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Inflation in the eurozone is on the rise, prompting potential shifts in ECB monetary policy, according to T. Rowe Price's Chief Economist. Meanwhile, Lombard Odier faces serious money laundering charges, and UBS is urged to increase capital requirements to mitigate risks of winding up. The DAX index has surpassed 20,000 points for the first time, while the eurozone unemployment rate remains at a record low of 6.3%.
ASML shares have plummeted 40% from their summer peak of €1,000, driven by a decline in semiconductor demand and order reductions from major clients like Samsung and TSMC. Despite slightly exceeding quarterly expectations, the company revised its 2025 sales forecast down to €30-35 billion. Technically, a close above €675 could signal a bullish turnaround, while a drop below €600 may extend the downtrend.
Seagate Technology's CEO, Dave Mosley, announced at the UBS Global Technology and AI Conference that the company has completed qualification testing for its HAMR-based Mozaic drives, with initial shipments expected soon for a major cloud service provider. However, Seagate faces challenges in meeting HDD demand, leading to a projected revenue impact of up to $200 million for the fiscal third quarter ending March 28, 2025, despite stable revenue expectations for the fiscal second quarter ending December 27, 2024. For more insights, visit Seagate's Investor Relations website.
UBS has increased its price target for Prosus from 65 to 69 euros while maintaining a "Buy" rating. Analyst Jo Barnet-Lamb noted encouraging figures from the company's first half of the financial year, highlighting a growing focus on mergers and acquisitions.
Gold prices remain above $2,600, with Jerome Powell's upcoming speech and non-farm payrolls (NFPs) in focus. Midweek ADP data will hint at NFP trends, while Friday's EU GDP and NFP reports are expected to influence market sentiment, with economists predicting a rise in jobs and a slight increase in the unemployment rate. The $2,600 level is seen as a crucial support zone, with potential upward movement towards $3,000 if recent highs are surpassed.
Seagate’s CEO, Dave Mosley, will present a business update at the UBS Global Technology and AI Conference, focusing on the completion of HAMR drive testing and upcoming shipments. While HDD demand is rising, production delays may reduce Q3 revenue by up to $200 million, although Q2 results meet expectations.
Raiffeisen, ÖAMTC, and Siemens have launched a pioneering e-charging initiative in Burgenland, integrating charging stations into local energy cooperatives to enhance efficiency and sustainability. Members enjoy significant discounts, promoting both e-mobility and local value creation. Plans to expand this model across Austria are set for 2025, emphasizing the crucial role of municipalities in combating climate change.
Salvatore Ferragamo's shares surged over 5% on Piazza Affari, reaching €6.05, following an upgrade to "Neutral" by UBS. The luxury brand confirmed its 2024 forecasts, indicating potential asset write-downs of €70 to €90 million, which will not significantly impact its total assets of €1.736 billion as of June 30, 2024.
Mark Haefele, chief investment officer at UBS, addressed the political turmoil in France and its implications for European markets during an appearance on Bloomberg Television. He noted that the stock market does not seem to be factoring in this uncertainty at all.
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