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(Bloomberg) -- Sign up here to receive the Davos Diary, a special daily newsletter that will run from Jan. 20-24.The world’s rich and powerful are in Davos, Switzerland, for the World Economic Forum’s 50th annual meeting, and the gathering will be closely watched to see how the global elite aims to tackle issues they helped create, above all climate change.President Donald Trump’s appearance, which comes on the same day his impeachment trial starts in Washington, began with him calling the trial a “hoax” and “disgraceful.” In his speech, he lauded his economic achievements and said the U.S. is “thriving” and “winning again like never before.”Meanwhile, Swedish activist Greta Thunberg, who was in the audience for Trump’s speech, stepped up her criticism of governments and companies for not doing enough to tackle climate change.For in-depth coverage and analysis of Trump’s speech, check out our TOPLive blog on the Bloomberg Terminal. To get all the daily highlights delivered to your inbox, sign up for the Davos Diary newsletter.Here’s the latest (time-stamps are local time in Davos):Thunberg Calls for ‘Real Zero’ Carbon Emissions (1 p.m.)Thunberg called on the world’s polluters to aim for “real zero” carbon emissions rather than “net zero” and said “our house is still on fire.”“We are not telling you to keep talking about reaching net-zero emissions or carbon neutrality by cheating and fiddling around with numbers,” Thunberg said in a speech at a panel on “Averting a Climate Apocalypse.”“We’re not telling you to offset your emissions by just paying someone else to plant trees in places like Africa while at the same time forests like the Amazon are being slaughtered at an infinitely higher rate,” she added.“We demand participants from all companies, banks, institutions and governments immediately halt all investments in fossil fuel exploration and extraction, immediately end all fossil fuel subsidies and immediately and completely divest from fossil fuels.”Blackstone’s Schwarzman Reacts to Trump Speech (12:30 p.m.)“It was for several different constituencies,” Blackstone Group Inc. Chairman Steve Schwarzman said in an interview with Bloomberg TV. “This was a speech to basically say ‘I think we need some perspective and let’s look at what’s happened under this administration.’ That is not just for domestic consumption, it’s meant to be heard in the broader context.”The billionaire co-founder of the New York-based private equity firm has previously advised Trump and was present in the White House when he announced the first part of the China-U.S. trade deal.Trump Urges Nations to Join Together (12.15 p.m.)Trump concluded his speech by calling on world leaders to join together to “make our nations stronger, our countries safer, our culture richer, our people freer, and the world more beautiful than ever before.”“Above all else, we will forever be loyal to our workers, our citizens and our families, the men and women who are the backbone of our economies, the heart of our communities and the soul of our countries,” Trump said. “Let us bring light to their lives one by one and empower them to light up the world.”Trump Hails ‘Blue-Collar Boom’ (12 p.m.)Trump said the economic strength of the U.S. is benefiting ordinary people and “the workers come first” under his administration.“The U.S. celebrating the dignity of work is a fundamental pillar of our agenda,” he said. “This is a blue-collar boom. The American dream is back, bigger better and stronger than ever before.”Trump Attacks Fed for Interest-Rates Policy (11:55 a.m.)Trump renewed his feud with the Federal Reserve, saying the central bank raised interest rates too quickly.These great numbers are “despite the fact the the Fed has raised rates too fast and lowered them too slowly,” Trump said. “I see such tremendous potential for the future. We have not even started, because the numbers we’re talking about are massive. The time for skepticism is over.”Trump Trumpets His Economic Achievements (11:50 a.m.)In his speech, Trump said that the U.S. “is in the midst of economic boom the likes of which the world has never seen before.”“We’ve regained our stride; we discovered our spirit and reawakened the powerful machinery of American enterprise,” Trump said. “America’s thriving; America is flourishing and, yes, America is winning again like never before.”Trump Says Impeachment is ‘Just a Hoax’ (11:40 a.m.)Trump told reporters on the way into his speech that the impeachment trial is “just a hoax” and a “witchhunt that’s been going on for years.”“Frankly it’s disgraceful,” he added. “We look forward to being here. We’re meeting with the biggest companies in the world, the biggest businesses in the world and world leaders, all for the benefit of the United States.”Immigrants Key to Growth, Microsoft CEO Says (11:40 a.m.)Microsoft Corp’s chief executive officer warned that countries that fail to attract immigrants will lose out as the global tech industry continues to grow.“Every country is rethinking what is in their national interest,” Microsoft’s CEO Satya Nadella said in an interview with Bloomberg Editor-in-Chief John Micklethwait.Governments need to “maintain that modicum of enlightenment and not think about it very narrowly,” Nadella added. “People will only come when people know you’re an immigrant-friendly country.”Nokia’s Suri Predicts Productivity Boom (11:35 a.m.)The next industrial revolution will bring about “massive productivity growth” the likes of which hasn’t been seen in decades, according to Nokia Oyj Chief Executive Officer Rajeev Suri.Speaking on a panel about manufacturing, Suri estimated that productivity should increase by as much as 35% starting in about 2028. The gains will be seen first in the U.S. and a few years later in China, India and the European Union, he predicted.Naspers CEO Sees Growth in Second-Hand Clothes (11:30 a.m.)Naspers Ltd., Africa’s biggest company by market value, expects second-hand clothing sales online to pick up as companies around the world look to cut production of new goods to help address climate change.“We are big investors in trading in second-hand clothes -- we think the world will need more recycling over time,” Chief Executive Officer Bob van Dijk told Bloomberg TV. “In classifieds, we are helping to reduce the production of new goods.”Bremmer Says Delegates Like Trump’s Policies (11 a.m.)Ian Bremmer, president of consulting firm Eurasia Group, said Davos delegates may not like Trump but “they like his policies.”“They like the regulatory rollback, they like his cabinet, they like his tax policy,” Bremmer told Bloomberg TV, adding that an informal poll of about 40 to 50 delegates he conducted showed there is “zero panic” about Trump winning a second term.“You can have Greta here, you can have a bunch of people talking about climate and sustainability, but the reality is that Trump doesn’t drive people crazy at Davos the way he does in the United States,” Bremmer said.Trump is likely to show his “triumphalist, unilateralist” side in his speech. “This is going to be Trump saying victory lap, I’m the greatest ever, my economy is doing well, my markets are taking off, look how much money I’m making you guys.”Huawei CEO Dismisses Threat of U.S. Escalation (10:50 a.m.)Huawei Technologies Co. founder Ren Zhengfei played down the threat that the U.S. will impose even stricter sanctions against his company, saying he is confident China’s largest tech company can survive further attacks.“This year, the U.S. might further escalate its campaign against Huawei but I feel the impact on Huawei’s business would not be very significant,” he said during a panel discussion.IBM Proposes Rules to Counter AI Bias (10 a.m.)IBM called for rules aimed at eliminating bias in artificial intelligence to ease concerns that the technology relies on data that bakes in discriminatory practices and could harm women, minorities, the disabled and others.“It seems pretty clear to us that government regulation of artificial intelligence is the next frontier in tech policy regulation,” Chris Padilla, vice president of government and regulatory affairs at International Business Machines Corp., said ahead of a Wednesday panel on AI to be led by Chief Executive Officer Ginni Rometty.Mnuchin Says EU Car Tariffs Not Curently Planned (9:10 a.m.)Car tariffs on producers in the European Union are not currently planned to enforce Iran sanctions, but they remain in President Trump’s toolbox, U.S. Treasury Secretary Steven Mnuchin said in an interview with the Wall Street Journal.The U.S. will likely have $1 trillion deficits for a couple more years and the next phase of the China trade deal may not be a “big bang,” Mnuchin told the newspaper.HKEX CEO Li Shrugs Off Virus Concerns (8:50 a.m.)Charles Li, chief executive officer of Hong Kong Exchanges & Clearing Ltd., shrugged off concerns about the outbreak of a deadly virus originating in central China.“There are a lot of things that impact investor sentiment but you have to think that structurally the market is very resilient,” Li said in an interview with Bloomberg TV.Thunberg Says ‘Nothing Been Done’ on Climate (8:45 a.m.)Speaking on a panel about sustainability, Thunberg said people are more aware about environmental issues now but that “pretty much nothing has been done” to tackle climate change as emissions of carbon dioxide have not declined.“Without treating this as a real crisis we cannot solve it,” Thunberg said. “It will require much more than this, this is just the very beginning.”The panel didn’t attract leaders of the fossil fuels companies attending the forum, with most senior oil and gas executives absent.Trump Wants ‘Hundreds of Billions’ for U.S. (8:30 a.m.)Trump arrived in Switzerland with ongoing impeachment proceedings on his mind. He tweeted throughout much of the flight, largely about a Senate trial due to get underway there Tuesday. But he said his Davos appearance is all about the economy.His aim is to “bring Good Policy and additional Hundreds of Billions of Dollars back to the United States of America,” he wrote on Twitter.“We are now NUMBER ONE in the Universe, by FAR!!,” Trump tweeted ahead of his arrival in Davos just after 9:30 a.m. local time. He also took a swipe at what he called “Fake News Media,” accusing it of hating to talk about the economy and “how incredible it is.”IEA’s Birol Worried About Situation in Iraq (8:15 a.m.)Fatih Birol, executive director at the International Energy Agency, told Bloomberg TV’s Francine Lacqua that the situation in Iraq is currently his main concern in the oil markets.“Recent developments in Iraq are not very comforting,” Birol said. “I see Iraq as a major issue, which is very important for the oil markets but also for the world economy, which is already very fragile. I really hope we all see an Iraq that has some stability and production can go ahead.”German Greens Leader Sides With Trump on Spending Critique (7:40 a.m.)Robert Habeck, co-leader of Germany’s opposition Greens party, told Bloomberg TV’s Francine Lacqua that the government needs to rethink its balanced-budget policy and spend more in areas like climate-friendly infrastructure.Habeck attacked Chancellor Angela Merkel’s “fetishism” about balancing the budget and said that although he’s not a fan of U.S. President Donald Trump, the criticism in the U.S. about Germany not spending enough is valid.The Greens, who are currently Germany’s second-most popular party behind Merkel’s bloc, have been out of government for too long and are ready to take on the responsibility of running Europe’s biggest economy, Habeck added.What’s Happening on Tuesday (7:30 a.m.)Aside from Trump’s set piece, here’s some other highlights on Tuesday:1 p.m. - Swedish teen Thunberg, who told Davos attendees last year that “our house is on fire,” is scheduled to speak on a panel.2:15 p.m. - With the next phase of trade talks with the U.S. pending, China’s Zheng takes center stage with a special address4 p.m. - Bank of England Governor Mark Carney, Saudi Aramco board member Andrew Liveris and others discuss how economies can grow without compromising the environment6 p.m. - Bank of America Corp. CEO Brian Moynihan, IBM Corp. CEO Ginni Rometty, Siemens AG Chairman Jim Snabe and others discuss stakeholder capitalismMonday CatchupIMF Trims Global Growth Outlook But Tones Down Risk WarningsMore Than Half of CEOs See Global Growth Slowing This YearEU Agonizes Over Troop Deployment With Libyan Oil Flows BlockedMacron, Trump May Have Tariff Truce in 2020 Digital Tax FightBlackRock’s Hildebrand Says Lawmakers Key to Climate FightPhilip Morris Steps Up Vaping Plan, Keeps Close Ties With AltriaMachin at Davos Warns Pension Funds on Rush to Illiquid Assets\--With assistance from Eyk Henning, Sridhar Natarajan, Andrea Dudik, Simon Kennedy and Shelley Robinson.To contact the reporters on this story: Iain Rogers in Berlin at email@example.com;Chris Reiter in Berlin at firstname.lastname@example.orgTo contact the editors responsible for this story: Chad Thomas at email@example.com, ;Simon Kennedy at firstname.lastname@example.org, Iain Rogers, Chris ReiterFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Sign up here to receive the Davos Diary, a special daily newsletter that will run from Jan. 20-24.Microsoft Corp’s chief executive officer warned that countries that fail to attract immigrants will lose out as the global tech industry continues to grow.“Every country is rethinking what is in their national interest,” Microsoft’s CEO Satya Nadella said in an interview with Bloomberg News Editor-in-Chief John Micklethwait on Tuesday at Davos. Governments need to “maintain that modicum of enlightenment and not think about it very narrowly.”“People will only come when people know you’re an immigrant friendly country,“ he added.Nadella has previously voiced concern about India’s Citizenship Amendment Act, which bans undocumented Muslim migrants from neighboring countries from seeking citizenship in India while allowing immigrants from other religions to do so, calling it “sad.”However he said he remained hopeful. “I’m an India optimist” he said. “The fact that there is a 70-year history of nation building, I think it’s a very strong foundation. I grew up in that country. I’m proud of that heritage. I’m influenced by that experience.”Microsoft has also recently unveiled plans to invest $1 billion to back companies and organizations working on technologies to remove or reduce carbon from the atmosphere, saying efforts to merely emit less carbon aren’t enough to prevent catastrophic climate change.“We will now have to make sure all our data center operations are first consuming renewable energy,” Nadella said.Microsoft and Amazon.com Inc., along with other technology companies, have been criticized for supplying software and cloud services to large oil and gas companies like Chevron Corp. and BP Plc. BlackRock Inc.’s Larry Fink has been trailed to work and public engagements by protesters decrying the investment firm for inaction on global warming and other issues.Activists have been pushing for companies to stop working with the largest produces of greenhouse gases. BlackRock has said will cut exposure to thermal coal as the world’s largest asset manager moves to address climate change.Nadella declined to comment on whether Microsoft would stop working with the major carbon producers. “The energy transition is going to include all of us,” he said.On the battle with rivals Alphabet Inc. and Amazon over winning new cloud customers, Nadella said he beleives Microsoft has the advantage.“We’ve had competition in the past in the previous era and in this era we have new competitors and we feel very good about our position,” he said. “We if anything have an architectural advantage.”In October, Microsoft beat out Amazon for a $10 billion Pentagon cloud contract, a deal Amazon had been seen as the favorite to win.(Updates with context in final three paragraphs)To contact the reporter on this story: Amy Thomson in London at email@example.comTo contact the editor responsible for this story: Giles Turner at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Sign up for Next China, a weekly email on where the nation stands now and where it's going next.Huawei Technologies Co. founder Ren Zhengfei shrugged off the threat the U.S. will impose even stricter sanctions against his company, saying he was confident China’s largest tech company can survive further attacks from Washington.Tighter restrictions on the sale of American technology to the telecommunications giant -- something the White House is considering -- will not have very significant impact on Huawei, the billionaire chief executive said during a panel discussion at the World Economic Forum in Davos.“This year, the U.S. might further escalate its campaign against Huawei but I feel the impact on Huawei’s business would not be very significant,” he said in response to a question about U.S. curbs. “We’re confident we can survive further attacks.”Huawei has risen to global prominence as the No. 2 smartphone maker and a leader in the fifth-generation wireless technology that will underpin future advances from autonomous cars to robotics. It’s also become a major target for the U.S. as China’s technological prowess grew along with its ambitions, encapsulating growing tensions between the world’s two largest economies.Read more: Trump’s Blacklisting of Huawei Is Failing to Halt Its Growth (1)The Trump administration has pushed allies to ban Huawei equipment from their networks on worries about spying, and blacklisted Huawei along with a clutch of Chinese technology companies in fields from artificial intelligence to surveillance.Ren initially estimated the May 2019 blacklisting in particular could wipe $30 billion off annual revenue and threaten his company’s very survival, though he tempered that outlook in the ensuing months. Huawei mobilized a massive effort to develop in-house alternatives to American software and circuitry, while U.S. suppliers like Intel Corp. and Microsoft Corp. found ways to continue supplying Huawei vital components it needed to make its products.“The U.S. should not be concerned about Huawei and our position in the world,” Ren, looking at ease in a blazer and open shirt, told the panel.Read more: Huawei Engineers Go to 24-Hour Days to Beat Trump BlacklistTo contact Bloomberg News staff for this story: Gao Yuan in Beijing at email@example.com;Edwin Chan in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Peter Elstrom at email@example.com, Colum MurphyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- MassMutual Ventures, the corporate venture capital arm of Massachusetts Mutual Life Insurance Co., has launched a $100 million second fund to invest in digital health-care, fintech and enterprise software startups in Southeast Asia.It brings MassMutual Ventures’ capital under management to $350 million, including $150 million spread between the two Southeast Asian funds. The Boston-based company has backed almost 40 companies in North America, Europe, Israel and Southeast Asia.“This additional capital will allow us to invest in more startups in the region that have the ability to generate positive returns,” Doug Russell, head of MassMutual Ventures, said in a statement.Read more: MassMutual Extends Startup Bet as Haven Life Unit Acquires QuiltMassMutual Ventures Southeast Asia is led by two Singapore-based managing directors, Ryan Collins and Anvesh Ramineni. With the second fund, they plan to invest in an additional 15 to 20 companies and further support existing portfolio firms.Their fund is the latest fund to be launched for the fast-growing region, driving an influx of money as U.S. investors play catch-up with Chinese firms. Vulcan Capital, the investment firm of late Microsoft Corp. co-founder Paul Allen, opened its first international office in Singapore in August, armed with an initial $100 million to sprinkle across Southeast Asian startups.To contact the reporter on this story: Yoolim Lee in Singapore at firstname.lastname@example.orgTo contact the editors responsible for this story: Edwin Chan at email@example.com, Colum MurphyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Zacks Analyst Blog Highlights: Microsoft, American Express, Fidelity National Information Services, Goldman Sachs and Southern
Amazon (AMZN) Twitch witnesses decline in viewer base in fourth-quarter 2019 on account of losing popular streamers to Alphabet, Microsoft and Facebook.
BT , Danone , Microsoft and Sony are among 178 companies with top marks in the latest global ranking of transparency and action on climate change. Japan and the U.S. were the countries with the headquarters of the most 'A List' companies individually, while regionally, Europe as a bloc was home to the highest number. Companies are coming under pressure from customers and investors to step up efforts to help slow climate change in accordance with the 2015 Paris climate agreement to phase out greenhouse gas emissions by shifting away from fossil fuels.
Microsoft has confirmed a security flaw affecting Internet Explorer is currently being used by hackers, but that it has no immediate plans to fix. Microsoft said all supported versions of Windows are affected by the flaw, including Windows 7, which after this week no longer receives security updates. The vulnerability was found in how Internet Explorer handles memory.
Shares of Google parent Alphabet Inc. (GOOGL) have jumped 9% in 2020 to help it ascend into the $1 trillion market cap club. Is it time to buy?
(Bloomberg) -- Major technology and internet companies have long fueled the U.S. stock market’s climb to record levels, but that trend has come with one notable exception: Amazon.com Inc., which has languished in a fairly narrow trading range for months.Amazon shares haven’t notched an all-time high since September 2018, in contrast to mega-cap peers like Apple, Microsoft, Alphabet and Facebook, which have been hitting records on a near-daily basis. Many of these names experienced pronounced draw-downs over the past year and a half, mostly due to disappointing earnings reports or outlooks. But they regained their momentum last year, as their growth assuaged investor caution. Amazon, however, remains about 8.5% below its own peak.Because of its long-term prospects, Amazon is about as close as a stock can be to a consensus choice among Wall Street firms. Over the near term, though, it is “the most hotly debated among investors” as “debates persist on both AWS and next day shipping efforts,” according to UBS analyst Eric Sheridan, referring to its Amazon Web Services cloud-computing business.Since the start of 2019, Amazon shares are up about 24%, below the 32% rise of the S&P 500, as well as the much larger gains seen in other bellwethers. Microsoft and Facebook are both up more than 60% since the start of last year, while Apple has doubled. The rally resulted in trillion-dollar valuations for Apple, Microsoft and Google-parent Alphabet, a milestone that Amazon briefly eclipsed in 2018.The underperformance reflects concerns over Amazon’s earnings trends, even as it has continued to grow revenue at a double-digit clip. Major investments into initiatives like one-day shipping are seen as headwinds, and shares “may be range bound ‘tactically’” given the impact of this spending, Morgan Stanley wrote on Thursday. The firm added that “near-term profitability is likely to still disappoint” because of these investments, even as it sees the effect as temporary and one-day shipping deepening Amazon’s competitive moat within e-commerce.Another key issue is the waning dominance of Amazon Web Services, which has long been a major driver for earnings and margins, but has faced growing competition from rivals like Alphabet and especially Microsoft. According to Bloomberg Intelligence, which cited IDC data, Amazon Web Services was 12 times larger than Microsoft’s cloud business in 2014. By 2018, the most recent year for which data is available, it was just four times larger.James Bach, an analyst at Bloomberg Intelligence, wrote that Amazon was particularly facing “stiffer competition” with government contracts. “Microsoft’s extensive sales experience, installed base within U.S. agencies and broad range of edge-computing products all make a compelling offering,” he wrote. Microsoft is “uniquely positioned to claim market share as federal agencies upgrade and secure IT systems.”In October, Microsoft beat out Amazon for a $10 billion Pentagon cloud contract, a deal Amazon had been seen as the favorite to win. The company subsequently claimed it lost the contract because of political interference by President Donald Trump, and filed a lawsuit challenging its validity.Amazon earlier this week named a new sales chief for AWS. Deutsche Bank wrote that the “magnitude of personnel changes” at AWS, along with rising competition, underscored the “increased risk of further deceleration” at the business.Separately, Morgan Stanley this week wrote that a quarterly survey of chief investment officers suggested some cause for caution about AWS growth. “Quarterly survey results can be volatile, but AWS saw a notable [quarter-over-quarter] drop in net expected budget share gains” over the next three years, analyst Brian Nowak wrote. “It will be important to continue to monitor these metrics going forward as we think about AWS forward growth.”Amazon is expected to report fourth-quarter results later this month. According to data compiled by Bloomberg, Wall Street is looking for revenue growth of nearly 19% and expecting net income to fall by nearly a third. AWS revenue is seen growing more than 30% on a year-over-year basis, according to a Bloomberg MODL estimate.Wall Street remains almost unanimously positive on the stock. According to data compiled by Bloomberg, 53 firms recommend buying the stock, compared with the four with a hold rating. None advocate selling the shares.To contact the reporter on this story: Ryan Vlastelica in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Steven Fromm, Janet FreundFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Is it possible that market breadth is so good that it's bad? Absolutely! It's called being overbought from an internal standpoint -- and sometimes leads to a quick and dirty reset to the downside. But we also can rephrase this. "Is it possible that market breadth is so bad, that it's good?" Certainly! It's called a washout -- and usually is associated with an intermediate- to longer-term bottom. In a bull market, we'll take strong market-breadth statistics over not so strong any day. What's giving us pause is that the largest sector, Technology, is again leading in early 2020 and is about as extended internally as it can get.
The long-running contest between Microsoft and its Teams service and Slack's eponymous application continued this morning, with Redmond announcing what it describes as its first "global" advertising push for its enterprise communication service. Enterprise productivity software, of course, is a large percentage of Microsoft's bread and butter. Slack owns that record, having welcomed Microsoft to its niche in a print ad that isn't aging particularly well.
Tractor Supply (TSCO) is set to launch Triple Crown premium horse feed products. The move is likely to aid the top line and revive the stock's performance.
* Poland's CD Projekt shares slump 12% Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Julien Ponthus. While the spotlight is on the STOXX 600 new record of 424.54 points, let's not forget to cast a wary eye towards Paris and Frankfurt where big milestones seem ripe for the picking. At 6,109 points, its session high so far, the CAC 40 was 0.95% from its ante financial crisis high hit on June 1, 2007.
Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Julien Ponthus. With Alphabet hitting the trillion-dollar mark, its worth noting that Wall Street's top five listed companies -- Apple, Microsoft, Alphabet, Amazon and Facebook -- are actually worth more than Europe's top 50 stocks. The 'fantastic five', as they are called by Vincent Deluard at INTL FCStone, have a combined market cap of about 5.3 trillion dollars, so roughly 4.7 trillion euros.