>>> Up
* ABB Raised to Buy at DZ Bank; PT 31.50 Swiss francs (+)
* Aker BP Raised to Hold at Handelsbanken; PT 235 kroner
* Barratt Raised to Buy at Liberum; PT 735 pence (+)
* British Land Raised to Outperform at Exane; PT 500 pence
* British Land Raised to Outperform at Exane; PT 500 pence
* Burberry Raised to Neutral at Goldman; PT 1,690 pence
* Dassault Systemes Raised to Buy at SocGen; PT 200 euros (+)
* Derwent London Raised to Outperform at Exane; PT 3,540 pence
* Klepierre Raised to Neutral at Exane; PT 20 euros
* Lundbeck Raised to Overweight at JPMorgan; PT 275 kroner
* Nordea Bank Raised to Buy at Arctic Securities; PT 82 kronor
* Nordnet Raised to Overweight at JPMorgan; PT 190 kronor
* Outokumpu Raised to Buy at Nordea (+)
* Pandora Raised to Buy at Danske Bank Markets; PT 705 kroner (+)
* PostNL Raised to Buy at Jefferies; PT 4.50 euros
* Porsche SE Raised to Buy at Stifel; PT 77 euros
>>> Down
>>> Down
* ABB Cut to Hold at Nordea (+)
* Aker BP Cut to Hold at Nordea
* Climeon Cut to Hold at Pareto Securities; PT 55 kronor (+)
* Danske Bank Raised to Buy at Nordea (+)
* Fabege Cut to Hold at SEB Equities; PT 135 kronor
* Hannover Re Raised to Buy at Bankhaus Metzler; PT 160 euros (+)
* ICADE Cut to Hold at SocGen; PT 60 euros
* Johnson Matthey Cut to Underweight at Barclays; PT 2,570 pence
* Lem Cut to Hold at Mirabaud Securities; PT 1,900 Swiss francs (+)
* NCC Cut to Hold at Canaccord; PT 265 pence (+)
* Nokia Cut to Hold at SEB Equities; PT 3.80 euros
* Pirelli Cut to Hold at HSBC; PT 4.60 euros
* Pirelli Cut to Hold at HSBC; PT 4.60 euros
* Readly International Cut to Hold at Handelsbanken; PT 78 kronor
* Tobii Cut to Hold at Handelsbanken; PT 70 kronor (+)
>>> Initiation
* Aedifica Rated New Buy at Berenberg; PT 119 euros
>>> Initiation
* Aedifica Rated New Buy at Berenberg; PT 119 euros
* Anglo American Rated New Buy at Berenberg; PT 2,800 pence
* BHP Group PLC Rated New Hold at Berenberg; PT 2,000 pence
* Rio Tinto Rated New Hold at Berenberg; PT 6,000 pence
* YouGov Rated New Buy at Stifel; PT 120,000 pence (+)
>>> Call
>>> Call
* Aedifica Initiated at Buy at Berenberg on Defensive Profile (+)
* Baader Confirms Buy Rating on Aurubis; Sector Growth Opportunity (+)
* Carslberg’s Cautious Guidance ‘Widely Anticipated:’ Jefferies (+)
* Meggitt PT Raised at Jefferies on Cash, ‘Sound’ Balance Sheet (+)
* Orange Belgium Reports ‘Solid’ Quarter, Jefferies Says (+)
* Pandora Valuation Less Supportive, FY21 Setup ‘Challenging:’ RBC (+)
* PostNL Upgraded as Jefferies Increases Postal Earnings Estimates
* PostNL Upgraded as Jefferies Increases Postal Earnings Estimates
* Record Container Rates Benefit Maersk, Hapag-Lloyd: Jefferies (+)
* SSAB Special Steels Upside Yet to Be Appreciated: Jefferies
* Vinci FY Ahead of Expectations, Consensus Should Rise: RBC (+)
- HelloFresh (HFG TH) +2.3%
- Glaxo (GS7 TH) +2.1%
-
Varta (VAR1 TH) +2%
- German Holdings Round-Up: Varta, TUI, Siltronic
-
Barclays (BCY TH) +1.7%
- Barclays’ Jes Staley Says Brexit Will Benefit of City of London
- Norsk Hydro (NOH1 TH) +1.6%
- BP (BPE5 TH) +1.5%
- Brent Oil Marching Toward $60 on Expectations for Tight Supply
-
BAT (BMT TH) +1.5%
- British American Tobacco Plc - Notification and public disclosure of transactions by persons discharging managerial
- STMicroelectronics (SGM TH) +1.3%
- Ryanair (RY4C TH) +1.2%
- Rheinmetall (RHM TH) +1.2%
- Telefonica Deutschland (O2D TH) -0.6%
- Sartorius (SRT3 TH) -0.6%
- Tomra (TMR TH) -0.7%
- NEL (D7G TH) -0.8%
- United Internet (UTDI TH) -0.9%
- Voestalpine (VAS TH) -1%
-
ProSieben (PSM TH) -1.2%
- ProSieben’s Online-Dating Adventure a Focus for Value Creation
- Whitbread (WHF4 TH) -1.3%
- Nokia (NOA3 TH) -1.3%
- Nokia Cut to Hold at SEB Equities; PT 3.80 euros
- Scatec ASA (66T TH) -1.7%
DAX:
- Infineon (IFX TH) +1%
- Deutsche Post (DPW TH) +0.9%
- PostNL Upgraded as Jefferies Increases Postal Earnings Estimates
- Deutsche Bank (DBK TH) +0.7%
- E.On (EOAN TH) +0.7%
- BMW (BMW TH) +0.6%
- Allianz (ALV TH) +0.1%
- Pimco’s Mohsen Fahmi to Retire From Firm at End of This Year
MDAX:
- Aurubis (NDA TH) +4.4%
- Aurubis Maintains FY Pretax Operating Profit EU270M to EU330M
- Varta (VAR1 TH) +2.6%
- HelloFresh (HFG TH) +2.3%
- Metro AG (B4B TH) +2%
- Fraport (FRA TH) +1.7%
- United Internet (UTDI TH) -0.6%
- ProSieben (PSM TH) -1.2%
SDAX:
- Eckert & Ziegler Strahlen- und Medizintechnik AG (EUZ TH) +4.4%
- Home24 (H24 TH) +3.2%
- RTL (RRTL TH) +2.4%
- RTL to Sell SpotX to Magnite for $1.17b in Cash and Stock
- Hensoldt AG (HAG TH) +1.8%
- Jenoptik (JEN TH) +1%
- Deutz (DEZ TH) -0.5%
- Hamborner REIT (HABA TH) -1.5%
E.V.s Force Carmakers to Reinvent the Wheel, and Brakes, and Mirrors …
Building electric cars, and repairing them, will require a huge change for the industry and usher in a new automotive era.


Ford’s Mustang Mach-E is one of the most anticipated potential challengers to Tesla.Credit...James Lipman/Ford Motor, via Associated Press
- Feb. 4, 2021
Taking a cue from its Swedish colleagues at Volvo and the pragmatic views of automotive product planners worldwide, General Motors roiled the international automobile industry last week by proclaiming that all its cars will go pure electric by 2035.
The pronouncement is likely to apply more pressure on more automakers, both in the United States and abroad, to beef up their electric efforts, and on the fossil fuel industry to find alternatives to its oil and gasoline products.
The ripples also reach the parts makers, designers and garages that must adjust to the coming electric future, all the way down to the tires.
The popular script on electric vehicles maintains that they cost more, pollute less and run so quiet that they must have speakers to signal their approach. But compared with gasoline or diesel-powered cars and trucks, E.V.s also require special or seriously modified components, and out-of-the-ordinary mechanical and physical attention (or inattention, as we’ll see below).
While the transition to electric is a learning process for drivers, it is, more to the point, the same for all segments of the automotive industry.
“When manufacturers come to build a dedicated electric vehicle, there’s a lot of things to change,” said Ian Coke, chief technical officer in the United States for Pirelli Tire. “But first, you’ve got to make the distinction between vehicles that are being electrified — installing an electric powertrain into an existing platform — and electric vehicles.” For the latter, he said, “there’s a lot of carry-over components that aren’t ideal.”
The most familiar example is Tesla, which designs its cars to run as pure electrics. Other companies already following in Tesla’s tire tracks include Lucid, Volkswagen, the Chinese-based NIO and Volvo, which said in 2017 that at least half its global production volume would be electric as soon as 2025 and released its first all-electric vehicle, the Recharge XC40 compact utility, last year. G.M., of course, is on board, as is Ford Motor, which has made a major investment with the electric truck maker Rivian, and whose Mustang Mach-E is among the most anticipated non-Tesla electrics yet.

Image
Audi’s coming E-tron GT will have special sound effects that signal its speed.Credit...Daniel Wollstein/Audi, via Associated Press
Audi, which markets a variety of electrified S.U.V.s like the E-tron, is developing other designs as pure electrics, said an Audi of America spokesman, Mark Dahncke. The challenges, he said, are formidable: “You have to realize that everything on the car you now take for granted — wheels, brakes, tires — you have to optimize for efficiency.”
There are other issues as well. “You have a juxtaposed target: On the one hand you have to manage and withstand the weight of a battery-powered car with stronger brakes, stronger axles, strong suspension,” Mr. Dahncke added. “At the same time, you need to optimize everything for aerodynamics.”
These “ground up” procedures involve collaboration between suppliers and manufacturers, Mr. Coke said. They must consider the brakes, the wheels, the side mirrors, wind noise, chassis noise, tire noise. The issues are not unique to one manufacturer; in his case, Pirelli, whose home base is Milan, has been working closely with Rivian, which is based in Michigan, to fit tires to its products.
Tires, of course, are Mr. Coke’s singular concern. And among his priorities in developing for E.V.s is reducing a tire’s rolling resistance, a key factor in extending battery life. Longer battery life means less range anxiety, and a bigger potential market for electric cars.
“Our compounds are designed with a high content of silica to deliver very low resistance,” Mr. Coke said. Silica decreases the tire’s energy consumption. “And our challenge is to balance that with handling, braking wet and dry, and tire life. And in an E.V., we try to tailor the tires to the application: if the vehicle is front-, rear- or all-wheel drive; if the use is for summer, winter or all-season.”
Then there’s torque. “There’s immense torque in E.V.s,” Mr. Coke said. “The tendency to put your foot down and deliver that power is obviously a tendency that wears out tires very quickly. So you need to have grip, but you don’t want too much resistance.” And around and around.

Image

Pirelli’s Elect line of tires is designed for electric cars like Porsche’s Taycan.Credit...Pirelli
While weight reduction is important to all cars and trucks, it’s especially crucial with E.V.s, mainly because of the battery load. And because the batteries often are set low in the vehicle, the center of gravity in electrics is different from that in a conventionally powered car. Is this change of sensation disconcerting for some drivers?
Not for most people, said Mr. Dahncke of Audi. “Added weight lower in the car impacts your feeling of confidence, because it feels more planted,” he said. “The car is heavy, but where that weight is makes a difference, and you feel it as a driver.” The E-tron S.U.V., for example, weighs about 5,800 pounds.
What might require some adaptation is throttle response — as Mr. Coke noted, acceleration from the electric motor is immediate and strong when one steps on the gas, er, accelerator — as well as the sound of the car, or lack of it.
For enthusiasts who relish backfire burps and a roaring exhaust — well, get over them. How about listening to the theme from “Driving Miss Daisy”?
Hans Zimmer, who composed the gentle score for that film, was commissioned last year to write an “automotive soundtrack” for one of BMW’s coming electrics, the i4. Mercedes-Benz, Jaguar, Nissan and others are working on similar projects.
“The electric vehicle sound is its identity,” Frank Welsch, responsible for technical development at Volkswagen, told Reuters in 2019. “It cannot be too intrusive or annoying.”
The coming Audi E-tron GT, for example, has control units that remix the sound effects based on the car’s speed or the position of the accelerator pedal. Also fitted to the Audi is an AVAS — an acoustic vehicle alerting system, required to alert pedestrians that an electric car is close by.
Yet another shift is playing out in the migration to E.V.s: the prospective demise of the independent neighborhood auto mechanic. Electric vehicles don’t require oil changes, new spark plugs, fuel filters, replacement fluids and much of the routine maintenance that keeps the nation’s estimated auto repair work force of 750,000 people in business.
“You’re going to see a shift in types of services from those shops,” said Jeffrey Cox, president of the Automotive Maintenance and Repair Association in Chicago. “But we’ve already seen changes: We’ve seen oil change intervals go up. So I don’t see E.V.s as the death of the aftermarket. The biggest challenge is the recruitment of technicians with specific skill sets.”
He continued: “It will be less about ‘Oh, I love to take things apart and put them back together.’ It’ll be more about your understanding of code and computer systems.”
KKR SPAC Files for $1 Billion IPO
The blank-check company is led by former Gap CEO Glenn Murphy
Blank-check company KKR Acquisition Holdings I Corp., sponsored by KKR & Co. Inc., in partnership with Glenn Murphy, filed for an initial public offering with the U.S. Securities and Exchange Commission on Thursday.
Mr. Murphy, the blank-check company’s chief executive and executive chairman, is currently chairman of Lululemon Athletica Inc. and previously served as chairman and CEO of Gap Inc. from 2007 to 2014, the company said.
KKR Acquisition Holdings I said it planned to offer 100 million units at $10 per unit. Each unit will consist of one share of Class A common stock and one-third of a warrant. Each full warrant allows the holder to purchase a share of Class A common stock for $11.50.
“We believe our access to the KKR platform will provide the potential to consider a variety of business combination opportunities,” the company said.
The company also said it intends to apply to list its units on the New York Stock Exchange under the symbol “KAHC.U.”
Citigroup is listed as the offering’s sole book-running manager.
Regulators Say Market Infrastructure Was Resilient in GameStop Frenzy
Treasury, SEC and other regulators discussed market functionality, recent trading practices in equity, commodity and related markets
Top financial regulators meeting Thursday to discuss recent market volatility related to GameStop Corp. GME -42.11% concluded that “the core infrastructure was resilient,” the Treasury Department said in a statement following the meeting.
The regulators believed the infrastructure stood up “during high volatility and heavy trading volume” and agreed the Securities and Exchange Commission should release “a timely study of the events,” the Treasury Department said.
The SEC and the Commodity Futures Trading Commission “are reviewing whether trading practices are consistent with investor protection and far and efficient markets.” Treasury Secretary Janet Yellen “believes it is imperative to uphold the integrity of these markets and ensure investor protection,” the statement said.
The Reddit-fueled frenzy in stocks such as GameStop, GME -42.11% a videogame retailer, and AMC Entertainment Holdings Inc. has drawn scrutiny from regulators and prompted complaints that the trading, which sent some stock prices soaring, was manipulative. The buying spree later spilled into the silver futures market.
The SEC said last week it planned to closely review the actions of some brokerage firms that restricted investors’ ability to trade in GameStop and other volatile stocks, a sign regulators were examining potential misconduct.
“The focus will be on the suspension of trading of certain stocks, why exactly that happened and whether it was really necessary,” said Ian Katz of Capital Alpha Partners, a research firm in Washington. “And from there, how can the system be fixed to prevent future trading halts.”
Thursday’s meeting, convened by Ms. Yellen, also included officials from the Federal Reserve Board and Federal Reserve Bank of New York. It took place at a time when the SEC and CFTC are both headed by acting chiefs. Gary Gensler, President Biden’s pick to head the SEC, awaits Senate confirmation.
The meeting wasn’t expected to elicit firm conclusions from regulators about whether misconduct occurred, or that the activity posed risks to the broader financial system.
And while the episode has drawn the attention of politicians from both parties seeking to harness a populist backlash against big technology companies and so-called elites, it appears unlikely that they will forge a common response amid partisan bickering.
Texas Sen. Ted Cruz, a conservative Republican, and Rep. Alexandria Ocasio-Cortez, a progressive Democrat, both said that Wall Street was being given an unfair advantage after the trading app run by Robinhood Markets Inc. temporarily restricted access to stocks popular with amateur traders.
Meanwhile, Sen. Elizabeth Warren (D. Mass.), who has long called for more regulation in the financial industry, criticized the chaos of the week as a whole. She said the ability for one group to manipulate the markets was problematic.
“What’s happening with GameStop is just a reminder of what’s been going on on Wall Street now for years and years and years. It’s a rigged game, and it’s been a set of players who come in who manipulate the market,” she said on CNN on Sunday.
Sen. Sherrod Brown (D., Ohio), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, said he intends to hold a hearing on the stock market following the chaotic week. Rep. Maxine Waters (D., Calif.), the chairwoman of the House Financial Services Committee, also announced a hearing later this month.
Not everyone is on board.
“What bothers me the most is my colleagues who think we have to run out and pass a new law and have more regulation and somehow limit the freedom of people to participate in the stock market,” Sen. Pat Toomey, the top Republican on the Banking Committee, said on CNBC’s “Squawk Box” on Monday morning.
Stocks climbed Friday with U.S. and European futures, following Wall Street higher on signs of a healing labor market and improving coronavirus trends. Treasuries were steady after a widely watched segment of the yield curve steepened to levels last seen in 2015.
Japan and South Korea were among markets leading Asian gains. S&P 500 futures ticked higher after the benchmark closed up more than 1% at a record, led by banks and tech shares, while the Russell 2000 Index of smaller companies climbed 2%. Earnings remained in focus with EBay Inc. and PayPal Holdings Inc. surging on upbeat forecasts. The dollar held an overnight gain. Crude oil advanced and gold steadied after Thursday’s decline.
In Hong Kong, short-video startup Kuaishou Technology surged more than 190% on its debut after one of the city’s biggest initial-public offerings in years.
US After Hours COLM +12%, PINS +9.8%, ATVI +7.4%, SYNA +6.7% on upside; NEWR -12.6%, GPRO -11.7%, U -11.4%, PTON -8%, SNAP -7.1%, SKX -5.3%, WWE -4.9% lower; JNJ applies for EUA for vaccine
Eur$ 1.1964 CNH 6.4796 CNY 6.4740 JPY 105.51 GBP 1.3684 CHF 0.9039 RUB 75.4685 TRY 7.1344 WTI$56.59 +0.64%
S&P +0.27% Nasdaq +0.41% EuroStoxx +0.44% FTSE +0.10% Dax +0.27% SMI
Macro :
- U.K.’s Boris Johnson Considers G-7 Bid on Green Border Levies
Macro :
- U.K.’s Boris Johnson Considers G-7 Bid on Green Border Levies
- Fund Flows Favor Bonds, EMs as U.S. Stocks Sold, Citi Says
SPACS :
- KKR Joins SPAC Party Seeking $1 Billion in Blank-Check Listing
Keep an eye on :
Keep an eye on :
- ABBN SW : ABB, Teradyne Robots Latest Targets of Northwestern Patent Suits
- AFB SS : Afry 4Q Operating Profit Beats Estimates
- AG1 GY : IPO Debuts Dazzle in Europe With Investors Piling In
- AG1 GY : IPO Debuts Dazzle in Europe With Investors Piling In
- AAPL US : Apple in Talks With Several Car Makers on EV Development: Nikkei
- NDA GY : Aurubis Maintains FY Pretax Operating Profit EU270M to EU330M
- SAN SM :
- BEFB BB : Befimmo Names Vroninks CEO; Querton to Succeed Devos as Chairman
- BNP FP : BNP Paribas Says Bordenave to Step Down From Role
- CARLB DC : Carlsberg Sees 2021 Organic Operating Profit Growth of 3-10% (2)
- CA FP : Couche-Tard Still Interested in Buying Carrefour: Figaro
- CLNX SM : Cellnex’s EU10b Acquisition Loan Attracts More Than 20 Lenders
- DTE GY : T-Mobile Tops Profit Estimates, But Auction Costs Muddy Outlook
- ECONB BB : Econocom’s BIS to Buy Walter Butler’s 6.01% Stake in Econocom
- ENEL IM : Enel FY Adjusted Ebitda Meets Estimates
- ENX FP : Euronext Jan. Total Cash Market Transaction Value Y/y +2.5%
- FER SM : Ferrovial Among Bidders for Colbun’s Networks: Cinco Dias
- FSKRS FH : Fiskars FY Dividend Per Share Misses Estimates
- IBE SM : Iberdrola Buys Offshore Wind Projects in Ireland: Expansion
- DRLCO DC : Maersk Drilling Gets Two-Well Contract Worth $19.5 Million
- MOBN SW : Mobimo FY Profit CHF96.6M Vs. CHF103.2M Y/y
- NOKIA FH : Nokia Cut to Hold at SEB Equities; PT 3.80 euros
- OBEL BB : Orange Belgium 4Q Adjusted Ebitda Meets Estimates
- RBI AV : RBI 4Q Net Income Beats Estimates
- RHM GY : Rheinmetall Auto-Exposure Reduction Reflects EV Challenge
- RHM GY : Rheinmetall Auto-Exposure Reduction Reflects EV Challenge
- RR/ LN : Rolls-Royce Eyes Africa as New Energy Market With Deals Push
- ROR GY : SunMirror: Barracuda Group to Get 1m Shares at CHF70 Each
- SAN FP : Sanofi Sees Similar Earnings Growth on Booming Dupixent Sales
- SKAB SS : Skanska FY Operating Profit Beats Estimates
- STLA IM : Stellantis to Idle Windsor Plant on Chip Shortage, Union Says
- SYNACT SS : SynAct Pharma to Offer Up to SEK55m Shrs via ABG Sundal Collier
- TLX GY : Talanx FY Ebit EU1.7B Vs. EU2.43B Y/y
- TLG GY : TLG Immobilien AG Names Roy Vishnovizki CEO UCB BE Vivid, BE Ready Phase 3 Studies Met Co-Primary Endpoints
- UCB BB :
- UCG IM : UniCredit Growth Options Include Paschi: Padoan to Repubblica
- DG FP : Vinci FY Operating Income From Continuing Operations Beats Est.
- VIV FP : Vivendi’s Canal Plus Agrees French Soccer Rights Deal
- XXL NO : XXL 4Q Ebitda Beats Estimates
>>> Up
* Aker BP Raised to Hold at Handelsbanken; PT 235 kroner
* British Land Raised to Outperform at Exane; PT 500 pence
* British Land Raised to Outperform at Exane; PT 500 pence
* Burberry Raised to Neutral at Goldman; PT 1,690 pence
* Derwent London Raised to Outperform at Exane; PT 3,540 pence
* Klepierre Raised to Neutral at Exane; PT 20 euros
* Lundbeck Raised to Overweight at JPMorgan; PT 275 kroner
* Nordea Bank Raised to Buy at Arctic Securities; PT 82 kronor
* Nordnet Raised to Overweight at JPMorgan; PT 190 kronor
* PostNL Raised to Buy at Jefferies; PT 4.50 euros
* Porsche SE Raised to Buy at Stifel; PT 77 euros
>>> Down
>>> Down
* Aker BP Cut to Hold at Nordea
* Fabege Cut to Hold at SEB Equities; PT 135 kronor
* ICADE Cut to Hold at SocGen; PT 60 euros
* Johnson Matthey Cut to Underweight at Barclays; PT 2,570 pence
* Nokia Cut to Hold at SEB Equities; PT 3.80 euros
* Pirelli Cut to Hold at HSBC; PT 4.60 euros
* Pirelli Cut to Hold at HSBC; PT 4.60 euros
* Readly International Cut to Hold at Handelsbanken; PT 78 kronor
>>> Initiation
* Aedifica Rated New Buy at Berenberg; PT 119 euros
>>> Initiation
* Aedifica Rated New Buy at Berenberg; PT 119 euros
* Anglo American Rated New Buy at Berenberg; PT 2,800 pence
* BHP Group PLC Rated New Hold at Berenberg; PT 2,000 pence
* Rio Tinto Rated New Hold at Berenberg; PT 6,000 pence
>>> Call
* PostNL Upgraded as Jefferies Increases Postal Earnings Estimates
>>> Call
* PostNL Upgraded as Jefferies Increases Postal Earnings Estimates
* SSAB Special Steels Upside Yet to Be Appreciated: Jefferies