FT : Middle East ministers hold talks in Israel on ‘common enemies’

Middle East ministers hold talks in Israel on ‘common enemies’
First meeting in the country signals willingness to co-ordinate over regional security threats


Foreign ministers from across the Middle East have met for a summit in the Negev desert, the first such meeting to take place on Israeli soil, as they try to co-ordinate their response to regional security threats including Iran.

US secretary of state Antony Blinken is also attending the summit, alongside Israel’s Yair Lapid, the UAE’s Sheikh Abdullah bin Zayed Al Nahyan, Sameh Shoukry of Egypt, Nasser Bourita from Morocco and Bahrain’s Abdullatif bin Rashid Al Zayani — all countries that have established diplomatic ties with Israel.

Lapid on Monday said that the purpose of the Negev summit was to build a “new regional architecture” whose shared capabilities “intimidates and deters our common enemies — first and foremost Iran and its proxies”.

Israeli officials oppose the possible revival of a nuclear agreement with Iran. The US Biden administration has been holding indirect talks in Vienna, mediated by the EU, with Iran for 12 months in the hope of securing an agreement that would lead to Iran drastically reducing its nuclear activity. In return, the US would rejoin the accord and lift many sanctions on the Islamic republic. Gulf states such as the UAE, Bahrain and Saudi Arabia also worry that any revival of the nuclear deal will embolden Iran and its proxies.

“The momentum for this emerging regional bloc is due to the progress of the Vienna talks, which has fuelled common concerns over the prospect of an increasingly confident and wealthy Iran, free of sanctions, increasingly activating its offensive capabilities,” said Yaakov Lappin, a defence analyst. “Blinken’s presence provides an opportunity for this bloc to share concerns and co-ordinate responses with the US to these future scenarios.”

On Sunday, a senior US official warned that a deal to save the nuclear accord with Iran was neither imminent nor inevitable as diplomatic efforts stalled over Tehran’s demand that Washington removes a terrorist designation on the elite Revolutionary Guards.

The Negev summit was hastily arranged late last week after Blinken’s visit to Israel was already confirmed. The UAE, Bahrain and Morocco normalised relations with Israel in 2020; Egypt struck a peace deal with Israel in 1979.

Over the weekend, two Israeli police officers were killed by gun-wielding assailants in the northern city of Hadera. Four Israeli civilians were killed last Tuesday in the city of Be’er Sheva in a combined car-ramming and knife attack. Officials have attributed both events to Palestinian citizens of Israel with known ties to Isis.

The Israeli military announced an increase in its troop presence in the West Bank, while the country’s police and public have shifted to a heightened state of alert.

Israel has been warning for several weeks of the risk of violence escalating during April, with the Muslim holiday of Ramadan and the Jewish festival of Passover taking place at the same time. Ramadan, set to begin this weekend, has historically been a time of heightened religious tensions, especially in Jerusalem and its holy sites. 

FT : UniCredit shareholders urged to vote against Orcel pay

UniCredit shareholders urged to vote against Orcel pay
Proxy adviser Glass Lewis says that Italian bank’s remuneration policy is not aligned with investors’ interests

Influential proxy adviser Glass Lewis has recommended investors reject UniCredit’s remuneration policy next week, as chief executive Andrea Orcel’s pay is set to be a divisive issue at the Italian bank’s shareholder meeting for the second year running.

Orcel received €6.7mn in pay last year, including a €5mn sign-on bonus that was not tied to performance, making him one of the best-paid bank executives in Europe. His package this year includes a €2.5mn salary, as well as a potential €5mn short-term performance related bonus and longer-term incentives.

“Glass Lewis does not believe that the company’s remuneration strategy, as currently constituted, is sufficiently aligned with shareholders’ best interests,” the proxy adviser said in its report ahead of UniCredit’s AGM on April 8. “As such, we do not believe that this proposal merits shareholder support.”

The adviser added that its concerns were “magnified” by the more than doubling of Orcel’s potential severance entitlements, from €7.2mn to €15mn. “While we recognise that €15mn is set as a cap on potential entitlements, we find this quantum to be excessive,” it noted.

Fellow proxy adviser ISS, which holds more sway over UniCredit shareholders, gave its qualified support to the company’s policy, though it added: “The problematic CEO pay package approved in 2021 provides for pay outcomes that might be concerning . . . The company has not sufficiently addressed the relatively high level of dissent on the severance proposal at the 2021 AGM.”

Last year, UniCredit narrowly survived a shareholder rebellion after Glass Lewis and ISS both recommended investors reject the company’s pay policy. More than 40 per cent of shareholders did, with the company attracting support from 54 per cent.

Proxy advisers are influential among passive and large institutional investors, which typically follow their recommendations when voting.

Orcel joined UniCredit as chief executive last year, succeeding Frenchman Jean Pierre Mustier, who voluntarily reduced his salary by a quarter in his final year in response to the pandemic and gave up €2.4mn in bonuses.

When Orcel joined he was in the middle of a long-running legal battle with Santander over the Spanish lender’s abortive attempt to hire him as chief executive in 2018.

Orcel won the case in December and was awarded €68mn in compensation, which was reduced by a Madrid judge to €51.4mn in January. Santander is contesting the judgment.

The Italian bank set its remuneration policy after consulting investors who own more than half its shares, according to a person familiar with the matter. This year it made Orcel’s bonus solely tied to performance and added clawback provisions. UniCredit declined to comment.

>>> US Research Calls

Research Calls

  • Upgrades:
    • BNY Mellon (BK) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt lowered to $58
    • BASF AG (BASFY) upgraded to Buy from Hold at HSBC Securities
    • Deere (DE) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $440
    • Illinois Tool (ITW) upgraded to Overweight from Neutral at JP Morgan; tgt lowered to $255
    • KLA Corporation (KLAC) upgraded to Buy from Neutral at Goldman; tgt $430
    • The Duckhorn Portfolio (NAPA) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt $23
  • Downgrades:
    • Advanced Micro (AMD) downgraded to Buy from Conviction Buy at Goldman; tgt $127
    • Adecco S.A. (AHEXY) downgraded to Underweight from Neutral at JP Morgan
    • Alliance Data (ADS) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $67
    • Altria (MO) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt $53
    • Beyond Meat (BYND) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $29
    • Buzzi Unicem SpA (BZZUY) downgraded to Hold from Buy at HSBC Securities
    • Campbell Soup (CPB) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $46
    • Citigroup (C) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $60
    • Fifth Third (FITB) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $50
    • Foot Locker (FL) downgraded to Market Perform from Outperform at Cowen; tgt $34
    • Guild Holdings (GHLD) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $11
    • Honest Company (HNST) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $6.50
    • Heineken (HEINY) downgraded to Underweight from Equal Weight at Barclays
    • ITT (ITT) downgraded to Perform from Outperform at Oppenheimer
    • KB Home (KBH) downgraded to Peer Perform from Outperform at Wolfe Research
    • Kennametal (KMT) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $31
    • M&T Bank (MTB) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $179
    • Microchip (MCHP) downgraded to Neutral from Buy at Goldman; tgt $79
    • Qorvo (QRVO) downgraded to Neutral from Buy at Goldman; tgt $138
    • SEI Investments (SEIC) downgraded to Neutral from Buy at Goldman; tgt lowered to $65
    • Synchrony Financial (SYF) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $40
    • Teradyne (TER) downgraded to Neutral from Buy at Goldman; tgt $127
    • Trex (TREX) downgraded to Underperform from Neutral at Exane BNP Paribas; tgt $81
  • Others:
    • BigBear.ai (BBAI) initiated with an Outperform at Oppenheimer; tgt $10
    • Brookfield Renewable Partners (BEP) initiated with a Buy at UBS; tgt $46
    • Globus Medical (GMED) initiated with an Overweight at Wells Fargo; tgt $80
    • NuVasive (NUVA) initiated with an Overweight at Wells Fargo; tgt $58
    • Roblox (RBLX) initiated with an Outperform at Daiwa Securities; tgt $56
    • Toast (TOST) initiated with a Neutral at Credit Suisse; tgt $22
    • Unity Software (U) initiated with an Outperform at Daiwa Securities; tgt $110

WSJ : Democrats Seek to Break Stalemate on Biden Nominees for FTC and FCC

Democrats Seek to Break Stalemate on Biden Nominees for FTC and FCC
Republicans have blocked appointments of Bedoya and Sohn, leading Senate Democrats to try for an end run

WASHINGTON—Under pressure from progressive activists, Democrats are planning to employ a rarely used parliamentary maneuver to push through President Biden’s nominees for the Federal Trade Commission and Federal Communications Commission, according to people familiar with the matter.

Republicans on the Senate Commerce Committee have so far blocked the nominations of Georgetown University law professor Alvaro Bedoya to the FTC and consumer advocateGigi Sohn to the FCC, largely on grounds that they are too partisan.

That left both commissions deadlocked with a 2-2 split between Democrats and Republicans, denying agency leaders the majorities they needed to advance the Biden administration’s priorities.

In response, Senate Democratic leaders are preparing to use a parliamentary maneuver known as a discharge petition to allow a floor vote on both nominees, the people familiar said.

The vote for Mr. Bedoya could happen as early as this week, the people familiar said. But the maneuver could be difficult to pull off and could take weeks to accomplish.

A majority vote of the Senate is required to advance the discharge petition and bypass a committee vote. Without Republican support—and so far at the committee level there has been none—that means all 50 Democratic-voting members along with Vice President Kamala Harris must be present to support the petition.

Covid-19 exposures and infections have complicated the Democrats’ effort. In the latest holdup, Sen. Bob Casey (D., Pa.), said March 22 that he had tested positive and would be isolated for five days.

But if Senate Democrats stay healthy this week, the discharge petition could be successfully deployed for Mr. Bedoya, the people familiar with the matter said.

The FTC is considered the higher-stakes vote by both parties. Under Biden-appointed chair Lina Khan, the FTC is expected to advance comprehensive consumer-privacy protections as well as detailed standards for judging whether industry competition is fair. FTC actions also could include new antitrust lawsuits challenging big companies’ dominance.

Many of the actions likely would target the tech industry, which Ms. Khan has criticized for years.

Mr. Bedoya’s work has focused on problems around facial recognition software and other technology that can disadvantage minorities. He declined to comment.

The U.S. Chamber of Commerce—which receives backing from major tech companies—has been so concerned that it publicly declared “war” on the FTC and Ms. Khan’s agenda late last year.

“It feels to the business community that the FTC has gone to war against us, and we have to go to war back,” Suzanne Clark, the chamber’s president and chief executive, said at the time.

Republicans also have chafed over the way Ms. Khan was appointed. Mr. Biden named her FTC chairwoman only after her Senate confirmation as a commissioner. Typically an agency chair is designated as such at the time of nomination, leading some conservatives to label the move a bait-and-switch.

Allies say opposition to Mr. Bedoya has little to do with his qualifications and instead is aimed at derailing the FTC’s regulatory agenda.

“The Republicans are simply trying to keep the FTC deadlocked, without a fifth commissioner, for as long as they can,” said David Vladeck, a former head of the FTC consumer protection bureau during the Obama administration, who is also a Georgetown law professor.

Ms. Khan has said in the past that big internet platforms have helped to create addiction, discrimination and predatory advertising, which she has compared to environmental pollution.

She recently said that the FTC’s regulatory agenda for 2022 would focus on those problems stemming from big tech platforms and the surveillance-based internet economy they have helped build up.

“Among the many pressing issues consumers confront in the modern economy, the abuses stemming from surveillance-based business models are particularly alarming,” the commission wrote.

The chamber, meanwhile, has followed through on its threats, employing its lobbying resources to focus on defeating the FTC initiatives.

Its lobbying disclosures for late 2021 show that it lobbied on the “overall direction of the Commission,” as well as “policies and practices related to the FTC expanding its authority” and the agency’s strategic plans for coming years.

As Mr. Bedoya’s selection for the FTC was being debated in the Senate, the chamber also lobbied in late 2021 on “nominations at Federal Trade Commission,” according to its disclosures, without providing details.

Several Republicans have argued that Mr. Bedoya’s past tweets on political topics such as immigration show him to be a Democratic partisan who would further polarize the FTC.

“I remain concerned by the frequency with which he has publicly expressed divisive views on policy matters rather than using a more measured and unifying tone,” Sen. Roger Wicker (R., Miss.), the Commerce Committee’s top Republican, argued before a vote on Mr. Bedoya’s nomination in early March.

“There has been a troubling trend of politicization at the FTC which we have not had in the past and I fear Mr. Bedoya would not bring the cooperative spirit that is so greatly needed.”

The vote was a tie, 14-14.

Democrats also hope to use the parliamentary maneuver to gain a floor vote on Mr. Biden’s nominee for the FCC, Ms. Sohn.

Ms. Sohn served as counselor to former FCC Chairman Tom Wheeler and led Public Knowledge, a public-interest group that advocates for stronger antitrust enforcement.

The outspoken progressive consumer advocate has drawn GOP fire for tweets on political topics that conservatives view as partisan—for example, tweeting that Fox News amounts to “state-sponsored propaganda” because of a lack of opposing viewpoints.

Fox News parent Fox Corp. and Wall Street Journal parent company News Corp share common ownership.

Ms. Sohn declined to comment. Progressives view her confirmation as important to a number of FCC priorities, including expanding access to broadband and re-establishing net-neutrality rules, which require internet service providers to treat all internet traffic equally. She also has drawn support from some conservative businesspeople and activists.

FT : The VXX plot thickens with Barclays’ £450m structured notes loss

The VXX plot thickens with Barclays’ £450m structured notes loss
Today’s announced £450mn hit is linked to its iPath exchange-traded notes business.

A few weeks ago Barclays abruptly stopped supporting two of its most popular exchange-traded notes, VXX and OIL.

The move to suspend share creations linked to the notes, designed to mimic Vix volatility futures and crude oil prices respectively, puzzled many, given how VXX in particular was a popular trading tool with nearly $1bn in assets. It also meant trading went haywire. At the time, all Barclays would say was:

This suspension is being imposed because Barclays does not currently have sufficient issuance capacity to support further sales from inventory and any further issuances of the ETNs. These actions are not the result of the crisis in Ukraine or any issue with the market dynamics in the underlying index components. Barclays expects to reopen sales and issuances of the ETNs as soon as it can accommodate additional capacity for future issuances.

We now have another oblique statement from Barclays that helps explain why the bank suddenly stopped supporting the two ETNs (FT Alphaville’s emphasis below).

As part of its structured products business, Barclays Bank PLC (“BBPLC”), a subsidiary of Barclays PLC (“BPLC”), is a frequent issuer of structured notes and exchange traded notes in the United States and elsewhere.

These securities are often issued to meet actual and anticipated client demand for such securities. BBPLC has determined that the securities offered and sold under its US shelf registration statement during a period of approximately one year exceeded the registered amount (such excess, the “Affected Securities”) 1 giving rise to a right of rescission among certain purchasers of Affected Securities requiring BBPLC to repurchase the Affected Securities at their original purchase price. As a result, BBPLC has elected to conduct a rescission offer to eligible purchasers of the Affected Securities. Details of the rescission offer will be published by BBPLC in due course.

Based on current market prices of the Affected Securities and the estimated pool of potentially eligible purchasers electing to participate in the rescission offer, Barclays expects the rescission losses (net of tax) to be c.£450mn.

Ouch.

A footnote reveals that Barclays had a registered maximum offering size of $20.8bn for its ETNs, and exceeded that by about $15.2bn. Quite the miss. Those securities now have to be bought back at the original purchase price, and incur the estimated $450mn loss.

Also note that Barclays only gives its estimated post-tax loss, which indicates the nominal loss is quite a bit higher. The hit will even delay the start of Barclays’ £1bn buyback programme to the second quarter.

ETNs are a form of exchange-traded products, but unlike the better-known exchange-traded fund, they work like a synthetic debt security issued by a bank, which then uses derivatives to ensure that it tracks the underlying index. The complicated beasts can be very lucrative thanks to both the management fees and the all the trading opportunities they create.

VXX and OIL — or to give them their formal names, the iPath Series B S&P 500 VIX Short-Term Futures ETN and iPath Pure Beta Crude Oil ETNs — still trade on the New York Stock Exchange and CBOE respectively, even though Barclays is no longer creating new shares in them.

That has meant they both became untethered from their underlying reference indices since March 14, as this Bloomberg article explains. It’s also worth noting that VXX has options referencing six times its share count, more than twice the ratio of any ETF or stock except the HYG and XRT, a junk bond and retailer stocks ETFs respectively, according to Goldman Sachs.

There will now be an investigation – both internal and by regulators. From today’s Barclays statement:

Barclays has commissioned an independent review of the facts and circumstances relating to this matter including, among other things, the control environment related to such issuances. Separately, regulatory authorities are conducting inquiries and making requests for information.

We look forward to finding out how this DB-level snafu happened.

>>> Europe : Brokers Upgrades & Downgrades - 28th of March 2022 V2(+)

>>> Up
* BASF Raised to Buy at HSBC; PT 65 euros
* Cloetta Raised to Buy at Nordea; PT 29 kronor (+)
* Frontier Developments Raised to Buy at Jefferies; PT 1,667 pence
* Kone Raised to Hold at Nordea (+)
* Maersk Drilling Raised to Buy at Arctic Securities (+)
* Moonpig Raised to Add at Peel Hunt; PT 300 pence
* Northern Ocean Raised to Buy at Arctic Securities; PT 15 kroner (+)
* Swissquote Raised to Buy at AlphaValue/Baader (+)
* Temple Bar Investment Trust PLC Raised to Buy at Investec
* VIB Vermoegen Raised to Buy at SRC Research; PT 51 euros

>>> Down
* Adecco Cut to Underweight at JPMorgan; PT 42 Swiss francs (+)
* Bouygues Cut to Equal-Weight at Morgan Stanley; PT 38 euros (+)
* EN+ Group Cut to Add at AlphaValue/Baader (+)
* Heineken Cut to Underweight at Barclays; PT 81 euros
* Husqvarna Cut to Hold at Nordea (+)

>>> Initiation
* Hertz Rated New Buy at Tigress; PT $32
* MorphoSys Reinstated Buy at Berenberg; PT 65 euros
* Nynomic Rated New Buy at Hauck & Aufhaeuser; PT 51 euros (+)
* Var Energi Rated New Overweight at JPMorgan; PT 42 kroner (+)

>>> Call
* Adecco Downgraded to Underweight at JPMorgan on Underperformance (+)
* BASF Upgraded to Buy With Trends Strong, Demand Resilient: HSBC (+)
* Dassault Aviation to Grow Further, Street High PT: Berenberg (+)
* Flat Yield Curve Not a Sell Signal for Stocks: JPM Strategists (+)
* Households, Firms to Drive U.S. Equity Demand: GS Strategists (+)
* Morgan Stanley Cuts U.S. Financials to Neutral on Growth Risks (+)
* Solid Cash Flow, Low Leverage Boost European Cash Returns, M&A

9to5 : Kuo: iPhone 14 Pro camera bump to be even larger thanks to new 48MP senso


Last September, one of the first iPhone 14 leaks claimed that the iPhone 14 would be the first iPhone model in years not to feature a camera bump of any kind. More recent leaks, however, have contradicted that claim, with the latest contradiction coming from Apple analyst Ming-Chi Kuo.

The latest iPhone 14 design rumors
Kuo took to Twitter on Sunday to offer an explanation as to why the iPhone 14 Pro will feature an even larger camera bump than the iPhone 13 Pro. This revelation first came last week, when leaked schematics showcased a thicker camera bump and an overall thicker design.
According to Kuo, the reasoning for this change (unsurprisingly) is that Apple has major enhancements in store for the iPhone 14 Pro camera this year. As he has previously reported, the iPhone 14 Pro and iPhone 14 Pro Max are expected to feature an upgraded 48MP camera sensor, which comes in a larger form factor.
Kuo explains:
The main reason for the larger and more prominent rear-camera bump of the 14 Pro/Pro Max is upgrading the wide camera to 48MP (vs. 13 Pro/Pro Max’s 12MP). The diagonal length of 48MP CIS will increase by 25-35%, and the height of 48MP’s 7P lens will increase by 5-10%.
Last September’s leak set high expectations for the iPhone 14 and iPhone 14 Pro. Rumored changes included no camera bump, a hole-punch design, iPhone 4-style rounded volume buttons, a titanium chassis, and more. Unfortunately, it appears that these changes won’t come to fruition this year.
It’s unclear if Apple scrapped this redesign in favor of something more modest, or if a redesign like the one rumored was ever in the cards to begin with. Regardless, the iPhone 14 and iPhone 14 Pro are expected to retain very similar designs to the iPhone 13. The biggest change will be a new hole + pill cutout instead of a notch on the iPhone 14 Pro, and the discontinuation of the ‘mini’ form factor.
What do you think of the iPhone 14 rumors so far? Are you planning to upgrade? Let us know down in the comments.

>>> Vallourec : Chairman and CEO Edouard Guinotte resigns, effective immediately

Vallourec : Chairman and CEO Edouard Guinotte resigns, effective immediately
- Mr. Édouard Guinotte resigned on March 25th, 2022 from his position as member of the Board of Directors, with immediate effect.
- In addition, it is reminded that the duties of Mr. Édouard Guinotte as Chairman and Chief executive officer were terminated on March 20th, 2022. As a consequence, and accordingly with the French commercial Code, the duties of Mr. Olivier Mallet as Deputy chief executive officer of the Company expired as of March 20th, 2022 (i.e. upon the appointment of Mr. Philippe Guillemot as new Chairman and Chief executive officer). This expiry was acknowledged by the Board of Directors on March 26th, 2022. From March 21st, 2022 onwards, the provisions of Mr. Olivier Mallet’s employment agreement as Chief financial officer, which were suspended during his appointment as Deputy chief executive officer, are back in force. Mr. Olivier Mallet will carry out his employee duties as Chief financial officer under the same remuneration conditions as those set forth in relation to his duties as Deputy chief executive officer of the Company.

>>> TradeGate Pre-Market Indications

DAX:
  • Continental (CON TH) +1%
  • MTU Aero (MTX TH) -1.1%
MDAX:
  • CTS Eventim (EVD TH) +3.9%
    • CTS Eventim-Kapsch JV Wins Germany Compensation Arbitration
  • Jungheinrich (JUN3 TH) +1.6%
  • Duerr (DUE TH) +1.3%
    • Duerr Company Roadshow Scheduled By Baader Bank for March 28
  • Uniper (UN01 TH) +1.2%
  • Kion (KGX TH) +1.1%
  • Varta (VAR1 TH) -1.5%
SDAX:
  • SGL (SGL TH) +3.8%
  • AUTO1 (AG1 TH) +3.1%
  • Indus Holding (INH TH) +2.7%
  • SAF-Holland SE (SFQ TH) +2.3%
  • SMA Solar (S92 TH) +2%
  • Hornbach Holding (HBH TH) -1.5%

>>> Stoxx 600 Pre-Market Indications

  • CTS Eventim (EVD TH) +3.8%
    • CTS Eventim-Kapsch JV Wins Germany Compensation Arbitration
  • Verbund (OEWA TH) +3%
    • Verbund Begins Construction Of $88 Million Hydroelectric Power
  • Rio Tinto (RIO1 TH) +1.9%
  • Anglo American (NGLB TH) +1.8%
  • Orsted (D2G TH) +1.7%
  • Raiffeisen (RAW TH) +1.7%
    • Erste’s Russia Risk Mainly Driven by Rising Second-Order Effects
  • Thales (CSF TH) +1.6%
  • Glencore (8GC TH) +1.4%
  • Vestas (VWSB TH) +1.3%
  • CNH Industrial (37C TH) +1.3%
  • Naturgy (GAN TH) -0.9%
  • Bouygues (BYG TH) -0.9%
  • TotalEnergies (TOTB TH) -1%
    • OIL DAYBOOK EUROPE: China Oil Giant Plans for Record Spending
  • Shell (R6C0 TH) -1.1%
  • STMicroelectronics (SGM TH) -1.1%
  • MTU Aero (MTX TH) -1.5%
  • ArcelorMittal (ARRD TH) -1.6%
  • Mowi (PND TH) -1.9%
    • Mowi Profit May Thrive Despite Lower Harvest: Company Outlook
  • Repsol (REP TH) -2.1%
  • Orpea (OPA TH) -11%
    • France Wants Care Home Firm Orpea to Return Funds: Minister (1)