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☆ Apple's market value falls below $2 trillion for the first time since 2021
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: 1 min

Jan 3 (Reuters) - Apple Inc's (AAPL.O) market capitalization slipped below $2 trillion on the first trading of 2023 as its stock fell nearly 4% following a rating downgrade due to production disruption in China. Apple was the first company to hit $3 trillion in market value on Jan. 3 last year. Exane BNP Paribas analyst Jerome Ramel downgraded Apple to "neutral" from "outperform" with a price target cut to $140 from $180, according to a report by thefly.com. The iPhone maker's shares were down about 4% at $124.65. Reporting by Nivedita Balu in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Tesla Inc (TSLA.O) fell nearly 10% as the electric-vehicle maker missed Wall Street estimates for quarterly deliveries. Other rate-sensitive technology and growth stocks such as Alphabet Inc (GOOGL.O), Meta Platforms Inc (META.O), Microsoft (MSFT.O) and Amazon.com Inc (AMZN.O) were up between 0.6% and 2.0%. The S&P 500 shed 19.4% in 2022, marking a roughly $8 trillion decline in market cap, while the Nasdaq fell 33.1%, dragged down by growth stocks. The S&P index recorded no new 52-week high and one new low, while the Nasdaq recorded 73 new highs and 23 new lows. Reporting by Shubham Batra, Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Who will be Wall Street’s un-American idol?
▼ + stars: | 2022-12-16 | by ( John Foley | ) www.reuters.com time to read: +8 min

Europeans have been losing the battle against Wall Street’s cozy club for a decade. Deutsche Bank has done the former. BNP has made smaller steps, buying Bank of America’s prime broking business in 2008, then Deutsche Bank’s in 2019. Even with the best intentions, European banks must contend with their own regulators, which affects their ability to take risk elsewhere. JPMorgan, Bank of America, Citigroup, Morgan Stanley and Goldman Sachs together took the top five slots for debt capital markets and merger advisory, as they also did in 2021.

☆ UK's FTSE 100 nears 6-month high as Powell signals slower hikes
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.2%, FTSE 250 adds 1.2%Dec 1 (Reuters) - UK's FTSE 100 index climbed towards a six-month high on Thursday, extending a strong performance from last month, as investors seized on hints that the U.S. Federal Reserve will scale back the pace of its interest rate hikes. The blue-chip index (.FTSE) edged up 0.2% by 0814 GMT, holding near its strongest level since June 8, although sluggish oil stocks (.FTNMX601010) limited further gains. The domestically focussed FTSE 250 (.FTMC) jumped 1.2%. Bucking the positive mood, oil stocks (.FTNMX601010) fell 1.5% as crude prices dipped with uncertainty lingering ahead of Sunday's OPEC+ meeting. Shares of education group Pearson (PSON.L) fell 3.5% after Exane BNP Paribas downgraded the stock rating to "neutral" from "outperform".

☆ SocGen’s BNP envy carries a cost
▼ + stars: | 2022-11-22 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

It mimics BNP Paribas’s (BNPP.PA) deal with European peer Exane, which the French group took over last year. SocGen research analysts cover around 500 mostly European stocks, according to JPMorgan, compared with AllianceBernstein’s more international coverage of roughly 800 companies. Second, the venture makes the French bank’s equities business less reliant on derivatives and structured products, which led to heavy losses in 2020. Trading cash equities and selling research typically chews up much less capital and leads to fewer blow-ups. And the wider equities trading business is increasingly dominated by larger players, especially U.S. banks.

☆ BNP Paribas set to expand Exane in the U.S.
▼ + stars: | 2022-11-08 | by ( Carolina Mandl | ) www.reuters.com time to read: +1 min

NEW YORK, Nov 8 (Reuters) - BNP Paribas (BNPP.PA) is expanding its equity research house Exane in the United States, after the euro zone's biggest lender took it over last year, the bank said on Tuesday. Michael Rietbrock has joined Exane from Cantor Fitzgerald in October as head of U.S. research, according to BNP. The move comes as BNP aims to strengthen its equities unit and diversify the lender's business, best known for derivatives. As part of this strategy, BNP acquired last year a remaining 50% stake in cash equities execution and research house firm Exane, which covers 800 stocks globally. It's really where we want to grow," Nicolas Marque, head of global equities at BNP Paribas told Reuters.

☆ Kering shares up on report company seeks to buy Tom Ford
▼ + stars: | 2022-11-04 | by ( Mimosa Spencer | ) www.reuters.com time to read: +3 min

PARIS, Nov 4 (Reuters) - Shares in Gucci-owner Kering (PRTP.PA) rose in early Friday trading following a report the French luxury goods company is in advanced talks to buy U.S.-based fashion label Tom Ford. Shares were up 2.4% in morning trade, after the Wall Street Journal on Thursday reported the company was the front runner for a deal, with rivals including Estee Lauder (EL.N). "The logic is compelling," said Piral Dadhania of RBC, of such a deal, citing Tom Ford's past as creative director of Kering labels Gucci and Yves Saint Laurent in the nineties and into the early 2000s, as well as the label's high positioning. Kering, which has been bulking up its eyewear division, recently purchasing U.S. label Maui Jim, has also signalled interest in expanding into beauty. With few financial details available on Tom Ford's label, some analysts were cautious.

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