- Carl Zeiss Meditec (AFX TH) +4.3%
- Carl Zeiss Meditec 1Q Ebit Beats Estimates
- Hermes (HMI TH) +4.1%
- *HERMES 4Q SALES AT CONSTANT FX +17.5%, EST. +13.7%
- Imperial Brands (ITB TH) +1.9%
- Vodafone (VODI TH) +1.8%
- TUI (TUI1 TH) +0.9%
- Santander (BSD2 TH) -1%
- Spain’s Rising Mortgage Competition Caps €7 Billion NII Upgrade
- Just Eat Takeaway (T5W TH) -1%
- Beiersdorf (BEI TH) -1.1%
- Diageo (GUI TH) -1.1%
- Nemetschek (NEM TH) -1.4%
- Nemetschek Cut to Reduce at Baader Helvea; PT 92 euros
- Brenntag (BNR TH) -1.5%
- Renault (RNL TH) -3.8%
- Nissan Shares Drop Most Since 2021 as Earnings Miss Estimates
- L’Oreal (LOR TH) -5.6%
- L’Oreal Sales Disappoint as Travel Retail in Asia Struggles (1)
- Delivery Hero (DHER TH) -6.6%
- Verbund (OEWA TH) -6.7%
DAX:
- Brenntag (BNR TH) -1.4%
MDAX:
- Carl Zeiss Meditec (AFX TH) +3.4%
- Carl Zeiss Meditec 1Q Ebit Beats Estimates
- Thyssenkrupp (TKA TH) +0.6%
- Lufthansa (LHA TH) +0.5%
- Nordex (NDX1 TH) -0.5%
- Nemetschek (NEM TH) -0.9%
- Nemetschek Cut to Reduce at Baader Helvea; PT 92 euros
- TeamViewer SE (TMV TH) -1.1%
- Delivery Hero (DHER TH) -7.5%
SDAX:
- Verbio SE (VBK TH) +3.2%
- Verbio SE Raised to Hold at Deutsche Bank; PT 21 euros
- Ceconomy (CEC TH) +2.5%
- Ceconomy 1Q Adjusted Ebit Beats Estimates
- Hamborner REIT (HABA TH) +2.2%
- Metro (B4B TH) +1.6%
- MorphoSys (MOR TH) -0.8%
- MorphoSys Stock Traders Signal Doubt Over Novartis Deal Prospect
- SGL (SGL TH) -1.1%
>>> Up
* Adyen Raised to Outperform at KBW; PT 1,720 euros
* Adyen Raised to Outperform at Cowen; PT 1,740 euros
* Boliden Raised to Hold at Berenberg; PT 250 kronor
* Coor Raised to Buy at Nordea; PT 54 kronor
* Enel Chile ADRs Raised to Outperform at Grupo Santander
* Etteplan Raised to Accumulate at Inderes; PT 15 euros
* Femsa ADRs Raised to Buy at HSBC; PT $158
* Innofactor Raised to Buy at Inderes; PT 1.55 euros
* MTG Raised to Buy at ABG; PT 95 kronor
* Neste Raised to Buy at Inderes; PT 35 euros
* Neste Raised to Buy at Inderes; PT 35 euros
* Verbio SE Raised to Hold at Deutsche Bank; PT 21 euros
>>> Down
>>> Down
* Cemex ADRs Cut to Equal-Weight at Barclays; PT $9
* CBrain Cut to Hold at ABG; PT 260 kroner
* ContextVision AB Cut to Hold at Norne Securities; PT 10 kroner
* Equinor Cut to Sell at Danske Bank Markets; PT 250 kroner
* Eutelsat Cut to Sell at Deutsche Bank; PT 3 euros
* Everest Group Ltd Cut to Equal-Weight at Wells Fargo; PT $402
* Handelsbanken Cut to Sell at UBS; PT 106 kronor
* Handelsbanken Cut to Underperform at Mediobanca SpA
* Intrum Cut to Hold at SEB Equities; PT 40 kronor
* Komplett Cut to Hold at DNB Markets; PT 10 kroner
* Lululemon Cut to Underperform at BNPP Exane; PT $415
* Nemetschek Cut to Reduce at Baader Helvea; PT 92 euros
* Norske Skog Cut to Hold at Pareto Securities; PT 40 kroner
* Solar Cut to Hold at SEB Equities; PT 400 kroner
* Solvay Cut to Underweight at Morgan Stanley; PT 21.50 euros
* Spar Nord Cut to Hold at Danske Bank Markets; PT 120 kroner
* Spar Nord Cut to Hold at Danske Bank Markets; PT 120 kroner
* Unibail Cut to Hold at Jefferies; PT 78 euros
>>> Initiation
>>> Initiation
* Adidas Reinstated Overweight at Barclays; PT 218 euros
* Grafton Rated New Outperform at RBC; PT 1,140 pence
* Grafton Rated New Outperform at RBC; PT 1,140 pence
* Howden Joinery Rated New Outperform at RBC; PT 920 pence
* Keller Reinstated Buy at Berenberg; PT 1,250 pence
* Kier Rated New Buy at Berenberg; PT 210 pence
* Puma Reinstated Equal-Weight at Barclays; PT 42 euros
* SIG Rated New Sector Perform at RBC; PT 35 pence
>>> Call
>>> Call
Chinese equities in Hong Kong slumped for a third straight day amid public holidays in many markets in the region, including the mainland, after US shares inched to a record. The Hang Seng China Enterprises Index dropped 1%, paring earlier losses of as much as 2.5%, while the Hang Seng Index declined nearly 1%. Trading has been volatile in recent days as China attempted to stem the country’s equity market slump — and both gauges are currently higher for the week thanks to a big gain on Tuesday amid optimism around state support. Stocks are falling in Hong Kong as there is “no further positive policy from Mainland, and no stock connect inflows,” said Steven Leung, executive director at UOB Kay Hian Hong Kong Ltd. There seems to be limited buying interest in Hong Kong “other than those from southbound stock connect recently,” he added.
Markets closed early Friday in Hong Kong and Singapore, and are shut in mainland China, Taiwan, South Korea, Indonesia, the Philippines and Vietnam. US futures were little changed. The S&P 500 closed 0.1% higher Thursday, just below 5,000 — a threshold it hit briefly near the end of the session. The closing level set a fresh high. The Nasdaq 100 rose 0.2%. Meanwhile, back in Asia, China’s efforts to arrest a $7 trillion stock market rout are evoking memories from 2015, when Beijing took drastic steps to stem a crash. But, this time, investors say, the problems are much more entrenched. Australian equities were little changed and Japanese stocks rose, with the weaker yen offering some support. The currency steadied after slipping 0.8% against the greenback on Thursday, in the wake of comments from a Bank of Japan deputy governor suggesting the central bank will be in no rush to shift its easy policy settings. An index of the dollar was steady. Japan-listed SoftBank Group Corp. rallied as much as 10% after exceeding net income forecasts in its latest quarterly results and from further gains for Arm Holdings Plc, in which it owns a stake. Nissan shares slipped more than 9% after the company missed profit estimates. Treasuries were little changed in Asian trading after a decline on Thursday. Selling came even after the US government sold $25 billion in 30-year bonds at a lower-than-expected yield, in a sign of healthy demand. The 10-year yield rose three basis points Thursday and has added 13 basis points this week as investors adjust interest rate forecasts on strong economic data and comments from central bank policymakers. Federal Reserve Bank of Richmond President Thomas Barkin was the latest to reiterate the central bank has time to be patient before cutting rates. Fresh data on Thursday also underscored US economic resilience. Jobless claims fell just shy of consensus predictions, in a sign the labor market remains strong. Elsewhere, New Zealand yields and the currency climbed after ANZ Bank New Zealand Ltd. forecast that the central bank will raise interest rates twice more this year.
Nikkei +0.09% Hang Seng -0.83% CSI Closed Shanghai Closed Shenzen Closed
Eur$ 1.0773 CNH 7.2117 CNY 7.1969 JPY 149.37 GBP 1.2619 CHF 0.8742 RUB 91.1210 TRY 30.6779 WTI$ 76.07 -0.20% Gold 2,033 -0.05% BTC 46,109 +1.71% ETH 2,445 +0.80%
S&P -0.08% Nasdaq -0.03% EuroStoxx -0.06% FTSE +0.18% Dax +0.12% SMI -0.01%
Macro :
- Hedge Funds to Share More on Their Strategies Under SEC Rule
- China’s Property Crisis Is Starting to Ripple Across the World
- China’s Property Crisis Is Starting to Ripple Across the World
- Laggards Utilities, Real Estate Projected to Outpace the Mag 7
- Man Group Manager Sees Risk of Bank Defaults Spreading to Europe
- Putin Takes Hard Line on Ukraine in Tucker Carlson Interview
Keep an eye on :
Keep an eye on :
- 7936 JP : Asics FY Operating Income Forecast Misses Estimates
- AENA SM : Aena to Present 2022-2026 Strategic Plan Update on March 7
- AI FP : Mexico Expropriates Definitively Air Liquide Hydrogen Plant
- Altice France : KKR, Macquarie Said to Compete for Drahi’s French Fiber Company
- AMS SW : AMS-Osram Sees 1Q Adjusted Ebit Margin 4% to 7%
- APAM NA : Aperam 4Q Adjusted Ebitda Beats Estimates
- ARM US : Arm’s Massive Earnings Rally Supports Chip Stocks (Arm +48%, adds $38bil Mkt cap)
- CAP FP : Capgemini, Mistral AI to Partner on AI Models
- CPRI US : Capri Holdings Withholds Guidance on Merger with Tapestry
- AFX GY : Carl Zeiss Meditec 1Q Ebit Beats Estimates
- CA FP : Casino in Pact With Carrefour for Sale of 25 Stores, No Terms
- CO FP : Casino in Pact With Carrefour for Sale of 25 Stores, No Terms
- CE IM : Credito Emiliano FY Net Income Beats Estimates
- CEC GY : Ceconomy 1Q Adjusted Ebit Beats Estimates
- COLOB DC : Coloplast 1Q Net Income Misses Estimates
- EMSN SW : EMS-Chemie FY Ebitda Misses Estimates
- ENGI FP : Marubeni, Engie Said to Weigh Singapore’s Senoko Energy Exit
- ENTRA NO : Entra 4Q Net Operating Income Meets Estimates
- EXPE US : Expedia Falls as 4Q Gross Bookings Miss Estimates
- FFH CN : Fairfax Plunges on Muddy Waters Report in New Short-Seller Scrap
- FIM FP : Arnault Family in Talks for Stake in Webedia: Figaro (Feb. 8)
- RMS FP : Hermes 4Q Sales at Constant Exchange Rates Beats Estimates
- HTRO SS : Hexatronic 4Q Sales Beats Estimates; Downgrades Outlook
- ILTY IM : Illimity Bank 4Q Net Income EU29.4M Vs. EU24.7M Y/y
- IVG IM : Iveco 4Q Industrial Adj. Ebit Beats Estimates
- TKWY NA : Grab, GoTo Are Said to Revive Talks for Ride-Hailing Mega Merger
- KEMIRA FH : Kemira 4Q Oper Ebitda Beats Estimates
- KOG NO : Kongsberg 4Q Ebitda Beats Estimates
- KYTX US : Biotech Kyverna Surges 36% in Debut After Boosting IPO Size
- OR FP : L'Oreal's Sales, Profit Miss Expectations on Stagnating Chinese Beauty Market
- LDO IM : Leonardo Confirms 2023 Guidance
- MC FP : Arnault Family in Talks for Stake in Webedia: Figaro (Feb. 8)
- EMG LN : Man Group Manager Sees Risk of Bank Defaults Spreading to Europe
- MED IM : Mediobanca 2Q Revenue Beats Estimates
- MBG GY : Mercedes, Stellantis Battery Firm Nears €4.4 Billion Debt Deal
- MOBN SW : Mobimo FY Ebit Misses Estimates
- MRNA US / MGX US : Moderna-Backed Metagenomi Said to Price IPO at Bottom of Range
- MONT BB : Montea FY Adjusted EPS Beats Estimates
- MONT BB : Montea FY Adjusted EPS Beats Estimates
- MOR GY : MorphoSys Stock Traders Signal Doubt Over Novartis Deal Prospect
- Open AI : OpenAI’s Yearly Revenue Run Rate Tops $2b in December: FT
- OBEL BB : Orange Belgium FY Ebitda After Leases Beats Estimates
- RR/ LN : Blackstone, Rolls-Royce Bets Fuel 20% Gain for SurgoCap in 2023
- SRS IM : Vitol Offers €2.2/Share for Moratti Family Stake in Saras: MF
- SPM IM : Saipem: Algiers Appeal Court Fully Acquitted Unit Over GK3 Pact
- SPG US : Simon Property Announces $2b Share Buyback
- SKAB SS : Skanska FY Revenue Meets Estimates
- SHCO US : Soho House Defended at Citi; ‘Weakness Is A Buying Opportunity’
- STLAM IM ; Mercedes, Stellantis Battery Firm Nears €4.4 Billion Debt Deal
- STOCKA FH : Stockmann 4Q Net Sales Meets Estimates
- SWECB SS : Sweco 4Q Operating Profit Misses Estimates
- THULE SS : Thule 4Q Net Sales Misses Estimates
- UBI FP : Ubisoft 3Q Net Bookings Misses Estimates
- UCB BB : UCB Says Bimekizumab Shows Improvement in New Skin Disease
- VER AV : Verbund Sees 2024 Ebitda EU2.60B to EU3.30B
La famille Arnault prête à entrer au capital de Webedia
Un fonds du holding familial Agache négocie l’acquisition de 5 à 10% du capital du pôle média en ligne de Fimalac (Allociné, Purepeople, jeuxvideo.com...).
Une arrivée surprise se prépare au capital de Webedia. Selon nos informations, la famille de Bernard Arnault devrait bientôt devenir actionnaire minoritaire du pôle de médias en ligne du groupe Fimalac, propriété de Marc Ladreit de Lacharrière. Le PDG de LVMH, qui détient le groupe de presse Les Echos-Le Parisien, est prêt à investir dans l’entité française qui abrite les sites Allociné, Purepeople, easyVoyage, le 10 Sport ou encore Puremedias.
«Cette fois, Webedia n’a pas refait un processus formel de recherche d’un nouvel actionnaire en mandatant des banques comme en 2022, les discussions entre Marc Ladreit de Lacharière et Bernard Arnault sont bilatérales», confie un banquier d’affaires au Figaro. Les négociations pourraient se finaliser au cours des prochains mois. Agache, le holding de la famille Arnault détiendra 5% à 10% du capital, via la société de capital-risque Aglaé Ventures, qui réalise des investissements financiers dans le secteur de la Tech. Elle n’a donc pas vocation à prendre le contrôle de Webedia. Contacté, l’entourage de Bernard Arnault ne fait pas de commentaires, pas plus que celui de Marc Ladreit de Lacharrière.
Echec du processus de vente en 2022
Il y a trois ans, Fimalac avait officiellement mis en vente Webedia. Il espérait, à l’époque, en obtenir un milliard d’euros. Quelques acteurs français ou étrangers, à l’image de Vivendi, s’étaient penchés sur le dossier, avant de juger trop cher le prix demandé. D’autres espéraient en obtenir quelques morceaux dans une éventuelle une vente par appartement. En vain.
Fimalac a l'intention de garder Webedia en portefeuille encore quelques années, mais verrait d'un bon œil l'arrivée d'Aglaé Ventures et de son expertise technologique. Webedia est une entreprise singulière qui agglomère des activités médias, de divertissement et de jeux. Fondé en 2007 et racheté en 2013 par Fimalac qui en contrôle la quasi-totalité du capital, Webedia édite de grands portails thématiques en ligne sur le cinéma (Allociné, The Boxoffice Company), les jeux vidéo (Jeuxvideo.com), l'actu people ou féminine (Terrafemina, Purepeople, Puremedias), ou encore la cuisine, le voyage et le bien-être. Le pôle inclut également une activité de production audiovisuelle particulièrement présente dans le secteur de l'e-sport avec la chaîne ES1, et un puissant réseau d'influenceurs, qui compte notamment les stars du web Inoxtag ou Domingo (de son vrai nom Pierre-Alexis Bizot), présentateur de l’émission Pop Corn sur Twitch.
Water Level Projections Threaten Future Panama Canal Transits
By Tony Mulvey of FreightWaves
Dry season in Panama is in full swing, and the impacts to trade through the Panama Canal will remain challenged in the months to come. The situation in the canal, after a wetter-than-expected November, wasn’t as dire as many believed, allowing the number of daily transits to increase in January.
The Panama Canal forecast 24 daily transits in January, up from 20 previously expected for January and 18 previously expected for February. Throughout fiscal year 2023, 12,638 vessels traversed the canal, a daily average of 34 oceangoing vessels moving through the canal.
In the first four months of the canal’s fiscal year 2024, there were 3,233 transits across all vessel types, with the vast majority being Panamax vessels. The run rate for fiscal year 2024 of vessels through the canal is 9,700, 23% lower than the 2023 fiscal year throughput.
While container traffic receives a lot of attention, the tanker and dry bulk market will be heavily impacted as well. Through the first four months of fiscal 2024, chemical tankers have made up 25.6% of Panamax-class vessels that have traversed the canal. Liquefied petroleum gas carriers made up 25.5% of the Neopanamax traffic through the canal.
The water levels within the Panama Canal are largely to blame, but any hope for a significant rebound in water levels to boost throughput will likely be met with a harsh reality over the next few months.
The water levels are going to remain a challenge that has the potential to continue to derail vessel throughput. Gatun Lake, the manmade lake that vessels must traverse, had water levels at 81.2 feet as of Tuesday. Water levels in this critical portion of the canal have started 2024 at the lowest level on record, dating back to 1965.
Projections are for even lower levels over the next two months, falling below 80 feet in early April.
Three of the largest five ports in the U.S. rely on shipments that navigate through the Panama Canal: the Port of New York and New Jersey, the Port of Savannah, Georgia, and Port Houston. Over the past month, these three ports combined to handle 30% of total twenty-foot equivalent unit throughput. For reference, the two largest ports in the country: the Port of Los Angeles and the Port of Long Beach, accounted for 32% of the total U.S. throughput.
Import demand has picked up steam ahead of the Lunar New Year, which will provide a boost to overall imports that are trending above last year’s levels. This boost is being felt by the East Coast ports, like Savannah, where the Ocean TEU Volume Index is up over 40% in the past month.
The water crisis is creating increased delays as backlogs around the canal remain.
The limiting effects of the low water levels have created an additional six-day delay on average to the Port of Savannah from all ports around the globe. These delays are adding an extra day and a half to the scheduled transit times, which have also increased — nearly four days longer than they were this time last year.
These delays are even more impactful the further up the Eastern Seaboard you go. The Port of New York and New Jersey is having similar delays, around the six-day mark, but are over three days longer than they were last year.
Comparing these East Coast ports to their West Coast counterparts, the port pair delays for the Port of Los Angeles are under three days and nearly a day less than they were this time last year.
Mother Nature is outside human control, and if the water level projection holds true, the next couple of months could add to the ongoing crisis.
Brita snaps up smart water bottle startup, Larq
Smart water bottle-maker Larq this week announced that it has been acquired by filtration giant, Brita. More specifically, Brita GmbH, the German company founded in 1966, which spun off and sold its North/South American wing to Clorox in 1988.
Brita GmbH maintains the brand in the rest of the world, but it currently is barred from selling products under its own brand name in the Americas. Among other things, this acquisition provides the corporation a clear reentry point into the former market under an existing — if not widely known — brand.
Bay Area-based Larq, which was founded in late-2017, is best known for its line of smart water bottles, which utilize a UV light built into the cap in order to reduce the bacteria that accumulates inside the dark, damp object. The company has since expanded to a water pitcher, which combines the UV light with a standard water filtration more in line with what we’ve come to expect from Brita.
“They wanted to expand back into North America on their B2C side,” Larq founder and CEO Justin Wang tells TechCrunch. “Larq provided a natural extension of that, geographically. But also, from a premiumization and digital transformation perspective, that business is traditionally 70% to 80% offline. They’re in the process of doing a major digital transformation and we’re exactly the opposite. Seventy to 80% is online for us.”
Larq’s retail footprint is modest, with its product available in ~1,000 brick-and-mortar stores. While it currently has no footprint in the U.S., Brita GmbH has both huge reach in the international market and the kind of retail expertise that gets its foot in the door. Larq, meanwhile, would be spearheading online sales efforts.
Brita U.S. (Clorox) will remain the elephant in this specific room for the foreseeable future, but the company’s one-time parent is gearing up for an interesting battle — one in which it can’t use its own ubiquitous name.
Wang believes that both Larq and its new parent have the upper hand in terms of innovation, however.
“I think Clorox fundamentally runs that business more as a cash cow,” he says. “That’s what they do. Clorox acquires businesses, expands their footprint on store shelves and they squeeze every dollar they can out of it. Germany has depended more on innovating filters and their business models.”
Larq will maintain its current product portfolio, while looking to expand its offerings in ways that marry its technology with Brita. That will likely entail a continued focus on things like app connectivity and hydration tracking.