European Movers: Richemont (CFR SW) +4.2%, Clariant (CLN SW) +3.7%, Recordati (REC IM) +0.5%, Julius Baer (BAER SW) -4.4%, Lanxess (LXS GY) -6.2%

Clariant (CLN SW) upgraded to Overweight from Neutral at JPMorgan

Julius Baer (BAER SW) - 4-Month Statement: AUM CHF 528bln, +1% Y/Y; guides H1'26 IFRS net profit "substantially higher" than in H1'25. (Julius Baer)

Lanxess (LXS GY) downgraded to Sell from Neutral at Goldman Sachs; sees structural and cyclical headwinds, whilst Middle East related tailwinds may begin to subside.

Recordati (REC IM) - A consortium of funds led by CVC Fund IX and Groupe Bruxelles Lambert SA, have entered into binding agreements for the launch, of a voluntary cash tender offer for all outstanding ordinary shares of Recordati at an offer price of EUR voluntary cash tender offer for all outstanding ordinary shares of Recordati at an offer price of EUR 51.29/shr51.29/shr aimed at obtaining the delisting from Euronext Milan. (Recordati)

Richemont (CFR SW) - FY 2026 (EUR): Sales 22.4bln (exp. 22.3bln), Sales at constant FX +11% (exp. 9.78%), Net income 3.48bln (prev. 2.75bln Y/Y), announces share buyback of up to 10mln shares. (Richemont)