>>> Treasury Secretary Scott Bessent Fox Business interview: Expecting a signed

Treasury Secretary Scott Bessent Fox Business interview: Expecting a signed China trade deal as soon as next week; President Trump will likely select next Fed Chair before Christmas (687.39)
Mr. Bessent said:
  • There was a lot of respect between President Trump and Xi during the meeting.
  • China's rare earth export controls will be delayed for one year.
  • He is expecting a signed China trade deal as soon as next week.
  • China agreed to give the U.S. substantial cooperation on the flow of fentanyl into North America. His team will set measures that China needs to meet. In return, the U.S. cut the fentanyl tariff rate to 10%.
  • Section 301 measures targeting China's maritime shipbuilding are suspended for one year.
  • The U.S. will integrate shipbuilding with its allies.
  • President Trump will likely select the next Fed Chair before Christmas.
  • China agreed to purchase 12 million metric tons of U.S. soybeans this year & 25 million metric tons of U.S. soybeans each year thereafter through 2028.
  • He is very optimistic about economic growth in 2026. He expects larger tax refunds will be a boost to consumer spending in 2026.
  • President Trump also signed trade deals with other Asian nations for soybean purchases.
Potential related stocks: DG, DLTR, WMT, TGT, COST, AMZN, NKE, BABA, BIDU, PDD, JD, KC, FXI, STZ, MOS, NTR, CF, DE, TSN, HRL, MP, REMX. TMC, CRML, TMQ, USAR, XOM, CVX, BP, SHEL, OXY, COP, DVN

>>> Europe : Brokers Upgrades & Downgrades - 30th of October 2025 V3(++)

>>> Up
* ABB PT Raised to 68 Swiss francs from 62 Swiss francs at Citi
* Campari Raised to Neutral at JPMorgan; PT 6 euros
* Deutsche Bank PT Raised to 39 euros from 34 euros at RBC
* Emeis Raised to Reduce at AlphaValue/Baader
* Equinor Raised to Buy at Arctic Securities; PT 270 kroner
* Garmin PT Raised to $208 from $167 at Barclays
* Kempower Raised to Accumulate at Inderes; PT 17 euros
* Microsoft PT Raised to $650 from $625 at Morgan Stanley (+)
* Moltiply Group SpA Raised to Buy at Kepler Cheuvreux (++)
* Nordex Raised to Reduce at AlphaValue/Baader
* Sweco Raised to Buy at Jefferies; PT 200 kronor
* Sweco Raised to Buy at ABG; PT 195 kronor
* Vale ADRs Raised to Buy at Banco BTG Pactual; PT $15
* Valmet Raised to Buy at Inderes; PT 32 euros
* Warner Bros Discovery Raised to Buy at Rothschild & Co Redburn (+)

>>> Down
* Airbus Cut to Hold at Kepler Cheuvreux; PT 214 euros (++)
* Basler Cut to Hold at M.M. Warburg (+)
* Boeing Cut to Hold at Deutsche Bank; PT $240
* Eurobank Cut to Hold at HSBC; PT 3.65 euros
* Fiserv Cut to Neutral at Seaport Global Securities
* Fiserv Cut to Neutral at Goldman; PT $79
* Fiserv Cut to Equal-Weight at Morgan Stanley; PT $81
* Fiserv Cut to Hold at Truist Secs
* Fiserv Cut to Hold at TD Cowen; PT $80
* Fortum Cut to Sell at OP Corporate Bank; PT 15.50 euros (++)
* Ibstock Cut to Neutral at UBS; PT 140 pence (++)
* Impianti Cut to Neutral at EnVent S.p.A.; PT 1 euro
* Iren Cut to Hold at Kepler Cheuvreux; PT 2.90 euros (++)
* Kering Cut to Underperform at Bernstein; PT 240 euros (+)
* Kuehne + Nagel Cut to Underweight at Barclays
* Loihde Cut to Reduce at Inderes; PT 11.70 euros
* Matvareexpressen Cut to Sell at Norne Securities; PT 190 kroner
* Meta Cut to Market Perform at Oppenheimer
* Mowi Cut to Hold at Nordea
* Neste Cut to Neutral at BNPP Exane; PT 19 euros
* Neste ADRs Cut to Neutral at BNPP Exane; PT $11.20
* Outokumpu Cut to Hold at Deutsche Bank; PT 3.60 euros
* Salmar Cut to Sell at Nordea; PT 500 kroner
* Symrise Cut to Add at AlphaValue/Baader
* Technoprobe Cut to Neutral at Banca Akros (ESN); PT 9.50 euros (++)
* Valmet Cut to Hold at SEB Equities; PT 30 euros

>>> Initiation
* Bachem Rated New Neutral at Oddo BHF; PT 64.60 Swiss francs
* Cisco Reinstated Buy at President Capital Management; PT $90
* Franchise Brands Rated New Buy at Cavendish; PT 146 pence (+)
* Otofarma Rated New Buy at Alantra Capital Markets; PT 8 euros
* Primary Health Reinstated Buy at Deutsche Bank; PT 114 pence (+)
* Ratos Rated New Hold at SEB Equities; PT 42 kronor
* SMG Swiss Marketplace Group Rated New Neutral at Goldman
* SMG Swiss Marketplace Group Rated New Overweight at JPMorgan
* SMG SW Rated New Equal-Weight at Morgan Stanley
* SMG Swiss Marketplace Group Rated New Neutral at BNPP Exane
* SMG Swiss Marketplace Group Rated New Buy at UBS (++)

>>> Call
* Deutsche Bank PT Hiked to Street-High on Profitability: RBC (+)
* Flow Traders Shares Drop as KBC Says Results are ‘Very Muted’ (++)

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • TECX +23.5%, GH +22.6%, GKOS +19.4%, MTSR +19.2%, GPRK +15.5%, EBS +15.4%, ALGN +15.1%, FORM +14.7%, COMM +14.3%, CHRW +13.6%, PRM +13.3%, VIAV +12.7%, MDXG +11%, LXU +9.7%, WVE +8.8%, CALX +8.3%, OMCL +8.2%, TAL +7.2%, GRBK +7.1%, GOOG +7.1%, AMRX +6.7%, AMRX +6.7%, SPOK +6.3%, WHD +6%, ROG +5.8%, MCW +5.8%, BHC +5.3%, JOE +5.2%, JBSS +5%, MAX +5%, ING +5%, PFS +4.3%, ATRC +4.2%, ASX +4.1%, EL +4.1%, ARMN +4.1%, SNCY +4%, EPR +3.6%, DBRG +3.5%, NOW +3%, SKYX +2.9%, UTZ +2.9%, KMB +2.8%, VAL +2.7%, SKWD +2.7%, KBR +2.6%, DHT +2.5%, CENX +2.4%, RWT +2.4%, LNC +2.4%, STAG +2.3%, AWK +2.3%, ARGX +2.3%, ABEV +2.3%, MGY +2.2%, CVI +2.1%, NBHC +2%, MKL +2%, TTMI +1.8%, AEM +1.7%, RIG +1.7%, UDMY +1.7%, RSI +1.6%, MORN +1.5%, TS +1.5%, EQX +1.4%, MAA +1.3%, PRU +1.3%, TENB +1.3%, BUD +1.3%, FIBK +1.2%, OCS +1.1%, FRMI +1%, WAY +1%, CI +1%
  • Gapping down:
    • FMC -29.4%, SFM -25.6%, WOLF -20.4%, CMG -19%, NTLA -15.4%, WPP -11.5%, PI -10.1%, CLF -9.3%, TMDX -9.2%, EBAY -9.1%, META -8.8%, CVNA -8.7%, XRX -8.2%, BIO -5.9%, WLK -5.7%, FCFS -5.5%, ASTL -5.4%, STLA -5.4%, RRX -5.1%, ALSN -4.9%, TT -4.6%, IART -4.4%, BE -4%, VNT -3.6%, MRK -3.5%, MNMD -3.4%, MUSA -3.4%, MGM -3.4%, PBF -3.3%, MC -3.1%, TNK -3.1%, MEOH -3%, COHU -3%, SBUX -2.7%, MSFT -2.6%, ETD -2.5%, AXS -2.5%, BBIO -2.4%, EHC -2.3%, XEL -2.1%, PBI -2%, THG -2%, TAK -2%, TTE -2%, ADEA -1.9%, MELI -1.9%, GBTG -1.8%, EXR -1.8%, EPD -1.8%, SVRA -1.6%, DBVT -1.6%, AGI -1.5%, EXP -1.5%, STEM -1.4%, NTGR -1.3%, AVB -1.3%, DVA -1.2%, ARE -1.1%, BIIB -1.1%, CSL -1%, TSLA -0.9%

>>> Europe : Brokers Upgrades & Downgrades - 30th of October 2025 V2(+)

>>> Up
* ABB PT Raised to 68 Swiss francs from 62 Swiss francs at Citi
* Campari Raised to Neutral at JPMorgan; PT 6 euros
* Deutsche Bank PT Raised to 39 euros from 34 euros at RBC
* Emeis Raised to Reduce at AlphaValue/Baader
* Equinor Raised to Buy at Arctic Securities; PT 270 kroner
* Garmin PT Raised to $208 from $167 at Barclays
* Kempower Raised to Accumulate at Inderes; PT 17 euros
* Microsoft PT Raised to $650 from $625 at Morgan Stanley (+)
* Nordex Raised to Reduce at AlphaValue/Baader
* Sweco Raised to Buy at Jefferies; PT 200 kronor
* Sweco Raised to Buy at ABG; PT 195 kronor
* Vale ADRs Raised to Buy at Banco BTG Pactual; PT $15
* Valmet Raised to Buy at Inderes; PT 32 euros
* Warner Bros Discovery Raised to Buy at Rothschild & Co Redburn (+)

>>> Down
* Basler Cut to Hold at M.M. Warburg (+)
* Boeing Cut to Hold at Deutsche Bank; PT $240
* Eurobank Cut to Hold at HSBC; PT 3.65 euros
* Fiserv Cut to Neutral at Seaport Global Securities
* Fiserv Cut to Neutral at Goldman; PT $79
* Fiserv Cut to Equal-Weight at Morgan Stanley; PT $81
* Fiserv Cut to Hold at Truist Secs
* Fiserv Cut to Hold at TD Cowen; PT $80
* Impianti Cut to Neutral at EnVent S.p.A.; PT 1 euro
* Kering Cut to Underperform at Bernstein; PT 240 euros (+)
* Kuehne + Nagel Cut to Underweight at Barclays
* Loihde Cut to Reduce at Inderes; PT 11.70 euros
* Matvareexpressen Cut to Sell at Norne Securities; PT 190 kroner
* Meta Cut to Market Perform at Oppenheimer
* Mowi Cut to Hold at Nordea
* Neste Cut to Neutral at BNPP Exane; PT 19 euros
* Neste ADRs Cut to Neutral at BNPP Exane; PT $11.20
* Outokumpu Cut to Hold at Deutsche Bank; PT 3.60 euros
* Salmar Cut to Sell at Nordea; PT 500 kroner
* Symrise Cut to Add at AlphaValue/Baader
* Valmet Cut to Hold at SEB Equities; PT 30 euros

>>> Initiation
* Bachem Rated New Neutral at Oddo BHF; PT 64.60 Swiss francs
* Cisco Reinstated Buy at President Capital Management; PT $90
* Franchise Brands Rated New Buy at Cavendish; PT 146 pence (+)
* Otofarma Rated New Buy at Alantra Capital Markets; PT 8 euros
* Primary Health Reinstated Buy at Deutsche Bank; PT 114 pence (+)
* Ratos Rated New Hold at SEB Equities; PT 42 kronor
* SMG Swiss Marketplace Group Rated New Neutral at Goldman
* SMG Swiss Marketplace Group Rated New Overweight at JPMorgan
* SMG SW Rated New Equal-Weight at Morgan Stanley
* SMG Swiss Marketplace Group Rated New Neutral at BNPP Exane

>>> Call
* Deutsche Bank PT Hiked to Street-High on Profitability: RBC (+)

>>> What to look at today - 30th of October 2025

Stocks fluctuated and gold rallied as investors parsed President Donald Trump’s comments about his meeting Chinese leader Xi Jinping after their summit aimed at reducing trade tensions between the world’s largest economies. US equity-index futures fell 0.1% after Trump said he had an “amazing meeting” with Xi and would reduce fentanyl tariffs from 20% to 10% effective immediately. Contracts for the Nasdaq 100 index slipped 0.2% as Trump said he had discussed Chinese access for Nvidia Corp.’s chips but indicated that he would not offer access to their most advanced Blackwell line. A gauge of Asian shares fell 0.2%, erasing their earlier gains. Chinese indexes also retreated. A gauge of the dollar trimmed gains from the prior session. Treasuries recouped some of their losses with the yield on the 10-year declining one basis point to 4.06%. The yen fluctuated against the dollar after the Bank of Japan held its policy rate. Gold jumped 1.2%. Investors were speculating that the US-China meeting would help ease the world’s largest trade dispute and steady global markets after months of tension. Since the tariff-fueled meltdown in April, the S&P 500 has surged on optimism about AI and hopes for Federal Reserve interest-rate cuts. Instead, the Fed on Wednesday cautioned investors that a cut in December isn’t a foregone conclusion.  Trump said he had an “amazing meeting” with Xi that resulted in a trade deal that would see the US halve fentanyl-related tariffs on Chinese goods effective immediately. The deal will also see China resume soybean purchases and pause its rare-earths licensing regime for at least a year, Trump said. Earlier, following the Fed’s expected rate cut, Powell’s caution about future moves and his focus on labor market risks led investors to scale back easing bets. Fed officials delivered their second straight rate reduction Wednesday to support a softening labor market, and said they would stop shrinking the portfolio of assets on Dec. 1. Governor Stephen Miran dissented again in favor of a larger reduction. Kansas City Fed President Jeff Schmid said he preferred not to cut rates at all. Technology sector remained in focus after Samsung Electronics Co.’s earnings beat estimates, and megacap US companies boosted bets on the artificial intelligence theme. Investors also got a chance to price in tech companies spending on artificial intelligence after earnings from megacaps. Three bellwethers – Alphabet Inc., Meta Platforms Inc. and Microsoft Corp. — together racked up some $78 billion in capital expenditures last quarter. That’s up 89% from a year earlier. Their earnings were mixed. Meta Platforms shares fell 7.4% in extended trading while Alphabet jumped 6.7%. Microsoft fell almost 4%. Earlier in the US trading day, Nvidia Corp. became the first company to reach $5 trillion in market valuation. US After Hours Some big tech names reported - GOOG +6% is higher; EBAY -7.6%, META -7.6%, KLAC -3.7%, MSFT -3.7% trade lower; FMC -24.9%, CMG -15.6%, TMDX -11.4%, CVNA -8.8%, PI -8.8% also lower.

Nikkei +0.04% Hang Seng -0.61% CSI -0.59% Shanghai -0.57% Shenzen -1.06%

Eur$ 1.1629 CNH 7.1022 CNY 7.1027 JPY 152.97 GBP 1.3213 CHF 0;7983 RUB 79.9702 TRY 41.9484 WTI$ 60.11 -0.63% Gold 3,960 +0.82% BTC 110,163 -1.16% ETH 3,908 -1.13%

S&P -0.06% Nasdaq -0.06% EuroStoxx +0.14% FTSE -0.23% Dax +0.20% SMI

Macro :
- Italy Ready to Amend ‘Golden Power’ Rules to Appease EU: Rtrs
- UK Tax Speculation to Slow Homebuilding Into 2026, Survey Says
- OpenAI Aims for IPO Filing in 2026, Listing in 2027: Reuters
- US Delays China Port-Fee Talks as Focus Turns to Shipbuilding

Keep an eye on :
- ABI BB : AB InBev 3Q Adjusted Ebitda Beats Estimates, AB InBev Announces $6 Billion Buyback as Volumes Decline
- ACAT SS : Acast Sets New Targets, Including 10% Ebit Margin by 2028
- AIR FP : Airbus Ebit Beats, Delivery Target Maintained
- AIXA GY : Aixtron 3Q Revenue Misses Estimates
- AMZN US : Amazon Announces Its Key Cloud-Computing Client Anthropic Will Double Its Investment In The E-Commerce Company's Artificial
- AMP IM : Amplifon 3Q Adjusted Ebitda Misses Estimates
- ANDR AV : Andritz 3Q Revenue Misses Estimates
- ARCAD NA : Arcadis 3Q Oper Ebitda EU132M Vs. EU137M Y/y
- ARGX BB : Argenx 3Q Vyvgart Sales Beat Estimates
- ASM NA : ASM Intl Holder Tokyo Electron Offers 400,000 Shares, ASM International Offering Prices at EU543/Share
- AVOL SW : Avolta 3Q Organic Revenue Misses Estimates
- BBVA SM : BBVA 3Q Net Income Meets Estimates, BBVA to Start Buyback Announced in January for as Much as €993M
- BFSA GY : Befesa 3Q Adjusted Ebitda Meets Estimates
- BHC CN : *BAUSCH SHARES CLIMBS 8.3% POSTMARKET IN NEW YORK AFTER RESULTS
- BCP PL : BCP 9M Net Income EU775.9M Vs. EU714.1M Y/y
- BA US : Boeing Books $4.9 Billion Charge As 777X Jet Faces New Delay
- BT/A LN : Virgin Media O2 in Talks for £2B Takeover of Netomnia: FT
- CPR IM : Campari 3Q Adjusted Ebit Beats Estimates
- CA FP : Carrefour Brasil Approves Sale-Leaseback of 22 Properties
- CMG US : Chipotle Shares Tumble on Reduced FY Comp Sales Outlook
- CICN SW : Cicor Announces Firm Intention to Make Offer for TT Electronics
- CLN SW : Clariant 3Q Adjusted Ebitda Beats Estimates
- ACA FP : Credit Agricole 3Q Net Income Beats Estimates
- DBK GY : *DEUTSCHE BANK’S US DISTRESSED DESK RECORDS $200 MILLION PROFIT
- DBV FP : DBV Technologies to Raise $30 Million via Issue of American Depositary Shares
- DSFIR NA : DSM-Firmenich 3Q Adjusted Ebitda Meets Estimates, DSM-Firmenich Cuts FY Adjusted Ebitda Forecast
- ELUXB SS : Electrolux 3Q Operating Profit Misses Estimates
- EPR NO : Europris 3Q Net Income Beats Estimates
- ERA FP : Eramet Narrows FY Capital Expenditure Forecast
- FLOW NA : Flow Traders 3Q Net Trading Income Misses Estimates
- FDR SM : Fluidra 9M Net Income EU163M Vs. EU123M Y/y
- GALD SW : Galderma Rally Puts Zurich Top of European Rankings
- GRMN US : Thailand Approves 3b Baht Investment by Garmin to Set Up Factory
- GOOGL US : Alphabet 3Q Revenue Ex-TAC Beats Estimates, Alphabet Gains With Cloud a Highlight of Results: Street Wrap
- HNSA SS : Hansa Biopharma 3Q Net Revenue Misses Estimates
- HFG GY : HelloFresh 3Q Revenue Misses Estimates
- IDIA SW : Idorsia 3Q Operating Loss CHF41M, Est. Loss CHF52M
- IDR SM : Indra 3Q Net Income Beats Estimates
- INGA NA : ING 3Q Net Income Beats Estimates
- INTRUM SS : Intrum 3Q Adjusted Ebit SEK1.23B Vs. SEK950M Y/y
- INVP LN : India Said to Reject SBI Plan to Raise Stake in Investec Unit
- IG iM : Italgas 3Q Adjusted Net Income EU178.3M Vs. EU120.2M Y/y
- IVN CN : Ivanhoe Mines 3Q Exploration/Project Spendings Beats Estimates
- JMT PL : J. Martins 3Q Net Sales & Services Meet Estimates
- KESKOB FH : Kesko 3Q Net Sales Match Estimates
- KLAC US : KLA Corp Falls as Outlook ‘Failed to Impress’: Street Wrap
- KOG NO : Kongsberg Plans to Demerge & List Kongsberg Maritime in Oslo
- KBX GY : Knorr-Bremse 3Q Ebit Misses Estimates
- KTN GY : Kontron FY Revenue Forecast Misses Estimates
- LHA GY : Lufthansa 3Q Adjusted Ebit Beats Estimates
- MELI US : MercadoLibre 3Q Net Revenue Beats Estimates
- META US : Meta Falls With Investors ‘Spooked’ by Spending
- MSFT US : MSFT 1Q Azure & Other Cloud Rev Ex-FX Beats Estimates, Microsoft Dips as Results Don’t Meet High Hopes
- MC US : Moelis & Co 3Q Adjusted EPS Beats Estimates
- NETC DC : Netcompany 3Q Revenue Beats Estimates
- NETC DC : Netcompany Updates Long-term Financial Targets
- DNORD DC : Norden 3Q Ebit $37.9M
- ORIOLA FH : Oriola 3Q Net Sales Meet Estimates
- ONTEX BB : Ontex 3Q Adjusted Ebitda Misses Estimates
- Open AI IPO : OpenAI Aims for IPO Filing in 2026, Listing in 2027: Reuters
- PAnini IPO : Panini Mandates Citi to Look for Potential Investors: Corriere
- PLX FP : Pluxee FY Recurring Ebitda Meets Estimates
- PRU LN : Prudential Says Regional CEO John Cai to Leave on Oct. 31
- PRY IM : Prysmian 3Q Revenue Beats Estimates
- RECT BB : Recticel 3Q Sales Miss Estimates
- RCO FP : Remy Cointreau 2Q Organic Revenue Misses Estimates, CUTS GUIDANCE ON CHINA, US CONDITIONS
- REP SM : Repsol 3Q Adjusted Income Beats Estimates
- RIVN US : Rivian Won’t Tap Loan Before Plant Construction Starts
- RWE GY : RWE, QatarEnergy, Shell Trade Dec.-Jan. Cargoes to Asia Via MOC
- 005930 KS : Samsung’s Chip Profit Soars After AI Fuels Demand for Memory
- SANOMA FH : Sanoma 3Q Revenue Meets Estimates
- SDZ SW : Sandoz Group Sees FY Core Ebitda Margin 21% to 22%, Est. 21%
- SCATC NO : Scatec 3Q Consolidated Ebitda Misses Estimates
- SU FP : Schneider Electric 3Q Organic Revenue Beats Estimates, Schneider Electric Sales Jump on AI, Grid Infrastructure Demand
- G24 GY : Scout24 Sees FY Rev. Mid to High End of +14% to +15%
- SIGN SW : SIG Group Sees FY Revenue in Constant Currency 0% to +2%
- GLE FP : SocGen 3Q Net Income Beats Estimates
- SB1NO NO : SpareBank 1 Sor-Norge 3Q Pretax Profit Beats Estimates
- STAN LN : StanChart Raises Outlook as Quarterly Profit Beats Estimate
- SBUX US : Starbucks 4Q Comparable Sales Beat Estimates
- STLA US : Stellantis 3Q Net Revenue Meets Estimates: Snapshot
- TE FP : Technip Energies 3Q Adjusted Revenue Misses Estimates
- TEN IM : Tenaris 3Q EPS Beats Estimates, Tenaris Shows ‘Resilience’ in Strong Third Quarter: Street Wrap
- TTG LN : Cicor Announces Firm Intention to Make Offer for TT Electronics
- RBI AV : Raiffeisen 3Q Net Interest Income Ex Russia Beats Estimates
- RIG US : Transocean 3Q Adjusted EPS Beats Estimates
- UBXN SW : U-blox CEO Stephan Zizala to Step Down End of 2025
- UMG NA : Universal Music Settles With AI Music Platform Udio
- VOD LN : Vodafone Group PLC: Vodafone to Buy Skaylink
- VONN SW : Vontobel 9M Net Inflows CHF3.2B, Vontobel to Sell Cosmofunding to Zuercher Kantonalbank; No Terms
- VOS GY : Vossloh 9M Ebit EU76.2M Vs. EU77.1M Y/y
- VOW GY : Volkswagen Workers in Tennessee Vote to Authorize Strike
- VOW GY : VW 3Q Operating Loss EU1.30B, Est. Profit EU2.11B
- WCH GY : Wacker Chemie 3Q Ebitda Beats Estimates
- WG/ LN : Wood Group Expects to Publish FY24 Results by Oct. 31
- WPP LN : WPP Slashes Sales Guidance, New CEO Promises Strategy Overhaul
- YIT FH : YIT 3Q Adjusted Operating Profit Beats Estimates, YIT Narrows FY Adjusted Operating Profit Forecast

>>> Europe : Brokers Upgrades & Downgrades - 30th of October 2025

>>> Up
* ABB PT Raised to 68 Swiss francs from 62 Swiss francs at Citi
* Campari Raised to Neutral at JPMorgan; PT 6 euros
* Deutsche Bank PT Raised to 39 euros from 34 euros at RBC
* Emeis Raised to Reduce at AlphaValue/Baader
* Equinor Raised to Buy at Arctic Securities; PT 270 kroner
* Garmin PT Raised to $208 from $167 at Barclays
* Kempower Raised to Accumulate at Inderes; PT 17 euros
* Nordex Raised to Reduce at AlphaValue/Baader
* Sweco Raised to Buy at Jefferies; PT 200 kronor
* Sweco Raised to Buy at ABG; PT 195 kronor
* Vale ADRs Raised to Buy at Banco BTG Pactual; PT $15
* Valmet Raised to Buy at Inderes; PT 32 euros

>>> Down
* Boeing Cut to Hold at Deutsche Bank; PT $240
* Eurobank Cut to Hold at HSBC; PT 3.65 euros
* Fiserv Cut to Neutral at Seaport Global Securities
* Fiserv Cut to Neutral at Goldman; PT $79
* Fiserv Cut to Equal-Weight at Morgan Stanley; PT $81
* Fiserv Cut to Hold at Truist Secs
* Fiserv Cut to Hold at TD Cowen; PT $80
* Impianti Cut to Neutral at EnVent S.p.A.; PT 1 euro
* Kuehne + Nagel Cut to Underweight at Barclays
* Loihde Cut to Reduce at Inderes; PT 11.70 euros
* Matvareexpressen Cut to Sell at Norne Securities; PT 190 kroner
* Meta Cut to Market Perform at Oppenheimer
* Mowi Cut to Hold at Nordea
* Neste Cut to Neutral at BNPP Exane; PT 19 euros
* Neste ADRs Cut to Neutral at BNPP Exane; PT $11.20
* Outokumpu Cut to Hold at Deutsche Bank; PT 3.60 euros
* Salmar Cut to Sell at Nordea; PT 500 kroner
* Symrise Cut to Add at AlphaValue/Baader
* Valmet Cut to Hold at SEB Equities; PT 30 euros

>>> Initiation
* Bachem Rated New Neutral at Oddo BHF; PT 64.60 Swiss francs
* Cisco Reinstated Buy at President Capital Management; PT $90
* Otofarma Rated New Buy at Alantra Capital Markets; PT 8 euros
* Ratos Rated New Hold at SEB Equities; PT 42 kronor
* SMG Swiss Marketplace Group Rated New Neutral at Goldman
* SMG Swiss Marketplace Group Rated New Overweight at JPMorgan
* SMG SW Rated New Equal-Weight at Morgan Stanley
* SMG Swiss Marketplace Group Rated New Neutral at BNPP Exane

>>> Call

>>> Stoxx 600 Pre-Market Indications

  • SocGen (SGE TH) +2%
    • *SOCGEN 3Q NET INCOME EU1.52B, EST. EU1.31B
  • Scout24 (G24 TH) +1.9%
    • Scout24 Sees FY Rev. Mid to High End of +14% to +15%
  • Standard Chartered (STD TH) +1.6%
    • StanChart Raises Outlook as Quarterly Profit Beats Estimate (2)
  • AB InBev (1NBA TH) +1.5%
    • *AB INBEV ANNOUNCES $6 BILLION SHARE BUYBACK PROGRAM
  • Adidas (ADS TH) +1.2%
  • Ferrovial (8ZQ TH) +1%
  • Air Liquide (AIL TH) +0.8%
  • Zalando (ZAL TH) +0.8%
  • Airbus (AIR TH) +0.7%
    • Airbus Ebit Beats, Delivery Target Maintained: Street Wrap (1)
  • RENK Group (R3NK TH) +0.6%
  • LEG Immobilien (LEG TH) -0.6%
  • AstraZeneca (ZEG TH) -0.8%
  • Rolls-Royce (RRU TH) -0.8%
  • Kering (PPX TH) -0.9%
  • Nokia (NOA3 TH) -0.9%
  • Vodafone (VODI TH) -1.2%
  • Rio Tinto (RIO1 TH) -1.3%
  • Mowi (PND TH) -1.4%
    • Mowi Cut to Hold at Nordea
  • Novo (NOV TH) -1.9%
  • Prysmian (AEU TH) -2.7%
    • Prysmian Boosts FY Adjusted Ebitda Forecast

>>> TradeGate Pre-Market Indications

DAX:
  • Scout24 (G24 TH) +2.7%
    • Scout24 Sees FY Rev. Mid to High End of +14% to +15%
  • Adidas (ADS TH) +1.4%
  • Airbus (AIR TH) +1.1%
  • Zalando (ZAL TH) +1%
MDAX:
  • HelloFresh (HFG TH) +1%
    • HelloFresh 3Q Adjusted Ebitda Beats Estimates
  • Lufthansa (LHA TH) +1%
    • *LUFTHANSA 3Q ADJ. EBIT EU1.33B, EST. EU1.28B
  • RENK Group (R3NK TH) +0.8%
  • Aixtron (AIXA TH) +0.8%
    • Aixtron 3Q EPS Misses Estimates
  • TeamViewer (TMV TH) +0.7%
  • Porsche (P911 TH) -0.6%
    • VW Says Outlook Pivots on Chip Supply as Nexperia Fallout Looms
  • Wacker Chemie (WCH TH) -2.5%
    • Wacker Chemie Sees FY Rev., Ebitda at Low End of Outlook Ranges
SDAX:
  • Vossloh (VOS TH) +3.6%
    • Vossloh 3Q Ebit Margin 9.6%
  • Befesa (BFSA TH) +2.9%
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FT : Capgemini chief calls for EU’s flagship rules on AI to be suspended

Capgemini ch

The chief executive of French IT company Capgemini has called for the suspension of the EU’s rules on AI, and warned that the bloc should think about tech sovereignty “in an intelligent manner”, writes Adrienne Klasa.

Context: Europe has been lagging behind the US on innovation, prompting calls to promote its technological sovereignty. Reasons for its lag include a more fragmented market, a shallower pool of investment and a tendency towards over-regulation, according to many in the industry.

For Capgemini’s CEO Aiman Ezzat, the EU’s 2024 AI Act is a case in point. 

“I think we should really suspend this AI Act, which is really not conceived the right way,” Ezzat told the Financial Times. “You don’t try to really regulate something you don’t understand.”

He argued that AI is evolving so quickly that the regulation no longer makes sense and can’t keep pace with innovations. “I don’t think we can afford any more regulation. I think the only way out for Europe is to deregulate,” he said.

Ezzat said the debate around Europe’s tech sovereignty needed to be more clearly defined. “Absolute tech sovereignty is not feasible in Europe. We don’t have [that] capability,” he said.

“Sovereignty should not become an impediment to technology adoption,” he added. “I think it’s dangerous because it can become the biggest impediment to the adoption of technology which then will hurt competitiveness further in Europe.”

Europe still has a strong industrial base, but one that needs to be leveraged more fully through data and innovation, Ezzat said, pointing out that slower adoption of new technologies has been identified as a drag on Europe’s competitiveness in former Italian premier Mario Draghi’s report on the topic. 

“The sovereignty aspect definitely needs to be addressed but it needs to be done in an intelligent manner,” Ezzat said.
ef calls for EU’s flagship rules on AI to be suspended