>>> Europe : Brokers Upgrades & Downgrades - 28th of July 2025 V2(+)

>>> Up
* Alimak PT Raised to 180 kronor from 152 kronor at Berenberg
* Burberry PT Raised to 1,600 pence from 1,250 pence at Citi
* Drax Raised to Neutral at Citi; PT 682 pence
* Incap Raised to Accumulate at Inderes; PT 12 euros
* Italgas Raised to Buy at Intesa Sanpaolo; PT 7.80 euros (+)
* Kone PT Raised to 67 euros from 65 euros at Bernstein
* Landis + Gyr Raised to Buy at Berenberg; PT 80 Swiss francs
* Mapfre Raised to Add at AlphaValue/Baader
* NatWest Raised to Add at AlphaValue/Baader
* Oklo Raised to Outperform at Daiwa; PT $86
* Quilter Raised to Hold at Deutsche Bank; PT 165 pence
* Reply Raised to Outperform at Oddo BHF; PT 178 euros (+)
* Sartorius Raised to Outperform at Bernstein; PT 272 euros (+)

>>> Down
* Entain Cut to Hold at Investec; PT 1,040 pence
* Julius Baer Cut to Equal-Weight at Barclays
* Kalmar Cut to Hold at SEB Equities; PT 42 euros
* Kalmar Cut to Neutral at BNPP Exane; PT 38 euros (+)
* Kuehne + Nagel Cut to Add at AlphaValue/Baader
* Loomis Cut to Hold at SEB Equities; PT 450 kronor
* Puma Cut to Underperform at BNPP Exane; PT 15 euros
* Puma Cut to Hold at Deutsche Bank; PT 20 euros
* Remy Cointreau Cut to Underweight at Barclays; PT 45 euros
* Richemont Cut to Hold at HSBC; PT 158 Swiss francs
* RS Group Cut to Underperform at BNPP Exane; PT 480 pence
* Swatch Cut to Reduce at HSBC; PT 113 Swiss francs
* Titan America Cut to Hold at Stifel; PT $15
* Vontobel: ODDO BHF SCA abaisse à 62 (66) CHF - neutral (+)

>>> Initiation
* NXP Semi Rated New Outperform at Baptista Research; PT $262.40
* Pony AI ADRs Rated New Buy at Daiwa; PT $20

>>> Call
* Burberry Execution is on Track, Target Set to Joint-High at Citi
* Drax Loses Only Sell as Citi Sees ‘Strategic Breathing Room’
* Forvia Results Strong Considering Tough Backdrop, Jefferies Says (+)
* Landis+Gyr Raised to Buy at Berenberg on Divestment Catalyst
* Watch Aerospace in Wake of Positive US-EU Deal: Morgan Stanley

>>> Stoxx 600 Pre-Market Indications

  • Stellantis (8TI TH) +4.7%
  • Porsche (P911 TH) +4.1%
  • National Grid (NNGF TH) +3.7%
  • BE Semiconductor (BSI TH) +3.6%
  • ASML (ASME TH) +3.6%
  • Nokia (NOA3 TH) +3.4%
    • Big LVMH Trade as Investors Eye Upside: EMEA Options Snapshot
  • Rolls-Royce (RRU TH) +2.9%
    • Watch Aerospace in Wake of Positive US-EU Deal: Morgan Stanley
  • VW (VOW3 TH) +2.5%
    • Big LVMH Trade as Investors Eye Upside: EMEA Options Snapshot
  • BMW (BMW TH) +2.4%
    • EMEA Stocks Are Forming 84 Major Technical Chart Patterns
  • Iveco (R3D TH) +2.4%

>>> Europe : Brokers Upgrades & Downgrades - 28th of July 2025

>>> Up
* Alimak PT Raised to 180 kronor from 152 kronor at Berenberg
* Burberry PT Raised to 1,600 pence from 1,250 pence at Citi
* Drax Raised to Neutral at Citi; PT 682 pence
* Incap Raised to Accumulate at Inderes; PT 12 euros
* Kone PT Raised to 67 euros from 65 euros at Bernstein
* Landis + Gyr Raised to Buy at Berenberg; PT 80 Swiss francs
* Mapfre Raised to Add at AlphaValue/Baader
* NatWest Raised to Add at AlphaValue/Baader
* Oklo Raised to Outperform at Daiwa; PT $86
* Quilter Raised to Hold at Deutsche Bank; PT 165 pence

>>> Down
* Entain Cut to Hold at Investec; PT 1,040 pence
* Julius Baer Cut to Equal-Weight at Barclays
* Kalmar Cut to Hold at SEB Equities; PT 42 euros
* Kuehne + Nagel Cut to Add at AlphaValue/Baader
* Loomis Cut to Hold at SEB Equities; PT 450 kronor
* Puma Cut to Underperform at BNPP Exane; PT 15 euros
* Puma Cut to Hold at Deutsche Bank; PT 20 euros
* Remy Cointreau Cut to Underweight at Barclays; PT 45 euros
* Richemont Cut to Hold at HSBC; PT 158 Swiss francs
* RS Group Cut to Underperform at BNPP Exane; PT 480 pence
* Swatch Cut to Reduce at HSBC; PT 113 Swiss francs
* Titan America Cut to Hold at Stifel; PT $15

>>> Initiation
* NXP Semi Rated New Outperform at Baptista Research; PT $262.40
* Pony AI ADRs Rated New Buy at Daiwa; PT $20

>>> Call
* Burberry Execution is on Track, Target Set to Joint-High at Citi
* Drax Loses Only Sell as Citi Sees ‘Strategic Breathing Room’
* Landis+Gyr Raised to Buy at Berenberg on Divestment Catalyst
* Watch Aerospace in Wake of Positive US-EU Deal: Morgan Stanley

>>> What to look at today - 28th of July 2025

The record rally in US stocks looks set for more gains after the European Union reached a trade deal with President Donald Trump, further easing fears of a damaging trade war. Futures for the S&P 500 rose 0.4% after the index notched five successive all-time highs last week. Contracts for European stocks gained 1% after the deal, which imposes 15% tariffs on most of the bloc’s exports. The MSCI All Country World Index traded at a record while Asian shares were flat. The euro strengthened against the dollar. Crude oil edged 0.3% higher. Treasuries and a gauge of the greenback were steady. Markets, rebounding from April lows, are drawing comfort from the latest trade deal and signs the US and China will extend their truce, easing fears over Trump’s tariffs. That optimism faces a test this week with key data, Federal Reserve and Bank of Japan meetings and earnings from megacap companies that may shape the outlook for markets and the global economy. Trade deals are coming in “less worse than expected,” Chi Lo, senior market strategist for Asia Pacific at BNP Paribas Asset Management, said on Bloomberg TV. “That change in expectation and sentiment pushed up the markets over the past few weeks, and going forward, we do need to see the fundamentals come back to play.” Trump and European Commission President Ursula von der Leyen announced the EU deal on Sunday at his golf club in Turnberry, Scotland, although they didn’t disclose the full details of the pact or release any written materials. Rainwater Equity Founder and CEO Joseph Shaposhnik says he views “the S&P 500 in the US as the great growth stock of all countries today.”
The hard-fought deal will see the bloc face 15% tariffs on most of its exports, including automobiles, staving off a trade war that could have delivered a hammer blow to the global economy. Asian stocks with large European exposure rose Monday after the trade agreement. Meanwhile, shares in Hong Kong advanced after the South China Morning Post reported the US and China are expected to extend their tariff truce by another three months. US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are scheduled to meet in Stockholm on Monday. Shares in mainland China dipped 0.2%. Also, Goldman Sachs lifted its 12-month target for the MSCI China index on higher valuations, brighter prospects for a trade deal and a stronger yuan. Elsewhere in Asia, Japanese Prime Minister Shigeru Ishiba signaled he intended to stay in office despite a growing number of calls within the ruling party for him to step down. Ishiba faces a crunch meeting of his party’s lawmakers Monday.  Later in the week, the Bank of Japan is set to keep interest rates unchanged with traders on alert for any signs of future guidance by the central bank. This week will also bring a US jobs report, while Magnificent Seven members Apple Inc., Amazon.com Inc., Microsoft Corp. and Meta Platforms Inc. are all due to report numbers. Robust corporate earnings have bolstered investor confidence in US stocks, as companies head for their highest share of beats since the second quarter of 2021. Progress in trade deals, positive economic data and corporate resilience have offset worries that stocks are overheating. More than 80% of S&P 500 companies have exceeded profit estimates, according to data compiled by Bloomberg Intelligence. In geopolitical news, Thailand and Cambodia are set to hold talks Monday to discuss an end to their deadly border clashes after Trump warned Washington wouldn’t make a trade deal with either country while the conflict continued.

Nikkei -0.75% Hang Seng +0.65% CSI +0.12% Shanghai -0.17% Shenzen -0.05%

Eur$ 1.1750 CNH 7.1693 CNY 7.1689 JPY 147.75 GBP 1.3435 CHF 0.7954 RUB 79.5332 TRY 40.5482 WTI$ 65.40 +0.37% Gold 3,340 +0.10% BTC 119,220 +0.35% ETH 3,883 +1.52%

S&P +0.47% Nasdaq +0.65% EuroStoxx +1.17% FTSE +0.52% Dax +1.16% SMI +0.88%

Macro :
- Trump Says He Reached a Trade Deal With EU
- US, China Expected to Extend Trade Truce by 90 Days, SCMP Says
- Traders Hedging Stocks at Record Highs Dabble in Exotic Options
- Goldman Trading Desk’s Clients Start Shorting Speculative Tech
- SocGen Strategists Hail Strong Start to US Earnings Cycle
- Lawmakers Press FDA to Target Compounded, Fake Weight-Loss Drugs
- China’s Industrial Profits Drop for Second Month Amid Price Wars

Keep an eye on :
- ABF LN : AB Foods Nears Deal to Merge Kingsmill With Hovis, Sky Reports
- AIR FP : American Air’s New Airbus Jet Grounded by Supply Chain Issue
- AIR FP : DAE, United Airlines in Buy, Leaseback Pact for 10 Boeing 737-9
- ALV GY : Allianz Life Says Majority of Customers’ Data Stolen in Breach
- AAPL US : Apple’s F1 movie crosses $500 million at global box office
- AVIO IM : Avio Jumps; Firm Said to Seek New Space Launches in Virginia
- BAYN GY : Bayer Says FDA Extended Review Period for Elinzanetant NDA
- BPE IM : BPER Banca Reaches 80.69% of Popolare di Sondrio Share Capital
- BRK/A US : Buffett’s Pilot Said to Explore Sale of Water Management Unit
- BMW GY : BMW backs hydrogen for transport with first series production car in 2028
- BA US : Boeing Braces for Defense Hub Strike as Workers Reject Offer
- CRI FP : Carla Bruni-Sarkozy Joins Compagnie Chargeurs Invest Board
- DIS US : Cover from Barrons, pushing as a buy but stock not cheap - I will wait for pull back
- DIS US : ‘Fantastic Four’ Tops Box Office in Reset for Marvel Franchise
- ENI IM : ENI Sees Green Business Profits Matching Oil & Gas by 2035: FT
- FMNA US : Fannie, Freddie Sink as Pulte Sees Conservatorship Likely
- FRVIA FP : Forvia 1H Operating Profit Beats Estimates
- HEIA NA : Heineken 2Q Organic Beer Volume Misses Estimates, Heineken Beer Volume Misses on Extended Retail Negotiations
- HSBA LN : HSBC Concludes $3 Billion Share Buyback Program
- IBE SM : Spain’s Cox Bids to Buy Iberdrola’s Mexican Assets: Confidencial
- INTC US : Intel Reveals Plan to Spin Off Networking Business: CRN
- IVG IM : Iveco Defense Talks With Leonardo Advance, Pave Way on Tata Deal
- MC FP : LVMH in Talks to Sell Marc Jacobs, The luxury giant has been holding talks with the owner of Reebok, among others - WSJ
- MC FP : Big block of LVMH calls crossed late again with volumes picking up post the earnings report
- MDM FP : Maisons du Monde 1H Ebitda EU46M Vs. EU64.0M Y/y
- MB IM : Italy Won’t Exercise Veto on Mediobanca, Banca Generali Deal
- META US : Zuckerberg: Shengjia Zhao Will Be Chief Scientist of Meta AI Lab
- MUSTI FH : Musti Group 3Q Net Sales EU121.7M Vs. EU104.0M Y/y
- NAT SM : Natac Group Hires Nomura to Explore Sale, Expansion Reports
- NDX1 GY : Nordex 1H Ebitda Beats Estimates
- PKTM AV : Pierer Mobility Prelim 1H Revenue EU425M
- PSM GY : MFE Raises Bid for ProSieben to €4.48/Shr Plus 1.3 MFE A Shares
- RHM GY : German Army to Develop Deep Strike Drones, Handelsblatt Says
- 005930 KS : Samsung Texas Fab Will Make Tesla’s Next-Gen AI6 Chip, Musk Says
- SHLF NO : Shelf Drilling Gets $12 Million Contract in UK North Sea
- SRAIL SW : Stadler Gets Nearly €700m Order From Koelner Verkehrs-Betriebe
- RNO FP : Stellantis Poaches Renault Design Chief to Lead Europe Revamp
- SAB SM : Sabadell CEO Sees Bid for Spanish Banking Powerhouse Deadlocked
- STLA IM : Stellantis Poaches Renault Design Chief to Lead Europe Revamp
- TSLA US : Samsung Texas Fab Will Make Tesla’s Next-Gen AI6 Chip, Musk Says

>>> TradeGate Pre-Market Indications

DAX:
  • Porsche (P911 TH) +3.4%
  • VW (VOW3 TH) +2.6%
  • Infineon (IFX TH) +2.6%
  • MTU Aero (MTX TH) +2.2%
    • Watch Aerospace in Wake of Positive US-EU Deal: Morgan Stanley
  • BMW (BMW TH) +2.2%
MDAX:
  • Jungheinrich (JUN3 TH) +2.7%
  • Evonik (EVK TH) +2%
    • BlackRock, Inc. Cut Evonik Voting Rights to 5.00% on July 22
  • TeamViewer (TMV TH) +1.7%
  • Aixtron (AIXA TH) +1.7%
  • Kion (KGX TH) +1.5%
SDAX:
  • Befesa (BFSA TH) +4.1%
  • ProSieben (PSM TH) +3.7%
  • Stabilus (STM TH) +3.4%
  • Kontron (KTN TH) +2.5%
  • AlzChem Group AG (ACT TH) +2.3%
  • Atoss Software (AOF TH) -2.3%