- Diageo (GUI TH) +1.7%
- TUI (TUI1 TH) +1.2%
- TUI Raised at MS After Equity Raise, With Concerns Priced In
- Equinor (DNQ TH) +0.9%
- Enel (ENL TH) -0.9%
- Danone (BSN TH) -0.9%
- Vodafone (VODI TH) -1%
- *VODAFONE TO REDUCE 11,000 ROLES OVER 3 YEARS IN NEW ACTION PLAN
- Talanx (TLX TH) -1.9%
- Siemens Healthineers (SHL TH) -1.9%
- Siemens Healthineers Cut to Hold at HSBC; PT 57 euros
- KBC (KDB TH) -2%
- KBC 1Q Net Interest Income EU1.32B Vs. EU1.20B Y/y
- Embracer (TH9 TH) -10%
- Embracer Prelim 4Q Adjusted Ebit Misses Estimates
Phone Link for iOS is now available to all Windows 11 users, bringing iMessage and more to PCs
Microsoft announced today that Phone Link for iOS is now available to all Windows 11 customers, allowing iPhone users to make and receive phone calls, send and receive messages via iMessage, access their contacts and see their phone’s notifications directly on their Windows PC. Phone Link previously only worked with Android phones.
The company started rolling out Phone Link for iOS on Windows 11 last month in 39 languages across 85 markets, and noted that it would take a few weeks for it to reach all customers.
Phone Link offers basic support for calls, messages and contacts, but it has some limitations, as it doesn’t support the option to reply to group messages or send images and videos. Microsoft notes that messages are session based and will only come through when your phone is connected to your PC. Notifications are delivered to the PC through Windows notifications, which means users can check, pin and dismiss them from the Windows interface.
To get started with Phone Link, users are guided through a setup process that will pair their iPhone to their PC over Bluetooth. Phone Link for iOS requires an iPhone with iOS 14 or higher, a Windows 11 device, a Bluetooth connection and the latest version of the Phone Link app. Support is not available for iPad (iPadOS) or MacOS at this time.
DAX:
- Siemens Healthineers (SHL TH) -1.5%
- Siemens Healthineers Cut to Hold at HSBC; PT 57 euros
MDAX:
- Talanx (TLX TH) -1.5%
- Talanx Cut to Neutral at Oddo BHF; PT 53 euros
SDAX:
- SFC Energy (F3C TH) +7.1%
- EQS-News: SFC Energy AG achieves record results in first quarter
- Hornbach Holding (HBH TH) -5.2%
- Hornbach Holding Sees 2024 Adjusted Ebit -5% to -15%
Most Asian equities rose before scheduled US debt talks to avert a default and as traders digested the latest data from China. The yuan weakened. An Asia-Pacific equity gauge climbed 0.6% after trimming an advance on weak Chinese economic figures. Mainland China stocks were mixed, with the Shanghai Composite Index flipping to a gain while the CSI 300 Index pared losses. Some investors may have priced in the weakness in China’s April data, following a slew of disappointing indicators. “The impact of today’s data on the market will be limited,” said Wu Xuan, chief market analyst at Tebon Fund Management. Further bullish bets by Michael Burry on e-commerce giants JD.com Inc. and Alibaba Group Holding Ltd. lent support to Chinese equities, with the Nasdaq Golden Dragon China Index rallying over 4% on Monday. Meanwhile, Japan’s Topix index headed for its highest close since 1990 amid robust foreign buying. Solid fundamentals and expectations for structural changes “justify a bullish stance” on Japan’s equities, Goldman Sachs Group Inc. said. South Korean equities also rallied, supported by chip stocks on the potential merger between Kioxia Holdings Corp. and Western Digital Corp. Australian stocks declined. US equity futures remained on the back foot before a meeting between President Joe Biden and House Speaker Kevin McCarthy Tuesday. The US stock market gained Monday amid mixed signals sent by both factions in the debt-ceiling talks. Treasury Secretary Janet Yellen reiterated her department may run out of cash as soon as June 1 unless Congress raises or suspends the federal debt limit. The dollar steadied and Treasuries edged higher, while the Aussie weakened after the China data. Reserve Bank of Australia minutes showed officials weighed the risk of upside surprises to inflation amid a tight labor market in their surprise decision to hike rates this month. In the US, data showed New York manufacturing slid the most since April 2020. This week’s figures will likely underscore more economic weakness, emboldening the Federal Reserve’s dovish voices even though inflation has failed to reassure, according to Anna Wong at Bloomberg Economics. JPMorgan Chase & Co.’s Marko Kolanovic joined a chorus of Wall Street strategists Monday in warning that the US debt-ceiling impasse is yet another headwind threatening the outlook for equity markets. Morgan Stanley’s Mike Wilson delivered a similar warning on the debt-ceiling deadline, noting the bank’s clients said the issue is unlikely to be resolved without some near-term volatility. Elsewhere, oil climbed and gold was little changed. US After Hours NU +6.1% up on earnings; COF +5.6% up after Warren Buffett discloses stake; RUM -3.4% lower on earnings; RH -3.6% slips after Warren Buffett discloses he closed his position.
Nikkei +0.74% Hang Seng +0.12% CSI -0.33% Shanghai -0.34% Shenzen -0.54%
Eur$ 1.0880 CNH 6.9682 CNY 6.9590 JPY 135.98 GBP 1.2526 CHF 0.8950 RUB 79.6929 TRY 19.6753 WTI 71.45 +0.48% Gold 2,016 -0.01% BTC 27,133 -0.81% ETH 1,814 -0.65%
S&P -0.24% Nasdaq -0.13% EuroStoxx -0.07% FTSE -0.10% Dax -0.10% SMI -0.20%
Macro :
- EU to Invalidate 2.5B Carbon Permits in Reserve in January
- EU to Invalidate 2.5B Carbon Permits in Reserve in January
- JPMorgan’s Kolanovic Sees Stock Selloff If US Debt Drama Lingers
- G-7 Working on Deterring China Economic Coercion, US Envoy Says
- Rare Rolex Milgauss Fetches Record $2.5 Million at Auction
Keep an eye on :
Keep an eye on :
- AIR FP : Delta Mulls Large Airbus Wide-Body Order as Long-Haul Rebounds
- AMGN US : FTC Will Sue to Block Amgen’s Deal to Buy Horizon Therapeutics
- AUSS NO : Austevoll Seafood 1Q Ebit Matches Estimates
- BCP PL : BCP 1Q Net Income Beats Estimates
- EN FP : Bouygues 1Q Current Operating Loss EU14M Vs. Loss EU77M Y/y
- AI US : C3.ai: No Issues of Wrongdoing Following Short-Seller Reports
- CNA LN : Centrica Gets Upside Catalyst Watch at Citi, Shares Seen Cheap
- COL SM : Inmobiliaria Colonial 1Q Net Income EU28M Vs. EU28M Y/y
- CTPNV NA : CTP to Invest €600M in Poland, Germany
- DEME BB : DEME Group 1Q Turnover EU672.2M Vs. EU616.7M Y/y
- EDEN FP : Edenred Buys Reward Gateway For £1.15B Ent. Value: M&A Snapshot
- EMBRACB SS : Embracer Signs Lord of the Rings Game Deal with Amazon Games
- FGR FP : Eiffage Secures Contracts Worth €168M in France
- RF FP : Eurazeo SE Assets Under Management EU34.80B
- EVN AV : EVN Proposes Special Dividend Amid Pressure From Activist Petrus
- EVN AV : EVN Proposes Special Dividend Amid Pressure From Activist Petrus
- EXOR IM : Elkann Says ‘Patriot’ Marchionne Saved Italy’s Auto Industry
- GAM SW : Xavier Niel’s NewGAMe, Bruellan Plan to Take GAM Stake Above 10%
- HBH GY : Hornbach Holding Sees 2024 Adjusted Ebit -5% to -15%
- IBE SM : AVANGRID Strengthens Support for Energy Innovation by Extending Collaboration With Yale
- IMB LN : Vodafone Sees 2024 Adj. EBITDA AL About EU13.3B, Est. EU13.69B
- KBC BB : KBC 1Q Net Interest Income EU1.32B Vs. EU1.20B Y/y
- KCR FH : Konecranes Holder Hartwall Capital Offers ~7.9m Shares: Terms, Hartwall Capital Has Sold its Entire 10% Stake in Konecranes
- LBIRD FP : Lumibird to Buy Some Prima Industrie Laser, Semiconductor Units
- MC FP : Rare Rolex Milgauss Fetches Record $2.5 Million at Auction
- MEKKO FH : Marimekko 1Q Adjusted EPS Misses Estimates
- MEKO SS : Meko 1Q Ebit Misses Estimates
- ORRON SS : Orron Energy 1Q Ebitda $4.6M
- SAS SS : Airline SAS Gets US Court Approval to Secure New Equity Capital
- SEBA SS : SEB’s Bond-Trading Chief Sees Robust Year on Macro, Hedging Need
- GLE FP : SocGen Incoming CEO Krupa Shakes Up Investment Bank Top Ranks
- GLE FP : French Tax Agency Seeking €2.5 Billion From Banks for ‘Cum-Cum’
- SOON SW : Sonova FY Sales Misses Estimates
- SOW GY : Software AG Shareholder Harris Criticizes Silver Lake Offer
- STLA IM : LG-Stellantis Plant Hangs in Balance as Canada Politicians Scrap
- TIT IM : Telecom Italia Deleveraging at Risk With CDP Move: React
- TIT IM : Italy State Lender to Drop $21 Billion Telecom Italia Offer
- TIT IM : Macquarie raising hurdles to CDP joining KKR bid for Telecom Italia grid, sources say
- TRN IM : Terna Signs €1.8b ESG-Linked Revolving Credit Facility
- UBSG SW : UBS Poaches Half Dozen Tech Bankers From Barclays
- VOD LN : Vodafone Hires Advisers on Sale of Interest of Things Unit: Sky
- VOD LN : Vodafone Sees 2024 Adj. EBITDA AL About EU13.3B, Est. EU13.69B
- VPK NA : Vopak to Divest Savannah Terminal to BWC Terminals For ~$80M
>>> Up
* 3i PT Raised to 2,431 pence from 2,313 pence at Morgan Stanley
* AB Foods Raised to Outperform at RBC; PT 2,250 pence
* Castellum Raised to Overweight at Barclays; PT 110 kronor
* Cerillion Raised to Buy at Finncap; PT 1,400 pence
* Cerillion Raised to Buy at Finncap; PT 1,400 pence
* Morgan Advanced PT Raised to 490 pence at Peel Hunt
* Paradox Interactive Raised to Buy at SEB Equities; PT 290 kronor
* Siemens Energy PT Raised to 35.90 euros at Morgan Stanley
* Toivo Group Raised to Accumulate at Inderes; PT 1.25 euros
* TUI Raised to Equal-Weight at Morgan Stanley; PT 740 pence
* Vesuvius PT Raised to 600 pence from 510 pence at Peel Hunt
>>> Down
>>> Down
* Bpost Cut to Equal-Weight at Barclays; PT 4.55 euros
* Grieg Seafood Cut to Hold at Fearnley; PT 95 kroner
* Kamux Cut to Accumulate at Inderes; PT 6 euros
* Puuilo Cut to Accumulate at Inderes; PT 8 euros
* Puuilo Cut to Accumulate at Inderes; PT 8 euros
* Siemens Healthineers Cut to Hold at HSBC; PT 57 euros
* Talanx Cut to Neutral at Oddo BHF; PT 53 euros
>>> Initiation
>>> Initiation
* Coinbase Rated New Hold at Berenberg; PT $55
* IPF Rated New Buy at Panmure Gordon; PT 200 pence
* Loungers Rated New Buy at Shore Capital
* NoHo Partners Rated New Buy at OP Corporate Bank; PT 10.50 euros
* NoHo Partners Rated New Buy at OP Corporate Bank; PT 10.50 euros
* OBI LN Rated New Corporate at Edison Investment Research
>>> Call
>>> Call
* Bpost Loses Only Positive Rating as Barclays Cites Uncertainty
* Centrica Gets Upside Catalyst Watch at Citi, Shares Seen Cheap
* JPMorgan’s Kolanovic Sees Stock Selloff If US Debt Drama Lingers
* RBC Sees Opportunities for Discount Retailers, AB Foods Upgraded
* TUI Raised at MS After Equity Raise, With Concerns Priced In
China’s economic recovery in doubt as industrial output falls short
Data adds to growing sense that Chinese economy has failed to fully recover after removal of zero-Covid policies
China’s industrial output and consumer spending have fallen short of expectations, fuelling doubts over the strength of the country’s rebound after it dismantled its zero-Covid policy.
Youth unemployment hit a record while a key measure of investment also lagged estimates, casting a shadow over the outlook for the world’s second-largest economy.
Industrial production added 5.6 per cent last month from a year earlier, well below forecasts of a 10.6 per cent rise. Retail sales expanded 18.4 per cent year on year, also missing forecasts. The high rates of growth partly reflect a contrast with lockdowns last year in Shanghai, the country’s biggest city.
Tuesday’s data added to a growing sense that the economy had failed to fully recover following the removal of strict anti-Covid curbs late last year, with a lingering property crisis and concerns over trade activity also clouding the outlook.
“China’s activity indicators missed expectations by a wide margin even with a favorable base,” Xiangrong Yu, chief China economist at Citi, wrote in a note. “With China now out of the sweet spot of reopening, hope of further sentiment repair could be diminishing in the absence of decisive government actions.”
An official reading on property investment revealed a decline of 6.2 per cent for the year to date, worse than analysts’ expectations of a 5.7 per cent fall.
China’s mixed recovery, which included weaker than expected fixed-asset investment growth of 4.7 per cent in the four months to the end of April, has also shown signs of feeding through into metals markets.
Nickel futures in Shanghai fell more than 2 per cent on Tuesday, bringing them 28 per cent lower for the year to date. Dimming expectations for economic growth in the second quarter have also weighed on iron ore futures traded in Dalian, which are down 16 per cent this year, while copper prices last week hit their lowest level in months.
“Everyone was certainly expecting a slightly quicker China reopening and that maybe hasn’t happened in the way some of us were anticipating,” said Matthew Chamberlain, chief executive of the London Metal Exchange, at a conference in Hong Kong on Tuesday. “And then there have clearly been a number of negative geopolitical and macroeconomic factors that have weighed on metals.”
Youth unemployment, which China began recording in 2018, hit 20.4 per cent, surpassing a previous high of 19.9 per cent last summer.
By contrast, the overall urban unemployment rate fell to 5.2 per cent as the broader labour market tightened.
China’s benchmark CSI 300 stock index was little changed, down 0.2 per cent on Tuesday.
Julian Evans-Pritchard of Capital Economics suggested the reopening recovery “still has legs left”, pointing to a 19 per cent rise in retail and catering sales during a national holiday at the start of the month.
But he added the recovery was “likely to fizzle out during the second half of the year” on an unwinding of fiscal support, stalling credit growth, a weaker housing market and the impact of global demand on Chinese exports.
China’s policymakers have set a cautious 5 per cent growth target for 2023, the lowest in decades, after missing a 5.5 per cent target last year when gross domestic product growth came in at just 3 per cent.
In its first-quarter monetary policy report published last week, the People’s Bank of China struck an optimistic tone.
“China’s economy is expected to continue to improve overall, and the growth rate in the second quarter may rebound significantly under the low base effect, laying a solid foundation for achieving the annual growth target smoothly,” it said.
Cannes’ Carlton Hotel’s New Approach to Luxury
Space, time, serenity and cultural sensitivity are the hotel's philosophy, said hotel general manager Giuseppe Vincelli.
The Carlton, the grande dame of Cannes hotels, is ready for her closeup.
Following seven years of behind-the-scenes renovations and three years of complete closure, the iconic Belle Epoque beauty has reopened to reveal a reimagined interior, sprawling garden, spa, swimming pool and brand new bar.
Interior designer Tristan Auer knows the famous hotel plays to an audience, and thus set the stage for glamour by opening up spaces and considering how guests would move through the rooms, taking inspiration from the big screen.
“This is to keep the coherency of a story. It’s exactly like doing a movie,” Auer told WWD of designing the floor plan flow. “You have the opening scene, then you have scenes which are more energetic, dramatic or slow, and it has to come together to tell a strong story because when people come here it is like a dream. They may spend just three days of their life here, so it has to be perfect.”
The Carlton is one of the most iconic addresses in the world. It was founded by a grand duke in 1913, hosted the first meeting of the United Nations precursor in 1922, and welcomed the first Cannes Film Festival in 1946. The hotel was the backdrop of Cary Grant and Grace Kelly’s classic film “To Catch a Thief,” not to mention the set of the “meet cute” between Kelly and the real-life Prince Rainier III of Monaco.
The hotel is now owned by Qatari group Katara Hospitality, which also possesses the Royal Monceau and the Peninsula in Paris, under its Regent banner. During the closure the Carlton not only underwent a revamp, rumored to have cost upward of 350 million euros, but a complete reimagining of its concept of luxury.
Revolving doors spin guests into an expansive space with marble columns and soaring ceilings. Gone are the claustrophobic check-in and concierge desks that narrowed the entrance; instead guests are greeted by the lobby ambassador, a new position created to add engagement and ease.
“We wanted to create serenity, which is one of the best elements of luxury today,” hotel general manager Giuseppe Vincelli told WWD. It led to a deeper inquiry and series of philosophical questions. “What is luxury today? Space, time, and the fact that you have people understanding your needs. It’s no longer the material things that make luxury,” he said.
With that comes a new understanding of cultural sensitivity. Americans, Italians and guests from the Middle East, for example, will all have very different expectations. To that end, the staff was trained to decipher different unwritten behavioral codes and to be sensitive to cultural norms — even down to how specific gestures might be interpreted.
“We want our staff to feel comfortable no matter who they are interacting with, and to be able to perform excellent service through anticipation. You can’t do that without talking about culture. That’s what I believe tomorrow’s luxury is all about — emotional engagement,” said Vincelli.
During the film festival, chief concierge Maxime Nerkowski coordinates services such as invitation pickup and dress delivery for guests, including the jury president, who stay in the hotel. He’s open to any request — such as sourcing an ice cream from a café in Saint-Tropez from just a description of the awning.
“We don’t even want to know how to say no,” he joked of aiming to fulfill every wish and whim.
If guests play their cards right, they can get on the most exclusive list in Cannes — Nerkowski’s private WhatsApp chat. Certain unnamed celebrity guests who have become friends over the years have him at their fingertips even if they are staying at a different hotel, he said.
The new concierge desk has been moved to the side and sits beneath a restored fresco that was hidden for decades, while the check-in area has migrated through an archway in the back, next to the garden.
That design decision was made to add an air of discretion. Instead of asking guests for a passport and credit card upon arrival, the lobby ambassador asks if you’d like to sit for a drink or even head to the beach club. “It’s a little thing, but it’s very important because you eliminate the transaction from the first and last moment,” Vincelli said.
The hotel invested in new systems which can also facilitate checkout from anywhere. “Through technology, we can come wherever you’d like, maybe while you are enjoying a lovely tea in the garden,” he said.
They removed the retail boutiques that encircled the lobby. “It was not what we wanted. We wanted a hotel experience, not to become a souk or a marketplace. We celebrate art and culture, not for commercial purposes,” said Vincelli.
Missing too is the heavy wood bar that dominated the seating area, which has been turned into the Camelia Tea Lounge featuring 30 different types of tea and has its own tea sommelier. The hotel is not just serving up cream scones, but created a gastronomic small plates menu to complement the selection.
Staff are trained in teas, just as they are in wine, and are dressed in safari-style outfits, complete with khakis and cravats.
Vincelli doubled his budget for blooms from floral designer Djordje Varda, while removing the overpowering displays that once dominated the common areas. “I want to use them differently, more gently,” he said.
The newly installed garden is meant to look as if it has been there for a century. It’s flanked by stately colonnades, but cleverly hides an underground business and event center that will be the hub of activity for companies such as Disney during the film festival.
Construction has also added a new wing with 37 residences, as well as a 5,400-square-foot penthouse that boasts a rooftop terrace of equal measure. It overlooks the newly added infinity pool, heated to a bathwater 82.5 degrees year round, and deep blue bar.
Columns in the lobby have been restored to their original marble, after a painstaking process of removing eight layers of paint. The hotel is also a protected historical monument so Ateliers Gohard, the specialist workshop that has tended to the Statue of Liberty and the Palace of Versailles, worked on the restoration.
In other areas, workers had to break through false ceilings to uncover the original architecture, and found hidden marble, onyx and stucco elements.
Unfortunately, there was a dearth of photos when Auer dug through the city’s historical archives. He also watched old films including “To Catch a Thief” for references, only to discover many scenes of the Hitchcock classic were filmed in the hotel’s grand salon, with sets swapped out to appear as different rooms or areas of the hotel.
Initially, Auer didn’t have much to go on. “The approach was to be patient, to be open to what the hotel wanted to tell me,” he said.
Auer ended up looking to the local landscape for inspiration. He had picked up piles of eucalyptus leaves in light pink, soft gray and sage green, playing with the idea of pastels. When artisans finally arrived at the colors from 1913, he realized the leaves were the same shades as the original finishes. It felt like fate.
“I’m at the service of the Carlton, to enhance it and to give it back its splendor and its beauty,” he said.
Auer recalled the rich history of great artists being inspired by the South of France spirit. “That’s certainly the reason why Picasso came, why Matisse came to the area. People coming from all over the world arrive and understand where they are, they have a sense of place,” Auer said.
He was also influenced by the region’s richly colored land. France’s trademark clay tennis courts — now made famous by the French Open — originated at the Carlton. Inspired by the work of contemporary artist Bich Nguyen, ribbons of the local clay are threaded through acrylic coffee tables in the tea lounge, and under glass etched with leaf designs in the check-in area.
This subtle detail is designed to pique guests’ curiosity. “When the staff welcomes guests, they have the possibility to tell the story, which is better than ‘give me your passport,’ or ‘where is your credit card.’ It’s for people to tell the story of the Carlton, to take the time to understand the power of it and recognize the references,” Auer said.
The staff uniforms recall the blue of one of Kelly’s “To Catch a Thief” gowns, with pleated skirts for women and seersucker blazers for men. “Doing interior design is very much like doing a painting. At a certain point, we needed to have some cool colors,” he said.
Bar 58 is brand new, named after its number on the Croisette, but designed to feel as if it has been part of the hotel forever. Auer wanted a more mysterious, masculine feel for the space, and the sense that it’s from a bygone era. Guests pass through a hallway with a fireplace before setting foot in the room filled with Art Deco references.
“I like the transition between tea time and whiskey time,” he said. “It’s very interesting to pass from one ambiance to another. You stay captive in the hotel, but are able to live different lives. You can have your friends for meetings, then you go into a different space and suddenly you meet your lover.”
A Venetian glass chandelier dominates the room, while the bar was created by local ceramic artist Fabienne L’Hostis. The eucalyptus idea found a home here, interpreted in the bar as a stack of leaves in gradients of sage green and gray.
Mixologists create seasonal infusions from herbs and flowers grown in the garden, as well as flavors from the local region. Lavender, rosemary and lemon are mixed into alcoholic and non-alcoholic cocktails crafted to create an olfactory experience. An olive oil infusion is used not only in drinks, but also in an unconventional ice cream.
All the sea-facing rooms have been expanded. Auer used a light touch in shades of white and neutrals, with natural wicker headboards. The focus is on the unique position of the hotel in this legendary corner of the world.
“I wanted to capture the different shades of the light during the day. The hotel is oriented towards sunset, which is a great chance to be as minimalist as possible in order not to disturb the star feature of this place, which is the view.”
Auer, who also worked on the revamp of Paris’ Hôtel de Crillon, said “there is no truth” to the idea of good taste when it comes to décor, and that elegance is more about creating an aura.
“This place should push people to have a different attitude. We try to make them feel more beautiful and respectful to this place and to other people, to act with the elegance of the French Riviera.”
The film festival will open with a gala ball at the Carlton. “This is like a gift for me to see people using this space for themselves,” said Auer. “It doesn’t belong to me now. It is forever for everybody else.”