Goldman Sachs believes Allianz has most upside at 34% amongst European insurers. I believe that even at €116 Allianz remains attractive as a core equity holding. Our price target is €134.

 

Luxury good's PE is sustained by above average growth in the sector. The Bloomberg luxury good index increased by 11% in the past 3 months backed by a spurt of M&A activity. Hugo Boss has increased 13% quarter to date. Further upside is expected as the Xmas quarter approaches.

 

Apple's new iOS will be made available today. The new operating system is a complete overhaul over the previous operating system. We will monitor reactions from reviewers and will forward our opinion shortly.