TheChek News Flow

Global equities extended their record rally as momentum in technology shares accelerated and geopolitical tensions eased. Oil slipped. The MSCI All Country World Index, the broadest measure of global equities, rose for a sixth straight day to a record. MSCI’s Asian benchmark climbed 1.1% to an all-time high, led by South Korea’s Kospi Index, whose 100% surge this year made it the world’s top-performing equity gauge. Chip shares advanced, with SK Hynix Inc. extending its 12-month gain to over 1,000% and becoming the third Asian company to hit the $1 trillion market-capitalization milestone. Equity-index futures signaled modest gains for the S&P 500 and the Nasdaq 100 after the Wall Street benchmarks closed at record highs. Chipmakers led the charge in the US, with Micron Technology Inc. surging 19% to top $1 trillion in market value. European shares were also set to gain at the open. Elsewhere, Brent crude oil dropped 1.6% to about $98 a barrel on expectations for the US and Iran to sign a peace deal. Treasuries extended their gains, sending the yield on the benchmark 10-year lower by one basis point to 4.47%. The dollar was weaker against most of its Group-of-10 peers, slipping most against the Kiwi after the Reserve Bank of New Zealand signaled it will most likely need to raise interest rates. The moves reinforced momentum behind the AI trade, with investors betting chipmakers will capture an outsized share of spending tied to the global AI buildout. Optimism that the Middle East conflict is moving toward a resolution also helped propel global equities to fresh highs, as traders speculate easing geopolitical risks could temper inflation pressures. “The war premium is fading, but the AI premium is still building,” said Hebe Chen, an analyst at Vantage Global Prime. That’s “opening a wider runway for the rally and rewarding the FOMO trade with fresh record highs.” While tech dominated, traders were also paying attention to the developments in the Middle East. President Donald Trump said talks to extend a ceasefire and reopen the Strait of Hormuz are proceeding. Secretary of State Marco Rubio cautioned that any accord would likely take a few days to finalize.  Still, security in the waterway remained unclear after the two sides exchanged strikes overnight and US Central Command pushed back on reports that suggested the military was helping escort vessels. In other corners of the market, the Japanese yen traded around the 159 level against the dollar, keeping traders on alert for the risk of intervention by authorities to prop up the currency.  However, the currency is poised to strengthen against the dollar, reversing months of underperformance and threatening to upend a popular trade that relies on a weak yen, according to Eurizon SLJ Capital’s Stephen Jen.  The focus in Asia remained squarely on chipmakers, with SK Hynix seen at the center of the global AI buildout as a gauge of regional semiconductor shares climbed to a record. Memory chips have emerged as a critical bottleneck determining how quickly data centers can expand capacity. Investors and analysts expect memory chip shortages to last through 2027, giving SK Hynix and rivals Samsung Electronics Co. and Micron unusual pricing power over the world’s largest technology companies. SK Hynix became only the third Asian company to reach a $1 trillion valuation, joining Taiwan Semiconductor Manufacturing Co. and Samsung, which crossed the milestone earlier this month. 

Macro :

- BNP Expects Up to $20 Billion of US Stock Sales: Equity Insight
- EU April Car Registrations Rise 5.1% Y/y to 0.972m Units

- Trump appoints Bondi to White House AI panel

- SEC Chairman Eyes ‘Gun-Jumping’ Rule Changes to Spur More IPOs

- FTSE Russell Approves Changes for IPO Fast-Entry

- Beer Stocks Slide as Industry Data Reveals Slumping Sales

Keep an eye on :

- ABI BB : Beer Stocks Slide as Industry Data Reveals Slumping Sales

- AIR FP : China Stalls Airbus Deliveries to Pressure Europe on Comac Jets

- AMZN US : NASA Taps Bezos’ Blue Origin, Firefly for Moon Base Contracts

- AMS LN : HB Fuller Says in Talks With Advanced Medical Solutions

- AT1 GY : Aroundtown 1Q Adjusted Ebitda EU250.2M Vs. EU251.1M Y/y

- ASSAB SS : Assa Abloy Offering by Latour Prices at SEK330/Share

- BNP FP : BNP Expects Up to $20 Billion of US Stock Sales: Equity Insight

- BBD/B CN : Bombardier Hits 2002 Levels on Australian Jet Supply Deal (1)

- BP/ LN : BP’s Ousted Chairman Manifold Disputes Accusations of Wrongdoing

- BP/ LN : BP Chair Who Sped Up Company’s Turnaround Is Fired Over Conduct

- CAP FP : Capgemini Sees ‘25-‘28 3Y Rev. CAGR at Constant Fx +5.5% to 7.5%

- CEC GY : EU Set to Investigate JD.com’s Takeover of Ceconomy: FT - Full Article

- APPS US : Digital Turbine 2027 Revenue Forecast Beats Estimates (+15% in After Hours)

- DD US : Dupont Plans Reverse Stock Split, Reaffirms 2026 Guidance

- EAGLES FH : Eagle Filters Group Offers Up to 28.6m Shares at EU0.07/Share

- ENI IM : ENI TO GET $15B FINANCING FOR ASIA GAS JV: MESSAGGERO

- ERA FP : Eramet Appoints Simon Henochsberg as CFO

- FLY US : Firefly Aerospace, Holders Offer 12m Shares

- FLY US : NASA Taps Bezos’ Blue Origin, Firefly for Moon Base Contracts

- GFL US : GFL, Secure Win Shareholder OK for Merger in Defeat for Abrams

- GIMB BB : GIMV Portfolio Value Increases to More Than €2.2B in 1Q

- GFS US : Mubadala Said to Offer $1.91 Billion GlobalFoundries Share Block (-4.6% in After Hours)

- HNSA SS : Hansa Biopharma Says Primary Objective of Idefirix PAES Was Met

- HEIJM NA : Heijmans Wins €83m Contract to Renovate Heerhugowaard Prison

- IDR SM : Indra Names New CEO in Latest Shakeup of Top Spain Defense Firm

- ISS DC : ISS Secures 7-Year Contract With West Sussex County

- KNDS IPO : KNDS on Track For Initial Public Offering as Sales Surge

- LAMDA GA : Lamda to Issue Common Bond Loan of as Much as €350 Million

- LATOB SS : Assa Abloy Offering by Latour Prices at SEK330/Share

- LULU US : Lululemon Nears Deal to End Proxy War With Chip Wilson: Rtrs

- MPCC NO : MPC Container Ships 1Q Revenue Beats Estimates

- NTGY US : CVC Set to Exit €3.8 Billion Stake in Spain’s Naturgy, Naturgy Offering by Holder Prices at EU28.55/Share

- NVDA US : Taiwan Said to Suspect Nvidia Chips Smuggled to China Via Japan

- OXY US : Occidental Takes Stake in Exxon’s Trinidad Deepwater Block: Rtrs
- PST IM : Poste Italiane CEO Sees Telecom Italia Deal Completion By 3Q

- REP SM : Repsol Moves Up Ranking of Europe’s Top Renewable Fuel Makers

- CRM US : Salesforce Earnings to Focus on AI Growth Potential: Preview

- 005930 KS : Samsung Union Votes in Favor of Deal, Averting Chip Plant Strike

- WAF GY : Siltronic Holder Wacker Chemie Offers 1.8m Shares: Terms

- GLE FP : SocGen’s Bini Smaghi Says More Work to Be Done on Costs: Echos

- SOP FP : Sopra Steria Starts €40 Million Share Buyback Program

- SATL US : Mnuchin’s Liberty Strategic Said to Offer 10m Satellogic Shares

- 9984 JP : SoftBank Picks Banks for SB Energy, Roze IPOs: RtrsEU Set to Investigate JD.com’s Takeover of Ceconomy: FT

- SPCX US : US Space Force Awards $2.29b Contract to SpaceX

- SPCX US : SpaceX IPO Gets Another Greenlight Toward Faster Index Inclusion, FTSE Russell Approves Changes for IPO Fast-Entry

- SPCX US : Elon Musk's Tesla-SpaceX Merger Chatter Gets Louder

- TIT IM : Poste Italiane CEO Sees Telecom Italia Deal Completion By 3Q

- TSLA US : Elon Musk's Tesla-SpaceX Merger Chatter Gets Louder (+1% in after hours)

- TTE FP : Mozambique Disputes $2 Billion Claims for Total LNG Project

- VOLCARB SS : Volvo Car Avoids US Ban on Connected Vehicles Tied to China (+3% in After Hours)

- WBD US : DOJ Appears Set to Approve Paramount’s Warner Bros Bid: Semafor

- WCH GY : Siltronic Holder Wacker Chemie Offers 1.8m Shares: Terms