General market situation:
European stock prices have once again taken a nosedive after China imposed a total of 84% tariffs on US imports starting tomorrow. The pressure of the global trade war is intensifying ahead of the start of the Wall Street session. The probability of a US recession in 2025, as predicted by bookmakers, is already at 68%. It seems that once again, any comments from Donald Trump and the US administration regarding possible tariff updates (in response to China’s move) will be a key element to watch during the session.
Distribution of today’s rates of return for European companies. Source: xStation
The German DE40 index is losing 1.1% intraday today. The key to analyzing the further potential behavior of the index may be the element of further demand and supply behavior at the previously tested barrier of 20,000 points, which may decide whether the downward trend will continue. Source: xStation
News:
The Italian government is withdrawing its support for Jean-Marc Chery, CEO of STMicroelectronics NV (STM.IT), and his management team, Finance Minister Giancarlo Giorgetti said.
Tensions between Rome and the French-Italian chipmaker rose after it rejected Marcello Sala’s appointment to the supervisory board, a decision Giorgetti called “incomprehensible, very serious and unacceptable.” The stock is down more than 3.5% today.
Rating upgrades:
- Airtel Africa raised to Overweight at JPMorgan; PT 162.50 pence
- Hermes raised to Buy at Deutsche Bank; PT 2,550 euros
- Norwegian Air raised to Overweight at Barclays; PT 14 kroner
- Rolls-Royce raised to Buy at Kepler Cheuvreux
- SEB raised to Buy at Kepler Cheuvreux
- Wienerberger raised to Buy at Wiener Privatbank; PT 33.50 euros
Recommendation downgrades:
- CVC Capital lowered to “equal-weight” at Morgan Stanley; PT 15 euros
- EQT lowered to “equal-weight” at Morgan Stanley; PT 249 kroner
- ITV lowered to sell at UBS
- Jupiter lowered to “underweight” at Morgan Stanley; PT 58 pence
- Kering lowered to maintain at Deutsche Bank; PT 205 euros
- Richemont lowered to maintain at Deutsche Bank; PT 150 Swiss francs
- Schroders lowered to “underweight” at Morgan Stanley; PT 280 pence
- Vestas lowered to maintain at Deutsche Bank; PT 110 kroner
New recommendations:
- Adyen rated as outperform by Evercore ISI; PT 1,775 euros
- Bavarian Nordic rated as buy by SEB Equities; PT 250 kroner
Other news from companies included in the DAX index. Source: Bloomberg Financial LP
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