NYT : How War in Ukraine Roiled Facebook and Instagram

How War in Ukraine Roiled Facebook and Instagram
The rules over what war content is permitted on Facebook and Instagram keep changing, causing internal confusion.

Meta, which owns Facebook and Instagram, took an unusual step last week: It suspended some of the quality controls that ensure that posts from users in Russia, Ukraine and other Eastern European countries meet its rules.
Under the change, Meta temporarily stopped tracking whether its workers who monitor Facebook and Instagram posts from those areas were accurately enforcing its content guidelines, six people with knowledge of the situation said. That’s because the workers could not keep up with shifting rules about what kinds of posts were allowed about the war in Ukraine, they said.
Meta has made more than half a dozen content policy revisions since Russia invaded Ukraine last month. The company has permitted posts about the conflict that it would normally have taken down — including some calling for the death of President Vladimir V. Putin of Russia and violence against Russian soldiers — before changing its mind or drawing up new guidelines, the people said.
The result has been internal confusion, especially among the content moderators who patrol Facebook and Instagram for text and images with gore, hate speech and incitements to violence. Meta has sometimes shifted its rules on a daily basis, causing whiplash, said the people, who were not authorized to speak publicly.

The bewilderment over the content guidelines is just one way that Meta has been roiled by the war in Ukraine. The company has also contended with pressure from Russian and Ukrainian authorities over the information battle about the conflict. And internally, it has dealt with discontent about its decisions, including from Russian employees concerned for their safety and Ukrainian workers who want the company to be tougher on Kremlin-affiliated organizations online, three people said.
Meta has weathered international strife before — including the genocide of a Muslim minority in Myanmar last decade and skirmishes between India and Pakistan — with varying degrees of success. Now the largest conflict on the European continent since World War II has become a litmus test of whether the company has learned to police its platforms during major global crises — and so far, it appears to remain a work in progress.

“All the ingredients of the Russia-Ukraine conflict have been around for a long time: the calls for violence, the disinformation, the propaganda from state media,” said David Kaye, a law professor at the University of California, Irvine, and a former special rapporteur to the United Nations. “What I find mystifying was that they didn’t have a game plan to deal with it.”
Dani Lever, a Meta spokeswoman, declined to directly address how the company was handling content decisions and employee concerns during the war.
After Russia invaded Ukraine, Meta said it established a round-the-clock special operations team staffed by employees who are native Russian and Ukrainian speakers. It also updated its products to aid civilians in the war, including features that direct Ukrainians toward reliable, verified information to locate housing and refugee assistance.

Mark Zuckerberg, Meta’s chief executive, and Sheryl Sandberg, the chief operating officer, have been directly involved in the response to the war, said two people with knowledge of the efforts. But as Mr. Zuckerberg focuses on transforming Meta into a company that will lead the digital worlds of the so-called metaverse, many responsibilities around the conflict have fallen — at least publicly — to Nick Clegg, the president for global affairs.

Last month, Mr. Clegg announced that Meta would restrict access within the European Union to the pages of Russia Today and Sputnik, which are Russian state-controlled media, following requests by Ukraine and other European governments. Russia retaliated by cutting off access to Facebook inside the country, claiming the company discriminated against Russian media, and then blocking Instagram.
This month, President Volodymyr Zelensky of Ukraine praised Meta for moving quickly to limit Russian war propaganda on its platforms. Meta also acted rapidly to remove an edited “deepfake” video from its platforms that falsely featured Mr. Zelensky yielding to Russian forces.

The company has made high-profile mistakes as well. It permitted a group called the Ukrainian Legion to run ads on its platforms this month to recruit “foreigners” for the Ukrainian army, a violation of international laws. It later removed the ads — which were shown to people in the United States, Ireland, Germany and elsewhere — because the group may have misrepresented ties to the Ukrainian government, according to Meta.

Internally, Meta had also started changing its content policies to deal with the fast-moving nature of posts about the war. The company has long forbidden posts that might incite violence. But on Feb. 26, two days after Russia invaded Ukraine, Meta informed its content moderators — who are typically contractors — that it would allow calls for the death of Mr. Putin and “calls for violence against Russians and Russian soldiers in the context of the Ukraine invasion,” according to the policy changes, which were reviewed by The New York Times.

This month, Reuters reported on Meta’s shifts with a headline that suggested that posts calling for violence against all Russians would be tolerated. In response, Russian authorities labeled Meta’s activities as “extremist.”
Shortly thereafter, Meta reversed course and said it would not let its users call for the deaths of heads of state.
“Circumstances in Ukraine are fast moving,” Mr. Clegg wrote in an internal memo that was reviewed by The Times and first reported by Bloomberg. “We try to think through all the consequences, and we keep our guidance under constant review because the context is always evolving.”
Meta amended other policies. This month, it made a temporary exception to its hate speech guidelines so users could post about the “removal of Russians” and “explicit exclusion against Russians” in 12 Eastern European countries, according to internal documents. But within a week, Meta tweaked the rule to note that it should be applied only to users in Ukraine.
The constant adjustments left moderators who oversee users in Central and Eastern European countries confused, the six people with knowledge of the situation said.
Russia-Ukraine War: Key Developments

Card 1 of 3
The state of peace talks. Pessimism about Russia’s willingness to tame its attacks in Ukraine is growing amid mixed signals from Kremlin officials on peace talks and reports of new strikes near Kyiv and Chernihiv, where Russia had vowed to sharply reduce combat operations.
Putin’s advisers. U.S. intelligence suggests that President Vladimir V. Putin has been misinformed by his advisers about the Russian military’s struggles in Ukraine. The intelligence shows what appears to be growing tension between Mr. Putin and the Ministry of Defense, U.S. officials said.
On the ground. As the Ukrainian military has kept Russian forces from taking over Kyiv and even regained some ground in the northeast, Russia appears to be shifting its focus to eastern Ukraine, particularly the Donbas region, which borders Russia and where residents tend to feel a connection to Russia.

    The policy changes were onerous because moderators were generally given less than 90 seconds to decide on whether images of dead bodies, videos of limbs being blown off, or outright calls to violence violated Meta’s rules, they said. In some instances, they added, moderators were shown posts about the war in Chechen, Kazakh or Kyrgyz, despite not knowing those languages.
    Ms. Lever declined to comment on whether Meta had hired content moderators who specialize in those languages.

    Emerson T. Brooking, a senior fellow at the Digital Forensic Research Lab of the Atlantic Council, which studies the spread of online disinformation, said Meta faced a quandary with war content.
    “Usually, content moderation policy is intended to limit violent content,” he said. “But war is an exercise in violence. There is no way to sanitize war or to pretend that it is anything different.”
    Meta has also faced employee complaints over its policy shifts. At a meeting this month for workers with ties to Ukraine, employees asked why the company had waited until the war to take action against Russia Today and Sputnik, said two people who attended. Russian state activity was at the center of Facebook’s failure to protect the 2016 U.S. presidential election, they said, and it didn’t make sense that those outlets had continued to operate on Meta’s platforms.

    The Russia Today studios in London. Meta has limited Russia Today’s reach on its platforms.Credit...Sergey Ponomarev for The New York Times
    While Meta has no employees in Russia, the company held a separate meeting this month for workers with Russian connections. Those employees said they were concerned that Moscow’s actions against the company would affect them, according to an internal document.
    In discussions on Meta’s internal forums, which were viewed by The Times, some Russian employees said they had erased their place of work from their online profiles. Others wondered what would happen if they worked in the company’s offices in places with extradition treaties to Russia and “what kind of risks will be associated with working at Meta not just for us but our families.”
    Ms. Lever said Meta’s “hearts go out to all of our employees who are affected by the war in Ukraine, and our teams are working to make sure they and their families have the support they need.”

    At a separate company meeting this month, some employees voiced unhappiness with the changes to the speech policies during the war, according to an internal poll. Some asked if the new rules were necessary, calling the changes “a slippery slope” that were “being used as proof that Westerners hate Russians.”
    Others asked about the effect on Meta’s business. “Will Russian ban affect our revenue for the quarter? Future quarters?” read one question. “What’s our recovery strategy?”

    WSJ : Russia Set for Steep Slump and Long Stagnation in Wake of Ukraine War

    Russia Set for Steep Slump and Long Stagnation in Wake of Ukraine War
    An analysis by a top regional development bank sees Ukraine’s economy shrinking more but rebounding sharply next year

    Russia’s invasion of Ukraine will cause their economies to contract this year by about 10% and 20%, respectively, the region’s leading development bank said Thursday in one of the most in-depth economic assessments to date of the war’s impact on the two countries.

    The European Bank for Reconstruction and Development said the slump in Russia would likely turn into a long period of stagnation while neighboring economies would rebound next year as long as a sustainable cease-fire is secured over the coming months.

    While Ukraine will suffer more in the short term because of the extensive damage to its physical infrastructure, Russia faces more long-term challenges from an exodus of well-educated workers and the loss of access to Western technologies under current sanctions, the bank said.

    The EBRD was set up in 1991 to help countries in Eastern Europe and the former Soviet Union make the transition from centrally planned to market economies. It stopped making new investments in Russia after that country’s 2014 annexation of Crimea and said Monday it was closing its Moscow office.

    The bank said it estimates that the territory most directly affected by the fighting accounts for 60% of Ukraine’s annual economic output and that about a third of Ukrainian businesses have had to suspend operations. Electricity consumption is down 60% on normal levels for this time of year, it said.

    Assuming that a cease-fire can be negotiated in the next two months, the EBRD expects Ukraine’s gross domestic product to contract by a fifth this year, compared with its previous estimate of 3.5% growth. The economy should then rebound and grow by 23% in 2023 if it receives reconstruction assistance.

    “Even in the optimistic scenario of reconstruction going into full swing, it is still going to be a much poorer country simply because a lot of stock has been destroyed,” said Beata Javorcik, the EBRD’s chief economist.

    After Moscow’s attack on Ukraine, the U.S. and its allies have adopted some of the most severe economic sanctions ever taken against a country with the explicit aim of damaging Russia’s economy, cutting it off from international finance and barring it from importing key technologies.

    The EBRD expects those sanctions to contribute to a 10% contraction in the Russian economy this year, having previously anticipated growth of 3%. In contrast to its outlook for Ukraine, the bank doesn’t expect a rebound in 2023 and sees prospects beyond then remaining weak.

    “There will be less investment, less international trade, less integration of Russia into global value chains, and this combined with people leaving Russia means lower long-term productivity growth,” said Ms. Javorcik.

    The EBRD economist said that drag on growth would likely persist even if sanctions were lifted as part of a peace agreement.

    “This effect, I would expect it to linger way beyond sanctions, if there’s no regime change,” she said.

    The prospect for Russia of a weakened economy is bad news for Central Asian countries that have maintained close economic ties with the country.

    The EBRD estimates that money sent home by citizens working in Russia accounts for between 5% and 30% of annual economic output in Armenia, the Kyrgyz Republic, Tajikistan and Uzbekistan. Countries in the region rely on Russian banks for their connections to the global financial system, and much of their trade with other countries moves through Russia.

    “They will need to reorient the flow of trade,” said Ms. Javorcik. “Not just because Russia will be poorer and buying less, but also to reach other markets.”

    The EBRD lowered its growth forecasts for all but two of the 33 countries in which it invests beyond Ukraine, stretching across North Africa, Central Asia, the Caucasus and Central and Eastern Europe. The exceptions are Azerbaijan and Turkmenistan, both of which are large producers of natural gas.

    FT : Telecom Italia looks to put troubled past behind it with break-up

    Telecom Italia looks to put troubled past behind it with break-up
    One-time monopoly seeks sounder footing after years of upheavals and decline

    As an emblem of Italian business, Telecom Italia has had a long and lamentable record of upheavals, debt-laden struggles and political intrigues.

    Now its future is once again up in the air, with the new management plotting a break-up of the group as international private equity firms circle around its assets.

    The stakes are not small. An offer proposed by US fund KKR last November valued the company at €33bn, including net debt. Still not officially rejected, a takeover at that valuation would be among the biggest private equity buyouts in European history. It is highly unlikely to happen.

    Pietro Labriola, the sixth chief executive at Telecom Italia in under a decade, has drawn up a plan to spin off the group’s Italian fixed network. The existing company would house all the remaining assets including its mobile operations and its Brazilian business. It is not dissimilar to KKR’s plan.

    If either break-up plan goes ahead, it would be a denouement to what has come to feel like an unsustainable situation.

    The company’s stricken share price — down some 60 per cent over the past five years — fell to an all-time low of €0.30 this month. That came after the group reported a record net loss of €8.7bn for 2021, leading to further downgrades of its already beaten-up credit rating. Vivendi, now Telecom Italia’s largest shareholder, wrote down the value of its 24 per cent stake by €728mn this month.

    How it got to this point has been a sorry tale for a country that still sees it as a strategic asset. When Telecom Italia listed in 1997, it was dubbed the “mother of all privatisations” that took place in Italy during the 1990s, when the finance ministry’s top bureaucrat was Mario Draghi, the current prime minister.

    What has dragged down this potentially very profitable business is a streak of strategic errors, partly driven by politics and some greedy shareholders, that have left it with too much debt. In 1999, as a newly privatised company, its net debt was €8.1bn. The figure currently sits at €22bn.

    In 1999, after Rome blocked the company’s merger with Deutsche Telekom, it was acquired for €50bn in a debt-financed hostile takeover by a group of investors, led by the chief of Olivetti, dubbed “courageous captains” by Massimo D’Alema, former prime minister. That takeover was seen at the time as a genuine milestone for Italy and Europe that could redraw the map of cosy Italian capitalism.

    However, after the group sold Telecom Italia two years later at a substantial profit, the company ended up with a debt burden on its balance sheet from which it never really recovered. At the pace of its current deterioration, the group risks needing a capital injection.

    The obvious route now is to reorganise the business through a carve-out of its assets — an approach envisaged by Labriola and KKR — which would allow it to reduce its debt. The Labriola plan would involve a more extensive split-up. The KKR option lacks detail but it is disliked in some quarters of Italian politics where the company continues to be perceived as a national public asset.

    Separating the primary network from the other services would also allow discussions over the single broadband network project to move forward. The project is a priority for Italian politicians.

    The plan would also allow a merger between Telecom’s so-called “last mile” broadband network, FiberCop, of which KKR acquired a 37.5 per cent stake in 2020, with smaller and less profitable rival OpenFiber in which state investor CDP now holds a 60 per cent stake.

    That all leaves KKR ‘s buyout option in doubt. On paper, discussions are ongoing, but insiders say they have come to a halt as the private equity group wants to run due diligence before putting forward a binding offer. They add that Telecom Italia is refusing that because if KKR were to ultimately walk away, or lower its offer, it would have negative repercussions on the share price.

    Telecom Italia is a still prized asset. It is not for nothing that it is drawing interest from funds and private equity firms alike. This week the group also confirmed that it had received an offer from private equity firm CVC for a minority stake in the network services company that would be created following the break-up plan.

    However, the group’s businesses need to be put on a sounder footing, not just for its shareholders but for Italy, which — more than two decades after its first takeover — is still waiting for its capitalism map to be redrawn.

    FT : Breitling chief’s grounded approach speeds watchmaker’s growth

    Breitling chief’s grounded approach speeds watchmaker’s growth
    Georges Kern has broadened the brand’s appeal by steering it away from the masculine aviator image

    It is five years since Georges Kern blindsided the Richemont Group by announcing he was off to head up Breitling, the independent Swiss watch company.

    The former IWC Schaffhausen chief executive was a Richemont veteran of 17 years and, less than a year before his shock departure, had been promoted to the Richemont board and appointed the group’s head of specialist watchmaking.

    The divorce may have been unexpected, but the marriage of Kern and Breitling so far has proved harmonious. According to a report by Morgan Stanley last month, Breitling’s annual revenues surged to an estimated SFr680mn ($730mn) in 2021 — an increase of 55 per cent over the past two years.

    The report’s authors also calculated that Breitling’s volumes had increased from 140,000 watches a year to 190,000 over the same period and that its market share had increased by 0.4 per cent.

    The same report showed that Breitling appears to have outperformed many of its competitors under Kern’s leadership. Morgan Stanley’s data placed Breitling 11th among Swiss watch brands, up two places from 2019 and above rivals such as Tudor, which is owned by Rolex, and LVMH-owned Hublot.

    “Breitling is substantially above the industry’s average sales growth and even more so bottom line,” says Oliver Müller, founder of Swiss watch industry advisers LuxeConsult and one of the authors of the Morgan Stanley report.

    Kern’s appointment at Breitling followed the news in 2017 that London-based private equity group CVC Capital Partners had taken an 80 per cent stake in the company, in a deal worth €840mn. Kern, who has a 5 per cent stake in the business, was seen as having the right combination of Swiss watch industry experience and the sort of maverick tendencies that would shake up a brand in need of fresh thinking.

    As Richemont founder and controlling shareholder Johann Rupert said at the time, Kern had “been offered an interesting opportunity to become an entrepreneur”.

    Sweeping changes followed. Out went the salacious pin-up girls and the high carbon-emitting Breitling Jet Team, and in came a raft of new brand ambassadors, led by Hollywood A-listers Brad Pitt and Charlize Theron, organised in “Breitling squads”; plus an easy-going, loft-style boutique concept; sustainability messaging around recycled straps and packaging; and a range of new watches, many of them aimed at women — a new take for the brand.

    Kern is known for his intensity but, sitting in his office, wearing an open-necked shirt and a sweater, he cuts a relaxed figure. He is still ready to take a thinly veiled swipe at his former employer, though. “I truly believe that we wouldn’t have been as successful in a group,” he says. “We’ve been radical. And we’ve been totally free. They [CVC] let us work — we are the specialists, the professionals.”

    He might have a point. While Breitling accelerates, revenues at Richemont watch brands IWC, Jaeger-LeCoultre and Panerai have yet to return to their pre-pandemic levels, according to the Morgan Stanley report. Kern will not confirm Breitling’s figures but says the Morgan Stanley numbers are “most probably true” — adding that, because it has no group costs, the company is very lean and has been able to be “hugely profitable”.

    He continues: “People said we would crash this company. Watches are very emotional. When you change so much, you have to gain more than you lose. Of course, we lost customers. You need to score more goals than you concede — and we scored many more.

    “We gained huge market share during Covid, which shows our values worked. I’m convinced that, without these changes, the company would be bankrupt today.”

    Seasoned industry observers say Breitling has been the making of Kern. Kristian Haagen, an author and creative director of social media agency DailyWatch, met Kern in the mid-2000s, not long after he became chief executive of IWC. “He appeared to me to be quite arrogant, honestly,” says Haagen of their first encounter.

    “For years, it was almost impossible to get an interview with him. But he did something good by moving out of a group. It released him. He’s very savvy and he’s doing something that no group would.”

    Kern says he wants Breitling to be “the leader of neo-luxury”, a concept based on being “not exclusive, but inclusive; casual; and sustainable”. The company now has 160 boutiques around the world, with plans for 40 more this year. These offer facilities such as pool tables, bars and trendy furnishings, designed to reduce the sense of intimidation some new customers might have at the door of a luxury store.

    Changes to Breitling’s image have been accompanied by a collection overhaul. The company was once famous for its pilot’s watches, but Kern has introduced what he calls an “air, land and sea” approach. He describes most of his lines as being “retro style”. Some are reinventions of mid-century products, such as the Premier and Top Time lines, while he has also reworked the popular Chronomat line, originally from 1984. This year’s big launch, announced in Zurich earlier this week, is a revamp of the Navitimer, a distinctive line of pilot’s watches created in 1952.


    The latest Navitimer B01 Chronograph 46 models
    Kern has also targeted female consumers with smaller, sometimes pastel-shaded designs, and says the company now sells 12 per cent of its watches to women — up from almost zero five years ago. He says he is aiming to grow this to 30 per cent within three years.

    During the pandemic, he proved himself one of the more active watch industry bosses, launching a series of webcasts called Breitling Summits. These had high production values and cast Kern as the star, hosting interviews with Theron and introducing the new recycled packaging concept alongside the Swiss explorer and clean technology pioneer Bertrand Piccard.

    Kern has since claimed these webcasts attracted “millions” of viewers, justifying his decision to take Breitling out of the annual trade show cycle. Unlike Rolex or Tag Heuer, Breitling is not at Watches and Wonders in Geneva this week.

    Breitling’s growth has attracted further investment. In 2018, CVC bought the remaining 20 per cent from former owner Théodore Schneider, and, in October last year, the independent investment firm Partners Group took a 25 per cent stake. No financial details were disclosed at the time, but it was reported that the deal gave Breitling a valuation of $3.3bn.

    “Partners Group are no mugs,” says Jon Cox, an analyst at Kepler Cheuvreux. “Kern gets what younger watch buyers in that price point are interested in — style, style, style. And the nod to environmentalism also goes down well.”

    Kern may have invested heavily in boutiques, but he continues to develop Breitling’s third-party retailer network, as well. Brian Duffy, chief executive of Watches of Switzerland Group, which operates 10 Breitling boutiques in the UK and US, says Kern’s repositioning of the brand has been good for his business. “Group sales of Breitling watches are up 212 per cent over the past five years,” he notes.

    “Georges has great vision and huge energy,” adds Duffy. “And he’s much more comfortable using his skills in a brand situation than he is managing a portfolio — he’s less a corporate guy and more a make-it-happen guy.”

    As if to make the point, Kern posted a video last month on LinkedIn from an antiwar march where he was demonstrating against Russia’s invasion of Ukraine.

    Asked about his plans and whether CVC intends to sell the business, Kern is non-committal. “I don’t know whether there will be an IPO,” he says.

    But analysts expect one. “I would not rule out an IPO at some point in the future,” says Cox, “although [for investors] only having one brand may be more of risk than being part of a larger portfolio, in terms of investment profile.”

    Kern expects his business to continue growing. “Luxury will become more and more popular and there will be hundreds of millions of people able to buy luxury,” he says. But not everyone will profit, he adds.

    “Because of globalisation, people are all buying the same things. There will be six or seven [watch] brands making 80 per cent of the turnover.”

    Looking back on his move in 2017, Kern says he has only one regret. “I should have done it earlier,” he says. And his ambitions are undiminished. “When you do stuff, you want to have fun, intellectual satisfaction — and you want to win,” he says.

    >>> Europe : Brokers Upgrades & Downgrades - 31st of March 2022 V2(+)

    >>> Up
    * Freenet Raised to Neutral at Exane; PT 24 euros
    * Glencore Raised to Buy at SBG Securities; PT 510 pence (+)
    * Halma Raised to Hold at HSBC; PT 2,365 pence
    * Howden Joinery Raised to Outperform at Davy (+)
    * Kapsch TrafficCom Raised to Buy at Erste Group; PT 22 euros
    * M&G Raised to Add at AlphaValue/Baader
    * Pearson Raised to Equal-Weight at Barclays; PT 725 pence
    * Sabadell Raised to Buy at Deutsche Bank; PT 95 euro cents
    * Sancus Lending Group Ltd Raised to Buy at Liberum (+)
    * Seplat Energy Raised to Buy at Meristem Securities
    * Stillfront Raised to Buy at HSBC; PT 53 kronor
    * Telefonica Deutschland Raised to Neutral at Exane; PT 2.40 euros
    * Telia Raised to Neutral at Exane; PT 35 kronor
    * Wacker Chemie Raised to Outperform at Oddo BHF; PT 190 euros (+)

    >>> Down
    * BASF Cut to Neutral at Oddo BHF; PT 68 euros (+)
    * BBVA Cut to Hold at Deutsche Bank; PT 6 euros
    * Cancom Cut to Sell at DZ Bank; PT 50 euros (+)
    * Citi Says European Stocks’ Discount to U.S. Is Now Too Great (+)
    * DFS Furniture Cut to Hold at Numis; PT 225 pence
    * Fuchs Petrolub Cut to Neutral at Oddo BHF (+)
    * HAL Cut to Neutral at Oddo BHF; PT 151 euros (+)
    * KPN Cut to Neutral at Exane; PT 3.20 euros
    * Telenor Cut to Underperform at Exane; PT 114 kroner
    * Vodafone Cut to Underperform at Exane; PT 110 pence

    >>> Initiation
    * Alstria Office Reinstated Hold at HSBC; PT 14.60 euros
    * Amplifon Rated New Neutral at JPMorgan; PT 34 euros
    * BBVA Reinstated Neutral at Goldman; PT 7.30 euros
    * Capgemini Rated New Outperform at Credit Suisse (+)
    * Computacenter Rated New Outperform at Credit Suisse (+)
    * Deutsche Bank Reinstated Buy at Goldman; PT 18.70 euros
    * DIM FP Rated New Equal-Weight at Morgan Stanley; PT 445 euros
    * Santander Reinstated Buy at Goldman; PT 5 euros
    * SwedenCare Rated New Buy at SEB Equities; PT 136 kronor
    * UBS Group Reinstated Buy at Goldman; PT 27.90 Swiss francs

    >>> Call
    * Admiral Upgraded at Peel Hunt With Valuation Now ‘More Sensible’
    * Citi Opens Positive Catalyst Watch on Pernod Ricard Ahead of 3Q (+)
    * Deutsche Bank’s Stock a Buy for Goldman’s New Banking Analyst (+)
    * LVMH Offers Scale, Diversification Amid Volatility, Cowen Says (+)
    * S4 May Remain Under Pressure With New Result Date Undecided: MS (+)
    * Sinch Cut at Handelsbanken on Anticipation of Weak First Quarter
    * Var Energi New Buy at Jefferies on Organic Production Outlook

    >>> Stoxx 600 Pre-Market Indications

    • EasyJet (EJT1 TH) +3.4%
    • Ryanair (RY4C TH) +2.4%
    • Stellantis (8TI TH) +1.1%
    • Commerzbank (CBK TH) +1%
      • Commerzbank Reinstated Neutral at Goldman; PT 9.70 euros
    • Rational (RAA TH) +0.9%
    • Raiffeisen (RAW TH) +0.8%
    • Deutsche Bank (DBK TH) +0.8%
      • Deutsche Bank Reinstated Buy at Goldman; PT 18.70 euros
    • Carl Zeiss Meditec (AFX TH) +0.8%
    • Sartorius (SRT3 TH) +0.7%
      • Sartorius, Sartorius Stedim Exposed to Growth Trends, MS Says
    • TotalEnergies (TOTB TH) -1.2%
    • Erste (EBO TH) -1.2%
    • Shell (R6C0 TH) -1.5%
      • Watch Europe Oil Stocks as Crude Slumps Over U.S. Reserves Plan
    • BP (BPE5 TH) -1.6%
    • Eni (ENI TH) -1.8%
    • Equinor (DNQ TH) -1.9%
    • CD Projekt (7CD TH) -2.7%
      • CD Projekt Cut to Reduce at HSBC; PT 120 zloty

    >>> TradeGate Pre-Market Indications

    DAX:
    • Deutsche Bank (DBK TH) +1%
      • Deutsche Bank Reinstated Buy at Goldman; PT 18.70 euros
    MDAX:
    • Commerzbank (CBK TH) +1.3%
      • Commerzbank Reinstated Neutral at Goldman; PT 9.70 euros
    • ProSieben (PSM TH) +1.3%
    • Carl Zeiss Meditec (AFX TH) +1%
    • Varta (VAR1 TH) -2.8%
      • Varta Sees 2022 Revenue EU950M to EU1B, Est. EU999.3M
    SDAX:
    • BayWa (BYW6 TH) +1.6%
    • SMA Solar (S92 TH) +1.4%
      • SMA Solar Sees 1Q Ebitda EU12M to EU16M
    • Bilfinger (GBF TH) +1.2%
    • Deutz (DEZ TH) +1.2%

    >>> What to look at today - 31st of March 2022

    U.S. futures rose and oil dropped sharply on signs that the Biden administration is considering a massive release of crude from U.S. reserves to combat inflation. A slide in Chinese technology stocks weighed on Asia.   Shares weakened in China and Hong Kong following data showing contraction in Chinese manufacturing, while Japan’s equities steadied, with the yen pulling back after two days of gains. European futures climbed. Earlier, the S&P 500 closed lower for the first time in five days and the Nasdaq 100 dropped as talks between Russia and Ukraine stalled.  Reports that Washington is preparing a plan to release roughly a million barrels of oil a day helped reverse a rebound in crude. The news comes ahead of an OPEC+ supply meeting later Thursday, where the cartel is expected to stick with its strategy of a modest output boost in May. Chinese stocks are under pressure as output data reflect the damage of renewed lockdowns in technology and factory hubs. Further denting sentiment, the Securities and Exchange Commission’s chief tamped down speculation that a deal is brewing to keep about 200 Chinese stocks from losing their listings. Meanwhile, China’s central bank vowed to boost confidence and provide more effective support to the economy.  Treasuries added to gains across the curve, while a portion of the curve has pulled out of a brief inversion that raised concerns about an impending recession. The dollar mostly held a retreat.  US After Hours Quiet after hours session; PATH -18.4%, EXFY -16.4%, MASI -9.9% fall on earnings/guidance

    Nikkei -0.65% Hang Seng -1.14% CSI -0.68% Shanghai -0.40% Shenzen -0.83%

    Eur$ 1.1166 CNH 6.3588 CNY 6.3486 JPY 121.86 GBP 1.3131 CHF 0.9241 RUB 83.1248 TRY 14.6585 WTI$ 102.32 -5.10% Golds 1,923.39 -0.48% BTC 47,000 -0.45% ETH 3,395 -0.57%

    S&P +0.14% Nasdaq +0.42% EuroStoxx +0.26% FTSE +0.07% Dax +0.51% SMI +0.27%

    Macro :
    - *CHINA MARCH MANUFACTURING PMI AT 49.5; EST. 49.8
    - Banks Brace for Earnings Hit as IPO Market Stalls: ECM Watch
    - BofA Strategist Sees Potential for Asset Managers to Chase Rally
    - Kremlin Says Putin, Draghi Discussed Ruble Payments for Gas
    - SEC Chief Casts Doubt on Imminent Deal to Avoid China Delistings

    Keep an eye on :
    - ABBN SW : ABB Starts New $3 Billion Share Buyback After Divestment
    - ADE NO : Adevinta to Sell 76.2% Stake in InfoJobs Brazil to Redarbor
    - AIR FP : China Southern to Take Delivery of 39 Boeing Max Jets This Year
    - NBA GY : Europe’s Top Copper Smelter Plans to Stop Buying From Russia
    - BMW GY : BMW, Mercedes, Volkswagen Seek BEV, Software Recognition in 2022
    - BP/ LN : BP Said to Approach State-Owned Majors on Russia Assets (1)
    - IAG LN : British Airways Says Technical Issue at Heathrow Resolved
    - CWC GY : Cewe Stiftung Sees 2022 Ebit EU65M to EU80M
    - CSGN SW ; Credit Suisse Investors Seek Special Audit of Greensill Debacle
    - EMMN SW : Emmi Elects Ricarda Demarmels as CEO From Jan. 1, 2023
    - ERG IM : ERG’s Garrone Family May Consider Sale of Minority Stake: MF
    - GSK LN : FDA Approves ViiV’s Triumeq PD for Children With HIV
    - HMB SS : H&M 1Q Net Income Misses Estimates
    - HAL NA : HAL FY Net Income EU4.27B
    - INPST NA : InPost FY Sales 4.60B Zloty Vs. 2.53B Zloty Y/y
    - INTER NA : CSC’s offer period for Intertrust Shares Ends June 10
    - LHA GY : Italy Wants Privatization Deal for ITA Airways by Mid-June: Rtrs
    - MC FP : LVMH Says Hard to Predict Impact of Ukraine War on Economy
    - BNB BB : National Bank of Belgium Raises Dividend to EU138.04/Share
    - NRS NO : Norway Royal Salmon Offering Prices at NOK202/Share
    - OCI NA : Fertilizer Firm OCI Seeks to Buy NortH2’s Future Green Hydrogen
    - ORA FP : Orange Board Proposes Aschenbroich as Non-Exec Chairman
    - SAN FP : Sanofi Pipeline Improving, Still Needs Dupixent's Magic for Now
    - SFOR LN : Sir Martin Sorrell’s S4 Capital sinks 35 per cent following PwC audit delay
    - SPM IM : Italy Is Said to Approve $691 Million Loan Guarantee for Saipem
    - SAN SM : Santander Holdings USA Boosts Minimum Wage to $20
    - SRT GY : Sartorius, Sartorius Stedim Exposed to Growth Trends, MS Says
    - S92 GY : SMA Solar Sees 1Q Ebitda EU12M to EU16M
    - ULVR LN : Unilever Recalls Discontinued Antiperspirant on Elevated Benzene
    - UN01 GY : Uniper Gets One-Year KfW Loan Extension as Prices Climb on War
    - VNA GY : Vonovia Plays Down Possible Bid for Adler as KPMG Report Looms
    - VOW GY : VW Is Said to Pick Banks for IPO of $100 Billion Porsche Unit
    - VOW GY : Volkswagen curtails production in China because of parts shortages.