>>> Europe : Brokers Upgrades & Downgrades - 11th of January 2024 V2(+)

>>> Up
* AFRY AB Raised to Hold at Handelsbanken (+)
* Amazon PT Raised to $185 from $175 at Morgan Stanley
* Antofagasta Raised to Outperform at RBC; PT 1,800 pence
* Belships Raised to Buy at Pareto Securities; PT 23 kroner
* Carlsberg Raised to Buy at BofA (+)
* EasyJet Raised to Buy at BofA; PT 640 pence (+)
* Hermes Raised to Neutral at Goldman; PT 2,060 euros
* J D Wetherspoon Raised to Hold at Numis; PT 750 pence
* Juniper Raised to Equal-Weight at Morgan Stanley; PT $40
* Mercialys Raised to Buy at Jefferies; PT 11.50 euros
* Merlin Properties Cut to Hold at Jefferies; PT 10.30 euros
* Royal Unibrew Raised to Neutral at BofA (+)
* Segro Raised to Buy at Kepler Cheuvreux; PT 970 pence
* SGS Raised to Buy at SocGen; PT 86 Swiss francs
* Zegna Group Raised to Buy at Goldman; PT $18.70

>>> Down
* Albemarle Cut to Hold at Deutsche Bank
* Aspocomp Group Cut to Reduce at Inderes; PT 3.50 euros
* Barratt Cut to Hold at Liberum; PT 550 pence
* Berkeley Cut to Hold at Liberum; PT 4,800 pence
* Crest Nicholson Cut to Hold at Liberum; PT 230 pence
* Diageo Cut to Neutral at BofA (+)
* Getinge Cut to Hold at Handelsbanken (+)
* Juniper Cut to Hold at Jefferies; PT $40
* Kering Cut to Hold at Equita; PT 450 euros (+)
* Komax Cut to Hold at Mirabaud Securities; PT 220 Swiss francs (+)
* LEG Immobilien Cut to Hold at Jefferies; PT 80 euros
* Lufthansa Cut to Underperform at BofA; PT 7.60 euros (+)
* Lyft Cut to Neutral at Goldman; PT $15
* Moncler Cut to Neutral at BofA (+)
* Nordea Bank Cut to Underweight at JPMorgan
* Redrow Cut to Hold at Liberum; PT 620 pence
* Salvatore Ferragamo Cut to Hold at Equita; PT 12.30 euros (+)
* Spirax Cut to Reduce at HSBC; PT 8,400 pence
* Swatch Cut to Neutral at Goldman; PT 260 Swiss francs
* Swatch Cut to Neutral at BofA (+)
* Titanium Cut to Reduce at Inderes; PT 17 euros
* Verbio Vereinigte Bioenergie AG Cut to Sell at Deutsche Bank

>>> Initiation
* British Land Rated New Buy at Berenberg; PT 469 pence
* Land Sec. Rated New Buy at Berenberg; PT 807 pence
* Teleperformance Reinstated Outperform at BNPP Exane
* Voltalia Rated New Buy at TP ICAP Midcap; PT 15 euros (+)

>>> Call
* Amazon PT, Estimates Raised at Morgan Stanley on Prime Video Ads
* Antofagasta Upgraded at RBC on Rapid Tightening of Copper Supply
* Darktrace Update a Sign of Investment Paying Off: Jefferies (+)
* Goldman Sachs Trims 2024 Global Luxury Industry Growth Forecast (+)
* Land Securities, British Land Get Buy Ratings at Berenberg
* Mercialys Raised, LEG Immo and Merlin Downgraded at Jefferies
* Nordea Bank Gets Only Sell as JPMorgan Sees Risks to Downside (+)

>>> Stoxx 600 Pre-Market Indications

  • Tesco (TCO0 TH) +2.7%
    • *TESCO RAISES FY RETAIL ADJ. OPER PROFIT OUTLOOK TO £2.75B
  • BAE (BSP TH) +2.4%
  • Scor (SDRC TH) +1.9%
  • Hermes (HMI TH) +1.5%
    • Hermes Raised to Neutral at Goldman; PT 2,060 euros
  • NN Group (2NN TH) +1.3%
  • Sartorius Stedim Biotech (56S1 TH) +1.2%
  • UniCredit (CRIN TH) +1.1%
  • Aurubis (NDA TH) +1.1%
  • Zalando (ZAL TH) +1.1%
  • LVMH (MOH TH) +1%
    • TikTok, LVMH Work on Plan to Limit Fake Items Sold on the App
  • LEG Immobilien (LEG TH) -0.9%
    • Mercialys Raised, LEG Immo and Merlin Downgraded at Jefferies
  • Lufthansa (LHA TH) -1.9%
    • Lufthansa Cut to Underperform at BofA; PT 7.60 euros

Haaretz : France's New 34-year-old Prime Minister Says His Jewish Ancestry Has S

France's New 34-year-old Prime Minister Says His Jewish Ancestry Has Shaped Him
Prime Minister Gabriel Attal, a rising star in President Emmanuel Macron's party, says his Jewish father told him 'Perhaps you're Orthodox [Christian], but you'll feel Jewish all your life, mainly because you'll suffer antisemitism'

France's newest prime minister is getting attention for the two firsts he brings to the job: Gabriel Attal, at 34, is the country's youngest ever prime minister, and its first to be openly gay.

He says another facet of his identity also shapes him: his late father's Jewishness.

Attal's mother raised him and his siblings in her Russian Orthodox Christian faith. But his father, the film producer Yves Attal, was Jewish, born in Paris to Tunisian Jewish and European Jewish parents.

"My father said to me, 'Perhaps you're Orthodox, but you'll feel Jewish all your life, mainly because you'll suffer antisemitism because of your name,'" Attal told Liberation in 2019.

Attal is a common North African Jewish name and would be recognized as such in France, where there are large populations of Tunisian and Algerian Jews.

Attal told Le Monde last year that he is "not a stranger to transcendence" and still celebrates Orthodox Easter, but he no longer considers himself a religious believer in part because his father, who had relatives deported during the Holocaust, would tell him, "God died at Auschwitz."

Attal was named on an antisemitic poster displayed at a Paris protest during the pandemic. Attal was a government spokesperson at the time, and decried "absolutely abject comparisons" between Nazi persecution and public health measures, a theme of anti-vaccine protests.

A rising star in President Emmanuel Macron's center-right Renaissance party, Attal was education minister until Tuesday morning, when Macron selected him to replace Elisabeth Borne as prime minister.

Borne resigned over differences with Macron over immigration after Macron backed legislation that made it easier to deport foreigners in France.

Borne also derives a Jewish identity from her late father, a Holocaust survivor who died by suicide.

The previous youngest French prime minister is Laurent Fabius, a Socialist who was 37 when he started his two-year stint in 1984. Fabius was born to Jewish parents who converted to Roman Catholicism and raised him in that religion.

>>> TradeGate Pre-Market Indications

DAX:
  • Zalando (ZAL TH) +1.7%
  • Vonovia (VNA TH) +1.5%
    • Mercialys Raised, LEG Immo and Merlin Downgraded at Jefferies
  • Rheinmetall (RHM TH) +1.1%
  • BMW (BMW TH) +1%
  • Infineon (IFX TH) +0.9%
MDAX:
  • Delivery Hero (DHER TH) +1.3%
    • UBS Group AG Raised Delivery Hero Voting Rights to 5.01%
  • Puma (PUM TH) +1.3%
  • Redcare Pharmacy NV (RDC TH) +1.3%
  • K+S (SDF TH) +1.2%
  • Evotec SE (EVT TH) +0.9%
  • Lufthansa (LHA TH) -2.1%
    • Lufthansa Cut to Underperform at BofA; PT 7.60 euros
SDAX:
  • Suedzucker (SZU TH) +2.3%
    • Suedzucker 3Q Ebitda EU385M Vs. EU340M Y/y
  • SGL (SGL TH) +2.2%
  • SFC Energy (F3C TH) +1.5%
  • Duerr (DUE TH) +1%
  • MorphoSys (MOR TH) -1.8%
  • Verbio Vereinigte Bioenergie AG (VBK TH) -2.5%
    • Verbio Vereinigte Bioenergie AG Cut to Sell at Deutsche Bank

>>> What to look at today - 11th of January 2024

Japan’s stocks led an advance in Asian equities while the dollar fell as investors awaited US inflation data that will help clarify the path for Federal Reserve policy. Benchmark Japanese share gauges were poised to notch fresh three-decade highs, thanks in part to the yen’s recent weakness. Stock indexes on mainland China were locked in a narrow range while US equity futures extended the morning session’s gains. Stocks in Hong Kong were on course to snap their longest stretch of losses since August. Over in China, global fund giant Loomis Sayles & Co. is turning more positive on the nation’s battered real estate sector, saying recent debt restructuring arrangements are bearing fruit.  South Korea’s equities and bonds edged higher after the central bank shifted to a more neutral policy stance, with the board essentially calling time on any further rate hikes after standing pat. US stock futures built on Wednesday’s gains when the S&P 500 closed 0.6% higher and the tech-heavy Nasdaq 100 rose 0.7%. The moves extended a rebound in tech following heavy selling last week and come ahead of fourth-quarter earnings season, which broadly kicks off with a slew of bank results Friday. Contracts for the region-wide Euro Stoxx 50 index also gained. A gauge of global equities has climbed this week after registering its biggest weekly loss since October amid expectations that the Fed is set to lower rates this year.  The US Securities and Exchange Commission approved ETFs that directly invest in Bitcoin. The digital currency rose as much as 3.8% to trade above $47,700 early Thursday before paring gains to hover around $46,600.
Treasuries were broadly flat in Asian trading after declines in the prior session while the dollar weakened against all its Group-of-10 peers. Investors are gearing up for a bout of turbulence when the US consumer price data come out later Thursday.  Bond traders have trimmed bets on gains for Treasuries this month, and the swaps market shows a lower chance of expected Fed cuts by March relative to pricing late last year. Economists tracked by Bloomberg expect year-over-year core inflation to fall to 3.8% in the December data from 4% in the prior month. Fed Bank of New York President John Williams said Fed officials need to see more signs of cooling in the economy before reducing interest rates, but noted current policy levels are adequate to bring inflation back to the central bank’s target. In Asia, Australia’s trade balance for November rose more than expected as imports fell and exports grew more than consensus forecasts. Other data set for release includes consumer confidence in Japan, while December new lending and M2 money-supply data for China could be released as soon as today. South Korea’s central bank will hand down a monetary policy decision. The offshore yuan eked out a gain as China’s central bank set its currency fixing at the strongest since November relative to estimates, in a sign of support after a recent slump.
Oil held a drop after an unexpected increase in US stockpiles, which overshadowed rising geopolitical risks in the Middle East. Gold edged higher. US After Hours DCGO +6% on guidance, short seller report rejection; KBH -2.9% slipping following earnings; C -2.1% down on Q4 pretax results.

Nikkei +1.77% Hang Seng +1.61% CSI +0.50% Shanghai +0.25% Shenzen +1.53%

Eur$ 1.0976 CNH 7.1733 CNY 7.1621 JPY 145.41 GBP 1.2764 CHF 0.8497 RUB 89,6194 TRY 29.9721 WTI$ 71.66 Gold 2,032 BTC 46,348 ETH 2,610

S&P +0.23% Nasdaq +0.37% EuroStoxx +0.69% FTSE +0.36% Dax +0.62% SMI +0.28%

Macro :
- SEC Approves Bitcoin-Spot ETFs in Milestone for Digital Assets
- UK Commits to Another Large-Scale Nuclear Plant in Net Zero Push
- Citi Quants Favor Growth Stocks, Suggest Leaning Into Value

Keep an eye on :
- ABBN SW : ABB Acquires AI-Enabled Robotics Startup Sevensense, No Terms
- YOU GY : About You 3Q Adjusted Ebitda Beats Estimates
- BSGR NA : B&S to Buy Additional 24% of Shares in Topbrands Europe
- BOSS GY : Hugo Boss Gains as Jefferies Predicts Above Consensus 4Q
- BOSN SW : Bossard 4Q Sales Misses Estimates
- EN FP : Bouygues Construction Wins 4 Contracts Worth Total CHF 401M
- CO FP : French Regulator Approves Casino Takeover Without Public Offer
- EDF FP : UK and EDF ‘on track’ to raise £20bn for Sizewell C funding by end of year - FT
- ESI FP : Keysight to Own 98.2% of ESI Upon Settlement of Its Offer
- FIA1S FH : Finnair Hires Posti Group’s Turkka Kuusisto as New CEO
- GET FP : Getlink Dec. Passenger Shuttle Traffic Y/y -4%
- HAL NA : HAL Discloses 15% Stake in Technip Energies: AFM (Jan 10)
- HUNT NO : Hunter Group Offering of 70.9m Shares Prices at NOK1.75/Share
- INF LN : Informa Sees FY Revenue Above GBP3.17B, Saw at Least GBP3.15B
- KOMN SW : Komax Cuts FY Revenue Forecast
- LXI LN : *LXI REIT, LONDONMETRIC AGREE ON ALL-SHARE MERGER
- MAERSKB DC : Maersk Will Use Rail to Transport Containers at Panama Canal
- OMV AV : OMV 4Q Production Beats Estimates
- OVH FP : OVH 1Q Revenue EU239.8M Vs. EU216M Y/y
- PAGERO SS : Thomson Reuters Offers to Buy Pagero at SEK40/Share Cash
- TPEIR GA : Watch Piraeus Bank After Lender Prices €500m Tier 2 Bond
- PD US : PagerDuty Is Said to Consider Options Amid Takeover Interest
- PUUILO FH : Puuilo Holder Adelis Intends to Sell 8.8m Shares: Terms
- SAP GY : SAP to Pay Over $220m to Resolve Bribery Investigations: DOJ
- SZU GY : Suedzucker 3Q Ebitda EU385M Vs. EU340M Y/y
- SQN SW : Swissquote Prelim FY Net Revenue About CHF530M, Est. CHF535.5M
- TE FP : HAL Discloses 15% Stake in Technip Energies: AFM (Jan 10)
- TCAP LN : Top Oil Brokerage PVM Loses Some of Its London Crude Desk
- VACN SW : VAT Prelim FY Net Sales Meets Estimates
- VOW GY : Volkswagen Still Has Flexibility on EV Push, CFO Antlitz Says

>>> Europe : Brokers Upgrades & Downgrades - 11th of January 2024

>>> Up
* Amazon PT Raised to $185 from $175 at Morgan Stanley
* Antofagasta Raised to Outperform at RBC; PT 1,800 pence
* Belships Raised to Buy at Pareto Securities; PT 23 kroner
* Hermes Raised to Neutral at Goldman; PT 2,060 euros
* J D Wetherspoon Raised to Hold at Numis; PT 750 pence
* Juniper Raised to Equal-Weight at Morgan Stanley; PT $40
* Mercialys Raised to Buy at Jefferies; PT 11.50 euros
* Merlin Properties Cut to Hold at Jefferies; PT 10.30 euros
* Segro Raised to Buy at Kepler Cheuvreux; PT 970 pence
* SGS Raised to Buy at SocGen; PT 86 Swiss francs
* Zegna Group Raised to Buy at Goldman; PT $18.70

>>> Down
* Albemarle Cut to Hold at Deutsche Bank
* Aspocomp Group Cut to Reduce at Inderes; PT 3.50 euros
* Barratt Cut to Hold at Liberum; PT 550 pence
* Berkeley Cut to Hold at Liberum; PT 4,800 pence
* Crest Nicholson Cut to Hold at Liberum; PT 230 pence
* Juniper Cut to Hold at Jefferies; PT $40
* LEG Immobilien Cut to Hold at Jefferies; PT 80 euros
* Lyft Cut to Neutral at Goldman; PT $15
* Nordea Bank Cut to Underweight at JPMorgan
* Redrow Cut to Hold at Liberum; PT 620 pence
* Spirax Cut to Reduce at HSBC; PT 8,400 pence
* Swatch Cut to Neutral at Goldman; PT 260 Swiss francs
* Titanium Cut to Reduce at Inderes; PT 17 euros
* Verbio Vereinigte Bioenergie AG Cut to Sell at Deutsche Bank

>>> Initiation
* British Land Rated New Buy at Berenberg; PT 469 pence
* Land Sec. Rated New Buy at Berenberg; PT 807 pence
* Teleperformance Reinstated Outperform at BNPP Exane

>>> Call
* Amazon PT, Estimates Raised at Morgan Stanley on Prime Video Ads
* Antofagasta Upgraded at RBC on Rapid Tightening of Copper Supply
* Land Securities, British Land Get Buy Ratings at Berenberg
* Mercialys Raised, LEG Immo and Merlin Downgraded at Jefferies

FT : Renewable energy surge of 50% driven by China, IEA says

Renewable energy surge of 50% driven by China, IEA says
Tripling of green energy by 2030 within reaching distance, energy watchdog reports

A rapid surge in the rollout of renewable energy last year has put the world within reaching distance of a goal to triple global capacity by 2030, the International Energy Agency said, after China drove a 50 per cent increase.

But the UN-agreed target as part of a package of measures remains far off what is required to limit global warming to 1.5C since pre-industrial times, the IEA has previously warned.

It calculated that the recent UN climate summit agreement would reduce the energy-related emissions gap between the current trajectory and a 1.5C increase by only about a third by 2030, in a report released at COP28 in Dubai.

Almost 200 countries agreed last month to triple renewable capacity to at least 11,000 gigawatts by 2030 and double the average annual rate of energy efficiency improvements to 4 per cent until 2030, as well as to reduce methane emissions, in an effort to curb global warming.

In its latest report this week, the IEA found that the 50 per cent increase in renewable energy capacity to almost 510GW in 2023, the fastest growth rate in two decades, was not far off track in fulfilling the 2030 target for renewable energy.

It said that under current market conditions and existing policies capacity would reach 7,300GW by 2028. That pace of growth would see global capacity accelerating 2.5 times by 2030 from current levels.

IEA executive director Fatih Birol told the Financial Times the progress was “encouraging.” “But what I would like to see is growth from emerging and developing countries, especially in Africa, but also in Latin America and other Asian countries.”

Renewable capacity increases were at record highs in Europe, the US and Brazil, but the main driver remained growth in China, which installed as much solar photovoltaics as the whole world did in 2022.

China more than doubled solar capacity in 2023, and wind power capacity rose by 66 per cent from a year earlier, the IEA estimated.

Development of renewable energy is accelerating across the world as countries strive to replace their reliance on fossil fuels, the report shows, but progress is uneven with many emerging economies struggling to finance clean-energy projects.

“There is a need for international financial institutions to support clean- energy projects in developing and emerging countries,” Birol said, adding that mobilising funding for the climate transition in developing countries was one of the “most important missing pieces” from COP28.

The IEA has said that fossil fuel demand must fall by a quarter by the end of this decade for the world to successfully limit global warming to 1.5C, the ideal goal of the 2015 Paris Agreement. 

The global temperature rise is already at least 1.1C, the UN body of scientists has found, and the world experienced its hottest year on record in 2023.

Dave Jones, a programme director at energy think-tank Ember, said the “entirely achievable” goal of tripling of renewables by 2030 showed that green energy was becoming an existential threat to the fossil fuel industry.

“We are increasingly on track not only for a peaking of fossil fuel use this decade, but for sizeable falls in fossil fuel use,” he said. “This is at odds with the huge investment planned by the oil and gas industry . . which is creating a chasm between outlook for demand and the outlook for supply.”