FT : Window shopping with the watch world

Window shopping with the watch world
The guichet timepiece is the trend to know

There are times when it seems as if some guiding, albeit slightly mischievous, spirit of the watch industry has whispered identical words of inspiration into different ears at different maisons, and then sat back to watch the fun. If there is such a spirit flitting between factories then he/she/they have been very busy, as 2025 has witnessed the most remarkable resurgence of one of the most esoteric of timepieces: the guichet. The watch is distinguished by its blank plane of metal through which hours and minutes are read via small windows rather than by the sweep of traditional hands.

At the beginning of the year, Louis Vuitton launched its Tambour Convergence. And then at Watches and Wonders Cartier reintroduced its historic Tank à Guichets, while Bremont, perhaps the most surprising of all, presented its bronze-cased Terra Nova Jumping Hour. Each takes a distinctly different approach, yet all share the same fundamental principle.

Louis Vuitton pink-gold Tambour Convergence Watch, £32,500

Bremont bronze Terra Nova Jumping Hour, £4,900

To understand this horological curiosity, we must journey back to the beginning of the 1920s, when “montres à guichets” emerged. The construction and design did away with the fragile watch glass, and in the context of the nascence of what would become known as art deco they were aesthetically satisfying in their sleek minimalism. Cartier made its first Tank à Guichets in 1928. “When Cartier launched that watch, it was very innovative. Other companies made the guichet in the same period, but Cartier made a guichet with precious metals. The construction of the case is very interesting, and it has a very flat movement. After almost a century, it’s still contemporary design,” says Pierre Rainero, Cartier’s director of image, style and heritage. He explains why the maison has chosen this moment to revive the design: “We thought that the Tank à Guichets, among all other watches created during that period at the time of Louis Cartier himself, is probably one of the most meaningful in terms of Cartier’s philosophy of watchmaking design.”

The new collection features models in yellow gold, rose gold and platinum; true to the original, they sport a crown at the top of their cases and house a manually wound movement. Alongside these historically faithful renditions, Cartier has created a 200-piece limited edition in platinum that repositions the hour display to 10 o’clock and the minute display to four o’clock, creating an asymmetrical layout. This arrangement is not merely aesthetic but functional, says Rainero: “It corresponds even better to the way you read the time.”

© Yona Hillat. Cartier
Cartier platinum Tank à Guichets, £55,000

© Vincent Wulveryck, Collection Cartier © Cartier
1928 Cartier gold Tank à Guichets

Whereas Rainero revels in the archival accuracy of this year’s Cartier revival, Jean Arnault, watch director at Louis Vuitton, is happy to be unfettered by history. He described LV’s Tambour Convergence as a blend of vintage inspiration and modern execution. “What I love about what we’re doing at Louis Vuitton is the ability to reinterpret vintage designs without having the pollution of a watch that existed in the ’40s, ’50s, ’60s,” he says.

Unlike Cartier’s jumping-hour mechanism, where the hour changes instantly every 60 minutes, Louis Vuitton opted for a “dragging hour” display, where the hour is moving constantly at the speed of the conventional hour hand. “We wanted to make the watch as thin as possible,” says Arnault. “That’s why we didn’t go for the jump hour. We have the movement ready if we want to do it, because we have jump hours in the collection, but it would make for a thicker watch.”

While Cartier and Louis Vuitton are making the most of the elegance of the guichet. Bremont’s Terra Nova Jumping Hour offers an unabashed tool-watch interpretation in the brand’s aluminium-enriched bronze alloy. CEO Davide Cerrato believes that the Terra Nova connects the guichet with a military form. “In the first world war they were called trench watches. A protective metal cap was used instead of glass or crystal sapphire to make the watches less fragile. So, there was also a very nice link with Bremont’s military history and DNA.”

The front of the Jaeger-LeCoultre pink-gold and enamel Reverso Tribute Nonantième, £68,500...

...and the reverse side of the watch

Unlike Arnault, Cerrato is besotted with “the magic of the quick jump”. Working with [movement supplier] Sellita, we were able to ensure that the jump is done in less than one-10th of a second – it’s very sharp and very crisp and very quick. And that’s the magic of the thing. If you are in a place that is quiet enough, you hear when it makes the shift.”

Jaeger-LeCoultre has also been swigging the guichet Kool-Aid. Its Reverso Tribute Nonantième “Enamel” shows the hour through a circular aperture with a rotating minutes disc set below a day-night indicator, all against a background of star-strewn midnight blue. I find it mesmerisingly beautiful. However, it craftily avoids full commitment to the guichet aesthetic as all this detailed gorgeousness is on the reverse side of the watch, while the front is more conventional.

You could argue that it is two distinct types of watch in one case, meaning the £68,500 price tag will be amortised twice as rapidly.

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • ZEPP +18.9%, OPEN +15.7%, ENR +10.7%, CERT +9%, KGS +8.2%, FFAI +6.7%, IDXX +5.9%, SPOT +4.9%, EEX +3.7%, SITC +3.3%, FRPT +3.3%, UBS +2.5%, TSLA +2.5%, BNTX +2.4%, DJT +2.3%, PLTR +2.1%, AA +2.1%, L +1.9%, HPK +1.8%, ALGN +1.7%, TTEC +1.6%, WAT +1.6%, LYG +1.5%, BGS +1.2%
  • Gapping down:
    • MVST -5.3%, YMM -4%, KOS -3.6%, EM -3.4%, SUNS -2.3%, MUFG -1.5%, ALTS -1.1%, SAM -0.7%, BRK.B -0.7%

>>> Europe : Brokers Upgrades & Downgrades - 4th of August 2025 V3(++)

>>> Up
* Air France-KLM Raised to Equal-Weight at Barclays
* Bank of Ireland Raised to Outperform at KBW; PT 14.40 euros
* BAE Raised to Buy at Jefferies; PT 2,060 pence
* Bonduelle Raised to Buy at Gilbert Dupont; PT 10.10 euros (++)
* Boreo Raised to Accumulate at Inderes; PT 18 euros
* CMB Tech Raised to Buy at Arctic Securities; PT 10.03 euros (+)
* Corbion Raised to Hold at Berenberg; PT 16.50 euros
* Disney PT Raised to $140 from $120 at Morgan Stanley (++)
* Evotec Raised to Buy at Van Lanschot Kempen; PT 7.50 euros
* Forbo Raised to Hold at Kepler Cheuvreux; PT 820 Swiss francs (++)
* Grieg Seafood Raised to Buy at Fearnley; PT 81 kroner
* Hammerson Raised to Buy at Peel Hunt; PT 350 pence (+)
* Hensoldt Raised to Hold at Jefferies; PT 92 euros
* IAG Raised to Equal-Weight at Barclays; PT 370 pence
* Interparfums Raised to Add at IDMidcaps; PT 35 euros (+)
* ITM Power Raised to Buy at Berenberg; PT 100 pence
* Lloyds Raised to Neutral at JPMorgan
* Lloyds Raised to Outperform at RBC; PT 95 pence
* Lufthansa Raised to Equal-Weight at Barclays; PT 7.20 euros
* Porsche Raised to Hold at Bankhaus Metzler; PT 45 euros (++)
* TeamViewer Raised to Buy at Kepler Cheuvreux; PT 12.80 euros (+)

>>> Down
* Aasen Sparebank Cut to Hold at Norne Securities; PT 134 kroner (+)
* Bittium Cut to Sell at OP Corporate Bank; PT 8 euros (++)
* BMW Cut to Fully Valued at DBS Bank; PT 70 euros
* Disney Cut to Hold at Punto Casa de Bolsa; PT $128
* Entra Cut to Neutral at Van Lanschot Kempen; PT 125 kroner
* Grong Sparebank Cut to Hold at Norne Securities; PT 166 kroner (+)
* Raisio Cut to Accumulate at OP Corporate Bank; PT 2.80 euros (++)
* Scatec Cut to Hold at SEB Equities; PT 103 kroner
* Shell ADRs Cut to Hold at HSBC; PT $78.30 (++)
* SpareBank 1 Helgeland Cut to Sell at Arctic Securities (+)
* Weir Group Cut to Hold at Kepler Cheuvreux; PT 2,700 pence (++)

>>> Initiation
* Essity Reinstated Neutral at Goldman; PT 275 kronor
* Italgas Re-Initiated Buy at Deutsche Bank; PT 8.10 euros (+)
* Noontao Sarl Rated New Buy at Greensome Finance; PT 23.80 euros
* Seagate Rated New Hold at Baptista Research; PT $172.90

>>> Call
* Goldman’s Kostin Says 2Q Earnings Show US Tech Exceptionalism (++)
* Iron Ore Seen at $95-$100 as China’s Moves Underwhelm: Goldman
* TeamViewer Upgraded to Buy at Kepler on Momentum, Valuation (+)
* Shell Downgraded by HSBC On Rising Debt, Trading Exposure (++)

>>> Europe : Brokers Upgrades & Downgrades - 4th of August 2025 V2(+)

>>> Up
* Air France-KLM Raised to Equal-Weight at Barclays
* Bank of Ireland Raised to Outperform at KBW; PT 14.40 euros
* BAE Raised to Buy at Jefferies; PT 2,060 pence
* Boreo Raised to Accumulate at Inderes; PT 18 euros
* CMB Tech Raised to Buy at Arctic Securities; PT 10.03 euros (+)
* Corbion Raised to Hold at Berenberg; PT 16.50 euros
* Evotec Raised to Buy at Van Lanschot Kempen; PT 7.50 euros
* Grieg Seafood Raised to Buy at Fearnley; PT 81 kroner
* Hammerson Raised to Buy at Peel Hunt; PT 350 pence (+)
* Hensoldt Raised to Hold at Jefferies; PT 92 euros
* IAG Raised to Equal-Weight at Barclays; PT 370 pence
* Interparfums Raised to Add at IDMidcaps; PT 35 euros (+)
* ITM Power Raised to Buy at Berenberg; PT 100 pence
* Lloyds Raised to Neutral at JPMorgan
* Lloyds Raised to Outperform at RBC; PT 95 pence
* Lufthansa Raised to Equal-Weight at Barclays; PT 7.20 euros
* TeamViewer Raised to Buy at Kepler Cheuvreux; PT 12.80 euros (+)

>>> Down
* Aasen Sparebank Cut to Hold at Norne Securities; PT 134 kroner (+)
* BMW Cut to Fully Valued at DBS Bank; PT 70 euros
* Disney Cut to Hold at Punto Casa de Bolsa; PT $128
* Entra Cut to Neutral at Van Lanschot Kempen; PT 125 kroner
* Grong Sparebank Cut to Hold at Norne Securities; PT 166 kroner (+)
* Scatec Cut to Hold at SEB Equities; PT 103 kroner
* Shell Cut to Hold at HSBC; PT 2,950 pence
* SpareBank 1 Helgeland Cut to Sell at Arctic Securities (+)

>>> Initiation
* Essity Reinstated Neutral at Goldman; PT 275 kronor
* Italgas Re-Initiated Buy at Deutsche Bank; PT 8.10 euros (+)
* Noontao Sarl Rated New Buy at Greensome Finance; PT 23.80 euros
* Seagate Rated New Hold at Baptista Research; PT $172.90

>>> Call
* Iron Ore Seen at $95-$100 as China’s Moves Underwhelm: Goldman
* TeamViewer Upgraded to Buy at Kepler on Momentum, Valuation (+)

>>> What to look at today - 4th of August 2025

Asian shares pared losses and US stock futures advanced as equity investors took some positives from increased expectations for Federal Reserve interest-rate cuts following Friday’s weak US payrolls data. Contracts for the S&P 500 and the tech-heavy Nasdaq 100 climbed 0.4% after both gauges had slumped on Friday. The MSCI Asia Pacific Index edged up 0.1% after declining as much as 0.5%, while an index of technology shares in Hong Kong rose as much as 1%. The tech index is rebounding after a seven-day losing run. Treasuries pared last week’s gains, with yields on the 10-year climbing almost three basis points to 4.24%. Oil retreated as OPEC+ wrapped up a run of major output hikes. The dollar edged lower, while gold slipped 0.2%. Friday’s tumble on Wall Street — sparked by rising US unemployment and slower job creation — boosted bets for a rate cut to support the economy. The weak data is adding to concern American equities are overvalued after US stocks rallied for three straight months on speculation the economy would withstand President Donald Trump’s tariff storm. The S&P 500 ended Friday 1.6% lower and the Nasdaq 100 dropped 2%. The US 10-year yield had dropped 16 basis points Friday, while policy-sensitive two-year yields fell 28 basis points. The declines reflected heightened anticipation the Fed will cut rates in its September meeting after keeping them on hold at its July gathering. Following the jobs data, some market-watchers are even anticipating the Fed may cut rates by 50 basis points, twice the regular amount. Separately, Trump said he will announce a new Fed governor and a new jobs data statistician in the coming days, two appointments that could shape his economic agenda. The Fed announced Friday that Adriana Kugler will step down from her position as a governor, giving Trump an opportunity to install a policymaker who aligns with his demands for lower interest rates. Also on Friday, Trump fired chief labor statistician Erika McEntarfer hours after labor market data showed weak jobs growth based in part on steep downward revisions for May and June. Meanwhile, Swiss stock investors are bracing for Monday’s market reopening after Trump slapped a punitive 39% export tariff on the country, among the highest in the world. Trump’s tariff rollout landed on a holiday, Swiss National Day. Elsewhere, Japan’s government bond yields fell following the US employment report, raising concerns about demand at a 10-year debt sale on Tuesday. The five-year yield dropped as much as nine basis points to 0.99% and the 10-year yield was down 8.5 basis points to 1.465%.  In oil, OPEC+ agreed to another major output increase, stoking concerns about global oversupply just as the US-led trade war may be exacting a toll on economic growth and energy consumption.

Nikkei -1.36% Hang Seng +0.54% CSI -0.05% Shanghai +0.21% Shenzen +0.17%

Eur$ 1.1573 CNH 7.1818 CNY 7.1790 JPY 147.70 GBP 1.3277 CHF 0.8053 RUB 79.7137 TRY 40.6762 WTI$ 67.24 -0.13% Gold 3,360 -0.10% BTC 114,386 -0.04% ETH 3,539 +1.33%

S&P +0.43% Nasdaq +0.48% EuroStoxx +0.56% FTSE +0.45% Dax +0.45% SMI -2.42%

Macro :
- OPEC+ Agrees in Principle to Another Bumper Supply Increase
- European Banks Weather Stress Test Simulating Trade Shock
- Goldman Told Clients to Go Long Copper a Day Before Price Plunge
- After a Weak Jobs Report, Trump Says He’s Firing That Agency’s Commissioner - NYT
- Barron's : M&A is back : Zoom Communications, RingCentral, DocuSign, Dropbox, Cytokinetics, Scholar Rock Holding, Viking Therapeutics, Construction Partners & Casella Waste Systems
- Barron's : 2 Utilities That Stand to Gain From Big Tech’s Power Play (AEP & ETR)
- Modi Urges Indians to Buy Local Goods After Trump Tariffs
- European bank shares hit highest levels since 2008 - FT
- China Is Choking Supply of Critical Minerals to Western Defense Companies -- WSJ
- Iron Ore Seen at $95-$100 as China’s Moves Underwhelm: Goldman

Keep an eye on :
- AGFA BB : Agfa-Gevaert Signs New 3-Year €180m Revolving Credit Line
- AIR FP : Airbus Said to Deliver Fewer Aircraft in July Amid Engine Woes
- BRK/A US : Berkshire Hathaway 2Q Operating Earnings $11.16B
- BDT GY : Bertrandt 3Q Loss After Tax EU29.0M Vs. Loss EU6.95M Y/y
- BLDE US : Joby Aviation reportedly exploring acquisition of Blade Air Mobility
- BMW GY : BMW Strikes Back at Tesla With Longer-Range Electric Vehicles
- BA US : How Boeing is quietly betting on a ‘brilliant’ 39-year old engineer—and setting the stage for a turnaround- Fortune
- BA US : Boeing Defense Union Poised for Its First Strike Since 1996 (2)
- BP/ LN : BP to report on cost cuts as activist investor Elliott steps up pressure
- CA FP : Once a Retail Empire, Carrefour Struggles to Win Back Investors
- DARK LN : Darktrace Accelerates US Expansion, Targets $1b in Revenue: FT
- Heartflow IPO : Heartflow Seeks Up to $212.5 Million in Initial Public Offering
- ILTY IM : Illimity Bank 1H Net Result Approx. -EU120m
- ICG LN : ICG to Buy Italy’s Excellera, Back PR’s Firm Global Expansion
- JMT PL : A Punchy €50 Billion Sales Goal Gets J. Martins Mulling Over M&A
- JOBY US : Joby Said to Weigh Deal for Helicopter Ride-Share Operator Blade
- KER FP : Kering in Talks With Qatar to Sell Milan Property, Corriere Says
- LAT FP : Latecoere Closes Sale of MADES to the Cicor Group
- MB IM : Mediobanca Says Banca Generali Offer Clears Two Hurdles
- PNL NA : PostNL 2Q Net Loss EU24M, Est. Loss EU7.08M (2 Est.)
- 1913 HK : Prada +2.41%
- PRX NA : Prosus Set to Get EU Approval for JustEat Acquisition: Reuters
- SIGN SW : SIG Group Board Names CFO Ann-Kristin Erkens Interim CEO
- SXS LN : Advent Ups Spectris Offer to £4.2 Billion in KKR Bidding War
- STM GY : Stabilus FY Adjusted Ebit Margin Forecast Misses Estimates
- TSLA US : Jury Says Tesla Was Partly to Blame for Fatal Crash - NYT
- DJT US : Trump Media & Technology 2Q Net Loss $20.0M Vs. Loss $16.4M Y/y
- VLA FP : South China’s Foshan urged to stamp out Chikungunya spread as Guangdong cases rise - SCMP
- VFS US : VinFast to Make 50,000 EVs a Year in India, Asia CEO Says
- ZEG LN : Singapore’s GIC to take 25% stake in Spanish broadband venture, Telecoms operators MasOrange and Vodafone Spain had anticipated selling a larger stake to an external investor - FT

>>> Europe : Brokers Upgrades & Downgrades - 4th of August 2025

>>> Up
* Air France-KLM Raised to Equal-Weight at Barclays
* Bank of Ireland Raised to Outperform at KBW; PT 14.40 euros
* BAE Raised to Buy at Jefferies; PT 2,060 pence
* Boreo Raised to Accumulate at Inderes; PT 18 euros
* Corbion Raised to Hold at Berenberg; PT 16.50 euros
* Evotec Raised to Buy at Van Lanschot Kempen; PT 7.50 euros
* Grieg Seafood Raised to Buy at Fearnley; PT 81 kroner
* Hensoldt Raised to Hold at Jefferies; PT 92 euros
* IAG Raised to Equal-Weight at Barclays; PT 370 pence
* ITM Power Raised to Buy at Berenberg; PT 100 pence
* Lloyds Raised to Neutral at JPMorgan
* Lloyds Raised to Outperform at RBC; PT 95 pence
* Lufthansa Raised to Equal-Weight at Barclays; PT 7.20 euros

>>> Down
* BMW Cut to Fully Valued at DBS Bank; PT 70 euros
* Disney Cut to Hold at Punto Casa de Bolsa; PT $128
* Entra Cut to Neutral at Van Lanschot Kempen; PT 125 kroner
* Scatec Cut to Hold at SEB Equities; PT 103 kroner
* Shell Cut to Hold at HSBC; PT 2,950 pence

>>> Initiation
* Essity Reinstated Neutral at Goldman; PT 275 kronor
* Noontao Sarl Rated New Buy at Greensome Finance; PT 23.80 euros
* Seagate Rated New Hold at Baptista Research; PT $172.90

>>> Call
* Iron Ore Seen at $95-$100 as China’s Moves Underwhelm: Goldman

WWD : SkinCeuticals’ Latest Launch Was Developed for and Tested on GLP-1 Users

SkinCeuticals’ Latest Launch Was Developed for and Tested on GLP-1 Users
With its new serum, the medical grade skin care brand is targeting laxity, which many weight loss drug users experience.

SkinCeuticals is betting on the GLP-1 market.

On Monday, the medical-grade skin care revealed the launch of its A.G.E. Interrupter Ultra Serum, $185, which was developed for and tested on GLP-1 weight loss drug users. While the brand declined to share sales figures, the team said this launch is expected to be its biggest of the year, driving new customer acquisition.

The serum, which joins a lineup of A.G.E. Interruper products including a cream and eye cream, is formulated with 30 percent proxylane and 4.6 percent wild fruit flavonoids to target glycation, which typically leads to aging skin, and support collagen production.

With these benefits in mind, the product was specifically formulated for GLP-1 users, as rapid weight loss often leads to skin laxity. According to experts, weight loss from a GLP-1 could also lead to a lack of hydration and collagen and lead to looser skin that amplifies fine lines and wrinkles. The SkinCeuticals team, which focuses heavily on the crossover between medical aesthetics and complementary topical products, saw the growing opportunity to tap into the GLP-1 market through skin care solutions. Specifically, 30 million in the U.S. by 2030 could be on a weight loss drug, according to JP Morgan Research.

“We are laser-focused on medical trends driving consumers to clinics, and that’s how we got the idea to test this A.G.E. Interrupter Ultra Serum with GLP-1 patients,” said SkinCeuticals’ general manager Tara Pyle. “Today is about leveraging the best of science and technology, which is also about the world of aesthetic procedures, including GLP-1s alongside skin care to maximize results. We as a brand are still very driven by scientific breakthroughs. This is the heart of all of our product development.”

As the team has been eyeing the market, Pyle also emphasized that the channels to get prescribed a GLP-1 are growing, particularly as medical spas bet on the drug.

“In some outlets, it’s the number one aesthetic service, which is fascinating. It’s in our channel,” she said. “Weight loss is also a gateway to medical aesthetics involvement. We saw a recent McKinsey paper that [said] 63 percent of GLP-1 patients who start aesthetics do it for the first time after their weight loss….[According to the] American Society of Plastic Surgeons, 41 percent of patients who are prescribed GLP-1s are considering nonsurgical procedures.”

Additional research from Circana showed that GLP-1 users overindex in a variety of categories, including beauty.

“We tested the regimen with A.G.E. Interrupter Advanced Cream and the new Ultra Serum [on 25 male and female particpants], and we noticed that after [using] the regimen, before even procedures, it visibly reduced skin laxity in just four weeks,” Pyle said. “We also tested with a minimally invasive ultrasound procedure on GLP-1 patients. This also showed an additional reduction in skin laxity by 20 percent.”

As SkinCeuticals looks to future launches, Pyle said the impacts of GLP-1s on the skin will continue to be an area of interest for the brand.

“GLP-1s [are] not going anywhere. It is a major segment of our medical customers, so it will always be a consideration,” she said.

>>> Stoxx 600 Pre-Market Indications

  • Lloyds (LLD TH) +4.5%
    • Lloyds Raised to Outperform at RBC; PT 95 pence
  • B&M European (BMN TH) +4.1%
  • Diploma (DP9 TH) +3.5%
  • National Grid (NNGF TH) +2.5%
  • Schneider Electric (SND TH) +2.3%
  • Symrise (SY1 TH) +2.3%
  • Novo (NOV TH) +2.2%
  • BAE (BSP TH) +2.2%
  • Prosus (1TY TH) +2%
  • JDE Peet’s (JDE TH) -1%
  • Bavarian Nordic (BV3 TH) -1.4%
  • Standard Chartered (STD TH) -1.6%
  • Roche (RHO5 TH) -3.6%
    • Watch Swiss Stocks as Trading to Resume After Trump Tariff Shock