FT : Planes leaving half full in EU border chaos, says industry Airports and air

Planes leaving half full in EU border chaos, says industry
Airports and airlines warn delays will worsen over summer unless they are allowed to abandon new checks

New border checks are leading to queues of up to five hours, passengers waiting outdoors and some flights leaving half full, airlines and airports have warned the president of the European Commission.

In a letter to Ursula von der Leyen, industry groups ACI Europe, which represents airports in the region, and Airlines 4 Europe and Iata, representing airlines, called for an option to suspend checks under the EU’s entry-exit system as summer holidays bring millions more travellers through the region’s airports.

The summer will bring a “significant worsening of an already very difficult situation for passengers” unless the Commission allows airports to opt out of the checks, they said.

The groups called on the Commission to allow airports to “completely suspend” checks “whenever passenger volumes exceed the operational capacity of border control facilities” during July and August. They said permanent flexibility must be allowed after September “under clearly defined exceptional circumstances”.

“Some international travellers are reconsidering trips to Europe because of the prospect of excessive border delays,” the industry groups said. “This is undermining Europe’s reputation, European tourism and connectivity, in particular.” 

The system, introduced gradually starting last October, requires non-EU citizens to register with fingerprints and a photograph at their destination airport.

But the rollout has been blighted by problems with automated booths and long queues as airports struggle to cope with additional waiting times. 

“Passengers have already been forced to queue for extended periods outside terminal buildings and on exposed aprons because border control facilities cannot process arrivals quickly enough,” the letter said.

“Airlines face half-empty planes at gate closing time, while passengers are stuck in border control queues.” 

A spokesperson for ACI said some of these planes were delayed, while others were forced to leave a proportion of their passengers behind.

The rules allow countries flexibility to skip some of the checks, though this is due to be phased out in September. Despite this, “excessive queues” are still forming, the letter warned. 

These changes are needed until airports have enough staff for the system, the automated kiosks are sufficiently reliable, and a delayed pre-registration app has been fully rolled out, the industry groups said.

“The reputation of the European Union and the confidence in the regulatory framework are . . . at stake,” they said.

The letter to von der Leyen is the industry’s strongest warning about the system so far, and comes weeks before the summer deluge of tourists to the region.

“During July and August alone, European airports are expected to handle approximately 40mn more passengers than during the previous two months,” it added. “The Commission and the member states must take stock of the reality of the current situation and of what our air transport system will face over the coming weeks.” 

The US is the largest international source of travellers coming to Europe, followed by the UK. 

The Commission did not immediately respond to a request for comment on the letter.

Last week a Commission spokesperson said that “the entry/exit eystem is fully operational across all Schengen countries and works well” and that the “rules provide for the necessary flexibility to ensure border fluidity”.

They added that “most often long waiting times are not related to the operations of the EES, but to pre-existing factors, such as staff shortages, infrastructure limitations, as well as concentration of flights in specific slots”.

FT : AI and crypto wealth driving private jet boom, says Flexjet Partial ownersh

AI and crypto wealth driving private jet boom, says Flexjet
Partial ownership group now has customers in their twenties

Wealth from AI and cryptocurrencies is creating a younger generation of private jet owners, the boss of Flexjet said. 

The group, which allows people to take partial ownership of large luxury private jets, said it now had owners who were in their twenties. 

“Our average age has dropped 10 years,” chief executive Andrew Collins told the FT. “I can see right now a significant impact from AI already, in terms of AI wealth.” 

“You’re seeing technology really drive a lot of wealth. Crypto is a piece of that . . . [and] we have owners now in the [United] States who are part of the AI movement.” 

He said “watershed moments” such as the $75bn SpaceX IPO meant more people had wealth they were willing to spend on experiences such as private travel.

“The IPO market is three times where it was last year,” he said and still “running at full steam”. Although the business had not experienced an influx of people made wealthy by the SpaceX listing, he expected it would, once lock-up periods ended.

The number of ultra-high-net-worth individuals had risen by almost a third in the past two years, he said, propelled by booming markets and new sources of money such as technology.

The company is expanding, having ordered 50 new jets to take its fleet to 390 by the end of the year, and will purchase more aircraft if it can get its hands on them.

The group is privately owned by founder Kenn Ricci and some of the management though a holding company, but with investors that include LVMH’s investment arm L Catterton, which led an $800mn funding round last year.

Flexjet will open a dedicated private jet terminal in Farnborough in September, which will be the largest facility in Europe dedicated to a single private operator and the company’s largest terminal in the world. 

While some jet chartering companies have warned about the impact of rising costs of jet fuel on customer demand, Collins said that ownership had not experienced any dent. The costs, which have roughly doubled, have passed through to customers and had “no impact” on appetite.

One feature the company did notice was a boom in travel at the start of the Iran conflict, as warnings of impending jet fuel shortages spurred travellers to take trips earlier than planned, with the Greek islands and Nice proving particularly popular destinations.

“It was more anecdotal, but we felt like this could be people saying they want to get some travel in now because . . . there was a lot of talk about fuel running out.”

The company on Wednesday announced a new partnership with Formula 1, under which it will provide executive travel for the sport, including for drivers, and will provide experiences for its customers at the races, including at this coming weekend’s British Grand Prix at Silverstone. It already has partnership deals with Ferretti yachts and LVMH.

Collins said there was a “Venn diagram” of people who attended events such as Royal Ascot and who flew into Silverstone, whom the company considered potential customers.

FT : CMA CGM nears $1.4bn deal for FedEx logistics unit French shipping group ai

CMA CGM nears $1.4bn deal for FedEx logistics unit
French shipping group aims to expand in US and strengthen foothold in supply chain

French container shipping group CMA CGM is nearing a deal to buy FedEx’s third-party logistics business for $1.4bn in cash, further strengthening its foothold in the US supply chain.

Talks between the companies are at an advanced stage and a deal could come together as soon as Wednesday, according to people familiar with the matter. They cautioned that talks could still fall apart.

The potential deal would be the latest move by the Marseille-based company’s chief executive Rodolphe Saadé to expand through acquisitions and to diversify into logistics, air freight and media assets.

Saadé has also earmarked US growth as a priority for the world’s third-largest container line. He pledged in an Oval Office meeting with President Donald Trump last year to invest $20bn over four years, helping to revive the US maritime sector and create 10,000 jobs.

As part of the latest deal, the companies would also unveil partnerships in freight forwarding, using FedEx’s strength as an air freight carrier and CMA CGM’s prowess as a shipping behemoth, the people added. Details of the partnerships were still being finalised and could shift.

For FedEx, the sale would advance its efforts to refocus on its core air-ground delivery network after completing the spin-off of its FedEx Freight business as a standalone public company last month.

FedEx’s third-party logistics business, known as FedEx Supply Chain, which specialises in order fulfilment and product returns for major companies including retailers, traces its roots back to a 2015 takeover of Genco Distribution System that FedEx bought for $1.4bn.

CMA CGM has snapped up US ports across cities including Los Angeles and New York in recent years. The shipping group earlier this year created a $10bn joint venture with infrastructure investor Stonepeak in which it is a 75 per cent shareholder, doubling down on its longstanding commitment to the US.

Family-owned CMA CGM was built up by Lebanese businessman Jacques Saadé starting in the 1980s. His son Rodolphe took over in 2017.

Rodolphe Saadé is regarded as a canny dealmaker and negotiator who has placed big bets on acquisitions since reaping billions in profits during the Covid-19 pandemic.

Last year CMA CGM generated two-thirds of its $54.4bn in revenues from its shipping business, while the logistics unit brought in $18bn, a similar level as in 2024. Saadé also owns French media assets including BFM TV and La Tribune newspaper.

Similar to other shipping groups such as Maersk and MSC, CMA CGM has faced a challenging environment this year because of the disruption triggered by the US war with Iran and lower freight rates amid excess capacity.

In the first quarter, revenue at the shipping unit fell by 8.5 per cent year on year to $18bn, while adjusted earnings before interest, taxes and other charges fell 41 per cent to $1.5bn.

CMA CGM and FedEx did not immediately respond to requests for comment.

>>> US After Hours Summary: NKE -4.4%, PRGS -1.9% lower on earnings; STZ +4% hig

After Hours Summary: NKE -4.4%, PRGS -1.9% lower on earnings; STZ +4% higher on earnings; BE +8.5% as it expands AI infrastructure partnership with BN; ALSN +2.9% to join S&P MidCap 400

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: STZ +4%

Companies trading higher in after hours in reaction to news: BE +8.5% (BE and BN expand AI infrastructure partnership to $25 bln), LUNR +6.7% (receives $148.3 mln NASA contract), FLY +3.2% ($144 mln NASA Lunar Payload Services contract), ALSN +2.9% (to join S&P MidCap 400), ARX +1.5% (Incline P&C Group enhances partnership), RIG +1.3% (RIG $1 bln deal with EQNR), CHRN +0.4% (stock offering by selling shareholders), BN +0.3% (BE and BN expand AI infrastructure partnership to $25 bln), EQNR +0.3% (RIG $1 bln deal with EQNR), GT +0.3% (to move to S&P SmallCap 600 from S&P MidCap 400)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: NKE -4.4%, PRGS -1.9%

Companies trading lower in after hours in reaction to news: FLZH -7.4% (stock offering by selling shareholders), PZZA -4.9% (CFO to step down), ABR -2.2% ($300 mln convertible notes offering), FAC -2.2% (files for 13.8 mln share offering, relates to warrants), NGNE -1.7% (stock offering), CTNM -1.5% (publication of manuscript of PIPE-791), ULCC -0.8% (ULCC and Barclays renew credit card partnership), DDOG -0.4% (acquires Adaptive ML), AA -0.4% (to acquire South32's bauxite, alumina, and aluminum assets for $4.1 bln), ECHO -0.2% (DISH DBS initiates restructuring to facilitate early repayment of debt and to complete transition of DISH Wireless business), ABVX -0.2% (launches $600 mln ADS offering), SHEL -0.2% (TALO to acquire Gulf of America deepwater oil assets from from Shell Offshore), LMT -0.2% (awarded a $2.99 bln Army contract, awarded a $103.9 mln Navy contract)

FT : KNDS struggles to convince investors to back IPO at €12bn-plus valuation Bl

KNDS struggles to convince investors to back IPO at €12bn-plus valuation
Blockbuster listing at risk of delay if desired price tag cannot be reached

Tankmaker KNDS is struggling to convince investors to back its planned stock market listing at a valuation of more than €12bn, raising the prospect that the blockbuster flotation could be delayed.

Some investors have told KNDS in preliminary talks this week that they believe the Franco-German group will be worth less than €12bn in an initial public offering planned for July, according to people familiar with the matter.

KNDS’s key German family shareholder, which owns 50 per cent with the French government holding the rest, has made clear that it will not proceed with an IPO at a valuation below €12.5bn, some of the people said. A valuation of between €18bn and €20bn had been discussed earlier this year.

Meetings with investors are due to continue next week but unless the company and its advisers conclude there is demand for shares at the desired valuation the company may postpone the IPO until later this year or beyond, they added.

A final decision on the IPO, which would be one of the biggest in Europe in recent years, is likely to be made next week after further talks with investors, the people said.

KNDS and its advisers are still hoping that enough investors will back a flotation at the desired price, the people said, noting that investors are incentivised to push for low prices in pre-IPO talks and could yet commit to invest at a higher valuation.

The Amsterdam-based company in May announced a record backlog of more than €33bn for 2025, driven by increased spending by the region’s governments, and a listing would offer exposure to the European defence sector.

KNDS declined to comment. A spokesperson for the German families that own half of the company did not respond to a request for comment.

But the years-long euphoria around European arms makers has cooled in recent months amid concerns about the future of warfare swinging away from heavy machinery towards cheaper drones as well as production bottlenecks and profit-taking, according to analysts.


The Stoxx Targeted Defence index, tracking Europe’s biggest listed defence groups, is flat for 2026 despite a strong start to the year.

The decline in recent months was exacerbated last week when Germany scrapped a multibillion-euro warship project, sending shares in the country’s biggest defence group Rheinmetall down almost a fifth. Rheinmetall had been expected to take over as the main contractor and had negotiated a price tag of €15bn for leading the scheme.

The cancellation of the warship project came on the same day that KNDS formally launched its long-awaited stock market listing, triggering exasperation at the company and its advisers with people close to the IPO process complaining of a lack of co-ordination in Berlin. The “right hand doesn’t know what the left hand is doing”, they said.

“This is the perfect storm,” said one person on the deal. “People are very jittery about the sector.”

Even before the German government’s decision to scrap the order, the expected valuation range for KNDS, which makes the Leopard tank, had declined to €12bn-€15bn from the previous range of €18bn-€20bn, according to people familiar with the matter.


Rheinmetall shares, which are expected to be a key reference point for investors when putting a valuation on KNDS, have declined about 38 per cent this year, including last week’s drop.

Despite the different business models — the Franco-German company focuses on land-based vehicles whereas Rheinmetall is more diversified — many investors have lowered their price points as a result, said advisers.

Potential investors in KNDS have also told the company’s bankers they are concerned about the lack of clarity related to the German government’s massive future order for the Boxer, an armoured vehicle jointly built by KNDS and Rheinmetall, which will play a big role in the long-term order book for both companies.

The German family behind KNDS reached an agreement this month to sell a 40 per cent stake to the German government, paving the way for a long-awaited IPO after which Paris and Berlin would hold 40 per cent each with the rest in public hands.

As part of the deal, Berlin agreed to pay a premium to the listing price, which is usually at a discount to the valuation that can be achieved in a private sale, and to make a potential extra payment depending on the share performance after the listing.

->>> La Lettre - 30/06/2026


* **Engie et l'UFE :** Engie a réussi à modérer la position de l'Union française de l'électricité (UFE) lors d'une consultation de la Commission européenne, évitant un soutien explicite au nouveau programme nucléaire d'EDF et contournant le débat sur sa position dominante.
* **Réforme de l'OTAN :** L'Alliance réforme son Bureau de normalisation pour améliorer l'interopérabilité des équipements militaires, en réaction aux leçons tirées du conflit en Ukraine, et prévoit de doubler ses effectifs et son budget.
* **Fin du "Cyberscore" :** La sénatrice Sylvie Vermeillet recommande l'abrogation du "Cyberscore", un dispositif voté en 2022 mais jugé inapplicable et potentiellement préjudiciable pour la tech française.
* **Najat Vallaud-Belkacem :** Le Conseil d'État a rejeté les recours visant à annuler sa nomination à la Cour des comptes, jugeant que les requérants n'avaient pas d'intérêt à agir.
* **Rachat d'Aries Industries :** Le groupe Fives est en négociations exclusives pour racheter cet équipementier aéronautique, au détriment d'autres fonds d'investissement, un choix soutenu par Airbus.
* **Qair :** L'opérateur d'énergie renouvelable cherche à renouveler son capital, mais la complexité de sa structure actionnariale, impliquant des entités liées à Dominique Romano, inquiète les investisseurs potentiels.
* **Plan d'économies à *La Provence* :** Le groupe CMA Média prévoit de supprimer 20 à 30 postes au sein du journal *La Provence* pour réaliser des économies, dans un contexte de pertes financières et de démission de membres de son comité d'indépendance.

### English
* **Engie and UFE:** Engie successfully moderated the French Electricity Union's (UFE) response to a European Commission consultation, preventing explicit support for EDF's new nuclear program and sidestepping the debate over EDF's dominant market position.
* **NATO Reform:** NATO is reforming its Standardization Office to improve military equipment interoperability, incorporating lessons from the conflict in Ukraine, with plans to double the office's staff and budget.
* **End of "Cyberscore":** Senator Sylvie Vermeillet recommends repealing the "Cyberscore"—a 2022 legislative measure intended to rate the security of digital platforms—deeming it inapplicable and potentially harmful to the French tech industry.
* **Najat Vallaud-Belkacem:** The Council of State rejected legal challenges seeking to annul her appointment to the Court of Auditors, ruling that the petitioners lacked standing.
* **Acquisition of Aries Industries:** Engineering group Fives is in exclusive negotiations to acquire the aeronautical supplier, outbidding investment funds in a move favored by Airbus.
* **Qair:** The renewable energy operator is looking to reorganize its capital, but the complexity of its shareholding structure, which involves entities linked to Dominique Romano, is raising concerns among potential investors.
* **Cost-Cutting at *La Provence*:** CMA Média plans to cut 20 to 30 jobs at the *La Provence* newspaper to reduce costs amid financial losses and the resignation of members from its independence committee.

>>> What to look at today - 30th of June 2026

Asian equities rose, adding to the regional benchmark’s biggest quarterly gain in almost two decades, as technology stocks rallied on optimism over the AI trade. The yen slid to its weakest level against the dollar since 1986. The MSCI Asia Pacific Index climbed almost 1% on the last trading day of the quarter after a tech-led rally on Wall Street. The gauge has risen more than 20% in the past three months, with South Korea’s Kospi index leading as the world’s best-performing major equity benchmark this year. Samsung Electronics Co. has gained about 98% for the three months through June, while SK Hynix Inc. has surged around 225%. Elsewhere, the yen extended its recent losses to weaken beyond 162 per dollar — a milestone that will generate unease in Japan and put traders on alert for authorities wading into the market. Global equities are on track for their best quarter in almost six years as investors piled into companies seen as key beneficiaries of the artificial intelligence buildout, from Asian chipmakers to upstream suppliers. Investors will now turn their focus to US-Iran talks on Tuesday and June US payrolls data on Thursday that may offer clues on whether the Federal Reserve will keep interest rates higher for longer. The resurgence in stocks has defied skeptics, coming in the face of a war, an oil supply shock and inflation jitters. Since bottoming three months ago, the S&P 500 Index has staged one of the swiftest rebounds this century, gaining 20% from its March 30 low to its June 2 peak — something it has done just three other times since 2000. In Asia, Japan’s Nikkei 225 Stock Average has gained over 37% this quarter — the best three-month performance on record. The Kospi has climbed about 68%, the strongest advance since 1998. However, after a banner year for Chinese stocks on the back of AI advances, 2026 is not going well. Elsewhere, Brent crude slipped ahead of the expected US-Iran talks in Doha.  The commodity, trading around $72.85 a barrel, is headed for the biggest quarterly decline since the pandemic as flows through the Strait of Hormuz accelerated following progress on a peace deal, with Morgan Stanley warning of a potential glut. Gold slipped below $4,000 an ounce. The yellow metal has fallen more than 15% this quarter, the worst performance since the quarter ended June 2013. A Bloomberg gauge of the dollar climbed 0.2% Tuesday, while Treasuries were little changed. Attention in Asia was on the yen. While the weaker Japanese currency has boosted exporters’ profits and helped propel the country’s stocks to record highs, it has also raised import costs, squeezed households and added to political pressure on Prime Minister Sanae Takaichi’s government. The currency breached the 161.95 mark versus the greenback in New York trading Monday, passing the nadir it touched in July 2024 during an earlier campaign to shore up the exchange rate. It extended its decline to 162.40 in Tokyo on Tuesday, even after jawboning from Chief Cabinet Secretary Minoru Kihara. Subsequent comments from Finance Minister Satsuki Katayama had little immediate impact. US After Hours AVAV +18.2% sharply higher on earnings; ABVX +23.4% on trial results; CNXC -22.2% under pressure after earnings.

Nikkei +1.53% Hang Seng -1.18% CSI +0.86% Kospi +1.96% Shanghai +0.11% Shenzen +1.62%

Eur$ 1.1398 CNH 6.7958 CNY 6.7921 JPY 162.18 GBP 1.3234 CHF 0.8091 RUB 76.9461 TRY 46.6566 WTI$ 70.41 -0.49% Gold 3,974 -1.26% BTC 59,434 -1.34% ETH 1,585 -2.03%

S&P +0.13% Nasdaq +0.37% EuroStoxx +0.65% FTSE +0.12% Dax +0.69% SMI +0.41%

Macro :
- Hormuz Traffic Picks Up as Supertankers Sail Into Persian Gulf
- Warren Buffett Skips Midyear Donation to Gates Foundation Amid Epstein Review -- WSJ
- Grasshopper Club Zurich Sold by LA Team to Bridge Football
- FDA Selects 7 Companies for PreCheck Pilot Program
- Rocket Lab to Buy Iridium in Challenge to SpaceX, Amazon
- Lagarde Says Europe Is Getting More Resilient to Economic Shocks
- EU and China Agree on October Deadline to Reset Trade Ties
- Millennium to Back Citadel Alum’s Quant Hedge Fund Startup

Keep an eye on :
- ABBV US : Genmab, AbbVie Say Epcoritamab Combo Met Phase 3 Endpoint
- ABVX FP : Abivax Jumps After Reporting Positive Results for Obefazimod +25%
- ALKT US : Jana Builds Bigger Stake in Fintech Alkami and Pushes for Sale
- AMGN US : Amgen Drug Tavneos’ Main Study Retracted by Medical Journal
- AVAV US : AeroVironment Shares Up on 4Q Results, Revenue Outlook Beats
- BX US : Blackstone Said to Offer Digital Realty Shares for Up to $188
- BRNK GY : Branicks to Publish 2025 Financial Statements in July
- BVI FP : Bureau Veritas to Sell Oil, Petrochem Ops at €470M Ent. Value
- CRI FP : Compagnie Chargeurs Invest Buys Harwanne Capital Management
- CNXC US : Concentrix Sinks After FY Outlook Cut, 3Q Forecast Misses
- DBV FP : DBV Technologies Now Plans to File BLA for Viaskin in 3Q 2026
- DLR US : Blackstone Prices 12.3m Digital Realty Shares at $185/Shr
- ELUXB SS : Electrolux Submits Claims for IEEPA Tariffs Refund of ~$88m
- ENGI FP : Engie’s Southeast Asia Head Varun Gujral Leaves the Company
- GMAB DC : Genmab, AbbVie Say Epcoritamab Combo Met Phase 3 Endpoint
- GIMB BB : Gimv Sells Stake in Alpenblu Clinics to Impact Healthcare
- HBAN SW : Helvetia Baloise: FINMA Approves Swiss Insurance Units Merger
- HTZ US : Hertz Shares Sink to All-Time Low on Funding Plan
- Infracore IPO : Infracore Launches IPO on SIX Swiss Exchange at CHF 54.00
- 1801 HK : Innovent, Lilly Sign Verzenios China Commercialization Pact
- INS GY : Instone Refinances and Increases Promissory Note to €45m
- MAERSKB DC : Maersk Boosts FY Underlying Ebitda Forecast, Beats Estimates
- MOWI NO : Mowi To Sell Farming Ops in Canada East; Cuts Harvest Forecast
- MUX GY : Regulator Says Mutares 2023 Financial Statement Contains Error, Mutares Says 2023 Financial Statement Error Has Been Remedied
- NVCT US : Nuvectis Pharma Prices Offering of Stock at $20 Per Share
- ORNBV FH : Orion, Shilpa Medicare in Deal for Nivolumab Biosimilar
- REIN LX : Reinet Investments Buys Back 399,415 Shares for ZAR185.5m
- RNO FP : Renault Group Names Quitterie de Pelleport General Secretary
- ROP SW : Roche Enspryng Gets FDA Priority Review for Thyroid Eye Disease
- SAN FP : Sanofi's Nexviazyme Met Primary Endpoint in Pompe Disease Study
- SESG FP : Sharp, SES to Partner on Satellite Communications Services
- SPCX US : SpaceX Shares Rise After Being Added to the Russell 1000 Index
- SPCX US : SpaceX, US Discuss Stock Donation for Trump Accounts: Semafor
- STLA IM : Stellantis to Start Selling Chinese-Made Jeep in Europe by 2030
- VK FP : Vallourec Gets Contract From Azule Energy for Angola Project
- VOW GY : VW Management Weighs Board Bypass for Cuts: Correctiv
- WAWI NO : Wallenius Wilhelmsen’s Morning Concert Exits Strait of Hormuz

>>> Europe : Brokers Upgrades & Downgrades - 30th of June 2026

>>> Up
* Asker Healthcare Raised to Buy at SEB Equities; PT 88 kronor
* Comcast Raised to Buy at Deutsche Bank; PT $32
* Honeywell Raised to Outperform at Daiwa; PT $255
* ITM Power PT Raised to 200 pence from 110 pence at Berenberg
* Lloyds PT Raised to 135 pence from 125 pence at Morgan Stanley
* Lundin Mining Raised to Outperform at Safra; PT C$41.50
* Mercedes Raised to Buy at Jefferies; PT 52 euros
* Merck & Co PT Raised to $155 from $136 at Scotiabank
* Obsidian Energy Ltd Raised to Sector Perform at Peters & Co
* Sagax Raised to Buy at ABG; PT 190 kronor
* Tradeweb Raised to Buy at Goldman
* Volex Raised to Buy at Investec; PT 670 pence
* Yara Raised to Buy at ABG; PT 490 kroner

>>> Down
* ACS Cut to Hold at Bestinver; PT 124.50 euros
* Addlife Cut to Hold at SEB Equities; PT 180 kronor
* Austevoll Seafood Cut to Hold at Pareto Securities; PT 89 kroner
* EasyJet Cut to Neutral at Citi; PT 580 pence
* EasyJet Cut to Neutral at UBS; PT 610 pence
* EasyJet Cut to Sector Perform at RBC; PT 600 pence
* Fortinet Cut to Reduce at HSBC; PT $102
* Generali Cut to Market Perform at KBW; PT 37 euros
* Leroy Cut to Hold at Pareto Securities; PT 44 kroner
* Maasoeval Cut to Hold at Pareto Securities; PT 35 kroner
* Mondi Cut to Neutral at UBS; PT 750 pence
* Mowi Cut to Hold at Pareto Securities; PT 200 kroner
* Salmar Cut to Hold at Pareto Securities; PT 520 kroner
* Sobi Cut to Hold at Pareto Securities; PT 470 kronor

>>> Initiation
* Cerebras Systems Rated New Hold at Freedom Capital; PT $209
* CoreWeave Rated New Buy at President Capital Management; PT $125
* Nebius Group Rated New Buy at President Capital Management

>>> Call
* BofA Technician Sees a ‘Three-Wave Correction’ in S&P 500 Index
* EasyJet Cut at Citi, RBC and UBS After M&A-Led Stock Rally