>>> US Early premarket gappers

Early premarket gappers

Gapping up:
ALTM +35.7%, AVNW +9.5%, NIU +8.2%, VSTO +7.3%, HIMS +6.3%, NAAS +5.7%, APD +5.1%, MYTE +3%, CURV +2.5%, CFG +1%, CVX +1%, ATAI +0.9%, BTBT +0.6%, BITF +0.5%
Gapping down:
BDSX -4.7%, APLD -3.4%, HDB -2.5%, SEER -2%, MCS -1.9%, NXST -1.6%, PHG -1.3%, UMC -1.1%, AZN -0.9%, RIO -0.7%

>>> Europe : Brokers Upgrades & Downgrades - 7th of October 2024 V2(+)

>>> Up
* Alibaba ADRs Raised to Outperform at Macquarie; PT $145
* Axactor Raised to Buy at Nordea; PT 6.20 kroner
* Bonduelle Raised to Buy at TP ICAP Midcap; PT 8.60 euros (+)
* Borregaard Raised to Buy at Berenberg (+)
* CIE Automotive Raised to Buy at Kepler Cheuvreux
* Coty Raised to Buy at Jefferies; PT $12
* Dynatrace Raised to Overweight at Barclays; PT $64
* Elis Raised to Buy at IDMidcaps; PT 23 euros (+)
* Elis Raised to Buy at CIC (+)
* Experian Raised to Buy at Deutsche Bank (+)
* Intertek Raised to Hold at Deutsche Bank (+)
* Stora Enso Raised to Overweight at Barclays; PT 14 euros
* Tesco PT Raised to 427 pence from 393 pence at Morgan Stanley
* Pirelli Raised to Buy at Kepler Cheuvreux

>>> Down
* Alten Cut to Underperform at BofA (+)
* American Express Cut to Neutral at JPMorgan; PT $286
* Bakkafrost Cut to Hold at DNB Markets; PT 620 kroner (+)
* Celanese Cut to Sector Weight at KeyBanc
* DS Smith Cut to Underweight at Barclays; PT 435 pence
* DuPont de Nemours Cut to Underweight at Barclays; PT $84
* Evotec SE Cut to Hold at Jefferies; PT 6.80 euros
* Garmin Cut to Underweight at Morgan Stanley; PT $139
* Humana Cut to Hold at Jefferies; PT $253
* Know IT Cut to Sell at Handelsbanken (+)
* Netcompany Cut to Hold at Nordea
* Netflix Cut to Underweight at Barclays; PT $550
* PVA TePla Cut to Hold at Jefferies; PT 14.50 euros
* Syensqo Cut to Hold at Deutsche Bank (+)
* TietoEVRY Cut to Sell at Handelsbanken (+)
* TietoEVRY Cut to Underperform at BofA (+)
* Vesta ADRs Cut to Neutral at Goldman; PT $32 (+)

>>> Initiation
* Apple Assumed Hold at Jefferies (+)
* ARM Holdings ADRs Rated New Neutral at Haitong Intl; PT $129
* Bachem Rated New Hold at Deutsche Bank (+)
* Deutsche Post Rated New Neutral at Redburn; PT 40 euros
* Envipco Rated New Buy at Pareto Securities; PT 8.56 euros (+)
* Norconsult Norge Rated New Buy at ABG; PT 43 kroner
* Siauliu Bankas Rated New Buy at Erste Group; PT 1 euro

>>> Call
* *CITI STRATEGISTS RAISE CONTINENTAL EUROPE STOCKS TO OVERWEIGHT (+)
* Goldman Sachs’s Kostin Raises 12-Month S&P 500 Target to 6,300
* Getlink Earnings to Take Hit From ElecLink Suspension, Says Citi
* Morgan Stanley’s Wilson Says Strong Jobs to Lift Cyclical Stocks (+)
* *MORGAN STANLEY STRATEGISTS RAISE US FINANCIALS TO OVERWEIGHT (+)
* *MORGAN STANLEY STRATEGISTS CUT US HEALTH CARE TO EQUAL-WEIGHT (+)

>>> Stoxx 600 Pre-Market Indications

  • Nemetschek (NEM TH) +2.1%
    • Stock raised to overweight at Barclays: APA
  • Voestalpine (VAS TH) +1.8%
  • TUI (TUI1 TH) +1.3%
  • Gerresheimer (GXI TH) +1.3%
  • Heidelberg Materials (HEI TH) +1%
  • Aixtron (AIXA TH) +1%
  • Leonardo (FMNB TH) -1.2%
  • Rio Tinto (RIO1 TH) -1.2%
    • Rio Tinto Confirms It’s Made an Approach to Buy Arcadium Lithium
  • Bavarian Nordic (BV3 TH) -1.4%

>>> TradeGate Pre-Market Indications

DAX:
  • Heidelberg Materials (HEI TH) +1.3%
    • Adani Starts Talks to Buy Heidelberg’s India Cement Unit: ET
MDAX:
  • Jenoptik (JEN TH) +2%
  • Nemetschek (NEM TH) +2%
    • Barclays upgrades stock to overweight: APA
  • Thyssenkrupp (TKA TH) -1.6%
    • Thyssenkrupp May Scrap Green Steel Project, Handelsblatt Says
SDAX:
  • Mutares (MUX TH) +3.1%
  • Deutz (DEZ TH) +2%
  • SAF-Holland SE (SFQ TH) +1.7%
  • Eckert & Ziegler (EUZ TH) -1.7%
  • Evotec SE (EVT TH) -2%
  • PVA TePla (TPE TH) -2.8%
    • PVA TePla Cut to Hold at Jefferies; PT 14.50 euros

>>> What to look at today - 7th of October 2024

Asian stocks advanced, boost by optimism about the health of the US economy and speculation that stimulus will finally kick-start growth in China.  Equity benchmarks gained across the region and US 10-year yields rose to hover just shy of the key 4% threshold, as investors trimmed bets on big Federal Reserve interest-rate cuts. Asian currencies weakened against the dollar, with Indonesia’s rupiah falling for a sixth day. Bank Indonesia said it stood ready to intervene to support the exchange rate. The yen gained against the dollar. Trading is being shaped by signs of resilience in the world’s largest economy after employers added the most US jobs in six months in September. Wagers on a “no landing” scenario — where US growth momentum remains intact and inflation reignites — stand to boost the greenback while triggering a drop in haven assets. A gauge of Chinese stocks in Hong Kong jumped to the highest level in more than two years before mainland markets reopen Tuesday after a week-long holiday. Chinese authorities have announced a number of stimulus measures over the past two weeks. Officials from the National Development and Reform Commission said on the weekend will hold a briefing on Tuesday on implementing incremental economic policies. Goldman Sachs Group Inc. upgraded Chinese stocks to overweight, with strategists including Tim Moe citing a further 15%-to-20% upside potential even after the rally that started in late September. Still, there have been a number of false dawns already and firms such as Invesco Ltd., JPMorgan Asset Management, HSBC Global Private Banking and Wealth, and Nomura Holdings Inc. are among those viewing the rebound with skepticism. Beijing will need to use its fiscal firepower to arrest the housing-market slump and also stimulate private consumption, which “depends on business confidence and animal spirits in the private sector,” said Qian Wang, chief economist for Asia Pacific at Vanguard Group Inc.  On the US agenda this week are minutes from the Fed’s September policy meeting, as well as consumer price data. US inflation probably moderated at the end of the third quarter, which suggests policymakers will opt for a smaller interest-rate cut when they next meet on Nov. 6-7. Investors are “starting to reprice and rethink what’s the Fed’s doing,” said Jessica Zarzycki, a Nuveen Asset Management LLC bond fund manager. “They have enough room as inflation trends towards 2% to take out some of those emergency cuts that we saw.” Elsewhere in Asia, New Zealand bonds fell less than Treasuries amid speculation the central bank will cut rates by 50 basis points on Wednesday. 
Bloomberg Economics expects the 25-basis-point cut by the Bank of Korea on Friday as inflation slows and tighter regulations start cooling the housing market. The Reserve Bank of India is expected to strike a dovish tone at its meeting on Oct. 9, and may even lower interest rates.  Oil drifted lower as traders weighed Israel’s potential retaliation against Iran for a missile attack last week, with President Joe Biden discouraging a strike on Tehran’s crude fields.

Nikkei +2.23% Hang Seng +1.42% CSI / Shanghai / Shenzen /

Eur$ 1.0965 CNH 7.0887 CNY 7.0187 JPY 148.54 GBP 1.3113 CHF 0.8579 RUB 95.0745 TRY 34.2673 WTI$ 74.19 Gold 2,643 BTC 63,415 ETH 2,485

S&P -0.15% Nasdaq -0.17% EuroStoxx +0.20% FTSE +0.24% Dax +0.29% SMI +0.30%


Macro :
- Hedge Funds Pile Into Energy Stocks as Oil Soars, Goldman Says
- EU Will Lose China’s Investment With EV Tariffs in Place: CCTV
- VC Horowitz Will Donate to Harris Campaign After Trump Support
- Goldman Sachs’s Kostin Raises 12-Month S&P 500 Target to 6,300
- Ed Yardeni Sees Fed Pausing Rate Cuts for 2024 After Jobs Report
- G20 Ministers Commit to Triple Renewable Energy Capacity by 2030
- TPG Taps JPMorgan Veteran Sohn to Lead Equity Capital Markets
- Russian Gas Transiting Via Ukraine Can be Replaced: EC Official
- Germany Approves Weapon Exports to Turkey, Spiegel Reports

Keep an eye on :
- APD US : Air Products Gains on Report Activist Mantle Ridge Has Stake
- ALTM US : Rio Tinto Confirms It’s Made an Approach to Buy Arcadium Lithium
- ASCL LN : FTSE Russell: Chrysalis to Replace Ascential in FTSE 250 Index
- AUTODOC IPO : Germany’s Autodoc Said to Ask Banks to Pitch in Fresh IPO Effort
- BMW GY : BMW to Invest BRL1.1b in Brazil Between 2025-28
- BMW GY : BMW Files Recall of 982 Vehicles: NHTSA
- BRNK GY : Branicks Says It Fully Repaid VIB Bridge Financing
- BVI FP : Bureau Veritas to Sell Food Testing Ops for Ent. Value €360M
- CHRY LN : FTSE Russell: Chrysalis to Replace Ascential in FTSE 250 Index
- CLASB SS : Clas Ohlson Sept. Sales +13%
- CBK GY : Commerzbank’s Orlopp Won’t Speculate About Potential Offer: HB
- ATD CN : Quebec Pension Is Ready to Back Couche-Tard in Seven & I Pursuit
- BN FP : Danone plans India expansion to close in on rivals Unilever and Nestlé - FT
- DSV DC : DSV Capital Raise Said to Draw $30 Billion in Investor Orders, *LONG-ONLY INVESTORS SAID TO TAKE OVER 90% OF DSV SHARE OFFERING
- ELIS FP : Elis Ends Acquisition Talks With US Rivals UniFirst, Vestis
- ENI IM : Italy’s Eni Keen to Supply Japan LNG on Longer-Term Basis
- EL FP : *NIKON EXTENDS GAIN AFTER ESSILORLUXOTTICCA DISCLOSES STAKE
- XOM US : ExxonMobil Confirms Gravenchon Chemical Plant in France to Shut by End 2024 -- OPIS
- GET FP : Getlink: Expects Suspension of Activity to Have Impact of €46m
- GVOLT PL : Portuguese Regulator Registers GVK Omega’s Offer for Greenvolt
- ISP IM : Intesa Chairman Says New Tax Won’t Impact Bank: La Stampa Says
- IG IM : Italgas Agrees to Buy Rival 2i Rete Gas in €5.3 Billion Deal
- IG IM : Italgas to Invest €15.6b in Plan After 2i Rete Gas Acquisition
- LSG NO : Leroy Prelim 3Q Harvest Misses Estimates
- MC FP : LVMH Is in the Luxury Driver's Seat With F1 Deal: Andrea Felsted
- MAR PL : Martifer Says Visabeira Industria Bought 24% Stake in Company
- PFE US : Activist Firm Starboard Value Takes $1 Billion Stake in Pfizer
- 7974 JP : Saudi Wealth Fund Considers Raising Nintendo Stake: Kyodo
- NEXI IM : UniCredit Reaches New Payments Deal With Nexi, Corriere Reports
- NOVOB DC : Novo Nordisk to Invest $158 Million in Brazilian Insulin Plant
- PST IM : Italy Hires Banks to Sell Stake in Poste Italiane
- REGN US : Regeneron head says weight-loss drugs could cause ‘more harm than good’
- RESURS SS : CVC, Waldakt to Own Above 87% of Resurs Shares at Offer Close
- CFR SW : Richemont to Sell YNAP to Mytheresa; Sees Write-Down of ~€1.3b
- RIO LN : Rio Tinto in Talks to Buy Arcadium Lithium, Reuters Says
- SBBB SS : SBB to Offer Up to 88m Sveafastigheter Stock at SEK39.5-45.5/Shr
- SBRY LN : Sainsbury’s to Hire 20,000 Staff for Christmas Period
- 3382 JP : Quebec Pension Is Ready to Back Couche-Tard in Seven & I Pursuit
- SHEIN IPO : Shein's Founder Heads to U.S. to Meet Investors Ahead of London IPO -- WSJ
- SHEL LN : Shell Sees 4Q Integrated Gas Production 920,000 to 960,000 BOE/D
- SKAB SS : Skanska to Build Detention Center in Sweden for About SEK620M
- STLA US : Stellantis Sues UAW to Stop Strike Over Plant Investments (1)
- SWECB SS : Sweco to Design Battery Energy Storage System in Belgium
- TIT IM : Telecom Italia Mandates CEO to Hold Talks With Sparkle Bidders
- TRN IM : Terna Signs EU400m ESG-Linked Credit Pact With Intesa Sanpaolo
- TKA GY : Thyssenkrupp May Scrap Green Steel Project, Handelsblatt Says
- TTE FP : TotalEnergies Considers Expansion Into Copper Trading, FT Says
- UBI FP : Ubisoft's Potential Tencent Buyout Faces Serious Hurdles: React
- UCG IM : UniCredit Reaches New Payments Deal With Nexi, Corriere Reports
- UNF US : Unifirst Doesn’t Anticipate Holding Future Talks With Elis
- VSTO US : Vista Outdoor to Sell Revelyst, Kinetic Units for $3.4 Billion
- VOLCARB SS : Northvolt’s Travails Hit Battery Projects in Germany and Canada
- VOW GY : VW CEO Sees Threat of Retaliatory Tariffs From China, Bild Says
- WYNN US : *WYNN RESORTS GETS GAMING OPERATOR LICENSE IN UAE

>>> Europe : Brokers Upgrades & Downgrades - 7th of October 2024

>>> Up
* Alibaba ADRs Raised to Outperform at Macquarie; PT $145
* Axactor Raised to Buy at Nordea; PT 6.20 kroner
* CIE Automotive Raised to Buy at Kepler Cheuvreux
* Coty Raised to Buy at Jefferies; PT $12
* Dynatrace Raised to Overweight at Barclays; PT $64
* Stora Enso Raised to Overweight at Barclays; PT 14 euros
* Tesco PT Raised to 427 pence from 393 pence at Morgan Stanley
* Pirelli Raised to Buy at Kepler Cheuvreux

>>> Down
* American Express Cut to Neutral at JPMorgan; PT $286
* Celanese Cut to Sector Weight at KeyBanc
* DS Smith Cut to Underweight at Barclays; PT 435 pence
* DuPont de Nemours Cut to Underweight at Barclays; PT $84
* Evotec SE Cut to Hold at Jefferies; PT 6.80 euros
* Garmin Cut to Underweight at Morgan Stanley; PT $139
* Humana Cut to Hold at Jefferies; PT $253
* Netcompany Cut to Hold at Nordea
* Netflix Cut to Underweight at Barclays; PT $550
* PVA TePla Cut to Hold at Jefferies; PT 14.50 euros

>>> Initiation
* ARM Holdings ADRs Rated New Neutral at Haitong Intl; PT $129
* Deutsche Post Rated New Neutral at Redburn; PT 40 euros
* Norconsult Norge Rated New Buy at ABG; PT 43 kroner
* Siauliu Bankas Rated New Buy at Erste Group; PT 1 euro

>>> Call
* Goldman Sachs’s Kostin Raises 12-Month S&P 500 Target to 6,300
* Hedge Funds Pile Into Energy Stocks as Oil Soars, Goldman Says

>>> Miss Tweed : Anderson to join Dior, freeing Chiuri to revamp Gucci

Anderson to join Dior, freeing Chiuri to revamp Gucci
Jonathan Anderson at the Tsum department store in Moscow in 2018

Anna Wintour may not have it her way in the end. The powerful Vogue editor, who has been lobbying LVMH boss Bernard Arnault for months to take back John Galliano for Dior, as Miss Tweed reported in July, ultimately could not convince him. It’s Jonathan Anderson, the Northern Irish designer who has turned Loewe into a huge success, who’s going to get the job, several senior industry sources said.

Anderson has been talking openly about his move to Dior at dinner parties, several sources said. For months, he has been telling friends that he planned to move on from Loewe, they said, but to where? For LVMH, and in particular for Delphine Arnault, Bernard Arnault’s daughter, giving Dior to Anderson is the best way to keep him.

Delphine, who became CEO of Dior in January, is a huge Anderson fan. She was the one who hired him for Loewe in 2013 and got LVMH to take a minority stake in his eponymous brand JW Anderson. LVMH continues to finance the brand’s losses to this day.

If Anderson joined Dior, it would mean that Maria Grazia Chiuri, who came from Valentino in 2016, becomes free to inject her talent and vision into another megabrand. The smartest move for her would be to replace Sabato De Sarno at Kering’s Gucci. It would make a lot of sense. After a year and a half in the job, it’s become clear that De Sarno has not won over the crowds with his “quiet luxury” version of Gucci. It’s become so quiet that shoppers stopped paying attention to the brand and sales have been sharply declining, particularly in China.

Chiuri is a genius when it comes to marketing and designing products people want to buy. She helped more than triple Dior’s turnover and greatly improved the brand’s desirability. “If Chiuri joined Gucci, I think investors would welcome the news and would be willing to be patient and wait for her magic touch to work,” one senior industry source told Miss Tweed.

The merry-go-round of designers comes as the fashion and luxury industry is going through its worst downturn in recent history. The performance of Dior, LVMH’s second-biggest brand after Louis Vuitton, has markedly declined in the past year. If LVMH confirms that Anderson is to join Dior, he would give the French brand a formidable creative boost. Anderson turned Loewe into the world’s most popular brand in the second quarter, according to the Lyst index, which does a ranking of products and brands every quarter based on online searches and social media mentions, activity and engagement worldwide.

Miss Tweed will publish more details on these major appointments on Sunday.

(Edited by Samantha Berkhead, photo by Astrid Wendlandt)

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