FT : Luxury market forecast to grow despite global recession fears

Luxury market forecast to grow despite global recession fears
New research predicts €353bn sector will expand by ‘at least’ 3 to 8% in 2023

Shoppers are expected to continue to splurge on luxury goods in spite of a possible global recession, boosting the €353bn sector by “at least” 3 to 8 per cent next year, according to new research.

The joint forecast from analysts at Bain & Co and Altagamma comes on the back of another strong year for luxury goods, with sales up 15 per cent at constant exchange rates between 2021 and 2022 against soaring inflation and rolling Covid-19 lockdowns in China. However, most of that growth — about 60 per cent — has been driven by price increases of handbags and other core luxury items, the report said.

Executives at top luxury companies have been cautiously upbeat on recent earnings calls, with sector leader LVMH recording a 19 per cent year-on-year sales jump in the third quarter, while Gucci owner Kering and rival Hermès both posted increases of 14 per cent.

“[An economic downturn] has not materialised into full swing yet . . . if ever it does,” Jean-Jacques Guiony, chief financial officer of LVMH, said in a call with investors last month.


Although luxury is not “recession-proof” it is better placed to weather financial shocks than during the 2008-9 financial crisis, Claudia D’Arpizio, partner at Bain & Co, told the Financial Times.

That is because sales are now more concentrated among ultra-wealthy individuals whose disposable income is unlikely to be impacted by an economic downturn. The top 2 per cent of spenders now account for 40 per cent of sales, compared with 35 per cent in 2009, D’Arpizio said.

“These customers were a big lever of resiliency, and they don’t necessarily shop in stores, they are more into private events, personal shopping. Brands can work with them even when shops are closed,” she added.

Positive tailwinds from the pandemic are also compensating for sinking confidence in the global economy. Covid-19 made consumers “more accustomed to a turbulent [economic] environment”. Moreover, additional savings from the pandemic — to the tune of €3tn globally — have also encouraged luxury purchases as customers seek to refresh their wardrobes, D’Arpizio said. And in contrast to 2008-9, consumers are not ashamed to show off their luxury purchases.


Although the Chinese luxury market has yet to recover from the pandemic, if it were to relax its zero-Covid policy and travel restrictions, luxury sales would probably hit the top of Bain’s growth forecast of about 6-8 per cent next year. Last week Beijing reduced its coronavirus quarantine requirements for close contacts and international travellers, though its zero Covid stance remains firm.

Global luxury growth is expected to accelerate further after 2023, with Bain forecasting a sales increase of 60 per cent from 2022 to 2030. While there will not be “another China” to drive a massive influx in spending, people becoming wealthier in regions including India, South Korea and Mexico will lead to about 10mn new luxury consumers per year.

Young shoppers will also play a significant role with Gen Z — born between 1997 to 2012 — expected to account for about a third of luxury purchases by the end of the decade.

These young shoppers are entering the market earlier than their Millennial predecessors, buying their first luxury goods at around age 15 versus 18-20, which Bain attributes to brands’ strong digital communications strategies and the expansion of product categories, such as trainers and casual-wear, relevant to teenagers. Unlike previous generations, who tended to reject the brands favoured by their parents, young entrants like the same luxury brands that older buyers do — which is more goods news for sector leaders.

>>> US Early premarket gappers

Early premarket gappers

  • Gapping up:
    • AZTA +32.6%, SHLS +17.3%, NU +15.6%, TME +14.4%, VLD +13.8%, HUYA +10.9%, IMGN +10.8%, TSM +10.6%, LPX +10%, CLVT +8.9%, HLLY +8%, MGNI +6.2%, RUM +5.4%, JEF +4.5%, LXRX +3.4%, WBX +3%, ALIT +2.9%, DDD +2.2%, DLO +2.2%, DPZ +1.8%, RKLB +1.7%, EGY +1.6%, HCM +1.5%, AAPL +1.3%, WIX +1.2%, CDLX +1.2%, VVV +1.2%, PODD +1%, STRL +0.9%, EVA +0.9%
  • Gapping down:
    • AGS -15%, GETY -12.1%, ECVT -10.2%, CRSR -8.3%, PTLO -7.6%, VOD -5.3%, SKYT -5.1%, JJSF -4.3%, IONQ -3.8%, HNRG -2.4%, HD -2.4%, HPK -1.9%, DNA -1.9%

WSJ : China’s Economy Takes a Deeper Hit as Retail Sales Turn Negative

China’s Economy Takes a Deeper Hit as Retail Sales Turn Negative
Fresh signs of China’s slowing growth add to fears that the worst is yet to come for the global economy

HONG KONG—China’s economy sank into a deeper funk last month as the weight of strict zero-Covid measures, a real-estate downturn and sinking export demand underscored the difficulties of rekindling growth amid tighter government regulations and a worsening global economy.

New data released Tuesday showed economic activity cooling across the board in October. Retail sales contracted unexpectedly for the first time in five months as factory output growth slowed and a pullback in real-estate investment accelerated.

The fresh signs of slowing growth in China will add to fears that the worst is yet to come for the global economy, especially with many economists expecting a recession in the U.S. over the next 12 months.

Domestically, the deteriorating economic picture presents a challenge for Xi Jinping, who last month secured a third term as leader of China’s ruling Communist Party. Mr. Xi has consolidated control over economic policy-making. Many economists and investors are looking for signs that he will adopt a more pragmatic approach as rules that he has championed to rein in property developer debt and eradicate Covid-19 have crushed sentiment.

The country is set to miss its official target of around 5.5% gross domestic product growth this year, with the economy expanding by only 3% during the first nine months.

In a tacit acknowledgment of the economic pain their policies have wrought, Chinese authorities on Friday issued a set of 16 measures that extend funding relief to highly-indebted developers and strengthen housing supplies, among other things.

On the same day, China’s health authority published 20 measures aimed at reducing the economic and societal impacts of its pandemic controls.

“The key question on investors’ minds is whether there will be follow-up policies in the same direction going forward,” noted Zhiwei Zhang, chief economist at Hong Kong-based Pinpoint Asset Management.

Last month, consumer sentiment remained weak and labor market conditions barely improved as China battled its broadest-based Covid-19 outbreaks since the Omicron variant of the coronavirus first began to spread widely in the fall of last year.

Daily new Covid infection counts have surged to more than 11,000 on average over the past week, more than tripling from a week earlier.

Two large provinces—Guangdong, a major export hub in southern China, and Henan, home to Apple Inc.’s main iPhone assembler—have stepped up restrictions over the past month. In Beijing, schools have been shut as many residents have been confined to their homes again as cases surge.

The new restrictions took a toll on retail sales, a key gauge of domestic consumption, which fell 0.5% in October from a year earlier, according to China’s National Bureau of Statistics—the first such year-over-year decline since May, when Shanghai was stuck in a grueling monthslong lockdown.

Economists polled by The Wall Street Journal had expected a 0.7% increase in retail sales for October, compared with a gain of 2.5% in September.

Sales of consumer electronics, home decorations and furniture all fell from a year earlier, while demand for smartphone upgrades also slowed. Spending on restaurant dining dropped by nearly 9% from a year earlier, though sales of medicine and fresh food ticked higher.

“Covid measures in October affected consumer behavior even though it was a month containing long holidays,” said Iris Pang, chief China economist at ING, referring to the weeklong National Day holiday that began on Oct. 1.

Factory output and investment, which have both benefited from Beijing’s economic relief plans, decelerated in October.

Industrial production rose 5% from a year earlier in October, slowing from September’s 6.3% growth, amid falling export demand and weakening domestic sales. Growth in the auto sector slowed particularly sharply, rising just 8.6% in October from a year earlier, down from an increase of 25.4% in September.

Fixed-asset investment, including government spending on infrastructure projects, rose 5.8% in the first 10 months of 2022 from a year earlier, a step down from the 5.9% year-over-year growth for the first nine months.

While China’s headline unemployment rate held steady at 5.5%, rates of joblessness in 31 major cities edged up to 6% in October from 5.8% for the previous month as factories slashed head counts amid dwindling orders. Covid-related curbs also hammered the service sector, which employs roughly half of China’s working population.

Despite government officials’ repeated efforts to reverse a prolonged slide in property sales, developers and households alike have remained cautious as they await signs of stabilization in the sector.

Home sales by value fell 28.2% from a year earlier for the first 10 months of 2022, compared with a 28.6% decrease for the first nine months, the National Bureau of Statistics said Tuesday.

Property investment fell 8.8% from a year earlier for the first 10 months of the year, worsening from a 8% decline for the first nine months.

Shen Meng, director of Chanson & Co., a Beijing-based investment bank, said it is still too early to tell whether the property market has reached a turning point, following the new host of measures unveiled last week.

Fear of job losses likely have prompted prospective home buyers to re-evaluate their plans, while the sustained decline in home prices has dented confidence in property as a surefire investment, Mr. Shen added.

“The question is how many people still dare to invest in property now,” he said.

Many economists predict China’s economy will grow faster in year-over-year terms next year, especially if the country begins to lift Covid restrictions. GDP growth is expected to rebound to 4.5% next year from an expected expansion of 3.1% in 2022, according to UBS.

Even so, many underlying troubles are unlikely to be resolved in the near term, as Beijing’s stimulus efforts have been heavily skewed toward helping manufacturers and ramping up government-led investment while doing little to improve consumer sentiment.

And China is unlikely to be able to count on exports to drive growth as recession risks loom over the U.S. and other key trading partners.

“Progress (in China’s reopening) may be slow, painful and bumpy,” Ting Lu, chief China economist at Nomura, wrote in a note to clients on Tuesday, predicting that the release of pent-up demand may only be moderate and settle at below pre-Covid levels.

FT : Global investigators pounce as FTX collapse leaves potentially 1mn creditor

Global investigators pounce as FTX collapse leaves potentially 1mn creditors
Dozens of regulators around the world show ‘substantial interest’ after crypto group’s demise

The collapse of Sam Bankman-Fried’s cryptocurrency empire has sparked a vast global investigation, with dozens of authorities from around the world circling the company as it faces more than 100,000 creditors in bankruptcy proceedings.

FTX said in court filings it was in contact with US federal prosecutors, the Securities and Exchange Commission and “dozens of federal, state and international regulatory agencies” in the three days since the cryptocurrency exchange and more than 100 affiliated companies filed for Chapter 11 bankruptcy in Delaware.

The companies face at least 100,000 creditors, but that number could expand to more than 1mn, according to the filing.

“There is substantial interest in these events among regulatory authorities around the world,” the filing said.

The statements provide another indication of the sprawling scale of the multibillion-dollar bankruptcy of Bankman-Fried’s digital asset group, and the intense legal and regulatory scrutiny of the 30-year-old former billionaire’s businesses.

“The events that have befallen FTX over the past week are unprecedented,” the court filing said. “Barely more than a week ago, FTX, led by its co-founder Sam Bankman-Fried, was regarded as one of the most respected and innovative companies in the crypto industry.”

The US filing comes after financial regulators in the Bahamas appointed liquidators to run a key FTX entity as the country’s authorities seek to protect global creditors.

The Securities Commission of The Bahamas said on Monday it had won court approval to appoint two partners from PwC, one based in the Bahamas office and the second in Hong Kong, to oversee the unwinding of FTX Digital Markets, an entity at the centre of the crypto group’s vast trading platform.

It has also sought approval to appoint Brian Simms KC, a senior partner at law firm Lennox Paton, as provisional liquidator.

Authorities in the Caribbean nation, where Bankman-Fried lived, are investigating FTX, which used its Nassau base to build a crypto derivatives trading operation that accepted money from thousands of customers around the world.

“Given the magnitude, urgency and international implications of the unfolding events with regard to FTX, the commission recognised that it had to, and moved swiftly . . . to further protect the interests of clients, creditors and other stakeholders globally,” the commission said.

The move came after the Royal Bahamas Police confirmed on Sunday that they were working with the financial regulator “to investigate if any criminal misconduct occurred”.

The US Securities and Exchange Commission has recently widened an investigation into FTX, which includes a probe of its crypto lending products as well as its management of customer funds, according to a person familiar with the matter.

In a nod to the international dimension of the sprawling company’s collapse, authorities in the Bahamas said they expect “to engage with other supervisory authorities on a regulator-to-regulator basis as this event is multijurisdictional in nature”.

FT : BAE bullish as defence spending rises

BAE bullish as defence spending rises
Europe’s largest defence contractor forecasts further growth as geopolitical tensions remain heightened

BAE Systems is on course for a “very strong year” of new orders and has held out the prospect of further growth from increased government spending as geopolitical tensions intensify in the wake of the war in Ukraine.

The FTSE 100 group said on Tuesday it had secured a further £10bn worth of orders since the half year, on top of £18bn secured in the first six months of the year.

New orders included a £4.2bn contract to build five more Type 26 frigates for the Royal Navy, announced earlier by UK prime minister Rishi Sunak. The contract will support 1,700 jobs at BAE’s yards in Scotland.

BAE, whose 85,000 employees build everything from warships to Eurofighter Typhoon jets, stuck to its guidance for the full year for underlying earnings per share to rise 4 to 6 per cent this year on a constant currency basis.

The company generates a significant portion of its earnings in dollars and is benefiting from the strong US currency. It is forecasting EPS growth of 11 to 13 per cent on an actual basis, including the tailwind from the strong dollar.

It has completed £484mn of a £1.5bn three-year share buyback programme, which it announced in its interim earnings report in July.

Europe’s biggest defence contractor said it is working through “supply chain challenges”, especially in those areas reliant on microelectronics, but said the recruitment picture had started to improve since the half year. BAE, like many British manufacturers, has struggled recently to recruit enough engineers. The company said it did not see a material impact from higher energy prices.

“Our operational performance year to date underlines our confidence in the full-year group guidance for top line growth and margin expansion as well as our cash flow targets,” said Charles Woodburn, chief executive.

“We see sales growth coming from all sectors and opportunities to further enhance the medium-term outlook as our customers address the elevated threat environment,” he added.

BAE shares rose more than 2 per cent in early London trading, extending their gains for the year beyond 35 per cent.

9to5 : New features still coming to watchOS 9 and Apple Watch Series 8, Ultra, a


From Apple Watch Ultra to watchOS 9, this fall has been full of smart watch innovation. Apple isn’t quite finished, however, as there’s still more to come when it comes to new Apple Watch features.



Track detection
Listed as “coming soon” on the Apple Watch Ultra product page, track detection is an upcoming feature that runners will appreciate.
Apple includes a preview of track detection and how it will work with the Workout app in a future update. The feature automatically detects when you arrive at a running track and asks you which lane you’re using for the most precise metrics.
“Workout detects when you arrive at a track, and uses both Apple Maps data and GPS to provide the most accurate pace, distance, and route map,” Apple says.

Race route
If your workout routine includes outdoor running or cycling on the same route, an update “coming later this year” will help you compete with your best performance. Race route is a new feature coming to the Workout app in an update to watchOS 9.
“If it’s an Outdoor Run or Cycle workout you do often, you can choose to race against your last or best result and receive in-the-moment updates to help you get there,” says Apple.

International roaming
Labeled “coming soon” on the Apple Watch Series 8 product page, international roaming is a new cellular feature for both the Series 8 and Ultra.
“With International roaming, make calls, send texts, stream music, and get help in an emergency in many of the places your travels take you,” says Apple.
HomeKit
An update to watchOS 9 and Family Setup will bring more HomeKit capabilities to Apple Watches set up for kids.
“Your children can be invited to the Home app as members and can control your HomePod speakers and smart home accessories like thermostats and lights,” says Apple. A future update will also let parents “add home keys, hotel keys, and more to Wallet” for kids through Family Setup.

Oceanic+
Apple Watch Ultra customers can already use Apple’s Depth app to record depth and measure water temperature, and a third-party dive app called Oceanic+ is still to come. Rather than creating its own diving app, Apple is relying on the experts at Oceanic to turn the Ultra into a diving computer. Apple Watch Ultra is rated for recreational scuba diving down to 40 meters.
“The Oceanic+ app on iPhone goes beyond calculating just depth and time by integrating local conditions like tides, water temperatures, and even community‑fed info like visibility and currents,” Apple promises.
“Or simply use your watch to quickly and easily plan your dive. All the safety warnings you expect from a dive computer are incorporated into Oceanic+, from decompression limits to excessive ascent rates and safety stops.”
Oceanic says “depth tracking (including depth alarms), GPS tracking, logbook (up to 12 dives), snorkeling and more” will be available for free.
A subscription is required for “more advanced diving options such as No Decompression Limit,” according to Oceanic. Pricing ranges from $5/day to $130/year. Oceanic+ won’t launch with freediving support, but the company says it will arrive in a future update

>>> Europe : Brokers Upgrades & Downgrades - 15th of November 2022 V2(+)

>>> Up
* Infineon PT Raised to 20 euros from 18 euros at Jefferies
* Pop. Sondrio Raised to Buy at Jefferies; PT 5 euros
* Teleperformance Raised to Buy at Citi; PT 300 euros
* United Internet Raised to Buy at HSBC; PT 27 euros

>>> Down
* Aegean Air Cut to Hold at Wood & Company; PT 5.50 euros
* Alphabet PT Cut to $120 from $125 at Morgan Stanley
* Abrdn plc Cut to Underperform at Exane; PT 195 pence
* Aston Martin Cut to Underperform at Jefferies; PT 120 pence
* Basler Cut to Hold at Berenberg; PT 35 euros
* B&M European Cut to Hold at Numis; PT 400 pence
* Deutsche PBB PT Cut to 6.80 euros at Bankhaus Metzler
* ERG Cut to Neutral at Intermonte; PT 35 euros
* Fila Cut to Outperform at Intermonte; PT 9 euros
* ITM Power Cut to Hold at Jefferies; PT 105 pence
* Kainos Cut to Hold at Panmure Gordon; PT 1,450 pence
* Meta Platforms PT Cut to $100 from $105 at Morgan Stanley
* MorphoSys Cut to Hold at Stifel; PT 16 euros
* Novo Nordisk Cut to Sell at Handelsbanken
* Roche Cut to Market Perform at Cowen; PT 367 Swiss francs
* Roche ADRs Cut to Market Perform at Cowen; PT $48
* Roche Cut to Hold at Stifel; PT 345 Swiss francs (+)
* SIG Group Cut to Hold at Stifel; PT 23.30 Swiss francs
* Vesuvius Cut to Add at Numis; PT 450 pence (+)
* Wartsila Cut to Accumulate at Inderes; PT 9 euros
* Zur Rose Cut to Sell at Deutsche Bank; PT 24 Swiss francs

>>> Initiation
* Advanced Medical Rated New Buy at Liberum; PT 339 pence
* Aluflexpack Rated New Buy at Stifel; PT 25 Swiss francs
* Azerion Group N.V Rated New Buy at Berenberg; PT 8.60 euros
* ConvaTec Rated New Buy at Liberum; PT 265 pence
* Egetis Therapeutics AB Rated New Buy at Bryan Garnier
* Hikma Rated New Outperform at Credit Suisse; PT 1,700 pence
* Kinovo PLC Rated New Speculative Buy at Canaccord; PT 52 pence (+)
* Porsche AG Rated New Buy at Bankhaus Metzler; PT 130 euros (+)
* Renewi Reinstated Buy at Liberum; PT 865 pence
* Smith & Nephew Rated New Hold at Liberum; PT 1,120 pence
* Zignago Vetro Rated New Hold at Stifel; PT 15 euros


>>> Call
* Abrdn Cut at Exane BNP on ‘Unattractive’ Risk-Reward After Rally
* Aston Martin Cut at Jefferies on Likely Further Recapitalization
* Azerion New Buy at Berenberg on Double-Digit Growth Potential
* Basler Downgraded at Berenberg on Expected Slowdown in 2023
* Deutsche Bank Cuts Zur Rose to Sell, Slashes Shop Apotheke’s PT (+)
* Hapag Lloyd PT Cut on Weaker Demand, Freight Rates Collapse: DB (+)
* Hikma New Outperform at CS as US Generics Concerns Seen Overdone
* ITM Power Downgraded at Jefferies, Nel Is Top EU Hydrogen Pick
* JPMorgan’s Kolanovic Trims Bullish Stocks Call on Recession Risk
* Nordex’s Supply Chains to Weigh on Profitability, Says Jefferies (+)
* Novo Nordisk Cut to Sell at Handelsbanken on ‘Competitive Noise’
* Teleperformance Upgraded to Buy at Citi Following Recent Slump
* Vesuvius Update to Prompt Meaningful FY22 Upgrades: Jefferies (+)

>>> Stoxx 600 Pre-Market Indications

  • Prosus (1TY TH) +6.1%
    • Stocks Gain on China Economy Support, US Talks: Markets Wrap
  • Encavis (ECV TH) +2.6%
    • Encavis 9M Oper Ebitda EU271.3M Vs. EU195.4M Y/y
  • United Internet (UTDI TH) +2.4%
    • United Internet Raised to Buy at HSBC; PT 27 euros
  • Teleperformance (RCF TH) +2.1%
    • Teleperformance Upgraded to Buy at Citi Following Recent Slump
  • Imperial Brands (ITB TH) +1.1%
    • Imperial Brands FY Adj. Oper Profit Meets Estimates
  • Rio Tinto (RIO1 TH) +1.1%
  • BAT (BMT TH) +0.9%
  • Centrica (CENB TH) +0.9%
  • Norsk Hydro (NOH1 TH) +0.8%
  • Zalando (ZAL TH) +0.7%
    • DAX Index 20% Rerating a Prelude to ECB Pivot, Higher Earnings
  • Sartorius (SRT3 TH) -0.5%
  • Maersk (DP4B TH) -0.6%
  • Ageas (FO4N TH) -0.7%
  • Puma (PUM TH) -0.7%
  • Vestas (VWSB TH) -0.8%
  • Shell (R6C0 TH) -0.9%
  • Novo Nordisk (NOVC TH) -0.9%
    • Novo Nordisk Cut to Sell at Handelsbanken on ‘Competitive Noise’
  • Siemens Energy (ENR TH) -1.2%
    • Nordex FY Ebitda Margin Forecast Misses Estimates
    • UK Utilities Are in Focus as Hunt Weighs New 40% Windfall Tax
  • ISS (QJQ TH) -1.2%
  • Equinor (DNQ TH) -1.7%
    • G-7’s Russian Oil-Price-Cap Plan Flawed, May Invite Retaliation

>>> TradeGate Pre-Market Indications

DAX:
  • Porsche SE (PAH3 TH) +0.9%
  • Bayer (BAYN TH) +0.9%
  • Infineon (IFX TH) +0.8%
    • Infineon Estimates Revenue, Profit Margin Ahead of Estimates
  • Adidas (ADS TH) +0.7%
    • Ocado Gains, Barry Callebaut Downgrades: EMEA Consumer Wrap
  • Mercedes (MBG TH) +0.7%
    • GUIDANCE: Mercedes-Benz $1.56b+ Prime Auto Loan ABS
MDAX:
  • Encavis (ECV TH) +3.2%
    • Encavis 9M Oper Ebitda EU271.3M Vs. EU195.4M Y/y
  • United Internet (UTDI TH) +2.2%
    • United Internet Raised to Buy at HSBC; PT 27 euros
  • TAG Immobilien (TEG TH) +1.9%
  • Aroundtown (AT1 TH) +1.4%
  • ProSieben (PSM TH) +0.7%
    • ProSieben 3Q Adjusted Ebitda Meets Estimates
SDAX:
  • Uniper (UN01 TH) +5.4%
  • PNE AG (PNE3 TH) +1%
  • SGL (SGL TH) -1.3%
  • Heidelberger Druck (HDD TH) -1.4%
  • Ceconomy (CEC TH) -1.5%
  • SAF-Holland SE (SFQ TH) -1.5%
  • Nordex (NDX1 TH) -5.3%
    • Nordex FY Ebitda Margin Forecast Misses Estimates

Related tickers:

>>> What to look at today - 15th of November 2022

Asian stocks climbed on optimism that US-China strains will ease after a meeting between Xi Jinping and Joe Biden on the sidelines of the G-20 Summit.  Hong Kong shares led the advance and stocks in mainland China also rose. China’s relaxation of Covid curbs, measures to support the property sector and efforts by the People’s Bank of China to maintain ample cash levels in its financial system added to the positive sentiment. Contracts for the S&P 500 and the Nasdaq 100 were up as well. The dollar and Treasury yields held their gains, with the 10-year rate around 3.88% after Federal Reserve speakers highlighted their resolve to be persistent until inflation heads back down to levels consistent with its 2% target. Fed Vice Chair Lael Brainard briefly buoyed sentiment after she said it would be appropriate “soon” to slow the pace of interest-rate hikes. Despite these positive signs in Asia and indications of moderating inflation in the US, higher borrowing costs are a headwind for the global economy.  In Japan, gross domestic product shrank in the three months through September, as consumers spent less amid a resurgence of Covid cases and the weak yen battered trade. The yen was at about 140 versus the dollar on Tuesday, having strengthened from the 150 level seen in October. oil held losses as concerns over the near-term demand outlook overshadowed signs of tightening supply heading into winter. Gold was steady. US After Hours Lot of 13F filings after the close; AZTA +34.2%, SHLS +20.7%, NU +14.7% higher on earnings; GETY -18.1%, IONQ -8.2% lower on earnings.

Nikkei +0.10% Hang Seng +3.62% CSI +1.87% Shanghai +1.56% Shenzen +1.90%

Eur$ 1.0321 CNH 7.0482 CNY 7.0522 JPY 140.39 GBP 1.1763 CHF 0.9448 RUB 60.98 TRY 18.5983 WTI$ 85.34 -0.62% Gold 1,771 -0.02% BTC 16,749 +2.22% ETH 1,256 +2.49%

S&P +0.56% Nasdaq +0.84% EuroStoxx +0.39% FTSE -0.10% Dax +0.37% SMI +0.18%

Macro :
- UK Weighs New 40% Windfall Tax on Electricity Generators
- JPMorgan Says Hedge Funds’ Short Covering May Have Further to Go
- Hedge Funds Buy Amazon, Sell Meta, Warner Discovery, GinkGo: 13F
- Citadel’s Griffin Skeptical If Recession Can Be Avoided in 2023
- JPMorgan’s Kolanovic Trims Bullish Stocks Call on Recession Risk
- Binance’s Billionaire CEO Casts Himself as Crypto’s New Savior
- Markets Are Near ‘Inflection Point,’ Templeton’s Sekhon Says

Keep an eye on :
- ALV GY : Allianz, Heimstaden Bostad Boost Swedish JV, Form New German JV
- AMBUB DC : Ambu Sees 2023 Ebit Margin 3% to 5%
- AUSS NO : Austevoll Seafood 3Q Ebit Beats Estimates
- CS FP : Axa seeks better Monte dei Paschi deal after leading capital raise
- AZE BB : Azelis 3Q Revenue EU1.09B Vs. EU728.2M Y/y
- BA/ LN : UK Awards BAE £4.2 Billion Contract for Royal Navy Frigates
- BMPS IM : Axa seeks better Monte dei Paschi deal after leading capital raise
- BATS LN : BAT Invests £48.2m in Charlotte’s Web Via Convertible Debenture
- BAYN GY : Bayer ‘Pretty Much’ Independent Already of Natural Gas: Oelrich
- CINT SS : Cint Offering of 17.5m Shares by Holder Prices at SEK58/Share
- CLNX SM : HSBC, JPMorgan Carry Out Placement of Up to 25.6M Cellnex Shares, placed @ 33.50/share
- CCAP GY : Corestate 9M Adjusted Net Loss EU137.4M Vs. Profit EU25.2M Y/y
- CSGN SW : Credit Suisse Agrees to Sell Major Part of SPG to Apollo
- DBK GY : Deutsche Bank Sees Challenges for US Real Estate Financiers: Hb
- EDF FP : France Won’t Dismantle EDF After Buyout, Finance Ministry Says
- ECV GY : Encavis 9M Oper Ebitda EU271.3M Vs. EU195.4M Y/y
- EL US : Estée Lauder Said to Near Tom Ford Acquisition, Licensing Deals
- FFARM NA : Forfarmers Nominates Theo Spierings as CEO
- GN DC : GN Store Nord Will Fire Some Employees in Audio Unit, JP Reports
- H24 GY : Home24 9M Adj. Ebitda Margin -1% Vs. 0% Y/y
- IFX GY : Infineon Estimates Revenue, Profit Margin Ahead of Estimates
- INTER NA : Intertrust Says CSC Holds 99.4% Outstanding Capital
- KER FP : Estée Lauder Said to Near Tom Ford Acquisition, Licensing Deals
- LEO GY : Leoni Maintains FY Forecast, Confirms Prelim. 3Q Earnings
- LSG NO : Leroy 3Q Adjusted Ebit Misses Estimates
- NESN SW : Nestle Remains Bullish on Plant Protein Despite Dip in Demand
- NEXI IM : Nexi Offering of 67m Shares by Holder Intesa Prices At €8.70/Shr
- NDX1 GY : Nordex FY Ebitda Margin Forecast Misses Estimates
- ORP FP : Orpea Seeks €600M New Secured Debt, €1.3-1.5B Capital Increase
- PSM GY : ProSiebenSat.1 Sees Revenue Drop as Consumer Sentiment Weakens
- QFUEL NO : Quantafuel 3Q Ebitda Loss NOK63.9M, Est. Loss NOK58.4M
- RICHT HB : Richter’s Bogsch Switches to Advisory Role, Remains Chairman
- ROG SW : Roche Upbeat on Alzheimer’s Research Despite Latest Drug’s Flop
- SPM IM : Saipem Gets About $800m New Contracts in Mid. East, West Africa
- SIM DC : Simcorp 3Q Ebit Misses Estimates
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