>>> US Early premarket gappers

Early premarket gappers

Gapping up:
META +17.2%, DECK +8%, CLX +7.4%, COUR +6.5%, AMZN +6%, CDXS +5.1%, CABA +4.5%, CI +4.2%, MTX +3.6%, CIFR +3.5%, PFSI +3.3%, RKLB +3.2%, POST +3.2%, TYRA +3%, HOLX +2.8%, PII +2.5%, PLTR +2.4%, NOV +2.2%, OTEX +2.1%, CPT +2.1%, HIG +2%, AZZ +2%, HCM +1.7%, DXC +1.6%, AEO +1.5%, ELF +1.4%, DASH +1.1%, MRCY +1%, REGN +0.9%, ADVM +0.8%
Gapping down:
SKX -10.8%, COLM -8.6%, TEAM -8%, EXPO -7.7%, CLFD -4.7%, BZH -4.6%, MCHP -3.7%, MATW -3.3%, LESL -3.2%, AAPL -2.7%, EMN -2.2%, GEN -1.8%, CTLP -1.6%, INTC -1.4%, RYI -1.4%

>>> Europe : Brokers Upgrades & Downgrades - 2nd of February 2024 V2(+)

>>> Up
* Amazon PT Raised to $200 from $185 at Morgan Stanley (+)
* Baillie Gifford US Growth Trust Raised to Buy at Stifel
* Coca-Cola Femsa ADRs Raised to Overweight at JPMorgan; PT $102
* Corteva PT Raised to $55 from $50 at Barclays (+)
* EasyJet Raised to Overweight at Barclays; PT 700 pence
* H&M Raised to Accumulate at Inderes; PT 165 kronor
* J. Martins Raised to Overweight at Morgan Stanley
* Lonza Raised to Buy at Deutsche Bank; PT 516 Swiss francs
* Lundin Mining Raised to Buy at Pareto Securities; PT C$13.28 (+)
* Meta Platforms PT Raised to $550 from $375 at Morgan Stanley (+)
* Novo Raised to Hold at DZ Bank; PT 820 kroner (+)
* Novozymes ADRs Raised to Buy at Jefferies; PT $64
* OCI Raised to Buy at Berenberg; PT 38 euros
* OKEA Raised to Buy at DNB Markets; PT 28 kroner
* PKO Bank Polski Raised to Overweight at Morgan Stanley
* Sabadell Raised to Neutral at Oddo BHF; PT 1.50 euros
* Sainsbury Raised to Equal-Weight at Morgan Stanley; PT 290 pence
* SAP Raised to Buy at Jefferies; PT 190 euros
* SAP ADRs Raised to Buy at Jefferies; PT $206
* UPM-Kymmene Raised to Accumulate at Inderes; PT 32 euros
* Volvo Car Raised to Hold at Stifel; PT 33 kronor
* Wise Raised to Buy at Jefferies; PT 1,024 pence
* Wizz Air Raised to Equal-Weight at Barclays; PT 2,200 pence
* Zalando Raised to Overweight at Morgan Stanley; PT 26 euros

>>> Down
* AB Foods Cut to Equal-Weight at Morgan Stanley; PT 2,500 pence
* Alphabet Cut to Accumulate at Phillip Secs; PT $154
* Amazon PT Raised to $220 from $190 at Barclays (+)
* Apple PT Cut to $190 from $205 at Piper Sandler (+)
* ATEME SA Cut to Reduce at IDMidcaps; PT 6 euros (+)
* Attendo Cut to Hold at ABG; PT 42 kronor
* Close Brothers Cut to Sector Perform at RBC
* Compass Group Cut to Neutral at BNPP Exane; PT 2,300 pence
* Detection Tech Oy Cut to Reduce at Inderes; PT 16 euros
* Europris Cut to Hold at Arctic Securities; PT 80 kroner (+)
* Genovis Cut to Hold at Nordea
* H&M Cut to Underweight at Morgan Stanley; PT 125 kronor (+)
* IMCD Cut to Hold at HSBC; PT 149 euros
* ING Cut to Hold at DZ Bank; PT 13 euros (+)
* IntegraFin Cut to Hold at Investec; PT 305 pence
* Kingfisher Cut to Underweight at Morgan Stanley; PT 233 pence
* Lectra Cut to Hold at SocGen; PT 35 euros
* Legrand Cut to Hold at SocGen; PT 97 euros
* Oaktree Specialty Cut to Market Perform at KBW; PT $19
* OTP Bank Cut to Equal-Weight at Morgan Stanley; PT 19,000 forint
* Rexel Cut to Sell at SocGen; PT 22 euros
* Saga Cut to Hold at Investec; PT 145 pence
* SRV Group Cut to Reduce at Inderes; PT 4 euros
* Starbucks Cut to Neutral at President Capital Management
* Talenom Cut to Reduce at Inderes; PT 6.30 euros
* Vestas Cut to Hold at Deutsche Bank
* Vetoquinol Cut to Hold at TP ICAP Midcap; PT 112 euros (+)

>>> Initiation
* Buzzi SpA Reinstated Outperform at Intermonte; PT 35.10 euros
* Cementir Reinstated Outperform at Intermonte; PT 12.60 euros
* Fincantieri Reinstated Underperform at Intermonte
* Intel Rated New Neutral at President Capital Management; PT $47
* Intel Rated New Buy at Huatai Research; PT $65
* MFE Reinstated Outperform at Intermonte; PT 4 euros
* Pluxee France Rated New Outperform at BNPP Exane; PT 37 euros
* Pluxee France Rated New Equal-Weight at Barclays; PT 28 euros
* Pluxee France Rated New Equal-Weight at Morgan Stanley
* Syensqo Rated New Buy at ING; PT 110 euros
* Watches of Switzerland Rated New Hold at Numis; PT 370 pence

>>> Call
* Goldman Sachs’ Rubner Says US Stock Market ‘Could Go Down a Lot’
* Lonza Raised to Buy at Deutsche Bank on Attractive Entry Point (+)

>>> Stoxx 600 Pre-Market Indications

  • AIB Group (A5G TH) +5.9%
  • Zalando (ZAL TH) +5.1%
    • Zalando Raised to Overweight at Morgan Stanley; PT 26 euros
  • Prudential (PRU TH) +2.7%
  • OCI (OIC TH) +1.9%
    • OCI Raised to Buy at Berenberg; PT 38 euros
  • Evotec SE (EVT TH) +1.7%
  • Mercedes (MBG TH) +1.6%
    • Mercedes Reports Strong Cash Flow on Lower Working Capital (1)
  • RWE (RWE TH) +1.6%
  • Delivery Hero (DHER TH) +1.4%
  • ASML (ASME TH) +1.4%
  • Bayer (BAYN TH) +1.2%
  • Diageo (GUI TH) -0.5%
  • Eni (ENI TH) -0.6%
  • Equinor (DNQ TH) -0.7%
  • TotalEnergies (TOTB TH) -0.8%
  • Shell (R6C0 TH) -0.8%
    • Oil Heads for Weekly Drop as Talks for Gaza Ceasefire Advance
  • Saint-Gobain (GOB TH) -1.3%
    • Compagnie de Saint-Gobain Acquisition
  • Vestas (VWSB TH) -1.7%
    • Vestas Cut to Hold at Deutsche Bank

>>> TradeGate Pre-Market Indications

DAX:
  • Zalando (ZAL TH) +5%
    • Zalando Raised to Overweight at Morgan Stanley; PT 26 euros
  • E.On (EOAN TH) +1.8%
    • E.On Prelim FY Adjusted Ebitda Beats Estimates
  • Mercedes (MBG TH) +1.7%
    • Mercedes Reports Strong Cash Flow on Lower Working Capital (1)
  • RWE (RWE TH) +1.6%
  • Porsche AG (P911 TH) +1.5%
MDAX:
  • Delivery Hero (DHER TH) +1.9%
  • HelloFresh (HFG TH) +1.6%
  • Aroundtown (AT1 TH) +1.4%
  • Evotec SE (EVT TH) +1.2%
  • Puma (PUM TH) +1%
SDAX:
  • MorphoSys (MOR TH) +3.3%
  • Heidelberger Druck (HDD TH) +2.4%
  • Metro (B4B TH) +2.4%
  • Deutsche PBB (PBB TH) +1.6%
  • Varta (VAR1 TH) +1.4%

>>> Europe : Brokers Upgrades & Downgrades - 2nd of February 2024

>>> Up
* Baillie Gifford US Growth Trust Raised to Buy at Stifel
* Coca-Cola Femsa ADRs Raised to Overweight at JPMorgan; PT $102
* EasyJet Raised to Overweight at Barclays; PT 700 pence
* H&M Raised to Accumulate at Inderes; PT 165 kronor
* J. Martins Raised to Overweight at Morgan Stanley
* Lonza Raised to Buy at Deutsche Bank; PT 516 Swiss francs
* Novozymes ADRs Raised to Buy at Jefferies; PT $64
* OCI Raised to Buy at Berenberg; PT 38 euros
* OKEA Raised to Buy at DNB Markets; PT 28 kroner
* PKO Bank Polski Raised to Overweight at Morgan Stanley
* Sabadell Raised to Neutral at Oddo BHF; PT 1.50 euros
* Sainsbury Raised to Equal-Weight at Morgan Stanley; PT 290 pence
* SAP Raised to Buy at Jefferies; PT 190 euros
* SAP ADRs Raised to Buy at Jefferies; PT $206
* UPM-Kymmene Raised to Accumulate at Inderes; PT 32 euros
* Volvo Car Raised to Hold at Stifel; PT 33 kronor
* Wise Raised to Buy at Jefferies; PT 1,024 pence
* Wizz Air Raised to Equal-Weight at Barclays; PT 2,200 pence
* Zalando Raised to Overweight at Morgan Stanley; PT 26 euros

>>> Down
* AB Foods Cut to Equal-Weight at Morgan Stanley; PT 2,500 pence
* Alphabet Cut to Accumulate at Phillip Secs; PT $154
* Attendo Cut to Hold at ABG; PT 42 kronor
* Close Brothers Cut to Sector Perform at RBC
* Compass Group Cut to Neutral at BNPP Exane; PT 2,300 pence
* Detection Tech Oy Cut to Reduce at Inderes; PT 16 euros
* Genovis Cut to Hold at Nordea
* IMCD Cut to Hold at HSBC; PT 149 euros
* IntegraFin Cut to Hold at Investec; PT 305 pence
* Kingfisher Cut to Underweight at Morgan Stanley; PT 233 pence
* Lectra Cut to Hold at SocGen; PT 35 euros
* Legrand Cut to Hold at SocGen; PT 97 euros
* Oaktree Specialty Cut to Market Perform at KBW; PT $19
* OTP Bank Cut to Equal-Weight at Morgan Stanley; PT 19,000 forint
* Rexel Cut to Sell at SocGen; PT 22 euros
* Saga Cut to Hold at Investec; PT 145 pence
* SRV Group Cut to Reduce at Inderes; PT 4 euros
* Starbucks Cut to Neutral at President Capital Management
* Talenom Cut to Reduce at Inderes; PT 6.30 euros
* Vestas Cut to Hold at Deutsche Bank

>>> Initiation
* Buzzi SpA Reinstated Outperform at Intermonte; PT 35.10 euros
* Cementir Reinstated Outperform at Intermonte; PT 12.60 euros
* Fincantieri Reinstated Underperform at Intermonte
* Intel Rated New Neutral at President Capital Management; PT $47
* Intel Rated New Buy at Huatai Research; PT $65
* MFE Reinstated Outperform at Intermonte; PT 4 euros
* Pluxee France Rated New Outperform at BNPP Exane; PT 37 euros
* Pluxee France Rated New Equal-Weight at Barclays; PT 28 euros
* Pluxee France Rated New Equal-Weight at Morgan Stanley
* Syensqo Rated New Buy at ING; PT 110 euros
* Watches of Switzerland Rated New Hold at Numis; PT 370 pence

>>> Call
* Goldman Sachs’ Rubner Says US Stock Market ‘Could Go Down a Lot’

>>> What to look at today - 2nd of February 2024

Most Asian equity benchmarks rose as a rebound in US shares extended into after-hours trading after a set of bumper results from tech giants. Australian and Japanese benchmarks rallied, while Greater China shares were mixed. Korean stocks surged over 2% and are heading for their best weekly gain since 2022. Futures for US equities also climbed after both the S&P 500 Index and the tech-heavy Nasdaq 100 Index rose over 1% on Thursday. In Korea, banks joined automakers and hardware tech firms in gains on the benchmark Kospi Index on expectations a regulatory push would boost valuations. The nation’s finance minister vowed to improve shareholder returns and corporate governance earlier this week. Meanwhile, Japan’s Aozora Bank Ltd. fell as much as 19%, taking its two-day decline to over 30%, after saying that it would report its first loss in 15 years due to soured debt tied to the US commercial property market.  Treasuries were steady in Asian trading after an advance Thursday that dragged the 10-year yield three basis points lower. An index of the dollar slipped, while the Australian dollar was the best performing currency among a Group-of-10 peers.
The moves in Treasuries come ahead of US nonfarm payrolls data due Friday which are expected to show a slowdown in new jobs added. Separate data released Thursday pointed to an increase in jobless claims, which suggested a softening in the labor market. Global stocks are heading for a second week of gains as traders continue to speculate that the Federal Reserve will cut interest rates in the coming months. A vow by Chinese authorities to maintain the strength of government spending is also helping sentiment. The rally in Treasuries and fresh demand for gold, that pushed the price of the precious metal higher for a fourth session on Thursday, signaled further angst over US regional banks. An index of US regional financials is on pace for its worst week since May last year, during the fallout of the banking crisis. The declines came as Citizens Financial Group Inc.’s chief executive said the issues that led to the collapse of several lenders last year are largely in the past.  Elsewhere, Japanese banking giant Mizuho Financial Group is likely to report a decline in third-quarter net income when it releases earnings today. In India, financial tech giant Paytm slumped another 20%, mirroring Thursday’s decline, as JPMorgan downgraded following restriction imposed by regulators on the company’s unit.

Nikkei +0.41% Hang Seng +0.45% CSI -0.26% Shanghai -0.62% Shenzen -2.00%

Eur$ 1.0880 CNH 7.1888 CNY 7.1796 JPY 146.48 GBP 1.2749 CHF 0.8573 RUB 90.3528 TRY 30.4555 WTI$ 74.18 +0.16% Gold 2,056 BTC 42,983 -0.18% ETH 2,299

S&P +0.58% Nasdaq +1% EuroStoxx +0.75% FTSE +0.80% Dax +0.79% SMI +0.66%

Macro :
- Goldman Sachs’ Rubner Says US Stock Market ‘Could Go Down a Lot’
- Citi Expects Big Year for India M&As With Flows From All Corners
- Gamble on US Commercial Property Blows Up for Japan’s Aozora
- Zelenskiy Asks EU to Provide Ukraine With €18 Billion in 2024
- Money Funds Topping $6 Trillion Is a Bearish Sign for Stocks
- $560B Property Warning, Bank Slump is Over: Financials Wrap

Keep an eye on :
- ADP FP : Dassault, ADP Partner on Sustainable Fuel at Paris-Le Bourget
- AFRY SS : AFRY AB 4Q Operating Profit Beats Estimates
- AF FP : KLM Equipment Services Becomes Part of TCR International NV
- AMZN US : Amazon Gains After Robust Sales, Strong Profit Outlook
- AS US : Amer Sports to Focus on Growth After Frustrating Share Offer
- 2020 HK : Anta Sports Gains After Amer Sports Rises in US Debut
- AAPL US : Apple China Slowdown Sparks Fears That Prized Market Is at Risk
- Athene Airport IPO : Greece Is Said to Raise €785 Million in IPO of Athens Airport
- ATGE US : Short-Seller Target Adtalem Halted for Trading on Pending News
- BNP FP : BNP Paribas Plans to Hire Nordic Bankers to Capture ESG Business
- BP/ LN : Fuel Prices in US Start to Rise as BP Shuts Major Refinery
- BRNK GY : Branicks Says Bridge Lenders Agreed to Suspend Some Conditions
- CABK SM : CaixaBank 4Q Net Income Misses Estimates
- CLASP SP : BlackRock JV Bought CapitaLand Ascott’s Citadines Mount Sophia
- CLX US : CLOROX CLIMBS 4.7% POSTMARKET AFTER BOOSTING FORECAST
- DANSKE DC : Danske Bank Sees 2024 Net Income DKK20B to DKK22B
- AM FP : Dassault, ADP Partner on Sustainable Fuel at Paris-Le Bourget
- DIS US : Peltz Makes Pitch for Restarting Disney’s Creative Engine
- ELI BB : Elia Group to Invest $400m in EnergyRe Giga Projects
- EMN US : Eastman Chemical 4Q Adjusted EPS Beats Estimates
- ENI IM : Indonesia, Eni Sign MoU on Biofuels, Carbon Capture Development
- EOAN GY : E.On Prelim FY Adjusted Ebitda Beats Estimates
- EOAN GY : EON's 2023 Profit Boom Unlikely to Solve Growth Concerns: React
- RACE IM : FERRARI SHARES POST RECORD 13% GAIN TO CLOSE AT A NEW HIGH
- RACE IM : Lewis Hamilton to Join Ferrari F1 Team in 2025, Leaving Mercedes
- GRF SM : Grifols Board to Limit Founding Family’s Power: El Confidencial
- HNSA SS : Hansa Biopharma 4Q Net Loss SEK126.2M, Est. Loss SEK212.7M
- HUSQB SS : Husqvarna 4Q Adj. Oper Loss SEK168M, Est. Loss SEK324.1M
- HOLX US : Hologic: Genius Digital Diagnostics System Gets FDA Clearance
- IDR SM : Indra Hires AZ Capital to Buy Stake in Tankmaker JV: Expansion
- BAER SW : Inside Julius Baer’s Failed Gamble on Benko’s Real Estate Empire
- LDO IM : Leonardo Defense to the Fore; Opportunity Is Multiyear: BI Focus
- LEHN SW : Lem Cuts FY Sales Forecast, Misses Estimates
- LIFCOB SS : Lifco 4Q Net Sales Misses Estimates
- EMG LN : Man Group Drops GLG Brand and Boss Under New CEO’s Revamp
- MAT US : Activist Urges Mattel to Seek Options for Fisher-Price, American
- MOVE SW : Medacta FY Revenue Meets Estimates
- MBG GY : Mercedes Prelim FY Industrial Free Cash Flow Beats Estimates
- META US : Meta Platforms Soars After ‘Spectacular’ Results --> +15%
- META US : Zuckerberg to Get $700 Million a Year From Meta’s New Dividend
- MUSTI FH : Flybird Extends Musti Group Tender Offer to Expire Feb. 15
- NVDA US : Nvidia CEO Says Nations Seeking Own AI Systems Will Raise Demand
- PUB FP : Publicis Health Sees $213m Charge for Opioid Related Settlement
- SBBB SS : SBB’s Associated Company PPI Is Investigating IPO, Oslo Listing
- STLAM IM : Italy Jan. New Car Sales Rise 10.61% Y/y
- SDRY LN : Hedge fund builds stake in Superdry
- 4502 JP : Takeda Shares Edge Higher as 3Q OP Beats Estimates: Street Wrap
- TOM2 NA : TomTom Sees 2024 Revenue EU570M to EU610M, Est. EU592M
- TRELB SS : Trelleborg 4Q Adjusted Ebita Beats Estimates
- UBSG SW : Ex-UBS Banker’s New Hedge Fund to Bet on Share Sale Rebound
- X US : U.S. Steel 4Q Net Sales Beats Estimates: Snapshot
- VK FP : Vallourec Prelim 4Q Ebitda Above EU275M, Est. EU221M
- VOW GY : Volkswagen Investing $1.8 Billion in Brazil, Betting on Hybrids

WWD : Three Italian Men’s Brands Making a U.S. Push at Chicago Collective

Three Italian Men’s Brands Making a U.S. Push at Chicago Collective
Outerwear specialists Sealup and Cortigiani and tailoring brand Belvest are among Italy's menswear players hoping to increase their footprints in the U.S.

MILAN — The appetite of American consumers for Made in Italy remains strong, and brands from the country want to nab bigger slices of the U.S. market. The Chicago Collective trade show is dedicating a spotlight section to 62 menswear players from Italy as part of a tie-up with ITA (Italian Trade Agency), the governmental agency that supports the business development of local companies abroad.

Focused on updating the quintessential Italian style and waving the flag of the country’s fashion know-how, here are three exhibitors to check out at the fair.

Sealup
Established in 1935 by Piero and Germana Chiesa, Sealup has been specializing in weatherproof and technical outerwear for four generations. Best known for its raincoats and peacoats blending form and function, the brand is infused with Milanese spirit in the way it combines understated elegance and a pragmatic approach to dressing.
In light of such a long-standing expertise in the field and history — punctuated by collaborations with designers such as Walter Albini in the ‘70s — Sealup’s collections often take inspiration from its archives filled with more than 2,500 samples, reinventing and updating styles with new treatments and sustainable elements in tune with consumers’ new demands.

Some of these pieces will be showcased in Chicago, along with the newest styles inspired by the brand’s claim “Rain & Sea.” The former will be represented by trenchcoats and raincoats cut in essential silhouettes and crafted from different materials, ranging from classic cotton gabardine to a waterproof cotton and nylon blend that lends a velvety finish to the garment. The “sea” counterpart mirrors the approach in peacoats that run gamut from water-repellent wool cloth to fine cashmere. In sync with Sealup’s eco-oriented commitment, quilted styles come with animal-free wadding in the graphene material.

Hinged on a timeless color palette of navy, military green and beige tones, the collection also offers sweatshirts and accessories embellished with anchor-shaped hand-embroidered patches or the Sealup logo.
The brand has been increasingly expanding its assortment to womenswear and knitwear, ranging from mariniere and fisherman ribbed styles to Irish cable knits, as well as sportier solutions such as sweatshirts and hoodies. As for the accessories, hats, bags and umbrellas add to occasional collaborations, the most recent of which saw Sealup tip-toeing into footwear with a sneaker style developed with Italian brand Velasca.

With an average price of $550 for apparel and $1,500 for outerwear, the brand is mainly distributed in Europe, Japan and the U.S. In addition to its flagship store in Milan’s arty neighborhood of Brera, Sealup is available at 150 department stores and multibrand stores in the domestic market, including Rinascente, Al Duca d’Aosta and Franz Kraler. These add to roughly 100 doors scattered across Europe and 50 retailers in Japan, such as Isetan, United Arrows and Tomorrowland, to name a few. The brand’s most recent market, the U.S., counts about 20 stockists, including Mr. Sid and Button Down.

Cortigiani
Like many in the Italian fashion industry, family-owned menswear brand Cortigiani was originally established as a third-party knitwear manufacturer in the early ‘80s on the outskirts of Padova, in Italy’s Veneto region. Its link with luxury brands allowed cofounders Roberto Ziero and Donato Cecchin to strengthen their know-how and fueled their business ambitions.


In 1992, Cortigiani introduced a namesake house brand building on its manufacturing prowess and Made in Italy supply chain to offer a total menswear look. Over the years the brand has accrued recognition for its outerwear for the combination of sartorial techniques and silhouettes with technical and performance features. Case in point, the fall 2024 collection’s hero piece, a down-filled parka, is double faced and crafted from extrafine wool and high-end nylon.

Backed by strong performances over the past couple of years, Cortigiani is plotting its next growth phase. In the first half of 2024, the label will open its third retail outpost in Milan. It currently operates two freestanding boutiques in tony ski resort destination Cortina d’Ampezzo, Italy, and in the seaside town of Puerto Banús, Spain.

“The year 2024 will be crucial for Cortigiani, marking a turning point,” said chief executive officer Ziero. “Backed by strong performances in 2022 and even more so last year, when sales jumped 20 percent year-on-year, we believe this is the right moment to kick off an expansion strategy that moving from Italy is aimed at furthering our footprint in Europe.”

The brand counts about 90 stockists globally including specialty boutiques in the Mitchells Family of Stores network and 90 percent of Cortigiani’s business comes from exports, with Europe, the U.S. and Asia, among the driving regions.

Attending the Chicago Collective trade show for the first time, Ziero highlighted the company’s big expectations from the fair. “Sales in the U.S. represent a good portion of our exports. We expect 2024 to mark a double-digit growth in the country, as Made in Italy remains top of mind there for luxury consumers.”

The fall collection originally debuted at Pitti Uomo in January furthers Cortigiani’s penchant for blending Italian sartorial style with sportswear elements.

Filled with luxurious fabrics including ultrafine cashmere often paired with high-tech materials such as outdoor-proof, three-layer membranes, the collection — all done in a neutral color palette of grays, beiges, buttery whites as well as occasional navy blues — has a luxe-leisure undercurrent and ticks all the boxes in the ongoing outdoorsy trend.

High-end down jackets are lightweight and cocooning — and particularly handsome when cut as overshirts and paired with textured knits, zippered sweaters and cargo pants done in tailoring fabrics or denim blended with cashmere. Woolen field jackets and tracksuits tap into the indoor-outdoor conversation happening this fashion season. The collection retails between $600 for entry-price knits to $3,500 for outerwear.

Belvest
Over the past 60 years, the Padova-based brand Belvest has been an example of Italian craftsmanship. It was founded in 1964 by Aldo Nicoletto, who wanted to offer ready-to-wear garments made according to the sartorial tradition but with a contemporary fit and modern style.

In 1972, the company presented its collection for the first time at the menswear trade fair Pitti Uomo in Florence, which attracted the attention of foreign buyers. In 1978, the brand introduced the made-to-measure service with two important innovations meant to become main features of the brand: the deconstructed jacket and lightweight canvas.

For its latest collection, Belvest drew inspiration from nature, travel and art and in terms of colors, it looked into fall and winter shades, ranging from warm tones of orange to brown, and different shades of blue.

Signature pieces of the brand such as the natural soft jacket and the “Jacketinthebox” wool jersey jacket are also featured in the collection. The former is part of a line of tailored garments with soft shoulders and regular fit. The “Jacketinthebox” is a patented trademark since 1998 and has a deconstructed structure, half canvas and horsehair on the shoulders and it’s enriched by deconstructed details including contrasting fabric piping.

Wool and cashmere sweaters, ties with geometric or striped patterns and cotton and cashmere jersey shirts complete the offering. The color palette for the shirts range from camel, dark green and chocolate brown to white.

The brand utilizes natural materials such as mohair wool, yak hair and black sheep wool, which does not undergo any dyeing or chemical treatment, preserving the natural colors spanning from black or gray to brown.

Average retail prices start from $1,141 for jackets and swing between $1,751 and $6,916 for coats and between $158 and $305 for shirts.

Belvest collections are distributed in Europe, Japan, South Korea and the U.S. across wholesalers such as Barneys Japan, Tomorrowland and Stanley Korshak, among others.

WSJ : A U.N. Agency Is Accused of Links to Hamas. The Clues Were There All Along

A U.N. Agency Is Accused of Links to Hamas. The Clues Were There All Along.
The Western-funded group providing lifesaving aid in Gaza has long struggled to defend its neutrality from militants

For years, international relief workers and the Israeli military have reported weapons caches occasionally found in schools operated by the United Nations Relief and Works Agency, the organization that for decades has provided schooling, healthcare and other assistance to Palestinian refugees in Gaza.

They learned of underground tunnels beneath Unrwa facilities and the theft by Hamas of agency-provided fuel and aid. Some had run-ins with teachers over textbooks promoting the hatred of Jews and Israel.

In 2014, part of the parking lot at the Unrwa headquarters in Gaza began sinking, likely from a Hamas tunnel dug beneath. “No one talked about what was causing the collapse,” a former Unrwa official said, “but everyone knew.”

Suspicions that Hamas and other militant groups wielded untoward influence over Unrwa spread worldwide this week after Israeli intelligence reported that a dozen employees of the U.N. agency allegedly participated in the Oct. 7 attacks on Israel.

What began as a small agency providing tents, food and other emergency relief for refugees of the 1948 Arab-Israeli war has grown into an organization with a staff of 30,000 people, nearly all Palestinians, operating in Gaza, the West Bank, Jordan, Lebanon and Syria. Western nations pay for most of its roughly $1.3 billion budget.

Its future is now in doubt. Western donors are questioning whether the agency has become irrevocably radicalized. The U.S. is among 18 countries that have suspended funding, including most of Unrwa’s largest givers.

Six Unrwa employees were allegedly among the thousands of Palestinians and Hamas militants who entered Israel on Oct. 7, in an assault that killed the most Jewish people since the Holocaust and sparked a war that threatens the region.

Several of the assailants were from Unrwa schools, including an Arabic teacher and a math teacher, according to Israeli intelligence reports viewed by The Wall Street Journal. Six other agency workers allegedly coordinated logistics for the assault, helped provide weapons, or were told to report to staging grounds for the attack.

Israeli intelligence estimates that 10% of the agency’s 12,000 staff in Gaza are affiliated or have membership in Hamas or Palestinian Islamic Jihad and half the employees have a close relative with an active membership in the militant groups. Since Hamas has both a military and political wing, affiliation doesn’t mean membership in the armed group.

“Unrwa is totally infiltrated with Hamas,” Israeli Prime Minister Benjamin Netanyahu told a meeting Wednesday of U.N. ambassadors in Jerusalem, saying it was time for the agency to be scrapped and replaced by other U.N. or aid agencies that would operate in a neutral fashion. “We need such a body today in Gaza. But Unrwa is not that body.”

Secretary of State Antony Blinken said this week the U.S. hasn’t done its own investigation into Israel’s claims but called them “highly, highly credible.” Even so, American officials have also said the actions of individuals shouldn’t taint the entire agency, a sentiment echoed in other donor countries.

Unrwa officials questioned the Israeli assessment. “What qualifies an alleged involvement?” Unrwa spokesperson Tamara Alrifai said. “Since when is someone accountable for what their cousin does?”

Phillipe Lazzarini, Unrwa’s director general, said the agency took swift action to fire the employees alleged to have been involved while the U.N. continues its investigation. Two others died. He said the West’s funding freeze amounted to “collective punishment.”

Aid agencies say Unrwa holds the biggest role in providing shelter and lifesaving aid to the vast population displaced by Israel’s campaign to eradicate Hamas, which has killed more than 26,000 people, according to local authorities. The numbers don’t distinguish between combatants and civilians. U.N. Secretary-General António Guterres pleaded Tuesday with representatives of donor countries to resume aid, his spokesperson said.

Besides providing schooling and healthcare, Unrwa maintains streets, sewage and water systems in the sprawling neighborhoods of refugees that it oversees. Israeli officials say that by taking care of such municipal tasks, the U.N. agency freed up Hamas, Gaza’s de facto authority, to expand its terrorist capacities over the years, including construction of an estimated 300 miles of underground tunnels.

The tunnels are believed to be holding many of the more than 100 Israeli hostages who remain in Gaza. One tunnel found in 2020 had an entrance inside a food distribution warehouse operated by Unrwa, according to images viewed by the Journal.

Beyond the current humanitarian crisis, Unrwa is in some ways too big to fail, especially in Gaza, say some Israeli and former agency officials. U.S. officials said the funding freeze is temporary.

Whatever is learned about the U.N. agency’s role before, during and after the Oct. 7 attack will figure largely in its postwar future. U.S. officials expect to see fundamental changes at the agency before it resumes direct funding, U.S. Ambassador to the U.N. Linda Thomas-Greenfield said Tuesday.

“I can’t from personal knowledge say how entwined Hamas is with Unrwa,” said James Lindsay, the legal counsel for Unrwa from 2000 to 2007. “Unrwa minimizes the problem, and Israel tries to maximize it. The truth is probably somewhere in between.”

By the book
Some teachers on Unrwa’s payroll voiced support for the Oct. 7 attack, according to conversations in a Telegram group for contract workers for the agency’s Gaza school system. The information, prepared by UN Watch, a pro-Israel advocacy group, was presented Tuesday to a House Foreign Affairs subcommittee hearing in Washington. Transcripts of the alleged conversations were reviewed by the Journal.

As Hamas mounted its attack, one group member wrote, “Our boys are inside on jeeps,” and “God protect them and bring them back safe.” Another person said she wanted to raise her children to emulate the Oct. 7 attackers. Both people were said to be linked to Unrwa’s payroll by UN Watch.

Unrwa, which helped pioneer schooling for girls in Arab countries, has a record of helping refugee students outperform their peers at public schools in host countries. Among its graduates is a NASA engineer. Israel has long criticized classroom lessons at Unrwa schools for stoking grievances and inciting violence.

Unrwa’s Gaza and West Bank classrooms teach the Palestinian Authority curriculum and use the same textbooks taught by Hamas. Several of the books inject doses of antisemitism and martyrdom into class exercises, the Journal found.

One textbook to teach fifth-grade reading comprehension features Palestinian militant Dalal Mughrabi, who joined a 1978 terrorist attack that killed 38 Israelis, including 13 children. Middle-school science students learn physics accompanied by images of Palestinians using slingshots to hurl rocks at Israeli soldiers.

Unrwa said it uses the same national curriculum wherever it operates. The agency said it reviews problematic content and, while not removing it, offers teachers guidance for offering criticism, context or skipping the lesson, and provides supplementary materials to teach tolerance. A U.S. Government Accountability Office report in 2019 said teachers weren’t given such guidance or the supplementary materials.

Militants began to make extensive use of Unrwa facilities to shield their activities during the 2014 conflict with Israel, according to Israeli military officials. Unrwa said it found weapons kept in three of its schools. Israel also identified at least 28 incidents of militants firing projectiles from close to a Unrwa school or facility.

Unrwa staff told Israeli officials at the time they had found rockets in an Unrwa elementary school in Gaza. When Israel asked what happened, the agency said it called local authorities, linked to Hamas, to collect them, according to two former Israeli military officials.

Then-U.N. Secretary-General Ban Ki-moon expressed outrage that rockets had not only been found in an Unrwa school but then went missing. Militants, he said, were responsible for “turning schools into potential military targets.”

Unrwa criticized Hamas in 2021 for commandeering one of its schools and for tunneling under Unrwa facilities. The agency said the following year that it had identified a “man-made cavity” beneath the grounds of a school in Gaza.

Alrifai, the Unrwa spokeswoman, said in an interview that Unrwa checks schools for weapons and immediately reports any findings to donor countries. Any crimes by small numbers of teachers shouldn’t condemn an entire school system, she added. “I sometimes wonder if we can hold the entire U.S. education system accountable for one mass shooting from someone who went to a school,” she said.

Unrwa has had at least 152 of its Palestinian staff killed so far during the war in Gaza. Thousands continue to work handing out food and medicine, many of them displaced themselves.

The agency emerged from the turmoil after World War II, when borders were redrawn and millions of refugees displaced worldwide. Shortly after Unrwa was founded, the U.N. created its Office of the High Commissioner for Refugees. It focused on long-term resettlement and rehabilitation for refugees who couldn’t return to their homes.

Arab countries and Palestinian refugees didn’t want Unrwa to be part of that refugee office because they opposed permanent resettlement. The refugees wanted to return to their lives in Israel, a right blessed by the U.N.

During the 1950s, neighboring Arab states and many refugees refused to take part in U.S.-backed proposals for homes outside of Israel. One was an agricultural development project in the Jordan Valley that would have created a permanent home for 200,000 refugees.

American officials at the time warned of trouble. “The presence of three quarters of a million idle, destitute people whose discontent increases with the passage of time, is the greatest threat to the security of the area,” George McGhee, U.S. Assistant Secretary for Near Eastern Affairs, said in 1950.

Unrwa’s unique definition of a refugee extends even to Palestinians holding citizenship and fully resettled in other countries, including Jordan and the U.S. Two of Unrwa’s five areas of operations, Lebanon and Syria, refuse to nationalize Palestinians. Other than Jordan, no Arab country has agreed to resettle Palestinians en masse.

Neighborhoods of impoverished refugees overseen by Unrwa became fertile ground for Palestinian nationalism and militancy. The Trump administration cut off funding for the agency in 2018, saying “The fundamental business model and fiscal practices that have marked Unrwa for years—tied to Unrwa’s endlessly and exponentially expanding community of entitled beneficiaries—is simply unsustainable.” The Biden administration restored funding in 2021.

Starting 2007, when Hamas took power in a coup, Unrwa leaders trying to enforce the agency’s neutrality in Gaza faced threats and attacks. That year, John Ging, the agency’s local head, was in an Unrwa convoy when armed militants blocked its path and tried to enter the vehicles. They fired shots, but Ging wasn’t harmed.

Two years later, Ging suspended aid imports to Gaza after Hamas stole hundreds of tons of food and other assistance as it arrived. Days later, Hamas returned the goods.

A former top Unrwa official, who oversaw the firing of employees with suspected links to Hamas and the removal of weapons from schools, left Gaza in 2015 after death threats, including a box with a grenade, said people familiar with the incident.

Evidence mounted that Hamas was burrowing into the U.N. agency. In 2017, the longtime head of Unrwa’s union in Gaza, an elementary school principal, resigned after it was revealed that he was elected to Hamas’s political leadership.

In 2021, Israeli warplanes bombed roads near the Unrwa headquarters in Gaza during a brief conflict with Hamas. Unrwa’s Gaza chief at the time, Matthias Schmale, raised protests after he acknowledged the precision of Israeli strikes on Israeli TV. Hamas said it couldn’t guarantee his safety, and he left Gaza. He said later in a radio interview that it was a “safe assumption” that Hamas tunnels ran near or under Unrwa schools.

Some in Israel’s government want the agency abolished. Others worry there is no better option, especially for delivering emergency aid. Ronny Leshno-Yaar, former head of the Israeli Foreign Ministry’s unit on U.N. agencies, said Israel’s diplomatic position has been “until there is an alternative, we need Unrwa.”