BreakingViews : MSP’s $33 bln listing stretches SPACs to the limit

Blank-check firms love to help companies with unusual ideas, hard-to-value business models and optimistic financial forecasts go public. The case of MSP Recovery takes that to its limit and not just because of the company’s huge $32.6 billion enterprise value.

MSP wants to disrupt the cozy world of U.S. health insurance – a sympathetic cause. It finds cases where insurers should have paid but didn’t, leaving the government to pick up the bill. There are roughly three steps: MSP uses its own analytics to find where money is due, then pursues its claims, through the courts if necessary, and carves up spoils between clients such as hospitals and doctors, lawyers and itself.

No doubt, there is treasure to be had. MSP is chasing $50 billion in billed amounts, which it thinks will increase to $263 billion. But investing in that potential is deeply uncertain. The company’s success depends on finding claims, being recognized as a plaintiff, winning cases and actually getting the money in the door. All of this, though, takes time. The filing for its SPAC merger details no forecast revenue in 2021, though it expects to hit $7.2 billion by 2026.

The company’s claim to be worth nearly $33 billion, meanwhile, is spurious. With no direct peers, MSP bases its valuation on companies as unrelated as private equity group Blackstone and credit-check agency Equifax. Troublingly, there’s no so-called PIPE – industry jargon for the side investment commonly struck by a SPAC with big-name investors like BlackRock or Fidelity that gives the transaction an implicit stamp of approval.

There are other oddities. Chief Executive John Ruiz also runs his own law firm – which MSP has promised to use and pay 40% of recoveries. And top SPAC advisers like Goldman Sachs, Credit Suisse, Citigroup and JPMorgan are absent. In their place are Nomura and Stifel, 17th and 32nd in the league tables respectively, according to Spac Research.

Finally, there’s the question of why MSP is bothering to go public at all. Merging with a SPAC will only give it $230 million of new money, of which fees will eat up $70 million. True, listings have other advantages, like raising awareness. Putting a spotlight on healthcare flaws is no bad thing. Getting investors on board is a totally different challenge.

FT : England manager blasts ‘unforgivable’ racist abuse of footballers

England manager blasts ‘unforgivable’ racist abuse of footballers
Gareth Southgate joins PM Boris Johnson and Prince William in condemning social media posts following defeat

England manager Gareth Southgate condemned racist abuse aimed at members of his team following their Euro 2020 final defeat against Italy as “unforgivable”, adding that his players should be proud of their achievements during the tournament.

Southgate was speaking on Monday, the morning after England lost to Italy on penalties at Wembley, shattering the country’s hopes of lifting its first major men’s football trophy in 55 years.

Racists singled out Marcus Rashford, Jadon Sancho and Bukayo Saka on social media for missing their penalty kicks in the tense shootout after a 1-1 draw during the 90-minute match and 30 minutes of extra time.

Southgate said: “For some of them to be abused is unforgivable really. I know a lot of that has come from abroad, people who track those things have explained that, but not all of it. It’s just not what we stand for. 

“The players have had an incredible togetherness and spirit, which I think has brought so many parts of our country together. They should be, and I think are, incredibly proud of what they’ve done.”

Prime minister Boris Johnson and Prince William joined Southgate in condemning the abuse.

“This England team deserve to be lauded as heroes, not racially abused on social media,” said Johnson. “Those responsible should be ashamed of themselves.”

Prince William said he was “sickened” by the racism. Rashford’s club, Manchester United, which is acquiring Sancho from Germany’s Borussia Dortmund this summer, and Arsenal, where Saka plays, also issued anti-racism statements.

The incidents show how social media companies have struggled to crack down on racism and abuse on their platforms, despite high-profile players, including the England team, and lawmakers repeatedly calling for action.

Footballers are often lambasted on social media after losing a match but the worst abuse is typically reserved for black footballers and ethnic minorities. English football, including the Premier League and its clubs, boycotted Facebook, Twitter and Instagram in April to draw attention to the abuse.

England players have continued to take the knee before matches, a symbolic gesture against racism, but a minority of fans have booed.

Although Johnson has urged fans not to boo players for taking the knee, he initially distanced himself from the gesture, saying he was “more focused on action rather than gestures”.

“This is why we take the knee,” said Labour MP David Lammy, who gave several examples of racist abuse on Twitter.

The racism will also add to security concerns, questions about the policing of the event and how fans conducted themselves throughout the day.

The Football Association, the domestic governing body, said it would support the players and pursue the “toughest punishments” for those responsible.

“We could not be clearer that anyone behind such disgusting behaviour is not welcome in following the team,” it added.

Sadiq Khan, the mayor of London, said the people responsible for the abuse “must be held accountable” and that “social media companies need to act immediately to remove and prevent this hate”.

The Metropolitan Police said it was aware of “offensive and racist comments” on social media after the final and added that it would investigate.

FT : Tate & Lyle to sell controlling stake in sweetener arm for $1.3bn

Tate & Lyle to sell controlling stake in sweetener arm for $1.3bn
Food group will offload holding to private equity group as it shifts towards healthier products

Tate & Lyle has agreed to sell a controlling stake in its artificial sweeteners division in the Americas to KPS Capital Partners in a $1.3bn deal as the food group pivots towards healthier products.

The division, which also makes industrial starches, generates most of Tate & Lyle’s £2.9bn annual revenues. The London-listed company announced in April that talks were under way with potential buyers.

The 162-year-old group, once a leading global operator in the sugar industry, will retain a 50 per cent share in the business, which focuses on plant-based products for the food and industrial markets.

KPS, a New York-based private equity group, will hold the remainder and also secure board and operational control. Tate & Lyle expects to receive gross proceeds in cash of about $1.3bn. The deal gives the business an enterprise value of $1.7bn.

“We have been very impressed with KPS and are excited to partner with them,” said Nick Hampton, chief executive of Tate & Lyle. “The proposed transaction represents an ambitious and bold step forward for Tate & Lyle.”

Once the transaction is completed, which is expected in the first quarter next year, the board intends to return about £500m to shareholders in a special dividend.

Tate & Lyle plans to retain remaining proceeds for further investment and to strengthen its balance sheet, the company said in a statement on Monday.

The new company will comprise Tate & Lyle’s primary products business, which makes artificial sweeteners and industrial starches, in North America and Latin America, including corn mills in the US and a 50 per cent stake in a joint venture in Mexico.

The move is designed to enable London-based Tate & Lyle to focus on its food and beverage solutions arm, which helps companies such as Mondelez and Nestlé replace sugar, salt and fats in their products.

The FTSE 250 company’s roots stretch back to 1859 and it expanded along with the British empire to become a household name.

WSJ : ByteDance Shelved IPO Intentions After Chinese Regulators Warned About Dat

ByteDance Shelved IPO Intentions After Chinese Regulators Warned About Data Security
Owner of TikTok video app took different approach from ride-hailing company Didi, which pressed ahead with U.S. listing

ByteDance Ltd., the Chinese owner of popular short-video app TikTok, put on hold indefinitely its intentions to list offshore earlier this year after government officials told the company to focus on addressing data-security risks, people familiar with the matter said.

The Beijing-based social-media giant, last valued at $180 billion in a funding round in December, had been mulling an initial public offering of all or some of its businesses in the U.S. or Hong Kong, according to people familiar with the company’s plans.

But the company’s founder, Zhang Yiming, decided it would be wiser to put the plans on ice in late March, after meetings with cyberspace and securities regulators in which they asked the company to focus on addressing data-security risks and other issues, the people familiar with the matter said.

The company had other reasons for delaying the listing. It didn’t have a chief financial officer at the time, a person close to the company said.

ByteDance’s cautious approach contrasts with Chinese ride-hailing giant Didi Global Inc., DIDI 7.31% which runs the country’s ubiquitous car-hailing app. Didi pressed ahead with listing plans in the U.S. despite suggestions from the cyberspace administration not to, amid concerns that some of its data could fall into foreign hands, The Wall Street Journal reported.

Didi raised $4.4 billion in late June but is now the subject of a cybersecurity investigation and has since had its main app, and 25 others it operates, ordered removed from Chinese app stores.

The Cyberspace Administration of China, the nation’s internet regulator, and the China Securities Regulatory Commission didn’t respond to requests for comment.

Chinese authorities have been stiffening enforcement over the country’s technology companies since November, with a sweeping antimonopoly crackdown, and new rules to govern data collection and cybersecurity practices. Several other companies including Alibaba Group Holding Ltd. and online delivery company Meituan have been caught up in the dragnet.

One concern in Beijing has been that data collected by China’s tech firms could be compromised as a result of greater disclosure associated with a U.S. listing. The authorities have also been cracking down on improper collection and use of data to protect consumers’ interests.

On Tuesday, China said it would tighten oversight of offshore listings. The securities regulator is drafting rules that could require offshore registered companies to seek regulatory approval before selling shares in foreign markets, with the cyberspace administration leading interagency scrutiny into IPO candidates to make sure their plans don’t risk national security.

On Saturday, the agency proposed amending its own draft cybersecurity-review rules to include a requirement that internet companies with more than one million users undergo a cybersecurity review if they are looking to list abroad.

Previously, Chinese companies didn’t typically need the cyberspace administration’s permission to list overseas. But toward the end of 2020, as U.S.-China tensions deepened, the administration began requiring some technology companies to inform them about possible overseas listings and seek informal approval, people familiar with the agency said.

In ByteDance’s case, Chinese regulators never called outright for a delay to possible share offerings, people familiar with the matter said.

But regulators were concerned about data-security compliance by ByteDance’s apps in China, the person close to the company said. During the meetings, the regulators were eager to understand how ByteDance collected, stored and managed data, according to people familiar with communication between the two parties.

ByteDance runs apps used by hundreds of millions of people in China, including short-video app Douyin and Jinri Toutiao, or Today’s Headlines. Personal information collected by Douyin can include mobile phone numbers, birthdays, real names and ID numbers.

Given Beijing’s concerns, ByteDance’s Mr. Zhang assessed that the time wasn’t right for an IPO because of the political and regulatory environment, the people familiar with the matter said.

On April 23, Bytedance said in a statement on its social media account, “After serious research, we think the company does not fulfill the necessary requirements to go public, and currently have no such plan.” The company didn’t provide further explanation for its decision at the time.

Bytedance, whose shareholders include Sequoia Capital and KKR & Co., is one of the world’s most valuable startups. Unlike Didi, which had chalked up losses for years, Bytedance’s financials meant it didn’t have to hurry to list, said people familiar with the company.

The company told employees in June that its revenue last year more than doubled to $34.3 billion as advertising on its platforms grew, while gross profit rose to $19 billion.

ByteDance has had previous run-ins with regulators. In early 2018, Beijing shut down a joke app, Neihan Duanzi, run by the company on the grounds that it contained vulgar content. Mr. Zhang responded with a lengthy social-media post apologizing and promising to add more censors.

This year, ByteDance was publicly called out by authorities for a variety of infractions including excessive collection of users’ personal information and unsuitable content.

Bytedance was among 13 internet companies summoned by financial regulators and told to adhere to much tighter regulation of their data and lending practices in April. It was also among nearly three dozen Chinese tech companies that made public pledges to comply with antimonopoly laws that month.

In May, the company’s 38-year-old founder, Mr. Zhang, resigned as chief executive, joining a group of tech leaders who have stepped down as the government increases pressure on the sector.

ByteDance has also faced pressure from U.S. regulators. Last year, the Trump administration raised concerns that data its TikTok app collects from users could be shared with the Chinese government. TikTok denied that could happen.

The Biden administration revoked in June a Trump-era attempt to ban TikTok in the U.S. But TikTok still faces a broad review of apps controlled by foreign adversaries to determine whether they pose a security threat to the U.S.

>>> Europe : Brokers Upgrades & Downgrades - 12th of July 2021 V2(+)

>>> Up
* Acerinox Raised to Hold at Mirabaud Securities; PT 10.39 euros (+)
* AO World Raised to Buy at Jefferies; PT 400 pence
* Hays Raised to Outperform at RBC; PT 195 pence
* JCDecaux Raised to Overweight at JPMorgan; PT 29 euros (+)
* Pagegroup Raised to Outperform at RBC; PT 700 pence

>> Down
* Randstad Cut to Sector Perform at RBC; PT 68 euros
* Sicit Group Cut to Reduce at Equita; PT 16.80 euros

>>> Initiation
* GlobalData Rated New Hold at Peel Hunt; PT 1,400 pence
* Medigene Rated New Buy at Berenberg; PT 8 euros
* Realstone Rated New Market Perform at ZKB (+)

>> Call
* Asos’s JV With Nordstrom a ‘Very Sensible’ Move, Jefferies Says (+)
* Atos’s Warning on 2021 Targets Is ‘Significant,’ Oddo Says (+)
* Galp’s 2Q Trading Update Shows ‘Slow Progress’: RBC Capital (+)
* RBC Says Turning More Positive on Permanent Staffing Stocks

WWD : Italy’s Luxury Resort Retail Business Is in Full Bloom

Italy’s Luxury Resort Retail Business Is in Full Bloom
From Capri to Forte dei Marmi, the luxury resort retail business is flourishing in the most prestigious Italian holiday destinations.

MILAN — Meet them at the beach. That might be the mantra that luxury and fashion brands are repeating this summer.
Surely, the resort retail business is having a golden moment in Italy, one of the most attractive countries for international tourists, especially during the summer.
Luxury hotel chains are boosting their business in Italy, including travel group Belmond, which is controlled by French conglomerate LVMH Moët Hennessy Louis Vuitton and which in May, following a full renovation, reopened the famed Splendido Mare overlooking Portofino’s picturesque harbor. At the same time, fashion brands are fighting to secure the best retail locations in the peninsula’s most appealing holiday destinations.

This year, in fact, thanks to the acceleration of the vaccination campaign globally, international tourists are returning to Italy. This is an encouraging sign for the country where before the pandemic, according to a research conducted by Bain & Co., 60 percent of the luxury purchases in the country were made by overseas tourists. In particular, as the research highlighted, before the 2020 COVID-19 crisis, the wealthiest segment of international visitors vacationing in Italy used to spend around 15 billion euros annually on tours, experiences and shopping.

“After the lockdowns, people are in the mood for traveling, doing shopping and having fun,” enthusiastically said Giancarlo Sandretto, chief executive officer of Sant’Andrea srl, a company that acquires luxury retail locations in key cities and resorts across Italy and Europe and rents them to fashion and lifestyle brands.
Sant’Andrea srl has 10 retail spaces in Forte dei Marmi and three locations in Capri, among others. “Last summer, there were four closed stores on Capri’s Via Camerelle, which is something that has never happened before on the island. However, this summer the situation is the opposite and there is a waiting list of brands that are keen to rent a space on the island,” Sandretto said.
Palazzo Avino’s The Pink Closet. Courtesy of Palazzo Avino
As of today, the occupancy rate of hotels, bed and breakfasts and guest houses is above 90 percent for the month of July, with room rates for a one-night stay exceeding 1,000 euros.
“American tourists are finally back in Capri,” said Sandretto, highlighting how the Mediterranean island is among the favorite holiday destinations for international visitors. As per the aforementioned research conducted by Bain, the Amalfi Coast and Capri are the world’s fourth most preferred places for vacations for high-spending, non-European tourists.
In Capri, already home to boutiques of leading luxury brands, a string of additions are populating the island’s shopping streets: Milan-based Luisa Beccaria secured a location on the iconic Piazzetta, while Genny and Golden Goose opted for the prestigious Via Camerelle. The luxury sneaker and streetwear brand, which last year was acquired by private equity firm Permira for 1.3 billion euros, has inaugurated a boutique that pays tribute to the tradition of the location with its Pompeian red walls. The store — which houses an artisan who provides customization services to personalize sneakers and bags with a range of embellishments spanning from Swarovski crystals to handwritten tags — also carries the brand’s first resort capsule collection. This is also on sale in other seven Golden Goose stores in the world, including Puerto Banús on the Costa del Sol, Cannes, Saint-Tropez, Hawaii, the Hamptons and Miami. Designed to offer a cool summer wardrobe, the capsule consists of men’s and women’s beachwear styles, linen dresses, shirts and pants, as well as accessories, spanning from canvas totes to straw hats.


Despite the proliferation of established brands’ stores, Capri preserves a local authenticity with a range of artisanal boutiques selling the island’s iconic sandals, made famous worldwide by style queens such as Jackie Kennedy Onassis and Marella Agnelli, and sartorial garments. For example, Blanche Capri Couture opened a boutique on central Via Fuorlovado offering dresses and separates that are created on the island using fabrics customers can choose.
Exclusivity and uniqueness are the main values at the core of The Pink Closet, the boutique opened in Ravello by Mariella Avino, owner and managing director of the luxury resort Palazzo Avino in Ravello, one of the gems of the Amalfi Coast.
Rather than offering products by established luxury brands, Avino is filling her pink wunderkammer, located across the street from the hotel’s main entrance and occupying a scenic space that previously housed an art gallery, with an array of garments and accessories from international niche brands. For this summer, Avino also launched Creative Lab, a program focused on the development of special capsules and dedicated products created by emerging brands such as Giannico, Caterina Gatta, Vernisse, Leontine Vintage, Gala Rotelli, Bluetiful and House of Mua Mua, among others.
“People shopping on vacation don’t look for ordinary things. They want something special, unique, that can bring them immediate joy and happiness, but also that once home reminds them of their holidays and experiences abroad,” said Avino, who at the end of June launched the digital extension of The Pink Closet. “Through the e-commerce, our loyal guests, but also new ones, can enjoy a piece of the Palazzo Avino experience at home.”
Ermenegildo Zegna store in Forte dei Marmi Courtesy of Ermenegildo Zegna
While Russian tourists still have to make a real comeback due to the travel restrictions imposed by their own country, Tuscan luxury seaside resort Forte dei Marmi is in full bloom. “Retail real estate prices are increasing and the demand of locations is higher than ever,” said Sandretto.
The popular beach destination this season is welcoming many high-spending tourists from Northern Europe, but also a lot of wealthy Italian families who are still worried about taking international trips, said Sandretto. Among the luxury brands that have invested in Forte dei Marmi are Louis Vuitton; Salvatore Ferragamo; Zimmermann; Forte Forte; Manebì, which also opened boutiques in Italian resort destinations Pietrasanta and Alassio, and Ermenegildo Zegna. To celebrate the opening of the boutique, the men’s wear powerhouse created a capsule of swimming shorts and beach towels decorated with prints inspired by Forte dei Marmi’s famed beach cabanas.

According to Sandretto, among the Italian resort destinations that will benefit from the arrival of mega yachts cruising the Mediterranean Sea this summer is Porto Cervo, the luxury village on Sardinia’s northeastern coastline.
“The traditional itinerary of billionaires’ mega yachts goes from Puerto Banús to Ibiza and then touches Porto Cervo to end in Mykonos,” said Sandretto.
In Porto Cervo, at the Promenade du Port retail development, luxury multibrand retailer Modes has opened its largest shop in Italy, a 3,391-square-foot, three-story space designed by Berlin-based architecture studio Gonzalez Hasse AAS, which will also be in charge of the design of Modes’ flagship inaugurating in Paris in September.
“Our DNA is deeply rooted in the resort retail business,” said Aldo Carpinteri, founder and chief executive officer of Modes, which operates multibrand stores and concessions in some of the most prestigious holiday destinations, including St. Moritz, Forte dei Marmi, Portofino and Sardinia’s luxury resort Forte Village. “I think that the multibrand concept perfectly meets the needs of those doing shopping on vacation, since it can offer them special, exclusive things, more flamboyant and extravagant than the assortment that you can propose for the city life.”

WWD : Phoebe Philo Is Launching Her Own Fashion House

Phoebe Philo Is Launching Her Own Fashion House
LVMH has taken a minority stake in the new venture.

Phoebe Philo is returning to fashion with an independent, namesake house — and with LVMH Moët Hennessy Louis Vuitton as a minority investor.

The acclaimed British designer told WWD she would create clothing and accessories “rooted in exceptional quality and design,” and would divulge more details about her new brand in January 2022.

WWD broke the news in February 2020 that Philo had started planning a new collection and interviewing designers. According to market sources, she has had a small team working in London since late last year.

One of the most revered — and bankable — designers of her generation, Philo most recently engineered a spectacular brand rejuvenation during a 10-year tenure at Celine, one of about 75 brands controlled by LVMH. Season after season, she minted womanly, modernist clothing and distinctive handbags, accruing an intensely loyal fan base.

“Being in my studio and making once again has been both exciting and incredibly fulfilling,” Philo said in a brief statement. “I am very much looking forward to being back in touch with my audience and people everywhere. To be independent, to govern and experiment on my own terms is hugely significant to me.”

However, she has brought on a powerful silent partner in LVMH. The size of the French group’s minority stake could not immediately be learned, and financial terms were not disclosed.

It is understood Philo is the only other shareholder in the venture.

“I have had a very constructive and creative working relationship with LVMH for many years. So it is a natural progression for us to reconnect on this new project. I have greatly appreciated discussing new ideas with Bernard Arnault and Delphine Arnault and I am delighted to be embarking on this adventure with their support,” she added.

Bernard Arnault, chairman and chief executive officer of LVMH, called Philo “one of the most talented designers of our time.”

“We have known her and appreciated her for a long time. Phoebe contributed to the success of the group through her magnificent creations over several years,” he said. “With this in mind, I am very happy to partner with Phoebe on her entrepreneurial adventure and wish her great success.”

Given Philo’s cult-like following, her return to designing collections and launching a new brand is bound to have specialty retailers salivating — and some designers fretting. Many brands big and small have tried to seize her crown, and recruit her devotees, with varying degrees of success.

The designer has been keeping a low profile since exiting Celine at the end of 2017. In one of her first public projects, she signed on to be a juror for the 2021 ANDAM awards, which were presented in Paris earlier this month. (Philo did her duties via video conferencing from London due to ongoing travel restrictions related to the pandemic.)

It is unusual, though not unprecedented, for LVMH to back a new brand. Its core expertise lies in animating heritage brands like Louis Vuitton, Dior and Fendi with buzzy designers, celebrity ambassadors, retail razzmatazz and spectacular press and client events.

In 2019, it launched a fashion brand for Rihanna, following the blockbuster success of Fenty by Rihanna beauty products. The start-up came up against the coronavirus crisis and LVMH and the pop star paused the luxury maison last February, while roaring ahead with Savage x Fenty lingerie. Prior to that, LVMH famously set up a couture house for Christian Lacroix in 1987, and sold it to Falic Group in 2005.

Minority stakes are not usually the norm either for the French luxury giant, though that’s the case with Jonathan Anderson’s London-based fashion house JW Anderson, for example. LVMH took a 46 percent stake in 2013 in tandem with hiring the designer as creative director of Spanish leather goods house Loewe.

It is understood Philo has kept in close contact with the Arnault family, particularly Delphine, and will continue to have access to the group’s brain trust and real-estate muscle as she develops her indie venture.

The distribution plan and other details could not immediately be learned, though Philo had long shunned online commerce, preferring boutiques filled with marble plinths and large plants when she was at Celine. She also worked with prestigious specialty retailers, including Le Bon Marché, Selfridges and Dover Street Market

A graduate of London’s Central Saint Martins fashion school, Philo was classmates with Stella McCartney and worked with her when McCartney launched her own collection after graduation. Philo followed McCartney to Chloé in 1997 and took the top job in 2001 when McCartney left to set up her own fashion house in a joint venture with Gucci Group.

With her striking personal style, Philo succeeded in accelerating Chloé’s rejuvenation and catapulting it into the high-margin leather goods business. She became known for fashions that deftly blended masculine elements like trousers and such feminine fare as frilly blouses. During her tenure, Chloé’s look was widely emulated by fast-fashion chains and she created hit handbags like the Paddington and Silverado.

She resigned from Chloé in 2006 for personal reasons, citing a wish to spend more time with her young children.

Three years later, after lengthy discussions with LVMH about launching a namesake brand, Philo wound up at the helm of Céline, which offered an immediate platform for her designs, since the brand had boutiques in top locations around the world and factories for leather goods.

Philo debuted a more fashion-forward, minimalist aesthetic at Céline, tinged with artsy touches, and her collections exceeded all revenue expectations and won wide acclaim, despite her reticence about e-commerce and an arms-length policy with the press.

She was succeeded at Celine by Hedi Slimane, who dropped the accent in the label’s name and reoriented the brand toward retro-tinged, bourgeois French chic.

>>> Stoxx 600 Pre-Market Indications

  • CD Projekt (7CD TH) +1.6%
  • Nel (D7G TH) +1.3%
  • Rio Tinto (RIO1 TH) +1.2%
  • Zalando (ZAL TH) +1%
  • Alstom (AOMD TH) +1%
  • Enel (ENL TH) +1%
  • ProSieben (PSM TH) -1%
  • Just Eat Takeaway (T5W TH) -1%
  • Prosus (1TY TH) -1.1%
  • Eurofins Scientific (ESF0 TH) -1.1%
  • Umicore (NVJP TH) -1.2%
  • Siemens Healthineers (SHL TH) -1.3%
  • Amplifon (AXNA TH) -1.5%
    • Amplifon Agrees to Acquire Australia’s Bay Audio
  • BT (BTQ TH) -1.6%
  • Atos (AXI TH) -6%
    • Atos Lowers 2021 Rev. Growth, Operating Margin Targets

>>> TradeGate Pre-Market Indications

DAX:
  • Bayer (BAYN TH) +1%
    • False Advertising Claims Against Bayer Over Xarelto Dismissed
  • SAP (SAP TH) -0.6%
MDAX:
  • Hochtief (HOT TH) +1.3%
  • Zalando (ZAL TH) +1%
    • Kinnevik 2Q Net Asset Value Per Share SEK274 Vs. SEK323 Y/y
  • Siemens Healthineers (SHL TH) -1%
  • ProSieben (PSM TH) -1.3%
SDAX:
  • LPKF (LPK TH) +1.9%
  • Suess MicroTec (SMHN TH) +1.9%
  • SAF-Holland SE (SFQ TH) +1.6%
  • DWS (DWS TH) +1.4%
  • Bilfinger (GBF TH) +1.2%
  • Salzgitter (SZG TH) -1%
  • Deutz (DEZ TH) -1.5%
  • ElringKlinger (ZIL2 TH) -1.6%