Stock Movers: BAE Systems, LVMH, HSBC (podcast)
On this episode of Stock Movers: - Russia's war on Ukraine has brought European security to the forefront and may spark over $70 billion in spending on tanks, artillery and armored vehicles from the likes of Rheinmetall, BAE, KNDS and General Dynamics. The US focus on China, budget constraints and isolationist trends will boost costs if European NATO nations must go it alone. - LVMH's hold rating is reiterated at HSBC, which trims its price target to €525 from €575. The bank advises its clients to 'curb your enthusiasm, one more time' as key luxury-sector markets remain under pressure. - HSBC has culled more than two dozen analysts in recent days as Europe's largest lender deepens a restructuring of its investment banking businesses, according to people familiar with the matter.
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Yahoo
32 minutes ago
- Yahoo
Donald Trump is becoming disillusioned
Long before Donald Trump ever ran for office, he had a thing for Russian President Vladimir Putin. Way back in 2007, he told CNN's Larry King: 'Look at Putin — what he's doing with Russia — I mean, you know, what's going on over there. I mean this guy has done — whether you like him or don't like him — he's doing a great job in rebuilding the image of Russia and also rebuilding Russia period.' And he's always been pretty clear on specifically what that meant. In his 2011 book called "Time To Get Tough: Making America #1 Again," he wrote: Putin has big plans for Russia. He wants to edge out its neighbors so that Russia can dominate oil supplies to all of Europe. Putin has also announced his grand vision: the creation of a 'Eurasian Union' made up of former Soviet nations that can dominate the region. I respect Putin and the Russians but cannot believe our leader allows them to get away with so much – I am sure that Vladimir Putin is even more surprised than I am. Hats off to the Russians.' It's possible, of course, that Trump's ghostwriter put that in, but assuming he ran it past Trump, it appears that at least back then, Trump understood Putin's larger ambitions and didn't seem to have a problem with them. In recent years, he's been much more cagey about Putin's long term plan, blaming "the West" and NATO and even blaming Ukraine for failing to give Putin everything he wanted without a fight. I think in the beginning Trump's adoration for Putin was really just about his strongman image, which Trump loves, and also a very obvious pecuniary interest in currying favor with the man who might grease the skids for him to build a Trump Tower in Moscow just in case the whole presidential thing didn't work out. (Little did Trump know that he could have just gone ahead and built the thing even if he was president — the boys are doing that all over the world now and nobody raises an eyebrow.) But I think all that changed after it became clear that Russia had helped him win the 2016 election with the hacking of the Clinton campaign's emails. His ego is so huge that he took that to mean Putin really respected him and wanted him to be president, so they could work together to make great deals for their countries. Obviously that was a childish delusion, but Trump has clung to it through thick and thin, even fantasizing that they had a special bond. In that humiliating scene with Ukrainian President Volodymyr Zelenskyy in the Oval Office, he actually said: 'Let me tell you: Putin went through a hell of a lot with me. He went through a phony witch hunt where they used him and 'Russia. Russia, Russia, Russia.' You ever hear of that deal?' Yes, I'm sure it was very traumatic for Putin. No doubt they both cried into each other's arms when they were alone in those one-on-one meetings, although it's probable that Putin was crying with laughter. Trump apparently believed that Vladimir Putin was his true friend, and I think he also truly believed that he could just pick up the phone once he was elected and his buddy would congratulate him and tell him that he couldn't wait to do a deal to end the war. As a gesture of good faith, he'd probably initiate a ceasefire there and then on day one. Unfortunately for all concerned, Trump was wrong about that, as any sentient being could have told him. He was right that Putin was thrilled that he was back in the White House but only because he knew that Trump would divide the allies, favor him over Ukraine and essentially help him achieve his goal. After all, Trump had said he was a "genius" and very "savvy" for invading in the first place. He's also extremely naive and ignorant, even after having already been president once. This was a big win for him. Trump has spent most of his time in these first months pretending that he never said that he'd end the war in 24 hours and instead tried to muscle Zelenskyy into surrendering to Putin, insisting he "doesn't have the cards." (Apparently it hasn't occurred to him, even now, that it's not 1975 and Russia might not be the big powerful military giant he seems to think it is, since it hasn't managed to win in three long years.) He wanted to sweep in and just give Putin all the land he's managed to grab, and maybe a smidge more if he really wants it, Ukraine agrees to be a vassal state to Russia, Trump wins the Nobel Peace Prize and Bob's your uncle. Yeah, that's not going well. Ukraine won't surrender and Putin is basically telling Trump to pound sand. Trump keeps trying to broker a ceasefire, Zelenskyy says yes, but Putin refuses, all the while relentlessly bombarding Ukraine. He indicates he'll show up at peace talks if Trump comes too and then refuses to show and Trump has to back out too, or look even more like an idiot. He's playing Trump like a Stradivarius and this past week Trump seemed to realize for the first time that Vladimir isn't the loyal best pal he thought he was. After a two-hour phone call, all Trump had to show for it was a promise that Russia would produce some kind of peace memo (which hasn't happened) and no agreement for a ceasefire. When Trump got on the horn with European leaders right after he plaintively sighed, "I don't think Vladimir wants peace." What was his first clue? Now he's taken to threatening to take America's ball and go home (there goes that peace prize), telling reporters that he "doesn't know what the hell happened to Putin," and ranting like a lunatic on Truth Social: A Russian spokesperson said that Trump is suffering from "emotional overload."Russian state media responded with this: He backed off a bit in the last day or so telling the press that he's given Putin another two weeks (which we know is Trump-speak for "I don't even have a concept of a plan to deal with this.") He built his relationship with Russia on the illusion that Putin liked him, he really liked him. And now he's found out that it was all just a big, beautiful dream. After all these years, it's clear, even to him, that Putin knew a long time ago what the Wall Street traders have just figured out — TACO: Trump Always Chickens Out.
Bloomberg
an hour ago
- Bloomberg
Airbus Seeks Middle East Comeback After Boeing's Major May Haul
By , Siddharth Vikram Philip, and Julie Johnsson Save Airbus SE is looking to stage a comeback in June with a flurry of fresh orders after arch-rival Boeing Co. logged its biggest-ever deal this month that left the European planemaker empty-handed. The aircraft manufacturer is turning its focus to the Paris Air Show taking place in the middle of the month, where some carriers from the Middle East are poised to order more widebody aircraft.
The Hill
an hour ago
- The Hill
How corporate America is taking a stand against Trump
In President Trump's first 100 days, institutions from big law firms and Ivy League schools to major drug manufacturers and government contractors have been quick to acquiesce to a range of demands from the administration. Unfortunately, Trump's ire does not stop at our borders, and his demands and actions are increasingly isolating America from the rest of the world. The private sector should not be short-sighted about this. U.S. companies still have the responsibility and opportunity to stand up for American ideals that support economic growth and democracy around the world. The winds of our politics may change, but the relationships and trust of our allies may not be so fickle. Damage today could take decades to rebuild. Happily, a few companies still understand this. Founded 50 years ago by high school friends Bill Gates and Paul Allen, there are few companies as American as Microsoft. Most notably, it has been taking bold steps to challenge Trump. Although the company has many faults — from its constant cybersecurity issues to restrictive licensing practices — it has acted in many ways against the Trump administration. Microsoft's pro-Europe stance took off last month when its president, Brad Smith, announced new European digital commitments to shield European data from the long arm of the Trump administration, even promising to pursue litigation against Trump's Justice Department if needed 'to protect the rights of our customers and other stakeholders.' As the relationship between the United States and Europe has otherwise grown more tense, Microsoft's latest actions have shown that U.S. companies can play a substantial role in preserving the decades-long relationships that underpin Western democracy. For this, it is to be commended. Unlike other major tech companies, Microsoft has resisted Trump's vision for America. This started in the first days of the second Trump term, with Microsoft leaders opting to attend the World Economic Forum in Davos rather than Trump's inauguration. Smith and Satya Nadella may have made the obligatory pilgrimage to Mar-a-Lago like their peers to meet with Trump and Vance before the inauguration, but when asked about their absence, Smith said the company had 'better places' to be. While the company has continuously supported increasing access to 'American AI' and was optimistic about its AI opportunities once Trump was back in office, Microsoft has struck a delicate balance between being supportive of the administration in some areas and not conceding on American values. Smith said in an interview in March that 'we support this administration in many, many areas' but that he's 'probably more worried right now about the business climate in Washington than at any point over the last 30 years.' This is admirable, considering how much Microsoft stands to lose. The company has an 85 percent share of the U.S. public sector's productivity software market and billions of dollars in federal contracts. It is also reportedly under the microscope of a wide-ranging Federal Trade Commission antitrust investigation scrutinizing its software licensing practices and cloud computing business. Other companies would have turned their backs on Europe to curry favor with Trump in an attempt to make their risks go away, yet Microsoft has not. To be clear, Microsoft is not alone. Other notable American institutions are also starting to stand up to the administration. Harvard, for instance, refused Trump's demands and has continued to challenge the administration's recent actions, including filing a lawsuit to halt the freezing of billions of dollars in government funds to the university. Top law firms Jenner and Block and WilmerHale have opposed Trump while some of their contemporaries are offering pro bono services to the administration worth millions — including one that Microsoft ditched as a result before hiring Jenner and Block. Several big corporations are also maintaining their DEI commitments and programs despite recent 'anti-woke' attacks from the White House, including Costco, Apple and Cisco, as well as Microsoft, which said 'diversity and inclusion work is more important than ever.' And after Trump threatened to take action against companies if they raised prices in response to his tariffs, Microsoft did it anyway by increasing the prices of Xbox consoles, controllers and certain games. Proctor and Gamble raised prices by 1 percent in their most recent quarter and announced their intent to sell new products at higher price points moving forward. When Trump was re-elected, many major American businesses were excited by the potential economic opportunities of a transparently quid-pro-quo administration. While some companies have benefited, others — like Meta and Amazon — have not. But there are higher stakes at hand than profit. Now is the time when we learn which institutions are willing to adhere to the principles that have defined America since its founding, as well as the relationships that defined the past century. Those are the ones that deserve our praise — not the institutions that bend the knee. Paul Rosenzweig served as deputy assistant secretary for policy at the Department of Homeland Security. He is a professorial lecturer at The George Washington University Law School and senior fellow in the Tech, Law and Security Program at the American University, Washington College of Law. He advises technology companies on cyber and national security issues, including companies that compete with Microsoft.
