)
Une coalition regroupant la Fnac, le SLF (3 200 librairies indépendantes) et le SDLC (Cultura, Maison de la presse) s’apprête à assigner Amazon devant le tribunal des affaires économiques de Paris. Le litige porte sur l’exploitation d’une faille de la loi Darcos : Amazon contourne l’obligation de frais de port minimum de 3 € en proposant une livraison gratuite dans ses 3 000 casiers Locker. Une tentative de médiation a échoué fin mars 2026. La coalition attend par ailleurs une décision du Conseil d’État sur le recours d’Amazon contre la loi Darcos.​​​​​​​​​​​​​​​​

>>> Europe : Brokers Upgrades & Downgrades - 16th of April 2026 V2(+)

>>> Up
* 2G Energy PT Raised to 50 euros at Bankhaus Metzler (+)
* BP Raised to Buy at UBS; PT 700 pence
* Getlink Raised to Neutral at BofA (+)
* H&R Raised to Hold at DZ Bank; PT 4 euros (+)
* Norwegian Air Raised to Buy at Pareto Securities; PT 17 kroner (+)
* Pfisterer Holding PT Raised to 100 euros at Berenberg

>>> Down
* BMW PT Cut to 69 euros from 72 euros at Kepler Cheuvreux
* Bytes Technology Cut to Neutral at UBS; PT 305 pence
* Colruyt price target lowered to EUR 24.85 from EUR 27.94 at JPMorgan
* Daimler Truck Cut to Reduce at Kepler Cheuvreux
* EDP SA Cut to Underperform at BofA (+)
* Endesa Cut to Neutral at Alantra Equities; PT 39 euros (+)
* Granges Cut to Hold at Kepler Cheuvreux (+)
* Grenergy Renovables Cut to Market Perform at Bernstein (+)
* Jet2 Cut to Hold at Goodbody; PT 1,320 pence (+)
* Kongsberg Cut to Hold at Nordea
* LEG Immobilien Cut to Neutral at Van Lanschot Kempen (+)
* Oerlikon Cut to Hold at Research Partners; PT 3.60 Swiss francs (+)
* Porsche Cut to Reduce at Kepler Cheuvreux (+)
* Stellantis Cut to Hold at Kepler Cheuvreux (+)
* Telia Cut to Hold at Kepler Cheuvreux (+)
* Telia Cut to Sell at ABG; PT 43 kronor (+)
* Tele2 Cut to Hold at Kepler Cheuvreux (+)
* Tele2 Cut to Hold at ABG; PT 195 kronor (+)
* Unite Group Raised to Buy at Kepler Cheuvreux (+)
* Viscofan Cut to Hold at Bestinver; PT 67.45 euros

>>> Initiation
* ABB Rated New Buy at SB1 Markets; PT 81.08 Swiss francs
* Aumovio Reinstated Buy at BofA (+)
* Autoliv Reinstated Buy at BofA (+)
* Capgemini ADRs Rated New Outperform at BNP Paribas; PT $35 (+)
* Forvia Reinstated Underperform at BofA (+)
* Kingspan Reinstated Neutral at Goldman; PT 80 euros
* Pfizer Rated New Outperform at CICC; PT $33
* Valeo Reinstated Neutral at BofA
* Veon ADRs Rated New Buy at Rothschild & Co Redburn; PT $74.16

>>> Call
* Antofagasta Upside More Limited Near-Term, Berenberg Downgrades (+)
* BP Upgraded to Buy at UBS on Turnaround Potential, Higher Oil
* End of War Priced in Though ‘We’re Not There Yet’: HSBC George
* Flutter Gets Only Sell as Citi Cuts on Lower US Conviction (+)
* Tesco May Rise After Annual Earnings Top Consensus, Citi Says (+)
* Uber, Lyft Earnings to Peak in 2028, Canaccord Says

>>> TradeGate Pre-Market Indications

DAX:
  • Heidelberg Materials (HEI TH) +1.6%
    • US to Preserve Billions in Hydrogen Funds Pegged for Termination
MDAX:
  • Freenet (FNTN TH) +2%
    • Freenet Weighs IPO Among Strategic Options for Waipu.TV
  • Redcare Pharmacy NV (RDC TH) +1.1%
  • AUTO1 (AG1 TH) +1.1%
    • DWS Invest ESG European Small/Mid Cap Adds Aalberts, Exits AUTO1
  • Schaeffler (SHA0 TH) +1.1%
  • Fuchs (FPE3 TH) -1.7%
  • Aixtron (AIXA TH) -5.8%
    • Aixtron Banks Offer Up to EU140m Shares: Terms
SDAX:
  • Suedzucker (SZU TH) +1.7%
  • Tonies SE (TNIE TH) +1.2%
  • Mutares (MUX TH) +1%
  • Heidelberger Druck (HDD TH) -5.1%
    • EQS-Adhoc: Heidelberger Druckmaschinen Aktiengesellschaft: HEIDELBERG adjusts earnings forecast for the 2025/2026 financial

>>> Stoxx 600 Pre-Market Indications

  • Novo (NOV TH) +2.7%
  • ASML (ASME TH) +2.3%
  • Adyen (1N8 TH) +2.1%
  • ING (INN1 TH) +1.9%
  • Freenet (FNTN TH) +1.6%
  • Monte Paschi (MPI0 TH) +1.5%
  • Fresnillo (FNL TH) +1.3%
  • LVMH (MOH TH) +1.3%
  • Kesko (KEK TH) +1.3%
    • Kesko March Comparable Sales +9.7%
  • CSG NV (NW0 TH) +1.2%
  • Bawag (0B2 TH) -1%
  • Eni (ENI TH) -1%
  • Aena (A441 TH) -1.1%
  • OMV (OMV TH) -1.1%
  • K+S (SDF TH) -1.3%
  • EDP SA (EDP TH) -1.3%
  • Fuchs (FPE3 TH) -1.6%
    • FUCHS Targets Ebit of EU550M to EU600M by 2031 in New Strategy
  • Equinor (DNQ TH) -2%
  • TotalEnergies (TOTB TH) -2.4%
  • Aixtron (AIXA TH) -5.8%
    • Aixtron Banks Offer Up to EU140m Shares: Terms

>>> Europe : Brokers Upgrades & Downgrades - 16th of April 2026

>>> Up
* BP Raised to Buy at UBS; PT 700 pence

>>> Down
* Bytes Technology Cut to Neutral at UBS; PT 305 pence
* Colruyt price target lowered to EUR 24.85 from EUR 27.94 at JPMorgan
* Viscofan Cut to Hold at Bestinver; PT 67.45 euros

>>> Initiation
* ABB Rated New Buy at SB1 Markets; PT 81.08 Swiss francs
* Kingspan Reinstated Neutral at Goldman; PT 80 euros
* Pfizer Rated New Outperform at CICC; PT $33

>>> Call
* BP Upgraded to Buy at UBS on Turnaround Potential, Higher Oil
* End of War Priced in Though ‘We’re Not There Yet’: HSBC George
* Uber, Lyft Earnings to Peak in 2028, Canaccord Says

>>> What to look at today - 16th of April 2026

Asian shares advanced as investors piled back into equities on signs the US and Iran may extend a ceasefire, helping markets unwind war-driven risk premiums. The MSCI Asia Pacific Index rose 1.2%, nearing levels seen before the war began, as optimism over a potential US-Iran ceasefire and strong US corporate earnings lifted sentiment. Earlier, Wall Street gauges closed at record highs as traders bet a de-escalation of the Middle East conflict will ease oil prices and lift economic growth. Shares in China held their gains after economic growth rebounded more than expected in the first quarter of 2026. Helping sentiment, global crude benchmark Brent held around $95 a barrel, well below last month’s peak of nearly $120. As Middle East tensions cooled, the dollar — which emerged as the haven of choice during the conflict — weakened, with the Bloomberg Dollar Spot Index set for its longest losing streak since December 2006. Investors have returned to equities despite lingering uncertainty over the war’s trajectory, as expectations grow that the US and Iran will continue negotiations and avoid further escalation in the Strait of Hormuz. Renewed enthusiasm for technology stocks has helped drive a sharp reversal from last month’s selloff, which pushed several gauges into technical correction. The US and Iran are considering extending their ceasefire that ends on Tuesday by another two weeks to allow more time to negotiate a peace agreement, according to a person familiar with the matter. Mediators between the warring sides are trying to set up technical talks to resolve the most contentious issues, said the person, who asked not to be named discussing sensitive matters. Those include reopening the Strait of Hormuz and Iran’s nuclear enrichment. Elsewhere, gold rose 0.6% to about $4,820 an ounce, while silver jumped 1.5% to about $80 an ounce. Treasuries advanced, with the yield on the benchmark 10-year falling one basis point to 4.27% as lower oil prices reduced the risk of stoking inflation. The Australian dollar advanced to the highest since June 2022 amid broad weakness in the greenback. Meanwhile on Wall Street, technology stocks led the gains after having lagged for much of the year. The S&P 500 Index has climbed in 10 of the past 11 sessions, while the Nasdaq 100 Index rose for an 11th consecutive day on Wednesday — the longest winning streak since December 2019. Also helping the sentiment was strong earnings. Bank of America Corp. and Morgan Stanley rose as their equity traders posted strong revenue beats.  Greg Fleming, president and CEO at Rockefeller Capital, says that his clients remain focused on the market opportunity in artificial intelligence, even as uncertainty around the Iran war and energy market fallout persists.  The prospect of renewed negotiations has helped sustain a broader risk-on tone across markets. Emerging-market stocks extended gains with the MSCI Emerging Markets Index climbing 1% on Thursday. Benchmarks in Singapore and Taiwan, as well as the MSCI Latin America Index, have all reversed losses that came after the US and Israel attacked Iran. China’s CSI 300 Index joined that list on Wednesday. Also, Taiwan overtook the UK in stock market value as the island’s tech firms regained favor amid hopes for further de-escalation in the Iran war. “North Asia, EM Europe and Latin America have led the relief rally, while oil-importing parts of ASEAN and India have lagged,” Goldman Sachs analysts including Kamakshya Trivedi wrote in a report. “We expect this differentiation to persist given ongoing physical disruptions.” US After Hours CDNA +8.7% and PPG +6.1% higher on upside guidance; QDEL -21.2% lower on downside guidance; CAG +0.8% on insider purchases.

Nikkei +2.41% Hang Seng +1.32% CSI +0.90% Shanghai +0.53% Shenzen +1.38%

Eur$ 1.1815 CNH 6.8151 CNY 6.8176 JPY 158.62 GBP 1.3583 CHF 0.7804 RUB 75.9873 TRY 44.7606 WTI$ 91.69 +0.44% Gold 4,824 +0.43% BTC 74,970 +0.15% ETH 2,360 -0.14%

S&P +0.16% Nasdaq +0.30% EuroStoxx +0.31% FTSE -0.10% Dax +0.14% SMI

Macro :
- US, Iran Weigh Truce Extension With Hormuz Still Shuttered
- China’s Economy Revs Up Despite War as Growth Tops Forecasts
- US Probes Suspicious Oil Trades Made Before Trump Pivots
- Taiwan Market Cap Tops $4 Trillion on AI Boom, Overtaking UK
- End of War Priced in Though ‘We’re Not There Yet’: HSBC George
- Macro Hedge Funds Hammered in China as Bridgewater Loses 5.6%
- Chinese Equities Might Hold Up Better Than Most if Mideast Conflict Re-Escalates
- Russian Billionaire Wins Key Ruling Over Fund Eyed by Oaktree

Keep an eye on :
- AIXA GY : Aixtron Banks Offer Up to EU140m Shares: Terms
- AA US : Alcoa Profit Boosted by Rising Aluminum Prices: Preview
- OWL US : Blue Owl Surges Most Since 2022 Amid Banks’ Private Credit Calm
- EN FP : Bouygues-Led Group Is Said in Advanced Talks on Deal for SFR
- 3750 HK : CATL Jumps After 1Q Beat With Better Product Mix, CATL Shares Jump on Critical-Minerals Expansion Plan, Earnings -->+10%
- CGX CN : Canada’s Cineplex Is Gauging Interest From Potential Buyers
- DDRIL NO : Dolphin Drilling Completes Upsized Private Placement
- LLY US : Alzheimer’s Drugs Targeting Amyloid Don’t Help, Review Finds
- XOM US : Trump Officials to Urge Oil CEOs to Boost Drilling: Politico
- FNTN GY : Freenet Weighs IPO Among Strategic Options for Waipu.TV
- GXI GY : Gerresheimer Creditors Extend 2025 Financial Statements Deadline
- GOOGL US : Alphabet Poised for $100 Billion Windfall on SpaceX Investment
- HIMS US : Hims & Hers Shares Jump After RFK Jr. Touts FDA’s Peptide Update
- ITX SM : Inditex Reports Unauthorized Access of Data Held by Third Party
- JCI US : Johnson Controls Is Said to Weigh $4.5 Billion in Divestitures
- BMPS IM : Delfin Is Said to Have Voted for PLT List in Paschi AGM
- BMPS IM : Banco BPM Is Said to Have Voted for PLT List at Paschi AGM
- RIO LN : Rio Tinto Advances Kitimat Ops With New Conveyor Commissioning
- SPM IM : Saipem Gets Two Offshore Contracts in Saudi Arabia for ~$400M
- STR AV : Strabag Selldown Fueled by German Building Spree: ECM Watch
- TSLA US : Musk Asks Suppliers to Move at ‘Light Speed’ on Terafab Plan
- ZIM US : *ZIM INTEGRATED SHIPPING BOARD TO INITIATE CEO SEARCH PROCESS

The Information : Apple Sends Siri Staffers to Coding ‘Bootcamp’ in Latest Shake

Apple Sends Siri Staffers to Coding ‘Bootcamp’ in Latest Shakeup For Organization

The Takeaway
  • Apple is sending Siri programmers to a multi-week AI coding bootcamp.
  • Siri team has reputation as laggard, struggling with AI advancements.
  • A new Siri, powered by Google Gemini, is expected to debut at WWDC in June.

Apple is sending a portion of its Siri programmers back to coding school just two months before the company is expected to unveil a major, AI-powered revamp of the voice assistant, people familiar with the team said.

The company plans to send a significant chunk of people working on Siri—a group that totals in the hundreds—to a multi-week bootcamp to learn to code using AI, according to the people. The group of programmers that will go to the bootcamp is expected to be less than 200, one of the people said.

The changes will leave around 60 members of the core Siri development team, while an additional 60 will work in a group that evaluates how Siri is performing, including handling commands from users and whether it’s meeting Apple’s safety standards, one of the people said.

The move suggests that Apple feels that a portion of the Siri organization needs to tune up its skills to take advantage of fast-moving changes in programming. AI coding assistants such as Anthropic’s Claude Code and OpenAI’s Codex have upended the programming profession, allowing experienced software developers to produce far more code than they have in the past.

In some parts of Apple, such as its software engineering organization, those AI coding tools have taken off, prompting some of its teams to allocate large budgets for Claude Code, other people familiar with Apple’s use of AI tools said.

The company’s Siri group, though, has developed a reputation as a laggard inside Apple. Over its 15 years in existence, the team has become known for its bloat and divisive politics. The group has had difficulty keeping the voice assistant competitive, especially in recent years with the rise of OpenAI’s ChatGPT and other similarly advanced large-language models.

Apple has made repeated efforts over the years to reorganize the Siri to address its underlying problems. Most notably, early last year, the company took the Siri team out of Apple’s AI organization, then headed by John Giannandrea, and placed it in the hands of software chief Craig Federighi. Apple tasked Mike Rockwell, the leader behind the company’s Vision Pro headset, with directly overseeing the Siri product under Federighi.

That reorganization occurred after Apple revealed an embarrassing delay to the launch of a new Siri, which it originally planned to release in early 2025. Apple is expected to finally debut its long-awaited Siri revamp at the company’s annual Worldwide Developers Conference in June.

The new version of Siri will be powered by Google’s AI model, Gemini, and is designed to offer a more conversational version of the voice assistant that will have the ability to directly answer questions, provide emotional support to users and help accomplish tasks such as booking a trip. There is still a lot of work to do, including on Google’s side, which Apple is in discussions with to host its servers to run the new Siri, The Information previously reported.

Separately, Giannandrea, who announced his retirement from Apple in December, will work his last day as an advisor at the company this week, Bloomberg reported Sunday.