Euro Equity Update

We have reduced Adidas' price target to €81.40 following a downgrade in company guidance. I believe that at this stage further upside will be limited.

Lufthansa claims new planes will save 25% of fuel costs on average. Lufthansa has order 59 new jets to replace its aging fleet. This is a long term positive development as the planes are not yet in production.

Apple is expected to launch the new iPhone today. 6milllion units or all the available supply is expected to be sold. A strong reaction from Apple fun may provide a push to the Apple stock over the next few day.

Antoine