Esteban Gustave

SAP and Inficon etch record highs, Capgemini loses the signal

European tech is putting on a show, with SAP and Atoss surging on cloud and AI, and Inficon riding the semiconductor wave, everything looks under control. Meanwhile, Electrolux collapses on an operating loss versus an expected profit, Mondi sees Ebitda shrink by 27%, and Capgemini absorbs a sharp UBS downgrade. The market forgives nothing.

April 24, 2026 at 04:24 am

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 05:41 am

ASMI etches in gains... FDJ draws a losing hand

Danone exudes confidence, while ASMI and ABB surge on the back of semiconductors and data centers. Conversely, momentum shifts for Eurofins, hampered by weather conditions, Bureau Veritas, following the discovery of contractual irregularities, and FDJ, weighed down by tax headwinds.

April 22, 2026 at 04:25 am

Mercedes-Benz: Is it time to catch the falling star?

At EUR51, Mercedes shares have fallen back to levels seen in late 2020. Five years of gains have been wiped out, while the rest of the DAX has soared by 61%. What's gone wrong?

April 22, 2026 at 03:19 am

Millennium Management: $84bn Set to Conquer Europe

In a previous piece, I explained the mechanics of a hedge fund. Now, welcome to Episode 1 of this series. $84bn in assets, 330 trading teams, 13 million orders per day. Founded in 1989 by Izzy Englander with $35m, Millennium Management is the world's largest "pod shop." And it is now landing in Europe.

April 16, 2026 at 03:17 am

Hedge funds: the shadow players making and breaking markets

They manage trillions of dollars and dictate the pace of trading sessions. Yet most retail investors know them only by their generic name.

April 09, 2026 at 04:57 am

Wizz Air Soars as Maurel & Prom Depletes Reserves

After vowing to return Iran to the "Stone Age," Trump has finally accepted a Pakistani-brokered truce and suspended airstrikes. Brent crude felt the blow, tumbling 9% to 94 USD after clinging to levels above 110 USD for weeks. Airlines are surging (+9% to +15%) on bets of lower jet fuel costs, while oil majors endure a flash crash that has wiped out gains accumulated since the start of the conflict.

April 08, 2026 at 04:25 am

TotalEnergies tanks up, Air France-KLM runs on empty

Trump shifts course again overnight, threatening to hit Iran 'very hard', sending Brent up nearly 7% and widening the gap between winners and losers. Oil giants such as TotalEnergies, Repsol and bp are benefiting from renewed geopolitical instability, while airlines Air France-KLM and Lufthansa are seeing jet fuel costs surge, with Morgan Stanley driving the point home through successive downgrades.

April 02, 2026 at 04:32 am

Nasdaq 100: Emergency Plan to Integrate Private Giants Within 15 Days

The American stock exchange operator is amending its benchmark index rules to include "mega-caps" as soon as they go public. This reform, effective from May 1, 2026, comes in response to a one-third decline in the number of US listed companies since 2000, according to Reuters.

March 31, 2026 at 06:10 am

Nasdaq 100: the emergency plan to bring private mega-giants into the index in 15 days

The US exchange operator is changing the rules of its flagship index to bring in mega-caps as soon as they go public. The overhaul, effective May 1, 2026, responds to a one-third drop in the number of listed US companies since 2000, according to Reuters.

March 31, 2026 at 05:20 am

Rio Tinto rides the aluminum wave, Sodexo feasts...Delivery Hero at the mercy of doubts

Iranian strikes on Gulf smelters are sending aluminum prices higher and lifting producers such as Rio Tinto and Norsk Hydro, Goldman Sachs is issuing a string of buy upgrades on Klépierre and Sartorius Stedim, while Delivery Hero is hit by rumors of Prosus trimming its stake.

March 30, 2026 at 04:14 am

Tokens: Chinese "low cost" defies Silicon Valley

The artificial intelligence industry is entering the era of mass commoditization. The consumption of "tokens," the unit of measurement for data processing, is exploding under the impetus of Chinese models. Driven by aggressive production costs and software optimization, groups such as MiniMax and Alibaba are now shaking Silicon Valley's hegemony in the high-volume segment.

March 27, 2026 at 11:14 am

Tokens: China's Low-Cost Challenger Takes On Silicon Valley

The artificial intelligence industry is tipping into an era of mass-market commoditization. Consumption of 'tokens', the unit that measures data processing, is surging on the back of Chinese models. Powered by aggressive production costs and software optimization, groups such as MiniMax and Alibaba are now shaking Silicon Valley's grip on volume.

March 27, 2026 at 10:57 am

UBS freezes German real estate fund amid liquidity crunch

According to Reuters, UBS has suspended redemptions for its Germany-based Euroinvest real estate fund for up to 36 months, citing insufficient liquidity to meet withdrawal requests. The fund held 407 million euros in assets as of the end of February.

March 27, 2026 at 09:41 am

Carrefour taps into ChatGPT to capture new customers

Carrefour has become the first European food retailer to launch an application on ChatGPT, allowing users to build shopping baskets from its product range directly through OpenAI's chatbot.

March 27, 2026 at 06:06 am

Carrefour taps into ChatGPT to capture new market share

Carrefour has become the first European food retailer to launch an application on ChatGPT, enabling users to build shopping carts from its product range directly through OpenAI's conversational bot.

March 27, 2026 at 04:51 am

UBS freezes a German real estate fund for lack of liquidity

According to Reuters, UBS has suspended redemptions in its Germany-based Euroinvest real estate fund for up to 36 months, citing insufficient liquidity to meet withdrawal requests. The fund had €407m in assets at the end of February.

March 27, 2026 at 04:47 am

Next leads the pack, payment rejected for Edenred

Next beats expectations and announces a major return of cash to shareholders, Morgan Stanley lifts Soitec by doubling its price target, while Porsche is hurt by EV weakness and China’s collapse, sending net profit sharply lower. H&M falls despite operating profit topping expectations, held back by Middle East tensions.

March 26, 2026 at 04:58 am

Oil Price Collapse: Who Placed Their Bets Before Trump?

As Donald Trump ramps up messages on Truth Social to de-escalate tensions with Tehran, massive capital flows recorded just moments before his posts are sending shockwaves throughout the financial world. Between colossal oil volumes, record stockmarket gains, and Iranian denials, suspicions of market manipulation are now squarely targeting the president's inner circle.

March 25, 2026 at 11:44 am

Oil plunge: who bet ahead of Trump?

As Donald Trump ramps up messages on Truth Social to dial down tensions with Tehran, massive money flows recorded just ahead of his posts are setting Wall Street buzzing. Between colossal oil volumes, record stock-market gains and Iranian denials, suspicions of manipulation are increasingly focusing, very seriously, on the president's inner circle.

March 25, 2026 at 11:29 am

Shadow Finance: How $257 Trillion Escapes the Rules of the Game

Half of the global financial system now operates outside the safeguards established after the 2008 meltdown. This is not massive fraud; it is shadow banking. A colossal, legal ecosystem that poses a major systemic risk to our economies as of March 2026.

March 25, 2026 at 05:30 am