>>> Up
* Adyen Upgraded at Morgan Stanley; PT Raised to 1,850 Euros
* Aubay Raised to Buy at IDMidcaps; PT 45 euros (+)
* Credit Agricole Raised to Buy at Deutsche Bank (+)
* Deutsche Bank Raised to Overweight at Morgan Stanley
* Howden Joinery Raised to Buy at Stifel; PT 975 pence (+)
* Leonardo Raised to Add at AlphaValue/Baader
* Lundin Mining Raised to Outperform at BMO; PT C$16
* Petershill Raised to Buy at Numis; PT 240 pence
* Petershill Raised to Buy at Numis; PT 240 pence
* Proximus Raised to Hold at ING; PT 7.50 euros
* Royal Gold Raised to Outperform at BMO; PT $158
* SGL Raised to Buy at HSBC; PT 10 euros
* Telenor Raised to Outperform at BNPP Exane; PT 135 kroner
* Wacker Chemie Raised to Hold at DZ Bank; PT 110 euros (+)
* YouGov Cut to Hold at Stifel; PT 1,200 pence (+)
>>> Down
>>> Down
* BMW Cut to Hold at Jefferies; PT 110 euros
* C.H. Robinson Cut to Neutral at BNPP Exane; PT $76
* Credit Agricole Cut to Underweight at Morgan Stanley
* DWS Cut to Hold at Bankhaus Metzler; PT 41.40 euros (+)
* Elisa Cut to Underperform at BNPP Exane; PT 40 euros
* FedEx Cut to Underperform at BNPP Exane; PT $250
* Hamborner REIT Cut to Hold at M.M. Warburg; PT 7.20 euros (+)
* HSBC Cut to Equal-Weight at Barclays; PT 740 pence
* HSBC Cut to Equal-Weight at Barclays; PT 740 pence
* Life Science REIT Cut to Hold at Jefferies; PT 45 pence
* Lufthansa Cut to Hold at Deutsche Bank (+)
* Sandvik Cut to Hold at Pareto Securities; PT 260 kronor
* SocGen Cut to Hold at Deutsche Bank (+)
* Tele2 Cut to Neutral at BNPP Exane; PT 88 kronor
* Visa Cut to Neutral at Redburn; PT $307
>>> Initiation
>>> Initiation
* Affluent Medical Rated New Buy at TP ICAP Midcap; PT 3.20 euros (+)
* Mycronic Rated New Buy at Nordea; PT 470 kronor
* Schott Pharma Rated New Hold at Berenberg; PT 38 euros
* Spotify Rated New Buy at HSBC; PT $310
* Spotify Rated New Buy at HSBC; PT $310
* Straumann Rated New Buy at Goldman; PT 170 Swiss francs
* Syensqo Rated New Hold at Jefferies; PT 78 euros
* Wolters Kluwer Rated New Buy at ING; PT 170 euros
>>> Call
* BMW Cut to Hold at Jefferies, Already Pricing In Cash Returns
>>> Call
* BMW Cut to Hold at Jefferies, Already Pricing In Cash Returns
* Citi’s Manthey Sees Smaller European Stocks Driving Broad Gains (+)
* Credit Agricole Downgraded at Morgan Stanley, KBC Top Pick (+)
* Schott Pharma Qualities Already Priced In, New Hold at Berenberg
- Telenor (TEQ TH) +2.4%
- Telenor Raised to Outperform at BNPP Exane; PT 135 kroner
- BAE (BSP TH) +2.1%
- Adyen (1N8 TH) +1.5%
- Adyen Upgraded at Morgan Stanley on Growth Outlook Support (1)
- Prosus (1TY TH) +1.5%
- TUI (TUI1 TH) +1.4%
- Rolls-Royce (RRU TH) +1.3%
- Wolters Kluwer (WOSB TH) +1.2%
- Wolters Kluwer Rated New Buy at ING; PT 170 euros
- Deutsche Bank (DBK TH) +0.9%
- Deutsche Bank Raised at Morgan Stanley, Stock Has Further to Run
- Reckitt (3RB TH) +0.8%
- Reckitt Benckiser to Start Third and Final Tranche Buyback
- Bawag (0B2 TH) +0.8%
- LVMH (MOH TH) -0.8%
- BNP Paribas (BNP TH) -0.8%
- Hochtief (HOT TH) -0.8%
- Delivery Hero (DHER TH) -0.9%
- Shell (R6C0 TH) -1.1%
- BMW (BMW TH) -1.1%
- BMW Cut to Hold at Jefferies, Already Pricing In Cash Returns
- Rubis (BYN TH) -1.3%
- Lufthansa (LHA TH) -1.5%
- Lufthansa Cut to Hold at Deutsche Bank
- Moncler (MOV TH) -1.5%
- Kone (KC4 TH) -2.2%
DAX:
- Deutsche Bank (DBK TH) +1%
- Deutsche Bank Raised at Morgan Stanley, Stock Has Further to Run
- BMW (BMW TH) -1%
- BMW Cut to Hold at Jefferies, Already Pricing In Cash Returns
MDAX:
- SMA Solar (S92 TH) +5.9%
- SMA Group reports extraordinarily strong 2023
- Hensoldt (HAG TH) +2%
- Lufthansa (LHA TH) -1.4%
- Lufthansa Cut to Hold at Deutsche Bank
- Aroundtown (AT1 TH) -2.5%
- Aroundtown Sees 2024 FFO I EU280M to EU310M, Est. EU291.7M (1)
SDAX:
- SGL (SGL TH) +2.9%
- SGL Raised to Buy at HSBC; PT 10 euros
- CompuGroup (COP TH) +2.3%
- Suess MicroTec (SMHN TH) +1.6%
- Suess MicroTec FY Ebit Misses Estimates
- Hamborner REIT (HABA TH) +1%
- flatexDEGIRO (FTK TH) -1.1%
Japanese stocks advanced amid a weak yen even as the rest of Asia struggled for momentum following a late selloff on Wall Street. The dollar strengthened against most major peers. The yen pared some of its loss after initially sliding to its lowest level versus the dollar in about 34 years following Japan’s Finance Minister Shunichi Suzuki’s stern intervention warning. The currency’s drop has fanned speculation that the nation will step up its efforts to stem the decline, and put the Nikkei 225 index on course for a record closing high. Investors have driven the yen higher after “dovish comments” from BOJ board member Naoki Tamura, said David Forrester, Singapore-based senior FX strategist at Credit Agricole. “The warning by Kanda earlier this week suggests the BOJ’s finger will be on the trigger for FX intervention,” he said, referring to Japan’s vice finance minister for international affairs Masato Kanda. Shares retreated in China and Hong Kong, with technology companies accounting for the majority of the losses. The decline came as the region’s AI-linked companies mirrored the overnight fall in Nvidia’s shares, and as Alibaba’s plan to shelve listing of its logistics arm soured sentiment.
Japan’s Nikkei 225 is one of few Asian equity gauges that are able to match the pace of the US rally — advancing more than 20% this year and on track for one of its best quarters ever. Hong Kong has been unable to fully recover after plunging at the start of the year and is headed for a slight decline in the three-month period, while Sydney is set to post a modest gain. Even the recent advance in Chinese stocks will likely be tested, as key financial institutions announce earnings, starting with Industrial & Commercial Bank of China Ltd. later Wednesday. Alibaba Group Holding Ltd. declined in Hong Kong, and was poised for its lowest close since January, after the company called off a $1 billion-plus initial public offering for its Cainiao logistics arm. Chinese EV giant BYD Co. also fell after reporting 2023 profit that missed estimates. Apple Inc.’s iPhone shipments in China dropped about 33% in February from a year ago, according to official data, extending a slump in demand for the flagship device in its most important overseas market. US stock futures extended their gains pointing to a rebound on Wall Street after the S&P 500 declined for a third day on Tuesday. The US equity benchmark is on track to notch five straight months of gains, but traders are debating whether the road gets rougher for the $4-trillion rally to keep chugging along as stock valuations remain elevated relative to history. Treasuries steadied in Asian trading after rebounding from session lows on Tuesday following a $67 billion sale of five year-notes. The yen slumped to the lowest level in about 34 years against the greenback on expectations Japan’s wide yield gap with the US will remain even though the Bank of Japan has ended its negative interest rate policy. The dollar was slightly stronger against its Group-of-10 peers, while the offshore yuan was little changed weaker after the People’s Bank of China once again boosted support for the currency. Profits at China’s industrial companies increased in the first two months of the year, extending a gaining streak since August and adding to positive signs in the economy. Oil extended a modest decline after an industry report pointed to a sizable build in US inventories, and wider markets struck a weaker tone ahead of the end of the quarter. Gold fell, but traded close to its record. As traders geared up for the Fed’s preferred inflation gauge on Friday — when markets will be closed — they parsed the latest economic readings. US consumer confidence held steady, durable goods orders climbed while home-price growth accelerated at the fastest rate since 2022. US After Hours NCNO +11.9%, NOAH +3.8% higher on earnings; GME -14.4%, CNXC -3% lower on earnings; MRK +4.8% as FDA approves Winrevair; ROIV +5% higher as it will join S&P MidCap 400.
Nikkei +0.90% Hang Seng -0.95% CSI -0.57% Shanghai -0.60% Shenzen -1.85%
Eur$ 1.0830 CNH 7.2542 CNY 7.2275 JPY 151.68 GBP 1.2618 CHF 0.9038 RUB 92.4751 TRY 32.2254 WTI$ 80.87 -0.92% Gold 2,179 BTC 70,480 +0.92% ETH 3,612 +0.99%
S&P +0.32% Nasdaq +0.32% EuroStoxx -0.08% FTSE -0.03% Dax +0.01% SMI +0.07%
Macro :
- EU Warns Election Deepfakes Start to Surface in Member Nations
- Traders Need to Consider a Much More Hawkish BOJ: Macro Models
- Hashdex Fund Targets March 27 to Trade as Spot-Bitcoin ETF (1)
Keep an eye on :
Keep an eye on :
- AC FP : CitizenM Owners Explore Potential Sale of Hotel Group: FT
- ACLN SW : Accelleron FY Revenue Beats Estimates
- ARGX BB : Argenx Moves Efgartigimod for SjD in Adults to Phase 3
- AZN LN : Astra Splits Drug Production to Protect Against Geopolitics Risk
- AT1 GY : Aroundtown Suspending 2023 Dividend Payout Amid ‘Uncertainties’
- AT1 GY : Aroundtown Sees 2024 FFO I EU280M to EU310M, Est. EU291.7M
- ATO FP : David Layani, debt, liquidity… The truths of Paul Saleh, the CEO of Atos
- BHG SS : BHG Extends Financing Agreement, Reduces Total Credit Facilities
- CNS IM : Honeywell Offers to Buy Civitanavi Systems For EU6.30/Share
- 2007 HK : Country Garden Hires Kroll for Liquidation Analysis: Reuters
- CYTK US : Cytokinetics Spikes as Betaville Says Lilly May Be Interested
- DBHN GY : DB Schenker Attracts as Many as 10 Bids, Handelsblatt Reports
- EQT SS : Supply Chain Risk Firm Avetta Said to Attract EQT, Warburg
- FACC AV : FACC FY Ebit Beats Estimates
- GAM SW : GAM Holding to Propose Rights Issue For Up to CHF100M at AGM
- GFT GY : GFT Technologies Names Marco Santos New CEO, Effective July 1
- GFT GY : GFT Technologies Names Marco Santos New CEO, Effective July 1
- GVOLT PL : Greenvolt FY Net Income EU1.2M Vs. EU16.6M Y/y
- HMB SS : H&M 1Q Gross Margin Beats Estimates
- HSBA LN : HSBC Announces Gold Token to Retail Customers in Hong Kong
- IMCD NA : IMCD Buys Gova Ingredients; No Financial Terms
- JEN GY : Jenoptik Sees 2024 Ebitda Margin 19.5% to 20%, Est. 19.8%
- SKB GY : Koenig & Bauer FY Ebit Matches Estimates
- LEHTO FH : Lehto Group 4Q Loss per Share EU0.18
- MAERSKB DC : Maersk to Implement Surcharge on Rail Bookings Via Rotterdam
- Marex IPO : Marex Group Files for US IPO After Earlier Dropping UK Listing
- MRK US : Merck's $11.5 Billion Bet on Its Next Big Drug Finally Arrives -- WSJ
- NEXI IM : UniCredit Nears Deal to Revise Terms on Nexi Payment Processing
- RAA GY : Rational FY Dividend per Share Misses Estimates
- SWAV US : Shockwave Hits Record High on Report of J&J Takeover Talks
- ENR GY : Siemens Energy's Gas Unit Sales Rebound With Decarbonization
- SMDS LN : DS Smith Confirms International Paper Talks at 415 Pence/Shr
- SMHN SW : Suess MicroTec FY Ebit Misses Estimates, Suess MicroTec Sees 2024 Sales EU340M to EU370M
- STLN SW : Swiss Steel Sale Talks of Several Sites in France Discontinued
- UBSG SW : UBS Rents Entire Tower in HK’s West Kowloon Area
- UBSG SW : Apollo to Buy $8B of Secured Financing Facilities From UBS
- UMG NA : Universal Music to Distribute BTS, Rappers in New Hybe Deal
- UCG IM : Nexi's Guidance Pared on Spending Slowdown: Equity Outlook
- WSU GY : Washtec FY Ebit Meets Estimates
- YPSN SW : Ypsomed Plans to Sell Pen Needle, BGM Business to MTD
>>> Up
* Adyen Upgraded at Morgan Stanley; PT Raised to 1,850 Euros
* Deutsche Bank Raised to Overweight at Morgan Stanley
* GXO Logistics Raised to Neutral at BNPP Exane; PT $50
* Leonardo Raised to Add at AlphaValue/Baader
* Lundin Mining Raised to Outperform at BMO; PT C$16
* Petershill Raised to Buy at Numis; PT 240 pence
* Petershill Raised to Buy at Numis; PT 240 pence
* Proximus Raised to Hold at ING; PT 7.50 euros
* Royal Gold Raised to Outperform at BMO; PT $158
* SGL Raised to Buy at HSBC; PT 10 euros
* Telenor Raised to Outperform at BNPP Exane; PT 135 kroner
>>> Down
>>> Down
* BMW Cut to Hold at Jefferies; PT 110 euros
* C.H. Robinson Cut to Neutral at BNPP Exane; PT $76
* Credit Agricole Cut to Underweight at Morgan Stanley
* Elisa Cut to Underperform at BNPP Exane; PT 40 euros
* FedEx Cut to Underperform at BNPP Exane; PT $250
* HSBC Cut to Equal-Weight at Barclays; PT 740 pence
* HSBC Cut to Equal-Weight at Barclays; PT 740 pence
* Life Science REIT Cut to Hold at Jefferies; PT 45 pence
* Sandvik Cut to Hold at Pareto Securities; PT 260 kronor
* Tele2 Cut to Neutral at BNPP Exane; PT 88 kronor
* Visa Cut to Neutral at Redburn; PT $307
>>> Initiation
>>> Initiation
* Mycronic Rated New Buy at Nordea; PT 470 kronor
* Schott Pharma Rated New Hold at Berenberg; PT 38 euros
* Spotify Rated New Buy at HSBC; PT $310
* Spotify Rated New Buy at HSBC; PT $310
* Straumann Rated New Buy at Goldman; PT 170 Swiss francs
* Syensqo Rated New Hold at Jefferies; PT 78 euros
* Wolters Kluwer Rated New Buy at ING; PT 170 euros
>>> Call
* BMW Cut to Hold at Jefferies, Already Pricing In Cash Returns
>>> Call
* BMW Cut to Hold at Jefferies, Already Pricing In Cash Returns
* Schott Pharma Qualities Already Priced In, New Hold at Berenberg
Bulgari Sets Up Foundation
The foundation will continue to support Bulgari's initiatives collaborating with charities and protecting Italy's artistic legacy, among other ventures
GIVING BACK: The birth of Fondazione Bulgari was unveiled in Rome on Tuesday by the brand’s chief executive officer Jean-Christophe Babin.
“For a long time now, Bulgari has been engaged in a wide spectrum of initiatives focused on building a magnificent future starting from our heritage,” said Babin, who takes on the additional role of president of the foundation, speaking at the city’s landmark Ara Pacis altar in the presence of Rome Mayor Roberto Gualtieri and of the director of the Capitoline Superintendence Claudio Parisi Presicce.
The Rome-based luxury house has over the years embraced several multifaceted initiatives, collaborating with charities supporting gender equality or championing equal access to education. It has financially contributed to the preservation of Italy’s cultural heritage and established a support system for the crafts community.
The foundation also aims to promote contemporary art initiatives and partnerships with cultural institutions and offer visibility to emerging talents. So far, this objective has been pursued by Bulgari through several initiatives such as the establishment of the Maxxi Bulgari Prize in 2017, a biennial recognition born in collaboration with Rome’s MAXXI Museum and dedicated to young artists who have created their work in Italy. There also is the partnership with the Whitney Museum, which has Bulgari as the main sponsor of the next three editions of the Whitney Biennial.
The foundation will continue the path traced by the 15-year-long partnership between Bulgari and Save the Children. Aurora, the award created by Bulgari in 2016 to reward talented women in different fields, will become the official platform of of the foundation to magnify pioneering female voices.
Bulgari’s Jewelry Academy, founded in 2017, will be joined by La Scuola Bulgari, the company’s first training school for external students, now central to the activities of the foundation.
Bulgari’s vice president of marketing and communication Laura Burdese takes on the additional role of vice president of the foundation.
These Louis Vuitton Trunks Hold Precious Olympic Cargo
The bespoke carriers will contain and protect the torches and medals for the Paris 2024 Olympic and Paralympic Games.
The Louis Vuitton trunk for the Olympic Torch.
Linking its brand to stirring moments during the upcoming Olympic and Paralympic Games in Paris, Louis Vuitton has created bespoke trunks to house the torches — and the medals that will be bestowed on winning athletes this summer.
The first trunk will come into public view on May 8, when the Olympic torch begins its journey from Marseille in the south of France to Paris, its ultimate destination from July 14.
In August, the Paralympic torch will embark from Stoke Mandeville, U.K. — site of the first competition for wheelchair athletes in 1948. The two flames are to pass through the hands of more than 11,000 torchbearers.
“We are honored and extremely proud to be part of the Paris 2024 Olympic Games with the mission of packing and presenting the defining symbols of Olympism and Paralympism,” said Pietro Beccari, chairman and chief executive officer of Louis Vuitton.
The French luxury powerhouse has its roots in packing and travel goods stretching back more than 170 years, especially “trunks that embody excellence, creativity and audacity, values we share with the world’s greatest sporting events,” he said. “Once again, victory travels in Louis Vuitton.”
The trunks are to be officially unveiled Wednesday night at Vuitton’s historic workshops and the founding family’s home in Asnières-sur-Seine, just outside of Paris.
Vuitton noted the trunks are designed to protect and display the torches, each equipped with circular sockets in the base and the lid to securely hold in place the metal objects, created by French industrial designer Mathieu Lehanneur.
Lehanneur’s unique, champagne-colored design features a curved torch, symmetrical in shape on both sides, with the bottom bearing an undulating water motif.
The exterior of the torch trunks bear Vuitton’s signature canvas in a checkered Damier pattern, which dates back to 1888, with brass corners and closures. The interiors are done up in black leather to avoid scratches on the torch surface, and to create a striking backdrop when opened for display, the hinged lid bearing an embossed Paris 2024 logo.
The medal trunks — one version for the Olympic Games and another for the Paralympic Games — are covered in Vuitton’s famous Monogram canvas, also with protective brass corners and closures.
Inspired by its “malle coiffeuse” originally made for hairdressers, the medal trunk boasts a central section and two hinged wings that open to reveal drawers specially designed to hold 468 medals, which were designed by jewelry house Chaumet.
The Vuitton trunk in Monogram canvas houses 468 medals in special drawers.
COURTESY OF LOUIS VUITTON
The drawers contain a system of magnets to safely hold the medals in place during transport. Drawer handles are made of matte-black leather.
For the 2024 Games, Vuitton parent LVMH Moët Hennessy Louis Vuitton, a premium partner of the gigantic sporting event, devised a new slogan: “Artisans of All Victories,” drawing a link between the savoir-faire of artisans and athletes, and their shared pursuit of performance and success.
Antoine Arnault, head of image and environment at LVMH, said the trunk project demonstrates how the French group is “once again fully expressing its role as creative partner” of the upcoming games.
“Protecting the symbol of Olympism — the torch — and the dreams of the greatest athletes — the medals — required the expertise of exceptional craftsmen,” he said. “It is a great source of pride today to unveil these original creations, which I’m sure will remain engraved in the history of the group and the Games.”
Vuitton has created trunks for trophies since 1988, lending its savoir-faire to many of the world’s most prominent sporting events, including the America’s Cup, the Australian Open, Ballon d’Or, Davis Cup, FIFA World Cup, Grand Prix de Monaco, NBA Championship, Roland Garros, and the Rugby World Cup.
Several major LVMH houses will play a special role during the Games, with Berluti dressing French teams from head to toe for the opening ceremonies of the Paris 2024 Olympic and Paralympic Games, scheduled for July 26 and Aug. 28, respectively. Chaumet, Dior, Sephora and the Moët Hennessy wines and spirits division are also taking part.
In tandem with the unveiling of the Olympic and Paralympic trunks, Vuitton is staging a temporary exhibition of its emblematic Malle Courrier, alongside artifacts relating to sport, at the Louis Vuitton workshops in Asnières. Visitors must register online for 30-minute guided visits.
Pietro Beccari, Bernard Arnault and Tony Estanguet, president of Paris 2024.
STEPHANE FEUGERE