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☆ Fendi kicks off Milan's womenswear week with Roman ease
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

MILAN, Sept 20 (Reuters) - Milan kicked off its catwalk calendar on Wednesday, with Italian luxury label Fendi exploring the "ease of dressing with a certain Roman freeedom" at its womenswear fashion show. Milan Fashion Week follows New York and London events in which designers have been presenting their creations for spring/summer 2024. A patchwork of fabrics recreated Fendi's F logo on coats and dresses through "a playful and abstract exploration" of the symbol Karl Lagerfeld created in 1966, a year after joining the Roman brand as creative director. Milan Fashion Week includes 62 physical fashion shows of spring summer collections. Milan fashion week will mark the debut of Sabato De Sarno as creative director of Gucci, Peter Hawkings as creative director of Tom Ford, and Simone Bellotti as creative director of Bally.

Persons: Kim Jones, mohair, Karl Lagerfeld, Fendi, Jones, Giorgio Armani, Prada, Versace, Sabato De Sarno, Gucci, Peter Hawkings, Tom Ford, Simone Bellotti, Elisa Anzolin, Valentina Za Organizations: Milan, New, Bally, Thomson Locations: New York, London, Fendi, Rome, Milan

☆ King Charles arrives in France for state visit
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +4 min

[1/3] French Prime Minister Elisabeth Borne greets Britain's King Charles ( and Britain's Queen Camilla upon arrival at the Orly Airport on September 20, 2023, on the first day of a state visit to France. Here's the latest:* The plane carrying Charles and Camilla has landed at Paris' Orly airport, where they were greeted by French Prime Minister Elisabeth Borne. Charles and Camilla tweeted in English and French, along with a video of Charles getting on the plane. Your Majesty, welcome," Macron tweeted in English, alongside a video clip of Charles' past visits to France. Macron and Charles have in particular shared correspondence and insight on the restoration of the Notre-Dame cathedral, ravaged by fire in 2019.

Persons: Elisabeth Borne, Britain's King Charles, Queen Camilla, MIGUEL MEDINA, King Charles, Emmanuel Macron, Charles, Camilla, Borne, Mireille, Queen Elizabeth, Parisian Marie, Helene Aubree, Eric Frizzi, he's, Macron, À, Louis XIV, Hugh Grant, Charlotte Gainsbourg, Mick Jagger, Ken Follett, Emma Mackey, Bernard Arnault, Xavier Niel, Arsene Wenger, Didier Drogba, Michel Rose, Ingrid Melander, Bernadette Baum Organizations: French, Airport, REUTERS Acquire, Rights, France's, Parisian, European Union, Notre, Dame, of Mirrors, Thomson Locations: France, Paris, Bordeaux, Britain, of Versailles, British, French

MILAN/PARIS, Sept 19 (Reuters) - Gucci creative director Sabato De Sarno takes to the runway in Milan on Friday, in a high-stakes designer debut for the Italian label’s owner, French luxury group Kering (PRTP.PA). De Sarno’s Gucci catwalk presentation – one of the industry’s most highly-anticipated shows this year – will serve as an aesthetic reset for the brand, aimed at reigniting sales, but it is also the first major test of a sweeping overhaul at Kering. The group has also taken steps to broaden its revenue sources, announcing plans to buy high end perfumer Creed in June and a 30% stake in fashion label Valentino in July. “We don’t think that a margin reset would be badly received by the market,” said Carole Madjo, analyst with Barclays. Reporting by Mimosa Spencer and Elisa Anzolin Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Gucci, Sabato De Sarno, De Sarno’s Gucci, Valentino, Louis, Jean, Francois Palus, Marco Bizzarri, De Sarno’s, Bizzarri, Alessandro Michele, De Sarno's, Sabato De Sarno's, ”, Carole Madjo, Daria Werbowy, Luca Solca, Bernstein, Mimosa Spencer, Elisa Anzolin, Tomasz Janowski Organizations: MILAN, Louis Vuitton, Dior . Group, Gucci, RBC, Barclays, De, Thomson Locations: PARIS, Milan, Kering

☆ Ozempic maker Novo Nordisk isn't just Europe's second-most valuable company. It is also singlehandedly boosting Denmark's economy.
▼ + stars: | 2023-09-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Ozempic-maker Novo Nordisk is Europe's second-largest company by market capitalization. It's also boosting Denmark's economy all on its own. AdvertisementAdvertisementNot only that, Novo Nordisk has also been propping up Denmark's economy all on its own. Jonas Petersen, an analyst at Denmark's statistics department, further told the AFP that the trend is "changing the picture of the economy." Denmark's statistics department and Danske Bank's Olsen did not immediately respond to requests from Insider for comment sent outside regular business hours.

Persons: It's, would've, LVMH Moët Hennessy Louis Vuitton, Elon Musk, Amy Schumer, they've, Las Olsen, Jonas Petersen, Bank's Olsen Organizations: Novo Nordisk, pharma, Service, Novo Nordisk's, Novo, Danske Bank, AFP, Nordisk Locations: Wall, Silicon, Europe

☆ Luxury tycoon Bernard Arnault dismissed comparisons between his family and the Roys in 'Succession' — and said he hopes there's no 'duel' to take over power
▼ + stars: | 2023-09-15 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

The NYT reports that Bernard Arnault's family dislikes being compared to the Roys from "Succession." Bernard Arnault's five children have a 90-minute lunch with him every week to discuss the business. When the NYT questioned him directly on this, Arnault "brushed off any comparison to television's Roys with a wave of his hand." "The best person inside the family or outside the family should be one day my successor," he told The Times. Jean Arnault told the newspaper: "Make no mistake, we discuss things, but at the end, it's he who decides."

Persons: Bernard Arnault's, Bernard Arnault, LVMH, Delphine Arnault, Louis Vuitton, Jean Arnault, Louis Vuitton's, Logan Roy, Arnault, it's Organizations: Service, The New York Times, Times, Dior, Financial Times Locations: Wall, Silicon, France, Cashmere

☆ Kevin Hart's tequila brand strikes deal with Philadelphia Eagles as spirits push deeper into sports
▼ + stars: | 2023-09-14 | by ( Frank Holland | In Frank-Holland | ) www.cnbc.com time to read: +4 min

When the Philadelphia Eagles kick off their home opener on Thursday Night Football, the NFL team will also start a new sponsorship deal with Gran Coramino, the luxury tequila brand co-founded by comedian, entrepreneur and Philadelphia native Kevin Hart. Hart told CNBC's Frank Holland in an exclusive interview about the agreement. The Eagles hope to seize on the recent success of celebrity spirits brands, and a rise in tequila sales, as many U.S. drinkers drop beer in favor of liquor. Hart told CNBC, "It's a massive win! In recent years, spirits brands have made a push into sports sponsorships with the major American leagues.

Persons: Kevin Hart, Hart, CNBC's Frank Holland, Gran Coramino, Brian Napoli, Jalen, I've, Jaegermeister, Hennessey, Rick Pineda, Jean Baptiste Descours, Hennessy Organizations: Philadelphia Eagles, NFL, Gran Coramino, Philadelphia, Eagles, Lincoln Financial, Global Brands, Corporate, Kansas City Chiefs, CNBC, Budweiser, Brooklyn Trolley Dodgers, Sports, National Hockey League, Major League Baseball, NBA, Spirits, Diageo Locations: Philadelphia, Gran

The falling shares mean that Mr. Arnault (now worth about $195 billion, Forbes says) dropped to the second-richest person in the world in June, eclipsed by Elon Musk. Mr. Arnault has broadened LVMH beyond extravagant playthings into the world of experiences, acquiring over 50 grand hotels and resorts. Mr. Arnault’s changes mean he doesn’t have to retire next year as originally expected. The French media is full of headlines comparing the Arnaults to the Roys, the fictional family in the HBO series. There are TikTok videos explaining why the Arnaults are “the real ‘Succession’ family.” The family hates this talk, and takes pains to play down parallels to the show.

Persons: Arnault, Forbes, Elon Musk, LVMH, —, gobbling, Delphine, Dior Organizations: Denmark’s Novo Nordisk, HBO

☆ Birkenstock IPO: German sandal maker heads for Wall Street in another blow to Europe
▼ + stars: | 2023-09-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —German shoemaker Birkenstock has filed for an initial public offering in New York, becoming the latest European company to choose the United States as the place to raise money on the stock market. The Financial Times, citing unnamed sources familiar with the matter, reported Tuesday that Birkenstock was seeking a valuation of more than $8 billion. The family business traces its origins back to 1774 when church archives mention Johannes Birkenstock, who worked as a cobbler in Langen-Bergheim, Germany. The planned IPO marks another milestone for the shoemaker, which joins the ranks of high-profile European companies seeking a public offering across the pond rather than at home. British chip designer Arm is gearing up for a blockbuster IPO on the Nasdaq this week.

Persons: Birkenstock, Johannes Birkenstock, LVMH, Dior, Christian, Alex Birkenstock, Instacart, ” Craig Erlam, Susannah Streeter, Hargreaves Lansdown, “, ” Organizations: London CNN, US Securities and Exchange Commission, New York Stock Exchange, Financial, Tiffany, Nasdaq, CNN, Hargreaves Locations: New York, United States, Langen, Bergheim, Germany, British, London

☆ After Birkenstock's 'Barbie' bump, iconic footwear brand seeks a big part in IPO market
▼ + stars: | 2023-09-13 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +10 min

Footwear companies have found recent success going public market, but not all by any means over the longer-term. In more recent history, the brand has collaborated with Rick Owens, Dior, and Manolo Blahnik, among many other big names in fashion. The current IPO market landscape The IPO market has been all but frozen since the pandemic stock offering boom crashed, and successful IPOs have included iconic brands, such as the Johnson & Johnson spinoff of its consumer health business which includes Tylenol and band-Aids in the Kenvue IPO. Still, while Kenvue was the biggest deal of the year, it's barely holding onto its IPO price today, according to CNBC and Renaissance Capital data, and the IPO market overall hasn't performed great after listing. The two potential paths of a footwear IPO can be tracked by the histories of Crocs and Allbirds.

Persons: Nordstrom, Jeff Greenberg, what's, Johann Adam Birkenstock, Birkenstock, Angelo Bochanis, Oliver Reichert, outsized, Reichert, Konrad Birkenstock, Johann, Karl, Konrad, Margo Fraser, Kim Knott, Kate Moss, Corinne Day, Rick Owens, Dior, Manolo Blahnik, Jeremy Moeller, Barbie, Margot Robbie, Johnson, Kenvue, it's, hasn't, Mark Cohen, Cohen, Jamie Dimon, Dimon, Bochanis, " Cohen Organizations: Universal, Getty, New York Stock Exchange, Nasdaq, Holding, Renaissance, Consumers, British Elle, Brand, CNBC, Columbia Business School, Facebook, Wall, JPMorgan, Company Locations: Merrick, , Miami, Germany, America, California, British, Arizona, It's, U.S

☆ Birkenstock files for U.S. IPO as listings recovery gains pace
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

In contrast, U.S. listings have fetched nearly double the amount secured in 2022, according to data from Dealogic. In July, Birkenstock majority owner L Catterton's beauty firm Oddity Tech (ODD.O) rose 40% on its Nasdaq debut. Birkenstock, a family-owned business that traces its roots back to 1774, said it intends to list its shares under the "BIRK" ticker on the New York Stock Exchange. Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead underwriters for the IPO. Entities affiliated with L Catterton will control a majority of the combined voting power of the shares after the offering, it said.

Persons: Margot Robbie, Goldman Sachs, J.P, Morgan, Morgan Stanley, Niket Nishant, Akash Sriram, Pritam Biswas, Devika Organizations: British, SoftBank, Tech, Nasdaq, New York Stock Exchange, underwriters, Thomson Locations: United States, U.S, Europe, Dealogic, Bengaluru

"I used to love buying branded clothes," said teacher Zhang as she sifted through a pile of garments priced between 15 and 50 yuan ($2-$7). With wages and pensions hardly budging and the job market highly uncertain as more than one in five young Chinese remain unemployed, households' confidence and spending power are low in the barely growing economy. The real estate sector, one of the pillars of the economy, is struggling with massive debt. "One of my customers is a rich woman who used to go to Japan for shopping, but now she comes to my store," said Wang. ($1 = 7.3179 Chinese yuan renminbi)Additional reporting by Winni Zhou in Shanghai; editing by Marius Zaharia and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Amy Zhang, Zhang, Becky Liu, Gucci, Kering, Lu, Yunshan, I've, Wang, Winni Zhou, Marius Zaharia Organizations: Standard Chartered, Thomson Locations: BEIJING, HONG KONG, China, LVMH, Japan, Shanghai

NEW YORK (AP) — On a waterfront promenade lined with pink flowers and facing Manhattan’s majestic skyline, designer Michael Kors paid tribute to his late mother with a show honoring the travels the two enjoyed together. Actors Halle Berry, Blake Lively, Tiffany Haddish, Ellen Pompeo, Olivia Wilde, Jenna Dewan and many more were in attendance. But the designer was thinking most of all about his mother, the late Joan Kors, who died in August at 84. “My mother truly was my ultimate muse, my ultimate supporter,” Kors said. "We’re excited at the prospect of joining forces with Tapestry,” Kors said of the consolidation, “and combining and pooling our resources and knowledge to accelerate the growth.

Persons: Michael Kors, Kors, Actors Halle Berry, Blake Lively, Tiffany Haddish, Ellen Pompeo, Olivia Wilde, Jenna Dewan, Burt Bacharach, “, Joan Kors, ” Kors, Kate Spade, Versace, Jimmy Choo Organizations: Actors, Revlon, Capri Holdings Locations: Brooklyn’s Domino, Williamsburg

Putting a price on celebrityIn buying a majority stake in the powerhouse Hollywood talent agency Creative Artists Agency, François-Henri Pinault showed that high-ticket M.&A. is a game that more than one French luxury billionaire can play. Acquiring CAA — which represents stars including Tom Hanks, Margot Robbie and Pinault’s wife, Salma Hayek Pinault — underscores Pinault’s ambitions, and reinforces the growing importance of celebrity in the luxury sector. Like his archrival, Bernard Arnault of LVMH, Pinault used a series of acquisitions to assemble the luxury empire now known as Kering, starting with Gucci and later adding Saint Laurent, Bottega Veneta, Alexander McQueen and more. The agency will be run separately from Kering; Bryan Lourd, the superagent who represents Scarlett Johansson and Brad Pitt, will become C.E.O.

Persons: Henri Pinault, Tom Hanks, Margot Robbie, Pinault’s, Salma Hayek Pinault, Bernard Arnault, Pinault, Saint, Bottega, Alexander McQueen, —, Bryan Lourd, Scarlett Johansson, Brad Pitt Organizations: Hollywood, Creative Artists Agency, CAA, Gucci, Puma Locations: Bottega Veneta, Kering

[1/2] Cars are shown lined up at the valet parking area outside the Creative Artists Agency building in Los Angeles, California, September 24, 2012. REUTERS/Jonathan Alcorn Acquire Licensing RightsPARIS, Sept 7 (Reuters) - French luxury goods billionaire Francois-Henri Pinault has reached an agreement for a majority stake in Creative Artists Agency (CAA), adding Hollywood's premiere talent agency to his family empire which spans fashion, wine and contemporary art, parties involved said on Tuesday. The presence of stars like Beyonce, Zendaya and Rihanna have become key to drawing the spotlight to fashion shows, and Kering's larger rival LVMH(LVMH.PA) recruited Pharrell Williams to head menswear designs for Louis Vuitton. TPG first invested in CAA in 2010 and, in 2014, increased its stake to 53% in a deal valuing the agency at $1.1 billion. Global investment firm Temasek will remain a minority investor in the agency while CMC Capital will remain a "strategic partner", according to a statement.

Persons: Jonathan Alcorn, Francois, Henri Pinault, Pinault, Gucci, Beyonce, Zendaya, Rihanna, Pharrell Williams, Louis Vuitton, Pinault's, Salma Hayek, Valentino, perfumer, Bryan Lourd, Kevin Huvane, Richard Lovett, Lourd, Sudip Kar, Mimosa Spencer, Dawn Chmielewski, Jonathan Oatis, Tomasz Janowski, Timothy Gardner Organizations: Creative Artists Agency, REUTERS, Rights, CAA, Artemis, TPG, Global, CMC Capital, Thomson Locations: Los Angeles , California, Los Angeles, Hollywood, Temasek, Paris

☆ Everyone seems 'nervous' about economy, says former J. Crew CEO Mickey Drexler
▼ + stars: | 2023-09-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEveryone seems 'nervous' about economy, says former J. Crew CEO Mickey DrexlerMickey Drexler, former J. Crew Group chairman and CEO, joins 'Squawk Box' to discuss the current state of the consumer, what's working in the retail sector, and Drexler's thoughts on LVMH.

Persons: Mickey Drexler Mickey Drexler Organizations: . Crew

☆ Morning Bid: Shedding pounds, buying dollars
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 29, 2023. Investors are also focusing on English football club Manchester United (MANU.N), whose shares fell 18% on Tuesday in their steepest one-day decline. Brent crude is above $90 a barrel after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year. Weakness in demand will be the focus of data today as Germany releases July manufacturing data and the euro zone shows us what retailers were doing in July. Not much, going by the share price of French luxury group LVMH (LVMH.PA), which was just dethroned from pole position in Europe's most-valuable list.

Persons: Vidya Ranganathan, Glazer, Sterling, Philip Morris, Brent, Edmund Klamann Organizations: REUTERS, Staff, Vidya, Investors, English, Manchester United, Unilever Capital Corp, Philip Morris International, Volkswagen, Labor, Canada BOC, Thomson Locations: Frankfurt, Germany, Danish, Saudi Arabia, Russia, Europe's, Poland, U.S, Canada

☆ CHART OF THE DAY: Ozempic maker Novo Nordisk overtakes LVMH to become the biggest company in Europe
▼ + stars: | 2023-09-06 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Novo Nordisk is now the biggest company in Europe with a valuation of more than $425 billion. Novo Nordisk has seen soaring demand for its weight-loss drugs Ozempic and Wegovy. Novo Nordisk became the biggest company in Europe this week, edging out LVMH with a market valuation of $425 billion. Novo Nordisk manufactures two popular weight-loss drugs, Ozempic and Wegovy, and soaring demand has made it difficult to keep supply readily available. Year to date, shares of Novo Nordisk are up 42%, whereas shares of LVMH are up about 12%.

Persons: Ozempic, LVMH Organizations: Novo Nordisk, Service Locations: Europe, Wall, Silicon, Novo, LVMH

☆ Business is booming for the maker of weight-loss drugs Wegovy and Ozempic — so much so that it is threatening luxury giant LVMH's crown as Europe's most valuable firm
▼ + stars: | 2023-09-05 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Novo Nordisk has been trading places with LVMH for the title of Europe's most valuable company. The Danish pharmaceutical giant makes the buzzy weight-loss drugs Wegovy and Ozempic. AdvertisementAdvertisementNovo Nordisk, the maker of weight-loss drug Wegovy and diabetes drug Ozempic, has been trading places with French luxury-goods conglomerate LVMH for the title of now Europe's most valuable firm. The UK's NHS recently said that it plans to begin giving out some limited supplies of Wegovy for weight management. Arnault and his family own around 48% of the company's total shares.

Persons: Wegovy, Louis Vuitton, Ozempic, Elon Musk, Bernard Arnault, Arnault Organizations: Novo Nordisk, Morning, Nordisk, Dior, Tiffany, FDA, NHS Locations: LVMH, Danish, GLP, North America

☆ Novo Nordisk, the maker of Wegovy and Ozempic is now Europe's most valuable company
▼ + stars: | 2023-09-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Novo Nordisk has dethroned Bernard Arnault’s luxury goods giant LVMH as Europe’s most valuable company. At the close of trading Monday, Novo Nordisk (NVO) had a market capitalization of 2.96 trillion Danish krone ($428 billion). “We are just scratching the surface,” Novo Nordisk CEO Lars Fruergaard Jørgensen told CNN’s Meg Tirrell in a recent interview. Novo Nordisk has raked in almost 49 billion Danish krone ($7 billion) in profit over the first six months of this year, up 30% from the same period in 2022. Booming sales of its drugs have led to an influx of US dollars into Denmark’s economy, pushing up the value of the Danish krone.

Persons: Bernard, Wegovy, Louis Vuitton, Hennessy, —, “, Steve Barclay, Carsten Snejbjerg, Lars Fruergaard Jørgensen, CNN’s Meg Tirrell, …, ” Organizations: London CNN — Novo Nordisk, Novo Nordisk, Louis, Health Service, Health, Social Care, Nordisk, Nordisk's, Bloomberg, Getty, World Health Organization, Danish krone, European Central Bank, Novo, UBS, Wegovy Locations: Danish, Ozempic, Wegovy, United States, Copenhagen, Denmark, Denmark’s, Novo Nordisk’s

The Stoxx 600 index ended 0.2% lower. Chemical stocks were down around 1.2%, as oil and gas climbed 1.2%. It came after stock markets closed flat on Monday, losing momentum throughout the session after some of China's biggest banks cut interest rates on a range of deposits. Asia-Pacific stocks were lower on Tuesday as traders assessed weak Chinese services data, while U.S. markets slipped after Labor Day. Danish drug maker Novo Nordisk closed 1% higher, after jumping 1.7% in mid-afternoon trade as it extended its lead as Europe's new most valuable firm.

Organizations: Labor Day, Novo Nordisk Locations: Asia, Pacific, U.S, Danish

☆ Shares, oil rise as sentiment towards China brightens
▼ + stars: | 2023-09-04 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

There was relief that embattled property developer Country Garden won approval from its creditors to extend payments for an onshore private bond. S&P 500 futures and Nasdaq futures rose between 0.2%-0.3%, while European stocks neared one-month highs. At least seven Fed officials are due to speak this week ahead of the next policy meeting on Sept. 19-20. In commodities, oil traded near seven-month highs on tightening supply as Saudi Arabia was widely expected to extend voluntary oil production cuts into October. Brent crude futures rose 0.2% to $88.75 a barrel, as did U.S. futures , reaching $85.73.

Persons: Ron Temple, I'm, Craig Erlam, we're, Christine Lagarde, Wayne Cole, Shri Navaratnam, Muralikumar Anantharaman, Simon Cameron, Moore, Sonia Cheema, Ed Osmond Organizations: Federal Reserve, Country Garden, Lazard, Investor, Holdings, Nasdaq, drugmaker Novo Nordisk, August's U.S, European Central Bank, Brent, Thomson Locations: United States, Beijing, China, Europe, U.S, Saudi Arabia, Sydney

☆ Shares, commodities rise as sentiment towards China brightens
▼ + stars: | 2023-09-04 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) added 1.1%, having climbed 2.3% last week, thanks in large part to a 1.3% rise in Chinese blue chips (.CSI300). S&P 500 futures and Nasdaq futures rose between 0.2%-0.3%, while European stocks neared one-month highs. At least seven Fed officials are due to speak this week ahead of the next policy meeting on Sept. 19-20. In commodities, gold benefited from the diminished risk of a U.S. rate rise to stand at $1,940 an ounce . Brent crude futures rose 0.2% to $88.75 a barrel, as did U.S. futures , reaching $85.73.

Persons: Ron Temple, Jim Reid, Christine Lagarde, Wayne Cole, Shri Navaratnam, Muralikumar Anantharaman, Simon Cameron, Moore, Sonia Cheema Organizations: Federal Reserve, Country Garden, Lazard, Holdings, Nasdaq, drugmaker Novo Nordisk, August's U.S, Deutsche Bank, European Central Bank, Brent, Thomson Locations: China, United States, Beijing, Asia, Pacific, Japan, drugmaker Novo, Canada, Australia, U.S, Saudi Arabia

"Whether this bounce will continue remains to be seen, but it has given China equities a shot in the arm." S&P 500 futures and Nasdaq futures both edged up 0.1%, while stocks in Europe opened on a strong footing. "The soft landing crowd will be pleased that the labour market is softening without much stress at the moment," Deutsche Bank strategist Jim Reid. Any path to a hard landing, outside of a shock, has to go via signs of a soft landing first," he said. Brent crude futures were steady on the day at $88.50 a barrel, while U.S. futures were also flat at $85.55.

Persons: Jim Reid, Christine Lagarde, Wayne Cole, Shri Navaratnam, Muralikumar Anantharaman, Simon Cameron, Moore Organizations: Federal Reserve, Country Garden, RBC Capital Markets, Holdings, Nasdaq, drugmaker Novo Nordisk, August's U.S, Deutsche Bank, European Central Bank, Brent, Thomson Locations: U.S, China, SYDNEY, United States, Beijing, Shanghai, Asia, Pacific, Japan, Europe, drugmaker Novo, Canada, Australia, Saudi Arabia

☆ Novo Nordisk launches weight-loss drug Wegovy in Britain
▼ + stars: | 2023-09-04 | by ( Maggie Fick | ) www.reuters.com time to read: +4 min

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. The Danish drugmaker said in a statement that Wegovy would be available in the United Kingdom "through a controlled and limited launch". Surging demand for the drug, and Novo's highly effective diabetes drug Ozempic, have sent the company's shares and earnings to record highs. Novo did not say how much supply it would make available in Britain or how much Wegovy would cost in either of the two treatment scenarios it mentioned. It was not immediately clear what the implications would be of the drug being available through private healthcare professionals.

Persons: Victoria Klesty, United Kingdom Novo, Danish drugmaker, LVMH, Novo, Maggie Fick, Susan Fenton, Emelia Organizations: REUTERS, Novo, Novo Nordisk, Wegovy, Reuters, National Health, NICE, NHS, Thomson Locations: Oslo, Norway, Victoria, United Kingdom, Britain, Europe, Danish, United States, Denmark, Germany, England, Wegovy

☆ European stocks rise on China optimism; Novo Nordisk scales new peak
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 1, 2023. The pan-European STOXX 600 index (.STOXX) rose 0.6% by 0720 GMT, following a three-session losing run. Novo Nordisk (NOVOb.CO) rose 1.6% to hit a record high after the Danish drugmaker launched its weight-loss injection Wegovy in Britain. Novo, with a market capitalisation of $424.7 billion, unseated LVMH (LVMH.PA) as Europe's most valuable listed company on Friday. Shares of German real estate firm Vonovia (VNAn.DE) rose 1.5% after Morgan Stanley upgraded the stock to "equal-weight" from "underweight".

Persons: LVMH, Morgan Stanley, Sruthi Shankar, Eileen Soreng Organizations: REUTERS, Staff, drugmaker Novo, Miners, Reuters, Novo Nordisk, Danish drugmaker, Thomson Locations: Frankfurt, Germany, Asia, China, Danish, Britain, Bengaluru

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