>>> VKTX - Comments on Phase 2 - Tolerability -ve --> -31%

.
VKTX (VK2735 oral, Ph2 VENTURE-Oral, 13w)
  • WL: -12.2% @13w (vs PBO -1.3%). ≥5% WL: 97%; ≥10% WL: 80%.
  • Negatives: High disc 28% (PBO 18%), AE-disc 20% (PBO 13%). GI-heavy (nausea 58%, vomit 26%) vs PBO (48%/10%). Daily pill → adherence risk. Only 13w data, durability unknown, no plateau yet. Exploratory high-dose cohort raises Qs on long-term titration.
LLY (Tirzepatide inj, SURMOUNT-1, 72w)
  • WL: -15% (5 mg) to -21% (15 mg).
  • AE-disc 4–7% (PBO 2.6%). Weekly inj.
NVO (Semaglutide inj “Wegovy”, STEP-1/others, 68–104w)
  • WL: ~-15% @68w, durable to 2y.
  • AE-disc ~6–7% (PBO ~3–4%). Weekly inj.
NVO (Oral sema 50mg, OASIS-1, 68w)
  • WL: -15.1% @68w (PBO -2.4%).
  • GI AEs 80% (PBO 46%). Daily pill. (AE-disc NR)
LLY (Orforglipron oral GLP-1, Ph2, 36w)
  • WL: -9.4% to -14.7%; AE-disc 10–17%.
  • Newer data: ~-12.4% @72w; ~10% AE-disc. Daily pill.

Read-through
  • VKTX efficacy headline competitive, but tolerability / disc rates are weak spots (28% vs mid-single digits for injectables; higher GI vs peers). Trial short (13w), durability unproven. Daily oral vs weekly injectors a compliance overhang.
  • Investors will want clarity on long-term safety, GI mitigation, and whether VKTX can match durability of LLY/NVO leaders.

VKTX : Announces Positive Top-Line Results from Phase 2 VENTURE-Oral Dosing Tria

Announces Positive Top-Line Results from Phase 2 VENTURE-Oral Dosing Trial of VK2735 Tablet Formulation in Patients with Obesity
- Announced positive top-line results from the company's Phase 2 clinical trial of the oral tablet formulation of VK2735, the company's dual agonist of the glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptors. VK2735 is being developed in both oral and subcutaneous formulations for the potential treatment of various metabolic disorders such as obesity. The Phase 2 VENTURE-Oral Dosing trial successfully achieved its primary and secondary endpoints, with patients receiving VK2735 demonstrating statistically significant reductions in body weight compared with placebo. Additionally, the study showed VK2735 treatment to be safe and well-tolerated through 13 weeks of daily dosing with the majority of treatment emergent adverse events (TEAEs) being categorized as mild or moderate.Participants receiving once daily doses of the oral tablet formulation of VK2735 demonstrated statistically significant reductions in mean body weight after 13 weeks, ranging up to 12.2% from baseline. Participants receiving VK2735 also demonstrated statistically significant reductions in mean body weight relative to placebo, ranging up to 10.9%. Reductions in body weight were progressive at all doses through the course of the study, with no plateau observed for weight loss at 13 weeks. Statistically significant differences compared to both baseline and placebo were observed for all doses >15 mg starting at Week 1 and continuing throughout the 13-week treatment period. All doses of VK2735 >15 mg also demonstrated statistically significant differences relative to placebo on the key secondary endpoint assessing the proportion of subjects demonstrating at least 5% and 10% weight loss. Up to 97% of subjects in the VK2735 treatment groups achieved ≥5% weight loss, compared with 10% for placebo, and up to 80% of subjects in VK2735 treatment groups achieved ≥10% weight loss, compared with 5% for placebo.

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • FLXS +20.5%, IOVA +19.6%, WALD +16.1%, LIDR +14.2%, XYF +9.2%, GLSI +8.2%, PANW +6.3%, INTC +5.8%, FLEX +5.4%, CRNX +4.2%, SEG +3.3%, SNEX +3%, BHP +2.6%, RKLB +2.5%, TZUP +2.5%, DGII +2.1%, MD +1.9%, NEGG +1.7%, MDT +1.7%, CXW +1.6%, VSAT +1.5%, ALGN +1.2%, VALE +0.9%, NVO +0.9%, BNTX +0.8%
  • Gapping down:
    • FN -7.2%, EVH -4.7%, AGRO -4.5%, SFL -3.3%, ORIC -3.1%, AS -2.7%, XP -2.4%, API -2.3%, WULF -2.2%, TE -1.3%, RGNX -1.3%, TATT -1.2%, WDS -1%, PINC -0.9%

WSJ : Medtronic to Add Directors After Elliott Becomes Big Shareholder

Medtronic to Add Directors After Elliott Becomes Big Shareholder
The medical-device maker also plans to form committees focused on M&A and other growth areas

  • Elliott Investment Management is now one of Medtronic’s largest shareholders.
  • Medtronic plans to add two new directors and form two new committees after friendly talks with Elliott.
  • Medtronic is the largest med-tech company by revenue but is seen as undervalued compared with peers.

Medtronic MDT -0.23%decrease; red down pointing triangle is making changes to its board after Elliott Investment Management became one of its largest shareholders, according to people familiar with the matter.

The activist investor and the medical-device maker have been holding friendly talks around how to boost the company’s valuation and build on ongoing plans to focus on core assets.

The details
Medtronic plans to announce when it reports quarterly results Tuesday that veteran med-tech executives John Groetelaars and Bill Jellison are joining its board as independent directors, the people said. It will also detail the formation of new special committees focused on growth and operations that will include the new directors and be helmed by Medtronic Chief Executive Officer Geoff Martha.

Elliott is now one of Medtronic’s biggest investors, after an engagement led by Elliott partner Marc Steinberg, the people familiar with the matter said. The exact size of the firm’s previously undisclosed stake couldn’t be learned.

Medtronic develops, manufactures and distributes medical devices and therapies that treat more than 70 health conditions, from Parkinson’s to diabetes.

The company, which is based in Ireland but has its operational headquarters in Minneapolis, has a market value of almost $120 billion. Though its shares are up more than 16% so far this year, the company is still seen as undervalued, especially for being the biggest med-tech company globally by revenue.

Medtronic booked more than $32 billion in revenue in 2024. Boston Scientific, with a larger market value of almost $153 billion, reported about $17 billion in sales last year.

One of the new committees will look for so-called tuck-in M&A opportunities, research and development investments and potential divestitures. The other will look for ways to boost earnings growth, the people said.

Medtronic is also now set to host an Investor Day event in mid-2026, at which point the company expects to detail the new committees’ progress, the people said.

The context
Medical-device makers including Medtronic struggled coming out of Covid-19 to meet a rise in demand for procedures that people deferred during the pandemic, while also contending with inflationary pressures.

Medtronic faced additional challenges of its own, including those stemming from a 2021 warning letter from the Food and Drug Administration regarding product safety issues with its MiniMed insulin pumps. That matter has since been resolved.

Lately, Medtronic has focused its efforts on more recent innovations, for example around treating atrial fibrillation, which has been a huge growth spot in the industry. As part of efforts to simplify its portfolio, it planned a separation of its diabetes business into a stand-alone entity.

Elliott, known mostly for its work in tech and energy, has been increasingly active in the healthcare sector. Other investments have included contract drugmaker Catalent and Syneos Health.

>>> Europe : Brokers Upgrades & Downgrades - 19th of August 2025 V2(+)

>>> Up
* Assura Raised to Buy at Peel Hunt; PT 60 pence
* Aveanna Healthcare Raised to Overweight at Barclays; PT $9.50
* Caterpillar Raised to Outperform at Evercore ISI; PT $476
* Commerzbank PT Raised to 39 euros at Bankhaus Metzler (+)
* Gilead Raised to Outperform at Daiwa; PT $128
* IMI PT Raised to 2,850 pence from 2,500 pence at JPMorgan
* NN Group PT Raised to 75 euros from 70 euros at JPMorgan
* Orange Polska Raised to Outperform at Santander Biuro Maklerskie (+)
* Primary Health PT Raised to 120 pence at Peel Hunt
* Zalando Raised to Buy at Baader Helvea; PT 32 euros

>>> Down
* Aallon Group Cut to Accumulate at Inderes; PT 13 euros
* Anglogold Cut to Underweight at Nedbank CIB; PT $53.82
* Couche-Tard Cut to Market Perform at BMO; PT C$75
* Do & Co Cut to Hold at Wood & Company; PT 253 euros
* Dowlais Cut to Sector Perform at RBC; PT 77 pence
* Fresnillo Cut to Hold at Peel Hunt; PT 1,493 pence
* H&R Cut to Reduce at Baader Helvea; PT 5 euros
* Koskisen Cut to Reduce at Inderes; PT 9 euros
* Merck KGaA Cut to Equal-Weight at Barclays; PT 120 euros
* Pan African Cut to Underweight at Nedbank CIB; PT 54.53 pence
* TGS Cut to Hold at Fearnley; PT 65 kroner (+)
* THG PLC PT Cut to 24 pence from 28 pence at JPMorgan
* Torm Cut to Hold at Pareto Securities; PT 21 kroner (+)

>>> Initiation
* Cirsa Enterprises Rated New Buy at Rothschild & Co Redburn
* Cirsa Enterprises Rated New Buy at Deutsche Bank; PT 22.70 euros (+)
* Hugo Boss ADRs Rated New Underperform at BNPP Exane; PT $7.80 (+)
* Sats Rated New Buy at SEB Equities; PT 44 kroner
* Thermo Fisher Rated New Outperform at William Blair

>>> Call
* Metro Bank Mispriced Compared to Peers, RBC Raises to Outperform

(ZH) How Much Energy Does ChatGPT's Newest Model Consume?

How Much Energy Does ChatGPT's Newest Model Consume?

  • The energy consumption of the newest version of ChatGPT is significantly higher than previous models, with estimates suggesting it could be up to 20 times more energy-intensive than the first version.
  • There is a severe lack of transparency regarding the energy use and environmental impact of AI models, as there are no mandates forcing AI companies to disclose this information.
  • The increasing energy demands of AI are contributing to rising electricity costs for consumers and raising concerns about the broader environmental impact of the tech industry.

How much energy does the newest version of ChatGPT consume? No one knows for sure, but one thing is certain – it’s a whole lot. OpenAI, the company behind ChatGPT, hasn’t released any official figures for the large language model’s energy footprints, but academics are working to quantify the energy use for query – and it’s considerably higher than for previous models.

There are no mandates forcing AI companies to disclose their energy use or environmental impact, so most do not offer up those kinds of statistics publicly. As of May of this year, 84 percent of all large language model traffic was conducted on AI models with zero environmental disclosures.
“It blows my mind that you can buy a car and know how many miles per gallon it consumes, yet we use all these AI tools every day and we have absolutely no efficiency metrics, emissions factors, nothing,” says Sasha Luccioni, climate lead at an AI company called Hugging Face.
“It’s not mandated, it’s not regulatory. Given where we are with the climate crisis, it should be top of the agenda for regulators everywhere,” she continued.
Sam Altman, the Chief Executive Officer of OpenAI, has thrown out some figures into the public sphere – saying that ChatGPT consumes 0.34 watt-hours of energy and 0.000085 gallons of water per query – but has left out key details like what model these numbers refer to, and has offered no backup or corroboration for his statements.
Experts from outside the OpenAI fold have estimated that ChatGPT-5 may use as much as 20 times more energy as the first version of ChatGPT, and at the very least uses several times more.
“A more complex model like GPT-5 consumes more power both during training and during inference. It’s also targeted at long thinking … I can safely say that it’s going to consume a lot more power than GPT-4,” Rakesh Kumar, a professor at the University of Illinois, recently told The Guardian. Kumar’s current work focuses on AI’s energy consumption.
While a query to ChatGPT in 2023 would have consumed about 2 watt-hours, researchers at the University of Rhode Island’s AI lab found that ChatGPT-5 can use up to 40 watt-hours of electricity to configure a medium-length response (around 1,000 tokens).
On average, they estimate that the model uses slightly over 18 watt-hours for such a response.
This places ChatGPT-5 at a higher energy consumption rate than any other of the AI models they track save for two: OpenAI’s o3 reasoning model and Deepseek’s R1.
Calculating these estimated energy consumption rates was no easy feat, considering the severe lack of transparency in the sector, in spite of increasing scrutiny.
“It’s more critical than ever to address AI’s true environmental cost,” University of Rhode Island professor Marwan Abdelatti told The Guardian.
“We call on OpenAI and other developers to use this moment to commit to full transparency by publicly disclosing GPT-5’s environmental impact.”
While tech companies consume more and more energy each year to power their AI ambitions, common consumers are suffering the consequences. It’s consumers who are footing the bill for skyrocketing energy usage. The New York Times warns that “electricity rates for individuals and small businesses could rise sharply as Amazon, Google, Microsoft and other technology companies build data centers and expand into the energy business.”
"We are witnessing a massive transfer of wealth from residential utility customers to large corporations—data centers and large utilities and their corporate parents, which profit from building additional energy infrastructure," Maryland People's Counsel David Lapp recently told Business Insider.
"Utility regulation is failing to protect residential customers, contributing to an energy affordability crisis.”
Moreover, Silicon Valley's backtracking on climate pledges will directly impact global communities, whether or not they ever use AI.

The Information : The Inside Story of How a Tiny California Startup Grabbed Euro

The Inside Story of How a Tiny California Startup Grabbed Europe’s Battery Giant
Lyten hoarded cash to snatch up Northvolt’s assets after the European battery maker failed.

The Takeaway
• Battery startup Lyten seized on bankruptcy of industry giant Northvolt as opportunity to expand
• Lyten CEO believes scale is needed for companies to succeed
• Dealmaking started with one Northvolt unit and ended with Lyten getting whole company

Until last year, things looked pretty good for Northvolt, a Sweden-based battery startup that Europeans saw as their answer to Tesla. The company had vacuumed up $13 billion in capital from largely blue-chip investors and taken $55 billion in battery orders from major carmakers like BMW, Volkswagen and Volvo. Northvolt executives spoke of going public at a valuation of $20 billion.

The collapse of the 5,000-person company came quickly, amounting to one of the largest tech failures ever. In March, Northvolt declared bankruptcy, saying it had burned through all but $30 million in cash. Its failure was mostly its own doing, but it coincided with a big downturn in the battery industry. No buyer emerged for the company.

Earlier this month, Northvolt’s bankruptcy trustee announced that he had found a surprise new owner for most of Northvolt’s assets: Lyten, a tiny, 250-employee developer of next-generation lithium-sulfur batteries.

By almost every measure, it is an improbable marriage: Lyten has raised $670 million since it was founded a decade ago, less than half the $1.6 billion lost by VW and below the $896 million hit taken by Goldman Sachs. Lyten makes around 100 batteries a week in San Jose, Calif.; at the Northvolt plant it’s taking over in Skellefteå, Sweden, it will start out manufacturing 30,000 batteries a week.

The deal turns a niche battery producer into an industry giant, a bet-the-company moment for Lyten CEO Dan Cook, who champions scale as a formula for survival. He hoarded cash, held off paying bills and cut staff to seize the moment when others in the struggling industry wouldn’t step up to buy Northvolt.

Lyten Sees an Opportunity

This story is based on interviews with Keith Norman, Lyten’s chief marketing officer, and four other people familiar with the situation.

Two former Tesla executives, Peter Carlsson and Paolo Cerruti, launched Northvolt in 2017. They promoted it as sort of a European Tesla, and said the startup would compete with China’s big suppliers. The two men went on a capital expenditure tear, announcing and building plants in Poland, Germany and Sweden, among other countries. They hinted repeatedly that the U.S. was on the drawing board, too.

Carlsson and Cerruti discovered, however, that battery manufacturing is rife with pitfalls. They committed numerous errors, for instance, in ordering battery-manufacturing equipment from Wuxi Lead, one of China’s premier manufacturers. Things went downhill from there. In June 2024, BMW canceled its $2 billion contract with Northvolt because deliveries were late and their quality inferior. Most of Northvolt’s other customers followed BMW out the door.

Carlsson began to jettison assets. In one of his first moves, he shut down Cuberg, the company’s lithium-metal battery subsidiary in San Leandro, Calif., in August 2024—just three years after he’d acquired it.

The shutdown launched Lyten’s ambitious takeover effort. Until then, Lyten, founded in 2015, was a specialized developer of a battery chemistry that combines lithium with sulfur, eliminating metals such as nickel, cobalt and iron that everyone else was using in their commercial batteries.

Cook, also the startup’s co-founder, was an anomaly in the industry. While an engineer, he was not a battery expert. He worked at GM and Steve Jobs’ NeXT before stints at private equity firms Cerberus Capital Management and Tenex Capital Management, where he helped acquire, integrate and run tech and industrial companies.

In an interview several years ago, Cook emphasized the virtue of businesses growing as large as they could. “When you work in the industrial world, one truth that hits you square in the face is the need for scale,” he said. “For cleantech to deliver on its promise, it must have a pathway to deliver at a global scale.”

Sulfur is light and packs a lot of energy in a battery, making it attractive to the makers and buyers of satellites and drones. Lyten aspired to become a major battery supplier to the fast-growing drone industry, finding initial customers in combat drones for Ukraine, and was planning a gigafactory in Reno, Nev., to boost production.

That’s when Northvolt announced it was closing its Cuberg plant. The two companies’ batteries shared one important factor—they both used a lithium-metal anode. Northvolt seemed prepared to sell the plant in pieces. It was so eager to dump the plant and so short on cash that it stiffed Cuberg employees on their final paycheck, instructing the subsidiary’s managers to use cash from the sale of equipment to pay the salaries.

Cook looked at the same plant, replete with $25 million in almost new lithium-metal production equipment, and saw the potential for a massive head start in scaling up drone batteries. In November, he acquired the plant’s equipment, along with a lease on the building, for an undisclosed price.

That purchase—as big as it was compared with Lyten’s size—got Cook looking at an even bigger piece of the Northvolt empire: its stationary battery storage assembly factory in Gdansk, Poland. Northvolt had invested $200 million in the plant’s equipment, which produced conventional nickel-manganese-cobalt battery systems as backups for factories and the power grid.

The drone battery industry is relatively small, and Lyten’s batteries weren’t suited—at least not yet—for electric vehicles or stationary storage, the two big segments in the industry. The Poland plant could change all that for Lyten, immediately making it a big player in the stationary battery industry. One big risk was that Lyton had no experience with the NMC battery chemistry used at the plant.

The negotiations with Northvolt seemed to be going relatively fast: By early March, the companies were nearly ready to sign a deal. But then, on March 14, Northvolt declared bankruptcy.

Lyten Gets Creative

Now the deal was in danger: Though the Poland plant was technically a separate entity and not part of Northvolt’s bankruptcy, in practice it was very much beholden to its Swedish parent. Northvolt was its sole customer and had shut off payments to the factory. The Polish plant had its own monthly bills to pay, including to workers and suppliers, as well as to the Polish government for assistance it had provided. If any of these parties demanded payment, they could force the plant to declare bankruptcy.

If it did, “the deal would be off,” Norman said. “We would have to go through an entirely different process to attempt to acquire the asset, which we absolutely wanted.”

So, he said, “we had to go get creative.” In a highly unusual arrangement, Lyten decided to guarantee payment of the Poland plant’s bills. The potential cost was something less than $50 million, he said.

But Lyten didn’t have $50 million in cash. “So we started to take some actions internally to sort of preserve our cash flows,” Norman said. In part, this meant “slowing down on some of the capital projects that we had in motion, as well as slowing down on some of our vendor payments.”

At Lyten’s San Jose headquarters, Cook and Norman’s actions triggered confusion and fear. Cook, who was notorious in the company for keeping its finances to himself, had told almost no one at Lyten about the potential deal.

Now engineers and Lyten managers working on the company’s projects began hearing from its vendors about unpaid invoices.

The complaints reached the desk of Celina Mikolajczak, Lyten’s chief battery technology officer, whose staff had contracted the work. She asked Cook and other executives what was going on. She heard back that the invoices were being processed.

Diverting Cash

But many Lyten employees worried that the startup might be on the verge of insolvency. When Mikolajczak asked Cook, he assured her that the company had cash.

Despite Cook’s assurances, vendor complaints continued, and Mikolajczak began holding weekly meetings about the unpaid bills, which her staff calculated topped $10 million, according to people familiar with the situation. She would forward the bills up the chain of command and wait for an answer.

Continuing the negotiations, Cook approved cash payments from Lyten’s accounts to the Gdansk plants to cover salaries and other bills. He called these payments a loan so that Lyten could get repaid if the deal went south and someone else purchased the plant, Norman said.

The talks dragged on through the second quarter as officials in charge of Northvolt’s bankruptcy got up to speed about the months of talks. Around June, they finally signed off on it. The deal, closely resembling the one that was almost ready for signing in March, was announced July 1.

Three weeks later, Mikolajczak was fired, along with 25 of her staff, including some of the lieutenants who had complained about the unpaid bills. Lyten fired 20 other Lyten employees as well. The reason, Lyten’s senior management said, was that the company was reorganizing. It would be a very different business.

The blockbuster announcement came on Aug. 7, when Lyten announced its massively larger acquisition of Northvolt assets—the flagship plant in Skellefteå, a new R&D lab and a plant in Germany.

There is much skepticism in the industry that Lyten will manage to marshal the skill and cash required to make the Northvolt plants successful. Prior to resigning last November, Carlsson had been attempting to raise $1.3 billion that he said was necessary to tide Northvolt over into 2027 and allow it to reorganize. When he couldn’t raise that much, he scaled back the amount to $300 million. He couldn’t raise that, either.

Norman said Lyten is in an entirely different circumstance, with a much smaller workforce and a conservative plan for ramping up production. In July, the company announced it had raised $200 million, which Norman said it would spend on the U.S. production expansions, paying off the U.S. vendor bills, and running the Poland and Swedish plants. He said it was raising more, though he wouldn’t say how much or from what source.

“We have acquired a lot more manufacturing capacity, much faster than we expected, and we’re gonna take advantage of that,” he said.

FT : A first look at Louis Vuitton’s make-up

A first look at Louis Vuitton’s make-up
The French luxury house is launching cosmetics with the help of Pat McGrath. HTSI gets an exclusive preview

In the fourth-floor apartment of Louis Vuitton’s London flagship, a collection of rather shiny objects is being guarded as though it were a priceless museum exhibit. The items are not, however, precious stones or artefacts. Nor are they diamonds and jewels. The 55 lipsticks, 10 lip balms and eight eyeshadow palettes comprise the inaugural cosmetics collection from the French luxury house. Today, at last, they are being shown for the first time.


The launch is a partnership with Pat McGrath, whose influence across the beauty industry is so far-reaching that, in 2021, she became the first make-up artist to be awarded a damehood; she is known as the “mother of make-up” or simply “mother” by her six million followers on Instagram. McGrath first started working in fashion editorial in the ’90s, collaborating with designers including John Galliano and Alexander McQueen before launching her namesake brand in 2015. She has been designing looks for Louis Vuitton’s catwalks for more than 20 years, and needed “no convincing” when she was approached to help steer its debut beauty line as creative director of cosmetics. “The objective was to create products that you would never want to let go of,” says McGrath, “a versatile colour wardrobe designed to suit every moment, mood and occasion.”

Each product is housed in gilded packaging by Konstantin Grcic that makes use of the house’s iconic LV Flower. The lipsticks, which come in two finishes, matte and satin, run from bright red to sober nudes, while the eyeshadow palettes offer four takes on one shade, including a glittery “twist”. (The palettes may be refilled by pushing an “LV” button on the base.) 

The timing of the launch of La Beauté has been as carefully considered as the five-year development process it has taken to get this far. According to market researcher Fortune Business Insights, the global make-up market is projected to grow by almost $25bn by 2032. Where the fashion sector has been mired in a global slowdown – LVMH recently reported a nine per cent drop in its fashion and leather goods sales – brands have increasingly developed their beauty offerings. Louis Vuitton relaunched its fragrance division, to sales that surpassed expectations, in 2016. That make-up would follow – the collection launches worldwide on 29 August – was simply a matter of time. 

But while the market is buoyant, it is also competitive. As Shiyan Zering, a senior research analyst at Mintel, points out, “the push for inclusivity presents opportunities for brands that can cater to diverse needs”. Louis Vuitton is banking on its plastic-free, refillable packaging and a range that has been “tested on every skin tone around the world”, says McGrath, who was among the first to launch a foundation line that efficiently catered to dark skin tones. “I was taught by my mother to make product that doesn’t exist,” she continues. “It’s fantastic to be able to work that way at Louis Vuitton. We wanted to make each colour one that you will want to come back to every day, and that really meant creating something for everyone.”

For McGrath, the new collection “carries the history of Louis Vuitton forward into beauty”. Take Monogram Rouge, “a classic red lipstick” inspired by the house’s monogram. (Even the number of lipsticks – “LV” is 55 in Roman numerals – is a nod to this heritage.) “It’s rich and deep but also super-wearable. Trendy, but not in a terrible way.” Rose Eugénie honours the early Vuitton patron Empress Eugénie with a pink lipstick, while Beige Memento, a caramel-toned eyeshadow palette, again references the distinctive LV monogram. “Start with the satin shades to highlight the brow bone and inner corner of the eye,” instructs McGrath, “then use the lumi-matte shade to contour the crease and under the lower lash line to give subtle definition.” 

If there are plans to expand the collection, the details are being kept under wraps. But for McGrath the chances of a follow-up collection are almost inevitable. “You always feel like you’re in a candy store when you’re looking at make-up, don’t you?” she says wistfully. “It feels so good.”

>>> What to look at today - 1th of August 2025

Financial markets traded in a narrow range, with global equities holding near record highs, after Donald Trump’s meeting with Ukraine’s president and European leaders ended with a call for a summit with Russia. European equity-index futures gained 0.2% as leaders of the US, Ukraine, Europe and NATO touted progress on peace talks to end the war in Ukraine. Oil slipped 0.7% amid speculation that a ceasefire could lead to more Russian supply. Asian shares were flat while stocks in mainland China held near their decade-high level. Japanese government bond futures extended losses after sale of a 20-year government debt drew weak demand. Contracts for US stocks fell 0.1% and Treasuries were steady after S&P Global Ratings affirmed its AA+ long-term rating for the US, as well as its A-1+ short-term rating. A gauge of the dollar was little changed. Markets were cautiously optimistic on the Ukraine peace process after Trump urged Vladimir Putin to begin planning a summit with Volodymyr Zelenskiy. Investors face a pivotal week as the Federal Reserve’s annual Economic Policy Symposium kicks off Thursday in Jackson Hole, Wyoming, potentially offering signals on the path of interest rates. Trump called Putin and urged the Russian leader to begin making plans for a summit with Zelenskiy, after meeting the Ukrainian president and European leaders at the White House on Monday. The proposal — which Trump pitched as a one-on-one summit between Ukraine and Russia’s leaders that would be followed by a trilateral gathering involving all three — represented the latest turn in the US president’s push to broker a quick end to a conflict that has lasted over three years. The people in Ukraine and Russia “are tiring of the war, and that usually is a good sort of precondition for bringing this war to an end,” Ruchir Sharma, founder of Breakout Capital Partners LP said in a Bloomberg TV interview. “There is potential for upside here over the next few months. The biggest beneficiary will be Europe in terms of the ending of the Ukraine war.” Meanwhile, Powell is expected to unveil the Fed’s new policy framework — the strategy it’ll use to achieve its inflation and employment goals. Powell may also drop some hints about the Fed’s thinking ahead of its September policy meeting. Interest-rate swaps show a roughly 80% chance that the Fed will lower rates next month by 25 basis points, with two cuts fully priced in by the end of the year.  In Japan, a 20-year government bond auction drew demand that was weaker than its 12-month average, reflecting investor caution about longer dated debt amid fiscal risks like higher government spending and tax cuts. Elsewhere, Chinese equities held on to their gains. While the Shanghai Composite Index’s climb to a decade high on Monday has been partly fueled by cash-rich investors looking for better returns than bonds, their pace of positioning has been more measured than in previous equity surges, analysts said. Separately, the S&P said the US can maintain its credit strength despite the fiscal hit of a recent spending bill, in part because tariff revenues will reduce the pain. S&P affirmed its credit rating for the world’s largest economy. US After Hours PANW +5.2% higher on earnings, also founder retires; FN -8.4%, XP -2.3% lower on earnings; CXW +1.6% and ALG +0.1% name new CEOs.

Nikkei -0.1% Hang Seng +0.04% CSI -0.14% Shanghai +0.11% Shenzen +0.17%

Eur$ 1.1665 CNH 7.1843 CNY 7.1818 JPY 147.72 GBP 1.3509 CHF 0.8069 RUB 80.4389 TRY 40.8952 WTI$ 63.00 -0.66% Gold 3,3340 +0.19% BTC 115,443 -0.89% ETH 4,245.7 -2.05%

S&P -0.21% Nasdaq -0.24% EuroStoxx +0.18% FTSE +0.11% Dax +0.10% SMI +0.27%

Macro :
- Trump Pushes Putin-Zelenskiy Meeting After Talks With Both
- Hedge Funds Show No Faith in Rally by Dumping ADRs: China Today
- US Lawmakers Ask Commerce to Probe Spain’s Contract With Huawei
- Trump Tariffs Get Seal of Approval as S&P Affirms Credit Rating

Keep an eye on :
- ADP FP : ADP July Passenger Traffic +1.4%
- AMBEA SS : Ambea 2Q Net Sales Beat Estimates
- AAPL US : UK Drops Mandate for Apple ‘Backdoor’ on Americans, Gabbard Says
- BALDB SS : Swedish Landlord Balder Names Sharam Rahi as New CEO
- BSLN SW : Basilea Boosts FY Revenue Forecast, Beats Estimates
- BHP LN : BHP demands answers over hedge fund’s role in law firm behind £36bn claim - FT
- CNA LN : UK’s Centrica Shutters Singapore-Based Natural Gas Trading Unit
- COLOB DC : Coloplast 3Q Net Income Misses Estimates; Margin Outlook Kept
- DOCM SW : DocMorris 1H Adjusted Ebitda Margin Misses Estimates
- ENEL IM : Waaree Energies Deal for Enel Green Power India May Collapse: ET
- EVH US : Evolent Said to Offer 4.5% Coupon on $140m Convertible Bond
- FREY FP : Frey Buys Italian Shopping Sites for €410m From Blackstone Funds
- HUBN SW : Huber+Suhner 1H Ebit Beats Estimates
- INTC US : Trump Administration Said to Discuss Taking 10% Intel Stake (4)
- IOVA US : Iovance Gains on Canadian Approval of Amtagvi in Skin Cancer
- JYSK DC : Jyske Sees FY Net Income High End of DKK3.8B to DKK4.6B
- MED SW : Medartis 1H Sales Meet Estimates
- MB IM : Delfin Set to Tender Its Mediobanca Shares to Paschi: Corriere
- MB IM : Mediobanca Gets ECB Ok to Buy Direct Control of Banca Generali
- PANW US : Palo Alto Networks 1Q Adjusted EPS Forecast Beats Estimates
- PANW US : Palo Alto Networks Announces Management Change
- PFE US : Pfizer Gets Health Canada Approval for Updated COVID-19 Jab
- PGHN SW : Partners, Hillhouse Platform Buys $238 Million Singapore Assets
- PSPN SW : PSP Swiss 1H Rental Income CHF173.9M Vs. CHF176.2M Y/y
- MSTR US : Michael Saylor Eases Stock-Sale Limits as Bitcoin Premium Falls
- NKE US : Nike’s Success Depends on Jordan Brand Revival, Bernstein Says
- SANN SW : Santhera Permits Uniphar to Distribute AGAMREE in GCC Countries
- CRM US : Salesforce to Buy AI Firm Regrello; No Terms
- SCATC NO : Scatec 2Q Revenue Beats Estimates
- SBGI US : TV-Station Owner Sinclair Proposes Merger With Tegna -- WSJ
- 9984 JP : SoftBank Makes Surprise $2 Billion Bet on Intel’s AI Revival
- TSLA US : Tesla Prices New Model Y With Eye on Winning Chinese Families
- UCG IM : UniCredit Completes EU255m Acquisition of Alpha Bank Romania
- DG FP : Vinci Venture Wins Contract Worth About €450m in Australia

>>> Europe : Brokers Upgrades & Downgrades - 19th of August 2025

>>> Up
* Assura Raised to Buy at Peel Hunt; PT 60 pence
* Aveanna Healthcare Raised to Overweight at Barclays; PT $9.50
* Caterpillar Raised to Outperform at Evercore ISI; PT $476
* Gilead Raised to Outperform at Daiwa; PT $128
* IMI PT Raised to 2,850 pence from 2,500 pence at JPMorgan
* NN Group PT Raised to 75 euros from 70 euros at JPMorgan
* Primary Health PT Raised to 120 pence at Peel Hunt
* Zalando Raised to Buy at Baader Helvea; PT 32 euros

>>> Down
* Aallon Group Cut to Accumulate at Inderes; PT 13 euros
* Anglogold Cut to Underweight at Nedbank CIB; PT $53.82
* Couche-Tard Cut to Market Perform at BMO; PT C$75
* Do & Co Cut to Hold at Wood & Company; PT 253 euros
* Dowlais Cut to Sector Perform at RBC; PT 77 pence
* Fresnillo Cut to Hold at Peel Hunt; PT 1,493 pence
* H&R Cut to Reduce at Baader Helvea; PT 5 euros
* Koskisen Cut to Reduce at Inderes; PT 9 euros
* Merck KGaA Cut to Equal-Weight at Barclays; PT 120 euros
* Pan African Cut to Underweight at Nedbank CIB; PT 54.53 pence
* THG PLC PT Cut to 24 pence from 28 pence at JPMorgan

>>> Initiation
* Cirsa Enterprises Rated New Buy at Rothschild & Co Redburn
* Sats Rated New Buy at SEB Equities; PT 44 kroner
* Thermo Fisher Rated New Outperform at William Blair

>>> Call
* Metro Bank Mispriced Compared to Peers, RBC Raises to Outperform