GS European Express

This report provides corporate updates for BMW, ASML, Heineken, and Watches of Switzerland, alongside macro commentary on China-Europe trade competition and ECB policy.

Key Takeaways

• 1.BMW's US outlook remains constructive, with strong growth and localization helping offset China weakness.
• 2.ASML estimate upgrade driven by positive view on Memory capex and increased EUV adoption.
• 3.Europe is shifting toward a more assertive trade policy response regarding China.

Table of Contents

• BMW (BMWG.DE): Takeaways from US Capital Market Event
• ASML Holding (ASML.AS): Updating estimates and 12M PT
• Heineken (HEIN.AS): Expect Q2 strong growth
• Watches of Switzerland Group (WOSG.L): Additional growth opportunity
• Europe Rating Changes/Initiations
• Europe PT Changes (10% or more)
• Other notable research
• Podcasts
• Macro / markets

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