Defense Stocks Strong, LVMH Cut, HSBC Cull

On this episode of Stock Movers:

- NATO Secretary General Mark Rutte confirmed the alliance will seek to adopt a new defense spending target of 5% of GDP at a June summit, meeting a demand by US President Donald Trump that had originally seemed unrealistic.

- LVMH’s hold rating is reiterated at HSBC, which trims its price target to €525 from €575. The bank advises its clients to “curb your enthusiasm, one more time” as key luxury-sector markets remain under pressure.

-  HSBC has culled more than two dozen analysts in recent days as Europe’s largest lender deepens a restructuring of its investment banking businesses, according to people familiar with the matter.

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