By 
US MARKETS:
S&P 500 futures up 0.8% to 2,878.25
Brent futures up 0.7% to $59.73/bbl
Gold spot up 0.1% to $1,528.63
US Dollar Index up 0.3% to 97.93
GLOBAL MARKETS:
Automotive and Technology. The new escalation in the trade war between Washington and Beijing has weighed heavily on the Technology and Automotive segments. In particular, China has planned to reactivate the taxation of American vehicles imported into its territory. Donald Trump “ordered” American companies in all sectors to leave China.
Third Point changes frame. The American fund Third Point, known for its activism, has acquired a stake in EssilorLuxottica, according to information obtained by Reuters. Daniel Loeb's firm had in recent years targeted Nestlé or Campbell Soup, or more recently United Technologies, with varying degrees of success. Third Point made its name by forcing Sony to undertake a profound transformation.
An eye for an eye. Vivendi filed an appeal to protect its voting rights at the Mediaset shareholders' meeting, reiterating its intention to oppose the Italian group's proposed reorganization. Last week, Mediaset seized the Italian stock exchange policeman accusing the French group of disclosing information to scupper the project.
Renault Nissan. Renault's Korean subsidiary, Renault Samsung, will reduce its production by 25% from October, according to the local press, and propose to reduce its workforce by 400 people, in particular through early retirement. In another respect, the Wall Street Journal reports the return of the Ghosn family's famous yacht: Nissan reportedly had the sale of the ship blocked by the courts.
Rumor has it. The Wall Street Journal revealed that UBS Group and Deutsche Bank reportedly discussed a merger of their investment banks in June, but did not reach an agreement. Earlier in the spring, further rumors had circulated about talks about a merger of the two institutions' respective asset management divisions, but without any further success.
Amgen breaks his piggy bank. The group will acquire Otezla's rights from Celgene (Bristol-Myers Squibb) for $13.4 billion in cash. The antitrust authorities had made this transfer one of the prerequisites for the merger between BMS and Celgene.
SUB is accelerating its transformation. Credit Suisse is continuing its transformation by announcing new measures around its Universal Banking Division in Switzerland (SUB). Retail and commercial banking clients will in future be served by a new division, called "Direct Banking", while investment banking will be removed from the CIB segment to report directly to the CEO of SUB. Several hundred million francs will be invested in SUB by the end of 2021. The medium-term financial objectives are confirmed.
Extreme concentration. Transat AT's shareholders accept the purchase by Air Canada for CAD 720m. The company had to raise its initial offer after being competed by a higher Mach bid. His first proposal was limited to CAD 520m. However, the transaction raises antitrust concerns, since Transat owns Air Transat, the third largest Canadian airline behind Air Canada and WestJet.
In other news. Ryanair will close four of its Spanish bases and lay off more than 500 people, according to local trade unions. Qualcomm loses its second interim CFO of the year. Alpiq posted a loss in the first half of the year. Schaffner is lowering its annual targets for the year ending September. Idorsia hopes to achieve profitability in 2021.
S&P 500 futures up 0.8% to 2,878.25
Brent futures up 0.7% to $59.73/bbl
Gold spot up 0.1% to $1,528.63
US Dollar Index up 0.3% to 97.93
GLOBAL MARKETS:
Automotive and Technology. The new escalation in the trade war between Washington and Beijing has weighed heavily on the Technology and Automotive segments. In particular, China has planned to reactivate the taxation of American vehicles imported into its territory. Donald Trump “ordered” American companies in all sectors to leave China.
Third Point changes frame. The American fund Third Point, known for its activism, has acquired a stake in EssilorLuxottica, according to information obtained by Reuters. Daniel Loeb's firm had in recent years targeted Nestlé or Campbell Soup, or more recently United Technologies, with varying degrees of success. Third Point made its name by forcing Sony to undertake a profound transformation.
An eye for an eye. Vivendi filed an appeal to protect its voting rights at the Mediaset shareholders' meeting, reiterating its intention to oppose the Italian group's proposed reorganization. Last week, Mediaset seized the Italian stock exchange policeman accusing the French group of disclosing information to scupper the project.
Renault Nissan. Renault's Korean subsidiary, Renault Samsung, will reduce its production by 25% from October, according to the local press, and propose to reduce its workforce by 400 people, in particular through early retirement. In another respect, the Wall Street Journal reports the return of the Ghosn family's famous yacht: Nissan reportedly had the sale of the ship blocked by the courts.
Rumor has it. The Wall Street Journal revealed that UBS Group and Deutsche Bank reportedly discussed a merger of their investment banks in June, but did not reach an agreement. Earlier in the spring, further rumors had circulated about talks about a merger of the two institutions' respective asset management divisions, but without any further success.
Amgen breaks his piggy bank. The group will acquire Otezla's rights from Celgene (Bristol-Myers Squibb) for $13.4 billion in cash. The antitrust authorities had made this transfer one of the prerequisites for the merger between BMS and Celgene.
SUB is accelerating its transformation. Credit Suisse is continuing its transformation by announcing new measures around its Universal Banking Division in Switzerland (SUB). Retail and commercial banking clients will in future be served by a new division, called "Direct Banking", while investment banking will be removed from the CIB segment to report directly to the CEO of SUB. Several hundred million francs will be invested in SUB by the end of 2021. The medium-term financial objectives are confirmed.
Extreme concentration. Transat AT's shareholders accept the purchase by Air Canada for CAD 720m. The company had to raise its initial offer after being competed by a higher Mach bid. His first proposal was limited to CAD 520m. However, the transaction raises antitrust concerns, since Transat owns Air Transat, the third largest Canadian airline behind Air Canada and WestJet.
In other news. Ryanair will close four of its Spanish bases and lay off more than 500 people, according to local trade unions. Qualcomm loses its second interim CFO of the year. Alpiq posted a loss in the first half of the year. Schaffner is lowering its annual targets for the year ending September. Idorsia hopes to achieve profitability in 2021.
