>>> Europe : Brokers Upgrades & Downgrades - 16th of July 2020 - V2(+)

>>> Up
* Aker Solutions Raised to Buy at ABG; PT 13 kroner
* ASML Raised to Add at AlphaValue
* Attendo Raised to Buy at ABG; PT 48 kronor
* BP Raised to Buy at Jefferies; PT 350 pence
* British Land Raised to Buy at Jefferies; PT 460 pence
* Deutsche Telekom PT Raised to 20 euros at Bankhaus Metzler
* Draegerwerk Raised to Buy at Nord/LB; PT 103 euros
* Geberit Raised to Buy at MainFirst; PT 560 Swiss francs
* Gjensidige Raised to Neutral at Mediobanca SpA; PT 195 kroner (+)
* Kongsberg Raised to Neutral at SpareBank; PT 145 kroner
* Repsol Raised to Buy at Jefferies; PT 10.10 euros
* Rolls-Royce Raised to Buy at Panmure Gordon; PT 400 pence

>>> Down
* Bawag Cut to Hold at Raiffeisen Centrobank; PT 35 euros
* Fevertree Drinks Cut to Underweight at JPMorgan; PT 1,900 pence
* Gerresheimer Cut to Hold at MainFirst; PT 103 euros
* Ipsen Cut to Hold at SocGen; PT 88 euros (+)
* Sagax Cut to Hold at Pareto Securities; PT 125 kronor (+)
* Santander Bank Polska Cut to Sell at Raiffeisen Centrobank
* Sartorius Stedim Cut to Neutral at Oddo BHF (+)
* Sbanken Cut to Hold at Pareto Securities; PT 72 kroner
* Segro Cut to Hold at Jefferies; PT 905 pence
* Sika Rated New Overweight at Barclays; PT 225 Swiss francs
* Wizz Air Cut to Neutral at Exane; PT 3,200 pence

>>> Initiation
* Focusrite Rated New Buy at Peel Hunt; PT 810 pence
* Skinbiotherapeutics Rated New Buy at Cenkos Securities (+)
* SSP Rated New Buy at Peel Hunt; PT 325 pence
* Xior Student Housing Rated New Buy at ABN Amro Bank

>>> Call
* Berenberg Bullish on PSP Prospects, Stock’s Valuation Attractive
* BP, Repsol Upgraded by Jefferies Amid Higher Brent Forecast
* GVC Price Target Raised at Berenberg After ‘Exceptional’ 2Q (+)
* REIT Income Appears Relatively Attractive, Jefferies Says
* SSP Recovery to Be Gradual, But Well Positioned: Peel Hunt
* Temenos 2Q Update Strong But May Already Be Priced In, Citi Says
* Visibility on Zurich Airport Flight Charges Positive, Citi Says
* Zalando Benefiting From ‘Powerful’ Business Model Shift: BofA (+)

(ZH) Chinese Military Exercises Threaten To Invade Taiwan

Chinese Military Exercises Threaten To Invade Taiwan

China's People's Liberation Army (PLA) is currently staging a military exercise across from the Taiwan Strait that looks as if it plans to culminate in an amphibious assault on an island in the South China Sea. Taiwan's military -- evidently fearing, with good reason, that the exercise may be a cover for an actual Chinese plan to seize another island in the region, Pratas (Dongsha), claimed by both the People's Republic of China (PRC) and Taiwan -- has declared a state of emergency. The PLA exercise also looks as if it is preparing China's air, naval and marine assets required for an invasion of Taiwan.
In 1996, China initiated a similar crisis in the Taiwan Strait by staging an amphibious assault military exercise. After President Bill Clinton deployed two powerful US aircraft carrier-led battle groups, China discontinued its aggressive posture toward Taiwan. Strategic analysts judged that the Chinese decision was the fruit of a realistic assessment that it could not overcome the US ability to defend Taiwan.

The Chinese Communist Party (CCP), under current Chairman Xi Jinping, appears to be threatening war in a renewed effort to bring Taiwan under Communist Chinese control. The CCP considers Taiwan to be a Chinese province, an integral part of the mainland that ultimately must rejoin it, and the only remaining part of China yet to be returned after the Communists defeated the Nationalists in 1949. For China, it is unfinished business from 70 years ago. China has isolated Taiwan by requiring that all countries who want to have normal diplomatic ties with China must have no state-to-state links with Taiwan. Although the US consents to this diplomatic requirement, it also continues to provide Taiwan with weapon systems, enabling the island to defend itself against any Chinese invasion. US President Donald J. Trump recently authorized the latest sale of US weapons -- including advanced heavy torpedoes -- to Taiwan. Trump, earlier in his tenure, also approved the sale of anti-aircraft Stinger missiles, Abrams tanks, and F-16 fighter jets.
Many foreign specialists on China seem to discount the possibility that the Chinese are willing to risk war with the West to subdue Taiwan. Serious consideration should nevertheless be given to the Chinese Communist Party's (CCP) determination to incorporate the "secessionist" province despite the danger of a conflict, especially if China considers the US distracted by the fallout of the Wuhan coronavirus that China unleashed on the world, and American voter squeamishness before a presidential election in four months.
The CCP views Taiwan as an existential threat to continued Communist rule in China. Taiwan's vibrant democracy is the alternate model to the CCP's totalitarian rule. Despite China's efforts to cut Taiwan off from the world, the country remains an economically successful and politically free society, less than 90 miles from the Chinese coast.
Millions of mainland Chinese have visited Taiwan, a practice which could stimulate pressure by Chinese citizens on the Communist regime for liberalizing political reforms. If China assesses that its growing military power could quickly reduce Taiwan's ability to defend itself or that the West has lost the will to defend the island, CCP Chairman Xi might direct the PLA to launch an invasion.
China also doubtless took stock of the free world's obliging passivity the past few weeks as Beijing seized Hong Kong. Not one country lifted a finger to stop them. The move was in explicit violation of China's 1997 Joint Declaration with the United Kingdom to maintain "one country, two systems" until 2047.

Presently, China seems to be assessing the West's resolve to defend Taiwan, while simultaneously attempting to instill fear in the administration of Taiwan's President Tsai Ing-wen. China initiated this latest aggressive posture toward Taiwan shortly after President Tsai's May 2016 election, possibly anticipating that Taiwan could declare formal independence from China. In recent months, the PLA's deployment of air and naval assets near Taiwan have been violating the island's airspace and territorial waters. China's aggressive moves have included its deployment of Air Force H-6 bombers and SU-30 and J-11 fighter jets. China's ongoing 79-day military exercise (May 14 - July 31) opposite Taiwan is being orchestrated by the PLA's Southern Theater of Command, headquartered in Nanning, the capital city of China's Guangxi Zhuang Autonomous Region in the south. The exercise features the dual deployment of the Chinese Navy's two aircraft carriers, the Shandong and the Liaoning, just across the narrow Taiwan Strait in China's Bohai Sea. The exercise is utilizing air-cushioned boats, amphibious assault vehicles, landing barges, and ground attack helicopters. Reportedly, the ongoing PLA military exercise will conclude with an amphibious assault by Chinese Marines upon Woody Island (Yongxing) in the Philippine Sea, south of Taiwan. Woody Island is occupied by Chinese troops is also claimed by Taiwan and Vietnam (which calls the island Phu Lam).
In response to China's threatening exercise, Major General Lin Wen-Huang, Chief of Taiwan's Joint Operations, asserted that Taiwan's military had plans and preparations in place. General Lin, perhaps fearing that the actual target of the PLA amphibious assault is the Taiwan-occupied island of Pratas (Dongsha), 548 kilometers southwest of Taiwan, reinforced the island's small Coast Guard contingent with hundreds of Taiwanese Marines from the 99th Brigade.
Taiwan's armed forces maintain close communication with the US military. In a "cross-strait" confrontation between Taiwan and China, American air and naval assets would be granted complete access to Taiwanese airfields and ports. The Trump Administration, signaling China not to assume dominance in the South and East China Seas, has conducted seven such "Freedom of Navigation" missions through the Taiwan Strait in 2020, and the US Navy has already deployed three aircraft carrier battle groups in the South China Sea.
China's Communist leaders should not miscalculate that the US is too immersed in domestic distractions to defend Taiwan militarily against any possible plans to threaten the island's sovereignty.

>>> Stoxx 600 Pre-Market Indications

  • AstraZeneca (ZEG TH) +3%
    • AstraZeneca Jumps on Report of Potential Covid Breakthrough
  • Zalando (ZAL TH) +2.8%
    • Zalando Boosts Full Year Adjusted Ebit Forecast, Beats Estimates
  • Carnival Plc (POH1 TH) +2.4%
  • Sartorius (SRT3 TH) +1.9%
  • TeamViewer (1UD TH) +1.4%
  • Getinge (GTN TH) +0.5%
    • Getinge Second Quarter Net Sales 1.8% Above Estimates
  • Equinor (DNQ TH) -1.5%
  • MTU Aero (MTX TH) -1.5%
  • TUI (TUI1 TH) -1.6%
  • Prosus (1TY TH) -1.8%
  • Scout24 (G24 TH) -1.8%
  • Lufthansa (LHA TH) -1.9%
  • Thyssenkrupp (TKA TH) -1.9%
  • AMS (DQW1 TH) -2.5%
  • CTS Eventim (EVD TH) -4.1%
    • CTS Eventim Holds Deposits With Commerzialbank Mattersburg

>>> TradeGate Pre-Market Indications

DAX
  • Wirecard -2.4%
  • MTU Aero Engines -1.5%
  • Linde -1.3%
MDAX
  • Zalando +3.0%
    • Zalando Boosts Full Year Adjusted Ebit Forecast, Beats Estimates
  • TeamViewer +1.8%
  • Qiagen -1.4%
  • Deutsche Lufthansa -1.4%
  • Thyssenkrupp -1.9%
  • CTS Eventim -3.8%
    • CTS Eventim Holds Deposits With Commerzialbank Mattersburg
SDAX
  • Steinhoff +1.8%
  • Borussia Dortmund +1.6%
  • LPKF Laser & Electronics +1.6%
  • Hamburger Hafen -1.2%
  • ADVA Optical -1.3%
  • Hamborner REIT -1.5%
  • Deutz -1.5%
  • Hornbach -1.7%
  • CECONOMY -1.7%
  • Traton -2.8%

FT : Wirecard’s Markus Braun took €35m loan from group’s banking arm

Wirecard’s Markus Braun took €35m loan from group’s banking arm
Regulators examining deal that is said to have provoked a ‘furious’ reaction from board

Wirecard’s former chief executive Markus Braun borrowed €35m from the payment group’s banking arm in January, triggering a clash with board members and an ongoing review from German financial watchdog Bafin.

Most of the parent group’s supervisory board, including chairman Thomas Eichelmann, only learned about the loan after the money was paid out to Mr Braun, according to people with first-hand knowledge of the matter, who said those directors were “furious”.

“There was a shouting match between Mr Eichelmann and Mr Braun,” one of the people said, adding that Mr Braun initially argued that the parent group’s supervisory board had no formal oversight over lending decisions at the bank it owns. However, the CEO was eventually persuaded to repay the loan, which he did in mid-March.

Mr Braun denied through his lawyer that he questioned the authority of Wirecard’s supervisory board over the lending decision. The lawyer said that the loan was repaid “as agreed” in mid-March. “No pressure of any kind was exerted,” the lawyer said.

At the time, Mr Braun was the chief executive of Wirecard and the group's single largest shareholder, holding a 7 per cent stake worth close to €1bn at the time.

Mr Braun resigned last month after the company announced that €1.9bn of cash on its balance sheet probably did “not exist”. He was later arrested on suspicion of false accounting and market manipulation and released on €5m bail.

Mr Braun tapped Wirecard Bank as he was scrambling to refinance a €150m loan from Deutsche Bank which he had arranged three years earlier. He had pledged half his stake in Wirecard to Deutsche Bank as a collateral. By the end of 2019, Germany’s largest lender informed Mr Braun that it did not want to extend the loan.

“The loan [at Wirecard Bank] was taken to avoid the enforced sale of shares by a [different] bank,” Mr Braun’s lawyer told the Financial Times.

Bafin found out about the loan only after it installed a special representative at Wirecard Bank in late June to monitor the bank management’s decisions and ensure it complied with regulations. Germany’s financial watchdog is currently examining whether the lender had been required to notify the regulator about the loan and whether the lending decision infringed any rules, according to a person familiar with the matter.

Under German law, loans to related parties require the unanimous consent of the management and the supervisory boards and need to be granted at market-based conditions.

The loan was approved by the management and supervisory boards of Wirecard Bank. While the bank and the group, Wirecard AG, are formally separate legal entities, some of the people involved had senior roles at both. Alexander von Knoop, Wirecard’s chief financial officer who reported to Mr Braun at Wirecard AG, was until June on the bank’s management board which had to approve the loan. Two of the three members of the Wirecard Bank’s supervisory board — its chairman Wulf Matthias and Austrian venture capital investor Stefan Klestil — also have seats on the group supervisory board.

A lawyer representing Wirecard Bank’s supervisory board members declined to comment. Mr von Knoop declined to comment through Wirecard’s press office.

The bank charged an annual interest rate of 12.55 per cent and Mr Braun paid €963,909.72 in interest for the two-and-a-half months of the loan's duration, his lawyer said.

Wirecard Bank, which had €1.9bn in total assets by the end of 2019, is a small lender specialising in settling credit card payments. Lending to high-net-worth individuals or companies is not part of its core business. By the end of 2019, its total loans to companies stood at just €298.6m. For the tiny lender, a €35m loan to one single individual represented a large concentration risk.

In a scenario where Mr Braun defaulted and the loan had to be written off completely, an amount equivalent to more than a fifth of the lender’s common equity capital would have been wiped out.

One person familiar with the matter said the loan was not secured. A lawyer representing Mr Braun only told the Financial Times that Wirecard shares were not pledged to Wirecard Bank.

Mr Braun’s lawyer said that while Mr Braun applied for the loan, he did not play any role in its approval. “[Mr Braun] is assuming that all formal conditions for the loan were adhered to,” the lawyer said, adding that the group’s legal department and external advisers were involved in the lending decision.

In mid-May, Mr Braun agreed a €120m credit line with Oldenburgische Landesbank, a small, private-equity owned lender. He pledged Wirecard shares as well as three properties in Austria as collateral. After Wirecard’s shares began to collapse in mid-June, he received margin calls and over days, the share collateral was sold.

Wirecard, Wirecard Bank and Bafin declined to comment.

FT : Frieze cancels major London art fairs

Frieze cancels major London art fairs
Plus: US grand jury indicts Inigo Philbrick; BA offers first-class Bridget Riley; James Murdoch aims for a slice of Art Basel company

The fate of London’s Frieze fairs was sealed this week when organisers made the unfortunate but inevitable decision to cancel the events planned for October. “Due to considerable logistical challenges regarding Covid-19 (coronavirus), including continued restrictions placed on events and the complications around travel quarantine, we have no choice,” wrote the Frieze directors in an email to exhibitors this week. UK government guidance is slim on the future of mass events but socialising indoors is currently limited to two households while larger gatherings for, say, weddings or funerals are restricted to 30 people.

As has come to be the norm, an online Viewing Room will replace the Frieze London and Frieze Masters tents in Regent’s Park, while conversations are still ongoing about ways to support galleries during the week, a spokeswoman says. There has been talk of a galvanising event through London Collective, a recently pooled group of galleries, but this is still at an embryonic stage.

The PAD London fair has also announced that its October 2020 event has been cancelled while organisers of the coinciding 1-54 African art fair and Photo London, the latter postponed from May, are biding their time. “The alignment with Frieze was important to us, we are thinking about it carefully,” says Photo London co-founder Michael Benson. Many gallerists now doubt that any such major events will happen this side of Christmas.

A US grand jury has indicted the art dealer Inigo Philbrick, recently captured by the FBI on a South Pacific island, on charges of wire fraud and aggravated identity theft. The criminal indictment, filed on July 13, sets out that Philbrick “knowingly transferred, possessed, and used, without lawful authority, a means of identification of another person”, including using the name and signature of an employee of an auction house “to create a false and fraudulent consignment agreement”. Philbrick is required to forfeit any property from the proceeds derived from his alleged offence.

At the time of Philbrick’s arrest last month, the US Attorney Geoffrey S Berman said: “As alleged, Inigo Philbrick was a serial swindler who misled art collectors, investors and lenders out of more than $20 million.” Philbrick’s lawyer Peter Brill tells The Art Newspaper that Philbrick entered a plea of not guilty and is being held by authorities in New York.

Sotheby’s has confirmed the 17 works on offer from the British Airways collection, the first (public) distress sale since the Covid-19 pandemic. In June, the airline announced plans to cut its workforce by up to 30 per cent on the back of the dismal aviation environment.

‘Cool Edge’ by Bridget Riley (1982)

Its offered works are estimated to make up to £1.4m and are topped by Bridget Riley’s “Cool Edge” (1982, est £800,000-£1.2m). This hung in the airline’s first class lounge in Heathrow’s Terminal 5 and will be offered in Sotheby’s mixed-category evening sale on July 28. Works by other British artists, including Damien Hirst and Patrick Heron, come to separate auctions during the month. 

Judging by Christie’s four-city, $361.6m ($420.9m with fees) relay auction held on July 10, there’s still plenty of appetite to spend money on art. Wealth, particularly in the US, has been protected by governmental stimuli since the Covid-19 pandemic struck. “Despite the anticipated recession and decline in GDP, and record unemployment numbers, equity markets gained during much of April 2020,” notes the latest Capgemini World Wealth Report.

Cécile Verdier, president of Christie’s France, during the relay auction on July 10

Christie’s livestream sale came within estimate, as did Sotheby’s $363.2m (with fees) equivalent auction on June 29. “I look at where we were just a few months ago and am amazed,” said Jussi Pylkkänen, Christie’s global president and the auctioneer for the London portion of the sale. 

Sotheby’s can still boast the more slickly streamed sale, and the highest price for this makeshift season ($84.6m with fees for a 1981 Francis Bacon triptych), but Christie’s had the bigger haul, reflecting a more consistently high-quality offering and a huge chunk of guarantees that boosted buyer confidence. Among the guaranteed works was the sale’s top lot, Roy Lichtenstein’s “Nude with Joyous Painting” (1994), which sold from an American collection for an above estimate $40.5m ($46.2m with fees). It was sold in the New York portion of the auction, which accounted for 71 per cent of the sale’s total. US buyers accounted for 37 per cent of sales. 

‘Jade Plant’ by David Hockney (1988) was sold for £4.18m during Christie’s relay auction on July 10 © Christie’s Images Ltd

James Murdoch has confirmed plans to become an anchor investor in Switzerland’s MCH Group, owner of the Art Basel fair and majority owner of London’s Masterpiece.

Through his media and entertainment investment vehicle Lupa Systems, whose portfolio includes the company behind the Tribeca Film Festival and the immersive virtual reality business The Void, Murdoch will underwrite a SFr74.5m ($79m) rights issue that could see him hold up to 44 per cent of the group. If approved on August 3, Murdoch and two other Lupa Systems representatives would be elected to MCH Group’s board. The proposed 15-year relationship agreement includes a commitment to operate Art Basel in its MCH-owned Messeplatz venue in its hometown. 

The Murdoch name may send a few shivers down a few spines — and if the German-speaking Swiss media is anything to go by, the overseas investment is by no means a done deal. But MCH needs the money: the group expects sales to fall by up to SFr170m ($180.4m) in 2020, having started the year with liquid assets of around SFr140m ($148.6m).

What is less certain is how Lupa Systems can reverse MCH Group’s fundamental problem: namely, it runs events that were being reassessed prior to the pandemic and have been decimated since. But a cash injection at least buys some urgently needed time to develop what the Swiss group describes as “future-oriented platforms and communities”, whatever that may mean.

‘Femme et oiseau’ by Joan Miró, one of the works from Paul Haim’s garden to be sold by Christie’s in October

Christie’s will show nearly 40 works it has for sale from a French coast sculpture garden in the Paris courtyard of its sister company, the luxury goods business Kering (October 15-22). The sculptures belong to the family of the art dealer Paul Haim, whose personal collection included a bronze by Auguste Rodin (est €700,000-€1m), a totemic 1967 sculpture by Joan Miró (est €5m-€7m) and a mosaic by Fernand Léger (est €300,000-€400,000). 

Haim died in 2006, since when the running of his private garden near Biarritz has been overseen by his daughter Dominique. The move to sell the works was “primarily an ecological decision”, says Pierre Martin-Vivier, vice-president at Christie’s France. The gardens are near the Adour river, increasingly subject to flooding. The sale on October 22 is expected to make €15m-€20m, with the majority of works offered without a reserve.

>>> Europe : Brokers Upgrades & Downgrades - 16th of July 2020

>>> Up
* Aker Solutions Raised to Buy at ABG; PT 13 kroner
* ASML Raised to Add at AlphaValue
* Attendo Raised to Buy at ABG; PT 48 kronor
* BP Raised to Buy at Jefferies; PT 350 pence
* British Land Raised to Buy at Jefferies; PT 460 pence
* Deutsche Telekom PT Raised to 20 euros at Bankhaus Metzler
* Draegerwerk Raised to Buy at Nord/LB; PT 103 euros
* Geberit Raised to Buy at MainFirst; PT 560 Swiss francs
* Kongsberg Raised to Neutral at SpareBank; PT 145 kroner
* Repsol Raised to Buy at Jefferies; PT 10.10 euros
* Rolls-Royce Raised to Buy at Panmure Gordon; PT 400 pence

>>> Down
* Bawag Cut to Hold at Raiffeisen Centrobank; PT 35 euros
* Fevertree Drinks Cut to Underweight at JPMorgan; PT 1,900 pence
* Gerresheimer Cut to Hold at MainFirst; PT 103 euros
* Santander Bank Polska Cut to Sell at Raiffeisen Centrobank
* Sbanken Cut to Hold at Pareto Securities; PT 72 kroner
* Segro Cut to Hold at Jefferies; PT 905 pence
* Sika Rated New Overweight at Barclays; PT 225 Swiss francs
* Wizz Air Cut to Neutral at Exane; PT 3,200 pence

>>> Initiation
* Focusrite Rated New Buy at Peel Hunt; PT 810 pence
* SSP Rated New Buy at Peel Hunt; PT 325 pence
* Xior Student Housing Rated New Buy at ABN Amro Bank

>>> Call
* Berenberg Bullish on PSP Prospects, Stock’s Valuation Attractive
* BP, Repsol Upgraded by Jefferies Amid Higher Brent Forecast
* REIT Income Appears Relatively Attractive, Jefferies Says
* SSP Recovery to Be Gradual, But Well Positioned: Peel Hunt
* Temenos 2Q Update Strong But May Already Be Priced In, Citi Says
* Visibility on Zurich Airport Flight Charges Positive, Citi Says

>>> What to look at today - 16th of July 2020

Asian stocks were lower Thursday along with European and U.S. equity futures as investors parsed a slew of economic data in China that showed the path of economic recovery from the pandemic remains bumpy. The dollar edged higher.
Equities in China were down about 1.5%. Shares were also lower in Japan, South Korea, Hong Kong and Australia. S&P 500 contracts slipped after a positive Wednesday session on signs of progress in developing a vaccine for the coronavirus. Twitter Inc. fell in after-hours trading after accounts of some of America’s most prominent political and business leaders were hacked. Crude oil declined, while Treasuries were little changed. The Thai baht led emerging-market currencies lower.
US After Hours TWTR -3.7% falls on account hacks; DELL +7.4% up nicely as it confirms it's exploring a potential spin-off of VMW; AA +6.1% up on earnings

Nikkei -0.80% Hang Seng -1.3% CSI -2.72% Shanghai -2.35% Shenzen -2.70%

Eur$ 1.1402 CNH 6.9979 CNY 6.9985 JPY 106.95 GBP 1.2553 CHF 0.9458 RUB 70.9950 WIT$ 40.80 -0.97%

S&P -0.50% Nasdaq -0.80% EuroStoxx -0.89% FTSE -0.50% Dax -0.86% SMI

Macro :
- U.S. Investor Bull-Bear Spread -14.5: AAII
- Hedge Fund That Jumped 40% Picks Winners in Office-Free World

Keep an eye on :
- ADE NO : Adevinta Second Quarter Pretax Profit Beats Estimates
- ADP FP : Aeroports De Paris June Passenger Traffic -87.9%
- AF FP : Air France to Operate Second Weekly Flight to China: AFP
- AKA NO : Akastor Second Quarter Ebitda NOK70 Million, -39% Y/y
- ALO FP : Alstom First Quarter Orders EU1.65 Bln, +1.9% Y/y
- ATL IM : Cassa Depositi Stake in Autostrade Could Rise to 31%-33%: Ansa
- AZN LN : AstraZeneca Jumps on Report of Potential Covid Breakthrough (1)
- BAR BB : Barco First Half Ebitda EU40.7 Mln
- BIO GY : Biotest Submits Phase 2 Trimodulin Coronavirus Trial in Spain
- BRG NO : Borregaard Second Quarter Operating Revenue 1.5% Above Estimates
- EVD GY : CTS Eventim Holds Deposits With Commerzialbank Mattersburg
- ENX FP : Euronext Receives Danish Clearance to Buy VP Securities
- DBK GY : Deutsche Bank Asia CEO Picks Singapore in Snub to Hong Kong (1)
- EQT SS : EQT Second Quarter Total Investments EU1.3 Bln
- FCA IM : Fiat and PSA Brush Up on Latin, Conjure Up the Name Stellantis
- FTK GY : Flatex AG Prelim First Half Ebitda EU43 Mln
- HUSQB SS : Husqvarna Second Quarter Net Sales 1.5% Above Estimates
- RLF SW : Neurorx, Relief to Continue RLF-100 Trial to Phase 2/3#
- BMPS IM : Monte Paschi Board Seeks Adviser for Possible M&A: Radiocor
- MMT FP : M6 in Exclusive Talks With Stars to Sell Home Shopping Service
- NXT LN : Next Chosen as Victoria’s Secret’s Preferred U.K. Partner: Sky
- NMC LN : EY Warned NMC Health Over Bank Account Inconsistencies, FT Says
- CFR SW : Richemont 1Q Sales At Constant Exchange Rates Miss Est.
- RIEN SW : Rieter First Half Ebit Loss Wider Than Estimates
- DIM FP : Sartorius Stedim Boosts FY Adj Oper EBITDA Margin, Sales Views
- SHF GY : SNP Schneider-Neureither Offering Prices 610k Shrs at EU46/Shr
- SOON SW : Sonova Sees Rev. Back at Pre-Crisis Level in Mid-’21: The Market
- TLE NO : Telenor Second Quarter Ebitda Beats Highest Estimate
- TEMN SW : Temenos 2Q Update Strong But May Already Be Priced In, Citi Says
- TSLA US : Carson Block Warns Tesla Short Sellers: ‘I Wouldn’t Do That’
- VOD LN : Vodafone Wants U.K. 5G Auction Scrapped After Huawei Move: FT
- VOW3 GY : VW Executive Purge Stokes Unease Among Investors Envying Tesla
- VOW3 GY : VW Chairman Poetsch Wants to Keep Skoda CEO in Company: WiWo
- WAC GY : Wacker Neuson Prelim Second Quarter Ebit EU21 Mln to EU22 Mln
- WDI GY : Wirecard Ex-CEO Borrowed EU35 Mln From Group’s Banking Arm: FT
- XXL NO : XXL Second Quarter Ebitda Beats Highest Estimate
- ZAL GY : Zalando Boosts Full Year Adjusted Ebit Forecast, Beats Estimates
- FHZN SW : Zurich Airport Extends Current Charges, Concedes 2021 Discount