- MorphoSys (MOR TH) +4.8%
- MorphoSys 3Q Ebit Loss EU61.7M Vs. Loss EU27.0M Y/y
- Cellnex (472 TH) +4.1%
- Stock gained 5.4% yesterday
-
Varta (VAR1 TH) +2.9%
- Varta Boosts FY Adjusted Ebitda Forecast
-
Merck KGaA (MRK TH) +1.7%
- Merck KGaA Raises Profit Outlook on Pandemic Chemicals Demand
-
TAG Immobilien (TEG TH) +1.4%
- TAG Immobilien Boosts FY FFO Forecast
-
LEG Immobilien (LEG TH) +1.2%
- LEG Immobilien Sees FY FFO I EU380M
-
Brenntag (BNR TH) +1.2%
- Brenntag Raised to Buy at Bankhaus Metzler; PT 70 euros
-
Salmar (JEP TH) +1.1%
- Salmar 3Q Operating Ebit Beats Estimates
- Airbus (AIR TH) -1.7%
- Amplifon (AXNA TH) -1.8%
- Commerzbank (CBK TH) -1.8%
- ING (INN1 TH) -1.9%
- Total SE (TOTB TH) -2.4%
- MTU Aero (MTX TH) -2.8%
- Ambu (547A TH) -2.8%
- Scor (SDRC TH) -3.1%
- Banco Santander (BSD2 TH) -3.3%
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Evotec SE (EVT TH) -3.8%
- Evotec SE 9M Adjusted Ebitda EU76.9M Vs. EU93.2M Y/y
A Legendary Hedge Fund Billionaire Just Flipped To Bitcoin—Calling It ‘Better’ Than Gold
Bitcoin’s reputation as digital gold has grown this year, with a number of high-profile investors naming it as an emerging inflation hedge.
The bitcoin price has more than doubled so far through 2020, climbing to almost $16,000 per bitcoin this week and sparking celebration among long-suffering bitcoin bulls.
Now, after Wall Street legend Bill Miller said he "strongly" recommends bitcoin last week, billionaire U.S. investor Stanley Druckenmiller has revealed he now owns some bitcoin—saying he's "warmed up to" bitcoin as a store of value.
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Druckenmiller, after made headlines last week for his bearish views on the U.S. dollar, said he expects his bitcoin bet to "work better" than gold, though he holds a gold position that is "many, many more times" larger than his current bitcoin holding.
"Frankly, if the gold bet works the bitcoin bet will probably work better because it’s thinner, more illiquid and has a lot more beta to it," he added.
Druckenmiller, who shut down his $12 billion hedge fund Duquesne Capital Management in 2010 and now manages his money through a family office, also said that inflation is likely to rise over the next five or six years due to the Federal Reserve’s massive stimulative measures put in place to offset the economic damage wrought by the coronavirus pandemic.
Alongside a raft of high-profile investors turning to bitcoin this year, the bitcoin and cryptocurrency community has also been celebrating a number of other significant developments.
Last month, payments giant PayPal PYPL +4.9% said it plans to will allow its 346 million users to buy and spend bitcoin along with a handful of other major cryptocurrencies, while payments company Square SQ +6.6%, led by Twitter TWTR +2.9% chief executive and outspoken bitcoin advocate Jack Dorsey, said it was adding $50 million worth of bitcoin to its corporate accounts.
DAX:
- Deutsche Telekom (DTE TH) +1.1%
- Deutsche Telekom Raises Outlook on Growth Following Sprint Deal
- Deutsche Boerse (DB1 TH) +0.6%
- RWE (RWE TH) +0.6%
- RWE Sees 2020 Profit at Upper End of Outlook on More Renewables
- Deutsche Bank (DBK TH) -1.1%
- Allianz (ALV TH) -1.1%
- Siemens (SIE TH) -1.4%
- Siemens Sees Rising 2021 Profit in Post-Pandemic Rebound (1)
- Fresenius SE (FRE TH) -1.6%
- MTU Aero (MTX TH) -2.6%
- Stock fell 4.4% Wednesday
MDAX:
- MorphoSys (MOR TH) +4.8%
- MorphoSys 3Q Ebit Loss EU61.7M Vs. Loss EU27.0M Y/y
- Varta (VAR1 TH) +3.5%
- Varta Boosts FY Adjusted Ebitda Forecast
- TAG Immobilien (TEG TH) +1.8%
- TAG Immobilien Boosts FY FFO Forecast
- Cancom (COK TH) +1.5%
- Cancom 3Q Ebitda EU31.5M Vs. EU33.6M Y/y
- Shop Apotheke (SAE TH) +1.5%
- Airbus (AIR TH) -1.7%
- Commerzbank (CBK TH) -1.8%
- Aareal Bank (ARL TH) -3.1%
- Aareal Bank 3Q Net Interest Income Matches Estimates
- Evotec SE (EVT TH) -4%
- Evotec SE 9M Adjusted Ebitda EU76.9M Vs. EU93.2M Y/y
- Fraport (FRA TH) -4.5%
- Fraport Oct. Frankfurt Airport Passengers -83.4%
SDAX:
- Global Fashion Group (GFG TH) +9%
- DGAP-Adhoc: GLOBAL FASHION GROUP UPGRADES OUTLOOK FOR FULL YEAR 2020
- SMA Solar (S92 TH) +2.5%
- SMA Solar 9M Net Income EU9M
- Nordex (NDX1 TH) -2%
- Jenoptik (JEN TH) -3%
- Sixt (SIX2 TH) -4.4%
- Sixt 3Q Pretax Profit EU66.0M
- DIC Asset (DIC TH) -5.6%
The global stock rally showed signs of stalling on Thursday as investors assess a deteriorating coronavirus situation in many large economies around the world and indicators of overheated equity markets. Treasuries rose.
Shares were mixed in Asia after a surge of about $6 trillion in the value of global equities so far in November. Chinese technology shares rallied following the $290 billion wipe out over plans for tougher regulations. U.S. and European equity futures slipped.
The S&P 500 earlier rose to the highest since Sept. 2, while the Nasdaq 100 jumped more than 2% as tech heavyweights surged alongside some stay-at-home shares that had lagged this week. The dollar was little changed.
US After Hours VRM -10.4%, RVLV -11.6%, SPTN -5.7% down on earnings; FOSL +28%, IGT +9.2% up on earnings
Nikkei -0.24%% Hang Seng -0.45% CSI -0.10% Shanghai -0.24% Shenzen +0.18%
Eur$ 1.1765 CNH 6.6288 CNY 6.6294 JPY 105.17 GBP 1.3193 CHF 0.9167 RUB 77.4405 TRY 7.8706 WTI$41.42 -0.07%
S&P -0.60% Nasdaq -0.30% EuroStoxx -0.75% FTSE -0.94% Dax -0.63% SMI
Macro :
- OPEC+ Focuses on Delay to Oil-Output Hike of Three to Six Months
- Covid Hot Spots Show Signs Europe’s New Wave May Be Cresting
Keep an eye on :
- ARL GY : Aareal Bank 3Q Net Interest Income Matches Estimates
- ACKB BB : Ackermans & van Haaren Buys 20% Stake in OMP; No Terms
- AIR FP : Boeing Sees China Carriers Buying 8,600 New Planes Over 20 Years
- AKERBP NO : Aker BP Makes Minor Gas, Oil Discovery in Norwegian Sea
- AMGO LN : Amigo Names Mike Corcoran as CFO
- AR4 GY : Aurelius 9M Ebitda EU301.5M Vs. EU187.4M Y/y
- BALN SW : Baloise 9M Business Volume CHF6.94B
- BYW6 GY : BayWa 9M Revenue EU12.20B Vs. EU12.5B Y/y
- GBF GY : Bilfinger 3Q Adjusted Ebita EU23M Vs. EU34M Y/y
- BCART BB : Biocartis 3Q Cartridge Volumes +61%
- CA FP : Carrefour Brasil Pays BRL377m to Makro In Deal With Stores
- CWC GY : Cewe Stiftung 3Q Sales Miss Estimates
- DAI GY : Mercedes-Benz Berlin Plant Head Leaves to Join Tesla: Reuters
- DPW GY : DHL Express to Invest EU750m in Asia Pacific to Expand
- DTE GY : Deutsche Telekom Raises Outlook on Growth Following Sprint Deal
- ENDUR NO : Endur Offering Prices 104m Shares at NOK1.20/Share
- ENENTO FH : Enento Group Holder Handelsbanken to Offer Up to 2.16m Shrs
- EVT GY : Evotec SE 9M Adjusted Ebitda EU76.9M Vs. EU93.2M Y/y
- EVS BB : EVS YTD Order Intake End Oct. -8.5%; Confirms Opex Guidance
- FIE GY : Fielmann Sees FY Pretax Profit Above EU140M
- FINGB SS : Fingerprint Cards 3Q Oper Loss SEK4.6M Vs. Loss SEK3.40M Y/y
- FRA GY : Fraport Oct. Frankfurt Airport Passengers -83.4%
- G IM : Generali Plans to Distribute 2nd Part of 2019 Dividend in 2021
- HHFA GY : Hamburger Hafen 9M Ebit EU107.1M
- INH GY : Indus Holding 9M Adjusted Ebit EU45.1M Vs. EU103.1M Y/y
- SDF GY : K+S Confirms Guidance After 3Q Operating Profit Beats Est.
- KBC BB : KBC Group Boosts FY Net Interest Income Forecast
- LI FP : Klepierre: Appointment of Benat Ortega to Exec Board
- LEG GY : LEG Immobilien Sees FY FFO I EU380M
- LHA GY : Lufthansa Pilots Union Extend Wage-Reduction Deal With Airline
- MRK GY : Merck KGaA Boosts FY Adjusted Ebitda View, Beats Est.
- MLP GY : MLP Sees FY Ebit EU34M to EU42M, Saw High End Of EU34M to EU42M
- MOR GY : MorphoSys 3Q Ebit Loss EU61.7M Vs. Loss EU27.0M Y/y
- NESN SW : Nestle Promotes Coffee Head as Longest-Serving Veteran Retires
- ORA FP : Orange interested in Merging with Deutsche Telekom (Challenges - see attached)
- PAT GY : Patrizia Narrows FY Operating Income Forecast
- PIRC IM : Pirelli Narrows FY Revenue Forecast
- PST IM : Poste Italiane 3Q Net Income Beats Estimates
- RBI AV : RBI 3Q Net Income Beats Estimates
- RCN LN : Six Degrees Won’t Make an Offer for Redcentric
- RWE GY : RWE Kept Coal and Nuclear Power Hedges Stable in Third Quarter
- SALM NO : Salmar 3Q Operating Ebit Beats Estimates
- SAMPO FH : Sampo’s Sale of Nordea Shares Follows Demands of Owners: DI
- SBMO NA : SBM Offshore Boosts FY Adjusted Ebitda View, Misses Est.
- SGL GY : SGL 9M Recurring EBIT EU25.4M Vs. EU54.2M Y/y
- SIE GY : Siemens Sees Rising Profit in 2021 in Post-Pandemic Growth
- SIM DC : Simcorp 3Q Revenue, Ebit Miss Estimates
- S92 GY : SMA Solar 9M Net Income EU9M
- SNAP US : Snap Is Acquiring Voca.ai for $120 Million: TechCrunch
- SOLB BB : Hexcel Denies Report on Solvay Approach, Not In Any Merger Talks
- STR AV : Strabag 9M Output Volume EU11.1B
- SON PL : Sonae 9M Net Loss EU24M
- SAX GY : Stroeer 3Q Adjusted Ebitda Beats Estimates
- TEG GY : TAG Immobilien Boosts FY FFO Forecast
- TLX GY : Talanx 3Q Net Income Beats Estimates
- TOD IM : Tod's 9M Sales EU452.6M
- FP FP : Total’s Papua LNG Project Clears Final Hurdle in PNG Parliament
- UCB BB : UCB Buys Handl Therapeutics, Starts Collaboration With Lacerta
- UNA NA : Unilever Shopping Around for N. America Ad Agency: Bus. Insider
- VAR1 GY : Varta Boosts FY Adjusted Ebitda Forecast
- VEI NO : Veidekke 3Q Revenue Meets Estimates
- WPP LN : WPP Creates AKQA Group By Combining With Grey Worldwide
- XBRANE SS : Xbrane Biopharma Offering Prices SEK200m Shrs at SEK68.50/Shr
- FHZN SW : Zurich Airport Oct. Passenger Traffic -83.7%
- ZURN SW : Zurich Ins. 9M P&C Gross Written Premiums $27.26B
>>> Up
* Bank of Cyprus Raised to Buy at Wood & Company
* Bechtle Raised to Hold at Commerzbank; PT 160 euros
* Bechtle Raised to Buy at Bankhaus Metzler; PT 186 euros
* Hapag-Lloyd Raised to Buy at HSBC; PT 69 euros
* Ericsson Raised to Buy at SocGen; PT 121 kronor
* Magseis Fairfield ASA Raised to Buy at SpareBank; PT 3 kroner
* Nexi Raised to Buy at SocGen; PT 18.60 euros
* Ryanair Raised to Outperform at Exane; PT 18 euros
* SAS Raised to Buy at HSBC; PT 1.75 kronor
* Solon Eiendom Raised to Buy at DNB Markets; PT 40 kroner
* United Internet Raised to Neutral at Exane; PT 30 euros
>>> down
* Compass Cut to Hold at Jefferies; PT 1,400 pence
* Croda Cut to Underweight at Barclays; PT 5,650 pence
* Getlink SE Cut to Hold at HSBC; PT 14 euros
* Meggitt Cut to Neutral at Citi; PT 430 pence
* Verbund Cut to Underweight at Barclays; PT 43 euros
>>> Initiation
* AB Ignitis Grupe GDRs Rated New Overweight at Morgan Stanley
* Glanbia Rated New Buy at Oddo BHF; PT 11.50 euros
* Hoffmann Green Rated New Buy at Oddo BHF; PT 27 euros
* Logitech Rated New Overweight at Morgan Stanley
* Pantheon Resources Rated New Speculative Buy at Canaccord
>>> Call
* Compass Cut at Jefferies With Shares Assuming a Rapid Recovery
* SLM Solutions PT Hiked on ‘Game Changer’ Product: Deutsche Bank
Swiss companies will no longer be able to deduct bribes paid to private individuals from their taxes, Switzerland’s government said Wednesday, according to an update of tax laws due to take effect on Jan. 1, 2022.
Beyond bribes, costs from financing criminal activities or money paid in return for a crime to be committed will also no longer be tax deductible once the legislation takes effect after next year, the government said.
The Alpine country, famed for its historic practices of banking secrecy and as a haven for money from abroad, will leave some wiggle room for certain offenses to remain tax deductible, however, with foreign fines to be tax-deductible in exceptional cases from 2022 when the fines violate Swiss public policy, the government said.
“As in the past, domestic punitive financial sanctions, i.e. fines, monetary penalties and punitive administrative sanctions, are not tax-deductible,” the government said. “In contrast, foreign punitive financial sanctions are to be tax-deductible in exceptional cases if they violate Swiss public policy or if a company credibly demonstrates that it has taken all reasonable steps to comply with the law.”
Once the changes take effect, Switzerland said, it will be complying with a recommendation of the OECD’s Financial Action Task Force on Money Laundering.
The wealthy republic has only tentatively lowered the legal boom on bribery over the last two decades, including a move to criminalize bribes to foreign public officials starting in the early 2000s.
In 2001, Switzerland banned the deduction of bribes paid by companies to public officials from their taxes.
The push to ban bribery of private individuals, in the works for several years and now punishable only in instances where it distorts competition, has taken longer amid opposition from some political parties to changes.