Tony Grandsire

Telecom Operators at a Turning Point, with Deutsche Telekom on the Front Line

SpaceX has bought the radio spectrum it was missing in the United States to turn Starlink into a true mobile phone operator, for about $8bn, according to The Wall Street Journal. The three major US carriers fell, and Deutsche Telekom followed in Frankfurt, as it is the first European operator to have signed with Starlink.

October 09, 2026 at 03:07 pm IST

Growth, debt, inflation, deficit: Is there still a top student in Europe?

Amongst Europe's major economies, only one meets all four criteria, and that's Denmark. The bond market confirms it: France now borrows at 10 years at a higher cost than Italy, Greece, Spain and Portugal.

October 08, 2026 at 08:11 pm IST

Italy wants to take back the market for its own debt from Euronext

The Italian government is studying the purchase of Euronext's 63% stake in MTS, one of Europe's largest bond platforms and the venue where the Italian government's debt is issued and traded. The stake is valued at around EUR600m.

October 08, 2026 at 02:45 pm IST

A mysterious OpenAI model makes advances in mathematics

An internal OpenAI model produced a result on the Riemann hypothesis, an open problem since 1859, that leading mathematicians consider worthy of a Fields Medal. It is one of 722 manuscripts the company posted online Tuesday, all produced by a model it has neither named nor made accessible.

October 08, 2026 at 02:19 pm IST

A Brutal Fall for European Banks

The STOXX Europe Banks index fell 3% on Wednesday, bringing its annual gain back to around 13%, just as bond yields were surging across the eurozone. Banks are nevertheless supposed to be the big winners from rising rates, an argument that helped them post their best year since 1997 in 2025.

October 08, 2026 at 12:50 pm IST

The Bias That Makes You Sell Your Best Stocks Too Soon

You sold a rising stock to lock in the gain, and held on to the one that was falling, waiting for it to recover. The landmark study on the subject shows that, the following year, the former outperformed the latter by an average of 3.4%. What misleads you is called the disposition effect.

October 07, 2026 at 08:45 pm IST

How Elis wiped out EUR377m of debt with 2.3% dilution

Elis converted EUR376.7m of convertible bonds into shares on Wednesday, representing 99.13% of the tranche issued in 2022, handing 23.6 million shares to bondholders. The industrial laundry group, however, drew more than three-quarters of those shares from its treasury stock, bringing the actual creation of new shares to 2.3% of capital.

October 07, 2026 at 06:53 pm IST

Six European stocks with a lot at stake in Brazil's runoff

The São Paulo stock exchange hit a record high, while the MSCI and FTSE Brazil indexes gained more than 10% after Flávio Bolsonaro's surprise qualification at the top of the first round on October 4. Several major European companies generate between 10% and 28% of their business in Brazil and have been drawn into an election whose runoff will take place on October 25.

October 07, 2026 at 05:19 pm IST

How Elis wiped out €377m of debt with 2.3% dilution

Elis converted €376.7m of convertible bonds into shares on Wednesday, representing 99.13% of the tranche issued in 2022, handing 23.6 million shares to bondholders. However, the industrial laundry group sourced more than three-quarters of those shares from its treasury stock, bringing the actual creation of new shares to 2.3% of capital.

October 07, 2026 at 03:40 pm IST

A year after its record, bitcoin wakes up and plays by its own rules

Bitcoin is trading at around $86,150, up 13% in three weeks and 35% in two months, although it is still 30% below its October 6, 2025 record. This recent rise has absorbed the failure of the CLARITY Act, the highest interest rates since 2002 and a deteriorating macroeconomic backdrop without flinching.

October 07, 2026 at 01:04 pm IST

The Best M&A Vintage Since 2001 Played Out in Six Months

Mergers and acquisitions totaled $3,900bn in the first nine months of 2026, up 28% from last year and the highest level since 2001, according to LSEG. The number of deals is nevertheless expected to fall 13% for the year, according to PwC, signaling a record driven by a handful of very large transactions while the rest of the market contracts.

October 06, 2026 at 07:43 pm IST

Elliott confirms position in Air Liquide and wants to accelerate share buybacks

On Tuesday, activist fund Elliott confirmed that it holds a "significant economic exposure" to Air Liquide, two days after the presentation of the BEYOND strategic plan. It believes that the EUR4bn share buyback program planned for 2027 and 2028 "should begin immediately."

October 06, 2026 at 06:28 pm IST

Gold corrects, should investors prefer miners to the metal?

After nearly touching $5,600 an ounce in January, gold was trading at around $4,140 in early October, meaning that a quarter of its value has evaporated. Central banks, meanwhile, have never bought so much, while mining stocks, supposedly expected to amplify gains in the metal, have mainly amplified the decline.

October 06, 2026 at 02:34 pm IST

KKR bets $5.1bn on the tollbooths of private markets

KKR is buying Gen II Fund Services, which handles the accounting for more than $2,000bn in private fund capital, for $5.1bn including debt. The same day, one of its own private credit funds exceeded its quarterly redemption cap.

October 06, 2026 at 01:36 pm IST

Nearly 30% growth expected on Wall Street in Q3, but beware of a disappointment…

The S&P 500 is entering earnings season with particularly high expectations. Analysts have raised their third-quarter earnings forecasts, an unusual development, while the index still needs to post growth of nearly 30% to meet market expectations.

October 05, 2026 at 07:35 pm IST

Flavio Bolsonaro takes lead over Lula, Brazilian real and stock market soar

Flavio Bolsonaro pulled off a surprise in the first round of Brazil's presidential election, securing 47.1% of valid votes, against 45.1% for Lula. The result, better than expected for the right-wing candidate, strengthens expectations of an opposition victory in the runoff and should support Brazilian stocks, the real and bonds.

October 05, 2026 at 07:32 pm IST

At $115bn, Revolut is worth more than Barclays

The valuation resulting from the latest share sale would place the British neobank seventh amongst European banks, even ahead of century-old institutions. It comes in the year that the group secured full banking licenses in the UK and then France, opening the door to lending and savings products.

October 05, 2026 at 02:38 pm IST

Why the yen can shake global markets

The Bank of Japan has raised its policy rate to 1.25%, its highest level in thirty-one years. And yet the yen remains under pressure. This paradox illustrates how the "carry trade" works, a strategy that has for years financed investments around the world thanks to the low cost of Japanese money. When the mechanism reverses, the effects can be felt all the way to Wall Street.

October 02, 2026 at 09:49 pm IST

Western Digital and Seagate Plunge as Toshiba Returns

Western Digital and Seagate Technology fell sharply on Friday, hurt by concerns over increased competition in the hard-drive market, which has become essential for storing data related to artificial intelligence. Both stocks were down 13% and 15%, respectively, at 5 p.m.

October 02, 2026 at 09:15 pm IST

Ferrovial, the builder that has learnt to live off recurring income

The Spanish group has just wrapped up the commercial agreement for a $9.2bn highway project near Nashville, which it will operate for fifty years. This is a chance to understand a model where construction drives revenue, while the real money is made elsewhere.

October 01, 2026 at 02:13 pm IST

Spotify and the music industry, the glass ceiling for a giant that pays out two thirds of its revenue

The Swedish group has just crossed the threshold of 300 million paying subscribers, a record no one had reached in audio. Yet for every euro it takes in, it pays out nearly 67 cents to rights holders before it has even paid an employee. The clearest rebuttal to the notion that a massive audience guarantees massive profits.

September 30, 2026 at 03:13 pm IST