>>> Europe : Brokers Upgrades & Downgrades - 15th of April 2026

>>> Up
* Anglo American Raised to Outperform at Oddo BHF
* Aperam Raised to Buy at Jefferies; PT 47 euros
* Bank of Ireland Raised to Overweight at Barclays; PT 19.50 euros
* CaixaBank Raised to Overweight at Barclays; PT 11.70 euros
* Dometic Raised to Buy at Nordea; PT 39 kronor
* Embla Medical HF Raised to Buy at ABG; PT 34 kroner
* Entain Raised to Buy at Peel Hunt; PT 750 pence
* Givaudan Raised to Overweight at JPMorgan; PT 3,600 Swiss francs
* Husqvarna Raised to Hold at SEB Equities; PT 41 kronor
* JD.com ADRs Raised to Outperform at Macquarie
* JD.com ADRs PT Raised to $41 from $34 at Barclays
* Norsk Hydro PT Raised to 139 kroner from 103 kroner at JPMorgan
* Permanent TSB Raised to Equal-Weight at Barclays; PT 2.97 euros
* Sandvik Raised to Hold at Nordea
* Uniphar Raised to Buy at Deutsche Bank; PT 5 euros

>>> Down
* Ageas Cut to Hold at ING; PT 72 euros
* Autoliv GDRs Cut to Hold at Jefferies; PT 1,107 kronor
* Avarda Bank AB Cut to Hold at SEB Equities; PT 187 kronor
* BBVA Cut to Equal-Weight at Barclays; PT 20.50 euros
* Imperial Brands Cut to Neutral at UBS; PT 3,150 pence
* Norsk Hydro Cut to Hold at Deutsche Bank
* Permanent TSB Cut to Market Perform at KBW; PT 2.97 euros
* Sunrise Communications Cut to Underperform at BNP Paribas
* Swisscom Cut to Neutral at BNP Paribas; PT 690 Swiss francs
* Swisscom ADRs Cut to Neutral at BNP Paribas; PT $90
* Telenor Cut to Neutral at BNP Paribas; PT 170 kroner
* Telenor ADRs Cut to Neutral at BNP Paribas; PT $17.50

>>> Initiation
* Antofagasta Rated New Neutral at Oddo BHF
* ArcelorMittal Reinstated Buy at William O'Neil
* Celestica Rated New Buy at William O'Neil
* Ferrari Rated New Overweight at Oxcap
* Gabler Group Rated New Overweight at Cantor; PT 67.20 euros
* Lattice Semi Reinstated Buy at William O'Neil
* Novo Rated New Buy at SB1 Markets; PT 280 kroner

>>> Call
* Aixtron May See Optoelectronics Demand Continue Into 2027: Citi
* Aperam Raised at Jefferies After De-Rating, Turning Point Ahead
* Ferrari New Overweight at Oxcap, Entering a ‘Golden Mix Era’
* Husqvarna Loses Only Sell as SEB Equities Sees Bad News in Price

>>> What to look at today - 15th of April 2026

Stocks are rallying on optimism over renewed US-Iran talks, with a number of major markets erasing the declines they had made some the Middle-East conflict began. China’s CSI 300 Index became the latest gauge to recoup losses since the conflict started in late February, joining Taiwan and Singapore. Wall Street benchmarks have already reclaimed those levels, with the S&P 500 closing in on its record high set in late January. Optimism that the US and Iran will enter further negotiations is also helping to keep oil below $100 a barrel. Copper advanced to erase losses sustained since the war in the Middle East began more than six weeks ago. The MSCI All Country World Index rose 0.2% on Wednesday, extending its rally to a ninth session — the longest winning streak since September. Market sentiment has improved on expectations that easing in Middle East tensions after more than a month of hostilities will help moderate oil prices and inflation, while supporting economic growth. The US and Iran are seeking a second round of talks in the coming days, as tensions in the Strait of Hormuz deepen the global energy crisis ahead of next week’s ceasefire expiry. The fact that Asian markets, which were among the hardest hit by the Iran war, are starting to recoup war-related losses signals investors are growing more confident that tensions in the Middle East will ease. In one sign of optimism, the offshore yuan strengthened for an eighth straight day on Tuesday. MSCI’s Asia Pacific equity index rose 1.3% on Wednesday. South Korea led gains, with its benchmark — the world’s second-best performer this year — jumping 3%. Brent crude fluctuated. The commodity edged up 0.3% to $95 a barrel, having earlier fallen to as low as $93.93 after President Donald Trump told Fox News that he sees the war as close to ending.  Elsewhere, gold edged lower to about $4,830 an ounce. Treasuries held their gains as lower oil prices eased inflationary pressures, while the Bloomberg gauge of the dollar was little changed after seven days of losses. Trump said talks may resume “over the next two days” in Pakistan, the New York Post reported, building on a marathon yet inconclusive session in Islamabad on Saturday night. Even so, the US pressed ahead with a naval blockade of the Strait of Hormuz to curb the Islamic Republic’s oil exports, as the battle for control of the strategic waterway intensifies. Traders are also focused on first-quarter earnings at a time when the war in the Middle East is weighing on the outlook for the economy. JPMorgan Chase & Co. shares slipped despite a record quarterly trading revenue haul. Citigroup Inc. rose after reporting its highest quarterly return in five years on tangible common equity. BlackRock Inc. took in a net $130 billion of client cash in the first quarter, with investor money continuing to pour in despite volatility in the public and private markets and protracted uncertainty over the war in Iran. Shares rose 3%. US After Hours AVGO +3.2% on expanded partnership with Meta; GTLB +6.3% on expanded partnership with Google; SPWR -8.9% after disclosing material weakness in prior quarterly results.

Nikkei +0.43% Hang Seng +0.46% CSI -0.12% Shanghai +0.19% Shenzen -0.35%

Eur$ 1.1794 CNH 6.8153 CNY 6.8174 JPY 158.97 GBP 1.3567 CHF 0.7814 RUB 75.7914 TRY 44.7387 WTI$ 90.95 -0.36% Gold 4,825 +0.30% BTC 74,400 +0.35% ETH 2,333 +0.76%

S&P -0.05% Nasdaq -0.10% EuroStoxx -0.24% FTSE -0.02% Dax -0.03% SMI -0.10%

Macro :
- David Einhorn Says He’s Focused on Capital Protection: CNBC
- SEC Approves Plan Removing Day-Trading Limit for Small Investors

Keep an eye on :
- ADBE US : Adobe, Figma Slide on Report of Anthropic’s AI Design Tool
- AGN NA : Aegon to Sell UK Arm to Standard Life for Total £2B
- AIR FP : Airbus Satellite Images in Middle East Queried by Moolenaar: Fox
- AIXA GY : Aixtron Boosts FY Revenue Forecast
- Anthropic IPO : Anthropic Preps Opus 4.7 Model, AI Design Tool: Information
- AAPL US : Global Smartphone Shipments Decline 4.1% in Q1 2026: IDC
- ASML NA : ASML 2Q Net Sales Forecast Misses Estimates, ASML Raises 2026 Sales Forecast as AI Investment Fuels Growth
- ASTOR TI : Astor Enerji Holder Astor Holding AS Offers ~59.8m Shares: Terms
- BORR US : Borr Drilling Said to Offer Up to 3.875% Coupon on Convertible, Borr Drilling Prices $260 Million Senior Notes Offering
- AVGO US : Broadcom Rises on Expanded Pact With Meta for Custom AI Chips
- 1211 HK : BYD Accused by Labor-Rights Group of Violations at Hungary Plant
- CA FP : Carrefour Signs Deals in Republic of Guinea and Nigeria
- COV FP : Covivio Buys Four Hotels in Milan for Total €217M
- EQT SS : *EQT SEES A LOSS ON DERIVATIVES OF $238M FOR 1Q
- EL FP : For marathoners, sunglasses are the new super-shoes - FT
- FRA GY : Fraport March Frankfurt Airport Passengers 4.7M
- GTLB US : Gitlab Shares Gain on Expanded Google Cloud Partnership
- HAV FP : Havas NV 1Q Organic Net Revenue +2.5%
- HBAN SW : Helvetia Baloise Holding FY Dividend per Share CHF7.70, Helvetia Baloise Set to Return $3.6 Billion to Investors to 2028
- HYQ GY ; Hypoport 1Q Europace Real Estate Transaction Volume €20.3b
- IMM AU : Immutep Shares Surge 95% After Drug Receives FDA Orphan Status
- IDR SM : Indra Signs Contract With Kongsberg to Supply Submarine Systems
- KER FP : Kering 1Q Gucci Revenue on a Comparable Basis Misses Estimates
- KER FP : Gucci Sales Fall as Long-Awaited Revival Is Slow to Take Shape
- LSEG LN : LSE Has Its Biggest Deal Pipeline Since 2005, CEO Hoggett Says
- LHA GY : Lufthansa Faces Worst Strike in Decade as Cabin Crew Join Pilots & FT Article
- MSFT US : Microsoft to Buy Acreage for Data Center; Black Hills Gains
- MOL HB : HUNGARY TO `RETAKE' PRO-ORBAN MCC FOUNDATION, MAGYAR SAYS
- BMPS IM : Monte Paschi Faces Risk of Fractured Board After CEO Standoff
- MUV2 GY : Munich Re Beset by Challenges Set to Stall Progress: 1Q Preview
- NEXT LN : Next in Talks to Buy Handbag Designer Radley: Sky
- REC IM : CVC Lines Up Goldman, JPMorgan, Mediobanca on Recordati: Sole
- RNO FP : Renault Plans to Cut Up to 20% of Engineers in Cost Drive
- RVMD US : Revolution Medicines Prices $2b Concurrent Stock, Note Offerings
- RICHT MB : HUNGARY TO `RETAKE' PRO-ORBAN MCC FOUNDATION, MAGYAR SAYS
- SAN SM : Santander Informs of Minimum Requirements for Own Funds
- SHEL LN : Adnoc in Advanced Talks to Buy Shell’s South Africa Gas Stations
- STR AV : Strabag Holder Offers About 2.36m Shares: Terms, Strabag Offering by Holder Prices at EU86.70/Share: Terms
- TRYG DC : Tryg 1Q Combined Ratio Reported Beats Estimates
- UBER US : Uber commits $10bn to robotaxis in strategy shift - FT
- UCG IM : UniCredit Set to Buy Stake in BlockInvest in Digital Assets Push
- ZURN SW : Zurich Airport March Passenger Traffic +4.9%

>>> Stoxx 600 Pre-Market Indications

  • Monte Paschi (MPI0 TH) +1.6%
  • Novo (NOV TH) +1.4%
  • Unilever (UNV0 TH) +1.3%
  • Aixtron (AIXA TH) +1.2%
  • Shell (R6C0 TH) -1%
  • Sandoz Group (D8Y TH) -1.1%
    • Sandoz Partners With Rwanda for Direct Supply of Critical Medicines to Africa
  • Aumovio (AMV0 TH) -1.1%
  • Raiffeisen (RAW TH) -1.2%
  • Evonik (EVK TH) -1.2%
    • Iran War Threatens to Halt Industrial Production Lines in Europe
  • TotalEnergies (TOTB TH) -1.4%
  • Eni (ENI TH) -1.4%
  • Repsol (REP TH) -1.8%
  • Ageas (FO4N TH) -2.1%
    • Ageas Cut to Hold at ING; PT 72 euros
  • ASML (ASME TH) -3%
    • ASML Raises 2026 Sales Forecast as AI Demand Fuels Growth

>>> TradeGate Pre-Market Indications

MDAX:
  • Aixtron (AIXA TH) +2.1%
    • Aixtron May See Optoelectronics Demand Continue Into 2027: Citi
  • Traton (8TRA TH) -1%
  • Evonik (EVK TH) -1.2%
SDAX:
  • Heidelberger Druck (HDD TH) +19%
  • Mutares (MUX TH) +2%
  • Tonies SE (TNIE TH) -1.9%
  • Verbio SE (VBK TH) -2.6%

>>> Trump on Fox News — Tuesday, April 14 (White House, taped) Interview with Ma

Trump on Fox News — Tuesday, April 14 (White House, taped)
Interview with Maria Bartiromo

Iran War — “Nearly Over”
Trump sat down with Bartiromo at the White House, where he declared the war with Iran was close to being finished: “I think it’s close to over, yeah. I view it as very close to over.” 
He justified launching the war by saying it was necessary to prevent Iran from acquiring a nuclear weapon: “If I didn’t do that, right now, you would have Iran with a nuclear weapon, and if they had a nuclear weapon, you would be calling everybody over there ‘Sir’.” 
Iran on the ropes — deal incoming?
Trump suggested Iran’s infrastructure has been devastated: “If I pulled up stakes right now, it would take them 20 years to rebuild that country.” He added that Tehran “wants to make a deal very badly.” 
Bartiromo pushes back
Noting that Trump kept using the past tense about the conflict, Bartiromo pressed him directly: “Is this war over?” — to which Trump replied he believed it was nearly so, while acknowledging the US was “not finished.” 
A ceasefire is currently in place until April 22, though US-allied Israel has continued striking Hezbollah forces in Lebanon during the temporary truce. 

Bottom line: Trump is clearly framing the Iran conflict as a personal victory ahead of the ceasefire deadline, while leaving enough ambiguity to avoid being pinned down on an end date. Worth monitoring given your Hormuz note series — the April 22 ceasefire expiry is a key near-term catalyst.​​​​​​​​​​​​​​​​