EATON (US Satellites and b-Transition) has set itself a target, approved by the Science Based Targets initiative, of lowering CO2 emissions from operations by 50% and those from its products and supply chain by 15% by 2030.
NESTLÉ (Core Holdings): the FT reports that 63% of the group’s food portfolio is considered unhealthy. But the memo on which the report is based does not include 56% of the group’s food business (nutrition, coffee and pet care), reducing to 28% the less healthy categories… which, unsurprisingly, are those offering less profitable growth such as frozen pizza, Nesquik and ice cream. Timely pressure for the group to up the pace of rationalising its product portfolio.
SALESFORCE (Satellites) has upgraded its full-year sales and earnings guidance on the back of continuing strong demand for its cloud-based software. More broadly, the company is targeting annual sales of $50 billion by 2026.
VOLKSWAGEN (Satellites): Europe’s two top-selling battery electric vehicle (BEV) models in April were the ID.4 SUV (7,325 cars) and the ID.3 family hatchback (5,735 cars), ahead of the Renault Zoe and the Peugeot 208.
After a quiet start, with both the US and the UK markets closed today, it will be a busy week for statistics, with US and European inflation numbers, US jobs and the G7 meeting in London at the weekend. Commodity prices continue to stoke inflationary fears but market liquidity should support indices.
After testing resistance at EUR/USD 1.2263, EUR corrected to 1.2140; if it breaks through this support level, the pair could fall as far as 1.2060. Forex dealers’ attention this week will be on central bank comments (Fed and ECB). The spread of the Indian variant of Covid-19 in the UK and the potential for it to delay further easing of restrictions could put a stop to sterling’s bullish trend: EUR/GBP 0.8597; GBP/USD 1.4180. Gold has climbed to $1,905/oz; upcoming resistance: $1,950/oz. EUR/CHF: 1.0930-1.1119; USD/CHF: 0.89-0.91; GBP/USD: 1.4018-1.4340.
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