GS EUROPEAN EXPRESS: Ferrari Tracker | K+N | Signify | Novonesis | Lonza | Macro | Global | Corporate Access

Research evidence excerpt

GS EUROPEAN EXPRESS: Ferrari Tracker | K+N | Signify | Novonesis | Lonza | Macro | Global | Corporate Access

Goldman Sachs GS EUROPEAN EXPRESS

Carrefour (CARR.PA): Updating earnings for recent French food market trends; TP to €17

Europe Consumer Products: US Nielsen: L’Oréal delivers strong derma growth; Haleon

maintains Toothpaste outperformance

United Kingdom Retail: UK Worldpanel 12 wks to 24th May: Clothing sales -4% yoy; with

M&S +13%, Next +8% and Primark flat

United Kingdom Retail: Supermarkets: Worldpanel (4w to 14 June): UK grocery spend

+3.3%; inflation +3.0%; volume/mix +0.3%

Financials

SCOR (SCOR.PA): Data update ahead of 2Q’26 results

Healthcare

Lonza Group (LONN.S): Solid 1H26 results expected, with a beat and modest guidance

raise anticipated

Sanofi (SASY.PA): Tolebrutinib EU approval for nrSPMS, a small positive

TMT

Allegro.eu (ALEP.WA): Downgrade to Neutral post outperformance

TietoEVRY (TIETO.HE): Updating our estimates ahead of 2Q/1H26 results; Neutral

Podcasts

Back to Basics: Utilities

Global Strategy: The Post Modern Cycle – Navigating the Capex Boom [Replay]

Macro / markets

Oil Analyst: High Product Margins for Longer; Smaller Downside Risks Than for

Crude Prices - Yulia Zhestkova Grigsby highlights limited relief to refined products

margins from Hormuz reopening. While she remains constructive on products margins

following the reopening, she has nudged down diesel margins forecast given her

assumption that Persian Gulf exports normalize by end-July. She now expects US/EU

diesel margins to moderate 2-3 times above 2013-19 seasonal averages to $46/31/bbl

by 2026Q4 (vs. $50/37 prior), but keeps gasoline margin forecasts roughly unchanged at

$23/13 for US/Europe. Lower-for-longer refined products stocks are the key reason for