>>> JPMorgan Chase misses on revs; provides FY24 guidance (170.30)

JPMorgan Chase misses on revs; provides FY24 guidance (170.30)
  • Reports Q4 (Dec) earnings of $3.04 per share, excluding non-recurring items may not compare to the FactSet Consensus of $3.35; reported revenues rose 11.7% year/year to $38.57 bln vs the $39.73 bln FactSet Consensus. EPS includes FDIC special assessment of $2.9 billion ($0.74 decrease per share).
  • The provision for credit losses was $2.8 billion, reflecting net charge-offs of $2.2 billion and a net reserve build of $598 million. The net reserve build included a $546 million net build in Consumer, driven by loan growth in Card Services, and a $41 million net build in Wholesale. Net charge-offs of $2.2 billion were up $1.3 billion, predominantly driven by Card Services and single-name exposures in Wholesale which were largely previously reserved. The prior-year provision was $2.3 billion, reflecting a net reserve build of $1.4 billion and net charge-offs of $887 million.
  • Average loans up 27%, or up 6% excluding First Republic; Card Services net charge-off rate of 2.79%>
  • Net interest income (NII) was $24.2 billion, up 19%, or up 12% excluding First Republic. NII excluding Markets2 was $23.6 billion, up 18%, or up 11% excluding First Republic, predominantly driven by higher rates and higher revolving balances in Card Services, partially offset by lower deposit balances. Noninterest revenue was $15.8 billion, up 3%, or relatively flat excluding First Republic. The current quarter reflected higher asset management and Investment Banking fees. The prior-year quarter reflected a $914 million gain on the sale of Visa B shares and higher markdowns on equity investments in Payments.
  • "2023 was a good example of the power of our investment philosophy and fortress principles, as well as the value of being there for clients—as we always are—in both good times and bad times. The result was continued growth broadly across the Firm. We will highlight a few examples: CCB added over 2 million net new checking accounts in 2023; CIB maintained its #1 rank in both IB and Markets and gained over 100bps of IB market share; CB added over 5,000 new relationships, roughly 2x the prior year; and AWM saw record client asset net inflows of $490 billion, over 20% higher than its prior record.
  • The U.S. economy continues to be resilient, with consumers still spending, and markets currently expect a soft landing. It is important to note that the economy is being fueled by large amounts of government deficit spending and past stimulus. There is also an ongoing need for increased spending due to the green economy, the restructuring of global supply chains, higher military spending and rising healthcare costs. This may lead inflation to be stickier and rates to be higher than markets expect. On top of this, there are a number of downside risks to watch. Quantitative tightening is draining over $900 billion of liquidity from the system annually, and we have never seen a full cycle of tightening. And the ongoing wars in Ukraine and the Middle East have the potential to disrupt energy and food markets, migration, and military and economic relationships, in addition to their dreadful human cost. These significant and somewhat unprecedented forces cause us to remain cautious. While we hope for the best, the past year demonstrated why we must be prepared for any environment."
  • "Guidance: We expect ~$88B in NII ex. Markets for 2024, as loan growth partially offsets lower rates. Our 2024 expense outlook is ~$90 bln. Expect FY2024 Card Services NCO rate of < 3.50%"

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:
  • UNH -4.9%, DAL -4.9%, BAC -1.4%, WFC -1.1%, BLK -1% (also raises div; acquires Global Infrastructure Partners)
Other news:
  • XOMA -8% (FDA acceptance of NDA; names permanent CEO)
  • TSLA -3.2% (plant in Berlin to stop most output for two weeks due to Red Sea disruption; owers China prices)
  • HUT -3% (announces $65 million amended and restated credit facility with Coinbase (COIN))
  • PSNY -1.6% (reports Q4 deliveries names new CFO)
  • LMND -1.1% (expands financing relationship)
Analyst comments:
  • OM -3% (downgraded to Sector Perform from Outperform at RBC Capital Mkts)
  • ESTC -2.5% (downgraded to Equal Weight from Overweight at Barclays)
  • ZI -2.5% (downgraded to Equal Weight from Overweight at Barclays)
  • NVRO -2.1% (downgraded to Sector Perform from Outperform at RBC Capital Mkts)
  • DEO -1.9% (downgraded to Underperform from Neutral at Exane BNP Paribas)
  • AJX -1.9% (downgraded to Mkt Perform from Mkt Outperform at JMP Securities)
  • JCI -1.7% (downgraded to Underperform from Sector Perform at RBC Capital Mkts)
  • SNOW -1.7% (downgraded to Equal Weight from Overweight at Barclays)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • WIT +4.7%, BFLY +3.7% (guidance), BBCP +3.1%, VLRS +2.3% (guidance), JPM +1.7%, BK +0.6%
Other news:
  • SLDB +6.8% (FDA grants orphan designations for treatment of duchenne muscular dystrophy)
  • IFF +4.7% (appoints new CEO reiterates guidance; also upgraded to Buy from Hold at Jefferies)
  • HSHP +2.8% (achieved average time charter equivalent earnings of ~ $34900 per day gross in December)
  • CIVI +1.8% (Vencer Energy Holdings discloses 7.1% passive stake)
  • EQT +1.6% (Heads of Agreement for liquefaction services)
  • EOG +1.6% (anticipates a Q4 net gain of $298 million on the mark-to-market of its financial commodity derivative contracts)
  • CPA +1.3% (December traffic data)
  • ESPR +1.3% (issues prelim FY24 OpEx) .
Analyst comments:
  • PBPB +4% (upgraded to Buy from Hold at The Benchmark Company)
  • PEGA +3.3% (upgraded to Equal Weight from Underweight at Barclays)
  • CIEN +1.8% (upgraded to Outperform from In-line at Evercore ISI)
  • QCOM +1.8% (upgraded to Buy from Neutral at Citigroup)
  • TWLO +1.7% (upgraded to Overweight from Neutral at Piper Sandler)

FT : Vienna’s co-housing model offers a key to keeping families in the city

Vienna’s co-housing model offers a key to keeping families in the city
As surging rents in world capitals diminish social diversity, projects such as Austria’s Gleis 21 offer one way to ease the crisis

Once a week, Michael Kerbler and his neighbours eat dinner together in a modern, open-plan kitchen built on the roof of their apartment building in central Vienna. Floor-to-ceiling windows provide an excellent view over the city and the park just below. There’s a well-equipped playroom next door so the children can entertain themselves while the adults chat over a glass of wine. Some of the food comes from the raised vegetable garden also on the roof, along with a yoga studio, library sitting room and large sauna. All the residents have their own flat in the building and for this they pay an average of €600 a month.

Gleis 21 is an award-winning, intergenerational co-housing project in Vienna that the residents own, operate and manage collectively. Plant-filled terraces encircle the four-storey building, built almost entirely from wood apart from four central concrete pillars. Unlike a 1970s commune, residents have their own separate apartments as well as access to the communal spaces on the 700 sq m rooftop. There are 38 units in all, including a two-bedroom guest apartment that can be booked for visiting friends and family.

The residents, who range in age from 27 to 72, came up with the concept, raised the money and oversaw the construction of the building. The core group was formed in 2015. By 2017, they had the architect’s plans and the funding in place. The building was completed in 2019 and they all moved in shortly before lockdown. The total cost of the project was almost €10mn. The group found €2mn themselves, the rest came from the bank in the form of a 30-year mortgage and they also received subsidies and a loan from City Hall.

One of the reasons Vienna is repeatedly voted one of the most liveable cities in the world is because its urban planning is centred on the question “is this good for children?” as opposed to “is this good for property developers?” The children who live in Gleis 21 walk across a park to their local school and have a community of neighbours who can look after them when their parents are at work. Meanwhile, parts of many of the world’s leading cities — including Hong Kong, Sydney, San Francisco, New York and London — are in danger of becoming child-free zones because young families simply cannot afford to live in them. Primary schools in some London boroughs, such as Islington and Camden, are closing because there are not enough pupils.

As cities such as London and New York enter another year where high rental prices are causing major social problems, could co-housing projects help ease the burden?

Vienna has several innovative affordable housing schemes aimed at different social groups. The co-housing model is popular with middle-class families who have some capital but can’t afford to buy and want to bring up their kids in the city. To make sure the property is never sold on the private market, residents of Gleis 21 do not own their flats. Instead, they own shares in the building company they formed.

Their monthly “rent” is their share of the mortgage repayment. At the start, each member of the co-housing group must pay €580 per sq m as a deposit (some flats are bigger than others). If they sell, they get that money back plus a bit more depending on how long they have lived there and how much money they have put in to pay off the loan.

A retired radio journalist, Kerbler is one of the oldest residents. He worked as a foreign correspondent in Africa and was impressed by how people in small villages cared for the very young and very old collectively and had found ways to resolve conflict. He and his wife didn’t like the idea of spending their old age living without children and younger people around them. “We were looking for another model of different generations living under one roof,” he says. “This is what brought us together. We wanted to change how society works and manage some of the problems of modern living collectively.”

Denmark was the first European country to adopt this co-housing model in the late 1960s and early 1970s. Most of the communities were formed by families with young children who wanted to share the burden of childcare. Since then, it has evolved to include single parents, empty nesters and older people. From the 1980s onwards, the Danish government has supported co-housing groups with low-interest government loans.

The first co-housing community in Denmark was Sættedammen, about half an hour by train north of Copenhagen. The group who built it were inspired by an article in a Danish newspaper headlined: “Children should have 100 parents.” It consists of 32 individual terrace houses with one big communal garden and a community house in the middle with a kitchen, playroom and laundry. Back then there was no government support, so the residents own their own house and a share of the communal areas. They can sell to anyone they like and there is no formal process for new owners to be approved by the community.

Morten Fangel, 79, a retired civil engineer, was one of the first to move there in 1972 and the youngest adult at the time. There are now 65 residents but the low turnover rate means two-thirds of them are now elderly, and the community struggles to attract younger families. Morten believes the traditional private ownership structure is a barrier because of rising house prices and interest rates. There are 14 children living there now, far fewer than in the early years. There is a voluntary agreement that if someone moves out, they will try to sell to a family with children.

There are always downsides to living with others but Fangel claims they have had relatively few disputes over the years. One of the biggest rows happened early on when cracks appeared in the walls, and they disagreed about how to deal with the problem. “There was a lot of shouting at our communal meetings,” says Fangel, “until we finally came to an agreement with the building contractor, but it was stressful.”

There have been tensions recently with elderly residents complaining about noise from the communal trampoline, which stands in the middle of the shared garden. “The children were screaming day and night so there has been a lot of discussion about moving the trampoline and not allowing in their friends who don’t live here. But I think we can reach a compromise.”

Most co-housing groups draw up their own rules on how to live together and how to share responsibility but this does mean being prepared to sit through long meetings with your fellow residents as you talk through difficult issues. Kerbler returns to the analogy of the African village. “In any democracy there are winners and losers and sometimes you don’t get what you want — but then you have to look at the positives.”


Morten Fangel moved into Sættedammen in 1972 and was the youngest adult there at the time © Valdemar Ren/FT
Finding land or an available property is the first step in any development. In Denmark, Germany and Austria this is much easier than in the UK or the US because the state earmarks parcels of new developments for co-housing. Gleis 21, which means Platform 21, is built on the site of a former railway goods terminal known as Sonnwendviertel, an urban neighbourhood south of Vienna’s main railway station. It now has over 5,000 apartments housing more than 13,000 residents.

It’s not unlike the area around London’s King's Cross and St Pancras, home to one of the largest redevelopment projects in the city. Camden Council demanded some provision for affordable housing when it gave planning permission but it was minimal compared with the 50 per cent demanded by Vienna City Hall.

The big mistake is to create affordable housing only for poor people, it’s important to include the middle class

Maria Vassilakou, former Vienna deputy mayor
In Sonnwendviertel, there are private apartment buildings with doormen next to apartments subsidised by the city, giving the area a genuine social mix. This is another of the keys to Vienna’s successful housing policies. By building socially mixed communities, it avoids creating ghettos. “The big mistake is to create affordable housing only for poor people, it’s important to include the middle class,” says former deputy mayor Maria Vassilakou.

When Vienna embarked on redeveloping the brownfield site around the railway station, four of the buildings were earmarked in the master plan as co-housing units. These were subject to a competition that Kerbler and the other members of his group entered and won in 2015. “These people tend to be middle class, educated, motivated and socially aware,” says architectural journalist Maik Novotny. “They have an important role to play in the development of a new neighbourhood and, as far as the city of Vienna is concerned, they are the yeast of urban development.”

To win the competition, the Gleis 21 group had to put forward a concept of what they would do for the wider community. Their solution was to offer four flats to asylum seekers (selected by a local charity) and make the ground floor of the building into a performance space and café, which is currently used by a local dance group and an organisation offering after-school music lessons for kids. Both groups pay an affordable rent to Gleis 21, which goes to paying off the mortgage.


The Cannock Mill co-housing project in Colchester, UK, is an eco-village for older residents
If someone sells and moves out, the other residents have the right of veto over who moves in next. “We had a German family who moved back home and so two members of the group were tasked with interviewing replacements,” says Kerbler. “We asked them to fill out a questionnaire so we could understand their motivation for wanting to live here.” Everyone has to invest 10 to 15 hours a month in cleaning and maintaining the common areas as well as carrying out administrative jobs, so they have to be sure new members will muck in and share their values.

On the same street as Gleis 21 is a co-housing group for older people occupying one floor of a multistorey building. The residents, aged 59 to 90, are mainly women who formed the collective because they wanted to remain in the city but not live on their own. In many European countries, this model is seen as a cheaper alternative to private retirement communities. It also allows older people to support each other, stay active, engaged and healthier and is therefore cheaper down the line because it keeps them out of care homes.

There is now a burgeoning co-housing movement in the UK, including communities for older people such as New Ground in Chipping Barnet, north London, which is exclusively for older women, and Cannock Mill near Colchester, an eco-village with residents aged between 60 to 83. In Cambridge, there’s the award-winning Marmalade Lane, a sustainable multigenerational housing development with 42 terrace houses.

In Leeds there is Chapeltown, which houses 33 families, and Lilac (low-impact living affordable community) built on the site of an old school in Bramley. Lilac has 20 units built around a communal house and garden with shared amenities such as washing machines and garden tools. Rather than taking on individual mortgages, the residents pay 35 per cent of their net income into a mutual home ownership society, which owns the houses and the land.

According to the Cohousing Association of America, there are about 170 established co-housing communities in the US, mostly in California and New York, where there are state housing grants available. Rather like the original Danish model, most residents own their own homes but share common spaces, which fosters community spirit but isn’t always affordable for lower-income families.

But whether you’re in Vienna, Los Angeles or Leeds, getting a co-housing community off the ground is complicated. Anyone embarking on this journey should start by getting practical advice from their local co-housing association or, in the UK, their Community Housing Hub. These projects are driven by small groups of highly motivated people, particularly in the UK or the US where there is relatively little help from local or central government in terms of planning, loans or earmarking land for co-housing developments.

According to a recent survey by polling firm YouGov, a majority of both Conservative and Labour voters believe the UK government should invest in more social housing. Co-housing communities are just one small part of the solution to this crisis but they should not be overlooked. Given the elections coming up on both sides of the Atlantic, policymakers would do well to study the Vienna model.

>>> Europe : Brokers Upgrades & Downgrades - 12th of January 2024 V3(++)

>>> Up
* AMS-Osram Raised to Outperform at Bernstein; PT 3 Swiss francs
* Arjo Raised to Buy at SEB Equities; PT 48 kronor (++)
* Arkema Raised to Equal-Weight at Morgan Stanley; PT 105 euros
* ASR Nederland Raised to Overweight at JPMorgan; PT 55 euros
* Autoliv GDRs Raised to Buy at Berenberg; PT 1,224 kronor
* Autoliv Raised to Buy at Berenberg; PT $120
* Bunzl Raised to Equal-Weight at Morgan Stanley; PT 3,030 pence
* Bureau Veritas Raised to Overweight at Morgan Stanley
* Corticeira Amorim Raised to Buy at Bestinver; PT 11.10 euros
* Draegerwerk Raised to Buy at M.M. Warburg; PT 62 euros (+)
* International Flavors Raised to Buy at Jefferies; PT $112
* Lanson-BCC Raised to Outperform at Oddo BHF; PT 45 euros
* SGS Raised to Equal-Weight at Morgan Stanley; PT 81 Swiss francs

>>> Down
* AB InBev Cut to Neutral at BNPP Exane
* Ageas Cut to Underweight at JPMorgan; PT 39 euros
* Airtel Africa Cut to Neutral at JPMorgan; PT 130 pence
* Axfood Cut to Sell from Hold at Danske Bank (+)
* Brenntag Cut to Equal-Weight at Morgan Stanley; PT 86 euros
* Carlsberg Raised to Outperform at BNPP Exane; PT 1,040 kroner
* Ceres Power Cut to Underperform at RBC; PT 150 pence
* Coca-Cola Europacific Raised to Outperform at BNPP Exane; PT $79
* Danske Bank Cut to Hold at NYKREDIT (++)
* Diageo Cut to Underperform at BNPP Exane
* Electrolux Cut to Sell at Handelsbanken (++)
* Eurofins Scientific Cut to Underweight at Morgan Stanley
* IMCD Cut to Underweight at Morgan Stanley; PT 141 euros
* Johnson Controls Cut to Underperform at RBC; PT $50
* Know IT Cut to Hold at Nordea
* Lanxess Cut to Underweight at Morgan Stanley; PT 23.50 euros
* McPhy Cut to Sector Perform at RBC; PT 4 euros
* Merlin Properties Cut to Hold at Mirabaud Securities
* NN Group Cut to Neutral at JPMorgan; PT 44 euros
* Pandora Cut to Hold at ABG; PT 1,050 kroner
* Quilter Cut to Neutral at UBS
* Rational Cut to Hold at Hauck & Aufhaeuser; PT 710 euros (+)
* Rentokil Cut to Equal-Weight at Morgan Stanley; PT 540 pence
* Sparebank 1 Oestlandet Cut to Hold at SEB Equities
* Wacker Chemie Cut to Equal-Weight at Morgan Stanley

>>> Initiation
* Aegean Air Reinstated Overweight at Euroxx Securities (+)
* British Land Reinstated Buy at SocGen; PT 470 pence
* Derwent London Reinstated Hold at SocGen; PT 2,342 pence
* GCP Infra Rated New Outperform at RBC; PT 90 pence
* Great Portland Rated New Sell at SocGen; PT 384 pence
* Land Sec. Reinstated Hold at SocGen; PT 741 pence
* Prosus Rated New Buy at Redburn; PT 39 euros (+)
* Sainsbury PLC Initiate with Buy Price Target 370p at Kepler Cheuvreux (+)
* Workspace Rated New Hold at SocGen; PT 578 pence

>>> Call
* AB InBev Cut to Neutral at BNPP Exane: Europe Research Digest
* Bureau Veritas Rises on Morgan Stanley Upgrade, New Top Pick (++)
* Cash Inflow Has Strongest Start to Year on Record, BofA Says (++)
* Ceres Slumps as RBC Cuts Rating as Sector Momentum Stalls (++)
* Lanxess Falls as Morgan Stanley Downgrades, Urges Sector Caution (++)
* Suedzucker Falls As Barclays Says Peak Sugar Profits have Passed (++)

>>> Europe : Brokers Upgrades & Downgrades - 12th of January 2024 V2(+)

>>> Up
* AMS Osram Raised to OutPerform from Market Perform at Bernstein
* Arkema Raised to Equal-Weight at Morgan Stanley; PT 105 euros
* ASR Nederland Raised to Overweight at JPMorgan; PT 55 euros
* Autoliv GDRs Raised to Buy at Berenberg; PT 1,224 kronor
* Autoliv Raised to Buy at Berenberg; PT $120
* Bunzl Raised to Equal-Weight at Morgan Stanley; PT 3,030 pence
* Bureau Veritas Raised to Overweight at Morgan Stanley
* Corticeira Amorim Raised to Buy at Bestinver; PT 11.10 euros
* Draegerwerk Raised to Buy at M.M. Warburg; PT 62 euros (+)
* International Flavors Raised to Buy at Jefferies; PT $112
* Lanson-BCC Raised to Outperform at Oddo BHF; PT 45 euros
* SGS Raised to Equal-Weight at Morgan Stanley; PT 81 Swiss francs

>>> Down
* AB InBev Cut to Neutral at BNPP Exane
* Ageas Cut to Underweight at JPMorgan; PT 39 euros
* Airtel Africa Cut to Neutral at JPMorgan; PT 130 pence
* Axfood Cut to Sell from Hold at Danske Bank (+)
* Brenntag Cut to Equal-Weight at Morgan Stanley; PT 86 euros
* Carlsberg Raised to Outperform at BNPP Exane; PT 1,040 kroner
* Ceres Power Cut to Underperform at RBC; PT 150 pence
* Coca-Cola Europacific Raised to Outperform at BNPP Exane; PT $79
* Diageo Cut to Underperform at BNPP Exane
* Eurofins Scientific Cut to Underweight at Morgan Stanley
* IMCD Cut to Underweight at Morgan Stanley; PT 141 euros
* Johnson Controls Cut to Underperform at RBC; PT $50
* Know IT Cut to Hold at Nordea
* Lanxess Cut to Underweight at Morgan Stanley; PT 23.50 euros
* McPhy Cut to Sector Perform at RBC; PT 4 euros
* Merlin Properties Cut to Hold at Mirabaud Securities
* NN Group Cut to Neutral at JPMorgan; PT 44 euros
* Pandora Cut to Hold at ABG; PT 1,050 kroner
* Quilter Cut to Neutral at UBS
* Rational Cut to Hold at Hauck & Aufhaeuser; PT 710 euros (+)
* Rentokil Cut to Equal-Weight at Morgan Stanley; PT 540 pence
* Sparebank 1 Oestlandet Cut to Hold at SEB Equities
* Wacker Chemie Cut to Equal-Weight at Morgan Stanley

>>> Initiation
* Aegean Air Reinstated Overweight at Euroxx Securities (+)
* British Land Reinstated Buy at SocGen; PT 470 pence
* Derwent London Reinstated Hold at SocGen; PT 2,342 pence
* GCP Infra Rated New Outperform at RBC; PT 90 pence
* Great Portland Rated New Sell at SocGen; PT 384 pence
* Land Sec. Reinstated Hold at SocGen; PT 741 pence
* Prosus Rated New Buy at Redburn; PT 39 euros (+)
* Sainsbury PLC Initiate with Buy Price Target 370p at Kepler Cheuvreux (+)
* Workspace Rated New Hold at SocGen; PT 578 pence

>>> Call

>>> Stoxx 600 Pre-Market Indications

  • Maersk (DP4B TH) +2.2%
    • Watch Shipping, Oil Stocks After US and UK Airstrikes on Houthis
  • ABN Amro (AB2 TH) +1.7%
  • Orsted (D2G TH) +1.4%
  • Vodafone (VODI TH) +1.4%
  • Ubisoft (UEN TH) +1.2%
  • CTS Eventim (EVD TH) +1.2%
  • Equinor (DNQ TH) +1.1%
    • Watch Shipping, Oil Stocks After US and UK Airstrikes on Houthis
  • Infineon (IFX TH) +1.1%
  • Delivery Hero (DHER TH) +1%
  • Siemens Energy (ENR TH) +1%
  • Hugo Boss (BOSS TH) -0.7%
    • Burberry Lowers Profit Forecast After Weak December Luxury Sales
  • Wacker Chemie (WCH TH) -0.9%
  • Fortum (FOT TH) -1%
  • Rational (RAA TH) -1.3%
    • Rational Cut to Hold at Hauck & Aufhaeuser; PT 710 euros
  • Grifols (OZTA TH) -1.4%
  • Brenntag (BNR TH) -1.7%
    • Brenntag Cut to Equal-Weight at Morgan Stanley; PT 86 euros
  • Lanxess (LXS TH) -3%
    • Lanxess Cut to Underweight at Morgan Stanley; PT 23.50 euros
  • Burberry (BB2 TH) -5.4%
    • Burberry Lowers Profit Forecast After Weak December Luxury Sales

>>> TradeGate Pre-Market Indications

DAX:
  • Zalando (ZAL TH) +2%
  • Infineon (IFX TH) +1.4%
  • Siemens Energy (ENR TH) +1.1%
  • Porsche AG (P911 TH) +1.1%
  • Commerzbank (CBK TH) +1.1%
  • Brenntag (BNR TH) -1.8%
    • Brenntag Cut to Equal-Weight at Morgan Stanley; PT 86 euros
MDAX:
  • Hensoldt (HAG TH) +1.2%
    • Watch Shipping, Oil Stocks After US and UK Airstrikes on Houthis
  • CTS Eventim (EVD TH) +1.2%
  • Aroundtown (AT1 TH) +1.1%
  • Thyssenkrupp (TKA TH) +1%
  • Delivery Hero (DHER TH) +1%
  • Hugo Boss (BOSS TH) -0.8%
    • Safilo, Hugo Boss Renew Licensing Agreement Until 2030
    • Burberry Lowers Profit Forecast After Weak December Luxury Sales
  • Wacker Chemie (WCH TH) -1%
    • Wacker Chemie Cut to Equal-Weight at Morgan Stanley
  • Lanxess (LXS TH) -1.7%
    • Lanxess Cut to Underweight at Morgan Stanley; PT 23.50 euros
SDAX:
  • MorphoSys (MOR TH) +3.2%
  • Verbio Vereinigte Bioenergie AG (VBK TH) +2.7%
  • Thyssenkrupp Nucera AG & Co KGaa (NCH2 TH) +2.2%
  • ProSieben (PSM TH) +2%
  • Deutsche PBB (PBB TH) +1.6%
  • Wacker Neuson (WAC TH) +1.6%
  • SGL (SGL TH) +0.9%