>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • BRC +12.2%
Other news:
  • NXGN +10.9% (Thomas Bravo in advanced discussions to purchase NXGN, according to Bloomberg)
  • DHC +10.6% (Diversified Healthcare Trust and Office Properties Income (OPI) trust mutually agree to terminate merger agreement)
  • WVE +7% (announces the submission of its first clinical trial application for WVE-006 in alpha-1 antitrypsin deficiency)
  • ABNB +5.6% (will join S&P 500)
  • INSM +4.2% (topline results from Phase 3 ARISE study of arikayce (amikacin liposome inhalation suspension) in patients with ntm lung disease caused by MAC)
  • BX +3.7% (will join S&P 500)
  • XENE +3.6% (showcases XEN1101 Epilepsy Program at 35th International Epilepsy Congress)
  • AUTL +3.3% (announces data from AUTO1/22 trial in pediatric Acute Lymphoblastic Leukemia published in the journal Blood)
  • GNL +2.9% (to host conference call and Q&A to discuss benefits of merger and internalization transaction)
  • RLYB +2.8% (presents Phase 1 single ascending dose data for RLYB116, an innovative subcutaneously injected inhibitor of complement component 5)
  • OPAL +2.3% (announces new $500 million credit facility)
  • HOLI +2.2% (notices of intention to request Special Meeting of Shareholders and additionally an unsolicited offer to acquire the company)
  • VTRS +2% (receives FDA Tentative approval of a Paediatric Formulation of Abacavir (ABC)/Dolutegravir (DTG)/Lamivudine (3TC))
  • TRVG +1.7% (announcing a renewed focus on its brand marketing strategy; plans to issue a special one-time extraordinary dividend; no longer expects to exceed adjusted EBITDA of €70 million in 2023)
Analyst comments:
  • AB +2.1% (upgraded to Buy from Neutral at BofA Securities)
  • WWD +2% (upgraded to Outperform from Market Perform at TD Cowen)
  • CNC +1.2% (upgraded to Neutral from Underperform at BofA Securities)
  • SYK +1.1% (upgraded to Buy from Neutral at BofA Securities)

>>> US Early premarket gappers

Early premarket gappers

Gapping up:
NXGN +11.2%, DHC +10.3%, TRVG +6.7%, ABNB +5.2%, BX +3.8%, XENE +3.6%, GNL +2.9%, VTRS +2.7%, CIFR +2%, HOLI +1.7%, FATE +0.7%, SGEN +0.5%

Gapping down:
MANU -9.1%, TCOM -4.8%, ALXO -2.7%, CCJ -2%, RPD -2%, LNC -1.7%, CANF -1.4%, VNOM -1.3%, PBR -1.2%, NWL -1%, RIG -0.7%, NVS -0.6%, VALE -0.5%, ALB -0.5%

>>> Europe : Brokers Upgrades & Downgrades - 5th of September 2023 V2(+)

>>> Up
* Akzo Nobel Raised to Buy at Deutsche Bank; PT 90 euros
* American Express Raised to Outperform at RBC; PT $200
* Boliden Raised to Buy at Deutsche Bank; PT 380 kronor
* Bunzl Raised to Buy at Goodbody; PT 3,200 pence (+)
* Colruyt Raised to Overweight at JPMorgan; PT 39.80 euros
* EDP Renovaveis Raised to Overweight at Morgan Stanley
* Ence Raised to Buy at JB Capital Markets; PT 4 euros (+)
* Lancashire Raised to Equal-Weight at Morgan Stanley
* Maisons du Monde Raised to Neutral at Bryan Garnier; PT 9 euros (+)
* Oracle Raised to Overweight at Barclays; PT $150 (+)
* RELX Raised to Buy at Investec; PT 2,850 pence
* Sanofi Raised to Buy at Berenberg; PT 115 euros
* Siemens Healthineers Raised to Buy at HSBC; PT 56 euros
* Tryg Raised to Overweight at Morgan Stanley; PT 178 kroner

>>> Down
* Aedifica Cut to Hold at SocGen; PT 62.50 euros
* Ahold Delhaize Cut to Underweight at JPMorgan; PT 28.17 euros
* BBVA Cut to Equal-Weight at Morgan Stanley; PT 9.20 euros
* B&M European Cut to Underweight at JPMorgan; PT 513 pence
* Boohoo Cut to Neutral at BNPP Exane (+)
* Campari Cut to Equal-Weight at Morgan Stanley; PT 13.30 euros
* CFE Cut to Underperform at Oddo BHF (+)
* CMC Markets Cut to Add at Peel Hunt; PT 140 pence
* Commerzbank Cut to Underweight at Barclays; PT 10.80 euros (+)
* Cie du Bois Sauvage Cut to Accumulate at KBC Securities (+)
* Credit Agricole Cut to Sell at Goldman; PT 11.50 euros
* Fnac Darty Cut to Sell at Bryan Garnier; PT 27 euros (+)
* Fresenius SE Cut to Hold at HSBC; PT 33 euros
* Headlam Cut to Hold at Peel Hunt; PT 250 pence (+)
* Informa Cut to Hold at Investec; PT 775 pence
* J. Martins Cut to Underweight at JPMorgan; PT 20.80 euros
* Hiscox Cut to Equal-Weight at Morgan Stanley; PT 1,233 pence
* Kingspan Cut to Hold at SocGen; PT 77 euros
* National Grid South West Cut to Reduce at AlphaValue/Baader
* Roche Cut to Hold at Berenberg; PT 290 Swiss francs
* Tesco Cut to Neutral at JPMorgan; PT 250 pence
* Volvo Car Cut to Hold at SEB Equities; PT 44 kronor

>>> Initiation
* Alten Rated New Buy at Stifel; PT 170 euros
* Coloplast Reinstated Neutral at Goldman; PT 820 kroner
* ConvaTec Reinstated Buy at Goldman; PT 300 pence
* EDP Resumed Overweight at Morgan Stanley; PT 5.20 euros
* Headlam Cut to Hold at Peel Hunt; PT 250 pence (+)
* Trainline Rated New Buy at Canaccord; PT 371 pence (+)

>>> Call
* BBVA Cut at Morgan Stanley, SocGen Now Among Top Bank Picks
* Campari Cut as Morgan Stanley Says Wait For Better Entry Point
* Credit Agricole Cut at Goldman as Estimates Turn More Cautious (+)
* EDP Renovaveis Raised at Morgan Stanley, EDP Resumed Overweight
* Reinsurers, Multi-Liners Favored by Morgan Stanley in Insurance
* Sanofi Raised at Berenberg, Roche Cut on Pipeline Outlook (+)

>>> Swatch X Blancpain : la future Fifty Fathoms en Biocéramique fait son arrivé

Swatch X Blancpain : la future Fifty Fathoms en Biocéramique fait son arrivée ?
Il est tout bonnement impossible de passer à côté de cette News : la marque Swatch vient de dévoiler une collaboration inédite avec sa marque sœur Blancpain connue pour la légendaire Fifty Fathoms ou encore la collection Villeret. (je dis marque sœur, car les deux maisons appartiennent au même groupe, le géant Swatch Group).
C’est le Vendredi 1er septembre que tout a commencé “en douceur” avec une immense campagne de publicité dans la presse. Les plus grands magazines du monde comme le Washington Post ou encore le New York Times et j’en passe y sont passés. Une campagne simple mais efficace qui a suffit à mettre en excitation le monde entier. On retrouve une page imprimée d’une eau bleu turquoise avec pour seule petite indication une couronne de montre qui porte le logo “Swatch X …” annonçant une collaboration entre deux maisons du grand groupe, comme l’était l’emblématique Moonswatch de Swatch et Omega.
À partir de là, le premier son de cloche était donné et les passionnés de montre du monde entier n’ont pas eu besoin de beaucoup de temps pour comprendre que la forme de la couronne présente dans ces publicités ne pouvait représenter qu’une seule chose : une Blancpain Fifty Fathoms.
Swatch X Blancpain : rendez-vous le 9 septembre 2023
Ce n’est que hier soir, le Dimanche 3 Septembre que la marque Swatch à réellement officialisé et annoncé le lancement de cette nouvelle collaboration. Alors que nous ne savons toujours pas à quoi ressemblera cette futur montre, même si on peut s’attendre à quelque chose qui va garder l’ADN de la Blancpain Fifty Fathoms mais avec un boîtier en biocéramique.
Le site de la marque Swatch ainsi que de la maison Blancpain fait peau neuve avec une bannière annonçant leur collaboration à travers une MAP reprenant les 5 océans de la planète : l’océan Pacifique, l’océan Atlantique, l’océan Indien, l’océan Antarctique et l’océan Arctique.
Ce matin même, le Lundi 4 Septembre, certaines boutiques Swatch et Blancpain soigneusement sélectionnées ont reçu une livraison particulière, une valise style Pelicase étanche de couleur jaune entièrement scellé avec une étiquette “T minus X days”. On retrouve également le logo qui sera présent sur la couronne de la montre. Le logo de la collaboration Swatch et Blancpain représente à la fois le “S” de Swatch et le “JB” de Blancpain qui fait référence au fondateur de la société, Jehan-Jacques Blancpain.
À noter que la maison horlogère Blancpain évolue depuis 1992 sous la gouverne du Swatch Group.
Le design de la montre Swatch X Blancpain
Parlons un peu design maintenant. Un grand nombre de médias et de passionnés ce sont prêté au jeu d’imaginer le design, le boîtier et les cadrans de cette future collection qui risque une fois de plus de créer des files d’attente et des bagarres. Une chose qui semble totalement plausible concernant cette collaboration, c’est le fait que la collection comportera sûrement 5 montres différentes : une montre représentant un Océan. Un peu dans le style de ce qui a été fait lors de la collaboration entre Swatch et Oméga ou une montre représentait une planète du système solaire.
ATTENTION CECI EST UNE PRÉDICTION ET CE N’EST EN AUCUN CAS LE DESIGN DE LA MONTRE
Dans l’idée on retrouverait donc 5 montres avec des couleurs plus ou moins liées à l’océan et au monde Nautique. Un cadran qui restera sûrement fidèle à l’ADN de la Blancpain Fifty Fathoms avec un dateur ? Peut-être que oui, peut-être que non ? Une lunette unidirectionnelle ?
Bien évidement, on retrouvera le logo des deux maisons Swatch et Blancpain. Mais ce qui va poser le plus de questions c’est l’étanchéité. La montre Blancpain Fifty Fathoms est connue pour être la première vraie montre de plongée au monde. Une montre robuste et étanche jusqu’à 300 mètres. J’ai du mal à croire qu’une montre avec un boîtier en biocéramique, qui n’est autre qu’un plastique “de luxe” avec un nom bien marketé puisse être étanche ne serait-ce qu’à 20 ATM.
De plus, c’est quand même un comble de vouloir concevoir une montre de plongée en plastique en hommage aux océans quand on sait que le plastique est justement la source de pollution principale sur notre planète et surtout dans nos océans.
Le mouvement de la montre Swatch X Blancpain
Le mouvement de cette future montre a également été source de nombreuses rêveries. Alors que le calibre Quartz de la Moonswatch a été plus ou moins bien accueilli, certains aimeraient voir débarquer un mouvement Sistem 51 dans cette nouvelle collaboration Swatch X Blancpain.
Le mouvement SISTEM 51 est un mouvement automatique et amagnétique avec seulement 51 pièces et une vis centrale. Une petite prouesse pour Swatch puisque se mouvement offre une réserve de marche de 90 heures. Quand on voit le prix d’une montre Swatch avec ce type de mouvement, il n’est pas délirant de voir ce mouvement sur une montre Swatch X Blancpain qui serait vendue aux alentours des 300€.
Pour le moment aucun prix n’a été annoncé, on ne sait pas non plus si la montre sera disponible en édition limitées ou non, sur internet ou non mais à mon avis c’est la stratégie de la Moonswatch qui va primer donc j’opte pour une disponibilité uniquement en boutique.
Pour conclure
En bref, rendez-vous ce Jeudi 7 Septembre pour la révélation des 5 design de la montre Swatch X Blancpain et pour la disponibilité en boutique je vous donne rendez-vous le Samedi 9 Septembre dans les magasins Swatch et Blancpain (oui oui) sélectionnés. Je n’ai pour le moment pas trop d’avis à donner puisque la pièce n’est pas encore sortie mais bon, je reste septique face à l’exploitation, une fois de plus, de cette stratégie marketing du Group Swatch.
Est-ce pour donner plus de visibilité et faire connaître la marque Blancpain qui reste bien moins connue des nouveaux amateurs de montres mécaniques ? Quoiqu’il en soit j’espère que le groupe de ne va pas répéter les mêmes erreurs que lors de sa collaboration avec Omega.

>>> Stoxx 600 Pre-Market Indications

  • Rio Tinto (RIO1 TH) +1.8%
    • Iron Ore Rises to Highest Since April on China Property Aid
  • Siemens Healthineers (SHL TH) +1.4%
    • Siemens Healthineers Raised to Buy at HSBC; PT 56 euros
  • Vodafone (VODI TH) +1.1%
  • Cellnex (472 TH) +0.8%
  • FDJ (1WE TH) +0.7%
  • Sanofi (SNW TH) +0.7%
    • Sanofi Raised at Berenberg, Roche Cut on Pipeline Outlook
  • Adidas (ADS TH) -0.9%
  • Zalando (ZAL TH) -0.9%
    • Rising Cost of Capital Looks Like Last Straw for Low-ROIC E-Tail
  • BBVA (BOY TH) -1.2%
    • BBVA Cut at Morgan Stanley, SocGen Now Among Top Bank Picks
  • SCA (SCA TH) -1.4%
  • Credit Agricole (XCA TH) -1.6%
  • Commerzbank (CBK TH) -1.7%
    • Commerzbank Cut to Underweight at Barclays; PT 10.80 euros
  • Fresenius SE (FRE TH) -2.5%
    • Fresenius SE Cut to Hold at HSBC; PT 33 euros
  • Ahold Delhaize (AHOG TH) -2.8%
    • Ahold Delhaize Cut to Underweight at JPMorgan; PT 28.17 euros

>>> TradeGate Pre-Market Indications

DAX:
  • Siemens Healthineers (SHL TH) +1.5%
    • Siemens Healthineers Raised to Buy at HSBC; PT 56 euros
  • Commerzbank (CBK TH) -1.4%
    • Commerzbank Cut to Underweight at Barclays; PT 10.80 euros
  • Fresenius SE (FRE TH) -2.5%
    • Fresenius SE Cut to Hold at HSBC; PT 33 euros
MDAX:
  • Nordex (NDX1 TH) +1.4%
  • Thyssenkrupp (TKA TH) -0.9%
SDAX:
  • Wacker Neuson (WAC TH) +1%
  • Deutz (DEZ TH) -0.8%
  • Salzgitter (SZG TH) -0.8%

FT : The $44bn bank bailout bonanza

The $44bn bank bailout bonanza
‘Deals of the century’ were to be had for opportunists on both sides of the Atlantic

UBS’s second-quarter results last week included the effects of its June shotgun wedding with arch-rival Credit Suisse. Its $29bn profit was, by far, the single greatest three-month result earned by a bank.

This apparent “deal of the century” bore an accounting gain that in effect contributed all of those earnings. UBS scavenged the mortally wounded CS cheaply amid its potential collapse, a tie-up effectively demanded by the Swiss government. 

With the books closed on that combination, we now have the official figures from quarterly reports and securities filings on all four of the major bank M&A rescues since the early spring crisis:

  • New York Community Bancorp/ Signature Bank (March)

  • First Citizens/ Silicon Valley Bank (March)

  • JPMorgan Chase/ First Republic Bank (May)

  • UBS/ Credit Suisse (June)

In any M&A deal, so-called purchase accounting will require the buyer to allocate the “excess purchase price” to all acquired assets and liabilities. Typically, the purchase price — the present value of future cash flows — will still exceed the revised balance sheet valuation.

That gap is known as “goodwill”. Often thought of as the je né sai quoi of a company, yet goodwill is ultimately a mechanically-derived arithmetic output to ensure that the pro forma balance sheet does indeed balance.

But with this foursome of deals, the calculation is far more interesting. The transactions were extraordinary, with authorities desperate to find a buyer quickly and prevent broader contagion. As such, buyers could largely dictate the deal terms.

In each of these instances, the buyers took over the targets for an effective purchase price far less than the target’s book equity value, also called net asset value (the fair value of their assets less the fair value of their liabilities).

As such, the buyers did not need to raise their own costly and possibly dilutive equity in order to complete the deals. (In contrast, look at the recently announced merger between PacWest and Banc of California, a regular way transaction that requires a $500mn private equity infusion.) 

The four deals each created the unusual “negative goodwill” since the net asset value exceeded the purchase price. Negative goodwill is the term under IFRS. Per US GAAP, the concept is known as a “bargain purchase gain”. In both instances, a gain is recorded and runs through the P&L to create income and then equity capital boosts at essentially no cost. 

(Note that at the time of the deal announcements, the buyers each shared a preliminary calculation of their expected gains and now final purchase accounting largely confirms those initial figures.)

Here is an example, this one from JPMorgan/ First Republic:

Alphaville has attempted to show the scale of the gains for the four buyers:


Those four green bars of bargain purchases prices/negative goodwill add up to $44bn in collective gain. Next we can see how big those gains were, relative to size of the banks, pre-deal, measured by their shareholder equity recorded in the previous quarter.


JPMorgan paid a relatively hefty price for First Republic, including a $10.6bn cheque to the FDIC and writing off the $5bn deposit it had made into First Republic earlier in the year. As such, its bargain purchase gain was less than $3bn for a bank with $300bn of shareholder equity.

First Citizens, a relatively small bank, doubled its equity base by getting most of Silicon Valley Bank for just $500mn. 

More precisely, return on equity (profits divided average shareholder equity) shows how efficient these deals were for the buyers.

First Citizens, UBS and NYCB each had RoEs in the previous quarter of between 9 per cent and 11 per cent. Then they each struck gold.
Accounting aside, what may matter most is how shareholders embraced these deals.

First Citizens stock price has almost doubled. NYCB is up 43 per cent and UBS is not far behind. JPMorgan is up just 9 per cent, indicating the small potatoes of FRB, but still is nearly 30 points ahead of the KBW bank index which is down nearly a fifth this year.

Exploiting the desperation of regulators meant mostly easy money for the buyers. The tough losses then have been imposed on previous shareholders of these moribund banks, their non-deposit creditors as well as the deposit insurance schemes that are funded broadly by the banking industry.

These failed banks had viable assets as these acquirers have demonstrated. Why the returns from those assets must be only captured by opportunistic parties remains a public policy question.

WWD : Louis Vuitton Is Renovating a Mammoth Site on the Champs-Élysées in Paris

Louis Vuitton Is Renovating a Mammoth Site on the Champs-Élysées in Paris
Hoarding will resemble a giant trunk during renovation work for an undisclosed "new project." A fashion show is planned for Oct. 2 at the site.


PARIS — Will Louis Vuitton chief executive Pietro Beccari, mastermind of the Dior 30 Montaigne super mega flagship in his previous job, break the luxury mold again with another mind-bending attraction?

Monogram hoarding is expected to start going up this week on a mammoth building on the Avenue des Champs-Élysées that had earlier been earmarked for Dior Couture’s new headquarters.

Vuitton confirmed exclusively to WWD that it has taken possession and will begin renovation and interior design work on the Art Nouveau-style building, formerly occupied by HSBC, for an undisclosed “new project for the maison.”

The Socialite Family Captures How Modern Families Live -- and Has Cushions to Match
The building will also serve as the venue for Louis Vuitton’s spring 2024 women’s fashion show on Oct. 2 during Paris Fashion Week, the house confirmed.

Nicolas Ghesquière, Vuitton’s artistic director of women’s collections, has selected many architectural marvels for most of his destination shows for Vuitton, and some of the ones in Paris — the Louvre and Musée D’Orsay museums among recent favorites.

But he also has a penchant for the rawness of buildings under renovation, having staged Vuitton shows at the Samaritaine Paris department store and Vuitton’s Place Vendôme flagship store while they were still construction sites.

“Work in Progress” is printed on tall white walls surrounding 103 Champs-Élysées, and the Dior hoarding of white couture prototype that wrapped the building since 2021 has been removed, leaving mostly bare scaffolding.

The Vuitton hoarding will take the form of a monogram trunk in wood and aluminum, inspired by ones used by explorers that are now stashed in the firm’s archives. Vuitton noted that all the materials employed to create the facade will later be reused or recycled.

Vuitton is keeping its precise plans for the building under wraps. A construction permit registered with the city of Paris mentions retail, hotel accommodation and the construction of a basement level and interior courtyard.

Specialized real estate news site CFNews Immo first reported in January 2020 that Vuitton parent company LVMH Moët Hennessy Louis Vuitton had signed a lease for the Art Nouveau style building, which is under Qatari ownership.

Located at numbers 103 to 111 on the famed thoroughfare, the building sits next door to Vuitton’s historic flagship on the Champs-Élysées, which opened in 2005. That location was roughly double the size of the previous unit. Vuitton has been present on the famous shopping thoroughfare since 1998.

Beccari, who moved over to Vuitton from Dior last February, has a reputation for bold gestures and audacious events, frequently telling his teams, “Don’t think big — think huge!”

During his tenure at Dior his mantra seemed to be “Go big or go home” as he rolled out dreamy destination fashion shows, impactful pop-up shops and department-store takeovers, mega exhibitions and a Paris flagship store that set a new standard: It incorporates a museum, a restaurant, pastry café, leafy courtyards, a 26-foot-tall rose sculpture by Isa Genzken and a hotel suite that offers a special few the run of the tore all night long.

In an interview with WWD last December, he said: “If you don’t take risks, you have no reward,” and also, “I believe in boldness and presence.”

Since arriving at Vuitton, he conscripted Ghesquière to add a pre-fall destination show to his workload, and a monumental one at that, staged on the lower deck of the Jamsugyo Bridge. Beccari also recruited music superstar Pharrell Williams as Vuitton’s creative director of menswear, privatizing emblematic Paris bridge Pont Neuf for a bombastic fashion and entertainment spectacle.

The luxury behemoth’s previous CEO, Michael Burke, let slip last November that he was mulling transforming Vuitton’s corporate offices on Rue du Pont Neuf, with its views of the Seine and the Eiffel Tower, for a large store and the first Vuitton hotel.

To be sure, the brand has been rapidly adding hospitality components to its boutiques — from full-fledged restaurants to chocolate shops — as it cements its status as a cultural brand.

Vuitton did not specify how long the construction works at the Champs-Élysées site might take.

It is understood Dior plans to establish corporate offices elsewhere in the neighborhood.

>>> What to look at today - 5th of Septembert 2023

Asian stocks fell after disappointing China services data added to concern over the nation’s economic malaise. Australia’s dollar held earlier losses after the central bank kept interest rates on hold. Hong Kong shares led regional equity declines, with the benchmark index slipping more than 1%. China’s services sector saw the slowest growth this year in August, an industry survey showed, adding to evidence the economic recovery is losing traction. The MSCI Asia Pacific Index is heading for its first drop in seven days. In more positive news, Country Garden Holdings Co. is proposing to extend principal payments for eight yuan bonds, according to holders who said they were briefed by company advisers. The developer also told creditors it’s paid coupons of two dollar bonds within the grace periods. South Korean stocks fell after inflation accelerated faster in August than economists forecast on the back of rising energy costs. That supports the case for the central bank to keep the door open to further policy tightening. The US dollar strengthened against most of its Group-of-10 peers, while Treasuries edged lower as cash trading resumed following a US holiday Monday. The offshore yuan weakened following the PMI data. Oil traded near the highest level since November after a surge driven by supply cuts from OPEC+. Gold fell. Goldman Sachs Group Inc. lowered its estimate of US recession probability. “Continued positive inflation and labor market news has led us to cut our estimated 12-month US recession probability further to 15%, down 5pp from our prior estimate,” Jan Hatzius, its chief economist, wrote in a note.

Nikkei +0.08% Hang Seng -1.33% CSI -0.53% Shanghai -0.52% Shenzen -0.49%

Eur$ 1.0794 CNH 7.2921 CNY 7.2907 JPY 146.75 GBP 1.2622 CHF 0.8853 RUB 96.4542 TRY 26.7846 WTI$ 85.92 +0.41% Gold 1,938.50 -0.22% BTC 25,718 -0.43% ETH 1,622.25 -0.36%

S&P -0.12% Nasdaq -0.05% EuroStoxx -0.14% FTSE -0.22% Dax -0.16% SMI -0.13%

Macro :
- OpenAI CEO Sam Altman First Person to Get Indonesian Golden Visa
- Goldman Cuts US Recession Chances to 15% on Improved Inflation
- UK Should Boost Capital Markets With Pensions, Says Think Tank

Keep an eye on :
- ABN NA : ABN Amro to Name Ferdinand Vaandrager as CFO
- ACLN SW : Accelleron 1H Revenue $448.6M Vs. $383M Y/y
- ADYEN NA : Adyen Plans Investor Day in November After $23 Billion Wipeout
- AIR FP : Air France-KLM, Airbus in Talks for A350 Component Support JV
- BABA US : Alibaba Cloud Eyes State Firms for Up to $3 Billion Funding
- CO FP : Kretinsky, Investors to Take Control of Casino in March: Echos
- 2007 HK : Country Garden Avoids Default With Last-Minute Coupon Payments
- DBK GY : Deutsche Bank Faces Watchdog Probe Over Issues at Postbank Unit
- ETL FP : Eutelsat Becomes Subscriber to Karista’s Spacetech Fund
- GAM SW : NewGAMe Appeals Takeover Board Ruling on GAM Offer Condition
- GMAB DC : Genmab, Seagen Announce Tivdak Met Primary Endpoint
- GIMB BB : Gimv Sees ~€4/SHR Gain on FY Portfolio Result From Recent Deals
- HELN SW : Helvetia to Write Down CHF27M of MoneyPark Investment
- 973 HK : L’Occitane Sinks by Record 28% After Boss Ends Buyout Talks (1)
- MC FP : LVMH-Backed Luxury Watch Site Hodinkee Cuts a Fifth of Jobs
- NXGN US : Thoma Bravo Is Said to Near Deal for NextGen Healthcare
- NOVN SW : Sandoz Sees Mid-Term Core Ebitda Margin 24-26% Vs. 18-19% in ‘23
- NOVOB DC : Novo’s Obesity Drug Arrives in UK – at a Fraction of US Prices
- PGHN SW : Partners Group 1H Revenue Beats Estimates
- Polaris Management : Polaris Targets Listed Nordic Shares With New Fund, Borsen Says
- PRY IM : Prysmian in Capacity Reservation Pact for Australia Power Link
- RNO FP : Renault Chief Sees Up to €10b Valuation for Ampere EV IPO: FT
- ROTH FP : Rothschild Says 13% Stake Remains Available for Concordia Offer
- SKAB SS : Skanska Gets US Order Worth About SEK8.8b
- ZAL GY : Rising Cost of Capital Looks Like Last Straw for Low-ROIC E-Tail