>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • MSM +1.6% ( beats by $0.05, reports revs in-line )
Other news:
  • ATAI +12.3% (and Beckley Psytech announce positive topline results from the phase 2B study of BPL-003 in patients with treatment-resistant depression and announces $50 million private placement financing)
  • MESO +11.1% ( and FDA align on key items for Revascor biologic license application in ischemic heart failure)
  • ADAG +5.1% (announces up to $25 million strategic investment from Sanofi (SNY)
  • QBTS +5.1% ( announces successful completion of $400 million at-the-market equity offering)
  • METC +4.3% ( Independent preliminary economic assessment report from Fluor Corporation (FLR) confirms commercial and technical feasibility of Ramaco's brook mine rare earth deposit)
  • DGXX +3.2% ( reports 45% month-over-month increase in cash and crypto position with no long-term debt and reports June 2025 production results)
  • CANG +3.1% (announces June 2025 production update for crypto mining business )
  • INVX +3.1% (completes divestment of Subsea Tree Product Line )
  • CXDO +3% (Wholesale UCaaS Market Share Gainer; Initiate Buy and $8 PT -- Needham)
  • TOI +2.9% (will be exclusive Medicaid oncology provider for SilverSummit in Nevada),
  • APLS +2.8% (to receive up to $300 million from royalty purchase agreement with Sobi for Ex-U.S. royalties of Aspavel)
  • ACMR +2.7% (unit received registration approval from the China Securities Regulatory Commission for its proposed private offering of ordinary shares to qualified buyers)
  • IMAB +2.1% (Givastomig data published)
  • LEGN +1.9% ( confirmed the EMA published a recommendation for CARVYKTI to add sentence to the Summary of Product Characteristics (SmPC) special warnings and precautions )
  • ABEO +1.8% ( announces that Beacon Therapeutics has exercised its option to license Abeona's patented AAV204 capsid for use in potential gene therapies for a range of prevalent and rare retinal diseases that result in blindness)
  • VSTM +1.7% (Phase 1 FRAME study of Avutometinib published),
  • CRCL +1.6% (formally submits application to establish a national trust bank)
  • TPC +1.6% (awarded $1.871 bln NYC contract)
  • JBIO +1.6% (announces the appointment of Brad Dahms as Chief Financial Officer)
  • ULY +1.6% ( initiated with a Neutral at Chardan Capital Markets; tgt $15)
  • NEXA +1.2% (operations at smelter have fully resumed)
  • NIO +1.2% ( provides June and Q2 2025 delivery update )
  • CYBN +1.1% (announces financing of up to $500 million aggregate principal amount of convertible debentures)

FT : Luxury brand Smythson snapped up by private equity firm Oakley Capital

Luxury brand Smythson snapped up by private equity firm Oakley Capital
Heritage group with royal warrants, known for £185 diaries, offloaded by Tivoli Group after years of losses

Lossmaking British luxury brand Smythson, best known for its leather goods and stationery, has been offloaded to a private equity firm by its longtime owner.

The brand, which started life in 1887 when Frank Smythson opened his first store on London’s New Bond Street, has been bought by Oakley Capital for an undisclosed sum.

The change in ownership comes almost 16 years after it was bought by Italy’s Tivoli Group. It has struggled to recover from a slump in demand for luxury goods in recent years, which culminated with Smythson closing its flagship store on New Bond Street last year.

The group, which sells weekly diaries for £185 and greeting cards for £13, posted losses before tax of £6.7mn for the year to March 31 2024, on sales of £28.5mn — a slight improvement on its losses before tax of £8mn for the previous year.

Oakley Capital announced the Smythson deal on Tuesday alongside acquisitions of Italian home furnishings brand Fornasetti and Fabbrica Pelletterie Milano, a producer of Italian leather goods and travel accessories.

The acquisitions have been made by Iconic BrandCo, an Oakley investment vehicle. The total outlay wasn’t disclosed but Oakley Capital Investments, a listed vehicle which invests in Oakley’s funds, said its indirect contribution to the deals is anticipated to be £15mn.

Smythson managed to report a 4.6 per cent increase in like-for-like sales, compared with the previous year, despite identifying several challenges, such as high inflation and weak footfall in department stores, which hurt its wholesale business.

It added that its strategy was to focus on “refining its retail network, exiting non-profitable stores” and keeping a lid on costs as it expanded in key markets.

Smythson, which produced stationery for Winston Churchill and members of the royal family, is one of only seven brands globally to hold two royal warrants.

The company said on Tuesday that Oakley, which also backed British luggage maker Globe-Trotter and high-end leather goods and apparel brand Connolly, will help to accelerate growth and expand the brand.

Oakley co-founder and chief executive Peter Dubens said “heritage brands cannot be created overnight” and they were “lucky to be able to welcome Smythson to Oakley”.

>>> Europe : Brokers Upgrades & Downgrades - 1st of July 2025 V2(+)

>>> Up
* Brunello Cucinelli Raised to Buy at BofA (+)
* J. Martins Raised to Buy at Citi; PT 24.60 euros
* LSE Group Raised to Add at AlphaValue/Baader
* Oshkosh Raised to Buy at Goldman; PT $131

>>> Down
* 74Software SA Cut to Hold at Kepler Cheuvreux (+)
* Deutsche Bank Cut to Neutral at Mediobanca SpA; PT 27 euros
* Duell Cut to Accumulate at Evli Bank; PT 5.30 euros
* Holcim Cut to Reduce at AlphaValue/Baader
* Munters Cut to Hold at Berenberg; PT 140 kronor
* Nexstim Cut to Sell at Inderes; PT 10.50 euros
* Pandora Cut to Hold at ABG; PT 1,150 kroner
* Pernod Ricard PT Cut to 85 euros from 94 euros at Deutsche Bank
* Worldline Cut to Neutral at BofA (+)

>>> Initiation
* Amrize Rated New Neutral at Goldman; PT 45.27 Swiss francs
* Amrize Rated New Buy at Deutsche Bank; PT 49 Swiss francs (+)
* BW LPG Reinstated Buy at SpareBank; PT 145 kroner
* Innoscripta Rated New Buy at Berenberg; PT 200 euros
* Lundbeck Rated New Neutral at BNPP Exane; PT 38 kroner
* New Fortress Energy Rated New Buy at Compass Point; PT $8.50
* Omada Health Rated New Buy at Goldman; PT $29
* Omada Health Rated New Overweight at Morgan Stanley; PT $25
* Omada Health Rated New Overweight at JPMorgan; PT $20
* Omada Health Rated New Overweight at Barclays; PT $21
* SED Energy Holdings PLC Rated New Buy at ABG; PT 12 kroner
* Sobi Rated New Underperform at BNPP Exane; PT 275 kronor

>>> Call
* Argenx Share Weakness on FDA Report is Unwarranted: JPMorgan (+)
* Holcim Indicated Lower After Baader Cut to Reduce After Spin Off (+)
* Munters Cut at Berenberg on Data-Center Capex Uncertainty
* Vestas New Orders Represent Hefty Miss, JPMorgan and Citi Say (+)

>>> Europe : Brokers Upgrades & Downgrades - 1st of July 2025

>>> Up
* J. Martins Raised to Buy at Citi; PT 24.60 euros
* LSE Group Raised to Add at AlphaValue/Baader
* Oshkosh Raised to Buy at Goldman; PT $131

>>> Down
* Deutsche Bank Cut to Neutral at Mediobanca SpA; PT 27 euros
* Duell Cut to Accumulate at Evli Bank; PT 5.30 euros
* Holcim Cut to Reduce at AlphaValue/Baader
* Munters Cut to Hold at Berenberg; PT 140 kronor
* Nexstim Cut to Sell at Inderes; PT 10.50 euros
* Pandora Cut to Hold at ABG; PT 1,150 kroner

>>> Initiation
* Amrize Rated New Neutral at Goldman; PT 45.27 Swiss francs
* BW LPG Reinstated Buy at SpareBank; PT 145 kroner
* Innoscripta Rated New Buy at Berenberg; PT 200 euros
* Lundbeck Rated New Neutral at BNPP Exane; PT 38 kroner
* New Fortress Energy Rated New Buy at Compass Point; PT $8.50
* Omada Health Rated New Buy at Goldman; PT $29
* Omada Health Rated New Overweight at Morgan Stanley; PT $25
* Omada Health Rated New Overweight at JPMorgan; PT $20
* Omada Health Rated New Overweight at Barclays; PT $21
* SED Energy Holdings PLC Rated New Buy at ABG; PT 12 kroner
* Sobi Rated New Underperform at BNPP Exane; PT 275 kronor

>>> Call
* Munters Cut at Berenberg on Data-Center Capex Uncertainty

>>> What to look at today - 1st of July 2025

Stocks kicked off the second half by building on a record-breaking rally as expectations grow that the US economy will withstand uncertainties from President Donald Trump’s tariff agenda. The MSCI All Country World Index, which closed at a record on Monday, gained for a fourth day. Equity gauges in Taiwan and South Korea led advances in Asia, while contracts for the S&P 500 dipped 0.1% after the benchmark notched its best quarter since December 2023. Treasuries rose with yields on the 10-year falling about 2 basis points to 4.21%. Wall Street’s bulls drove stocks to all-time highs at the end of a solid quarter, amid hopes the US is moving closer to reaching concrete deals with its top trading partners. Bets the Federal Reserve will resume rate cuts powered the best first-half stretch for Treasuries in five years.  Still, broader uncertainty over Trump’s tariff and fiscal agenda on the long-term structure of the US economy can be seen in the dollar posting a 10.8% slide in the year’s opening six months — its worst first-half performance since 1973. The president’s $3.3 trillion tax and spending bill, which members of the Senate are arguing over, has raised concerns of the country’s growing deficit.  Japanese shares fell as much as 1.2% as Trump threatened to impose a fresh tariff level on the country and the yen strengthened, which hurts exporters.  Trump’s latest round of brinkmanship on Japan came as the July 9 deadline for higher tariffs to restart for dozens of trading partners, nears. He cited what he said was Japan’s unwillingness to accept US rice exports. Earlier, the president had characterized trade in cars between the two countries as unfair and floated the idea of keeping 25% tariffs on autos in place. A stronger yen also weighed on Japanese stocks after confidence among Japan’s large manufacturers edged up in June. The better-than-expected reading for sentiment at large manufacturers is likely to give Bank of Japan Governor Kazuo Ueda confidence he can keep the debate around a potential rate hike on the agenda when his board next meets at the end of the month. Separately, the Taiwan dollar surged more than 2%, reversing a loss of similar magnitude on Monday. Meanwhile, a Bloomberg gauge of the dollar fell for a sixth consecutive month in June, matching its longest run of monthly losses in eight years, as investors considered the latest version of Trump’s massive fiscal package working through Congress. It was little changed on Tuesday. Just days ahead of the US jobs report, bonds rose Monday. Goldman Sachs Group Inc. projected the Federal Reserve to cut rates in September as the inflationary effects of tariffs “look a bit smaller” than expected. The June employment report, due on Thursday given the July 4 holiday on Friday, is forecast to show growth in the workforce easing to about 110,000 new jobs from 139,000 the prior month, according to economists surveyed by Bloomberg. The unemployment rate is seen nudging up to 4.3%. In Asian corporate news, a key unit of Japanese conglomerate SoftBank Group Corp. sold $1 billion of dollar bonds in the unit’s first US high-grade deal. US After Hours PRGS -3.7% lower on earnings; TPC +1.6% awarded $1.871 bln NYC contract; AVAV -6.5% lower on offerings; BA +0.2% names new CFO.

Nikkei -1.02% Hang Seng -0.87% CSI +0.10% Shanghai +0.28% Shenzen +0.06%

Eur$ 1.1789 CNH 7.1581 CNY .7.1624 JPY 143.85 GBP 1.3740 CHF 0.7925 RUB 78.3143 TRY 39.8411 WTI$ 64.78 -0.51% Gold 3,323 +0.61% BTC 107,129 -0.44% ETH 2,478 -1.06%

S&P -0.15% Nasdaq -0.20% EuroStoxx +0.06% FTSE -0.01% Dax +0.08% SMI +0.25%

Macro :
- Chinese Automakers Grab Record Hybrid Market Share in Europe
- Wind, Solar Rules in Trump Bill Shake Up Renewable Energy Stocks
- EU Accepting 10% Tariff Rate With Exceptions Rattles Markets
- *GOLDMAN SACHS PULLS FORWARD FED RATE-CUT TO SEPT. FROM DEC.
- BofA Lifts Convertible Bonds Forecast Amid Rally: ECM Watch

Keep an eye on :
- AF FP : French PM ‘Very Wary’ of Taxes on Flights: Les Echos (June 30)
- AI FP : Air Liquide Plans to Invest as Much as $200M in Louisiana
- AMZN US : Amazon Is on the Cusp of Using More Robots Than Humans in Its Warehouses -- WSJ
- AAPL US : Apple Considers Using Outside AI to Power Siri in Major Reversal
- ARGX BB : Argenx Falls After FDA Report on Potential Risks of Vyvgart
- AUTO NO : Amazon Is on the Cusp of Using More Robots Than Humans in Its Warehouses -- WSJ
- BBVA SM : BBVA Maintains Bid for Sabadell Despite Tighter Requirements
- BBD/B CN : Bombardier Reports $1.7b Order From New Customer
- BGC US ; BGC Group Sees 2Q Revenue Slightly Above Previous Outlook Range
- BRNK GY : Branicks Repays Promissory Note Loans Maturing in June
- BA US : Boeing to Replace CFO West With Former Lockheed Finance Chief
- BMED IM : Mediolanum Starts Sale of Mediobanca’s 3.5% Stake Through ABB
- BUR LN : *BURFORD WINS RULING ON YPF STAKE IN NEW YORK COURT, *ARGENTINA MUST TURN OVER ITS 51% STAKE IN YPF, US JUDGE RULES, *BURFORD CAPITAL EXTENDS GAINS TO 21% AFTER US JUDGE'S RULING
- COPN SW : Cosmo Expects €480M Recurring Revenues by 2030
- CVC NA : Partners Group Sells Final Stake in Aavas Financiers
- DIS US : ESPN and MLB Have Resumed Broadcast Rights Talks: The Athletic
- DSFIR NA : DSM-Firmenich to Redeem 3.75% €750M Hybrid Bond on August 5
- EQS FP : EQUASENS: Acquisition of DIS and RESURGENCES BUSINESSES
- EQNR NO : Equinor, Partners to Invest NOK13b in Johan Sverdrup Phase 3
- FME GY : CMS Proposes 1.9% Payment Boost for Dialysis Providers in 2026
- GD US : General Dynamics Wins $150 Million U.S. Army Contract
- INPST NA : InPost Holder AI Prime & Cy Offers 17.5M Shares: Terms
- JOBY US : Joby Aviation Shares Jump After Completion of Dubai Flights
- JNPR US : HP Enterprise, Juniper Surge on DOJ Suit Settlement: Street Wrap
- OR FP : L’Oreal to Buy Haircare Label Color Wow; No Deal Terms
- MAIRE IM : Maire Unit Nextchem Gets €210M Contract in Mexico
- MB IM : Mediolanum Is Selling Its 3.5% Mediobanca Stake Amid Paschi Bid
- KN FP : Natixis Hires JPMorgan Veteran Kawamura for Japan Banking Push
- NETC DC : Netcompany Completes SDC Merger, Maintains FY Forecasts
- NEX FP : Nexans: Nexans Closes Sale of Lynxeo to Latour Capital
- NDX1 GY : Nordex Gets Order for 21 Turbines in Latvia
- NorthVolt : Five Foreign Firms Consider Buying Northvolt, TT Says
- PGHN SW : Partners Group Sells Final Stake in Aavas Financiers
- RNO FP : Renault Takes $11 Billion Non-Cash Loss in Nissan Account Change
- SAB SM : BBVA Maintains Bid for Sabadell Despite Tighter Requirements
- SAB SM : Barclays Submits Highest Offer for Sabadell’s TSB: Confidencial
- SW FP : Sodexo 3Q Revenue Matches Estimates
- STAN LN : Standard Chartered hit with $2.7bn lawsuit over 1MDB scandal
- TSLA US : Tesla China Raises Model 3 Long Range’s Price to 285,500 Yuan
- UMI BB : Umicore Boosts FY Adjusted Ebitda Forecast, Beats Estimates
- X US : Trump Grants Steel Reef Permit for Pipelines at US-Canada Border
- X US : Nippon Steel Drops Litigation Against Biden, CFIUS Over US Steel
- VWS DC : Vestas Gets New Orders for 131 MW and 143 MW
- VU FP : VusionGroup Holder Walmart Offers About 650,000 Shares: Terms, VusionGroup Offering by Holder Prices at €253/Share, Terms Show
- WISE LN : Wise Holder Valar Velocity Offers 4.8m Class A Shares: Terms
- WOLF US : Wolfspeed Files for Reorganization Under Chapter 11
- WOLF US : Renesas Shares Fall After US Supplier Wolfspeed Files Bankruptcy
- 1810 HK :
- 9868 HK : XPEV US : XPeng Year to Date Deliveries 197,189 Units

>>> Stoxx 600 Pre-Market Indications

  • Zealand Pharma (22Z TH) +2.9%
    • Zealand Pharma Rated New Outperform at BNPP Exane; PT 905 kroner
  • Vestas (VWSB TH) +1.3%
    • Stock -8% yesterday
  • Rolls-Royce (RRU TH) +1%
  • NatWest (RYSD TH) +1%
  • AUTO1 (AG1 TH) -0.8%
  • Deutsche Bank (DBK TH) -0.8%
  • Daimler Truck (DTG TH) -1.4%
  • Sodexo (SJ7 TH) -3.7%
    • Sodexo 3Q Revenue Matches Estimates
  • Mediobanca (ME9 TH) -4%
    • Mediolanum Sells Mediobanca Shares in Offering at €18.85/Shr

>>> TradeGate Pre-Market Indications

DAX:
  • Adidas (ADS TH) +1.1%
  • Deutsche Bank (DBK TH) -0.7%
    • Deutsche Bank Cut to Neutral at Mediobanca SpA; PT 27 euros
MDAX:
  • RENK Group (R3NK TH) +0.9%
  • AUTO1 (AG1 TH) -1%
SDAX:
  • Friedrich Vorwerk Group SE (VH2 TH) +1.9%
  • Grenke (GLJ TH) +1.4%
  • SFC Energy (F3C TH) +1.4%
  • Ceconomy (CEC TH) -0.7%
  • Deutsche Euroshop (DEQ TH) -0.7%

>>> US After Hours Summary: PRGS -3.7% lower on earnings; TPC +1.6% awarded $1.8

After Hours Summary: PRGS -3.7% lower on earnings; TPC +1.6% awarded $1.871 bln NYC contract; AVAV -6.5% lower on offerings; BA +0.2% names new CFO

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: None

Companies trading higher in after hours in reaction to news: TOI +2.9% (will be exclusive Medicaid oncology provider for SilverSummit in Nevada), IMAB +2.1% (Givastomig data published), CRCL +1.6% (formally submits application to establish a national trust bank), TPC +1.6% (awarded $1.871 bln NYC contract), NEXA +1.2% (operations at smelter have fully resumed), FMC +0.6% (regulatory approval for Tremisia fungicide in Ukraine), LUMN +0.6% (advances financial strategy to support AI-Era infrastructure growth), SMCI +0.3% (INTC certifies immersion cooling solution), BA +0.2% (names new CFO), OLN +0.1% (expands partnership with K2)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: PRGS -3.7% (also acquires Nuclia)

Companies trading lower in after hours in reaction to news: DYN -9.7% ($200 mln stock offering), AVAV -6.5% (announces $750 mln stock offering and $600 mln convertible notes offering; also files mixed securities shelf offering), AHCO -1.5% (closes on sale of infusion assets, revises guidance to reflect this), NKTR -1.3% (commences stock offering), SKYT -0.9% (completes acquisition of 200 mm semiconductor fab), CPF -0.3% (files for $300 mln mixed securities shelf offering), SOBO -0.3% (receives presidential permit), FVR -0.1% (names new CFO)