Adrien Chavanne

Sandoz: Already back to its highs

The Sandoz model is now based on two distinct drivers: on the one hand, the strong commercial traction of its biosimilars (28% of revenues) and, on the other, its ability to revalue its generics (the remaining 72%), despite declining volumes.

June 23, 2025 at 08:21 am

Washington cuts power to solar energy

A bill introduced by Republicans in the Senate provides for an accelerated end to tax credits for wind and solar power by 2028, compared with 2036 for other sources such as nuclear, hydroelectric, and geothermal power. As such sector are suffering a real setback: Sunrun is down 27%, SolarEdge is down 21%, Enphase is down 17%, and First Solar is down 11%.

June 18, 2025 at 08:36 am

Luca de Meo: A specialist in crisis situations

The Renault boss is switching from the automotive industry to the luxury market. From Formula 1 and the new R5 to Gucci bags and Balenciaga sneakers. The news sent Kering's share price soaring, while Renault's fell by an equally sharp margin.

June 17, 2025 at 04:12 pm

What impact will Bulgaria's entry into the eurozone have on the stockmarket?

Bulgaria will switch from the Bulgarian lev to the euro at the beginning of next year. This event has caught our eyes: when a country adopts the euro, is it good for its stockmarket? Which Bulgarian companies are affected?

June 17, 2025 at 08:36 am

Dollarama: A show of strength

As Canadian consumers cut back on spending, Dollarama is increasingly establishing itself as a haven for purchasing power. This is reflected in its strong quarterly results, which saw the stock gain 10% yesterday on the Toronto Stock Exchange. It is clear that discount models remain attractive in times of uncertainty. Unless, of course, Dollarama is just a particularly effective company.

June 13, 2025 at 08:38 am

Should we bet on a biotech revival?

Expectations of rate cuts could facilitate mergers and acquisitions (M&A) in the sector. A more accommodative monetary environment makes financing such transactions more attractive and tends to stimulate speculation around these risky assets.

June 12, 2025 at 02:35 pm

Trump - Musk: A feud with unexpected consequences

The US president and the businessman abruptly ended their relationship last week with insults, threats and revelations in the press and on social media. Some see this as a simple settling of scores between oversized egos, others as a possible escalation that could have consequences.

June 11, 2025 at 11:12 am

Why is platinum soaring?

The rare metal has jumped by 30% since the beginning of April, now approaching $1,300/ounce. Behind this surge, several fundamental factors are converging to support demand at a time when supply is becoming scarcer.

June 11, 2025 at 11:02 am

WPP: A perilous handover in the making

The advertising giant's CEO is stepping down after seven years at the helm of the group. Mark Read had the difficult task of succeeding founder Martin Sorrell. However, the transition comes at a pivotal moment, as the stock is depressed - at its lowest level since Covid.

June 10, 2025 at 08:42 am

Dollar General vs. Dollar Tree: one soars, the other tumbles

The two major discount retailers operate in a fairly similar market. Both published their quarterly results this week. But Dollar General gained nearly 16%, while Dollar Tree lost 8%. How can such a difference be explained?

June 05, 2025 at 02:47 pm

Campbell Soup Company: At its lowest since 2019

The iconic soup and snack seller is no longer popular. Its share price is depressed, at its lowest since 2019. Q3 results, released earlier this week, offer little consolation.

June 05, 2025 at 10:17 am

Ulta Beauty: foundations for recovery in place

The US equivalent of Sephora saw its biggest daily rise in four years on Friday after presenting its Q1 figures and raising its outlook. Momentum is returning after the company stumbled in the S&P 500 in recent months.

June 03, 2025 at 10:18 am

Tariffs: Here Today, Gone Tomorrow

Fridays are usually a bit lighter in this column. Not so today, as there is plenty to unpack. The backdrop remains one of uncertainty—political, economic, and legal alike—generating tension across financial markets. We begin with the judicial ping-pong in the United States over tariffs, move on to the latest corporate earnings, and wrap up with the key issues looming at the end of the week.

May 30, 2025 at 07:11 am

Chip software in Washington's sights

Shares in software developers for chip design fell sharply yesterday. The Trump administration wants to restrict exports to China. Cadence Design and Synopsis are directly affected.

May 29, 2025 at 02:13 pm

Nvidia Soars as Trump Faces Legal Setback

Markets in several countries are closed today for Ascension Day, though trading continues in most financial centres, except in Switzerland and a few other locations. Today's session is set to be dominated by a judicial ruling—unsurprising yet symbolically potent—and by Nvidia’s impressive earnings, which underscore its relentless momentum despite US export restrictions to China. On that front, Washington continues to tighten its economic grip on Beijing, which is unlikely to yield without resistance.

May 29, 2025 at 07:27 am

Kingfisher's annual targets confirmed

Kingfisher is a British retailer operating chains of DIY and home improvement stores. The most iconic of these are B&Q and Screwfix in the UK. It is also present in France and Poland through Brico Dépôt and Castorama. The group has confirmed its annual targets, but investors were expecting a little better, especially given the stock's particularly respectable performance in recent weeks.

May 28, 2025 at 02:51 pm

Can Apple still surprise us?

Artificial intelligence is not transforming our habits as radically as claimed, but it is indeed marking a revolution that will bring profound changes to current technologies and, even more certainly, to those in the years to come. Consumers are waiting for groundbreaking innovation, something new that will elicit a "wow" effect. But for several years now, Apple has not really been inspiring dreams.

May 27, 2025 at 04:07 pm

Stora Enso: How are Nordic forests valued?

The Finnish-Swedish company has just sold 12.4% of its Swedish forests for ?900m. Let's take a look at how these are valued.

May 26, 2025 at 10:52 am

US retailers facing the tariff dilemma

Major US retailers are navigating by sight in an unstable geopolitical and economic environment. With the summer season approaching, Walmart, Target, Costco, and other retailers are accelerating their imports from China to take advantage of a temporary tariff truce. A three-month window has opened after the partial reduction of tariffs from 145% to 30% between Washington and Beijing. However, this respite does not erase structural concerns.

May 22, 2025 at 02:27 pm

Julius Bär: Little room for euphoria

More bad news for the Swiss private bank. A heavy charge has been announced in its update for the first four months of the year. This setback, mainly related to defaults on private and mortgage loans — already in the process of being liquidated — is reigniting questions about the quality of the credit book and overshadowing operating results that were nevertheless better than expected.

May 22, 2025 at 09:33 am

VAT Group: a few bumps on the surface, but foundations remain unchanged

The Swiss vacuum valve specialist has reduced its medium-term targets. However, this bad news does not call into question its ability to grow faster than the semiconductor market and its competitors.

May 21, 2025 at 10:50 am