Deutsche Bank upgraded Azimut Holdings from a hold rating to a buy rating and raised its 12-month price target to €46. ^[1] Germany's DAX rose 0.17% to 26,046.4 points on the trading day covered by the report, outperforming other European indices after three days of losses, supported by cautious statements from US Federal Reserve officials and positive German macroeconomic data. ^[2] Germany's Federal Statistical Office (Destatis) reported that German industrial orders rose 2.5% month-on-month in July, well above the 0.3% market expectation, and rose 13.1% year-on-year. ^[3] On the trading day covered by the report, European indices closed mixed: the Stoxx Europe 600 rose 0.12% to 649.88 points, France's CAC 40 fell 0.09% to 8,278.77 points, Italy's FTSE MIB fell 0.28% to 52,100.43 points, and the UK's FTSE 100 closed flat. ^[4] Volkswagen shares rose nearly 7% intraday on the trading day covered by the report, becoming the top gainer on the DAX, after comprehensive restructuring measures were approved; its main shareholder Porsche SE shares rose 4%. ^[5] Azimut Holdings achieved double-digit growth in recurring revenues and recurring net profit during the first half of 2026. ^[6] Azimut Holdings announced a share buyback programme and a capital return framework targeting the distribution of approximately 25% of market capitalisation over 2026 and 2027. ^[7] Investing.com reported that Azimut stock surged 3.6% during the trading session to trade at €39.26. ^[8] European stock markets opened with mixed movements on September 4, 2026, as investors awaited US employment data. ^[9] Volkswagen shares rose by approximately 6% following the approval of a restructuring plan that involves cutting 50,000 jobs. ^[10] Brent crude oil prices remained above $95 per barrel amid the geopolitical tensions. ^[11] The German DAX index increased by 0.23% to 26,067.64 points by 10:50 AM local time. ^[12]