TheChek News Flow

Semiconductor stocks tumbled across Asia, dragging regional equities lower, as investors became more skeptical that the artificial intelligence-driven rally can withstand lofty valuations. Oil climbed. South Korea’s Kospi index — a bellwether for AI investments — slumped as much as 7.6%, with SK Hynix Inc. and Samsung Electronics Co. leading losses ahead of a holiday in Seoul Friday. A 3% drop in Japan’s Nikkei 225 Stock Average compounded the selloff, dragging MSCI’s Asia Pacific equities gauge down 1.4% and ending a two-day winning streak. Investors remained cautious after The Information reported that ASML Holding NV — a linchpin of the semiconductor supply chain — plans to raise prices. Attention now turns to Taiwan Semiconductor Manufacturing Co.’s earnings later Thursday for a fresh read on the AI buildout. Also weighing on the mood, Brent crude rose for a fourth day to near $85.50 a barrel after the US launched fresh airstrikes on Iran. The latest attacks added to concern that escalating Middle East tensions will further disrupt energy supplies. The durability of the AI rally remains in focus as the earnings season tests lofty chip-sector valuations after a blistering advance earlier this year. While bouts of profit-taking are typical after such gains — the Kospi has surged more than 60% this year — investors are watching closely for signs of slowing demand for AI infrastructure or weaker-than-expected guidance. In other corners of the market, Australian and New Zealand government bonds advanced after softer-than-expected US producer price inflation for June drove a Treasuries rally on Wednesday and prompted traders to further scale back expectations for Federal Reserve interest-rate increases. A Bloomberg gauge of the dollar was little changed after two days of losses that were fueled by bets the Fed won’t be under pressure to raise interest rates. Gold fell almost 1% to about $4,025 an ounce, snapping two days of gains. Semiconductors remained firmly in focus, with a gauge of Asian chipmakers tumbling 3.3% and heading for its lowest close in a month. Earlier, the head of Korea’s Financial Services Commission said South Korea will soon announce measures regarding the leveraged exchange-traded funds tied to shares of Samsung Electronics and SK Hynix that have fueled a surge in market volatility. The leveraged ETFs launched just two months ago multiply daily moves in the underlying stocks by two times. They’ve been blamed by many market participants for intensifying swings due to the daily rebalancing flows required to maintain their promised return ratios. In geopolitical news, the US-Iran interim peace deal signed around a month ago has all but collapsed over the past week as the two sides feud over control of the vital strait, through which Saudi Arabia, Qatar, the United Arab Emirates and others send most of their energy exports. The latest attacks come as US President Donald Trump pledged to intensify the bombardment until Tehran stops attacking ships in the Strait of Hormuz and agrees to open the waterway. While inflation reports this week eased concerns over near-term Fed rate hikes, the escalating conflict in the Persian Gulf has revived fears over energy supplies from the region. US After Hours UAL -2.4% lower on earnings; JBHT +7.4%, HOMB +2.4% higher on earnings; EOSE +11.4% selected for Golden Dome contract; ASTS -12.7% as it launches $1 bln convertible notes offering, ATAI +65% on potential LLY interest.

Nikkei -3.02% Hang Seng +2.16% CSI -1.36% Kospi -6.10% Shanghai -1.34% Shenzen -1.08%

Eur$ 1.1467 CNH 6.7683 CNY 6.7678 JPY 162.09 GBP 1.3535 CHF 0.8057 RUB 77.5000 TRY 47.0467 WTI$ 79.91 +0.13% Gold 4,029 +0.00% BTC 64,580 -0.44% ETH 1,922 +0.14%

S&P +0.05% Nasdaq +0.01% EuroStoxx +0.22% FTSE -0.34% Dax +0.04% SMI

Macro :
- Euro to Be Dragged Down by Elections, Terms of Trade: Macro View

- Nvidia’s Huang Courts Japanese Suppliers With Kanda Pork Skewers

- Japan’s Robot Makers Join Nvidia’s Physical AI Cosmos Coalition

Keep an eye on :

- AL2SI FP : 2CRSi Gives Detailed Response to Allegations in Grizzly Report

- ABBN SW : ABB 2Q Operating Ebita Beats Estimates

- ABBN SW : ABB Agrees to To Buy Rotork for 503 Pence/Share in Cash

- ACAD SS : Academedia Prelim 4Q Net Sales SEK5.66B

- ALIFB SS : AddLife 2Q Sales Above Estimates

- AIR FP : Airbus Set to Win A330 Jet Deals from Flynas, Condor

- AKBM NO : Aker Plans Merger With Aker Biomarine, to Make NOK105/Shr Offer

- AKER NO : Aker 2Q Net Assets NOK106B Vs. NOK110B Q/Q

- AKER NO : Aker Plans Merger With Aker Biomarine, to Make NOK105/Shr Offer

- ALMB DC : Alm Brand 2Q Pretax Profit Beats Estimates
- ASML NA : ASML Plans Price Increases on Chipmaking Equipment: Information

- ATAI US : Lilly Said to Near Deal for Psychedelic Drugmaker AtaiBeckley

- ATCOA SS : Atlas Copco Buys Chinese Maker of Heating. Cooling Solutions

- BMAG AV : BAJAJ Mobility Prelim 1H Ebitda Margin About 5.4%

- BERGB SS : Bergman & Beving 1Q Revenue Above Estimates

- BMW GY : Repsol, Toyota, BMW and Bosch Launch Renewable Gas Car Pilot

- BA/ LN : US Approves Possible $1.96b Weapon System Sale to Saudi Arabia

- BRG NO : Borregaard 2Q Ebitda Beats Estimates

- CIBUS SS : Cibus Real Estate 2Q Net Oper Income EU45.1M Vs. EU39.1M Y/y

- CITY LN : UK Broadband Firm CityFibre to Eliminate 18% of Employees

- CSQR US : Data Center Firm Csquare Is Said to Price IPO at $21 Per Share

- DCC LN : DCC Extends KKR, ECP Firm Offer Deadline to July 16

- DHER GY : *UBER OFFERS TO BUY DELIVERY HERO FOR €41.50 PER SHARE IN CASH

- DECB BB : Gramo Launches Mandatory Cash Takeover Bid on Deceuninck

- LLY US : Lilly Said to Near Deal for Psychedelic Drugmaker AtaiBeckley

- EOSE US : Eos Energy surges after winning Golden Dome contract from Pentagon

- ESSITYA SS : Essity 2Q Revenue Beats Estimates

- EXA FP : Exail to supply a European navy with a light, rapidly deployable MCM system

- FSKRS FH : Fiskars 2Q Comparable Ebit Misses Estimates

- GRNG SS : Granges 2Q Adjusted Operating Profit Beats Estimates

- GTT FP : GTT Gets Order From HD KSOE for Tank Design of Two LNG Carriers

- GUBRA DC : Gubra Partner Starts Phase 2 Trial for Experimental Obesity Drug

- HPUR NO : Hexagon Purus 2Q Revenue Misses Estimates

- HYQ GY : Hypoport 2Q Total Transaction Volume on Europace EU18.04B

- 7012 HK : Nvidia, Kawasaki Heavy to Build Shipyard in Japan: Nikkei

- JJ US : J&J’s Quarterly Sales Beat on Strong Demand for Its Newest Drugs

- 7011 JP : MHI Delivers Test Cooler, Eyeing Nvidia AI-Factory Compatibility
- KER FP : Kering Names Spitzer CEO of Bottega Veneta

- KOA NO : Kongsberg Automotive 2Q Revenue Beats Estimates

- MSABB SS : Micro Systemation Reports 2Q EPS of SEK 0.51

- MIPS SS : Mips 2Q Net Sales Beat Estimates

- NDA FH : Nordea Bank 2Q Net Interest Income Matches Estimates

- NOVOB DC : Novo Nordisk Gets EU Approval for Wegovy Pill for Weight Control

- ORX SS : Orexo 2Q Revenue Misses Estimates

- PGHN SW : Partners Group Assets Under Management $186B

- PRICB SS : Pricer 2Q Sales Beat Estimates

- PUB FP : Publicis Narrows FY Organic Revenue Forecast

- REC IM : Recordati Board Deems CVC’s Offer to Be Fair by 6-4 Vote

- REP SM : Repsol, Toyota, BMW and Bosch Launch Renewable Gas Car Pilot

- ROR LN : ABB Agrees to Buy Rotork for 503 Pence/Share in Cash - 72.97% premium vs yesterday close

- SCANFL FH : Scanfil 2Q Adjusted Net Income Misses Estimates

- SFZN SW : Siegfried Names Eduardo Montanha as COO Effective Sept. 1

- SW FP : Sodexo Targets Organic Rev. Growth Above 5% by 2030

- STDN US : Standard Nuclear Prices IPO at $15 Per Share

- SUPR LN : Supermarket Income Share Offering Prices at £0.83/Share

- TEL2B SS : Tele2 2Q Adj. Ebitdaal Meets Estimates; Reiterates FY Guidance

- 72030 JP : Nvidia Expands Toyota AI Partnership for Smart Cities, Factories

- 2330 TT : TSMC 2Q Net Income Beats Estimates, TSMC Beats Lofty Estimates in Latest Sign of Sustained AI Demand

- UBER US : Uber Offers to Buy Delivery Hero for €41.50 Per Share in Cash

- UAL US : United Lifts Outlook as Travel Demand Buffers Higher Costs

>>> Up

* Almirall Raised to Buy at Bestinver; PT 12.50 euros (+)

* B&M European Raised to Hold at Deutsche Bank; PT 185 pence

* Elisa Raised to Buy at Nordea; PT 39 euros

* Flow Traders Raised to Hold at ING; PT 25.89 euros
* Hexatronic Raised to Buy at SEB Equities; PT 50 kronor

* Inwido Raised to Buy at SEB Equities; PT 190 kronor

* Klepierre Raised to Outperform at Oddo BHF; PT 40 euros

* NextEnergy Solar Raised to Hold at Canaccord

* Nokia Raised to Buy at SEB Equities; PT 12 euros

* Odfjell Drilling Raised to Buy at Fearnley; PT 106 kroner (+)

* Richemoent PT raised from 180 to 220 CHF at Kepler Cheuvreux

* Schaeffler Raised to Neutral at UBS; PT 8.10 euros

* Seco Raised to Outperform at Mediobanca SpA; PT 4.20 euros

>>> Down

* Anora Cut to Reduce at Inderes; PT 3.70 euros

* Comet Cut to Hold at Research Partners; PT 436 Swiss francs (+)

* Evotec Cut to Hold at Berenberg; PT 3.60 euros

* Handelsbanken Cut to Sell at Citi; PT 118 kronor (+)
* Pentair Cut to Hold at Stifel; PT $65

* Solstad Maritime Cut to Hold at SEB Equities; PT 29 kroner

>>> Initiation

* Airbus Rated New Buy at Banco BTG Pactual; PT 240 euros
* De' Longhi Rated New Buy at Goldman; PT 51 euros

* Fresenius Medical Care Rated New Market Perform at Bernstein (+)

* Hikma Rated New Buy at Citi; PT 1,700 pence

* Sidetrade Rated New Strong Buy at Portzamparc; PT 200 euros (+)

>>> Call

* De’ Longhi Initiated Buy at Goldman on Exposure to Coffee Growth (+)

* Evotec Gets Cut to Hold at Berenberg on Low Earnings Visibility (+)

* Fresenius Medical Care Rated New Market Perform at Bernstein (+)

* Hikma Rated New Buy at Citi on Strategy, Compelling Entry Point (+)

* Richemont Lifted at RBC as Jewelry Strength ‘Too Good to Ignore’ (+)
* SpaceX, AST SpaceMobile, Rocket Lab Initiated at Piper Sandler

TheChek News Flow

(BN) DeepSeek Champions China’s Bid to Flood the World With Cheap AI

(BFW) Alphabet Sinks on Gemini Delay Report, Struggles At 50-Day

>>> Stoxx 600 Pre-Market Indications

(BN) *UBER TO BUY DELIVERY HERO FOR €41.50/SHARE

>>> Europe : Brokers Upgrades & Downgrades - 16th of July 2026

>>> What to look at today - 16th of July 2026

>>> Europe : Brokers Upgrades & Downgrades - 16th of July 2026 V2(+)

(BFW) ABB Agrees to To Buy Rotork for 503 Pence/Share in Cash

(BFW) Aker Plans Merger With Aker Biomarine, to Make NOK105/Shr Offer

>>> TradeGate Pre-Market Indications