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Eutelsat's leadership change, with CEO Eva Berneke stepping down, coincides with the company's reaffirmation of its trading guidance, which analysts view positively. However, significant funding needs for OneWeb Gen 2 and upcoming debt maturities pose risks, leading to a cautious outlook on share performance despite potential revenue growth from OneWeb and public subsidies.
Eurizon Capital, part of Intesa Sanpaolo, reported Q1 2025 results with operating income of €239 million, a slight decrease from Q1 2024, while the Insurance Division saw an increase in operating income to €460 million. The outlook for 2025 includes a net income target above €9 billion, with a focus on revenue growth and cost reduction, alongside a strong capital position. A cash payout ratio of 70% of consolidated net income is planned, with a €2 billion buyback set for June 2025.
Rheinmetall shares surged past the €1,600 mark for the first time, driven by increased U.S. defense spending and positive analyst forecasts. UBS raised its price target for the company from €1,600 to €1,840, citing strong growth potential, while other analysts set targets as high as €2,220. The stock has risen over 160% this year, reflecting heightened interest in defense stocks amid geopolitical tensions.
The financial markets have rebounded despite ongoing global turmoil, with US equities returning to pre-April levels, while the economy shows signs of strain, including negative GDP growth and disrupted trade flows. The Fed is cautious, monitoring the impact of tariffs on inflation, and uncertainty persists in market reactions. Investors are advised to align their portfolios for the long term, focusing on solid companies and maintaining liquidity amid unpredictable US policies.
Warren Buffett cautioned against the U.S. using trade as a weapon during Berkshire Hathaway’s annual meeting. Meanwhile, Trump’s tariffs on cars and parts have been implemented with adjustments to mitigate effects on U.S. automakers. In other news, a Russian drone strike in Ukraine injured dozens, and an AI-generated image of Trump as the pope posted by the White House has sparked criticism.
Emerging markets, particularly China and India, are poised to benefit from U.S. trade policies, despite initial negative reactions to tariffs. While risks such as inflation and geopolitical conflicts persist, potential positive developments could enhance market conditions, especially in Central and Eastern Europe. Local currency bonds have shown resilience, contrasting with the volatility in hard currency bonds, as governments and central banks maintain significant maneuvering space.
Raiffeisen, Austria's largest bank in Russia, has been ordered to pay over 2 billion euros in damages following a court ruling linked to a complaint from Rasperia, a Russian investment company. The bank is contesting the jurisdiction of Russian courts and plans to file a lawsuit in Austria by mid-2025. Despite efforts to reduce its presence in Russia, Raiffeisen continues to face scrutiny for its operations amid ongoing sanctions and geopolitical tensions.
Deutsche Bank reported a strong start to 2025, with a 10% revenue increase driven by FICC trading and asset management. The bank is well-positioned to navigate a challenging environment, focusing on risk management and client support amid fluctuating market conditions. While origination and advisory activities slowed in April, pipelines remain robust, indicating potential for recovery.
European markets are experiencing optimism, with the DAX 40 rebounding 0.29% month-to-date, driven by hopes for easing US-China trade tensions, new German fiscal policies, and potential ceasefire in Ukraine. However, the euro's 10% rally poses challenges for export-driven economies like Germany, as they adjust to higher energy prices. Key EU growth and inflation data are anticipated this week, with expectations for modest GDP growth and a slight easing in headline inflation.
The global economy remains uncertain despite recent US reassurances, with Barclays warning that trade negotiations are fraught with unpredictability, increasing the risk of a US recession. The IMF has downgraded growth forecasts, attributing the slowdown to high tariffs, while geopolitical tensions, particularly regarding China, complicate the outlook. As corporate leaders brace for turbulence, the likelihood of economic decoupling between the US and China looms large.
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