Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Berenberg"


25 mentions found


Novo Nordisk owner readies for big Wegovy windfall
  + stars: | 2023-10-03 | by ( Maggie Fick | ) www.reuters.com   time to read: +4 min
COPENHAGEN, Oct 3 (Reuters) - The CEO of Novo Holdings said on Tuesday the controlling shareholder of Danish drugmaker Novo Nordisk (NOVOb.CO) is ready for a huge windfall from the runaway success of weight-loss drug Wegovy. Novo Holdings invests and manages the wealth and assets of the Novo Nordisk Foundation, whose newly bulging coffers could make it a major philanthropist and environmental, social and governance (ESG) investor. He was speaking to a group of journalists in Copenhagen, where the investment company, its owner Novo Nordisk Foundation, and the drugmaker Novo Nordisk are all headquartered. [1/4]Novo Holdings A/S CEO Kasim Kutay speaks at Novo Nordisk Foundation in Hellerup, Denmark, October 3, 2023. Novo Holdings' early-stage investments team now has $200 million to deploy each year, Soren Moller, who heads the seed division, told Reuters.
Persons: Kasim Kutay, Wegovy, Kutay, I've, Morgan Stanley, Ali Withers, Peter Lawaetz Andersen, Andersen, Soren Moller, Maggie Fick, Josephine Mason, Louise Heavens, Catherine Evans Organizations: Novo Holdings, Novo Nordisk, Novo Nordisk Foundation, The Foundation, Holdings, Moelis, REUTERS, Foundation, Norway's Coalition, Reuters, Thomson Locations: COPENHAGEN, Danish, Copenhagen, Novo, United States, Hellerup, Denmark, Shanghai, China, Singapore, Boston, San Francisco
UBS has downgraded the shares of Teleperformance , which has around 400,000 customer service agents worldwide, over the "significant uncertainty" the company faces from the rise of artificial intelligence. The stock has fallen over 50% in the past year to 116 euros ($122) on those fears. UBS also cut its price target for Teleperformance's stock by 65% to 130 euros per share. Analysts at Berenberg are also looking past Teleperformance's immediate challenges and believe the company will gain from artificial intelligence in the near term. Raynsford expects shares of the company to rise by 85% over the next 12 months to 211 euros a share.
Persons: Nicole Manion, Carl Raynsford, Raynsford Organizations: UBS Locations: Teleperformance, Paris, France, Berenberg
UBS reiterates Apple as neutral UBS said its survey checks show wait times for Apple's newest iPhone are shorter than compared to one year ago. Deutsche Bank reiterates Tesla as buy Deutsche said it sees "meaningful downside risk" in 2024 for Tesla, but that it's standing by its buy rating. " Bank of America reiterates Costco as buy Bank of America said it's standing by its buy rating after the company's earnings report Tuesday. "We initiate coverage of Leonardo DRS with a Buy rating and a $20 price objective, implying 23% upside potential." Bank of America reiterates Walmart as buy Bank of America said it sees gross margin expansion continuing for shares of the big box retailer.
Persons: Tesla, Goldman Sachs, Goldman, Brent, Morgan Stanley, Leonardo, Mattel, Evercore, TD Cowen, Levi's, William Blair, Berenberg, DA Davidson Organizations: Street, HSBC, Johnson, UBS, Apple, Deutsche Bank, Deutsche, Chevron, Bank of America, Occidental Petroleum, Costco, Kosmos Energy, of America, T Bank, MTB, Amazon, Electric Vehicle Supply, Leonardo DRS, BMO, Microsoft, Mattel, Biosciences, Twist Bioscience Corp, Walmart Locations: China, Europe, Berkshire
'We don't think Germany is the sick man of Europe': Berenberg
  + stars: | 2023-09-20 | 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 Email'We don't think Germany is the sick man of Europe': BerenbergGerhard Orgonas, head of continental Europe mid cap research at Berenberg, discusses the German economy's recent struggles.
Persons: Berenberg Gerhard Orgonas Locations: Europe
Falling house prices and rising rents are expected to benefit two U.K. stocks focused on the private rented sector: The PRS REIT PLC and Grainger PLC , according to stock analysts. Those contrary trends of declining house prices and surging rents have created a favorable environment for companies owning rental housing — like PRS REIT and Grainger. Jefferies has forecast 9% rental growth for PRS REIT in 2023, while Berenberg expects continued "strong organic rental growth to result in continued earnings growth, despite increasing finance costs." The investment banks also pointed to high occupancy rates for the two landlords: 97-98% for PRS REIT and 98.7% for Grainger. PRS REIT shares have dropped 21% in the past year, far above the 2.1% decline for the FTSE 250 index.
Persons: Grainger, PRS REIT, Jefferies, Berenberg, Numis, Mike Prew Organizations: PRS REIT PLC, Grainger PLC, National Statistics, PRS, PRS REIT, Grainger Locations: London
It follows Russia's invasion of Ukraine and the loss of Moscow's cheap natural gas — an unprecedented shock to Germany’s energy-intensive industries, long the manufacturing powerhouse of Europe. The loss of cheap Russian natural gas needed to power factories “painfully damaged the business model of the German economy,” Kullmann told The Associated Press. One hotly debated solution: a government-funded cap on industrial electricity prices to get the economy through the renewable energy transition. However, squabbling among the coalition government over the energy price cap and a law barring new gas furnaces has exasperated business leaders. “The perception of Germany's underlying strength may also have contributed to the misguided decisions to exit nuclear energy, ban fracking for natural gas and bet on ample natural gas supplies from Russia,” he said.
Persons: , Christian Kullmann, Kullmann, ” Kullmann, Evonik, Robert Habeck, Chancellor Olaf Scholz, Angela Merkel, , Biden, Scholz, Evonik's Kullmann, Gerhard Schroeder, Holger Schmieding, , ” Schmieding, Schmieding Organizations: Jobs, International Monetary Fund, European Union, Evonik Industries, Associated Press, Greens Party, Social Democrat, Free Democrats, Companies, Schott AG, Locations: ESSEN, Germany, Ukraine, Europe, Europe's, Essen, Russia, Moscow, China, Bavarian, U.S, Lafayette , Indiana, Brussels, Berlin, Chile, Qatar, ” Germany, Berenberg
Legendary golfer Gary Player thinks government and sports shouldn't mix, as the golf world goes through a major merger that has triggered antitrust concerns. He was an ambassador for Golf Saudi, an organization pushing to make the Kingdom of Saudi Arabia a more prominent force in the sport. Player also said he supports the proposed merger between Saudi-backed LIV Golf and the PGA Tour, which has drawn criticism and scrutiny from regulators and lawmakers, not to mention golfers. (Previously, Player has spoken out against players leaving the PGA Tour to join LIV Golf, saying it's for "guys that can't win one the regular tour any more.") Last week, a U.S. Senate subcommittee held its second hearing on the proposed merger.
Persons: Gary Player, We've, LIV Golf, Connecticut Sen, Richard Blumenthal Organizations: CNBC, Golf Saudi, Aramco, PGA Tour, U.S, Connecticut, Democratic, Saudi Public Investment Fund, soccer team Locations: Kingdom of Saudi Arabia, Saudi
Christine Lagarde, president of the European Central Bank (ECB), at a rates decision news conference in Frankfurt, Germany, on Thursday, Sept. 14, 2023. The ECB raised interest rates again, acting for the 10th consecutive time to choke inflation out of the euro zone's increasingly feeble economy. The European Central Bank last week signaled that its Governing Council feels rates may have got there. Federal ReserveFed Chair Jerome Powell made clear last month that further hikes were on the table, and the central bank is deeply concerned about inflation experiencing a fresh acceleration if financial conditions ease. The consumer price index rose at its fastest monthly rate this year in August, mainly driven by energy prices, and was 3.7% year-on-year.
Persons: Christine Lagarde, Berenberg's Holger Schmieding, Raphael Thuin, Thuin, Jerome Powell, J . Safra Sarasin Organizations: European Central Bank, ECB, Bloomberg, Getty, Deutsche Bank, Tikehau, Federal, U.S . Federal, J ., Fed, Markets, Reuters, Bank of England Locations: Frankfurt, Germany, Europe, U.S
AstraZeneca succession sickness demands urgent fix
  + stars: | 2023-09-15 | by ( Aimee Donnellan | ) www.reuters.com   time to read: +3 min
LONDON, Sept 15 (Reuters Breakingviews) - Can a CEO be worth $9 billion? That’s the question posed by the 4% fall in AstraZeneca’s (AZN.L) shares following an article stating boss Pascal Soriot may soon resign. The company has played down the report, and its stock has recovered, but the episode highlights its uncertain position were 64-year-old Soriot to leave. Without a clear succession plan, investors should prepare for further swings. Small wonder investors and analysts wonder whether AstraZeneca will be able to find a successor capable of replicating his success.
Persons: Pascal Soriot, AstraZeneca’s, Ivan Menezes, Debra Crew, Soriot, Susan Galbraith, David Fredrickson, Luke Miels, Soriot’s, Neil Unmack, Streisand Neto Organizations: Reuters, Pfizer, pharma, Novartis, Sanofi, GSK, AstraZeneca, Diageo, Thomson Locations: AstraZeneca’s, Swedish
The ECB increased interest rates by 25 basis points, a 10th consecutive hike taking its main rate to a record high of 4%. But perhaps the biggest development came in a firm suggestion ECB Governing Council members do not expect further rate hikes at this time, and that rates may be held steady for some time. "The Governing Council's future decisions will ensure that the key ECB interest rates will be set at sufficiently restrictive levels for as long as necessary." U.S. futures were cautiously higher after Thursday's rally off the back of the blockbuster IPO of Arm Holdings. The session also saw the release of the U.S. producer price index, a key inflation metric that came in above estimates.
Persons: Holger Schmieding Organizations: Household, ECB, Staff, Arm Holdings Locations: Berenberg . Asia, Pacific, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailECB rate decision: Low conviction call is that there will be no hike, economist saysHolger Schmieding of Berenberg Economics says growth is softer than the European Central Bank expected.
Persons: Holger Schmieding Organizations: European Central Bank
Dividends may be harder to find these days, and that means investors should be discerning as they hunt for an income strategy, according to Berenberg. In fact, as the economy slows, investors can turn to dividend stocks to play defense. The largest company, Exxon Mobil , has a 12-month forward dividend yield of 3.3% and a surplus free-cash-flow yield of 4%, Stubbs said. It has a 4.7% 12-month forward dividend yield and a surplus free-cash-flow yield of 2.2%. It has a 12-month forward dividend yield of 5.8% and a 5% surplus free-cash-flow yield, according to Berenberg.
Persons: Jonathan Stubbs, Stubbs, Berenberg, Darren Woods, CNBC's, Eli Lilly, Ford, — CNBC's Michael Bloom Organizations: P Global Market Intelligence, Exxon Mobil, Pfizer, Food and Drug Administration, Novo Nordisk, Ford Locations: U.S, Canada
Here are Tuesday's biggest analyst calls: Bank of America reiterates Nvidia as buy The bank is feeling even more bullish on the stock after meeting with Nvidia management at the Bank of America Global AI Conference. Monness Crespi Hardt downgrades Oracle to neutral from buy Monness downgraded Oracle after its earnings report Monday, mainly on valuation. Morgan Stanley reiterates Walmart as overweight Morgan Stanley said its latest survey checks show Walmart+ continues to gain traction with consumers. Bank of America upgrades Cintas to buy from neutral Bank of America said the uniform company is "best in breed." Bank of America reiterates Disney as buy Bank of America is bullish on Disney's carriage agreement with cable company Charter.
Persons: NVDA, Monness Crespi Hardt downgrades, Tesla, Morgan Stanley, Wolfe, Berenberg, TD Cowen, Cowen, Mizuho, Coinbase, Riley, Guess, GES, Bernstein, Goldman Sachs, Exxon Organizations: Bank of America, Nvidia, Bank of America Global AI, Monness Crespi Hardt downgrades Oracle, Oracle, RBC, Tesla, Walmart, CVS, Retail, Endeavor, of America, Citi, BRP Inc, Canadian ATV, BRP, Disney, Barclays, U.S, BMO, Adobe Locations: Coinbase, Canadian
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The donations were meant 'to weed out anti crypto dems for pro crypto dems and anti crypto repubs for pro crypto repubs," Salame said in a private message, according to a court document. It's the first time a Chinese president has missed the summit, a sign of how geopolitics have shifted. But Leon Cooperman, the chair and CEO of the Omega Family Office, told CNBC he doesn't think markets will hit a new high for a long time.
Persons: Goldman Sachs, David Solomon, CNBC's David Faber, Instacart, Goldman, Solomon, FTX's Salame, Ryan Salame, Salame, Joe Biden, Xi Jinping, Vladimir Putin, Leon Cooperman Organizations: CNBC, Nasdaq, ifo Institute, Alameda Research, Omega Locations: Germany, Alameda, India
Morgan Stanley has named Societe Generale as its top stock pick among European banks, seeing 35% upside for the French lender. The investment bank's analysts upgraded SocGen to an "overweight" rating and named it a top pick alongside ING Groep of the Netherlands and CaixaBank of Spain. GLE-FR .FCHI YTD line The analysts said European Central Bank (ECB) interest rates have likely peaked after aggressive hikes over the past year. Morgan Stanley forecasts a 13% average growth in European banks' earnings per share plus dividends in 2024 and 2025. Morgan Stanley sees room for cost cuts from internal mergers underway.
Persons: Morgan Stanley, SocGen, Alvaro Serrano, Michael Christodoulou, Christodoulou, CNBC's Michael Bloom Organizations: Societe Generale, ING Groep, European Central Bank Locations: Europe, Netherlands, Spain, 2Q24, France
The "sick man of Europe" moniker has resurfaced in recent weeks as manufacturing output continues to stutter in the region's largest economy and the country grapples with high energy prices. It "has to do with the automobile industry, which is the heart of the German industry and many things hinge on that," he said. Germany reported a foreign trade deficit for the first time in decades in May 2022, totaling 1 billion euros ($1.03 billion). Plunge in business sentimentSinn said investor doubts about the feasibility of Germany's sustainability goals also play into the description of the country as the "sick man of Europe." Uncertainty about energy prices has likely contributed to a "plunge" in business sentiment, Holger Schmieding, chief economist at Berenberg, wrote in the note.
Persons: Hans, Werner Sinn, Sinn, CNBC's Steve Sedgwick, Thomas Lohnes, Berenberg, Holger Schmieding Organizations: European Central Bank, Getty, Ambrosetti, Berenberg Locations: Germany, Europe, Italy, Ukraine, Frankfurt, Saudi Arabia
Many see the news as a strong signal that a U.S. bitcoin ETF will inevitably be green lit, which would help boost adoption of bitcoin. "If crypto trading transfers away from trading Coinbase directly and into ETFs (which, for many investors, might be the preferable way to get exposure), trading activity at Coinbase could decline further." Coinbase shares rallied nearly 15% Tuesday following the news, but the stock was down nearly 1% in trading Wednesday. "We believe a bitcoin ETF could increase competition and put pricing pressure on retail take rates. Plus, COIN's reliance on bitcoin revenue has only increased, from 31% of transaction revenue in 2Q22 to nearly 40% in 2Q23."
Persons: Bitcoin, , Benjamin Budish, Coinbase, Mizuho, Dan Dolev, Dolev, Mark Palmer, Palmer, Michael Bloom Organizations: U.S . Securities, Exchange Commission, U.S ., Appeals, SEC, Barclays, ETF Locations: U.S, Bitcoin, 2Q22, 2Q23
London CNN —It’s been nearly two decades since Germany shrugged off its “sick man of Europe” label with a series of labor market reforms that ushered in years of economic outperformance. Sticky inflation and three straight quarters of falling or stagnating output have put Europe’s biggest economy in the doldrums. “Sticky” inflation is eroding Germans’ purchasing power, fueling “pessimism among households,” according to Thomas Obst, senior economist at the Cologne Institute for Economic Research. “[German] industrial order books have emptied over the last 12 months,” Carsten Brzeski, global head of macroeconomic research at ING, told CNN. “Germany is in a very singular position.”Bright spotsHolger Schmieding, the economist who first called Germany the “sick man of Europe” in 1998, thinks the “current wave of pessimism” over its economy is overdone.
Persons: London CNN — It’s, Stefan Kooths, Europe ”, Kooths, Thomas Obst, Obst, , Klaus Wohlrabe, Frank Soellner, ” Carsten Brzeski, Sam Reeves, Brzeski, David Hecker, Holger Schmieding, Schmieding, Organizations: London CNN, International Monetary Fund, Kiehl Institute, Cologne Institute, Economic Research, CNN, European Central Bank, ifo, Volkswagen, Siemens, Global, ING, Getty, China Locations: Germany, Europe, Berlin, ifo, Bad, China, Duisburg, AFP, Ukraine, Australia, France
Germany was first described with that moniker in 1998 as the country navigated the costly challenges of a post-reunification economy. The issues weighing on Germany's economy can be separated into "two very separate battles," Stefan Kooths, research director for business cycles and growth at the Kiel Institute for World Economy, told CNBC. "It is a different sickness [compared to] 20 years ago," Brzeski told CNBC. Energy obstaclesLike most of Europe, Germany's energy prices have been volatile following Russia's full-scale invasion of Ukraine. "Many Germany-headquartered businesses are doing well globally, but they are struggling with operations in their own country," Siegfried Russwurm, head of the German Industry Federation, told CNBC in June.
Persons: DANIEL ROLAND, aren't, it's, Holger Schmieding, Schmieding, Jasmin Groeschl, Stefan Kooths, Carsten Brzeski, China's, Brzeski, Groeschl, Joerg Kraemer, Kooths, Siegfried Russwurm Organizations: Frankfurt Cathedral, AFP, Getty, International Monetary Fund, Berenberg, CNBC, Europe, Allianz, Kiel Institute, World, ING Research, German Industry Federation Locations: Frankfurt, Germany, Europe, France, China, Kiel, Ukraine
Economist discusses Rhine water level forecasts
  + stars: | 2023-08-14 | 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 EmailEconomist discusses Rhine water level forecastsSalomon Fiedler, economist at Berenberg, says 2023 is shaping up not to be "that bad" a year for the Rhine.
Persons: Salomon Fiedler Organizations: Economist
UBS reiterates Home Depot and Lowe's as buy UBS said it sees next week's earnings reports for the home improvement retailers as a "low impact" event. JPMorgan upgrades DraftKings to neutral from underweight JPMorgan upgraded DraftKings mainly on valuation after Disney and Penn announced a partnership Tuesday. Bank of America reiterates Rivian as buy Bank of America said the electric vehicle maker is in the right place at the right time. UBS downgrades UPS to neutral from buy UBS downgraded the stock after its earnings report Tuesday and said it's concerned about cost pressures. Bank of America reiterates Nvidia as buy Bank of America said it's standing by its buy rating on the stock. "
Persons: BTIG, it's, JPMorgan, Berenberg, Marqeta, Rivian, Jefferies, Eli Lilly, GLP, LLY, Wells, Wells Fargo, Jensen Huang, Goldman Sachs Organizations: Bank of America, Walmart, UBS, JPMorgan, Disney, Penn, Barclays, Dish, State, EV, UPS, Industries, " Bank of America, Nvidia Locations: 2Q24, LLY, GTLS
London CNN —Industrial production in Europe’s biggest economy fell 1.5% in June compared with May, driven by a 3.5% drop in Germany’s vast automotive sector. The decline in German industrial output, much steeper than forecast by economists, raises the risk that the manufacturing heavyweight will contract again later this year, potentially falling back into recession. The construction sector, where output shrank by 2.8%, also had a negative impact on overall industrial production, the country’s statistics office said Monday. “German industry remains in rough waters,” Salomon Fiedler, economist at Berenberg, said in a note Monday, noting last year’s energy price shock and weakness in US and Chinese demand, among other factors. Berenberg expects Germany to fall back into “a mild recession” in the second half of this year, Fiedler added.
Persons: , ” Franziska Palmas, Jörg Krämer, Hildegard Müller, ” Salomon Fiedler, Fiedler, — Mark Thompson, Anna Cooban Organizations: London CNN —, Capital Economics, Auto, German Automotive Industry Association, Volkswagen Locations: Germany, Europe, China, Russia, Ukraine,
London CNN —The Bank of England raised interest rates by a quarter of a percentage point Thursday as inflation remains stubbornly high. Six members of the monetary policy committee voted for the quarter point hike, two for a half point hike, and one for a pause. “The UK thus faces many more months of de facto policy tightening to come even after policymakers stop raising the bank rate,” he added. Inflation in the UK is still stubbornly high despite having eased back in recent months. Core inflation — which strips out volatile food and energy costs — also dropped to 6.9% last month from 7.1% in May, which was its highest rate in 31 years.
Persons: Kallum Pickering, , Organizations: London CNN —, Bank of England, Berenberg, Bank of Locations: United Kingdom,
Company insolvencies are on the rise in Britain , and analysts are expecting two U.K.-based consultancies to be major beneficiaries. Earlier in the month, Begbies Traynor beat its rival and delivered a double-digit annual growth rate. Begbies Traynor Analysts expect Begbies Traynor's core insolvency division to benefit from rising U.K. insolvencies as economic conditions worsen. BEG-GB FRP-GB YTD line Analysts at Canaccord Genuity and Stifel echoed that view, saying that Begbies Traynor is strongly positioned, with over 80% of revenue derived from counter-cyclical insolvency services. The bank raised its forecasts for the firm's earnings for the rest of the year and expects FRP's stock to rise by 47% to £1.75.
Persons: Begbies Traynor, FRP, , James Bayliss, Bayliss, Stifel, Sam Dindol, Berenberg Organizations: Bank of England, FRP, FRP Advisory Locations: Britain, United States, Canaccord
London CNN —The euro area economy is growing again. Separately, official data showed that the overall rate of inflation continued to fall this month. The consumer price index for the euro area rose by 5.3%, down from 5.5% in June. Germany stagnated last quarter, but that was a modest improvement from the previous six months, when Europe’s biggest economy was stuck in recession. Demand for business loans in the euro area fell to a record low in the second quarter, according to a survey published by the ECB last week.
Persons: , Putin, ” Holger Schmieding, Michael Probst, Christine Lagarde Organizations: London CNN, Gross, ECB, European Central Bank Locations: Ukraine, Germany, Frankfurt
Total: 25