US MARKETS:

S&P 500 futures up 0.1% to 3,019.75
Brent futures down 0.5% to $66.83/bbl
Gold spot up 0.1% to $1,415.68
US Dollar Index up 0.2% to 97.08

GLOBAL NEWS:

Earnings season. In the United States, among companies reporting their earnings today, we have Johnson & Johnson plus a wide range of banks: JP Morgan Chase, Wells Fargo, Goldman Sachs and Charles Schwab. Elsewhere, Rio Tinto, Telenor, Experian, Yara and Burberry.

From one giant to another. LVMH and Stella McCartney, formerly part of Kering, have agreed to accelerate the development of the brand, in which the designer will retain a majority stake. LVMH has not specified any amount. Stella McCartney also becomes special advisor to Bernard Arnault and the members of the Executive Committee on sustainable development.

Ryanair hurt by Boeing crisis. The budget airline said delays in deliveries of Boeing’s 737 MAX passenger jet will hamper growth next summer, forcing it to close some of its bases and make cuts at others this winter. Ryanair remains committed to the B737MAX but is reducing its projections for the 2020 summer season by estimating that it will only need 30 of these aircraft in operation compared to 58 scheduled so far.

Blackstone gets Vungle. Blackstone acquired the start-up Vungle for $750 million, as well as CRH's distribution division in Europe for €1.64 billion in cash.

Back in grace. Burberry shines on the stock market after good quarterly figures. Investors are reassured by the welcome given to the creations of the new artistic director, Riccardo Ticci.

California. Facebook has planned to get along with the regulators before launching the Libra, its cryptocurrency (don't miss our video decryption to understand the stakes), and this is quite appropriate given the hostility displayed by the political class in the United States: "the Treasury has very serious concerns about the Libra", Steve Mnuchin revealed yesterday, before adding that the American group will have "much work to do to convince" the administration. Facebook will also be joining Google, Apple and Amazon.com this Tuesday for a hearing at Congress on their competitive practices.

California 2. Tesla reduced the entry-level price of its Model 3 and raised the prices of the Model X and S, as a result of abandoning the standard variant of the two vehicles, in order to rationalize the range. The Model 3 represents about 80% of the group's current sales.

The bidding process was short-lived. Osram, engaged on a EUR 35 offer submitted by Carlyle and Bain Capital, indicated that it had received an informal proposal for EUR 38.50 from AMS, which however withdrew its proposal last night, stating that the preliminary discussions had not provided sufficient basis for further action. The Osram share closed at EUR 33.90 last night.

In other news. A U.S. federal judge reduced Bayer's compensation claims from $80.27 million to $25.27 million in favor of a Californian man who accused Monsanto's glyphosate of causing his cancer. Ferroviere dello Stato, Atlantia and Delta Air Lines have joined forces to take over Alitalia. S&P has raised its outlook for Unicredit's credit rating from "negative" to "stable". Prologis will buy Property Trust for $4 billion. Ikea will close its only American plant because of high labor costs. SGS acquired two small companies in Hong Kong and the United States. Paypal launches a fund transfer offer in Europe.