>>> Up
* Atlas Copco Raised to Outperform at BNPP Exane; PT 175 kronor
* Develia SA Raised to Accumulate at Erste Group; PT 9.10 zloty
* Dormakaba PT Raised to 900 Swiss francs at Berenberg
* Dormakaba Raised to Buy at Kepler Cheuvreux; PT 810 Swiss francs (+)
* EXPL FP Raised to Buy at TP ICAP Midcap; PT 217 euros (+)
* Interroll Raised to Outperform at ZKB; PT 3,184 Swiss francs (+)
* Lundbeck Raised to Buy at Handelsbanken; PT 60 kroner (+)
* Marimekko Raised to Accumulate at Inderes; PT 13 euros
* RENK Group Raised to Neutral at BNPP Exane; PT 68 euros
* RENK Group Raised to Neutral at BNPP Exane; PT 68 euros
* SMA Solar Raised to Hold at Jefferies; PT 16 euros
>>> Down
>>> Down
* Ceconomy Cut to Sell at M.M. Warburg; PT 4.60 euros (+)
* Entain Cut to Hold at HSBC; PT 917 pence
* Jet2 Estimates and Price Target Cut at Jefferies After Update (+)
* Parker-Hannifin Cut to Hold at Deutsche Bank; PT $809
* Wartsila Cut to Sell at Citi on Overly Optimistic Valuation
* Wartsila Cut to Sell at Citi on Overly Optimistic Valuation
* WH Smith Cut to Hold at Investec; PT 690 pence
>>> Initiation
>>> Initiation
* Aryzta Rated New Hold at Berenberg; PT 80 Swiss francs
* Buzzi SpA Rated New Neutral at Goldman; PT 47 euros
* Conduit Rated New Underweight at Barclays; PT 280 pence (+)
* Dassault Aviation Reinstated Outperform at BNPP Exane
* Generali Resumed Overweight at Morgan Stanley; PT 37.50 euros
* Heidelberg Materials Rated New Buy at Goldman; PT 240 euros
* Holcim Rated New Buy at Goldman; PT 75 Swiss francs
* Kongsberg Rated New Equal-Weight at Morgan Stanley
* Leonardo Reinstated Neutral at BNPP Exane; PT 50 euros
* Leonardo Reinstated Neutral at BNPP Exane; PT 50 euros
* Mercedes Rated New Outperform at CICC; PT 60 euros
* Saab Rated New Underweight at Morgan Stanley; PT 430 kronor
* Tate & Lyle Rated New Equal-Weight at Morgan Stanley
* TechnipFMC Rated New Buy at William O'Neil
* UniCredit Reinstated Buy at DZ Bank; PT 76 euros (+)
* Ypsomed Rated New Overweight at KeyBanc; PT 525 Swiss francs
>>> Call
>>> Call
* Ferrovial is Europe Infrastructure Pick at JPMorgan, Getlink Cut
* SMA Solar Raised at Jefferies Following Post-Warning Correction
* Tate & Lyle Needs Catalysts, New Equal-Weight at Morgan Stanley
* Ypsomed Overweight at KeyBanc on Shift to Injectable Pure Play
* Ypsomed Overweight at KeyBanc on Shift to Injectable Pure Play
UniCredit will not take over Commerzbank, says German bank's CEO
FRANKFURT, Sept 3 (Reuters) - Italy's UniCredit (CRDI.MI), opens new tab will not take over Commerzbank (CBKG.DE), opens new tab, the German lender's CEO Bettina Orlopp said on Wednesday, but she added that investors will have the final say.Over the past year, UniCredit has built up a 26% equity stake in the German bank and pressed for a tie-up, but Commerzbank has resisted the advances of the Italian bank.
Orlopp's remarks, made at a banking conference on Wednesday, underscored an increasingly defiant tone from the German bank to UniCredit's overtures.
Orlopp, when asked how she would answer the question whether UniCredit would eventually take over Commerzbank or not, said: "Of course, no".
"Our shareholders will decide, and that's where the decision belongs," Orlopp said.
Any deal "will depend on whether such a transaction makes sense, yes or no, whether it creates value, yes or no, and that will ultimately be the deciding factor," Orlopp said.
In September last year, UniCredit announced its first acquisition of a hefty stake in Commerzbank.
UniCredit CEO Andrea Orcel, who is scheduled to speak at the same conference on Thursday, has said a deal "would create a new national banking champion for Germany" and aid "the revitalisation of the German economy".
Commerzbank has resisted UniCredit’s advances, citing its intention to remain independent amid concerns raised by employees, the German government, and customers.
"We have been able to demonstrate many, many successes over the past 12 months... And we have no intention of slowing down. We are fully focused on implementing our strategy," Orlopp said.
Asian equities slowed their advance as a selloff in Chinese stocks intensified, eroding earlier optimism about Federal Reserve policy easing after weak US job openings data. MSCI’s regional stock gauge eked out a 0.1% gain, after climbing as much as 0.7%. Equity-index futures for the S&P 500 and the Nasdaq 100 both edged higher. Treasuries and the dollar were steady. Oil dipped, while gold retreated after seven days of gains. Japanese bond futures extended gains after a closely watched auction of 30-year government notes met demand that was broadly in line with its 12-month average. Meanwhile, selling in mainland Chinese stocks turned heavier, with the CSI 300 Index down 2.5% before the midday break. It came after the nation’s financial regulators are said to be considering a number of cooling measures for the stock market due to concerns about the speed of a $1.2 trillion rally since the start of August. More broadly, with US job openings falling to a 10-month low, traders are now almost fully pricing in a September Fed cut and projecting at least two reductions this year. Investors are focused on the pivotal US payrolls report Friday after Fed Chair Jerome Powell said in a speech last month that “downside risks to employment are rising.” The data is “another sign that the labor market is slowing down,” wrote Kyle Rodda, a senior market analyst at Capital.com in Melbourne. “The dynamic boosts the case for rate cuts.” Economists project about 75,000 jobs were added in August, based on the median of a Bloomberg survey, while the jobless rate is seen at 4.3%. Four straight months of sub-100,000-payrolls growth would mark the weakest such stretch since the onset of the pandemic in 2020. Also, Federal Reserve Governor Christopher Waller said on CNBC that the central bank should begin lowering rates in September and make multiple cuts in coming months, adding that officials could debate the precise pace of reductions. In Japan, investors breathed a sigh of relief after the 30-year government bond auction eased concerns over demand, following a global debt selloff. Traders had also worried that the sale may prove challenging amid domestic political uncertainties and doubts about debt sustainability. Meanwhile, borrowers from across the globe are rushing into the bond market, with more than $128 billion of sales so far this week, and investors are lapping up the new debt. ssuers from Asia including State Bank of India and Japan’s Mitsubishi Corp. have been taking advantage of insatiable appetite for credit globally this week to sell dollar notes at record-tight spreads. Firms from around the Asia Pacific sold more than $16 billion of notes in the US currency since Monday. China Construction Bank Corp. was offering dollar notes Thursday, while Philippine oil refiner Petron Corp. hired banks for a potential debt sale. Investors are being drawn to yields that are still elevated compared to long-term levels, while tight spreads signal continued confidence in companies’ credit strength. In commodities, oil dropped for a second day as traders fretted that OPEC+ may boost supplies and an industry estimate showed higher stockpiles at a key storage hub. Global benchmark Brent fell toward $67 a barrel, while West Texas Intermediate was below $64. Brent is set to drop to the low $50s a barrel next year on a global surplus, according to Goldman Sachs Group Inc. analysts. US Azfter Hours AEO +23.2%, ASAN +5.8%, CRDO +3.9% higher on earnings; FIG -13.8%, AI -10.4%, GTLB -6.9%, CRM -5.1% lower on earnings; NEON -61.8% on proceeds from patent lawsuit settlement.
Nikkei +1.52% Hang Seng -1.13% CSI -2.38% Shanghai -1.72% Shenzen -1.90%
Eur$ 1.1653 CNH 7.1418 CNY 7.1427 JPY 148.18 GBP 1.3428 CHF 0.8043 RUB 80.9802 TRY41.1653 WTI$ 63.48 -0.77% Gold 3,532 -0.77% BTC 110,680 -1.42% ETH 4,372 -2.13%
S&P +0.08% Nasdaq +0.08% EuroStoxx +0.06% FTSE +0.06% Dax +0.03% SMI
Macro :
- Jane Street’s India Revenue Shrank Amid Misconduct Allegations
- China Expands Anti-Dumping Duties to Optical Fiber From US
- Russia Court Orders Euroclear to Pay $105m in Sberbank Suit: RIA
- New York Giants Agree to Sell Minority Stake to Koch Family
Keep an eye on :
Keep an eye on :
- AIR FP : Airbus delivered 61 jets in August, sources say
- BABA US : 9988 HK : -3.45%
- AAL LN : Anglo American Offers About 52.2M Valterra Platinum Shares, Anglo American to Exit Platinum Spinoff Valterra with Stake Sale
- AAPL US : Apple Plans AI-Powered Web Search Tool for Siri to Rival OpenAI
- MT NA : ArcelorMittal, South Africa Takeover Talks Stall Over Valuation
- BING GY : Boehringer Ingelheim Timeline Accelerated for Phase 1 BI 3706674 Trial in Advanced Stomach and Oesophagus Cancer
- BMPS IM : Monte Paschi to Reopen Acceptance Period in Mediobanca Offer
- BRBY LN : FTSE 100 Adds Burberry, Removes Unite Group
- BYD : 1211 HK : BYD Cuts Its Annual Sales Target : -2.31%
- AI US : C3 AI Names Stephen Ehikian as CEO, Succeeds Siebel
- GOOS CN : Canada Goose Isn’t Working on Go-Private Deal, Executive Says
- DTG GY : Class 8 Truck North American Orders Fall 3% YoY in August
- DEME BB : DEME Group NV: Share Buyback Program Completed
- DEME BB : DEME Group NV: Share Buyback Program Completed
- DIE BB : D'Ieteren 1H Adjusted Pretax Profit EU452.4M Vs. EU585.5M Y/y
- ENGI FP : Engie Energia Chile Sells $122M of Local Series C Bonds
- EQT US : EQT, NextDecade in 20 Year Deal for LNG From Rio Grande Facility
- XOM US : ExxonMobil Explores Sale of European Chemical Plants: FT
- FORN SW : Forbo Names Johannes Huber as CEO From Jan. 1
- Golden Goose IPO : Luxury Sneaker Maker Golden Goose is Ready to Revive IPO When Markets Allow, CFO Says
- GOOGL US : France Fines Google $379 Million, Shein $175 Million on Cookies
- Horizon Robotic : 9660 HK : -6.30%
- HPE US : HP Enterprise Sees 4Q Adj EPS 56C to 60C, Est. 59C
- IFX GY : Infineon Shares Fall After Company Attends Investor Conferences
- JST GY : JOST Werke Holder Offers 1.5m Shares, Terms Show
- FII FP : Peugeot Invest Launches Sale of 2.7M Lisi Shares, Peugeot Invest Completes Lisi Stake Sale for ~€105M
- LLOY LN : Lloyds Plans to Overhaul Employees Performance Management: FT
- LMT US : Lockheed Martin Gets $9.8b US Army Patriot Missles Contract
- LTMC IM : Lottomatica to be added to FTSE MIB, Replacing Pirelli
- MNG LN : M&G Shares Briefly Spike After FT Report Apollo Examined a Deal
- MRK GY : Biocytogen, Merck KGaA Enter Agreement for Antibody-Based Drugs
- MB IM : Monte Paschi Exceeds Minimum 35% Threshold in Mediobanca
- MB IM : Monte Paschi to Reopen Acceptance Period in Mediobanca Offer
- NEX FP : Nexans Holder Invexans Offers 2.2m Shares: Terms, placed @ 121.50/share
- NIO US : 9866 HK : -6.15%
- NVDA US : Nvidia-Backed Cloud Provider Lambda Hires Banks For IPO
- PEUG FP : Peugeot Invest Launches Sale of 2.7M Lisi Shares
- PIRC IM : Lottomatica to be added to FTSE MIB, Replacing Pirelli
- P911 GY : Porsche AG to Exit Germany’s DAX After Less Than Three Years
- Prada : 1913 HK : -0.91%
- CRM US : CRM Sees 3Q Revenue $10.24B to $10.29B, Est. $10.29B: Snapshot
- SAN FP : Sanofi’s Amlitelimab Met Phase 3 Key Endpoints
- SAP GY : Watch European Software Stocks as Salesforce, GitLab Disappoint
- TMV GY : TeamViewer Holder TigerLuxOne Offers ~12.5m Shares: Terms
- 8TRA GY : Class 8 Truck North American Orders Fall 3% YoY in August
- VAL SJ : Anglo American Offers About 52.2M Valterra Platinum Shares
- VLK NA : Lannfelt, Gellerfors to Divest Parts of BioArctic Shareholdings
- VTU LN : Vertu Motors Sees Earnings in Line With Market Consensus
- VLTSA FP : Voltalia 1H Normalized Ebitda EU78.3M, Announces Spring Roadmap (1)
- WPS LN : WAG Payment 1H Adjusted Ebitda Misses Estimates
- WBD US : Warner Bros. Could Sell Studio Stake Before Spinoff
- XAI : xAI CFO Liberatore Steps Down, Latest in String of Executive Departures -- WSJ
>>> Up
* Atlas Copco Raised to Outperform at BNPP Exane; PT 175 kronor
* Develia SA Raised to Accumulate at Erste Group; PT 9.10 zloty
* Dormakaba PT Raised to 900 Swiss francs at Berenberg
* Marimekko Raised to Accumulate at Inderes; PT 13 euros
* RENK Group Raised to Neutral at BNPP Exane; PT 68 euros
* RENK Group Raised to Neutral at BNPP Exane; PT 68 euros
* SMA Solar Raised to Hold at Jefferies; PT 16 euros
>>> Down
>>> Down
* Entain Cut to Hold at HSBC; PT 917 pence
* Parker-Hannifin Cut to Hold at Deutsche Bank; PT $809
* Wartsila Cut to Sell at Citi on Overly Optimistic Valuation
* Wartsila Cut to Sell at Citi on Overly Optimistic Valuation
* WH Smith Cut to Hold at Investec; PT 690 pence
>>> Initiation
>>> Initiation
* Aryzta Rated New Hold at Berenberg; PT 80 Swiss francs
* Buzzi SpA Rated New Neutral at Goldman; PT 47 euros
* Dassault Aviation Reinstated Outperform at BNPP Exane
* Generali Resumed Overweight at Morgan Stanley; PT 37.50 euros
* Heidelberg Materials Rated New Buy at Goldman; PT 240 euros
* Holcim Rated New Buy at Goldman; PT 75 Swiss francs
* Kongsberg Rated New Equal-Weight at Morgan Stanley
* Leonardo Reinstated Neutral at BNPP Exane; PT 50 euros
* Leonardo Reinstated Neutral at BNPP Exane; PT 50 euros
* Mercedes Rated New Outperform at CICC; PT 60 euros
* Saab Rated New Underweight at Morgan Stanley; PT 430 kronor
* Tate & Lyle Rated New Equal-Weight at Morgan Stanley
* TechnipFMC Rated New Buy at William O'Neil
* Thales Reinstated Neutral at BNPP Exane; PT 240 euros
* Ypsomed Rated New Overweight at KeyBanc; PT 525 Swiss francs
>>> Call
>>> Call
* Ferrovial is Europe Infrastructure Pick at JPMorgan, Getlink Cut
* SMA Solar Raised at Jefferies Following Post-Warning Correction
* Tate & Lyle Needs Catalysts, New Equal-Weight at Morgan Stanley
* Ypsomed Overweight at KeyBanc on Shift to Injectable Pure Play
* Ypsomed Overweight at KeyBanc on Shift to Injectable Pure Play
- GEA Group (G1A TH) +1.8%
- Porsche AG to Exit Germany’s DAX After Less Than Three Years
- Heidelberg Materials (HEI TH) +1.6%
- Heidelberg Materials Rated New Buy at Goldman; PT 240 euros
- Scout24 (G24 TH) +1.6%
- Porsche AG to Exit Germany’s DAX After Less Than Three Years
- STMicro (SGM TH) +1.3%
- Airbus (AIR TH) +1.3%
- MinRes safety complaint claims drivers asked to ‘falsify timesheet’
- Infineon (IFX TH) +1.2%
- Eni (ENI TH) +1.2%
- RWE (RWE TH) +1.1%
- Porsche SE (PAH3 TH) -0.8%
- Porsche AG to Exit Germany’s DAX After Less Than Three Years
- Getlink (TNU3 TH) -1%
- Ferrovial is Europe Infrastructure Pick at JPMorgan, Getlink Cut
- Hiscox (H2X3 TH) -1.2%
- Genmab (GE9 TH) -1.2%
- Fuchs (FPE3 TH) -1.3%
- Saab (SDV1 TH) -1.3%
- MTU Aero (MTX TH) -1.3%
- Nemetschek (NEM TH) -1.4%
DAX:
- Heidelberg Materials (HEI TH) +1.8%
- Heidelberg Materials Rated New Buy at Goldman; PT 240 euros
- Infineon (IFX TH) +1.4%
- MTU Aero (MTX TH) -1.3%
- Porsche (P911 TH) -1.3%
- Porsche AG to Exit Germany’s DAX After Less Than Three Years
MDAX:
- GEA Group (G1A TH) +2.2%
- Porsche AG to Exit Germany’s DAX After Less Than Three Years
- Scout24 (G24 TH) +1.8%
- Porsche AG to Exit Germany’s DAX After Less Than Three Years
- RENK Group (R3NK TH) +0.7%
- RENK Group Raised to Neutral at BNPP Exane; PT 68 euros
- Fuchs (FPE3 TH) -1.3%
- Nemetschek (NEM TH) -1.4%
- TeamViewer (TMV TH) -2.4%
- TeamViewer Holder TigerLuxOne Offers ~12.5m Shares: Terms
SDAX:
- SMA Solar (S92 TH) +2%
- SMA Solar Raised to Hold at Jefferies; PT 16 euros
- PNE AG (PNE3 TH) -1.2%
After Hours Summary: AEO +23.2%, ASAN +5.8%, CRDO +3.9% higher on earnings; FIG -13.8%, AI -10.4%, GTLB -6.9%, CRM -5.1% lower on earnings; NEON -61.8% on proceeds from patent lawsuit settlement
After Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: AEO +23.2%, ASAN +5.8%, CRDO +3.9%, BASE +0.6%
Companies trading higher in after hours in reaction to news: LFVN +7.1% (to acquire LoveBiome), NEXT +4.3% (LNG sale and purchase agreement between NEXT and EQT), COOP +2.5% (COOP shareholders approve merger with RKT), AVDL +2.1% (license agreement with XWPharma), NVAX +0.9% (issues statement on publicly available COVID-19 vaccine data), UPWK +0.6% (authorizes $100 mln increase in share repurchase program), GOOG +0.6% (Apple developing AI-powered web search tool, may use Google's Gemini for Siri AI, according to Bloomberg), MYGN +0.5% (announces publication of new meta-analysis of six studies), CRWV +0.3% (to acquire OpenPipe), AG +0.3% (exploration results at Los Gatos), RKT +0.2% (COOP shareholders approve merger with RKT), NDAQ +0.2% (reports August data), XPO +0.1% (reports August LTL metrics)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: FIG -13.8%, AI -10.4% (also names new CEO), GTLB -6.9% (also CFO to step down), YQ -6.3%, CRM -5.1%, CHPT -4.7%, PD -3.8%, DSGX -0.3%
Companies trading lower in after hours in reaction to news: NEON -61.8% (to receive $15-20 mln proceeds from patent lawsuit settlement), CUBI -6.1% (files mixed securities shelf offering; launches $150 mln stock offering), SHC -5.4% (20 mln share offering), DOLE -5.1% (stock offering by selling shareholders), DLO -4.1% (stock offering), SNOW -2.6% (names new CFO), JBTM -2.4% ($500 mln convertible notes offering), CTRI -2.1% (SWX to sell its entire stake in CTRI, comprised of 27.4 mln shares), FLR -1.1% (US Army contract), PSNL -1% (new data from lung cancer trial), SLI -0.3% (SLI and EQNR JV announces study results), AAPL -0.3% (Apple developing AI-powered web search tool, may use Google's Gemini for Siri AI, according to Bloomberg)