Esteban Gustave

Moncler: Margins Intact, but Growth in Question

Moncler continues to deliver robust margins, although its growth trajectory is softening. The Italian company has some of the finest profitability in the luxury sector, backed by a debt-free balance sheet. However, existing boutiques are no longer driving growth. Future performance will hinge on its ability to broaden the product offering without diluting its premium margins.

June 09, 2026 at 07:45 am

Did someone say Momentum? 3 stocks surfing the trend

Rather than betting on a reversal, one might as well follow the stocks that are already on the up. Our trend-following screen has identified 3 names with contrasting profiles but the same trajectory: Watts Water, the equipment manufacturer transforming through margins; Indra, the Spanish champion buoyed by rearmament; and PriceSmart, the Costco of Latin America.

June 05, 2026 at 01:31 pm

Market Odds & Ends: The S&P 500 has never been more expensive relative to sales

The S&P 500 has surpassed its Dot-com bubble record, active managers are falling behind… and a chip giant is distorting the small-cap index.

June 05, 2026 at 07:38 am

Buying Anthropic before its IPO is already possible

Anthropic is now worth over OpenAI, flirting with a $1 trillion valuation. The company is not even listed yet, although it is already possible to buy a stake via London-based funds. But at what price?

June 03, 2026 at 02:14 pm

BMW: The brand premium seeks its margin

BMW is still selling just as many cars, although earns less and less on each one. The new Neue Klasse aims to close this gap. To judge its success, one must look less at the badge and more at the income statement.

June 02, 2026 at 03:57 pm

AI sets chips ablaze, Abivax catches a chill

AI is recharging the semiconductor sector, from Sivers to STMicroelectronics, while Prosus, Salzgitter, and DHL benefit from analyst backing. Conversely, Abivax is tumbling on clinical concerns, Kongsberg suffers a downgrade, and Avolta stalls on its placement.

June 02, 2026 at 09:05 am

Soitec recharges chip sector, Reinet swings to loss

Soitec is reigniting the semiconductor space with better-than-expected sales, positive free cash flow, and the momentum of Photonics-SOI in AI. At the other end of the spectrum, Reinet is retreating after posting a net loss despite a sharp rise in revenue. Meanwhile, LDC is enjoying a record year, while Adyen and BT Group remain under pressure.

May 28, 2026 at 08:46 am

Ferrari Luce: Maranello's Electric Shock

Ferrari has unveiled its first all-electric vehicle, a spectacular model already facing an image crisis. Caught between technical prowess, stylistic criticism, and a cold reception from the markets, the Luce is testing the limits of the Prancing Horse's magic.

May 28, 2026 at 08:24 am

Ferrari: The Luce, an EV to test the myth

With its first all-electric vehicle, Ferrari is not merely seeking to expand its lineup. The Italian manufacturer is testing its ability to lead the Prancing Horse into a new era without diluting the core pillars of its desirability: design, sound and driving emotion.

May 25, 2026 at 01:13 pm

Up 127% on its IPO day: Who is Silex Microsystems?

Silex Microsystems made a powerful debut on Nasdaq Stockholm, surging 127% in early trading. Behind this relatively unknown name lies a Swedish MEMS foundry: a manufacturer of micro-components designed for its clients. In a market still driven by AI, this specialized component profile had everything to attract investors.

May 07, 2026 at 02:33 pm

Essity: Strategic Review of Consumer Tissue and Targets Reaffirmed

Essity has launched a strategic review of its Consumer Tissue division, which includes toilet paper, paper towels and facial tissues. The Swedish group also reinstated its financial targets during its Capital Markets Day in Gothenburg.

May 07, 2026 at 10:52 am

Eli Lilly: Additional $4.5bn to support its industrial scale-up

Eli Lilly is set to invest an additional $4.5bn across two of its Lebanon, Indiana sites, bringing its total expansion commitments in the state to over $21bn since 2020. The group has highlighted its evolving pipeline and the projected demand for its treatments.

May 07, 2026 at 10:46 am

MSCI Emerging Markets: A New Growth Engine Takes Over

The MSCI Emerging Markets index has returned to its peaks. The index gained 2.9% on Monday, May 4, driven by Asian technology, particularly in South Korea and Taiwan.

May 05, 2026 at 02:06 pm

Barry Callebaut: The profit warning that repairs the balance sheet

Falling cocoa prices are eroding Barry Callebaut's margins, although the reversal is freeing up cash and loosening the financial vice. The recovery remains fragile: while the balance sheet has room to breathe, the business model is not yet fully repaired.

May 04, 2026 at 02:53 pm

Market Miscellany: Apple changes its core, as AI assigns the roles

Artificial intelligence is writing two opposing stories in the same week. It is crushing Chegg, forced into a turnaround after a 99% collapse, while simultaneously propelling the S&P 500 to new records amid renewed enthusiasm for AI stocks. In the middle, Apple is changing its core, to meet the challenge it embodies: a nearly 4 trillion dollar giant, albeit lagging in the AI race, it still needs to prove that it can still innovate.

April 30, 2026 at 02:28 pm

Engie: Belgium enters exclusive negotiations to acquire the group's nuclear fleet

The Belgian State, Engie, and its subsidiary Electrabel, have signed a letter of intent opening exclusive negotiations for Belgium to take over all of the French group's nuclear activities in the country. The parties aim to conclude a MoU by October 1, 2026.

April 30, 2026 at 02:18 pm

Engie: Belgium enters exclusive negotiations to acquire the group's nuclear fleet

The Belgian State, Engie, and its subsidiary Electrabel have signed a letter of intent opening exclusive negotiations for Belgium to acquire all of the French group's nuclear activities in the country. The parties aim to conclude a memorandum of understanding by October 1, 2026.

April 30, 2026 at 07:56 am

Alten: Activity Stagnates as 2026 Guidance Remains Cautious

The engineering specialist stabilized its first-quarter 2026 revenue at 1.053 billion euros, posting organic growth of 0.1%. Faced with an uncertain macroeconomic and geopolitical environment, management is adopting a cautious stance for the fiscal year while prioritizing margin improvement. The stock gained 0.34% in early trading.

April 29, 2026 at 08:40 am

Aurea: Aluminum Tariffs and Provisions Weigh on 2025 Results

The circular economy specialist ended the fiscal year with a net loss of 5.9 million euros, hit by U.S. customs duties and the cessation of a subsidiary's operations. Despite this operational downturn, Aurea significantly reduced its debt levels following a strategic divestment.

April 29, 2026 at 08:34 am

Where has Chinese AI gone?

On January 27, 2025, an unknown app took the top spot on the US App Store. Named DeepSeek and hailing from Hangzhou, it was free. In its wake, the Nasdaq tumbled 3%, Nvidia shed 17% in a single session, wiping out $589bn in market cap, the biggest wipeout of shareholder value ever recorded in a single day.

April 28, 2026 at 03:56 pm

AI, Aviation, Silver: The Great Silent Shortage

Three markets, three points of tension, and the same underlying message: supply is faltering in the face of structural demand. From AI to aviation and precious metals, here is an overview of the vulnerabilities emerging as April comes to a close.

April 23, 2026 at 10:41 am