The Point for Europe

A multi-sector summary of European market updates, featuring a bullish stance on Glencore's coal business and an upgrade for PUMA on China growth prospects.

Key Takeaways

• 1.Citi is bullish on Glencore due to asymmetric risk/reward in coal prices driven by six uncorrelated factors, leading to a TP increase to £7.7/share.
• 2.PUMA upgraded to Buy based on deep-dive analysis suggesting a major mid-term growth opportunity in Greater China following the Anta-acquisition.
• 3.Oil prices (Brent) are projected to skew higher as US-Iran negotiations falter and hostilities continue, while global inventories remain low.

Table of Contents

• Top Call
• Must Read
• Company
• Industry
• Strategy & Economics
• Commodities
• Fixed Income & FX
• Key Rating and Target Price Changes