>>> Tesla Semi is a ‘beast’, says Elon Musk – unveiling of electric truck pushed

Tesla Semi is a ‘beast’, says Elon Musk – unveiling of electric truck pushed to Oct 26th


Tesla originally planned to unveil its upcoming new all-electric truck, Tesla Semi, at the end of September.
Now CEO Elon Musk says that it has been pushed to October 26th. As usual, he also hypes up the new vehicle, which he called “a beast” this time.

The expectations are already high. Morgan Stanley recently called the unveiling of Tesla Semi ‘the biggest catalyst in trucking in decades’ and they expect that the electric truck could be 70% cheaper to operate than a diesel-powered truck.
Not many details are currently known about the vehicle and certainly not enough to confirm Morgan Stanley’s prediction.
We should know more at the unveiling, which Musk now says is “tentatively scheduled” for October 26th:

Words like “unreal” and “beast” are new to describe the vehicle, but it’s in line with Musk claiming that it will out-torque any other truck on the market.
Musk previously described Tesla Semi as having the “highest weight capability and with long-range”:
“It is a heavy duty, long range, semi-truck. So it has the highest weight capability and with long range. So essentially it’s meant to alleviate the heavy duty trucking loads. And this is something which people do not, today, think is possible. They think the truck doesn’t have enough power or it doesn’t have enough range. And then with those with the Tesla semi we want to show that no, an electric truck actually can out-torque any diesel semi and if you had a tug-of-war competition, the Tesla semi what will tug the diesel semi uphill.”
Tesla is reportedly already showing prototypes to early fleet customers who gave inputs into the vehicle program during development and they are seeking to test autonomous driving systems on the truck.
At Tesla’s shareholders meeting this summer, Musk also said that the truck is expected to reach ‘scale production’ in ’18 to 24 months’.

FT : London house prices post ‘weakest result since 08′ – Rics

London house prices have hit a soft patch.

The Royal Institute of Chartered Surveyors says a net 56 per cent of respondents saw a fall in prices in the city in August, making this “the weakest result since 2008″. Set against a net 6 per cent nationally seeing a rise in prices, that suggests strong local factors are at play.

It added (with our highlights):

Although headline price expectations remain subdued over the next three months, at the 12-month horizon, prime central London remains the only area in which prices expectations are negative.

WSJ : Paris Revels in Change—and London’s Travails

Paris Revels in Change—and London’s Travails
Era of Macron Draws Optimism from French Business

One of the most striking things to visitors to Paris these days is a palpable sense of optimism among business leaders compared with the gloom of six months ago—and particularly in contrast to the anxiety of Brexit-obsessed London.

This optimism isn’t just a reflection of the surprising strength of the French recovery, with the economy growing at an annualized rate of more than 2% in the last two quarters. It also reflects growing confidence that France is in the early throes of a revolution—and a very different one to that which many had anticipated earlier this year.

Emmanuel Macron’s victory in the presidential election in May and his subsequent destruction of the old two-party system in the parliamentary elections in June were above all a victory for the Énarques—France’s traditional administrative elite drawn from graduates of its grand écoles. Under the leadership of one of their own, they finally have an opportunity to implement the radical overhauls of the French state that all governments of the past 30 years have recognized as vital but which have been defeated by partisan political fighting and violent opposition from the street.

This time it may really be different. Mr. Macron survived his first big test this week when a day of protest organized by one of France’s largest trade unions against Mr. Macron’s flagship overhaul of the country’s Byzantine labor code proved a damp squib. The CGT union said 60,000 protesters took part in the Paris demonstration; police estimated the crowd to be closer to 20,000.
Either way, it wasn’t enough to derail new rules that streamline the process for laying-off workers and, for the first time, allow companies to bargain directly with their employees over wages and working conditions.

No doubt Mr. Macron will meet more determined resistance when he pushes ahead with plans to overhaul the welfare and pension systems and cut public spending to pay for a promised 20 billion euros ($23.7 billion) of tax breaks for business and investment. Those moves will bring him up against powerful vested interests.

But for now, Mr. Macron’s early victory over the street will only have added to business optimism that he can see through his revolution.

A second striking feature of France today is what appears to be a shift in official thinking toward the eurozone since the election.

Mr. Macron has grabbed headlines with his repeated calls for a euro area budget and finance minister, following a long tradition of French demands for greater “solidarity” and more fiscal integration. While the details of these policies have yet to be fleshed out, it is clear that an important change of emphasis is taking place: Gone is the knee-jerk Keynesianism which couldn't see any problem to which more public spending wasn’t the solution; in its place is a greater awareness of the need for solidarity to be balanced by measures to ensure that solidarity isn’t abused.

Above all, French officials now emphasize that the key to improving eurozone resilience lies in deep structural reforms at the national level that boost productivity and potential growth as well as steps to improve cross-border private-sector capital flows.

As a result, Mr. Macron is unlikely to extend political capital on proposals such as the creation of a common eurozone bank-deposit guarantee fund that pools risks without doing much to improve economic performance, say officials. Instead, he will back efforts to improve the coordination and oversight of national reform efforts to drive greater economic convergence.

In this respect, the French position on eurozone reform may be more closely aligned with Germany than is widely realized. It is as if France has decided to become a Northern European country again after 20 years of being the captain of Club Med, noted one senior business leader. This bodes well for the long-term stability of the currency bloc.

A third striking aspect of France today is the almost complete absence of any public debate over Brexit. That isn’t to say there isn’t growing alarm at the lack of progress in the negotiations and how much still needs to be settled in a very short amount of time. French officials recognize that very substantial interests are at stake, in terms of cross-border investments, supply chains and trade—but they are also clear that only the U.K. can unblock the talks.

Contrary to British hopes that Paris might take a more flexible approach than the EU chief negotiator, Michel Barnier, French officials are clear that London needs to table a serious offer to settle its financial obligations before talks can proceed to the future trading relationship.

Meanwhile, French officials note with concern what they see as the unrealistic expectations in the U.K. public debate as to what a future relationship might look like and wonder if Prime Minister Theresa May can close the gap between rhetoric and reality in the time available to strike a deal.

Of course, the irony isn’t lost on Paris. For years, British euroskeptics blamed a lackluster U.K. recovery on negative spillovers from a dysfunctional eurozone. Now the tables have been turned and a big risk to France’s newfound optimism is chaos on the other side of the Channel.

WSJ : Saudi Arabia Clamps Down as Crown Prince Consolidates Power

Saudi Arabia Clamps Down as Crown Prince Consolidates Power
Prince Mohammed is expected to accede to the throne held by his father, King Salman

Saudi Arabia is stamping out traces of internal dissent in a far-reaching campaign targeting influential clerics, liberal thinkers and even princes as Crown Prince Mohammed bin Salman moves to consolidate power ahead of his expected accession to the throne.

In the past week, Saudi authorities have detained more than 30 people, roughly half of them clerics, according to activists and people close to those who have been detained. The campaign goes beyond many of the government’s past clampdowns, both in the scope of those targeted and the intense monitoring of social media posts by prominent figures. It is not known if any charges have been filed.

“This is unlike anything Saudis have experienced before,” says Jamal Khashoggi, a Saudi political commentator who left the kingdom recently and now lives in self-imposed exile in the U.S. “It was becoming so suffocating back at home that I was beginning to fear for myself.”

Saudi officials didn’t comment about the crackdown.

The detentions are seen by some Saudi and Western observers as part of a wider effort by Prince Mohammed to shore up control over the kingdom.

In recent months, the government has also barred several senior princes from traveling abroad, according to several people close to the royal family. They include a brother of King Salman. The princes were unreachable for comment.

Prince Mohammed leapfrogged an older cousin in June to become first in line to succeed King Salman, his octogenarian father. Prince Mohammed has become the country’s de facto day-to-day ruler.

King Salman is planning to abdicate in his son’s favor, say people close to the royal court. But the timing isn’t clear.

Mohammed bin Salman is definitely preparing to become king,” said a Saudi adviser to the government. “He wants to tackle the internal debate about him becoming the king and focus on consolidating his power, rather than doing that while being distracted by dissidents.”

The government has denied an abdication is planned, but several people close to the royal family say preparations have already started. The transfer of power, which several people close to the royal family had expected to occur this month, is likely to take place late this year or early next year, these people say.

King Salman is due to travel to Russia and the U.S. on official trips, in October and January, respectively.

The clampdown on dissent “is symptomatic that the transfer of the throne is nearing, even if it will not be as imminent as we thought,” said a Gulf-based Western diplomat.

Most of the people detained in the past week have two things in common: They have a large social media following and haven’t supported the Saudi government in its monthslong dispute with neighboring Qatar. Many are close to Egypt’s Muslim Brotherhood movement.

The Saudi government earlier this week said it had arrested people whose behavior was helping “foreign parties” and harming the nation’s interest. It didn’t name those people. “This is a very specific network of people who were planning, under the behest of foreign agencies, a grand plan to destabilize Saudi Arabia,” said a person familiar with the matter, referring to the people who were detained.

The clampdown also comes ahead of antigovernment protests that activists based outside Saudi Arabia are planning for Friday.

“They want to give a strong warning to all Saudis: You are either with us or you are against us,” said a Saudi activist.

Those detained include 15 Saudi clerics, according to activists. Many are former religious fundamentalists who took part in the antigovernment Islamic Awakening movement in the 1990s and who have ties to the Muslim Brotherhood, a group banned in Saudi Arabia, and whose views have since moderated. The most prominent among them is Salman al-Odah, who has some 14 million Twitter followers. He couldn’t be reached for comment.

The Saudi government crackdown on clerics has drawn the attention of extremist groups, such as al Qaeda. On Wednesday, the group urged the Saudi religious establishment to challenge the Saudi royal family.

“How can the grandsons of the Prophet and his Companions become slaves of the Family of Saud and its fool headed tyrants?” the terrorist group said, according to SITE Intelligence group, which monitors extremist activity.

Some people who spoke out against a program to transform the oil-dependent Saudi economy, which is spearheaded by Prince Mohammed, were also detained.

Among them is Essam Al-Zamil, a popular commentator, who cast doubts on how much the government could raise with a sale of up to 5% of Saudi Arabian Oil Co., the national oil company, according to activists and people who know him. Prince Mohammed has said the sale could value the company at $2 trillion at least. Mr. Al-Zamil couldn’t be reached.

Prince Mohammed has taken care to ensure the pace of economic changes doesn’t cause too much pain for ordinary people. The Saudi government has backed away from some measures, such as a planned increase in fuel prices.

Within the royal family, the meteoric rise of Prince Mohammed has sowed divisions. Some members opposed the decision to sideline the former crown prince, Prince Mohammed bin Nayef, a powerful former minister of interior who was close to Washington. His movements have been limited since the line of succession was reshuffled in June, according to people close to the royal court. The government denies restricting his movements.

Last week, government authorities detained a minor royal who had criticized the decision to remove Prince Mohammed bin Nayef from the line of succession.

In addition to leading the economic overhaul, Prince Mohammed has backed muscular foreign-policy moves, such as waging a war in neighboring Yemen and imposing an embargo on rival Qatar.

Saudi Arabia and other Arab countries broke ties with Qatar in June, citing its support for Islamist groups like Egypt’s Muslim Brotherhood and its alleged ties to terrorist organizations, a claim Qatar denies.

Since then, Riyadh has warned that anyone who shows sympathy toward Doha could face punishment. Last month, the government launched a campaign asking Saudis to expose to authorities people who tweeted in favor of Qatar or against Saudi interests. Over 400 people have so far been questioned by Saudi authorities over the Qatar crisis, according to the London-based human rights group ALQST.

“The country is going through a major economic transformation that is supported by the people—a transformation that will be painful and hard to do, and that requires unity,” said Mr. Khashoggi, the Saudi now living in the U.S. “Instead, they are encouraging intimidation.”

(CS) Global Strat. : Dwg Japan & Reduce UW on US Eq. ex Tech, Small OW in europe

GLOBAL EQUITY STRATGEY: We d/g Japan to benchmark because: i) BoJ policy is increasingly unclear at a time when CPI inflation ex food and energy is -0.1%; ii) the case for yen weakness has diminished; iii) Prime Minister Abe's loss of popularity threatens a tighter fiscal policy and loss of reform momentum; iv) buybacks are tracking lower than 2016, while Japan is the most leveraged region to global PMIs, which are peaking. We also reduce the size of our U/W in US equities ex tech: The US is the clear beneficiary of a weaker dollar and US performance has mirrored PMIs, while it has high exposure to growth and tech stocks. Our largest overweight remains GEM equities.

>>> Europe : Brokers Upgrades & Downgrades - 14th of Sept. 2017 (2)

>>> Up
* Air Products Raised to Positive at Susquehanna, PT $175
* Allianz Raised to Hold at SocGen
* Hexpol Raised to Hold at DNB Markets, PT SEK85
* Red Electrica Cut to Sell at Goldman, PT EU19
* Sage Raised to Equal-weight at Barclays, PT GBP6.85

>>> Down
* Acciona Cut to Neutral at Goldman, PT EU80
* Aegon Cut to Hold at SocGen
* DNO Cut to Underweight at Barclays, PT NOK11
* Hochschild Mining Cut to Neutral at UBS, PT 300p
* Indra Cut to Neutral at Goldman
* Infineon Cut to Neutral at Goldman
* Maire Tecnimont Cut to Equal-weight at Barclays, PT EU5.70
* Provident Cut to Underperform at RBC, PT 775p
* Red Electrica Cut to Sell at Goldman, PT EU19
* Richemont Cut to Hold at Deutsche Bank
* Wacker Neuson Raised to Hold at Deutsche Bank
* William Demant Cut to Underperform at Jefferies
* Worldline Cut to Neutral at Goldman

>>> Initiation
* Admiral New Underperform at MedioBanca, PT GBP18.74
* Aegon New Market Perform at Bernstein, PT $5.50
* ASR Nederland New Market Perform at Bernstein, PT EU35
* Aviva New Outperform at MedioBanca, PT 619p
* Banco BPM New Buy at UBS, PT EU4
* Berkshire New Overweight at JPMorgan, PT $315,000
* Direct Line New Neutral at MedioBanca, PT 403p
* Euromoney New Neutral at Citi, PT GBP11.05
* Ferrari New Neutral at Goldman, PT EU110
* Legal & General New Neutral at MedioBanca, PT 278p
* Prudential New Neutral at MedioBanca, PT GBP20.14
* RSA New Outperform at MedioBanca, PT 749p

>>> Call

>>> What to look at today - 14th of Sept. 2017

Dow +0.18% S&P +0.08% Nasdaq +0.09% Russell +0.24%
US Market closed again higher thanks to late afternoon rally. AAPL closed lower (-0.08%), AAPL is till up 37.8% YTD. Energy space benefited from a rally within the crude oil futures market that sent the price of WTI crude to $49.30/bbl, a one-day increase of 2.2%. We saw some rotation into laggards sector. Energy, Telco, Retail. Heavily-weighted financial sector (+0.2%) also finished in the green, marking its third-straight victory, as did the consumer staples group (+0.1%). On the flip side, six groups finished in the red--industrials (-0.1%), materials (unch), technology (-0.2%), health care (-0.4%), utilities (-0.5%), and real estate (-0.4%)--but losses were modest for the most part. US After Hours THC +11.9% on potential sale / activist engagement (boosting hospital peers), LSCC -1.6% blocked acquisition news is weighing on MGI / GNW. Asian equity markets opened slightly lower, before swinging into muted gains, then back again. The onshore yuan fell for a 5th consecutive day, while the PBOC weakened the yuan daily reference rate for the 3rd consecutive day.There was a deluge of data out of China, with fixed assets ex rural and industrial production coming in lower than expected.

Nikkei -0.28% Hang Seng -0.58% CSI -0.25% Shanghai -0.23% Shenzen +0.02%

Eur$ 1.1875 CNH 6.5521 CNY 6.5450 JPY 110.48 GBP 1.3203 CHF 0.9643 RUB 57.8448 WTI$ 49.20 -0.20%

S&P -0.11% EuroStoxx -0.23% Dax -0.19% SMI -0.10% FTSE -0.03%

Macro :
- ECB’s Praet Urges Patience on Stimulus Amid Inflation Disconnect
- Swiss MPs Weigh China Takeover Shield for Key Companies: T-A
- De Beers CEO Sees Diamond Sales Recovering in China and India
- ‘Not Inconceivable’ to See Big U.S. Fed Rate Rise: DBS’s Gupta
- Saudis Are Said to Prepare for Possible Aramco IPO Delay to 2019

Keep an eye on :
- AB1 GY : Niki Lauda to Submit Offer for Parts of Air Berlin: Kurier, Schaeuble Says Air Berlin Loan Will Be Repaid: Passauer
- AIR FP : Boeing to Raise 787 Dreamliner Production to 14/Month in 2019
- ASRL NA : Dutch State to Sell Remaining Stake in Insurer ASR
- ALIV SS : Autoliv to Evaluate Potential Split, Sets 2020 Targets
- BAYN GY : BASF Is Said to Progress in Bayer Auction for Seed Businesses
- BMW GY : Germany’s Quandt Group to Sell Two More Companies, FAZ Reports ( Not quoted)
- BMW GY : BMW Targets $2.4 Billion Cut to Parts Costs in E-Car Shift
- CPR IM : Davide Campari mandates Rabobank to sell its soft drinks division – sources
- DBK GY : Deutsche Bank Investors Criticize Cryan, Handelsblatt Reports
- DB1 GY : Deutsche Börse to Pay EU10.5m Fine to Stop CEO Investigation
- ELIS FP : Elis to Buy Back Up to 508,628 Shares For Maximum EU30/ShareGerry Weber Still Sees Full Year Ebit EU10 Mln To EU20 MlnGerry Weber Still Sees Full Year Ebit EU10 Mln To EU20 MlnGerry Weber Still Sees Full Year Ebit EU10 Mln To EU20 Mlnli
- GWI1 GY : Gerry Weber Still Sees Full Year Ebit EU10 Mln To EU20 Mln
- GSK LN : GlaxoSmithKline: Shingrix Gets Positive Vote from FDA Committee
- BAER VX : Julius Baer on Track to Reach $100B AUM in Asia by 2020: CEO
- KORI FP : Korian First Half Ebitda EU209 Mln
- MUV2 GY : Munich Re May Miss Profit Guidance for 2017
- P1Z GY : Patrizia Starts Further Share BuyBack Program Up to 15m Euro
- RR/ LN : Rolls-Royce Chairman Says Less IP Being Stolen By Chinese Firms
- SAS SS : SAS in New Three-Year Pact With Norwegian Pilot Associations
- SKY LN : Fox Says Confident Will Complete Sky Deal by Mid-2018
- TEVA US : CVC Is Said Near Deal for Teva’s European Women’s Health Assets
- TFI FP : Formula 1, French Broadcaster TF1 Agree New 3-Year Deal
- TIF US : Tiffany Block of 4.4m Shares Offered by Qatar: Statement
- VIV FP : Vivendi Controls Telecom Italia, Market Regulator Consob Says
- VIV FP : Vivendi to Transfer 20% of Mediaset Voting Rights to a Trust
- VIV FP : Canal+, Turner Say Warner TV Will Broadcast in France on Nov. 9
- VOW3 GY : Volkswagen to Recall 4.86M Vehicles in China on Takata Air Bag
- ZC FP : Zodiac Aerospace Full Year Revenue Misses Estimates

>>> Europe : Brokers Upgrades & Downgrades - 14th of Sept. 2017

>>> Up
* Air Products Raised to Positive at Susquehanna, PT $175
* Allianz Raised to Hold at SocGen
* Hexpol Raised to Hold at DNB Markets, PT SEK85
* Red Electrica Cut to Sell at Goldman, PT EU19
* Sage Raised to Equal-weight at Barclays, PT GBP6.85

>>> Down
* Acciona Cut to Neutral at Goldman, PT EU80
* Aegon Cut to Hold at SocGen
* DNO Cut to Underweight at Barclays, PT NOK11
* Hochschild Mining Cut to Neutral at UBS, PT 300p
* Indra Cut to Neutral at Goldman
* Infineon Cut to Neutral at Goldman
* Maire Tecnimont Cut to Equal-weight at Barclays, PT EU5.70
* Provident Cut to Underperform at RBC, PT 775p
* Red Electrica Cut to Sell at Goldman, PT EU19
* Richemont Cut to Hold at Deutsche Bank
* Wacker Neuson Raised to Hold at Deutsche Bank
* William Demant Cut to Underperform at Jefferies
* Worldline Cut to Neutral at Goldman

>>> Initiation
* Aegon New Market Perform at Bernstein, PT $5.50
* ASR Nederland New Market Perform at Bernstein, PT EU35
* Banco BPM New Buy at UBS, PT EU4
* Berkshire New Overweight at JPMorgan, PT $315,000
* Euromoney New Neutral at Citi, PT GBP11.05
* Ferrari New Neutral at Goldman, PT EU110

>>> Call