Benelux Morning Notes

AEGON: Addition of €200m to existing SBB, considering US domicile, results mixed. Alfen: 19% EBITDA cut, mid-point new 2026 guidance. Flow Traders: Positive volumes, negative volatility. Kinepolis: Strong profit beat on better operating leverage, higher ticket and ITS per visitor. Recticel: Peer Rockwool 2Q25 results. Tessenderlo: Solid 1H25 beat, guidance maintained. VGP: Strong results, more news on JVs to come

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/31/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 31/07/2025

Morning Crédit 22/08/2025

Telefonica : rumeurs de prochaine augmentation de capital selon le site Vozpopuli|

PFISTERER Holding SE : Orders staying strong, margins solid – sales accelerating sequentially

Fed, lies and statistics

For the last time, Jerome Powell will attend the Jackson Hole symposium as Fed chair. What will his swan song be? The markets, not to mention the White House, would like a clear commitment to lower policy rates in September and beyond. Economic data – some of which is questioned by the Trump administration – does not all point in that direction, far from it. The context is unusual. Trump has gone on the offensive against the Fed. To put his own people in place, he has to get rid of those he does not like. All means are fair game, including intimidation and threats. We do not believe that the r...