>>> Europe : Brokers Upgrades & Downgrades - 31st of May 2024 V3(++)

>>> Up
* Alior Raised to Neutral at JPMorgan; PT 96 zloty
* Ambarella PT Raised to $67 from $57 at Morgan Stanley (+)
* Azelis Raised to Neutral at UBS; PT 20 euros (++)
* Cellnex Raised to Buy at Deutsche Bank (+)
* Centrica Raised to Outperform at RBC; PT 170 pence
* Costco PT Raised to $855 from $780 at Morgan Stanley (+)
* Foot Locker PT Raised to $24 from $20 at Morgan Stanley (+)
* Gap PT Raised to $27 from $20 at Morgan Stanley (+)
* Gap PT Raised to $23 from $18 at BMO (++)
* Great Portland Raised to Buy at Shore Capital (++)
* PKO Bank Polski Raised to Overweight at JPMorgan; PT 84.50 zloty
* Quilter Raised to Neutral at Citi; PT 113 pence

>>> Down
* Alphawave IP Cut to Hold at Jefferies; PT 155 pence
* Assura Cut to Hold at Shore Capital (++)
* Avance Gas Cut to Hold at ABG; PT 174 kroner (++)
* BW LPG Cut to Hold at ABG; PT 226 kroner (+)
* Calliditas Therapeutics ADRs Cut to Neutral at Citi; PT $39
* Capgemini Cut to Neutral at JPMorgan; PT 210 euros
* Capgemini Cut to Hold at Jefferies; PT 195 euros
* CT Private Equity Trust Cut to Hold at Stifel (++)
* Fluidra Cut to Hold at Bestinver; PT 24.25 euros
* Guess PT Cut to $25 from $29 at Jefferies (++)
* MTG Cut to Hold at ABG; PT 102 kronor
* Neoen Cut to Hold at Stifel; PT 39.85 euros

>>> Initiation
* BHP Resumed Buy at Citi; PT 2,600 pence
* Birkenstock Rated New Buy at William O'Neil (++)
* Feintool Rated New Outperform at Oddo BHF; PT 27 Swiss francs
* RedFish LongTerm Capital Rated New Buy at Alantra Equities
* Spinnova Rated New Accumulate at Inderes; PT 2 euros (++)

>>> Call
* Capgemini Slides as JPMorgan, Jefferies Cut on Weak IT Demand (++)
* Centrica Gains after RBC Upgrade on Strong Balance Sheet (++)

>>> Europe : Brokers Upgrades & Downgrades - 31st of May 2024 V2(+)

>>> Up
* Alior Raised to Neutral at JPMorgan; PT 96 zloty
* Ambarella PT Raised to $67 from $57 at Morgan Stanley (+)
* Cellnex Raised to Buy at Deutsche Bank (+)
* Centrica Raised to Outperform at RBC; PT 170 pence
* Costco PT Raised to $855 from $780 at Morgan Stanley (+)
* Foot Locker PT Raised to $24 from $20 at Morgan Stanley (+)
* Gap PT Raised to $27 from $20 at Morgan Stanley (+)
* PKO Bank Polski Raised to Overweight at JPMorgan; PT 84.50 zloty
* Quilter Raised to Neutral at Citi; PT 113 pence

>>> Down
* Alphawave IP Cut to Hold at Jefferies; PT 155 pence
* BW LPG Cut to Hold at ABG; PT 226 kroner (+)
* Calliditas Therapeutics ADRs Cut to Neutral at Citi; PT $39
* Capgemini Cut to Neutral at JPMorgan; PT 210 euros
* Capgemini Cut to Hold at Jefferies; PT 195 euros
* Fluidra Cut to Hold at Bestinver; PT 24.25 euros
* MTG Cut to Hold at ABG; PT 102 kronor
* Neoen Cut to Hold at Stifel; PT 39.85 euros

>>> Initiation
* BHP Resumed Buy at Citi; PT 2,600 pence
* Feintool Rated New Outperform at Oddo BHF; PT 27 Swiss francs
* RedFish LongTerm Capital Rated New Buy at Alantra Equities

>>> Call

>>> Stoxx 600 Pre-Market Indications

  • BAE (BSP TH) +1.5%
  • National Grid (NNGF TH) +0.9%
  • Cellnex (472 TH) +0.7%
  • Thales (CSF TH) +0.6%
  • OMV (OMV TH) +0.6%
  • STMicroelectronics (SGM TH) +0.6%
    • EU Approves €2B Italian State Aid for STMicro Chip Site
  • ASML (ASME TH) +0.6%
  • Stellantis (8TI TH) +0.5%
  • Thyssenkrupp (TKA TH) +0.5%
  • Enel (ENL TH) +0.5%
  • Aurubis (NDA TH) -0.6%
  • Zalando (ZAL TH) -0.7%
  • SAP (SAP TH) -0.8%
  • Siemens Energy (ENR TH) -0.8%
  • Renault (RNL TH) -1%
  • Sanofi (SNW TH) -1.2%
    • Sanofi’s Chronic Lung Disease Drug Gets EU Regulator Backing
  • Rolls-Royce (RRU TH) -1.5%
  • Carl Zeiss Meditec (AFX TH) -2.2%

>>> TradeGate Pre-Market Indications

DAX:
  • Daimler Truck (DTG TH) +0.3%
  • SAP (SAP TH) -0.8%
MDAX:
  • Hugo Boss (BOSS TH) +0.6%
    • Frasers Group Raises Investment in Hugo Boss
  • Evotec SE (EVT TH) +0.5%
  • RTL (RRTL TH) +0.5%
  • Carl Zeiss Meditec (AFX TH) -1.8%
SDAX:
  • Thyssenkrupp Nucera AG & Co KGaa (NCH2 TH) +1%
  • Ionos (IOS TH) +1%
  • RENK Group AG (R3NK TH) +0.6%
  • Schaeffler (SHA TH) -1%

>>> What to look at today - 31st of May 2024

Asian stocks snapped a three-day selling streak, boosted by a decline in Treasury yields and optimism for policy support after a raft of disappointing data from the US to China and Japan. Stock benchmarks climbed in Hong Kong, Japan and Australia, helping the MSCI Asia Pacific Index trim its weekly losses. Equities were also boosted by likely passive flows due to rebalancing of portfolios ahead of the changes in MSCI Standard Indexes on Friday. US stock futures slipped in Asian trading, while Treasuries extended their gains. The dollar was steady after falling on Wednesday and is on pace for a monthly decline.
In China, stocks looked past the weakness in economic data. Asia’s largest economy saw official manufacturing and non-manufacturing PMIs miss estimates Friday, with the former falling back into contraction.  The PMI data in China “definitely has an impact on the pace of fiscal and monetary policy to follow,” said Wendy Chen, senior investment analyst at GAM Investment Management Switzerland Ltd., on Bloomberg Radio. “We are expecting to hear more policy support to address the property and lingering inventory problem” in China, she said. A slowdown in growth in the US, weak manufacturing activity in China and a contraction in industrial output in Japan illustrate the growing challenge for central bankers debating their next steps. The weakness in economic activity also emboldens investors betting on easing of monetary conditions across the world. The yen fluctuated after Japan’s industrial output in April fell, while the nation’s jobless rate was unchanged. Still, Inflation in Tokyo — a barometer for the wider country — accelerated in May, keeping the Bank of Japan largely on track to consider a rate hike in coming months. Money markets are pricing about 29 basis points of rate hikes by year-end, up from 20 basis points at the start of May, according to data compiled by Bloomberg.  The S&P 500 slid 0.6% to 5,235 on Thursday, led by tech losses. US officials slowed the issuing of licenses to chipmakers such as Nvidia Corp. and Advanced Micro Devices Inc. for large-scale AI accelerator shipments to the Middle East, according to people familiar with the matter.  The dollar was steady while US Treasuries extended Thursday’s gain in Asia, ahead of the release of the Fed’s favorite price gauge and following a report that showed the US economy grew at a softer pace — as both spending and inflation were marked down. 
With markets expecting the core PCE measure to ease slightly in April from a month ago, anything less “could weigh on the US dollar modestly,” said Kristina Clifton, a senior economist and strategist at Commonwealth Bank of Australia in Sydney.  Elsewhere, a jury found Donald Trump guilty on all 34 counts of falsifying business records at his hush-money trial, making him the first former US president to be convicted of crimes. With Trump to due to face sentencing on July 11, the conviction creates a daunting legal and political path as he faces President Joe Biden in November as the presumptive Republican nominee. Focus will soon shift to European inflation data due as investors debate how much the European Central Bank can cut after it likely eases policy next week. US After Hours GPS +20.9%, ZS +15.2%, AMBA +12.4%, ULTA +11.2% all up big on earnings; MDB -25.3%, DELL -18.1%, VEEV -12.5% selling off on quarterly results.

Nikkei +1.02% Hang Seng +0.67% CSI -0.02% Shanghai +0.11% Shenzen +0.54%

Eur$ 1.0818 CNH 7.2558 CNY 7.2414 JPY 156.78 GBP 1.2722 CHF 0.9041 RUB 90.2500 TRY 32.2473 WTI$ 77.67 -0.31% Gold 2,343 -- BTC 68,406 -0.10% ETH 3,753 +0.40%

S&P -0.17% Nasdaq -0.29% EuroStoxx +0.06% FTSE -0.02% Dax -0.15% SMI +0.08%

Macro :
- More OPEC+ Output Cuts? $80 Oil, Softer Market Signal Extension
- China Population Drop Is First in Six Decades, China Aims for Slower Urbanization
- Paul Singer's Elliott Management just raised $8.5 billion. The vaunted hedge fund laid out where it sees opportunities in its
- Donald Trump Found Guilty in Historic NY Hush Money Case
- Germany Announces New €500 Million Weapons Package for Ukraine
- Russia Is Using North Korean Missiles in Ukraine, US Agency Says
- Early UK Election Adds to Bull Case for London Markets This Year

Keep an eye on :
- ABF LN : Howard Investments Intends to Sell About 10.3m AB Foods Shares
- AENA SSM : Aena to Bid for Three UK Airports: Expansion
- AIR FP : Boeing to Remain Under Close Watch by FAA After Reform Plan
- AMZN US : Google Poaches AWS, Microsoft Executives for Cloud Unit
- ARAMCO AB : Saudi Arabia to Sell 1.545 Billion Aramco Shares
- MT NA : Germany Grants €1.3 Billion for ArcelorMittal’s Low-Carbon Steel
- BBVA SM : BBVA Calls Extraordinary Shareholders Meeting for Sabadell Bid
- BA US : Boeing Shares Details of Plan to Revamp Safety, Quality Controls
- IF IM : Banca Ifis Completes Three-Year Npl Plan; Unit Head to Leave
- CNHI NA : Farm Machinery Maker CNH Sees Another Executive Departure
- DELL US : Dell Falls After AI Server Sales Fail to Impress Investors --> -20% in After Hours
- EDF FP : EDF Buys GE Vernova’s Nuclear Turbine Unit, France’s Macron Says
- GILD US : Gilead's Trodelvy Woes Continue After TROPiCS-04 Failure: React
- GRNG SS : Granges Extends Partnership With Shandong Innovation Group
- HTZ US : Hertz Is Said to Explore Options for Raising Financing
- IMPN SW : Implenia Wins Norway Tunnel Project With Order Volume >CHF420M
- IG IM : Italgas Sees FY Adj. Ebitda €1.32b-€1.35b (May 30)
- LLQ SW : Lalique Majority Holder Offers to Delist Company at CHF40/Shr
- MBTN SW : Meyer Burger Proposes a Reverse Share Split in Ratio 750:1
- NOVN SW : Novartis: Data Show Efficacy, Safety of Oral Remibrutinib in CSU
- PSH NA : Bill Ackman Leans Toward Backing Donald Trump: FT
- RNO FP : Renault to Develop Much of Under-€20,000 Electric Car in China
- RNO FP : Renault, China’s Geely Formalize Hybrid Powertrain Tie-Up
- RYA ID : Ryanair Says Italy’s AGCM Rejects Injunction Against the Airline
- SAN FP : Sanofi Says FDA Extends sBLA Target Date for Dupixent for COPD
- STB NO : Storebrand Gets Acceptance on Bid to Buy Lysaker Park Eiendom
- TSLA US : Tesla Shareholders Advised by ISS to Reject Musk’s Pay Package
- TIT IM : KKR's $23 Billion Acquisition of Telecom Italia's Broadband Network Receives EU Approval
- TOD IM : Tod’s Group will be delisted on June 7, but trading of shares will be suspended during the two prior days, which means the last day of trading will be June 4.
- TRMDA DC : Torm Holder Oaktree Capital Management Offers 6.9m Shares
- UCB BB : UCB Gets Positive EU Opinion for Bimzelx Device Presentations
- VWS DC : Vestas, Wind-Turbine Peers Eye Margin Lift on Backlog Strength

>>> Europe : Brokers Upgrades & Downgrades - 31st of May 2024

>>> Up
* Alior Raised to Neutral at JPMorgan; PT 96 zloty
* Centrica Raised to Outperform at RBC; PT 170 pence
* PKO Bank Polski Raised to Overweight at JPMorgan; PT 84.50 zloty
* Quilter Raised to Neutral at Citi; PT 113 pence

>>> Down
* Alphawave IP Cut to Hold at Jefferies; PT 155 pence
* Calliditas Therapeutics ADRs Cut to Neutral at Citi; PT $39
* Capgemini Cut to Neutral at JPMorgan; PT 210 euros
* Capgemini Cut to Hold at Jefferies; PT 195 euros
* Fluidra Cut to Hold at Bestinver; PT 24.25 euros
* MTG Cut to Hold at ABG; PT 102 kronor
* Neoen Cut to Hold at Stifel; PT 39.85 euros

>>> Initiation
* BHP Resumed Buy at Citi; PT 2,600 pence
* Feintool Rated New Outperform at Oddo BHF; PT 27 Swiss francs
* RedFish LongTerm Capital Rated New Buy at Alantra Equities

>>> Call

WWD : Gucci Revives Its 1970s Sports History and Taps Into the Tennis-core Craze

Gucci Revives Its 1970s Sports History and Taps Into the Tennis-core Craze in New Collection
The Italian luxury house is dropping a capsule collection of tennis gear and accessories in June.
GUCCI’S TENNIS COURT: Gucci’s ambitions on the tennis court are getting even more serious.

After unveiling a campaign with Italian tennis ace Jannik Sinner and driving buzz online this week when the brand ambassador appeared on the Roland Garros court sporting a Gucci x Head all-white leather duffel bag — the result of a one-off collaboration — the Italian luxury house is dropping a tennis capsule collection.

Aimed at spotlighting its historic link with the sport, which dates to the ‘70s, the collection launching in June puts a Gucci spin on traditional tennis attire such as men’s and women’s tennis sets comprising white shorts and skirt paired with tank tops or knitted polo shirts. They all bear the house’s signature green and red striped Web details.

Women’s ready-to-wear items from the Gucci tennis collection.
COURTESY OF GUCCI

The collection is complemented by a range of accessories including a duffel bag, racket backpack and bag, as well as shoe holders done in a white-on-white version of the signature GG monogram with striped Web accents. Smaller accessories including caps and wristbands are also part of the lineup, as well as the Tennis 1977 and Ace sneakers crafted from white monogram canvas and leather.

Before its global rollout at select Gucci boutiques and on the brand’s online store, a selection of items including the GG monogram duffel bag and Ace sneakers are already available at the Gucci Paris flagship stores on Rue Royale and Rue du Faubourg Saint-Honoré. The units feature a dedicated window display decked in the green and red Web stripes.

A campaign dedicated to the collection is to bow next month.
Men’s ready-to-wear items from the Gucci tennis collection.

Gucci’s affinity for tennis bloomed in the late ‘70s, when the brand expanded its line of tennis-related products, notably focusing on accessories and footwear. This included the Tennis 1977 sneakers — one of the first sneakers to be produced by a luxury brand. The brand’s foray into the sport continued well into the ‘80s, with a ready-to-wear selection that became popular with both athletes and lovers of the sport alike.

Sinner, a Gucci ambassador since 2022, recently appeared in the brand’s “Gucci is a feeling” campaign, captured in reportage-style images mimicking his entrance on a tennis court sporting different iterations of the famed Gucci GG monogram duffel bag, the style he first carried at the Wimbledon Championships last year.

Fashion’s love of tennis shows no signs of waning. Cue Louis Vuitton recently unveiling its latest “Core Values” campaign, fronted by Spanish tennis legend Rafael Nadal and his equally revered rival Roger Federer, as well as Kiton and its brother label KNT debuting a tennis capsule collection.

Le Figaro : Pourquoi le prix de l'eau va flamber en France

Pourquoi le prix de l'eau va flamber en France

DÉCRYPTAGE - La baisse inédite de la consommation en 2023 met à mal le financement des services qui gèrent cette ressource.

Les chiffres sont inédits : en 2023, la consommation d’eau a baissé en France de 3 % à 4 % en moyenne, soit bien plus que le recul de 0,5 % à 1 % de ces dernières années. Elle a même pu atteindre 10 % dans certains territoires. C’est le résultat des efforts de sobriété croissants des particuliers et des entreprises face aux sécheresses répétées. L’eau est désormais perçue comme une ressource de plus en plus rare. Cette décroissance de la consommation, qui est une bonne nouvelle pour l’environnement, pèse toutefois lourdement sur le financement des services d’eau et d’assainissement « à bout de souffle », alertent, à l’unisson, les collectivités locales qui gèrent sous différentes formes cette ressource (régie, gestion mixte, délégation de service public…) et les entreprises de l’eau, Suez et Veolia.

Et pour cause. Les recettes des acteurs du secteur reposent, en grande partie, sur les volumes consommés. Parallèlement, ils font face à des investissements colossaux ces prochaines années. Dans ce cadre, « l’augmentation du prix de l’eau est inéluctable », a averti Hervé Paul, vice-président de la Fédération nationale des collectivités concédantes et régies (FNCCR), lors d’une conférence de presse commune avec Intercommunalités de France et la Fédération française des entreprises privées de l’eau (FP2E).

Le sujet n’est pas nouveau. Mais il est politiquement très sensible pour les élus locaux, qui ont la main sur la tarification de l’eau facturée aux citoyens. À l’heure où le pouvoir d’achat des ménages reste tendu, des hausses mêmes minimes risquent d’être impopulaires. Pourtant, la consommation d’eau pèse peu dans le budget des ménages. « En France, le prix de l’eau est relativement faible. Il s’élève en moyenne à 4,30 euros par mètre cube, soit 0,8 % du budget des ménages, à comparer à l’énergie pour le chauffage (4,7 %) ou la téléphonie (2 %) », constatent les collectivités et les entreprises du secteur, bien décidées à préparer les esprits à des hausses.

« Aucun service ne peut investir si le prix de l’eau est dérisoire », insiste Hervé Paul de la FNCCR. Car, alors, l’excédent financier dégagé par l’activité courante est trop faible pour pouvoir fournir un véritable effort d’investissement. En 2023, les factures d’eau ont rapporté 13 milliards d’euros de recettes. Avec cette somme, il s’agit de supporter les coûts d’alimentation en eau potable et d’assainissement des eaux usées, mais aussi de payer les redevances (1,9 milliard) et les taxes (1,1 milliard). L’équation est d’autant plus difficile que les recettes perçues dépendent à 80 % des volumes consommés par les particuliers et entreprises. La part fixe de la facturation aux ménages - à savoir, l’abonnement- ne représentant que 20 % de ces rentrées financières.

Or la tendance à la baisse de la consommation d’eau observée l’an dernier, tant chez les particuliers que chez les industriels, devrait se poursuivre cette année. « Sur les quatre premiers mois de 2024, dans ma collectivité, je suis à 3 % de moins », indique Régis Banquet, vice-président d’Intercommunalités de France et élu de l’agglomération de Carcassonne.

En outre, pour les prochaines années, les professionnels font face à « un mur d’investissements » dont les montants se chiffrent à 30 milliards d’euros. Outre les projets de renouvellement des réseaux, ces financements sont nécessaires pour se conformer aux obligations réglementaires, notamment en matière de réduction de la pollution. La France ne fait d’ailleurs pas partie des bons élèves européens en la matière : elle a été sanctionnée par la Commission européenne en 2023 pour ne pas avoir respecté pleinement la directive relative à la qualité des eaux potables.

Ces investissements devraient générer une hausse des coûts de 30 % à 50 % dans les cinq à dix années à venir, précisent les acteurs du secteur. Difficile de ne pas en répercuter une partie sur les tarifications. « Au cours des prochaines années, la place de l’eau dans le budget des ménages devrait passer de 0,8 % à 1 %, voire 1,2 % », évalue Régis Banquet. Mais l’élu, qui marche sur des œufs, veut aussi croire que cette hausse sera compensée par la baisse de la consommation.

Les forages privés dans le collimateur
Cette hausse générale du prix de l’eau n’est pas la seule réponse apportée par les collectivités et les entreprises pour tenter d’améliorer le modèle de financement des services de l’eau. Les acteurs du secteur mettent en avant d’autres pistes. Comme les tarifications saisonnières, encore trop peu utilisées : les prix sont plus élevés en période de forte tension sur l’eau, génératrice des surcoûts, en particulier durant l’été. À Toulouse, une hausse des tarifs de 42 % sera désormais appliquée entre juin et octobre. En contrepartie, les tarifs seront abaissés de 30 % sur les sept autres mois de l’année pour éviter de pénaliser les ménages. Autre mesure qui risque de faire grincer des dents : la suppression des tarifs dégressifs appliqués aux gros consommateurs d’eau, comme les industriels. Ces tarifs « contreviennent à l’objectif de sobriété tout en déséquilibrant le financement des services », expliquent la FNCCR et les entreprises de l’eau. Des forfaits pourraient ainsi remplacer ces tarifs dégressifs.

Les forages privés sont également dans le collimateur. Ce sont ces puits d’eau domestiques que certains particuliers utilisent mais qui ne sont que très rarement déclarées. « Ce sont des passagers clandestins des assainissements collectifs », dénonce-t-on du côté de la FNCCR, appelant à serrer la vis.