US MARKETS:

-S&P 500 futures little changed at 2,826.75
-Brent futures up 0.1% to $68.59/bbl
-Gold spot up 0.4% to $1,318.32
-US Dollar Index up 0.3% to 96.06

GLOBAL NEWS:

A new damning report about Wirecard. According to the Financial Times, senior Wirecard executives in Germany approved four transactions that are at the core of a fraud investigation in Singapore. The transactions amount to €2 million. The FT says that Jan Marsalek, Wirecard’s chief operating officer, was one of the executives that was aware of the transactions.

Boeing faces investigations. The FBI has joined the Boeing 737 Max investigation, which increases the pressure on the manufacturer. At the same time, revelations are multiplying, such as Bloomberg's, which claims that the aircraft's certification process has already been audited in 2018.

Levi's above the range. Levi Strauss is valued at $6.6 billion for its return to the U.S. stock market. The group, which raised $623.3 million, placed its shares at $17 each, above the expected range ($14 to 16). Quotations start today under the LEVI code.

Siemens turbine. Newspaper Manager Magazin reveals that discussions have reportedly resumed between Siemens and Mitsubishi Heavy Industries to find a way out of the difficulties of the German's power generation division. A merger of dedicated activities is mentioned.

In the second semester, it will be better. Micron beats the consensus and reassures despite cautious perspectives. The CEO said that destocking is expected to continue until the end of the first half of the year, but that the outlook for demand in the semiconductor industry is better in the second half of the year.

Axa cashes in. Axa places 40 million shares of its American subsidiary at USD 20.50 each, which will allow it to recover more than $800 million. Axa Equitable Holdings will also buy back an additional 30 million shares from its parent company, which will drop to 49.5% of the round table. In total, the French insurer will receive approximately $1.4 billion gross. However, the transaction will have a negative impact on net income of approximately $700 million, as AEH had a higher book value on the balance sheet.

The French State protects its position. Air France-KLM has placed €500 million in convertible bonds (OCEANE 2026), with the support of the government, which has subscribed up to its 14.3% stake in the capital. France will thus maintain its position in the round table despite the dilution caused by a possible conversion of the bonds. Important at a time when the Netherlands has itself built up a position.

Transalpine feud. Tension is at its height at EssilorLuxottica after a new attack by the main shareholder, Delfin, who accuses French managers of clearly violating the merger agreement by some of their behavior. Leonardo Del Vecchio criticizes in particular Hubert Sagnières' appointment of four French managers to key positions, considering that this breaks the equality supposed to exist statutorily between his position as CEO and that of vice-CEO of Sagnières. Del Vecchio gave an interview to Le Figaro to explain his position. Hubert Sagnières replied at midday by accusing Delfin of destabilizing the company by telling lies.

In other news. Ford will increase its production of electric vehicles by converting a second North American plant. In January the ECB launched an audit of Banca Monte dei Paschi to assess the operational and legal risks of the institution. Uniper is negotiating the sale of its shares in an Italian LNG terminal to the First State Fund. Lion Air is working on a stock market flotation, Bloomberg learned. Givaudan acquires a stake in the Korean company Bio FD&C.