Adrien Chavanne

The stock market returns to Risk On mode

US equity indices returned on Thursday to levels last seen in early April, when President Donald Trump launched a broad salvo of reciprocal tariffs targeting several of America?s trading partners. Markets have since weathered a turbulent few weeks, but the White House?s abrupt shift in tone appears to have calmed investor nerves.

25 April 2025 at 04:05 pm AEST

Kering: Is anyone still surprised?

The luxury group presented its Q1 numbers this morning. Expectations were not high, but the owner of Gucci, Saint Laurent, and Bottega Veneta still managed to disappoint. Its stockmarket pains continue, with the share down 5% this morning in Paris.

25 April 2025 at 12:08 am AEST

Offshore wind power: What remains of its former glory?

Stockmarket carnage continues for offshore wind players. The most exposed, in more ways than one, is Orsted, the largest offshore wind turbine manufacturer. Since the end of 2020, the wind has stopped blowing in its turbines. And the further we go, the darker the picture becomes.

24 April 2025 at 06:47 pm AEST

Private equity: A spring clean that is starting to hurt

Already reporting a complicated market for several months, private equity players are now facing recession fears and weak investor enthusiasm due to Donald Trump's tariff policy.

23 April 2025 at 10:30 pm AEST

Trump reinstates Powell and makes overtures to China

Yesterday, the US stock markets made a strong comeback. Some might say they just made up for the losses from the day before, which is partly true. But it looks like the upward trend will keep going today. This is because Donald Trump has decided not to be as tough on Jerome Powell, the head of the Federal Reserve, and he might also ease up on China. If this feels familiar, you're not the only one.

23 April 2025 at 04:05 pm AEST

Novo Nordisk: Penalized by Eli Lilly's success

Shares in the Danish laboratory fell by 8% this morning in Copenhagen, after its main competitor Eli Lilly announced very good results for an experimental weight loss pill.

22 April 2025 at 10:06 pm AEST

UnitedHealth dives into the abyss

The largest health insurer in the United States is down 20% in pre-market trading on Wall Street. The blame lies with the quarterly results and lower targets.

17 April 2025 at 11:20 pm AEST

Learning to aim is not enough to hit the target

Since January 20 and the inauguration of President Donald Trump, financial markets around the world have been at the mercy of his statements.

17 April 2025 at 06:55 pm AEST

Heineken: The market is not demanding

The world's second largest brewer behind Belgium's AB InBev has unveiled its sales figures for the first quarter of its non-calendar financial year.

17 April 2025 at 12:47 am AEST

Luxury sector: A slight lull before another storm?

Financial markets around the world soared after Donald Trump announced a 90-day pause and a substantial reduction in reciprocal 10% tariffs on countries that have "not retaliated in any way against the United States". The only exception is China, on which the US President has increased tariffs. These have risen to 145%. With Beijing showing no signs of giving in, the trade war may now mainly concern the world's two leading powers. In the midst of the slump, the luxury sector needs Chinese consumers who, since the pandemic, no longer have the same level of enthusiasm for luxury products. The mistrust that could result from a trade war would do no good.

11 April 2025 at 10:32 pm AEST

Barry Callebaut: when will the agony end?

The Belgian-Swiss chocolate maker, which supplies major manufacturers such as Nestlé and Unilever, recorded the biggest single-day drop in its history. The share price fell to 850 Swiss francs, i.e. a ten-year low.

11 April 2025 at 06:27 pm AEST

Stellantis: The engine keeps stalling

The automotive group, which operates 14 brands, has hired McKinsey to provide strategic advice on its Maserati and Alfa Romeo brands. The company, which has been in difficulty for several months now, must also try to navigate carefully in the midst of customs duties, while North America its largest market (40.5% of sales).

10 April 2025 at 06:56 pm AEST

Europe: Reasons for hope

The "Liberation Day" announcements continue to scare the financial markets. The tariffs seem to have no economic logic whatsoever, and economists are trying to take stock of the situation. If the US administration does not change its course, the impact on global economic growth could be catastrophic. However, Europe has reasons to hang on. Let's take a look.

08 April 2025 at 10:22 pm AEST

Europe: How do defensive stocks react to falling markets?

The stockmarket is collapsing for the third consecutive session. The tariffs introduced by Donald Trump on Wednesday have raised extreme fears for the prosperity of the global economy. In such an anxious climate, defensive sectors in Europe are trying to hold their own.

07 April 2025 at 07:50 pm AEST

ETFs: defensive investments to withstand market downturns

The tariffs announced by Donald Trump last night are creating a climate of great uncertainty on most of the world's financial markets. And when you can no longer see what the future holds, it may be worthwhile to return to fundamentals, to traditional safe havens to reduce risk. Here are some of the ETFs concerned.

04 April 2025 at 02:16 am AEDT

Genmab: From now on, courage to the most patient

A former position in our Europe portfolio, the Danish laboratory recently suffered some bad news, dragging the stock back to the levels it was at on the outbreak of Covid five years ago.

02 April 2025 at 01:57 am AEDT

AppLovin clouded over because of Muddy Waters

Shares in the technology platform that helps mobile app developers monetize and distribute their applications lost 20% on Wall Street yesterday. The reason: bearish fund Muddy Waters went short, claiming that AppLovin is not as solid and indispensable as hoped.

29 March 2025 at 12:48 am AEDT

Customs duties: Trucks spared?

Donald Trump has put further pressure on the markets with a new trade offensive. It will be 25% tariffs on vehicles imported into the US. But does this announcement concern heavy goods vehicles? It would appear not. European manufacturers Traton, Daimler Trucks and AB Volvo are directly concerned.

28 March 2025 at 07:33 pm AEDT

Jefferies Financial Group: A poorish first quarter and questions about the future

The investment banking and capital markets group struggled in the first quarter of its non-calendar fiscal year (December-February). The share price has already fallen sharply since the start of the year (-23%), and is set to continue to do so.

28 March 2025 at 12:03 am AEDT

Badger Meter: Growth in clear water

This American small cap manufactures and distributes measurement, quality and control instruments for various water-related markets. In recent years, and particularly since Covid and the changes brought about by the new management team, the company has impressed shareholders with its impressive growth, both in terms of sales dynamism and margin progression. Badger Meter is well worth a look - and that's what we're going to do at in this article.

27 March 2025 at 10:09 pm AEDT

MercadoLibre: Where do we stand?

The recent track record of "South America's Amazon" is rather paradoxical. Following better-than-expected results at the end of February, the stock soared to new all-time highs. However, the following weeks saw the share price plummet almost 20%, in the wake of the US index correction. Since then, investors have returned to the stock, which has recovered most of its losses. So, what are we to make of the current valuation? Reasonable or not?

27 March 2025 at 07:55 pm AEDT