>>> Up
* ArcelorMittal Raised to Buy at UBS; PT 71 euros
* Bureau Veritas Raised to Buy at Citi; PT 31.54 euros
* Cboe Raised to Overweight at Morgan Stanley; PT $358
* Cloetta Raised to Buy at SB1 Markets; PT 62 kronor
* Cloetta Raised to Buy at SB1 Markets; PT 62 kronor
* Handelsbanken Raised to Equal-Weight at Barclays; PT 146 kronor
* Heidelberg Materials Raised to Outperform at RBC
* Hexagon Raised to Overweight at JPMorgan; PT 125 kronor
* Humana Raised to Outperform at Baird; PT $596
* Informa PT Raised to 1,290 pence at Deutsche Bank (+)
* Morgan Advanced Raised to Outperform at RBC
* Nederman Raised to Buy at Handelsbanken; PT 160 kronor
* Rational Raised to Outperform at RBC; PT 700 euros
* Sage Group Raised to Buy at Investec; PT 1,300 pence
* Salzgitter Raised to Buy at UBS; PT 71 euros
* SEB Raised to Overweight at Barclays; PT 262 kronor
* Soitec Raised to Buy at BofA; PT 300 euros (+)
* Swedbank Raised to Overweight at Barclays; PT 467 kronor
* Voestalpine Raised to Buy at UBS; PT 64 euros
* Zscaler Raised to Buy at CFRA as Event Underscores Tailwinds
>>> Down
>>> Down
* BEWI Cut to Hold at Arctic Securities; PT 21 kroner
* Danske Bank Cut to Equal-Weight at Barclays; PT 391 kroner
* DNB Bank Cut to Underweight at Barclays; PT 282 kroner
* DSV Cut to Neutral at JPMorgan; PT 1,400 kroner
* DSV Cut to Neutral at JPMorgan; PT 1,400 kroner
* Evolution Cut to Hold at Pareto Securities; PT 800 kronor
* Joby Aviation Cut to Underweight at Barclays
* Pearson Cut to Neutral at UBS; PT 1,300 pence
* Pennon Cut to Sector Perform at RBC; PT 400 pence
* Rheinmetall Cut to Hold at Berenberg; PT 1,020 euros
* Ryanair Cut to Equal-Weight at Barclays; PT 24 euros
* Saint-Gobain Cut to Sector Perform at RBC
* Schott Pharma Cut to Hold at Deutsche Bank; PT 25 euros (+)
* Tieto Oyj Cut to Hold at Nordea; PT 19.50 euros
>>> Initiation
>>> Initiation
* Boeing Rated New Overweight at Barclays; PT $300
* Lotus Bakeries Rated New Equal-Weight at Morgan Stanley
* Molecule Group Rated New Corporate at Edison Investment Research (+)
* Palantir Rated New Overweight at Barclays; PT $265
* Palisade Bio Inc Rated New Outperform at Raymond James; PT $6
* Rocket Lab Rated New Overweight at Barclays
* SIG Group Reinstated Neutral at BNP Paribas
* SpaceX Rated New Overweight at Barclays
* Vicore Pharma Rated New Buy at Jefferies; PT 23 kronor
* Vicore Pharma ADRs Rated New Buy at Jefferies; PT $25
* Zigup Rated New Buy at Shore Capital; PT 535 pence
>>> Call
* Zigup Rated New Buy at Shore Capital; PT 535 pence
>>> Call
* Barclays Turns Positive on Swedish Banks, DNB, Danske Cut
* Berenberg Says Stick With Energy as Hormuz Keeps Supplies Tight (+)
* DSV Loses Clean Sweep of Buy Ratings as JPMorgan Cuts to Neutral
* DSV Loses Clean Sweep of Buy Ratings as JPMorgan Cuts to Neutral
* Givaudan Cut to Hold at Research Partners; PT 3,900 Swiss francs (+)
* Hexagon on ‘Solid Footing,’ JPMorgan Upgrades to Overweight
* Lotus Bakeries Initiated Equal-Weight at Morgan Stanley (+)
* Mercedes May Cut 2026 Profit Guidance, RBC Analyst Says
* Morgan Advanced and Rational Raised to Outperform at RBC (+)
* Pennon Cut to Sector Perform at RBC on Difficult Returns Outlook (+)
* Rheinmetall Cut at Berenberg on Medium-Term Outlook Uncertainty
* Ryanair, Norwegian Air Cut at Barclays on High Fuel Costs
* Tieto Cut to Hold at Nordea on Tech Consulting Weakness (+)
US stock-index futures rose and Asian shares edged up after more details emerged about OpenAI’s estimated revenue, suggesting the weakness in Wall Street technology shares may be contained. Relief also came as Brent declined. Contracts for the S&P 500 Index gained 0.3% and those for the Nasdaq 100 Index climbed 0.4%. OpenAI expects to reach or exceed $70 billion in annualized revenue by year-end, driven largely by growth in its enterprise business, according to people familiar with the matter. That lifted sentiment after US shares retreated Thursday and a gauge of chipmakers slid 3.4%, following a Financial Times report that OpenAI’s annualized revenue was $20 billion below previously signaled levels. Asian shares edged up 0.2% and European equities were set to gain at the open.
Brent crude dropped 1.2% to $102.95 a barrel after President Donald Trump said the US won’t attack Iran ahead of November’s midterm elections. Treasuries held their gains from the US session, while a Bloomberg gauge of the dollar edged lower. Questions over returns from AI put spending under greater scrutiny, with elevated borrowing costs making vast investments in data centers and computing infrastructure harder to justify. The start of earnings season next week will provide a key test, with investors seeking evidence that revenue and profits can keep pace with the capital required to develop and run AI models. Elsewhere, gold advanced after long-dated US Treasury yields pulled back from their highest levels in more than two decades. Bullion rose more than 1% to about $4,175 an ounce. In Japan, the 10-year bond yield fell 5.5 basis points to 3.025%. OpenAI, Anthropic and other AI firms have often touted their annualized revenue — a projection of annual sales based on a shorter period — as a key growth metric. However, not all companies measure it the same way. Anthropic’s annualized revenue hit $65 billion by the end of July, Bloomberg previously reported. OpenAI shared the numbers with investors as part of discussions for its latest fundraising effort, said the people, requesting anonymity to discuss private information. On Thursday, tech shares led losses in the S&P 500 after reports that OpenAI’s annualized revenue would be lower than some previous estimates. In the last 18 months, there have been “waves of bad news” around AI, which settles down after a couple of days and markets revert back to optimism, Seema Shah, chief global strategist at Principal Asset Management, said in an interview with Bloomberg TV. US After Hours HELE +1.7% higher on earnings, HUM +13%, SPCX +2.6%, CVS -2.8%.
Nikkei -0.03% Hang Seng +1.56% CSI -0.03% Kospi -2.62% Shanghai -0.12% Shenzen -0.56%
Eur$ 1.1231 CNH 6.6969 CNY 6.6974 JPY 158.10 GBP 1.3244 CHF 0.8304 RUB 85.0100 TRY 49.3418 WTI$ 90.28 -1.17% Gold 4,186 +1.62% BTC 82,285 +0.85% ETH 2,490 +0.89%
S&P +0.33% Nasdaq +0.63% EuroStoxx +0.72% FTSE +0.86% Dax +0.79% SMI +0.96%
Macro :
- *PHILADELPHIA SEMICONDUCTOR INDEX CLOSES 3.4% LOWER
- Bitcoin Sinks to Lower Bound of Trading Range as Momentum Fades
- EU Sees Gas System Ready for Winter Despite Lower Storage Levels
- EU Sees Gas System Ready for Winter Despite Lower Storage Levels
- UK University Students Will Need Minimum Standards for Loans: FT
- US 10-year Treasury yields risk hitting 6% for first time since 2000, Pimco says
- Hurricane Isaias’ 100 MPH Winds Disrupt US Offshore Oil Output
Keep an eye on :
Keep an eye on :
- AIR FP : Airbus Sept. Aircraft Deliveries 72 Jets
- AMC LN : Airtel Money to Debut After London’s Biggest IPO in Five Years
- AXP US : Amex Says $350m Regulatory Penalty Won’t Hit Earnings Guidance
- ANthropic IPO : Anthropic Launches Cyber Mission for Infrastructure, Software
- AAPL US : Apple Taps New M&A Head in Latest Shake-Up Under CEO John Ternus
- AAPL US : Apple Set to Debut Touch-Screen Mac, iPad Mini in Late October
- MT NA : Italy’s Former Ilva Steel Plant to Halt Taranto Hot Area: Ansa
- ATRLJB SS : Atrium Ljungberg 3Q Rental Income Meets Estimates
- AZN LN : Guardant's CDx Gets CE-Mark for AstraZeneca's Camizestrant
- BP/ LN : BP Shuts Oil Output at Thunder Horse, Na Kika Platforms on
- CME US : CME to Start Baseball Futures Based on MLB Teams’ Statistics
- KO US : Coca-Cola Looks to Sell Costa Coffee: Semafor
- DIS US : Disney Pitches Paramount, Universal on Imax Big-Screen Rival
- EQPT US : EquipmentShare Stock Plunges 11% in Worst Day Since June (1)
- Firmus IPO : Nvidia-Backed Firmus Is Set to Postpone IPO, Weigh Private Round
- FLTR LN : Flutter Entertainment Rises As Wedbush Sees FanDuel Growth
- FWONA US : Nascar, IndyCar Eye Races Outside US After F1’s Overseas Growth
- G IM : Mediobanca Premier Gets Ivass Nod for Generali Stake Above 10%
- GOOGL US : US Lawmakers Flag Concerns Over Spirit Air Data Sale to Google
- HUM US : Humana Surges on Medicare Quality Ratings Improvement
- IMAX US : Disney Pitches Paramount, Universal on Imax Big-Screen Rival
- MB IM : Mediobanca Premier Gets Ivass Nod for Generali Stake Above 10%
- MBG GY : Mercedes May Cut 2026 Profit Guidance, RBC Analyst Says
- META US : Meta Bans TikTok From Advertising on Its Apps in Escalating Feud
- OMV AV : OMV 3Q Production Beats Estimates
- PAT GY : Patrizia Plans to Invest £1 Billion in Building UK Houses
- RTX US : Raytheon Wins Up to $6.3b SM-3 IB Interceptor Contract
- RVMD US : Revolution Medicines Defended on Rasonque Wrinkle: Street Wrap
- Revolut IPO : Revolut CEO Storonsky Says He’s Targeting US Primary Listing
- SIKA SW : Sika Acquires UK-Based Azpects Group
- 9984 JP : SoftBank Seeks $100 Billion From Gulf Investors for AI, FT Says
- SPCX US : Mobile Carrier Stocks Fall on SpaceX Low-Band Spectrum Deal
- SPCX US : SpaceX to Acquire Low-Band Spectrum for Mobile Phone Service
- SBUX US : Starbucks Says It Is 'Laser-Focused' on Existing Strategy Following Chipotle Deal Chatter -- WSJ
- TTE FP : Total CEO Sees Risk of Exorbitant Winter Gas Prices
- TRex Bio IPO : Eli Lilly-Backed Biotech TRex Raises $116.7 Million in US IPO,TRexBio IPO Prices at $14/SHR
- TRYG DC : Tryg 3Q Pretax Profit Beats Estimates
>>> Up
* ArcelorMittal Raised to Buy at UBS; PT 71 euros
* Bureau Veritas Raised to Buy at Citi; PT 31.54 euros
* Cboe Raised to Overweight at Morgan Stanley; PT $358
* Cloetta Raised to Buy at SB1 Markets; PT 62 kronor
* Cloetta Raised to Buy at SB1 Markets; PT 62 kronor
* Handelsbanken Raised to Equal-Weight at Barclays; PT 146 kronor
* Heidelberg Materials Raised to Outperform at RBC
* Hexagon Raised to Overweight at JPMorgan; PT 125 kronor
* Humana Raised to Outperform at Baird; PT $596
* Morgan Advanced Raised to Outperform at RBC
* Nederman Raised to Buy at Handelsbanken; PT 160 kronor
* Rational Raised to Outperform at RBC; PT 700 euros
* Sage Group Raised to Buy at Investec; PT 1,300 pence
* Salzgitter Raised to Buy at UBS; PT 71 euros
* SEB Raised to Overweight at Barclays; PT 262 kronor
* Swedbank Raised to Overweight at Barclays; PT 467 kronor
* Voestalpine Raised to Buy at UBS; PT 64 euros
* Zscaler Raised to Buy at CFRA as Event Underscores Tailwinds
>>> Down
>>> Down
* BEWI Cut to Hold at Arctic Securities; PT 21 kroner
* Danske Bank Cut to Equal-Weight at Barclays; PT 391 kroner
* DNB Bank Cut to Underweight at Barclays; PT 282 kroner
* DSV Cut to Neutral at JPMorgan; PT 1,400 kroner
* DSV Cut to Neutral at JPMorgan; PT 1,400 kroner
* Evolution Cut to Hold at Pareto Securities; PT 800 kronor
* Joby Aviation Cut to Underweight at Barclays
* Pearson Cut to Neutral at UBS; PT 1,300 pence
* Pennon Cut to Sector Perform at RBC; PT 400 pence
* Rheinmetall Cut to Hold at Berenberg; PT 1,020 euros
* Ryanair Cut to Equal-Weight at Barclays; PT 24 euros
* Saint-Gobain Cut to Sector Perform at RBC
* Tieto Oyj Cut to Hold at Nordea; PT 19.50 euros
>>> Initiation
>>> Initiation
* Boeing Rated New Overweight at Barclays; PT $300
* Lotus Bakeries Rated New Equal-Weight at Morgan Stanley
* Palantir Rated New Overweight at Barclays; PT $265
* Palisade Bio Inc Rated New Outperform at Raymond James; PT $6
* Rocket Lab Rated New Overweight at Barclays
* SIG Group Reinstated Neutral at BNP Paribas
* SpaceX Rated New Overweight at Barclays
* Vicore Pharma Rated New Buy at Jefferies; PT 23 kronor
* Vicore Pharma ADRs Rated New Buy at Jefferies; PT $25
* Zigup Rated New Buy at Shore Capital; PT 535 pence
>>> Call
* Zigup Rated New Buy at Shore Capital; PT 535 pence
>>> Call
* Barclays Turns Positive on Swedish Banks, DNB, Danske Cut
* DSV Loses Clean Sweep of Buy Ratings as JPMorgan Cuts to Neutral
* DSV Loses Clean Sweep of Buy Ratings as JPMorgan Cuts to Neutral
* Hexagon on ‘Solid Footing,’ JPMorgan Upgrades to Overweight
* Mercedes May Cut 2026 Profit Guidance, RBC Analyst Says
* Rheinmetall Cut at Berenberg on Medium-Term Outlook Uncertainty
* Ryanair, Norwegian Air Cut at Barclays on High Fuel Costs
- Argenx (1AE TH) +2.7%
- Hexagon (HXG TH) +2.7%
- Hexagon on ‘Solid Footing,’ JPMorgan Upgrades to Overweight
- Rational (RAA TH) +2.4%
- Rational Raised to Outperform at RBC; PT 700 euros
- Bureau Veritas (4BV TH) +2.4%
- Heidelberg Materials (HEI TH) +2.4%
- Heidelberg Materials Raised to Outperform at RBC
- ArcelorMittal (ARRD TH) +2.3%
- ING (INN1 TH) +1.8%
- Thyssenkrupp (TKA TH) +1.8%
- Fresnillo (FNL TH) +1.7%
- Voestalpine (VAS TH) +1.6%
- Equinor (DNQ TH) -1.1%
- Var Energi (J4V TH) -1.2%
- Saint-Gobain (GOB TH) -1.3%
- Saint-Gobain Cut to Sector Perform at RBC
- Orange (FTE TH) -1.5%
- Soitec (SOH1 TH) -1.6%
- TotalEnergies (TOTB TH) -1.6%
- Leonardo (FMNB TH) -1.6%
- AT&S (AUS TH) -2%
- ASML (ASME TH) -2.1%
- Europe AI Trading Share Is Set to Rise, US Liquidity Gap Persist
- Deutsche Telekom (DTE TH) -4.5%
- SpaceX Announces Spectrum Deal for Starlink Mobile Phone Service
DAX:
- Heidelberg Materials (HEI TH) +2.9%
- Heidelberg Materials Raised to Outperform at RBC
- Deutsche Bank (DBK TH) +1.5%
- Vonovia (VNA TH) +1.5%
- Commerzbank (CBK TH) +1.4%
- SAP (SAP TH) +1.4%
- Rheinmetall (RHM TH) -1%
- Rheinmetall Cut at Berenberg on Medium-Term Outlook Uncertainty
- Deutsche Telekom (DTE TH) -4.1%
- SpaceX Announces Spectrum Deal for Starlink Mobile Phone Service
MDAX:
- Salzgitter (SZG TH) +4.7%
- Salzgitter Raised to Buy at UBS; PT 71 euros
- Thyssenkrupp (TKA TH) +1.9%
- Puma (PUM TH) +1.4%
- Deutz (DEZ TH) +1.2%
- Lufthansa (LHA TH) -2%
- Ryanair, Norwegian Air Cut at Barclays on High Fuel Costs
SDAX:
- PVA TePla (TPE TH) +1.2%
- PVA TePla Investor Raised Voting Rights to 5.34% on Oct. 2
- LPKF (LPK TH) +1.1%
- TeamViewer (TMV TH) +1.1%
- Jungheinrich (JUN3 TH) +0.9%
- Suedzucker (SZU TH) -0.8%
- Schott Pharma AG & Co KGaA (1SXP TH) -2.8%
EU capitals caught between markets and metrics as debt fears rise
Danger zone
The European Commission is wary of further tweaking its fiscal framework as bond markets test governments’ credibility and borrowing costs reach multiyear highs, writes Paola Tamma.
Context: High energy prices are squeezing governments preparing 2027 budgets, prompting Italy and Greece, the Eurozone’s two most indebted economies, to request more flexibility under EU fiscal rules to spend without risking sanctions.
But the Commission warned against further diluting the rules amid jittery markets.
“We cannot come with new fiscal flexibilities all the time,” said EU economy commissioner Valdis Dombrovskis yesterday, warning this would undermine confidence in governments’ commitment to fiscal sustainability.
The framework already allows for inflation when assessing compliance with spending limits, he added.
Rome and Athens also faced pushback from other EU capitals.
“Piling debt on top of debt makes our problems bigger. We need to spend less and reform,” said Eelco Heinen, Dutch finance minister.
Energy price increases resulting from the US-Israeli war against Iran have driven Eurozone inflation to a higher-than-expected 3.8 per cent in September.
EU governments spent €18bn cushioning households and businesses from higher prices this year, equivalent to 0.1 per cent of EU GDP, according to the Commission.
Higher inflation expectations, interest rates and concerns over mounting public debts have pushed 10-year government bond yields to multi-decade highs in several Eurozone countries, particularly France.
“Investors are becoming more sensitive to fiscal risks,” said Kyriakos Pierrakakis, Greek finance minister and Eurogroup president, warning that neither more borrowing nor indiscriminate spending cuts were the answer.
“We must achieve more with the resources that we already have.”