- OCI (OIC TH) +4.4%
- OCI Said to Sell Iowa Unit to Koch Industries for $3.6 Billion
- Rolls-Royce (RRU TH) +2.6%
- Entain (6GI TH) +1.7%
- Entain Raised to Buy at Jefferies on Valuation, M&A Outlook
- Anglo American (NGLB TH) +1.5%
- Vodafone (VODI TH) +1.2%
- Iliad Seeks Vodafone Italy JV Proposal by End-Jan.: Reuters
- Tomra (TMRA TH) +1%
- Deutsche Boerse (DB1 TH) +1%
- Equinor (DNQ TH) +1%
- Investor AB (IVSD TH) -1.5%
- Telenor (TEQ TH) -1.6%
- Telenor Advancing on Its Structural Vision, Has More Catalysts: Bloomberg Intelligence
- Volvo Car (8JO TH) -1.7%
- Atlas Copco (ACO4 TH) -1.7%
- Infineon (IFX TH) -2%
- UMG (0VD TH) -2%
- Prosus (1TY TH) -2%
- Nokia (NOA3 TH) -2%
- Nokia Cut to Neutral at Goldman; PT 3.10 euros
- Aker BP (ARC TH) -3%
- Aker BP Forecasts FY Results
- EQT (6EQ TH) -4.3%
Asian stocks fell the most in about two weeks after Federal Reserve officials pushed back against bets of aggressive interest rate cuts next year. The MSCI Asia Pacific Index lost as much as 1.1%, the biggest drop since Dec. 5, led by a near 1% drop in Hong Kong. US futures edged higher after the S&P 500 ended a six-day rally. The dollar was steady while two-year Treasury yields reversed gains made on Friday, when New York Fed President John Williams led a chorus of officials in saying it’s too early to begin thinking about lowering borrowing costs. The pushback may start to scupper the ‘everything rally’ after traders took previous Fed signals as a green light to ratchet up bets on rate cuts next year, helping US and Asian shares to their biggest weekly gains in a month. Swaps traders trimmed bets on cuts in 2024 to just under five from six before the latest Fed rhetoric, according to Bloomberg-compiled data. Central bankers from the US to Europe and Canada have already begun their battle with traders. Atlanta Fed President Raphael Bostic, who votes on monetary policy next year, told Reuters that he expects two rate cuts in 2024 but not starting until the third quarter. Separately, Chicago Fed President Austan Goolsbee said Sunday it’s an overstatement to consider rate cuts until officials are convinced inflation is on a path lower to its target. Bank of Canada Governor Tiff Macklem shared similar sentiment. In Europe, European Central Bank Governing Council Joachim Nagel said Friday it’s too early to be considering rate cuts, while fellow member Madis Muller said that markets are getting ahead of themselves in betting on policy easing in the first half of next year. ECB President Christine Lagarde said the bank had not discussed rate cuts at all. Attention will soon shift to Japan with the nation’s central bank beginning a two-day policy meeting Monday. While speculation has grown the Bank of Japan will soon end the world’s last negative-rate regime, economists see April as the most likely timing for a change, with around 15% expecting Ueda to pull the plug on negative rates in January, according to a Bloomberg survey of more than 50 economists. Elsewhere this week, the Reserve Bank of Australia will release its minutes from the December policy meeting while Bank Indonesia will make its final policy decision of the year. Traders will also be keeping a close eye on developments in the Middle East as Israel pushes back against calls for a ceasefire in Gaza. Chile rejected the second proposal for a new constitution in as many years at the weekend, highlighting the failure of the nation’s political system to channel social demands into a new set of basic laws. The result, broadly in line with recent polls, means that the current charter dating from the Augusto Pinochet dictatorship will remain in place. In commodities, gold edged higher while oil rose, extending last week’s rise as major shipping lines suspended transit through the Red Sea, following escalating attacks on merchant ships.
Nikkei -0.64% Hang Seng -1.18% CSI -0.36% Shanghai -0.40% Shenzen -1.25%
Eur$ 1.0915 CNH 7.1350 CNY 7.1309 JPY 142.27 GBP 1.2690 CHF 0.8697 RUB 90.3069 TRY 29.0612 WTI$ 72.17 +1.04% Gold 2,023 +0.16% BTC 41,1187 -1.66% ETH 2,179 -2.60%
S&P +0.23% Nasdaq +0.12% EuroStoxx -0.28% FTSE -0.22% Dax -0.27% SMI -0.38%
Macro :
- Gundlach’s 3% US Yield Call Aided by Recession Study
- EU AI Rules May Be Watered Down Further for ChatGPT and Peers
- Morgan Stanley’s Wilson Sees Positive Stock Signals on Fed Pivot
- Goldman’s Kostin Hikes S&P 500 Target for 2024 Amid Dovish Fed
- Shipping Giants Pause Red Sea Route as Houthi Attacks Intensify
- Shipping Giants Pause Red Sea Route as Houthi Attacks Intensify
- Barrons Stoscks for 2024 : Alphabet, Alibaba, Berkshire Hathaway U-Haul, Madison Squre Garden
- JPMorgan, Goldman Sound Alarm on Climate Deals Upended by Basel
- UK FCA Rules Out Extension of Post-Brexit Licensing Regime: FT
- US Shale’s Surprise Oil-Production Surge Poses Threat to OPEC
Keep an eye on :
Keep an eye on :
- ABDN LN : Abrdn Cuts Staff Benefits in Fresh Round of Cost Reductions: FT
- AKERBP NO : Aker BP Now Sees FY Output at Lower End of Guidance
- ALO FP : Alstom Completes Syndication of €2.25B Revolving Credit Line
- ALO FP : Electra: TMT Signs Financing Agreements for Light Rail Project
- AAL LN : Anglo Plans Mid-2024 Maintenance at Chile Copper Plant, DF Says
- ASCL LN : Ascential Shares Jump After Betaville ‘Uncooked Alert’
- 7936 JP : Asics to Sell Haglofs for Over ¥10b to LionRock Capital: Nikkei
- BMY US : Bristol Myers Squibb Discontinues Phase 3 Oncology Study
- AFX GY : Carl Zeiss Meditec Agrees to Buy D.O.R.C. From Eurazeo
- CEC GY : Ceconomy FY Adjusted Ebit Beats Estimates
- CLARI FP : Clariane, Crédit Agricole Sign €140M Real Estate Partnership
- ACA FP : Clariane, Crédit Agricole Sign €140M Real Estate Partnership
- ACA FP : Clariane, Crédit Agricole Sign €140M Real Estate Partnership
- CRH US : CRH Offers to Buy Australia-Listed Adbri in $1.4 Billion Deal
- EMBRACB SS : Embracer Extends SEK17b of Loan, Credit Facilities to 2025
- ENI IM : Eni Exploring Novamont Stake Sale, Could Value Unit at €1b: Rtrs
- FER SM : Ferrovial Plans to Sell Stakes in Three UK Airports: Expansion
- GSK LN : GSK on hunt for drug deals in China
- HLAG GY : Hapag-Lloyd Pauses Red Sea Shipping Until at Least Monday
- BOWL LN :
- ILMN US : Illumina Deal Sent Back to FTC for Review by Appeals Court (1)
- IPH FP : Innate Pharma CEO Mondher Mahjoubi Resigns Effective January
- LHA GY : Lufthansa Returns to Tel Aviv With Flights From Early January
- MC FP : Luxury’s Year of Changing Fortunes Set for Reverse Act in 2024
- MSS US : Hindenburg Research Says It’s Short Grocer Maison Solutions (1)
- MSFT US : Activision Blizzard to Pay Around $50 Million to Settle Lawsuit That Spurred Microsoft's Takeover -- WSJ
- NG/ LN : National Grid Drops China-Backed UK Power Network Supplier: FT
- NOBI SS : Nobia CEO Jon Sintorn Leaves to Become CEO of Nilfisk
- NOVOB DC : Novo Nordisk’s Obesity-Fueled Gains Seen Tough to Repeat in 2024
- NOVOB DC : IndiaMart Working With Novo to Halt Illegal Wegovy Sale: Reuters
- OCI NA : OCI Confirms Sale of Iowa Unit to Koch Industries for $3.6B
- RBI AV : Raiffeisen Bank Removed From Ukraine List of War Sponsors: ORF
- S92 GY : Germany Looking to Support Solar Companies, Habeck Tells RND
- SKAB SS : Skanska Constructs New Buildings for College in US for $155m
- SOW GY : Silver Lake Makes Delisting Offer to Software AG at €32/Share
- SOW GY : IBM to Buy Streamsets and Webmethods Platforms From Software AG
- SON PL : Sonae Says Finnish Regulator Approves Tender Offer for Musti
- IIG IM : Lapo Elkann’s Firm to Ask Investors to Decide on Liquidation
- TIT IM : Vivendi Starts Legal Action Against Tel Italia Network Sale
- THO FP : Tikehau Capital Launches Aero Strategy, Targets €800M in AUM
- UBSG SW : UBS Ermotti Not Convinced Inflation Really Under Control: LMD
- UCB BB : Receives US FDA NDA Supplemental 13 approval for Fintepla (Fenfluramine Hydrochloride)
- ULVR LN : Unilever to Sell Elida Beauty to Yellow Wood Partners; No Terms
- VIV FP : Vivendi Starts Legal Action Against Tel Italia Network Sale
- VOD LN : Iliad Seeks Vodafone Italy JV Proposal by End-Jan.: Reuters
- WBD IM : Webuild Sells Stake in SPV Milan M4 Line to ATM for EU141.3m
- YPFD AR : YPF Board Approves Horacio Marin Appointment as CEO (1)
DAX:
- Deutsche Boerse (DB1 TH) +1.2%
- Infineon (IFX TH) -1.8%
MDAX:
- Hensoldt (HAG TH) +1%
- Evotec SE (EVT TH) -1%
- TeamViewer SE (TMV TH) -1.1%
- Hochtief (HOT TH) -1.1%
- Lanxess (LXS TH) -1.1%
- Fresenius Medical Care A (FME TH) -1.1%
SDAX:
- Energiekontor (EKT TH) +6.1%
- Energiekontor sells Scottish wind park project and raises forecast for 2023 financial year
- MorphoSys (MOR TH) +2.6%
- Thyssenkrupp Nucera AG & Co KGaa (NCH2 TH) +2.4%
- Ceconomy (CEC TH) +1.7%
- Ceconomy FY Adjusted Ebit Beats Estimates
- Traton (8TRA TH) +1.6%
- Varta (VAR1 TH) -1.2%
- SFC Energy (F3C TH) -1.2%
- ProSieben (PSM TH) -1.2%
- 1&1 (DRI TH) -1.4%
- Borussia Dortmund (BVB TH) -1.6%
>>> Up
* Entain Raised to Buy at Jefferies; PT 1,215 pence
* Entain Raised to Buy at Jefferies; PT 1,215 pence
* Paragon Raised to Market Perform at KBW; PT 660 pence
* Rexel PT Raised to 33 euros from 27 euros at Berenberg
* Sunnova Energy Raised to Buy at Goldman; PT $17
>>> Down
>>> Down
* ARM Holdings PLC ADRs Cut to Hold at Deutsche Bank; PT $70
* Getlink Cut to Reduce at AlphaValue/Baader
* Lagercrantz Cut to Hold at SEB Equities; PT 124 kronor
* Lagercrantz Cut to Hold at SEB Equities; PT 124 kronor
* Lamor Cut to Reduce at Inderes; PT 2.70 euros
* Nokia Cut to Neutral at Goldman; PT 3.10 euros
* Nokia ADRs Cut to Neutral at Goldman; PT $3.40
* Nordnet Cut to Underweight at Barclays; PT 170 kronor
* Panostaja Cut to Reduce at Inderes; PT 50 euro cents
* Roku Cut to Sell at Seaport Global Securities; PT $75
* SolarEdge Cut to Sell at Goldman; PT $77
* SunPower Cut to Sell at Goldman; PT $4
>>> Initiation
>>> Initiation
* Presto Automation Rated New Hold at Jefferies; PT 62 cents
* Windward Rated New Buy at Panmure Gordon; PT 123 pence
>>> Call
* Windward Rated New Buy at Panmure Gordon; PT 123 pence
>>> Call
* Goldman’s Kostin Hikes S&P 500 Target for 2024 Amid Dovish Fed
* Morgan Stanley’s Wilson Sees Positive Stock Signals on Fed Pivot
* Centrica Cut at Jefferies With Normalized Earnings Year Ahead
* Entain Raised to Buy at Jefferies on Valuation, M&A Outlook
* Fresnillo Cost Pressures See Morgan Stanley Cut to Underweight
* Fresnillo Cost Pressures See Morgan Stanley Cut to Underweight
* Novo Nordisk Is Intron’s 2024 Pharma Pick, Sanofi Raised to Buy
Downturn hits LVMH watchmakers as Frédéric Arnault looks for a new job
How science fiction helped write AI’s first rule book
Like Isaac Asimov before us, we have to work out how to benefit from the new technology while staying safe
Shortly before the international artificial intelligence summit started at Bletchley Park last month, I went to grab a quick bite at a nearby pub. A man sat down opposite me and pulled out a crumpled paperback. On the cover was Isaac Asimov, one of science fiction’s most famous authors. Surely, this was no coincidence. Asimov was ahead of his time when, during the mid-20th century, he anticipated the powerful role that AI would have on our lives. In his books, he envisaged a series of laws that would ensure robots did not hurt or harm humans, but would obey them.
That man with his book reminded me of the importance of we politicians securing a similar outcome as I headed into the summit to debate the future of safe AI. During my travels to London, Tokyo, Washington, Beijing and of course Brussels this past autumn, I pondered the fact that we were writing the world’s first rule book for regulating computer processes that are much faster and more powerful than humans.
Real business quickly overtook science fiction. With Chinese politicians in Beijing, I discussed their model legislation. It doesn’t differ so much to ours with regards to the technical side of things, but rather in what it might contribute to state control over society. Representatives in the US, which has previously had a rather unregulated approach, pointed to the Biden administration’s executive order on AI in late October. And closer to home, on behalf of the EU, I led negotiations in the G7 group of countries. There we were able to achieve pre-binding legislation at a global level — a voluntary code for AI developers that builds in accountability for security and information sharing.
Europe has also responded swiftly to the demand for safe AI. The proposed framework of 2021 picked up pace as the urgent need to make the technology both safe and beneficial became evident. The so-called trialogue — the grand finale between the Spanish presidency, the parliament and the commission — lasted for 36 hours this month but eventually ended with a historic compromise.
The needs of individuals guided each and every paragraph. The act guarantees security and the protection of basic human rights in the face of superintelligent systems, which could in the long run prove better thinkers than us. We’ve come up with several risk categories for AI — low-risk ones include video games and algorithms to sort out our emails (things I’m sure we’d all benefit from). High-risk ones will have to meet stricter requirements, be it medical devices or influencing voter behaviour at the ballot box.
The list of the unacceptable includes that which threatens our fundamental human rights. This could include biometric sorting systems based on religion or race, emotion recognition in the workplace, or the untargeted extraction of faces from cameras in public places (exceptions will be made for national security issues).
But we are also aware of the potential rewards of safe AI and indeed want to make the EU a hub for it. That’s why we have decided to make our supercomputers available to European AI start-ups and SMEs. We will also invest more than €1bn a year in AI research from Horizon and Digital Europe.
Our political agreement is yet to be confirmed by the member states and the European parliament. The law will enter into force in phases, the full legislation provisionally set for 2026. In the meantime, AI will keep transforming all our lives. We will entrust it with many activities where it could replace humans, but not those in which it could take over our fundamental rights, such as free speech or the protection of intellectual property.
I have believed from the start that content created by AI must be labelled, so that human thinking and creativity would be left with something akin to “human copyright”. We are already learning how the technology can change our perceptions of reality and truth. Artificial intelligence works with the data it has at its disposal. It does not know what is true. And in a world where deepfakes can come out of nowhere, we are always in danger of losing our grasp on reality.
That’s what I was thinking about when the Englishman across the table reminded me of Asimov’s laws. These have now been transformed, along with other measures, into the first ever European legal norm, which may well become the basis for all similar regulations across the world. We must keep control of robots and artificial intelligence, to ensure truth and human rights can prevail in the future rather than becoming science fiction.