WSJ : Italy Says it Will Build the Longest Suspension Bridge in the World. Don’t

Italy Says it Will Build the Longest Suspension Bridge in the World. Don’t Hold Your Breath.
Plans for a structure connecting Sicily and mainland Italy have existed for decades
Italy might build the longest suspension bridge in the world. Or maybe it won’t.

Italy’s government has rekindled an idea that politicians have been discussing for 160 years: building a single-span suspension bridge between Sicily and the Italian mainland. The two-mile link across the Strait of Messina would be 50% longer than the longest suspension bridge in the world and would be held up by two towers, each taller than the top floor of the Empire State Building.

Proponents, chief among them Italian Infrastructure Minister Matteo Salvini, say it will bring jobs and economic growth to Italy’s depressed south and will be a source of national pride. But a project first imagined in the 1860s as a way to promote national unity has become a symbol of the country’s inability to turn talk into action, or at least to stop the project once and for all.

The Sicilian Connection
Italy is planning to build a bridge linking Sicily and the Italian mainland. If completed, the two-mile-long suspension bridge would be the world’s longest.
Parliament approved the plan in May. Salvini has promised to break ground by the middle of next year and have the bridge operational by the early 2030s. He has brushed off the cost concerns, saying that Italian artists Michelangelo, Raphael and Leonardo never had their projects subjected to a parliamentary cost-benefit analysis.

In addition to the cost, detractors cite the environmental impact, the seismic risk in a region plagued by earthquakes and the possibility that the mafia will snag some of the construction contracts. They also say money would be better spent upgrading the decrepit existing infrastructure in Sicily and Calabria, the region in the toe of the Italian boot.

Italians can be excused for thinking this is déjà vu.

In the early 1950s, the government created a company to study how to connect Sicily to the mainland. A quarter-century later, the company was still considering options, which ranged from a suspension bridge to a tunnel and a suspended underwater tube. A new government-backed company eventually settled on the suspension bridge and then in 2001 then-Prime Minister Silvio Berlusconi chose a contractor, but he lost re-election before work could begin and under his successor, parliament canceled the project.

Berlusconi, who died in June, tried to revive the plan in 2011 only to have it canceled once more the following year by a new government that said it was financially unsustainable while Italy faced a sovereign-debt crisis.
The estimated cost has ballooned from 5 billion euros, equivalent to $5.53 billion, at the beginning of the century to €13.5 billion now, which doesn’t include the costs for adding the necessary infrastructure to connect the bridge to existing roads. The government has been vague about where it will get the money to fund the bridge.

The infrastructure ministry declined to comment. On the day the bridge received final parliamentary approval, Salvini wrote on Twitter: “Today is a great day not only for Sicily and Calabria but for all of Italy. I’m proud of this new achievement.”

The bridge’s biggest cheerleader is a recent convert. In 2017, Salvini said the money would be better spent on more prosaic infrastructure such as improving the country’s train system. He made his point by riding the train from Trapani on Sicily’s western coast to Agrigento in the southwest of the island. It took nine hours on several trains and a bus to cover about 110 miles.

Groups that have fought the bridge for decades are mobilizing once again. Last week, Legambiente, one of Italy’s most prominent environmental activist groups, released a report called, “The Big Bluff. The Truth About the Bridge Across the Strait.”

“We need to develop an alternative to the bridge that uses technological innovations to improve existing rail transport and ferry services between the continent and Sicily,” said Giuseppe Alfieri, the chairman of Legambiente’s chapter in Sicily.

In Sicily and Calabria more than 40% of the trains still run on diesel fuel rather than electricity, which makes trains generally cleaner, faster and more reliable. The majority of train lines in Sicily and Calabria have just one track, which leads to frequent delays.

Italy isn’t alone in having one of its big infrastructure dreams on a permanent loop. Thailand has been talking for 300 years about digging a canal to connect the Pacific and Indian oceans. Over the past 150 years, the U.K. has occasionally considered linking Scotland and Northern Ireland with a bridge or tunnel, an idea that never made it past a feasibility study, in part because of the estimated cost of the bridge of £335 billion, equivalent to $429 billion

At 1,310 feet, the Messina bridge’s two towers would be a third taller than the towers of the Golden Gate Bridge. The height allows builders to avoid erecting a tower in the middle of the Messina strait, which has strong currents and plunges away quickly from the coastline.

“The length of the main span is a challenge, but it’s something engineers have solved,” said Martin Mensinger, the chair of metal structures in the school of engineering and design at Technical University of Munich who remembers his professors discussing the bridge more than 30 years ago when he was a student. “The special shape of the so-called Messina deck limits undulations due to wind-induced vibrations, and solves one of the major problems of bridges with such a long span,” he said.

While there is still no bridge over the Strait of Messina, studies done for the eventual structure produced the new Messina Type Deck, which rather than one contiguous deck has openings that allow the wind to pass and reduce the sway.

Italy’s infrastructure ministry says the bridge would be able to withstand 170 mph winds, higher than the strongest winds ever recorded in the area, and a 7.1 magnitude earthquake, equaling the force of the 1908 quake that flattened Messina. The bridge would have three lanes for traffic in each direction, two railroad lines and be about 200 feet wide. It would sit more than 200 feet above the strait, allowing large ships to pass underneath.

Webuild, an Italian general contractor that leads a consortium that held the commission to build the bridge, says it can complete the project in a little more than six years once the contract is reinstated. In April, the company’s head of engineering told a parliamentary commission that earthquake resistance would be guaranteed up to a magnitude of 7.5.

Turkey’s 1915 Canakkale Bridge, which opened last year and is the world’s longest suspension bridge with a main central span of about 1.3 miles, was built with a Messina Type Deck.

“The Canakkale Bridge is confirmation that the design for the Strait of Messina works,” said Marco Belloli, the head of the mechanical engineering department at Milan’s Polytechnic University, who specializes in wind and did extensive wind-tunnel work to refine the design for the Messina bridge.

“One hundred years ago you wouldn’t have been able to build the Messina bridge, but methods, material and competencies have improved,” he said. “Now it’s feasible.”

WSJ : China Probed Covid-19 Policy Leaks by Ex-Government Officials

China Probed Covid-19 Policy Leaks by Ex-Government Officials
National-security personnel questioned expert-consulting firms last year when information about China’s pandemic policies was moving markets

China’s heightened scrutiny of the expert-network firms that investors and international businesses rely on for information about the country began much earlier than is commonly believed.

Last autumn, in a previously unreported investigation, national-security agents showed up at some of those firms looking to track down leaks around China’s highly sensitive Covid policies and vaccine strategy. The investigators asked people at one consulting firm in Shanghai if they had arranged meetings or calls with experts who had inside knowledge of the country’s healthcare policy, according to a person familiar with the matter.

The investigators presented a list of names of experts, as well as times and dates of meetings at which those individuals spoke, the person said. The list included a former policy researcher at a regional outpost of China’s National Health Commission, the person said, adding that the investigators wanted to know who had been asking for the information and what the consulting firm’s clients wanted to know.


The national-security visits show that Beijing’s concerns about information leakage around crucial policy decisions were building months before authorities rattled the foreign business community with raids on expert-network firm Capvision. Those raids were touted in a news program on state television in May that alleged some Western countries have stolen intelligence and information in sectors such as military, economy and finance.

Chinese medical experts’ insights were highly sought after by international and domestic investors in the second half of 2022, when Chinese stocks were unusually volatile and speculation was rife that China’s leadership was considering changes to a strict zero-Covid regime that had battered commercial and economic activity.

In October and November, Hong Kong’s Hang Seng Index—which is driven mainly by Chinese stocks—rose or fell by more than 5% on six different days.

It isn’t known if the investigations into Covid leaks are continuing. China’s State Council Information Office, which handles media inquiries on behalf of the Chinese government, didn’t respond to a request for comment.

Chinese authorities’ crackdown on the loosely regulated expert-network industry has sent a chill through what had been a booming business in the country, where clients paid as much as $10,000 per hour to gain an information edge.

In the U.S., expert-network firms have at times been caught up in major insider-trading cases, where paid consultants provided confidential information to hedge funds that traded on it. Such activities flouted the Securities and Exchange Commission’s rules around selective disclosure, leading to convictions of employees of expert-network firms and fund managers.

In China, people who have interacted with paid experts say some of them aren’t as cognizant of what they can or can’t disclose in private conversations with investors.

The recent investigations and raids on expert-network firms will deter investors from trying to get information about China, which could also make foreigners less eager to invest in Chinese companies, said Andrew Collier, managing director of Orient Capital Research in Hong Kong.

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The worry is that “if they ask any questions, their people could be thrown into jail,” he said.

Collier said China’s sharpened focus on national security also carries “an implied threat that any interaction with the West can be potentially dangerous for the state.”

The recent pattern of tougher enforcement has included a raid on U.S. due-diligence firm Mintz, questioning of staff at consulting firm Bain, the arrest of a Japanese pharmaceutical executive and a drumbeat of official warnings about espionage. It has raised concerns about the safety of doing business in the country, particularly back at headquarters, where China-related risks are getting closer scrutiny.

Capvision didn’t respond to a request for comment. Bain, which previously said it is cooperating with Chinese authorities, said it has no additional comment.

Financial institutions, including banks and brokerages, have been among the biggest clients of Capvision and other expert-consulting firms. Hedge funds and asset managers will routinely pay to get tips, nonpublic information and unique insights that could help them profit from trading stocks.

Last fall, the question was Covid, and expert-network firms were peppered with requests from asset managers and financial institutions, according to people familiar with the matter. The most sought-after experts were those who could speak about China’s Covid-19 policies and the country’s vaccine-approval process, which would help determine how quickly the country could open up.

The value of such information was made clear during a Citigroup event in early November in Hong Kong, where a former China government chief scientist spoke at an investment conference for the global bank’s clients.

Shortly after the markets opened on Nov. 4, Citigroup chief China economist Yu Xiangrong interviewed Zeng Guang, a former chief scientist at the Chinese Center for Disease Control and Prevention.

“For our international investors less familiar with Dr. Zeng, he was basically China’s Dr. Fauci,” Yu said at the start of the 50-minute talk, drawing a comparison with Anthony Fauci, the U.S. government’s infectious-disease official who guided the country through the Covid-19 pandemic.

Zeng, who left his government post sometime in 2021, said he didn’t represent any organization and that his views were his own. “Everything we talk about today should be internal communication only,” he said, adding it shouldn’t be shared online or with the media, according to a recording of the webinar that was reviewed by The Wall Street Journal.

Zeng then said he was optimistic that changes to China’s zero-Covid policy were imminent. He added that 90% of the Covid tests in China would be soon eliminated and that the border between Hong Kong and mainland China would open in the first half of 2023.

“Now Covid-19 policy needs to follow economic development, not the other way around,” Zeng said.

Yu and Zeng then discussed China’s reopening timeline, the progress of China’s domestic Covid-19 vaccine rollout and how to shape the narrative around the pandemic from fear to acceptance, according to the recording.

On the day Zeng spoke, the Hang Seng Index surged 5.4%, while mainland China’s benchmark Shanghai Composite Index rose 2.4%. A Citigroup spokesman said the bank had no comment.

Zeng’s comments were on the money. The following week, China shortened mandatory quarantine times and eased other pandemic-control measures. By early December, China had scrapped most Covid testing and quarantine requirements.

The stock markets continued a rally that lasted through early 2023. Market participants who looked back referred to the day of the Citigroup event as the “Dr. Zeng Guang Bottom.”

Zeng has continued making speeches and presentations, and last month attended an academic conference on medical disinfection and infection control in Shanghai, according to a Chinese state media outlet. He declined to comment.

Reuters : How hedge funds would trade global real estate woes

How hedge funds would trade global real estate woes

LONDON/NEW YORK, July 26 (Reuters) - Property markets knocked by high interest rates and the end of cheap financing have caught the eye of hedge funds.

U.S. and European commercial property markets face lingering office vacancies, diminished retail activity and higher refinancing costs, while investors are wary of highly indebted Chinese property.

Five hedge funds shared five trading ideas on global property markets, adding that they cannot reveal trading positions for regulatory reasons.

1/ VARADERO CAPITAL
* New-York based credit hedge fund

* Size: $2.8 billion

* Founded in 2009

* Key trade: buy commercial mortgage-backed securities issued 2012-2016

Jonathan Mizrachi, co-head of commercial real estate, believes there are bargains to be found in commercial mortgage backed securities (CMBS), or bonds which hold mortgages grouped together by their credit risk.

"Investors are generalizing CMBSs, everything is commercial mortgage backed and everything commercial mortgage backed is bad," he said, adding that some are trading at attractive prices.

Mizrachi mainly focuses on the mezzanine, or intermediate tranches of CMBSs, issued between 2012 and 2016. These now trade at a discount and contain fewer loans with lots of historical data, so are easier to analyze, he said.

2/ BALCHUG CAPITAL
* Size: $2 billion

* Founded: 2010

* Key trade: buy Russia commercial real estate

CEO of Armenian hedge fund Balchug Capital, David Amaryan, recently purchased one of Moscow's biggest malls, and is looking to buy more properties from investors leaving Russia.
Russia's invasion of Ukraine and the sanctions that followed meant many Western firms have left Russia-based operations.

Investors from countries such as Armenia are acceptable to both Russian and international authorities, said Amaryan.

"They are not getting what the assets were worth before the conflict but the discounted price is a reasonable one given that Balchug is taking the risk," he said.

3/ BEACH POINT CAPITAL MANAGEMENT
* U.S. based fund specialising in credit related investments

* Size: $14.8 billion

* Founded: 2009

* Key trade: shorting commercial real estate investment trust stocks

Ben Hunsaker, portfolio manager and head of structured credit at Beach Point Capital Management said a good shorting opportunity was to invest in sell options, or buy puts, on commercial mortgage real estate investment trust stocks (CM-REITs).

CM REITs are companies that own mortgages of multi-family residential homes as well as commercial real estate loans. The stocks of these companies, or REITs, trade without a discount. They are also packed with other kinds of debt, he added.

This debt might include collateralised loan obligations, reverse repurchase agreements and unsecured high yield corporate debt.

"Certain pockets of U.S. multi-family lending has parallels to subprime and CDOs back during the financial crisis," Hunsaker added.

Given the speed at which some of the underlying loans were issued at just after COVID-19, Hunsaker believes the values of these loans will soon fall, bringing down the prices of the publicly traded common stocks of the CM-REITs which contain them.

4/ Land & Buildings

* Activist hedge fund

* $500 million

* Founded 2008

* Key trade: short life and sciences real estate investment trusts

Jonathan Litt, founder and chief investment manager of Land & Buildings, suggests a short position on life and science real estate investment trusts (REITs) -- which own and invest in office and laboratory space to foster the research and developments of new drugs.

A short position is a bet that an asset's price will weaken.

Cell phone data Litt bought to research a REIT run by Alexandria Real Estate Equities (ARE.N), showed that buildings which that were supposed to be almost fully occupied were only half full.

Alexandria Real Estate responded pointing to public filings which said that it was the advancement of science and related intellectual property in Alexandria’s Labspace buildings, and not employee foot traffic that drove its demand for space.

But Litt believes that the shift away from office working will also hurt life and sciences real estate, generally.

"This is going to be a problem and people haven't seen it yet," said Litt.

5/ ANSON FUNDS
* Multi-strategy hedge fund

* Size: $1.6 billion

* Founded in 2003

* Key trade: long British homebuilder Vistry Group (VTYV.L)

Anson CIO Moez Kassam reckons Vistry shares are likely to rise further following a recent $1.4 bln acquisition of rival Countryside that could bolster its affordable housing business.

"Vistry leveraged its strong balance sheet to snap up a key competitor, capitalizing on depressed valuations and dislocation in the sector," he said.

Vistry last week flagged an intensifying housing slowdown, but retained its annual profit forecast citing resilient demand in its affordable homes business.

Its shares are up 28% this year and Kassam sees potential for further gains, with affordable housing companies tending to be more resilient than traditional homebuilders during downturns.

Vistry declined to comment on the hedge fund's views.
Reporting by Nell Mackenzie in London and Carolina Mandl in New York; Editing by Dhara Ranasinghe and Alison Williams

FT : Nissan and Renault reboot alliance after China ‘wake-up call’

Nissan and Renault reboot alliance after China ‘wake-up call’
Struggles in China and slow electric rollout give urgency to finalising carmakers’ new relationship

Nissan and Renault finalised a restructuring of their relationship on Wednesday, with the Japanese carmaker’s chief executive saying the growing challenge in China had been “a wake-up call” for rebooting the troubled alliance as the industry makes a seismic shift to electric vehicles.

The two companies pledged to “put their past behind” as they completed a long-delayed deal to rebalance their capital relationship in exchange for Nissan investing up to €600mn in Renault’s new division for housing its EV and software technology. 

First announced in February, the deal was sealed after months of strained negotiations as executives clashed over the terms under which they would equalise their stakeholdings in each other. 

Renault will trim its 43 per cent stake in Nissan to 15 per cent, while the Japanese group will gain voting rights for its own 15 per cent holding in the French carmaker, removing one of the main sources of infighting for the 24-year-old partnership.

“This alliance has gone through a lot . . . but the past is the past. We had to debate about the future,” Nissan’s chief executive Makoto Uchida told a group of reporters.

“For me, China was a wake-up call and we also face a massive challenge in terms of rolling out electric vehicles in the US,” Uchida said.

Sales of Japanese cars have been hit hard in China because of the slow EV rollout and a price war sparked by Elon Musk’s Tesla, forcing another Nissan alliance partner Mitsubishi Motors to suspend production in the country this month.

Board members at Nissan had questioned and clashed over the benefits of it taking a maximum 15 per cent stake in Renault’s EV business Ampere, owing to concerns about sharing of the Japanese group’s intellectual property rights. 

But Uchida said the Ampere investment, which comes with a board seat, would allow Nissan to accelerate its electric push in Europe and respond to regulatory challenges in the region. That would also allow the Japanese group to focus on strengthening its EV strategy in China and the US.

As part of the deal, Renault will transfer 28.4 per cent of its shares in Nissan into a French trust, where the voting rights will be “neutralised” for most decisions. 

The pair have also announced several new joint manufacturing projects in India, Latin America and Europe.

“These agreements provide us with a solid base to reactivate business operations worldwide in key markets,” Renault’s chief executive Luca de Meo said. Jean-Dominique Senard, chair of the partnership, said the deal would allow the companies “to step into the next chapter of the alliance”. 

The groups expect the agreements to be completed in the fourth quarter, following regulatory approval. In late June, Renault said it was likely to delay the listing of Ampere, from its original target of late 2023 to the first half of 2024.

>>> Stoxx 600 Pre-Market Indications

  • Rolls-Royce (RRU TH) +2%
    • Rolls-Royce Sees Earnings Materially Above Consensus
  • Just Eat Takeaway (T5W TH) +1.9%
    • Just Eat’s First-Half Profit Beats Estimates After Cost Cutting
  • UniCredit (CRIN TH) +1.6%
    • UniCredit Eyes 8% Profit Uplift, More Buybacks in 2023-24: React
  • RWE (RWE TH) +1.5%
  • Stellantis (8TI TH) +1%
    • *STELLANTIS 1H ADJ. OPER MARGIN 14.4%, EST. 12.2%
  • Vodafone (VODI TH) +1%
  • Iberdrola (IBE1 TH) +0.9%
  • Danone (BSN TH) +0.6%
    • *DANONE 2Q LIKE-FOR-LIKE SALES +6.4%, EST. +5.66%
  • Nibe (NJB TH) +0.5%
  • MTU Aero (MTX TH) +0.5%
    • MTU Aero 2Q Adjusted Ebit Beats Estimates
  • Sartorius (SRT3 TH) -0.7%
  • Deutsche Bank (DBK TH) -0.7%
    • Deutsche Bank CFO Sees Potential for Fee Income Growth: TOPLive
  • ArcelorMittal (ARRD TH) -0.9%
  • Glencore (8GC TH) -1.2%
  • Haleon (H6D0 TH) -1.3%
  • Nel (D7G TH) -2.1%
  • LVMH (MOH TH) -2.1%
    • LVMH Drops After Results Stoke US Slowdown Concerns: Street Wrap
  • Puma (PUM TH) -2.2%
    • Puma 2Q Ebit Beats Estimates; CFO Contract Extended
  • GSK (GS71 TH) -3%
    • *GSK SEES FY ADJ EPS +14% TO +17%, SAW +12% TO +15%
  • Verbund (OEWA TH) -4.2%

>>> TradeGate Pre-Market Indications

DAX:
  • RWE (RWE TH) +1.9%
    • RWE Raises Earnings Outlook With Boost From Trading Unit
  • Deutsche Boerse (DB1 TH) +0.7%
    • Deutsche Boerse Consensus Already at Top of Range: Street Wrap
  • Commerzbank (CBK TH) +0.7%
  • MTU Aero (MTX TH) +0.5%
    • MTU Aero 2Q Adjusted Ebit Beats Estimates
  • Deutsche Bank (DBK TH) -1.4%
    • Deutsche Bank CFO Sees Potential for Fee Income Growth: TOPLive
MDAX:
  • Evonik (EVK TH) +0.8%
  • Puma (PUM TH) -3.1%
    • Puma 2Q Ebit Beats Estimates; CFO Contract Extended
SDAX:
  • Heidelberger Druck (HDD TH) +1.2%
  • DWS (DWS TH) +0.7%
    • DWS Group’s Recovery Gains Pace With a Second Quarter of Inflows
  • Traton (8TRA TH) -0.8%
    • Traton 1H Adjusted Operating Profit Beats Estimates
  • PNE AG (PNE3 TH) -0.9%
  • Varta (VAR1 TH) -6%
    • Varta FY Adjusted Ebitda Forecast Misses Estimates

>>> What to look at today - 26th of July 2023

Stocks in Asia fell as investors trimmed their positions to reduce risks ahead of the Federal Reserve’s rate decision with Chinese equity markets giving up Tuesday’s gains. Hong Kong stocks declined, with technology shares falling over 1%. Equities were also lower in Japan and South Korea. Australian stocks advanced after quarterly inflation came in slower than expected. While Chinese assets rallied following the Politburo meeting Monday, investors continue to wait for Beijing to deliver more tangible support for the economy amid concern that debt and demographics constraints will weigh on growth.  Imminent follow-through of actionable policy measures, especially those for the property sector, will be key to sustaining a China market rally, according to Morgan Stanley strategists.  Meanwhile, more explanation of planned property policies, particularly those affecting prices in first top-tier cities, will be crucial to restore confidence among investors. The S&P 500 closed Tuesday at its highest since April 2022, the Nasdaq 100 outperformed and the Dow Jones Industrial Average saw its 12th straight advance — the longest winning run in over six years — as the Conference Board’s US consumer confidence index climbed to a two-year high. Big tech led equity gains, with traders counting on the earnings season to see whether the enthusiasm around artificial intelligence will justify this year’s market advance. In the approach to the Fed’s decision, strong consumer confidence data bolstered the soft-landing narrative for the US economy — while suggesting policymakers aren’t done with their inflation fight yet. Rates on swap contracts continued to price in a quarter percentage-point Fed hike later on Wednesday, with some additional increase factored in by year-end as well. n late trading in the US, a $210 billion exchange-traded fund tracking the Nasdaq 100 (QQQ) climbed as Google’s parent Alphabet Inc. reported revenue that beat analysts’ expectations. Microsoft Corp. posted tepid sales growth, while Texas Instruments Inc. gave a lukewarm forecast. There are so many bulls in the US stock market that any disappointment on the economy or earnings poses a risk to the rally, according to Citigroup Inc. strategists. Investor exposure to the S&P 500 remains extended and one-sided, even after bullish momentum has waned in recent weeks, a team including Chris Montagu said.
oil fell Wednesday after recent gains amid tighter supplies and optimism that China’s government will boost the country’s economy. Gold was little changed. US After Hours GOOG +6.2%, TENB +8.7%, TDOC +5.3% higher on earnings; SNAP -18.6%, RHI -10.9%, MSFT -3.7%, TXN -3.7% lower on earnings; PACW +36.6% and BANC +12% announce merger.

Nikkei -0,05% Hang Seng -0,67% CSI -0,26% Shanghai - 0,43% Shenzen -0,61%

S&P +0,00% Nasdaq -0,17% EuroStoxx -0,39% FTSE -0,30% Dax +0,02% SMI -0,08%

Macro :
- Three Friends Who Help Manage $640 Billion Clash on China Bonds
- Hedge Funds Hear ‘Sell’ When Strategists Say ‘Buy’: China Today
- BofA Clients Post Biggest Outflow from US Stocks since Nov. 2020
- EU Regulators Rejected Meta Offer to Curb Use of Ad Data: Rtrs

Keep an eye on :
- AIR FP : Boeing and GE Dethrone RTX After a $15 Billion Market Rout
- AIR FP : Airbus Gets Order from Canada for Four Airbus A330 MRTTS
- ALSN SW : Also 1H Adjusted Ebitda EU116M
- ASM NA : ASMI 2Q Net Sales Misses Estimates
- BOBNN SW : Bobst 1H Ebit CHF46.8M Vs. CHF28.6M Y/y
- BVI FP : Bureau Veritas 1H Adjusted Operating Margin Beats Estimates
- CARM FP : Carmila 1H Gross Rental Income EU188.8M Vs. EU182.8M Y/y
- BN FP : Danone Sales Gain as Yogurt Maker Shifts Inflation to Consumers
- DBK GY : Deutsche Bank 2Q FIC Sales & Trading Revenue Beats Estimates
- DBK GY : Deutsche Bank to Resume Share Buybacks of Up to €450 Million
- DWS GY : DWS Group’s Recovery Gains Pace With a Second Quarter of Inflows
- ECONB BB : Econocom 1H Rev. Cont Ops EU1.34B Vs. EU1.29B Y/y
- EDP PL : EDP to Seek Compulsory Purchase of Remaining EDP Brasil Shares
- EDP PL : EDP Renovaveis 1H Net Income Beats Estimates
- EFGN SW : EFG International 1H Net New Client Assets CHF3B
- ELI BB : Elia Group 1H Ebitda EU605.9M Vs. EU544.2M Y/y
- ELE FP : Endesa 1H Net Income Beats Estimates (1)
- ENG SM : Enagas 1H Net Income EU176.8M Vs. EU30.2M Y/y
- EQNR NO : Equinor Profit Falls on Softening Prices for Natural Gas, Oil
- ERA FP : Eramet Gets Offer for Ilmenite Transformation Plant in Norway
- ERICB SS : Intel to Manufacture Future Custom 5G Soc for Ericsson
- EL FP : EssilorLuxottica Plans to Grow Into Hearing Solutions Market
- ERF FP : Eurofins Scientific 1H Adjusted Ebitda Matches Estimates
- IBE SM : Iberdrola Sells 49% Stake in Baltic Eagle Wind Farm for ~€375M
- IPS FP : Ipsos Maintains FY Organic Revenue Forecast
- ISS DC : ISS Plans to Hire 50,000 in India, CEO Tells Borsen
- TKWY NA : Just Eat Takeaway 1H Adjusted Ebitda Beats Estimates
- KAMBI SS : Kambi 2Q Ebit Beats Estimates
- KCR FH : Konecranes 2Q Orders Beats Estimates
- MTX GY : MTU Aero 2Q Adjusted Ebit Beats Estimates
- NWG LN : NatWest Says Paul Thwaite to Take Over Interim CEO Duties: PA
- FII FP : LISI 1H Ebitda EU77.5M Vs. EU88M Y/y
- MC FP : *LVMH 2Q US ORGANIC SALES -1%
- MC FP : LVMH Drops After Results Stoke US Slowdown Concerns: Street Wrap
- MMT FP : M6 1H Ebita Misses Estimates
- NEX FP : Nexans 1H Ebitda Beats Estimates
- NEX FP : Nexans to Build Third Cable Laying Vessel
- ORA FP : Orange 2Q Ebitda After Leases Matches Estimates
- P911 GY : Porsche Profit Climbs on Robust 911, Macan Combustion-Car Sales
- RKT LN : Reckitt 2Q Like-for-Like Sales Beats Estimates
- RNO FP : Nissan Invests $663 Million in Renault EV Unit in Alliance Rejig
- RWE GY : RWE Raises Earnings Outlook With Boost From Trading Unit
- RWE GY : RWE Boosts FY Adjusted Ebitda Forecast, Beats Estimates
- SANOMA FH : Sanoma 2Q Revenue Misses Estimates
- SPM IM : Saipem, Stockholm Exergi to Cooperate on CO2 Capture Project
- S30 FP : Solutions 30 2Q Revenue EU263.4M Vs. EU221.7M Y/y
- SAN SM : Santander Earnings Beat Estimates as Rates Boost Spain, Europe
- SOI FP : SOITEC 1Q Revenue Misses Estimates
- STLA IM : Stellantis Profit Beats on Easing Supply-Chain Woes, Cost Cuts
- O2D GY : Telefonica Deutschland Narrows FY23 Outlook to Upper Range
- 8TRA GY : Traton 1H Adjusted Operating Profit Beats Estimates
- TKA AV : America Movil Boosts Telekom Austria Stake as Citi Bond Matures
- TIT IM : Italy Could Take Direct Role in Telecom Italia Network Bid: MF
- UCG IM : UniCredit Lifts Targets for Second Quarter as Profit Surges
- UN01 GY : Uniper Prelim 1H Adjusted Ebit EU3.7b; Reviewing Obligations
- VAR1 GY : Varta FY Adjusted Ebitda Forecast Misses Estimates
- VRLA FP : Verallia FY Adjusted Ebitda Forecast Beats Estimates
- VER AV : Verbund Adds Spanish Wind Power Capacity in Deal Valued at €460m
- VIV FP : Vivendi Risks Fines as EU Probes Gun Jumping in Lagardere Deal
- WLN FP : Worldline 1H OMDA Beats Estimates

>>> Europe : Brokers Upgrades & Downgrades - 26th of July 2023

>>> Up
* Alfa Laval Raised to Equal-Weight at Morgan Stanley
* Assa Abloy Cut to Neutral at UBS
* Firm Capital Apartment R Raised to Buy at Laurentian Bank
* Frontier Developments Raised to Buy at Jefferies; PT 680 pence
* Humana Raised to Buy at ABG; PT 35 kronor
* Julius Baer Raised to Market Perform at KBW; PT 64 Swiss francs
* NetApp Inc Raised to Equal-Weight at Morgan Stanley; PT $74
* Tyman Raised to Buy at Berenberg

>>> Down
* Alm Equity Cut to Sell at Arctic Securities; PT 404 kronor
* Basic-Fit Cut to Equal-Weight at Morgan Stanley; PT 38 euros
* Embracer Cut to Hold at HSBC; PT 32 kronor
* Glaston Cut to Reduce at Inderes; PT 95 euro cents
* Glencore Cut to Hold at HSBC; PT 510 pence
* Lotus Bakeries Cut to Hold at Berenberg
* MGI - Media and Games Invest SE Cut to Hold at Jefferies
* Nordic Semiconductor Cut to Hold at Deutsche Bank; PT 150 kroner
* PJT Partners Cut to Peerperform at Wolfe
* Rovio Cut to Hold at Jefferies; PT 9.25 euros
* Steico Cut to Hold at Berenberg

>>> Initiation
* Embracer Rated New Hold at Jefferies; PT 30 kronor

>>> Call
* Alfa Laval Upgraded at Morgan Stanley With 2024 Well Underpinned
* Basic-Fit Cut at Morgan Stanley on Churn, Stalled Membership