US MARKETS:

  • S&P 500 futures up 0.4% to 2,974.25
  • Brent futures down 1.6% to $60.94/bbl
  • Gold spot down 0.6% to $1,487.53
  • US Dollar Index up 0.1% to 99.21

GLOBAL NEWS:

Forever 21 not forever? The retail chain filed for bankruptcy protection, as it faces high rents and heavy competition from online retailers. The Chapter 11 filing allows the company to keep operating while it works out a plan to shut unprofitable stores in the U.S., pay its creditors and turn around the business. Forever 21 operates about 800 stores in the U.S., Europe, Asia and Latin America.

New tech. US antitrust authorities are interested in a new Internet protocol developed by Google that could make it more difficult for other companies to access user data.

Norwegian faces the wrath of France. France will refer the matter to the European Commission against the aid granted to Norwegian Air Shuttle, which distorts competition from its point of view. This decision comes after the bankruptcies of Aigle Azur and XL Airways. Bruno Le Maire has publicly stated that the Norwegian carrier offers discounted prices while it is over-indebted and receives public funds.

VW to the helm. The Volkswagen AG polluting emissions trial starts today in Germany: it could last several years… The lawsuit involves more than 450,000 customers, in a group procedure that is unprecedented in Germany, grouped under the single banner of the consumer association VZBV. The Brunswick Regional Court will have the heavy task of handling the case. The manufacturer's defense is based on the absence of damage, from his point of view, which removes any basis for the action.

Less dilution. Sunrise reduces the size of its fundraising for UPC from CHF 4.1 billion to CHF 2.8 billion. The operator explains that he has negotiated a more favorable package, which will be submitted to the general meeting of October 23 next. In addition, management has made commitments in terms of financial strength and debt reduction.

Thiam supported. The Board of Directors of Credit Suisse would support Tidjane Thiam, the CEO, according to information from the Financial Times. The manager is under pressure after the discovery of a spinning contract with former banker Iqbal Khan at UBS AG to ensure that he does not hire former employees.

In other news. Fiat Chrysler will pay a $40 million fine to the US SEC for a misrepresentation of the reality of the manufacturer's monthly sales from 2012 to 2016. Barclays extinguishes a lawsuit for favoritism by paying $6.3 million to the SEC. EQT acquired the German optical fiber operator Inexio for €1 billion. Rio Tinto will abandon the ongoing process of selling or listing its Canadian iron mines. Nissan Motor's South Korean subsidiary denied its departure from the country after press rumors. Budweiser Brewing Co, the Asian subsidiary of Anheuser-Busch Inbev, is starting to grow slightly in Hong Kong after its IPO. Roche is further extending Spark's buyback period. KPN decided not to hire Dominique Leroy because of the proceedings against her in Belgium.