Yorkville Ives initiates coverage of ALPHABET (GOOG.O) with an Outperform rating and a PT of $400.

Germany's industrial output rose 2.0% MoM in August, the largest monthly increase since March last year, reversing July's decline and beating economists' 0.5% forecast, DESTATIS said. The gain was led by construction; output excluding construction and energy also recorded a notable increase. Capital goods production was particularly strong while motor vehicle output declined. The government is directing tens of billions of euros into infrastructure and defense to revive growth—measures that have lifted factory orders in recent months but added order volatility.

German Handelsblatt reports Germany and France are seeking to further relax plans to phase out internal-combustion-engine vehicles. Merz and Macron reached an agreement on the auto sector: France conceded on ICE phase-out timing/scope, and Germany agreed to soften its "buy European products" procurement requirement.