Todays 

Upgrades

• Simon Property (SPG) upgraded by Wolfe Research from Peer Perform to Outperform
• Canadian Solar (CSIQ) upgraded by UBS from Neutral to Buy
• United Utilities (UUGRY) upgraded by Morgan Stanley from Equal Weight to Overweight
• Tele2 (TLTZY) upgraded by DNB Markets from Hold to Buy
• Teva (TEVA) upgraded by UBS from Sell to Neutral
• BHP…

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Market Update: there has been little reaction to the factory data as more important indicators are awaited. Wall Street has pared opening declines with the NASDAQ slightly firmer, up 0.11%, extending the massive 1H rally, supported by gains in Meta and Nvidia. Concerns over the global economy are weighing slightly on the Dow and S&P 500 which… Read more

Todays Downgrades

• Steel Dynamics (STLD) downgraded by Exane BNP Paribas from Outperform to Neutral
• U.S. Steel (X) downgraded by Exane BNP Paribas from Outperform to Neutral
• EFG Hermes (EFGZF) downgraded by HSBC from Buy to Hold
• Kerry Logistics (KRRYF) downgraded by HSBC from Buy to Hold
• Adyen (ADYEY) downgraded by UBS from Buy to…

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Todays Upgrades

• Neste (NTOIY) upgraded by Jefferies from Hold to Buy
• Netflix (NFLX) upgraded by Goldman Sachs from Sell to Neutral
• BioMarin (BMRN) upgraded by BMO Capital from Market Perform to Outperform
• Nucor (NUE) upgraded by Exane BNP Paribas from Neutral to Outperform
• Continental AG (CTTAY) upgraded by Exane BNP Paribas from Neutral…

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Implied Fed funds futures continue to reflect a 25 bp hike at the July 25-26 FOMC meeting with about an 85% risk currently, having edged higher in recent weeks. The resilient economy, still robust job market, elevated services inflation, and hawkish comments from Chair Powell (as well as ECB’s Lagarde and BoE’s Bailey) at the Sintra central… Read more