>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • AES +12.3%, ALVO +6.8%, EXAS +2.6%, RYTM +2.3%, EBS +2.3%, KRUS +2%, TOL +1.6%, SLDB +1.5%, CAAS +1.5%, SBUX +1.3%, ATR +0.7%
  • Gapping down:
    • RXST -37.8%, EVTL -20.3%, AEHR -20%, WPP -18.5%, PENG -6.6%, COGT -2.1%, MBLY -1.4%

>>> Europe : Brokers Upgrades & Downgrades - 9th of July 2025 V3(++)

>>> Up
* Also Raised to Buy at Research Partners; PT 320 Swiss francs (+)
* Alten Raised to Buy at Gilbert Dupont; PT 97.80 euros
* Azimut Raised to Buy at Deutsche Bank; PT 35 euros (+)
* Balfour Beatty PT Raised to 610 pence at Jefferies
* Berkeley Raised to Outperform at RBC
* Bloom Energy Raised to Overweight at JPMorgan; PT $33
* Brown-Forman Raised to Neutral at Rothschild & Co Redburn
* GenSight Biologics Raised to Outperform at Oddo BHF
* Genuit Group Raised to Overweight at JPMorgan; PT 490 pence
* Indra Raised to Buy at Goldman; PT 45 euros
* Industrivarden Raised to Add at AlphaValue/Baader
* Industrivarden Raised to Hold at Nordea
* Meta PT Raised to $800 from $700 at TD Cowen (+)
* Microsoft Raised to Outperform at Oppenheimer; PT $600 (++)
* Norwegian Cruise PT Raised to $25 from $22 at Barclays (++)
* Persimmon Raised to Sector Perform at RBC
* Royal Caribbean PT Raised to $358 from $263 at Barclays (++)
* Royal Caribbean PT Raised to $400 from $310 at Stifel (++)
* Siemens Energy Raised to Add at AlphaValue/Baader (++)

>>> Down
* Aberdeen Group Cut to Hold at Jefferies; PT 175 pence
* Admicom Cut to Reduce at Inderes; PT 55 euros
* AUTO1 Cut to Hold at mwb research AG (++)
* Bellway Cut to Sector Perform at RBC
* CIE Automotive Cut to Neutral at Alantra Equities (++)
* Cicor Tech Cut to Hold at Research Partners; PT 200 Swiss francs (++)
* Hexatronic Cut to Hold at ABG; PT 23 kronor
* Kion Cut to Hold at Jefferies; PT 57 euros
* Klepierre Cut to Neutral at Oddo BHF; PT 35 euros (+)
* Molson Coors PT Cut to $55 from $65 at Bernstein (++)
* Monster Beverage Cut to Neutral at Rothschild & Co Redburn
* Puig Cut to Hold at Bestinver; PT 17.70 euros
* Sparebanken Ost Cut to Hold at Norne Securities; PT 84 kroner (+)
* T-Mobile Cut to Underweight at KeyBanc; PT $200
* Taylor Wimpey Cut to Sector Perform at RBC; PT 135 pence
* Thermo Fisher Cut to Neutral at UBS on ‘Challenged’ Trends
* Umicore Raised to Add at AlphaValue/Baader (++)
* Victrex Cut to Hold at Deutsche Bank; PT 850 pence

>>> Initiation
* Alamos Gold Rated New Buy at Stifel Canada; PT C$46
* Altria Reinstated Underperform at Jefferies; PT $50
* Avolta Rated New Hold at Jefferies; PT 47 Swiss francs
* BAT Reinstated Buy at Jefferies; PT 4,800 pence
* C3.ai Rated New Buy at WestPark Capital; PT $40
* Freeport Rated New Buy at Stifel Canada; PT $56
* Galderma Reinstated Buy at William O'Neil
* Imperial Brands Reinstated Buy at Jefferies; PT 3,600 pence
* Ivanhoe Mines Rated New Buy at Stifel Canada; PT C$13.50
* Newmont Corp Rated New Buy at Stifel Canada; PT $73
* Persimmon Re-Initiated Buy at Panmure Liberum (+)
* Philip Morris Reinstated Buy at Jefferies; PT $220
* Vivendi Re-Initiated Hold at Kepler Cheuvreux; PT 3 euros (+)

>>> Call
* Azimut Rises After Deutsche Bank Upgrades on New Bank Project (++)
* BAT Top Pick in Tobacco at Jefferies, Altria Rated Underperform
* Meta’s EssilorLuxottica Stake Is a Vote of Confidence: Bernstein (+)
* Genuit’s End Markets Have Now Stabilized, JPMorgan Upgrades
* Indra Rises as Goldman Upgrades on Defense ‘Mega Trend’ (++)
* Kion Upside Limited Following Rally, Cut to Hold at Jefferies
* RBC Shuffles UK Housebuilder Ratings, Berkeley Double-Upgraded
* Symrise Rated New Buy at Bankhaus Metzler; PT 119 euros (+)
* UniCredit Move Shows It Hasn’t Given Up on Commerzbank: JPMorgan (+)

>>> Europe : Brokers Upgrades & Downgrades - 9th of July 2025 V2(+)

>>> Up
* Also Raised to Buy at Research Partners; PT 320 Swiss francs (+)
* Alten Raised to Buy at Gilbert Dupont; PT 97.80 euros
* Azimut Raised to Buy at Deutsche Bank; PT 35 euros (+)
* Balfour Beatty PT Raised to 610 pence at Jefferies
* Berkeley Raised to Outperform at RBC
* Bloom Energy Raised to Overweight at JPMorgan; PT $33
* Brown-Forman Raised to Neutral at Rothschild & Co Redburn
* GenSight Biologics Raised to Outperform at Oddo BHF
* Genuit Group Raised to Overweight at JPMorgan; PT 490 pence
* Indra Raised to Buy at Goldman; PT 45 euros
* Industrivarden Raised to Add at AlphaValue/Baader
* Industrivarden Raised to Hold at Nordea
* Meta PT Raised to $800 from $700 at TD Cowen (+)
* Persimmon Raised to Sector Perform at RBC

>>> Down
* Aberdeen Group Cut to Hold at Jefferies; PT 175 pence
* Admicom Cut to Reduce at Inderes; PT 55 euros
* Bellway Cut to Sector Perform at RBC
* Hexatronic Cut to Hold at ABG; PT 23 kronor
* Kion Cut to Hold at Jefferies; PT 57 euros
* Klepierre Cut to Neutral at Oddo BHF; PT 35 euros (+)
* Monster Beverage Cut to Neutral at Rothschild & Co Redburn
* Puig Cut to Hold at Bestinver; PT 17.70 euros
* Sparebanken Ost Cut to Hold at Norne Securities; PT 84 kroner (+)
* T-Mobile Cut to Underweight at KeyBanc; PT $200
* Taylor Wimpey Cut to Sector Perform at RBC; PT 135 pence
* Thermo Fisher Cut to Neutral at UBS on ‘Challenged’ Trends
* Victrex Cut to Hold at Deutsche Bank; PT 850 pence

>>> Initiation
* Alamos Gold Rated New Buy at Stifel Canada; PT C$46
* Altria Reinstated Underperform at Jefferies; PT $50
* Avolta Rated New Hold at Jefferies; PT 47 Swiss francs
* BAT Reinstated Buy at Jefferies; PT 4,800 pence
* C3.ai Rated New Buy at WestPark Capital; PT $40
* Freeport Rated New Buy at Stifel Canada; PT $56
* Galderma Reinstated Buy at William O'Neil
* Imperial Brands Reinstated Buy at Jefferies; PT 3,600 pence
* Ivanhoe Mines Rated New Buy at Stifel Canada; PT C$13.50
* Newmont Corp Rated New Buy at Stifel Canada; PT $73
* Persimmon Re-Initiated Buy at Panmure Liberum (+)
* Philip Morris Reinstated Buy at Jefferies; PT $220
* Vivendi Re-Initiated Hold at Kepler Cheuvreux; PT 3 euros (+)

>>> Call
* BAT Top Pick in Tobacco at Jefferies, Altria Rated Underperform
* Meta’s EssilorLuxottica Stake Is a Vote of Confidence: Bernstein (+)
* Genuit’s End Markets Have Now Stabilized, JPMorgan Upgrades
* Kion Upside Limited Following Rally, Cut to Hold at Jefferies
* RBC Shuffles UK Housebuilder Ratings, Berkeley Double-Upgraded
* Symrise Rated New Buy at Bankhaus Metzler; PT 119 euros (+)
* UniCredit Move Shows It Hasn’t Given Up on Commerzbank: JPMorgan (+)

>>> What to look at today - 9th of July 2025

Asian shares posted a modest decline as investors refrained from taking risky bets after President Donald Trump ratcheted up trade tensions. Copper futures in London fell on Trump’s latest tariff threat. A regional stock gauge declined 0.3%, its third drop in four days. Hong Kong shares retreated 0.9% after China’s factory deflation persisted into a 33rd month while consumer prices unexpectedly rose in June. Shares in mainland China rose 0.3%, on course for the highest closing level since December. Treasuries fell for a fifth session as demand for long-term government debt across the globe waned amid a flurry of bond auctions this week. US copper prices posted a record gain in the last session after Trump said he planned to implement a 50% tariff on imports. Benchmark copper futures fell in London on expectations that more supply will end up in other markets. Investors are holding back as they gauge the impact of escalating trade tensions, looking for signals on where stocks might head next after reaching record highs last week. Trump showed a renewed determination Tuesday to push ahead with his plans to heavily tax imports after a slew of tariff warning letters on partners such as South Korea and Japan. Trump vowed to push forward with his aggressive tariff regime in the coming days, stressing he would not offer additional extensions on country-specific levies set to now hit in early August while indicating he could announce substantial new rates on imports of copper and pharmaceuticals.  The posturing on social media and at a Cabinet meeting on Tuesday came after traders initially shrugged off a series of letters and executive actions Trump issued Monday. The president pushed back the deadline for his so-called “reciprocal” tariffs while announcing the latest rates he planned for more than a dozen countries that had not succeeded in brokering quick trade agreements.
Trump said that despite progress with the European Union on a trade deal, frustration over the bloc’s taxes and fines targeting US technology firms could result in him unilaterally declaring a new tariff rate within the next two days.
She continued to recommend phasing into global equities or diversified portfolios to navigate volatility ahead. Meanwhile, the copper market plunged into a turmoil after Trump sowed chaos with the news of higher-than-expected 50% tariff on imports of the commodity. That spurred a record spike in US futures and a drop in the global benchmark. Copper climbed as much as 17% on Comex on Tuesday, a record one-day spike to an all-time high, before falling more than 4% in early trading on Wednesday. On the LME, the metal slid as much as 2.4% at Wednesday’s open, before trading 0.7% lower at $9,722 a ton at 10:34 a.m. in Singapore. US After Hours AEHR -18.8%, PENG -8.5% lower on earnings; RXST -35.2% lower on guidance; AES +12.7% higher on Bloomberg report that it's exploring options.

Nikkei +0.27% Hang Seng -0.97% CSI +0.29% Shanghai +0.33% Shenzen +0.29%

Eur$ 1.1712 CNH 7.1842 CNY 7.1803 JPY 147.08 GBP 1.3584 CHF 0.7973 RUB 78.4656 TRY 40.0455 WTI$ 68.20 -0.19% Gold 3,295 -0.20% BTC 108,553 -0.12% ETH 2,602 +0.09%

S&P -0.09% Nasdaq -0.09% EuroStoxx +0.28% FTSE +0.11% Dax +0.16% SMI -0.04%

Macro :
- Trump Tariff Threat to Disrupt Pharma Supply Chain: Zuellig CEO
- Covid-19 Variant Nimbus Dominant in US as Vaccine Access in Flux
- Lutnick Says EU Has Made Real Offers, Trump Deciding How to Play
- Trump Says He’ll Set 50% Copper Tariff, Wait Year on Drug Duties
- Trump Says FAA System Contractor to be Picked in Couple Months
- Swiss Axpo’s Nuclear Power Plant Beznau Is Back on the Grid

Keep an eye on :
- AC FP : Accor Sells Nightclubs to Pernod, Gourcuff for €80M: Les Echos
- AENA SM : Aena plans a 6% rate hike amid fight with airlines
- AIR FP : EU to Protect Airbus in US Trade Deal as Ferrari Set to Lose Out
- ATUS US : Altice USA Subsidiary Lightpath Seeks to Sell Fiber Network ABS
- APPL US : Apple Bids for Rights to Screen Formula 1 in US: FT
- BAC UF : Kuwait Wealth Fund Offloads $3.1 Billion Bank of America Stake
- BA US : Boeing Delivers Most Jets in 18 Months With Boost From Beijing
- CIRSA SM : Cirsa IPO priced 30.2mil shares @ 15/share - should trade today
- CBK GY : UniCredit Increases Voting Rights in Commerzbank to Around 20%
- ENSU NO : Ensurge Micropower Offering Prices at NOK1.25/Share
- EL FP : Meta Invests $3.5 Billion in EssilorLuxottica for AI Glasses
- FDJU FP : FDJ United Holder Offers About 6.1M Shares: Terms
- RACE IM : EU to Protect Airbus in US Trade Deal as Ferrari Set to Lose Out
- GOOGL US : NYC Takes Step Toward Robotaxis With Arrival of Waymo Test Cars
- GPI IM : *GPI HIRES ROTHSCHILD TO SEEK POTENTIAL INVESTORS: SOLE
- Gruppo API : Italy’s Gruppo API Gets Offers by Bin Butti Group, Socar: Sole
- INSE LN : Inspired Says Holders Don’t Intend to Accept Regent’s Offer
- INTC US : Intel Offering of Mobileye Stock to Price Wed. Post-Close: Terms
- KOG NO : Kongsberg 2Q Ebitda Beats Estimates
- LDO IM : Leonardo Buys Sweden’s Axiomatics, MF Reports
- ALMC FP : McPhy Energy to Be Partially Bought by John Cockerill Hydrogen
- MAT US : Mattel Introduces Barbie Doll With Type 1 Diabetes
- Mistral AI : Mistral in Talks With MGX, Others to Raise Up to $1 Billion
- MBLY US : Mobileye Prelim 2Q Adjusted Revenue Beats Estimates
- RI FP : Accor Sells Nightclubs to Pernod, Gourcuff for €80M: Les Echos
- PROK US : ProKidney Shares Jump by Record After Kidney Disease Data +515%
- RECSI NO : Anchor to Acquire 42.9% Stake in REC Silicon
- REP SM : Repsol 2Q Upstream Production Beats Estimates
- RNO FP : Renault set to name interim CEO as de Meo departure looms
- R3NK GY : Gearbox Maker Renk Is Said to Mull Options for Civilian Business
- TSLA US : OpenAI Hires Former Tesla Software VP David Lau: Wired
- TSLA US : SpaceX Said to Plan Offering With Valuation of $400 Billion
- VSAT US : Virgin Atlantic Will Use Musk’s Starlink for Wi-Fi Across Fleet
- VOW GY : Rivian Spinoff Making Small EVs Said to Be Valued at $1 Billion
- WRBY US : Warby Parker Rises After Meta Invests $3.5b in EssilorLuxottica
- UCG IM : UniCredit Increases Voting Rights in Commerzbank to Around 20%
- UCG IM : EU to Warn Italy It Overstepped on UniCredit’s BPM Bid (Correct)
- VRNA US : Merck nears $10bn deal for respiratory drugmaker Verona

>>> Europe : Brokers Upgrades & Downgrades - 9th of July 2025

>>> Up
* Alten Raised to Buy at Gilbert Dupont; PT 97.80 euros
* Balfour Beatty PT Raised to 610 pence at Jefferies
* Berkeley Raised to Outperform at RBC
* Bloom Energy Raised to Overweight at JPMorgan; PT $33
* Brown-Forman Raised to Neutral at Rothschild & Co Redburn
* GenSight Biologics Raised to Outperform at Oddo BHF
* Genuit Group Raised to Overweight at JPMorgan; PT 490 pence
* Indra Raised to Buy at Goldman; PT 45 euros
* Industrivarden Raised to Add at AlphaValue/Baader
* Industrivarden Raised to Hold at Nordea
* Persimmon Raised to Sector Perform at RBC

>>> Down
* Aberdeen Group Cut to Hold at Jefferies; PT 175 pence
* Admicom Cut to Reduce at Inderes; PT 55 euros
* Bellway Cut to Sector Perform at RBC
* Hexatronic Cut to Hold at ABG; PT 23 kronor
* Kion Cut to Hold at Jefferies; PT 57 euros
* Monster Beverage Cut to Neutral at Rothschild & Co Redburn
* Puig Cut to Hold at Bestinver; PT 17.70 euros
* T-Mobile Cut to Underweight at KeyBanc; PT $200
* Taylor Wimpey Cut to Sector Perform at RBC; PT 135 pence
* Thermo Fisher Cut to Neutral at UBS on ‘Challenged’ Trends
* Victrex Cut to Hold at Deutsche Bank; PT 850 pence

>>> Initiation
* Alamos Gold Rated New Buy at Stifel Canada; PT C$46
* Altria Reinstated Underperform at Jefferies; PT $50
* Avolta Rated New Hold at Jefferies; PT 47 Swiss francs
* BAT Reinstated Buy at Jefferies; PT 4,800 pence
* C3.ai Rated New Buy at WestPark Capital; PT $40
* Freeport Rated New Buy at Stifel Canada; PT $56
* Galderma Reinstated Buy at William O'Neil
* Imperial Brands Reinstated Buy at Jefferies; PT 3,600 pence
* Ivanhoe Mines Rated New Buy at Stifel Canada; PT C$13.50
* Newmont Corp Rated New Buy at Stifel Canada; PT $73
* Philip Morris Reinstated Buy at Jefferies; PT $220

>>> Call
* BAT Top Pick in Tobacco at Jefferies, Altria Rated Underperform
* Genuit’s End Markets Have Now Stabilized, JPMorgan Upgrades
* Kion Upside Limited Following Rally, Cut to Hold at Jefferies
* RBC Shuffles UK Housebuilder Ratings, Berkeley Double-Upgraded

>>> Stoxx 600 Pre-Market Indications

  • EssilorLuxottica (ESL TH) +6.2%
    • Meta Invests $3.5 Billion in EssilorLuxottica for AI Glasses (1)
  • Azimut (HDB TH) +2.6%
  • Indra (IDA TH) +1.9%
  • Rolls-Royce (RRU TH) +1.5%
  • Hensoldt (HAG TH) +1.3%
  • RENK Group (R3NK TH) +1.2%
  • Aurubis (NDA TH) +1%
  • UniCredit (CRIN TH) +0.4%
    • UniCredit Boosts Equity Stake in Commerzbank to About 20% (2)
  • Sanofi (SNW TH) -0.8%
  • Bayer (BAYN TH) -0.9%
  • Roche (RHO5 TH) -0.9%
  • Fortum (FOT TH) -1%
  • Fresenius Medical Care (FME TH) -1%
  • AstraZeneca (ZEG TH) -1%
  • Thyssenkrupp (TKA TH) -1.1%
  • Carnival Plc (POH1 TH) -1.3%
  • Novo (NOV TH) -1.5%
  • Kion (KGX TH) -2.5%
    • Kion Upside Limited Following Rally, Cut to Hold at Jefferies

>>> TradeGate Pre-Market Indications

DAX:
  • Commerzbank (CBK TH) -0.3%
    • UniCredit Boosts Equity Stake in Commerzbank to About 20% (2)
  • Bayer (BAYN TH) -0.7%
  • Fresenius Medical Care (FME TH) -0.8%
MDAX:
  • RENK Group (R3NK TH) +1.3%
    • Gearbox Maker Renk Is Said to Mull Options for Civilian Business
  • Kion (KGX TH) -3.9%
    • Kion Upside Limited Following Rally, Cut to Hold at Jefferies
SDAX:
  • Kloeckner (KCO TH) +2.5%
  • SUSS MicroTec (SMHN TH) +1.3%
  • Ceconomy (CEC TH) -0.8%
  • Fielmann (FIE TH) -0.9%

FT : Apple bids for Formula 1 rights in US following success of Brad Pitt film

Apple bids for Formula 1 rights in US following success of Brad Pitt film
iPhone-maker is challenging Disney’s ESPN to screen racing series

Apple is in talks to acquire the US rights to screen Formula 1 as the tech giant chases the success of its hit movie based on the race car series and delves further into showing live sport.

The iPhone maker is challenging Disney’s ESPN — Formula 1’s current American broadcaster — when the broadcast contract becomes available next year, according to two people familiar with the discussions.

The interest comes as F1 starring Brad Pitt becomes the company’s first big box office success since moving into the business of making original content for its Apple TV+ streaming service.

Formula 1’s US owners, Liberty Media, are hoping the film, along with Netflix’s Drive to Survive documentary series, will have increased the value of the rights for its races by attracting younger, female and American audiences to the sport.

F1 has generated roughly $300mn at the box office making it Apple’s highest-grossing film, while representing a pivot into producing mainstream blockbusters after commercial disappointments with Killers of the Flower Moon and Napoleon.

Apple has previously made moves into the live sports streaming, striking a deal with Major League Baseball in 2022 to broadcast games on Friday nights, as well as a broader deal with North America’s Major League Soccer.

The race car series makes in the region of $85mn a year from its existing broadcast partner ESPN. F1 also streams live races on its own streaming service in the US, charging fans directly.

Analysts at Citi have previously estimated that F1’s next US broadcast deal could be worth $121mn a year, although that was before the release of the F1 film. Its total global media rights revenue grew almost 8 per cent to about $1.1bn in 2024.

F1 is yet to make a decision on its future broadcasting arrangements and ESPN may yet retain the rights, according to a person with direct knowledge of the matter.

ESPN had an exclusive period of time to negotiate a deal without competition from other bidders. However, that window ended without a deal last year, opening the process to rivals. Other bidders are also expected to seek the rights.

The US is a priority market for Liberty Media, which has added Miami and Las Vegas to its race calendar in recent years, complementing its grand prix in Austin, Texas. Cadillac, the US brand backed by billionaire financier Mark Walter’s TWG Motorsports and General Motors, will join the grid as the 11th team in 2026.

F1’s audiences on ESPN have doubled from 554,000 viewers a race in 2018, the year after Liberty Media took over Formula 1, to roughly 1.1mn in 2024. In the first 10 events this year, F1 averaged 1.3mn viewers, with record viewership for Australia, China, Monaco, Spain, Canada and Austria.

Apple does not break down revenue for Apple TV+ and its production company Apple Studios, instead including them in its $100bn-a-year services revenue, which encompasses products such as the App Store, iCloud and Apple Pay.

Apple, Liberty Media and Formula 1 declined to comment.