>>> Up
* Aker BP Raised to Hold at SEB Equities; PT 306 kroner
* Aker BP Raised to Hold at SEB Equities; PT 306 kroner
* Also PT raised from 170 to 195 CHT at UBS confirmed NEUTRAL (+)
* Antofagasta Raised to Overweight at JPMorgan; PT 4,500 pence
* Carlo Gavazzi Raised to Buy at Research Partners
* Castellum Raised to Equal-Weight at Barclays; PT 130 kronor
* EasyJet Raised to Equal-Weight at Morgan Stanley; PT 690 pence (++)
* Gilead Raised to Buy at HSBC; PT $155
* GSK Raised to Hold at HSBC; PT 1,860 pence
* Kering Raised to Hold at Pekao Investment Banking (+)
* Maersk Raised to Neutral at Goldman; PT 16,000 kroner
* Oerlikon Raised to Outperform at Oddo BHF; PT 5.30 Swiss francs (++)
* Sandoz PT raised from 75 to 78 CHF at Goldman Sachs confirmed BUY (+)
* Schott Pharma Raised to Buy at Deutsche Bank; PT 22 euros (+)
* Schweiter PT Raised from 240 to 255 at UBS confirmed SELL (+)
>>> Down
>>> Down
* Close Brothers Cut to Sector Perform at RBC; PT 470 pence
* EMS-Chemie Cut to Hold at Research Partners; PT 775 Swiss francs
* Exail Technologies Cut to Hold at Stifel; PT 134 euros (++)
* Merck KGaA Cut to Hold at HSBC; PT 170 euros
* Novartis Cut to Hold at Bank Vontobel; PT 128 Swiss francs (+)
* Pfizer Cut to Hold at HSBC; PT $28
* Roche Cut to Hold at HSBC; PT 365 Swiss francs
* SES GDRs Cut to Underweight at Barclays; PT 7.05 euros
>>> Initiation
* Capital Tankers Rated New Buy at Arctic Securities
* SES GDRs Cut to Underweight at Barclays; PT 7.05 euros
>>> Initiation
* Capital Tankers Rated New Buy at Arctic Securities
* ID-Entity Assumed Buy at Banca Akros (ESN); PT 5.50 euros (++)
* Nemetschek Resumed Buy at Deutsche Bank; PT 75 euros (+)
* Opt Rated New Buy at Integrae SIM; PT 1.25 euros (++)
* Public Power Reinstated Overweight at Morgan Stanley
* SpaceX Rated New Outperform at Haitong Intl; PT $191
* Wise Rated New Overweight at JPMorgan; PT $17.50
>>> Call
>>> Call
* Antofagasta Raised to Buy at JPMorgan on Growth Expectations (++)
* Berenberg Anticipates 'More Convincing' Q2 from Sika; Buy Rating Kept (+)
* Castellum Raised at Barclays After Strategically Positive Deals (++)
* Close Brothers Cut to Hold at RBC on Motor Finance Uncertainty (+)
* Morgan Stanley’s Wilson Says Stock Rally to Broaden Beyond Chips (+)
* Schott Pharma Raised to Buy at Deutsche Bank on Growth Prospects (+)
* Tesco Slips as Morgan Stanley Replaces It With M&S as Top Pick
* Tesco Slips as Morgan Stanley Replaces It With M&S as Top Pick
>>> Up
* Aker BP Raised to Hold at SEB Equities; PT 306 kroner
* Aker BP Raised to Hold at SEB Equities; PT 306 kroner
* Also PT raised from 170 to 195 CHT at UBS confirmed NEUTRAL (+)
* Antofagasta Raised to Overweight at JPMorgan; PT 4,500 pence
* Carlo Gavazzi Raised to Buy at Research Partners
* Castellum Raised to Equal-Weight at Barclays; PT 130 kronor
* Gilead Raised to Buy at HSBC; PT $155
* GSK Raised to Hold at HSBC; PT 1,860 pence
* Kering Raised to Hold at Pekao Investment Banking (+)
* Maersk Raised to Neutral at Goldman; PT 16,000 kroner
* Sandoz PT raised from 75 to 78 CHF at Goldman Sachs confirmed BUY (+)
* Schott Pharma Raised to Buy at Deutsche Bank; PT 22 euros (+)
* Schweiter PT Raised from 240 to 255 at UBS confirmed SELL (+)
>>> Down
>>> Down
* Close Brothers Cut to Sector Perform at RBC; PT 470 pence
* EMS-Chemie Cut to Hold at Research Partners; PT 775 Swiss francs
* Merck KGaA Cut to Hold at HSBC; PT 170 euros
* Novartis Cut to Hold at Bank Vontobel; PT 128 Swiss francs (+)
* Pfizer Cut to Hold at HSBC; PT $28
* Roche Cut to Hold at HSBC; PT 365 Swiss francs
* SES GDRs Cut to Underweight at Barclays; PT 7.05 euros
>>> Initiation
* Capital Tankers Rated New Buy at Arctic Securities
* SES GDRs Cut to Underweight at Barclays; PT 7.05 euros
>>> Initiation
* Capital Tankers Rated New Buy at Arctic Securities
* Nemetschek Resumed Buy at Deutsche Bank; PT 75 euros (+)
* Public Power Reinstated Overweight at Morgan Stanley
* SpaceX Rated New Outperform at Haitong Intl; PT $191
* Wise Rated New Overweight at JPMorgan; PT $17.50
>>> Call
>>> Call
* Berenberg Anticipates 'More Convincing' Q2 from Sika; Buy Rating Kept (+)
* Close Brothers Cut to Hold at RBC on Motor Finance Uncertainty (+)
* Morgan Stanley’s Wilson Says Stock Rally to Broaden Beyond Chips (+)
* Schott Pharma Raised to Buy at Deutsche Bank on Growth Prospects (+)
* Tesco Slips as Morgan Stanley Replaces It With M&S as Top Pick
* Tesco Slips as Morgan Stanley Replaces It With M&S as Top Pick
Stocks retreated as a rebound in semiconductor and technology shares lost steam, renewing concerns over the durability of the AI-driven rally. The dollar strengthened. MSCI’s Asia Pacific equities index slipped 0.3%, with a gauge of regional chipmakers falling 0.7% and weighing on sentiment. South Korea’s Kospi Index dropped 1.4% even as a government official said the country is considering creating an investment fund using excess tax revenue from its semiconductor industry to support long-term growth. Chipmakers Samsung Electronics Co. and SK Hynix Inc. both declined. Equity-index futures for Wall Street benchmarks pared gains from Friday, when US markets were shut for a holiday. Contracts indicated European shares are set to open lower after closing last week at a record high. Elsewhere, Bloomberg’s gauge of the dollar strengthened against all of its Group-of-10 peers. Brent crude fell 0.6% to about $71.70 a barrel, easing inflation concerns and boosting Treasuries. Markets have entered the second half of the year on a cautious footing as investors weigh the fallout from the Iran war’s energy shock and whether the stock rally driven by AI stocks can be sustained. Attention is shifting to earnings season for signs that technology companies can turn their investments on artificial intelligence sector into profits. Sectors such as autos, machinery and healthcare stand to gain as investors rotate out of the AI sphere, he said. Investors are likely to maintain a cautious stance on tech stocks ahead of earnings releases major chipmakers, Sasaki said. Better-than-expected results could trigger a substantial rebound as many shares have corrected to more reasonable levels, he said. Brent declined as shipping through the US-protected corridor in the waterway showed signs of recovering. OPEC+ members also backed another modest rise in collective quotas for next month. Gold was little changed following a three-day gain amid speculation the Federal Reserve won’t be raising interest rates anytime soon. The yellow metal traded around $4,175 an ounce. Goldman Sachs Group Inc. revised its yen forecast to 165 per dollar in a year’s time from 155 previously. The Japanese currency traded at 161.54 per dollar in early Asian trading. Overall though, markets remain focused on chips and technology stocks after a recent selloff. Chipmakers remained in focus during Asian trading with Nvidia Inc.’s server assembly partner Hon Hai Precision Industry Co. reporting stronger-than-expected sales. SK Hynix shares dropped almost 4%, ahead of this week’s $29 billion US stock-market listing, while Samsung erased earlier gains and slipped 0.5%. Semiconductor stocks in the US started the third quarter with their biggest two-day decline in nearly a month. The Philadelphia Semiconductor Index, which gained a record 88% last quarter, fell 5% on Thursday. That brought its two-session decline to 12%, the most since June 5.
Nikkei -0.36% Hang Seng +0.76% CSI +0.34% Kospi -0.43% Shanghai +0.16% Shenzen -0.56%
Eur$ 1.1433 CNH 6.7917 CNY 6.7887 JPY 161.91 GBP 1.3344 CHF 0.8044 RUB 77.1274 TRY 46.8181 WTI$ 68.59 -0.16% Gold 4,160.60 -0.40% BTC 63,295 +0.91% ETH 1,782 +0.28%
S&P +0.27% Nasdaq +0.76% EuroStoxx -0.12% FTSE -0.06% Dax -0.07% SMI -0.21%
Macro :
- Bobby Jain’s Multistrategy Hedge Fund Gained 3.2% in June
- ECB’s Lagarde Doesn’t Rule Out Leaving Post Early to Enter French Political Fray - WSJ
- Iran Rallies Millions For Funeral of Slain Leader Khamenei
- Insider Trading Cases End as DOJ Dud With Few Prison Sentences
- Germany Adjusts Healthcare Bill, Raising Burden on Pharma: FAZ
- Michael Burry Is Right About Memory Chipmakers: Shuli Ren
Keep an eye on :
Keep an eye on :
- APR NO : Appear FY Outlook Below Consensus; 2Q Revenue Misses Estimates
- BPM IM : Credit Agricole Increases BPM Stake, Boosting Position in Italy
- BP/ LN : BP Mulls Exiting Offshore Wind Project in Northern Japan: Nikkei
- CON GY : Continental Sells ContiTech to Lone Star at €4 Billion Valuation
- BGEU LN : Baillie Gifford CEO Gives Staff Voluntary Option to ‘Exit’: FT
- ACA FP : Crédit Agricole Increases Banco BPM Stake to 29.3%
- DCC LN : Top investors oppose £5.7bn private equity bid for energy group DCC, Offer from KKR and Bridgepoint subsidiary fails to win support from Ninety One, Aviva Investors and Fidelity International - FT
- DPZ US : Domino’s Pizza China Added 235 Net New Stores This Year
- DKSH SW : DKSH to Sell, Distribute Eli Lilly Products in Hong Kong, Macau
- EZJ LN : EasyJet Agrees to Castlelake’s Latest Bid Topping £5 Billion
- EXA FP : Safran Ends Exail Technologies Acquisition Talks
- EXA FP : Thales to Buy Exail Technologies for €134/Shr
- FABG SS : Fabege 2Q Occupancy Beats Estimates
- HEX NO : Hexagon Agility Gets $100M Mobile Pipeline Order From Certarus
- HON US : Honeywell spin-off in merger talks to create $27bn chemicals group
- IMPN SW : Implenia Gets Modernization Contracts Worth Over CHF180 Million
- INGA NA : ING Buys ~40% Stake in Spain’s Singular Bank From Warburg Pincus
- IPN FP : Drugmaker Ipsen Sees More Deals Coming to Continue Buying Spree, The company is looking at options that could continue to build its hematology franchise and targets in solid tumors too - WSJ
- IREN US : Anthropic’s plans to buy 1.4GW of Aussie data centre capacity - Financial Review
- NEX FP : Nexans Sells Autoelectric to Motherson for €207m Ent. Value
- NXT LN : Next Explores Harvey Nichols Takeover Offer, Sky News Reports
- NOVN SW : Novartis Agrees to Acquire Myricx Bio for up to $1.5 Billion
- P911 GY : *PORSCHE AG WEIGHS CUTTING UP TO 4,000 MORE JOBS IN GERMANY: HB
- PRU LN : ICICI to Reclassify Prudential as Investor in Insurance JV
- SK Hynix : SK Hynix Is Said to Weigh 0.5% Fee Payout in Mega ADR Offering
- SAF FP : Safran Ends Exail Technologies Acquisition Talks
- SAF FP : Safran Ends Exail Technologies Acquisition Talks
- SOLS US : Solstice Advanced Materials, Element in Talks to Merge: FT
- Telegram IPO : Govt asks Telegram to curb pirated content, warns of legal action for non-compliance
- HO FP : Thales Sees Charge of About €450m on F126 Termination
- HO FP : Thales Affirms FY26 Organic Sales Growth Target
- HO FP : Thales Agrees €3.9 Billion Deal to Acquire Exail Technologies
- TTE FP : TotalEnergies Sells Service Stations in Ethiopia to Ola Energy
- UBER US : Uber Shrinks Food Delivery Expansion Plans in Europe: FT
- VivaTicket : Investcorp Plans to Sell Event Platform Vivaticket: Corriere
- VOW GY : Why Volkswagen’s Cost-Cutting Faces Unique Challenges: Explainer
- WHIL SS : Wihlborgs 2Q Income From Property Management Meets Estimates
- ZEG LN : Zegona Set to Replace Vantage With Cellnex, American Tower
- ZIM US : Netanyahu Says ZIM Sale ‘Not on the Agenda,’ Ynet Reports
>>> Up
* Aker BP Raised to Hold at SEB Equities; PT 306 kroner
* Aker BP Raised to Hold at SEB Equities; PT 306 kroner
* Antofagasta Raised to Overweight at JPMorgan; PT 4,500 pence
* Castellum Raised to Equal-Weight at Barclays; PT 130 kronor
* Gilead Raised to Buy at HSBC; PT $155
* GSK Raised to Hold at HSBC; PT 1,860 pence
* Maersk Raised to Neutral at Goldman; PT 16,000 kroner
>>> Down
>>> Down
* Close Brothers Cut to Sector Perform at RBC; PT 470 pence
* Merck KGaA Cut to Hold at HSBC; PT 170 euros
* Pfizer Cut to Hold at HSBC; PT $28
* Roche Cut to Hold at HSBC; PT 365 Swiss francs
* SES GDRs Cut to Underweight at Barclays; PT 7.05 euros
>>> Initiation
* Capital Tankers Rated New Buy at Arctic Securities
* SES GDRs Cut to Underweight at Barclays; PT 7.05 euros
>>> Initiation
* Capital Tankers Rated New Buy at Arctic Securities
* Public Power Reinstated Overweight at Morgan Stanley
* SpaceX Rated New Outperform at Haitong Intl; PT $191
* Wise Rated New Overweight at JPMorgan; PT $17.50
>>> Call
* Tesco Slips as Morgan Stanley Replaces It With M&S as Top Pick
>>> Call
* Tesco Slips as Morgan Stanley Replaces It With M&S as Top Pick
- Inficon (IFZ0 TH) +4.1%
- Nordex (NDX1 TH) +2.1%
- Prosus (1TY TH) +2.1%
- 3i (IGQ5 TH) +2%
- Repsol (REP TH) +1.9%
- Iberdrola (IBE1 TH) +1.7%
- Imperial Brands (ITB TH) +1.3%
- Roche (RHOA TH) -1.5%
- STMicro (SGM TH) -1.8%
- ASML (ASME TH) -2%
- Abivax (2X1 TH) -2.4%
- Merck KGaA (MRK TH) -2.8%
- Merck KGaA Cut to Hold at HSBC; PT 170 euros
- Nokia (NOA3 TH) -2.9%
- Tech Stocks’ Rebound Stalls, Dollar Edges Higher: Markets Wrap
DAX:
- Merck KGaA (MRK TH) -2.8%
- Merck KGaA Cut to Hold at HSBC; PT 170 euros
MDAX:
- Nordex (NDX1 TH) +2.7%
- Jenoptik (JEN TH) -1%
SDAX:
- Schott Pharma AG & Co KGaA (1SXP TH) +2.4%
- HelloFresh (HFG TH) +1.1%
- Hypoport (HYQ TH) -4.2%
- Mutares (MUX TH) -5.3%
Honeywell spin-off in merger talks to create $27bn materials group
Combination with Element Solutions would boost Solstice’s role as key supplier of chipmaking inputs
Honeywell spin-off Solstice Advanced Materials is in talks to merge with Element Solutions, potentially striking a deal that would create a $27bn speciality chemicals giant less than a year after breaking off from the industrial conglomerate.
Discussions between the two companies over a merger of equals are ongoing, but a deal could come together as soon as this week, said people familiar with the talks. They warned that a formal agreement had not been reached and talks could still fall apart.
The deal, which is likely to be mostly stock-based and include some cash, would allow Solstice to take advantage of its strong share price performance since breaking away from Honeywell eight months ago. The stock is up 75 per cent, giving Solstice a market value of $12.7bn at Thursday’s close.
The potential merger would create a market leader in the advanced materials sector, with a combined enterprise value of roughly $27bn, including debt.
A combination with Element would boost Solstice’s role as a supplier of advanced chipmaking materials. Solstice makes everything from polymers and performance fluid to process materials used by industry, while Element focuses on materials used in electronics, semiconductors and the automotive sector.
In its latest earnings update in April, Element highlighted robust demand from the “high-end electronics market”, pushing net sales for the first quarter to $840mn, up 41 per cent on the same period last year.
Shares in Element have increased 77 per cent over the past year, giving it a market capitalisation of $10.6bn. Element has struck a series of smaller deals in recent years to bolster its presence in the semiconductor supply chain, including buying Micromax, a maker of conductive pastes for electronics, for $500mn last year.
Solstice and Element did not immediately respond to requests for comment.
Solstice chief executive David Sewell told investors in February that future dealmaking was “certainly on the table”.
“What we’re really grateful for is to have such a strong balance sheet, and since our spin we’ve really started to develop a robust M&A pipeline,” said Sewell on a first-quarter earnings call.
The transaction would come amid a boom in dealmaking, with a record 47 transactions valued at more than $10bn in the first half of the year, helping to push global dealmaking volume to $2.8tn, according to LSEG.
Solstice’s public listing was the first part of Honeywell’s complex break-up. The $135bn industrial giant last month split into two publicly traded companies: one focused on aerospace and the other on automation.