DAX:
- Infineon (IFX TH) +2.2%
- Zalando (ZAL TH) +2.1%
- Siemens (SIE TH) +2%
- BASF (BAS TH) +2%
- SAP (SAP TH) +1.8%
- BMW (BMW TH) flat
- BMW Cut to Underperform at BNPP Exane; PT 63 euros
- Rheinmetall (RHM TH) -1.2%
MDAX:
- TUI (TUI1 TH) +4.7%
- Lufthansa (LHA TH) +3.3%
- Fraport (FRA TH) +3%
- Kion (KGX TH) +2.7%
- Stroeer (SAX TH) +2.4%
- Hensoldt (HAG TH) -2.2%
- RENK Group (R3NK TH) -2.7%
SDAX:
- SFC Energy (F3C TH) +2.8%
- Hornbach Holding (HBH TH) +2.3%
- Hornbach Holding 1Q Sales EU1.91B Vs. EU1.81B Y/y
- SAF-Holland SE (SFQ TH) +2.1%
- MLP (MLP TH) +2%
- Heidelberger Druck (HDD TH) +1.8%
>>> Up
* Estee Lauder Raised to Buy at Deutsche Bank; PT $95
* Evercore Raised to Overweight at Morgan Stanley; PT $312
* Freenet Raised to Buy at M.M. Warburg; PT 34.40 euros (+)
* Gjensidige Raised to Neutral at Citi; PT 251.20 kroner
* Moelis & Co Raised to Overweight at Morgan Stanley; PT $68
* Moelis & Co Raised to Overweight at Morgan Stanley; PT $68
* Rolls-Royce PT Raised to 1,040 pence from 900 pence at JPMorgan
* UCB Raised to Overweight at Morgan Stanley; PT 220 euros
>>> Down
>>> Down
* Air Liquide Cut to Underperform at BofA (+)
* Aker BP Cut to Hold at SEB Equities; PT 283 kroner
* DEME Group Cut to Neutral at Oddo BHF; PT 135 euros
* Equinor Cut to Hold at SEB Equities; PT 305 kroner
* Getinge PT Cut to 182 kronor from 191 kronor at Morgan Stanley
* Hensoldt Cut to Sell at Citi; PT 88 euros (+)
* Munich Re Cut to Underweight at Morgan Stanley; PT 528 euros
* RENK Group Cut to Sell at Citi; PT 61 euros (+)
* Saab Cut to Sell at Citi; PT 374 kronor (+)
* Swiss Re Cut to Underweight at Morgan Stanley
* Swiss Re Cut to Underweight at Morgan Stanley
* Uniphar Cut to Hold at Deutsche Bank (+)
>>> Initiation
>>> Initiation
* AMRIZE RATED NEW HOLD AT BANK VONTOBEL, PT CHF50 (+)
* Boyd Gaming Reinstated Neutral at JPMorgan; PT $79
* Caesars Entertainment Reinstated Overweight at JPMorgan; PT $47
* Choice Hotels Reinstated Underweight at JPMorgan; PT $124
* Deutsche Telekom Rated New Buy at Baptista Research (+)
* DraftKings Reinstated Overweight at JPMorgan; PT $50
* Grenergy Renovables Rated New Outperform at Mediobanca SpA
* Harworth Rated New Buy at Jefferies; PT 210 pence
* Henry Boot Rated New Buy at Jefferies; PT 262 pence
* Hilton Worldwide Reinstated Overweight at JPMorgan; PT $282
* Host Hotels Reinstated Neutral at JPMorgan; PT $16
* Las Vegas Sands Reinstated Neutral at JPMorgan; PT $47
* Linde Rated New Buy at Baptista Research
* Marriott Intl Reinstated Neutral at JPMorgan; PT $284
* MGM Resorts Reinstated Neutral at JPMorgan; PT $38
* Napatech Rated New Buy at SpareBank; PT 45 kroner
* Nivika Rated New Buy at Pareto Securities; PT 47 kronor
* Park Hotels Reinstated Underweight at JPMorgan; PT $10
* Pfisterer Holding Rated New Buy at Berenberg; PT 49 euros
* Rheinmetall Rated New Buy at Baptista Research (+)
* Pfisterer Holding Rated New Neutral at Oddo BHF; PT 42 euros
* Seplat Energy Rated New Buy at Canaccord; PT 450 pence (+)
* Serica Rated New Buy at Shore Capital; PT 221 pence
* Siemens Rated New Buy at Baptista Research; PT 274.90 euros (+)
* Siemens Healthineers Rated New Buy at Baptista Research (+)
* Thule Rated New Hold at Baptista Research; PT 300.90 kronor
* Thule Rated New Hold at Baptista Research; PT 300.90 kronor
* Wyndham Hotels Reinstated Overweight at JPMorgan; PT $101
* Wynn Resorts Reinstated Overweight at JPMorgan; PT $109
>>> Call
>>> Call
* Gjensidige Raised at Citi on Improvement in Frequency Loss Ratio
* Golden Era Reaching an End for Reinsurers, Morgan Stanley Says
* Golden Era Reaching an End for Reinsurers, Morgan Stanley Says
* UCB Offers Compelling Entry Point, Morgan Stanley Upgrades
* Vontobel Initiates Holcim’s US Spinoff Amrize With Hold (+)
>>> Up
* Estee Lauder Raised to Buy at Deutsche Bank; PT $95
* Evercore Raised to Overweight at Morgan Stanley; PT $312
* Gjensidige Raised to Neutral at Citi; PT 251.20 kroner
* Moelis & Co Raised to Overweight at Morgan Stanley; PT $68
* Moelis & Co Raised to Overweight at Morgan Stanley; PT $68
* Rolls-Royce PT Raised to 1,040 pence from 900 pence at JPMorgan
* UCB Raised to Overweight at Morgan Stanley; PT 220 euros
>>> Down
>>> Down
* Aker BP Cut to Hold at SEB Equities; PT 283 kroner
* DEME Group Cut to Neutral at Oddo BHF; PT 135 euros
* Equinor Cut to Hold at SEB Equities; PT 305 kroner
* Getinge PT Cut to 182 kronor from 191 kronor at Morgan Stanley
* Munich Re Cut to Underweight at Morgan Stanley; PT 528 euros
* Swiss Re Cut to Underweight at Morgan Stanley
>>> Initiation
* Swiss Re Cut to Underweight at Morgan Stanley
>>> Initiation
* Boyd Gaming Reinstated Neutral at JPMorgan; PT $79
* Caesars Entertainment Reinstated Overweight at JPMorgan; PT $47
* Choice Hotels Reinstated Underweight at JPMorgan; PT $124
* DraftKings Reinstated Overweight at JPMorgan; PT $50
* Grenergy Renovables Rated New Outperform at Mediobanca SpA
* Harworth Rated New Buy at Jefferies; PT 210 pence
* Henry Boot Rated New Buy at Jefferies; PT 262 pence
* Hilton Worldwide Reinstated Overweight at JPMorgan; PT $282
* Host Hotels Reinstated Neutral at JPMorgan; PT $16
* Las Vegas Sands Reinstated Neutral at JPMorgan; PT $47
* Linde Rated New Buy at Baptista Research
* Marriott Intl Reinstated Neutral at JPMorgan; PT $284
* MGM Resorts Reinstated Neutral at JPMorgan; PT $38
* Napatech Rated New Buy at SpareBank; PT 45 kroner
* Nivika Rated New Buy at Pareto Securities; PT 47 kronor
* Park Hotels Reinstated Underweight at JPMorgan; PT $10
* Pfisterer Holding Rated New Buy at Berenberg; PT 49 euros
* Pfisterer Holding Rated New Neutral at Oddo BHF; PT 42 euros
* Serica Rated New Buy at Shore Capital; PT 221 pence
* Thule Rated New Hold at Baptista Research; PT 300.90 kronor
* Thule Rated New Hold at Baptista Research; PT 300.90 kronor
* Wyndham Hotels Reinstated Overweight at JPMorgan; PT $101
* Wynn Resorts Reinstated Overweight at JPMorgan; PT $109
>>> Call
>>> Call
* Gjensidige Raised at Citi on Improvement in Frequency Loss Ratio
* Golden Era Reaching an End for Reinsurers, Morgan Stanley Says
* Golden Era Reaching an End for Reinsurers, Morgan Stanley Says
* UCB Offers Compelling Entry Point, Morgan Stanley Upgrades
The dollar and oil pared an early advance, as traders awaited Tehran’s response after Washington struck Iran’s nuclear sites over the weekend. A Bloomberg gauge of the greenback climbed 0.2%, while global crude benchmark Brent rose almost 2% after surging as much as 5.7%. Contracts for the S&P 500 declined around 0.3% and a gauge of Asian equities fell to the lowest since early June. Treasury yields ticked higher. Oil remained the primary focus as any disruption to traffic through the Strait of Hormuz, a major artery for global crude and natural gas, has raised the specter of a spike in energy prices. While Iran’s Foreign Minister Abbas Araghchi said the country reserves all options to respond, there haven’t yet been any signs of actual disruption to physical oil flows. Market reaction had been generally muted since Israel’s initial assault this month. Even after falling for the past two weeks, the S&P 500 is only about 3% below its all-time high from February. The dollar has climbed just over 1% since hitting a three-year low earlier this month. Whether this will hold depends a lot on Iran’s next move, according to some market watchers. If oil flows through the Strait of Hormuz were to drop by half for a month, and remained 10% lower for another 11, Brent would spike briefly to as much as $110 a barrel, according to Goldman Sachs Group Inc. Iran has vowed to impose “everlasting consequences” for the bombing. Meanwhile, Israel resumed its assaults, targeting military sites in Tehran and western Iran. The downside may be limited because some market participants have been preparing for a worsening conflict. The MSCI All Country World Index has pulled back 1.5% since Israel attacked Iran on June 13. Fund managers have reduced their stock holdings, shares are no longer overbought and hedging demand has increased, meaning a deep selloff is less likely at these levels. Meanwhile, credit spreads on Asian high-grade dollar bonds widened the most in five weeks. On the equities front, shipping stocks such as Ningbo Marine and Nanjing Tanker advanced on speculation that tanker freight rates may rise following the US airstrikes. Asian defense stocks rose while airline shares declined on the back of higher oil prices. Shares of Taiwan Semiconductor Manufacturing Co. retreated after the Wall Street Journal reported a US Commerce Department official has told top chip companies he wants to revoke waivers they have used to access American technology in China. Samsung Electronics Co. and SK Hynix Inc. also fell. Elsewhere, Federal Reserve Bank of San Francisco President Mary Daly on Sunday said she sees the central bank’s monetary policy stance as “in a good place” currently, with risks to its US employment and price stability mandates as roughly equal. Daly said she sees the central bank cutting rates in the fall, later than Governor Christopher Waller who said Friday he sees a move as soon as July. Traders will be parsing economic activity data in Europe and the US later Monday to gauge whether the US trade war has crimped factory output ahead of the July 9 reciprocal tariff deadline. European Central Bank President Christine Lagarde is also due to speak.
Nikkei -0.16%% Hang Seng +0.32%% CSI -0.07% Shanghai +0.29% Shenzen +0.48%
Eur$ 1.1483 CNH 7.1842 CNY 7.1815 JPY 146.52 GBP 1.3415 CHF 0.8188 RUB 78.50 TRY 39.7157 WTI$ 75.76 +2.67% Gold 3,366 -0.12% BTC 100,835 +1.28% ETH 2,237 +2.10%
S&P -0.18% Nasdaq -0.22% EuroStoxx -0.44% FTSE -0.35% Dax -0.56% SMI -0.75%
Macro :
- US ‘Obliterated’ Iran Nuclear Facilities, Trump Says in Address
- 5.1 Mag. Earthquake Strikes 36 KM SW of Semnan, Iran: USGS
- 5.1 Mag. Earthquake Strikes 36 KM SW of Semnan, Iran: USGS
- Orano Opposes Niger’s Plan to Nationalize Its Somair Uranium Ops
- Senate Weighs Effectively Killing Rule That Drove Rise of Fuel-Efficient Cars -- WSJ
Keep an eye on :
Keep an eye on :
- AAPL US : Apple Debates a Deal With Perplexity in Pursuit of AI Talent
- AAPL US : Apple Seals Movie Deal With Media Mogul Peter Chernin
- BK US : Bank of New York Mellon Approached Northern Trust to Discuss Potential Merger -- WSJ
- BNTX US : BioNTech Treatment Granted Orphan Drug Status by FDA
- BLK US : BlackRock managing director resigns
- BA U S: Boeing Starts Contract Talks With IAM Fighter Jet Workers
- BA U S: Boeing Starts Contract Talks With IAM Fighter Jet Workers
- CON GY : Continental’s Split Shows Germany’s Business Model Is Shifting
- EDF FP : EDF in Pact With Apollo to Issue Up To £4.5b bonds
- EDF FP : EDF May Curb French Nuclear Output From Monday Due to Heat
- LLY US : Lilly’s Experimental Obesity Pill Holds Up to Scrutiny in Trial
- ENI IM : Eni to Sell 20% Stake in Plenitude to Ares for About €2 Billion
- RF FP : Eurazeo Buys Majority Stake in SMP Energies; No Terms
- FNAC FP : Fnac Darty Eyes More Growth in Italy via M&A, CEO Tells Corriere
- HOT GY : Hochtief, Ionos Apply for EU AI Gigafactory Project
- HSBA LN : HSBC eyes AI bots to replace back office jobs
- IDIA SW : Idorsia to Receive Additional Milestone Payment for Quviviq
- IPR LN : Impresa Says It’s in Advanced Negotiations to Sell Building
- LLOY LN : Lloyds Banking Group moves £6bn pension fund in house
- LUNB DC : Lundbeck Says Vyepti Trial Shows Improvement in Chronic Migraine
- META US : Meta Discussed Buying Perplexity Before Investing in Scale AI
- NOVN SW : Novartis Says HSR Waiting Period for Regulus Offer Has Expired
- NOVOB DC : GLP-1s Poised for ‘Paradigm Shift’ in Heart Disease, BMO Says
- NOVOB DC : GLP-1s Poised for ‘Paradigm Shift’ in Heart Disease, BMO Says
- NOVOB DC : Novo Nordisk Advances Amycretin to Ph.3 Based on Early Trials
- NOVOB DC : Novo Says Trial Suggests Safe Swap to Its Hemophilia Drug
- PRX NA : Prosus Reports First Profit Under CEO Bloisi’s New Strategy
- RECSI NO : REC Silicon Warns of Urgent Financing Needs
- RGLS US : Novartis Says HSR Waiting Period for Regulus Offer Has Expired
- Revolut IPO : Revolut CEO May Win Musk-Style Payout at ~$150B Valuation: FT
- ROG SW : Roche’s Lunsumio Combo Significantly Prolongs Remission for LBCL
- ROG SW : Roche Says Early NXT007 Data Supports Progression Into Phase III
- RR/ LN : UK lobbies South Korea to switch to Rolls-Royce for new fighter jet programme
- MSTR US : AQR’s Asness Sides With Chanos in Critique of Saylor’s Strategy
- TSLA US : Tesla Says it Plans Capex of Around $8B in US This Fiscal Year
- TSLA US : Tesla Starts Long-Awaited Robotaxi Service With Low-Key Rollout
- 9983 JP : Uniqlo Parent Says France Unit Pursuing Turnaround Plan
- WOLF US : US semiconductor maker Wolfspeed to file for bankruptcy
- RENK Group (R3NK TH) +4.7%
- Hensoldt (HAG TH) +3.8%
- Babcock (BW3 TH) +2.9%
- Rheinmetall (RHM TH) +2.9%
- BAE (BSP TH) +2.5%
- Var Energi (J4V TH) +2.5%
- Leonardo (FMNB TH) +2.3%
- BP (BPE5 TH) +2.1%
- Maersk (DP4B TH) +2%
- Poste Italiane (7PI TH) +2%
- Italgas (I10 TH) -1.6%
- AXA (AXA TH) -1.7%
- Air Liquide (AIL TH) -1.7%
- Talanx (TLX TH) -1.7%
- Munich Re (MUV2 TH) -1.8%
- Golden Era Reaching an End for Reinsurers, Morgan Stanley Says
- Fuchs (FPE3 TH) -1.9%
- TUI (TUI1 TH) -2.1%
- Delivery Hero (DHER TH) -2.3%
- DNB Bank (D1NC TH) -2.3%
- Lufthansa (LHA TH) -2.6%
DAX:
- Rheinmetall (RHM TH) +2.5%
- Mercedes (MBG TH) -1.1%
- Siemens Energy (ENR TH) -1.1%
- Deutsche Bank (DBK TH) -1.5%
- Munich Re (MUV2 TH) -1.7%
MDAX:
- RENK Group (R3NK TH) +4.6%
- Hensoldt (HAG TH) +3.5%
- Talanx (TLX TH) -1.6%
- Lufthansa (LHA TH) -1.7%
- TUI (TUI1 TH) -2.3%
- Delivery Hero (DHER TH) -2.3%
SDAX:
- Deutsche Euroshop (DEQ TH) +2.3%
- Wacker Neuson (WAC TH) -1.5%
- Schaeffler (SHA0 TH) -1.6%
- Heidelberger Druck (HDD TH) -1.9%
- Kontron (KTN TH) -2%
- Borussia Dortmund (BVB TH) -3.3%
UK government to invest more than £500mn in quantum computing
Cash boost for technology with potential to transform areas ranging from industrial materials to communications security
The UK is to invest more than £500mn in emerging technology based on quantum physics that experts say has the potential to transform economic and national security.
The government’s support will be welcomed following questions about what would replace an ambitious Conservative pledge in 2023 to invest £2.5bn over 10 years and project Britain as a world leader in quantum technology.
The quantum industry’s backers say it will potentially transform areas ranging from the discovery of advanced industrial materials to the imaging of the human body. Quantum computers offer a route to improved communications security and one day may be able to break traditional encryption methods.
“Making sovereign quantum computing capacity is important for both national security and economic resilience,” said Gerald Mullally, interim chief executive of Oxford Quantum Circuits, a quantum computing company.
The government’s four-year investment in quantum computing is due to be announced on Monday as part of the broader industrial strategy, according to people familiar with the matter. That announcement is likely to be followed by news of further money for quantum technologies, adding to initiatives such as the £100mn announced last year for five new research hubs. The backing dovetails with the launch last year of a National Quantum Computing Centre to host machines “designed to push the boundaries of what is possible with the technology”.
Quantum was one of several science and technology strategies announced late in the last Conservative government that Labour has reviewed since taking office last July, partly to examine if funding was available.
Quantum technologies exploit how the behaviour of matter at the scale of atoms and their constituent particles can differ sharply from the physics of everyday objects we experience.
Quantum sensing has been tested as a possible method to more accurately locate London Underground trains. Quantum imaging is being developed to scan brain health, including for early signs of dementia.
Tom Grinyer, chief executive of the Institute of Physics, said quantum technologies would be “as much of a game-changer for humanity as artificial intelligence or the internet”.
“We cannot afford to let [the UK’s] advantage slip and the government must recognise quantum as the national priority it is, just like AI, data and green energy,” Grinyer said. “If we don’t invest, others will — and we risk being left behind in the post-quantum world.”
Another driver of government interest is the sales of British quantum-focused businesses to US companies. The acquisitions of Oxford Ionics and the quantum computing arm of Oxford Instruments have both been announced this month.
Lord Patrick Vallance, science minister, has spoken previously about the importance of supporting innovative UK science and tech companies to scale up independently.
UK official funding for quantum technologies was crucial because maintaining sovereignty in the sector had “never been more pertinent”, said Richard Murray, co-founder and chief executive of Orca Computing, which develops quantum machines.
“The global race for quantum computing is reaching prime time and we’ve seen several other countries put in sizeable commitments to make sure that they seize a share in this future market,” Murray said.