FT : Paris SUV vote sets up Europe’s battle over large cars

Paris SUV vote sets up Europe’s battle over large cars
Sunday’s referendum will decide whether to raise parking fees for vehicles that are getting bigger and more popular

When Parisians vote next Sunday on whether to punish SUV owners with higher parking fees, the French capital’s leaders hope the outcome will not only inspire cities across Europe to follow suit if the referendum goes their way; they want to send a signal to the companies that make them too. 

“Our aim is to send a very strong message to carmakers — they shouldn’t be making these types of cars, they should be completely banned,” said David Belliard, one of the deputy mayors of Paris who is in charge of transport.

A green party politician in Socialist mayor Anne Hidalgo’s governing coalition, Belliard instigated just such a ban last year of e-scooter operators on the city’s streets with a similar referendum.

While Paris has brought in some of the toughest car restrictions in Europe over recent years, this time it did not have the legal means to ban the supersized vehicles from the roads. 

Instead, Parisians are voting on raising parking costs, which could result in rates tripling to as much as €18 an hour in parts of the city centre. The vote comes amid a growing debate about the role of cars in cities that risks becoming a problem for manufacturers.


That tension has focused on the 4x4s or sports utility vehicles imagined for rough terrain and once confined to farmers and park rangers, which are now taking over European roads.

Sales in 28 European countries, including the UK, rose from one in five cars in 2014 to more than half last year, according to figures from Jato Dynamics, a data group. In some countries, the takeover has been striking: in Croatia, sales rose from 12 per cent of the total to almost 60 per cent in a decade.

Environmental groups as well as politicians such as Belliard argue that SUVs combine several problems in cities. 

The fuel-hungry cars emit more air pollution and carbon emissions than regular vehicles, take up more road space and pose a higher risk to pedestrians and cyclists in crashes. Even the electric models that are succeeding today’s combustion engine versions are decried as unnecessarily big and more polluting due to their larger batteries.

Carmakers, for whom SUVs are increasing profit pools commanding bigger margins than smaller cars, say this is what consumers want.

“I have a deep respect for the lifestyle of my customers,” said Carlos Tavares, chief executive of Stellantis, the manufacturer of France’s Peugeot and Citroën as well as Jeep of the US, when asked about the Paris push.

Modern SUVs, which are better engineered than older models, have now largely pushed the minivans some families used to buy out of the market.

“Customers like SUVs, because of the higher driving positions, and they like the versatility that it offers,” said Mike Hawes, head of the Society of Motor Manufacturers and Traders, which represents the UK car industry.

Paris would not be the first city to bring in harsher SUV fees. France’s third-biggest city Lyon has already introduced higher charges.

Several London boroughs, including Greenwich, Lambeth and the City of London, have parking based on the vehicles’ tax band that ensures higher charges for larger or more emitting models, and Tübingen in Germany and parts of Montreal in Canada all have weight-based parking charges.

But the French capital is seen as something of a trendsetter on mobility. It has rapidly deployed cycle highways since the pandemic, introduced low emission zones, pedestrianised big traffic arteries and plans to ban cars that use diesel from 2025.

“What happens in Paris won’t stay in Paris,” warned Jens Müller, deputy director of the Clean Cities Campaign at Transport & Environment, an environmental lobby group. He added it would set a “strong signal for others to follow.”


The higher fees would vary by arrondissement and not apply to Parisians who have parking permits in their immediate vicinity. But owners of cars weighing over 1.6 tonnes would be hit by varying degrees if they leave their neighbourhoods.

Voter turnout might end up being small. But polling so far has shown roughly 60 per cent of Parisians are in favour of the higher fees.

Part of what has incensed anti-SUV campaigners is the promotion around the vehicles. 

“They’re presented to us in ads in the cinema, in magazines, with this idea of a promise of freedom,” said Belliard. However, consumers are becoming more aware of the gap between image and reality, and “their image is worsening,” he added. “I hope that will be reflected at the ballot box.”

Late last year, the UK advertising regulator ruled that a Toyota advert that showed Hilux pick-up trucks swarming across a riverbed could be banned, saying it showed “no regard for the environmental impact of such driving”.

Campaigners argue that consumers have been swindled into thinking they need a two-tonne machine to go shopping or do the school drop-off.

There is also a size issue, with SUVs getting bigger by an average of 1cm every two years, according to Transport & Environment. EU rules currently permit SUVs and other cars to be as wide as a bus. 


If anything, however, carmakers are doubling down. In the US, Chrysler was the first company to phase out traditional cars from its brands, making only SUVs, “crossovers” and pick-up trucks. Ford and General Motors have since both followed suit. 

In Europe, carmakers are making even non-SUV cars that emulate their high-riding cousins: VW raised the driving height of the latest Golf car, while Ford phased out the small Fiesta but kept selling the Puma, a similar version that is more elevated. 

Defenders of the cars say SUVs are one of the biggest segments for electric innovation. 

The top-selling car in the world last year was the electric Tesla Model Y smaller SUV, which overtook Toyota’s RAV4, another compact SUV.

“In my opinion this upcoming penalisation is more political than factual,” says Felipe Munoz, an analyst at data group Jato Dynamics. “When we talk about emissions, the biggest progress in terms of reduction has come from the SUV segment, as it is the one that has received more electric models over the last years.”

For car executives, the outcome of the Paris vote may not be an immediate concern in terms of losing sales momentum, although it is another signal that political attitudes are moving fast on cars, heaping uncertainty on their longer-term plans.

Tavares at Stellantis struck a defiant tone, showing that SUVs were not about to disappear.

“If France does not want SUVs, fine,” Tavares said, adding there were other spacious but smaller car models that consumers could opt for too. “I will sell sedans and hatchbacks to them, and SUVs to other markets.”

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • POWL +16.3%, MANH +11.2%, ASH +6.5%, SYK +4.6%, EQR +4.5%, ALLO +4.2%, NMR +4.2%, SWKS +3.5%, CRBP +3.3%, SBUX +3.2%, APAM +3%, RNR +2.8%, TEVA +2.7%, ORIC +2.3%, CB +2%, NAVI +1.9%, SAN +1.8%, ATGE +1.7%, ERJ +1.6%, SLB +1.6%, WMT +1.2%, ALSN +0.8%
  • Gapping down:
    • AMSC -15.1%, RHI -8.9%, MOD -8.7%, TER -7.3%, AMD -6.6%, GOOG -5.7%, FCF -5.6%, MDLZ -4.5%, ATKR -4.3%, LC -3.7%, LFUS -3.5%, NVS -3.2%, TSLA -2.9%, PCVX -2.7%, SLDB -2.2%, HA -2.2%, TMO -2.1%, EA -2%, CP -1.8%, AVGO -1.7%, DELL -1.6%, BXP -1.4%, MSFT -1.2%, GSK -1.1%, ICFI -1%, FBIN -1%, UNM -0.9%, IMCR -0.8%, AX -0.8%, JNPR -0.8%

FT : A Balkanisation threat for the Muskonomy


A Balkanisation threat for the Muskonomy
On and on he seems to go, but we won’t know what we’ve got ‘til it’s gone

Elon Musk wants you to know he’s a bit bored of cars. He built a ridiculous one but it didn’t make him happy. He turned the EV industry pacesetter into a mass-market producer of generic-vehicle-shaped-objects, which didn’t make him happy. He put the world’s most valuable marque on knick-knacks for the purpose of owning the libs, and it didn’t make him happy.

What might make him happy? Is it money? Per MainFT:

Elon Musk’s xAI is in talks to raise up to $6bn, as the Tesla and X chief looks to global investors, including in Hong Kong, to finance his challenge to Microsoft-backed OpenAI.

The billionaire’s artificial intelligence start-up has courted wealthy individuals and investors around the world in recent weeks, according to multiple people familiar with the matter.

According to four people, these talks have included family offices in Hong Kong, the territory that is increasingly controlled by Beijing.

Three people with knowledge of the talks said Musk hoped to raise as much as $6bn in fresh equity capital for xAI at a proposed valuation of $20bn. However, the people cautioned that negotiations were ongoing and that the Tesla chief was still testing investor appetite for such large sums.

The xAI fundraising runs parallel to Musk’s discussions with the Tesla board over whether his stake in Tesla is big enough to keep his interest.

What happened was that Musk cut his Tesla stake to 21 per cent (including unexercised stock options) by selling $38bn in stock over the past three years, much of which he spent on a vanity website. Now he’s “uncomfortable growing Tesla to be a leader in AI & robotics without having ~25 per cent voting control.”

Where does that leave the Muskonomy, the joined-up vision of Tesla as an alpha nerd-powered zeitgeist conglomerate? The term was coined by Morgan Stanley analyst Adam Jonas, who wrote in December 2021:

What do EVs, autonomy, Dojo, energy storage, solar, Giga-press, humanoids, rockets, sats, tunnels, and brain implants all have in common? If we had to boil it down to one thing, it’s Elon Musk’s desire to colonize Mars. In the process, many of these projects may change how we live life on earth. We think the more investors appreciate this, the more events over the next 12 to 24 months will make sense.

Events over the next 12 to 24 months did not make sense — though Morgan Stanley is reported to be co-ordinating the xAI fundraising, having led the financing group for Musk’s 2022 leveraged buyout of Twitter, so perhaps they use a different definition in 1585 Broadway Avenue.

Let’s cut to Tesla’s Q4, where the carmaker followed a warning of “notably lower” volume growth in 2024 with a conference call that offered investors nothing. There was almost no useful guidance on financials and few reassuring platitudes offered around Musk’s demands for control.

Instead, Musk explained that keeping his attention on Tesla would be for the good of humanity, as it would limit the chance of interference from corporate governance sticklers like Glass Lewis and ISS (“I call them ISIS”).

Twenty-five per cent of voting rights was the right level because it’s enough to repel activism, but “even if I go bonkers and if I’m, like, mad, they can throw me out,” he explained:

I see a path to creating an artificial intelligence and robotics juggernaut of truly immense capability and power. And my concern would be, I don’t want to control it. But if I have so little influence over the company at that stage that I could sort of be voted out by some sort of random shareholder advisory firm.

Trying to get a measure of the AI and robotics juggernaut is tricky. Very little has been communicated through regulatory channels and on most subjects Musk is a free-form improviser.

Here’s what he said when asked about Dojo, Tesla’s plan to make its own AI chip, which Jonas says might be worth $500bn to the company’s enterprise value even though it’s never been mentioned in an SEC filing:

Yeah. GPU is a funny word, like vestigial. [ . . . ] And we’re pursuing the dual path of Nvidia and Dojo. But I would think of Dojo as a long shot. It’s a long shot worth taking because the pay-off is potentially very high. But it’s not something that is a high probability. It’s not like a sure thing at all. It’s a high-risk, high-pay-off program.

Dojo is working, and it is doing training jobs, and we are scaling it up, and we have plans for Dojo 1.5, Dojo 2, Dojo 3, and whatnot. So I think it’s got potential, but I can’t emphasise enough. High risk, high pay-off. So I think it still makes sense given the — even if it’s a low probability of success — I’m laboring the subject. It’s a very interesting program. It has the potential for something special.

On Optimus, Tesla’s prototype helper robot, Musk said it was “an extremely revolutionary product, and something that I think has the potential to far exceed the value of everything else that Tesla combined”. Leaning into the theme, he then said Optimus “has the potential to be the most valuable product of any kind ever, by far.”

Work needs to be done to remove the risk of bad actors uploading malware to Optimus (other executives tried unsuccessfully to steer Musk away from talking about Westworld) but apparently, there’s “a good chance of shipping some number of Optimus units next year.”

Add that one to the list.

Musk’s commentary on things already available was more muted. Progress has been slow on licensing software to other carmakers (“I think they don’t believe [full-self driving is] real quite yet”) and there was no urgency to improve hardware, because current installations are already “quite far ahead of any other company in the world in terms of AI and inference efficiency.” He played down the chance that Tesla will host another AI day, claiming rivals used its last one in September 2022 to steal its “secret sauce”.

The only forecast-relevant guidance came not from Musk but from Vaibhav Taneja, chief financial officer, who said that “to lay the foundation for the next phase of growth”, capital expenditure in 2024 would be “in excess of $10bn”. Previous guidance was for $7bn to $9bn, but it seems mystery boxes are expensive to make.

The stock’s 12.1 per cent drop on Thursday leaves Tesla valued at $572bn, which is still equivalent to about 44 times next year’s earnings. But look at the structure the right way, Musk says, and the market cap might be approximately 400 per cent too low:

Ultimately if we execute on all these things, and it is very hard to do all these things, it’s not a sure thing. But I do see a path where Tesla could one day be the most valuable company in the world. I do emphasise that is not an easy path and a very difficult one, but it is now in the set of possible outcomes and previously I would not have thought it is in the set of possible outcomes.

That’s so long as the moonshots and vapourware stay inside Tesla. But with no detail given what capex is being spent on it’s hard to know how clearly the corporate borders are defined.

“We have confidence in the Tesla team’s ability to spend capex and R&D efficiently in projects that can derive high-growth/positive economic returns,” said Morgan Stanley’s Jonas. “However . . . 

considering investors confront 2024 without any real tangible guidance underpinnings, rising spending levels contribute to the downbeat narrative. [ . . . ] Until Tesla can restore confidence in the growth outlook or can introduce tangible evidence of its real-world AI potential, the stock may continue to test lower near-term trading levels.

So yeah. It’s an interesting moment to be talking to investors about raising $6bn for another Tesla-adjacent side hustle. But at this stage, who’s going to stop him?

WWD : Prada Reclaims Top Spot in Lyst Hottest Brand Ranking

Prada Reclaims Top Spot in Lyst Hottest Brand Ranking
The Row made it to the top 20 for the first time, with its Margaux bag named the hottest product for fourth quarter 2023.

LONDON — Prada reclaimed the top spot in the latest Lyst quarterly hottest brand ranking as searches for the Milanese fashion label went up 41 percent year-over-year on the online shopping platform.

In the fourth quarter of 2023, Prada made headlines on multiple fronts.

It forged a partnership with Axiom Space, the architect of the world’s first commercial space station, on NASA’s lunar space suits for the Artemis III mission planned for 2025.

The Italian brand also worked with wakeboarder Brian Grubb, who wore custom Prada Linea Rossa performance gear as he pulled off a 77-story base jump in Dubai.

Miuccia Prada and Raf Simons, co-creative director at Prada, were nominated for the Designer of the Year award at the Fashion Awards. They also traveled to Shanghai to inaugurate Prada‘s itinerant Pradasphere exhibition, in its second iteration, at the newly established Start Museum.

Lorenzo Bertelli, Prada Group’s head of corporate social responsibility, was named a “Patron of the Ocean Decade Alliance” for Prada Group’s support of ocean literacy. He also won for his efforts to raise awareness of the role the private sector can play in supporting ocean knowledge and sustainable development.

On the business side, the group saw sales increase 12 percent in the nine months ended Sept. 30. They reached 3.34 billion euros compared with 2.97 billion euros in the same period last year. At constant exchange rates, sales grew 17 percent.

At the end of 2023, Prada bought the building that houses its New York flagship for $425 million. The building sits directly across from the Trump Tower between 56th and 57th Streets and is among the most prominent pieces of retail real estate worldwide.

Joining Prada at the top of the list were Miu Miu and Loewe, at number two and three respectively. Moncler, Burberry, Jacqumeus and Balenciaga all moved up in the ranking, which is based on search data gathered by the London-based Lyst.

Lyst highlighted Balenciaga’s efforts with celebrity endorsements and image rebuilding in the quarter. It noted that the brand’s pre-fall 2024 show, which featured a capsule collection with the Los Angeles-based grocery store, Erewhon Market, drove more than 10.1 billion views on TikTok, while searches increased 7 percent on Lyst as a result.

Ashley and Mary-Kate Olsen’s fashion label, The Row, made it to the ranking for the first time in the quarter, as searches surged 93 percent year-over-year.

The brand’s signature Margaux bag was ranked the hottest product of the quarter. Described by some as “the new Birkin,” searches for the tote spiked 63 percent in the quarter, and were up 198 percent year-over-year.

Kim Kardashian’s shapewear label Skims was among the fastest risers this quarter, climbing three spots into 14th place.

Other fast risers this past quarter included Victoria Beckham, Ralph Lauren and the running shoe brand On.

Beckham’s rise in popularity was mostly driven by the Beckham documentary on Netflix and the viral “My Dad Had a Rolls-Royce” T-shirt. At the same time, the brand’s frame buckle belt was named this quarter’s second hottest product.

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

>>> Up
* Elementis Raised to Buy at Jefferies; PT 170 pence
* Guerbet Raised to Buy at Gilbert Dupont; PT 27 euros (+)
* Ionos Raised to Buy at Redburn; PT 24.60 euros (+)
* Morgan Advanced Cut to Hold at Jefferies; PT 315 pence
* Qiagen Raised to Overweight at Morgan Stanley; PT 47 euros
* Shurgard Raised to Buy at HSBC; PT 50 euros
* Spirax Raised to Hold at Jefferies; PT 9,740 pence
* TAG Immobilien Raised to Buy at HSBC; PT 14.50 euros
* UCB Raised to Buy at Jefferies; PT 104 euros
* Var Energi Raised to Neutral at Goldman; PT 32 kroner
* XP Power Raised to Buy at Jefferies; PT 1,640 pence
* ZEP PW Raised to Outperform at Santander Biuro Maklerskie (+)

>>> Down
* 1&1 Cut to Neutral at Redburn; PT 18.80 euros (+)
* AB Dynamics Cut to Underperform at Jefferies; PT 1,500 pence
* Ambu Cut to Hold at Nordea
* Barry Callebaut Cut to Neutral at Citi; PT 1,400 Swiss francs
* BBVA Cut to Hold at HSBC; PT 9.40 euros
* Boeing PT Cut to $209 from $238 at CFRA
* Deutsche Bank Cut to Neutral at Citi; PT 13.40 euros
* Equinor Cut to Sell at ABG; PT 275 kroner
* Euronav Cut to Hold at Jefferies; PT 16.64 euros
* General Motors Cut to Hold at Punto Casa de Bolsa
* Harbour Energy Cut to Sell at Goldman; PT 260 pence
* Iberdrola Cut to Hold at SocGen; PT 11.60 euros
* Novo Nordisk 2024 Consensus to Tick Up After Beat: Street Wrap (+)
* Kesko Cut to Reduce at Inderes; PT 17 euros
* KPS AG Cut to Hold at M.M. Warburg (+)
* MTU Aero Cut to Neutral at Citi (+)
* Rational Cut to Underperform at BNPP Exane; PT 690 euros
* Storebrand Cut to Hold at Arctic Securities; PT 104 kroner
* TF1 Cut to Add at AlphaValue/Baader
* United Internet Cut to Neutral at Redburn; PT 27.20 euros (+)
* Victrex Cut to Underperform at Jefferies; PT 1,190 pence
* Wacker Chemie Cut to Sell at DZ Bank; PT 92 euros (+)
* Zoo Digital Group Cut to Hold at Panmure Gordon; PT 41 pence (+)

>>> Initiation
* Mobimo Rated New Add at Baader Helvea; PT 260 Swiss francs

>>> Call
* Deutsche Bank Offers Few Surprises, Citi Downgrades After Rally
* UCB Raised at Jefferies on Bimzelx Upside, Multiple Catalysts
* UK Industrials Face Mixed Year, Favor Self-Help: Jefferies

>>> TradeGate Pre-Market Indications

DAX:
  • Qiagen (QIA TH) +1.6%
    • Qiagen Raised to Overweight at Morgan Stanley; PT 47 euros
  • Continental (CON TH) -0.6%
    • Continental Confirms Ongoing Antitrust Investigations in Germany
  • SAP (SAP TH) -1%
  • Infineon (IFX TH) -1.4%
    • Watch European Chip Stocks After Samsung’s Profit Falls Again
  • Deutsche Bank (DBK TH) -1.5%
    • Deutsche Bank Offers Few Surprises, Citi Downgrades After Rally
MDAX:
  • TAG Immobilien (TEG TH) +2.7%
    • TAG Immobilien Raised to Buy at HSBC; PT 14.50 euros
  • Thyssenkrupp (TKA TH) +0.8%
    • Thyssenkrupp’s €8.8 Billion Liquidity Buys Time: Credit Outlook
  • Lufthansa (LHA TH) -0.7%
  • Aixtron (AIXA TH) -1.2%
    • Watch European Chip Stocks After Samsung’s Profit Falls Again
  • Lanxess (LXS TH) -1.5%
  • Stabilus (STM TH) -1.7%
    • Berenberg raises target for Stabilus to 88 Euro - ‘Buy’= -APA
SDAX:
  • DWS (DWS TH) +0.8%
  • Wacker Neuson (WAC TH) +0.7%
  • Deutz (DEZ TH) -0.9%
  • Heidelberger Druck (HDD TH) -1.4%

>>> Stoxx 600 Pre-Market Indications

  • TAG Immobilien (TEG TH) +2.3%
    • TAG Immobilien Raised to Buy at HSBC; PT 14.50 euros
  • BAE (BSP TH) +1.8%
    • BAE Systems Bags $418 Million Contract from US Army
  • Qiagen (QIA TH) +1.6%
    • Qiagen Raised to Overweight at Morgan Stanley; PT 47 euros
  • GSK (GS71 TH) +1.4%
    • GSK Lifts Long-Term Outlook, Buoyed by RSV Sales and New Drugs
  • Just Eat Takeaway (T5W TH) +1.3%
  • Equinor (DNQ TH) +0.9%
    • The $2.6 Billion Experiment to Cover Up Europe’s Dirty Habit
  • Novo (NOV TH) +0.6%
    • Novo Sees 2024 Sales at Constant FX +18% to +26%, Est. +23.3%
  • SAP (SAP TH) -1.1%
    • SAP Offers Existing Customers Cloud Discounts Up to 50% in 2024
  • TUI (TUI1 TH) -1.1%
  • ASMI (AVS TH) -1.2%
    • Watch European Chip Stocks After Samsung’s Profit Falls Again
  • Deutsche Bank (DBK TH) -1.3%
    • Deutsche Bank Offers Few Surprises, Citi Downgrades After Rally
  • Infineon (IFX TH) -1.4%
    • Watch European Chip Stocks After Samsung’s Profit Falls Again
  • ASR Nederland (A16 TH) -1.4%
  • Sartorius (SRT3 TH) -1.5%
  • Aixtron (AIXA TH) -1.7%
    • Watch European Chip Stocks After Samsung’s Profit Falls Again
  • ASML (ASME TH) -1.8%
    • Watch European Chip Stocks After Samsung’s Profit Falls Again
  • Lanxess (LXS TH) -2.1%

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

Bets on monetary policies drove Asian markets, with stocks edging lower as traders wait on the Federal Reserve meeting later Wednesday.   Bond traders have lowered bets on US rate cuts this year, with the odds of a reduction in March dropping to about one-in-three. Sentiment was also sapped by poor economic data from China and a fourth straight quarter of profit decline for Samsung Electronics Co., the world’s biggest memory chipmaker, adding to the drum-roll of disappointing US tech earnings.  Japanese bond yields rose as a summary of the Bank of Japan’s meeting signaled it’s getting closer to raising its interest rate for the first time since 2007, with one member even warning against missing the opportunity to act. Australian equities headed for a new high after soft inflation data bolstered bets for monetary policy easing. The local dollar and yields on the government bonds fell.  Hong Kong stocks led the decline in Asia after data showed another month of contraction in China’s factory activity. Mainland shares were close to wiping out all the gains spurred by hopes of stronger support measures by the authorities.    Contracts for US stocks slipped on disappointing earnings from key US technology companies Microsoft Corp. and Alphabet Inc.  The dollar strengthened against all of its Group-of-10 peers. Treasury two-year yields and ten-year yields slipped in Asian trading. Swap contracts referencing the March Fed meeting date — the next one after this week’s — now show about a third of a 25-basis-point drop. Late last year, a quarter-point cut in March was completely priced in, reflecting expectations for labor-market cooling that have failed to materialize.  US job openings unexpectedly rose in December to the highest level in three months while fewer Americans quit their jobs. The data kicks off a slew of releases that will offer insights into the state of the labor market. A report due Wednesday is forecast to point to easing employment costs at the end of 2023, while the government’s jobs report Friday is projected to show US employers added around 185,000 positions in January.  In earnings, Samsung Electronics said its profit fell 74% in the last three months of the year, after a long-awaited recovery in chip and electronics demand delivered few returns. China’s battery giant Contemporary Amperex Technology Co. Ltd. posted a jump in full-year earnings, allaying investor concerns that profitability could be waning. Alphabet Inc. sank after reporting revenue from its core search advertising business that fell short of estimates.  Elsewhere, oil headed for its first monthly gain since September as an escalation of attacks on ships in the Red Sea spurred a diversion of tanker traffic and raised fears about a wider conflict in the Middle East.  US After Hours WMT +1% 3-for-1 stock split; SBUX +4.4%, SYK +3.8%, SWKS +3.4% higher on earnings; MSFT flat on earnings; RHI -11.4%, AMD -5.6%, GOOG -5.3%, MDLZ -2.1%, EA -1.9% lower on earnings

Nikkei +0.61% Hang Seng -1.37% CSI -0.38% Shanghai -0.99% Shenzen -2.55%

Eur$ 1.0821 CNH 7.1901 CNY 7.1817 JPY 147.75 GBP 1.2678 CHF 0.8630 RUB 89.7533 TRY 30.3641 WTI$ 77.65 -0.22% Gold 2,035.5 -0.08% BTC 42,990 -1.28% ETH 2,337 -1.82%

S&P -0.44% Nasdaq -0.87% EuroStoxx -0.09% FTSE -0.03% Dax -0.11% SMI -0.21%

Macro :
- Sanchez’s Fragile Spanish Government Hit by Catalan Rebellion
- US DOE SEEKS TO BUY 3 MLN CRUDE BBL FOR JUNE DELIVERY: TENDER
- S&P Sees Macau 2024 Gross Gaming Rev 5-15% Higher Vs. Pre-Covid

Keep an eye on :
- GOOGL US : Alphabet 4Q Revenue Ex-TAC Beats Estimates: Snapshot
- AMD US : AMD 4Q Revenue Meets Estimates
- AOF GY : Atoss Software FY Ebit Margin 34%
- ATRLJB SS : Atrium Ljungberg 4Q Rental Income Matches Estimates
- BAMI IM : Banco BPM May Sell Around €400m Leasing Portfolio: MF
- BRG NO : Borregaard 4Q Ebitda Beats Estimates
- BYS SW : Bystronic: Domenico Iacovelli to be CEO as Alex Waser Retires
- CAI AV : CA Immo Sees 4Q Net Property Revaluation Loss of Around EU375m
- DIS US : Peltz’s Plan to Fix Disney Includes Bundling ESPN+ With Netflix
- DNB NO : DNB Bank 4Q Net Interest Income Misses Estimates
- ELIS FP : Elis Sees FY Ebitda Margin About 34.2%, Est. 33.6%
- GSK LN : GSK 4Q Revenue Beats Estimates
- HMB SS : H&M 4Q Gross Profit Meets Estimates
- IMCR US : Immunocore Prices $350m Convertible Senior Notes Offering
- INCP LN : Investec Sees Rebound in South Africa Deals as Economy Recovers
- JNPR US : Juniper 4Q Adjusted EPS Misses Estimates
- KPN NA : KPN 4Q Adjusted Ebitda After Leases Meets Estimates
- LOOMIS SS : Loomis 4Q Ebita Misses Estimates
- ML FP : Michelin ‘Categorically’ Contests Anti-Competitive Practices
- MSFT US : Microsoft 2Q Revenue Beats Estimates: Snapshot
- MUV2 GY : Munich Re, Swiss Re's Storm-Cost Spike Reflects the New Normal
- NEX FP : Nexans: Three Sites Searched by French Competition Authority
- NOVOB DC : Novo FY Sales Beats Estimates
- POLY LN : Polymetal 4Q Revenue $876M Vs. $1.04B Y/y
- PRS SM : Prisa to Issue Convertible Notes For About €100m
- RBI AV : Raiffeisen Forecasts 2024 Results
- RILBA DC : Ringkjoebing Landbobank FY Pretax Profit Beats Estimates
- SAN SM : Santander 4Q Net Income Beats Estimates
- SAP GY : SAP Offers Existing Customers Cloud Discounts Up to 50% in 2024
- SK FP : SEB Boosts FY Op. Result From Activity Guidance
- SKFB SS : SKF 4Q Adjusted Operating Profit Beats Estimates
- SSAB SS : SSAB 4Q Adjusted Ebitda Beats Estimates
- TIT IM : Italy, KKR Agree Terms of Bid for Tim’s Unit Sparkle: Reuters
- UMG NA : Universal Music Accuses TikTok of Intimidation in Deal Talks
- VIV FP : Vivendi Is Proposing to Break Up Bolloré Media Empire Into Four
- WRT1V FH : Wartsila 4Q Adjusted Ebit Misses Estimates
- VOW GY : Lamborghini Sees Full Order Books as Super Rich Keep Shopping