>>> What to look at today - 9th of July 2026

Oil climbed and government bonds fell after the US and Iran launched a fresh round of attacks, escalating tensions in the Middle East. Gold and silver declined. Brent rose 1.2% to $78.94 a barrel, on track for a third straight day of gains, as the US military completed an additional round of strikes against Iran. Asian shares pared their earlier advance to gain 0.1% as a rally in chip stocks lost momentum. Futures contracts for Wall Street gauges were little changed after fluctuating between gains and losses. Sovereign bonds fell in Japan, Australia and New Zealand, extending a slide in global debt on bets the Federal Reserve will raise interest rates to counter inflation. US Treasuries were little changed in Asia, after yields on the policy-sensitive two-year yield had approached the highest level this year on Wednesday. Gold slid for a fourth day, to trade around $4,060 an ounce, as the prospect of higher interest rates weakened the appeal of the non-yielding metal. Silver dropped 0.8% to $57.85 an ounce. The flare-up in Middle East tensions and surge in oil prices have reignited inflation concerns, prompting money markets on Wednesday to bring forward bets on the next Fed rate increase to October from December. That has added to pressure on markets already grappling with elevated stock valuations after this year’s rally in artificial intelligence shares. The “chaos trade is back on the table, with oil, gold and safe havens suddenly pulled back into focus,” said Hebe Chen, a market analyst at Vantage Global Prime. Traders remain focused on the bond markets after the selloff on Wednesday. Minutes of the Fed’s June 16-17 meeting, released Wednesday, showed that a few committee members saw a case for a rate increase, though they ultimately supported the decision to make no change.  The potential for higher oil prices to keep inflation elevated has guided monetary policy expectations since the US attacked Iran in late February, causing a supply shock. Veteran strategist Ed Yardeni also said the rupture in the ceasefire between the US and Iran risks sparking a fresh acceleration in price growth, which in turn may compel the Fed to raise rates. While benchmark oil prices remain well below their late-March peaks, they have climbed in recent days as fighting between the US and Iran resumed and President Donald Trump cast doubt on the durability of the ceasefire. Meanwhile, traffic through the Strait of Hormuz came to a near standstill on Thursday, after the US struck Iran for a second straight day. Observable movements in the world’s most vital energy conduit largely occurred along an Iran-approved route nearer to the waterway’s north, while the US-supported Omani corridor was quiet, ship-tracking data show. US After Hours AP +14.6% on customer order activity; AZZ +6.9% higher on earnings; LEVI -5.6% lower on earnings; COST -1.2% lower on June comps.

Nikkei +1.42% Hang Seng -0.98% CSI +1.25% Kospi +0.63% Shanghai +0.42% Shenzen +0.70%

Eur$ 1.1431 CNH 6.8002 CNY 6.7975 JPY 6.7975 GBP 1.3405 CHF 0.8068 RUB 76.3000 TRY 46.8735 WTI$ 74.52 +1.36% Gold 4,066 +0.12% BTC 62,211 +0.28% ETH 1,736 +0.20%

S&P +0.26% Nasdaq +0.34% EuroStoxx +1.21% FTSE +0.48% Dax +0.99% SMI +0.43

Macro :
- Low Level of Cash on Sidelines Is Worrying Sign: Equity Insight
- Switzerland’s Blue-Chip Stock Benchmark Adds Galderma and Sandoz
- Swiss See ‘Good Chance’ for Lasting 15% Tariff Deal With US
- If You’re Coveting a Used Gold Rolex, Now Could Be Your Moment
- Morgan Stanley Lifts African, Egyptian Stocks; Cuts Saudi Arabia
- EU To Allow Leniency on Fiscal Rules for Nuclear Spending

Keep an eye on :
- ANA SM : Acciona to Buy 80% of Infrastructure Contractor Vertical Earth
- AC FP : Indonesia Warns Qantas, Accor, Others Over Digital Registration
- AC FP : Accor Is Said to Tap Banks for Hoxton Owner Ennismore’s US IPO
- AIR FP : Airbus June Aircraft Deliveries 89 Jets
- ALHC US : Alignment Healthcare Falls on Report of Whistleblower Lawsuit
- AML LN : Noteholders to Aston Martin Sign Cooperation Pact Amid Debt Rout
- AZN LN : AstraZeneca Treatment Granted Orphan Drug Status by FDA
- AV/ LN : UK’s Aviva to Buy Out Dabur’s 26% Stake in India Life JV: ET
- BARN SW : Barry Callebaut 9M Sales CHF9.56B
- BE US : Bloom Extends Drop as Hunterbrook Capital Says It’s Short
- BNOR NO : BlueNord 2Q Revenue Misses Estimates
- DCC LN : DCC Extends PUSU Deadline to July 15 for ECP, KKR Consortium
- DAL US : Delta Offers a Cheaper Way to Fly First Class With Fewer Perks
- DFH US : Dream Finders Says It Still Wants to Engage With Beazer’s Board
- Dupont Registry IPO : Luxury Car Firm DuPont Registry Group Said to Pick Banks for IPO
- EPR NO : Europris 2Q Revenue Misses Estimates, Europris 2Q Revenue Misses Estimates
- EBS AV :
- RACE IM : Ex-Banker Convicted in Deadly Car Crash Seeks Ferrari Records
- FIE GY : Fielmann Sees FY Adjusted Ebitda Low End of EU590M to EU610M
- Firmus IPO : Nvidia tips $US500m into Firmus’s $US2b raising; share split underway
- GALD SW : Galderma, Sandoz to be Added to Swiss SMI Index
- GPRO US : GoPro CEO Woodman to Provide $20m Financing via Notes, Warrants, +13%
- GrubHub : Grubhub Owner Wonder Raising Funds at $9B Valuation: Information
- HEIJM NA : Heijmans Announces Renewed €210m Revolving Credit Facility
- HEM SS : Hemnet Says Competition Authority Closes Case Against Company
- INTC US : Prime Intellect Raises $130m at a $1b Valuation: TechCrunch
- IPN FP : Ipsen’s Dysport Meets Primary Endpoints in Both Migraine Trials
- KOF FP : Kaufman & Broad Reports 2Q Revenue of EUR 265.1 Million
- KTN GY : Kontron Recommends Holders Not Accept Ennoconn Offer
- LEVI US : Levi Falls as Forecast Underwhelms, Earnings Beat
- MDA CN : MDA Space to Buy ~70% Interest in CLS for About €567 million, MDA Space Sets Shares Bought Deal at $35.60/Share
- META US : Capital Power Enters Long-Term Energy Supply Pact With Meta
- 100 HK : MiniMax shares fall as much as 14% in HK after a six-month lockup for some key investors ends.
- NG/ LN : UK Issues Electricity Supply Warning as Heat Wave Strains Grid
- NEOG US : NZCC to Issue Statement on Zoetis’s Proposed Neogen Unit Deal
- NESN SW : Thailand Approves $688m Nestlé’s Investment in Coffee Factory
- NDX1 GY : Nordex Books 3.1GW of Orders in 2Q 2026
- OMV AV : OMV 2Q Production Beats Estimates
- PSKY US : Paramount’s Deal for Warner Bros. Should Be Delayed, Oregon Says
- PSAN GY : PSI Software Delay Earnings Report, Auditor Asked for More Info
- RIVN US : Rivian Takes a 23% Discount to Raise $1.2 Billion: ECM Watch
- RVRC SS : RVRC Holding to Acquire 90.1% of ICANIWILL
- SALM NO : Salmar Agrees to Buy 70% of Måsøval Shrs for NOK3.4B
- SDZ SW : Galderma, Sandoz to be Added to Swiss SMI Index
- OMASP FH : S-Bank Offers €17.20 a Share in Cash for Oma Savings Bank
- 000660 KS : SK Hynix Bearish IPO Leadup Masks Strong Supply Chain Stories, SK Hynix US Offering Is More Than Seven Times Oversubscribed
- 1SMA GY : SMAG Prices IPO at €46 Per Share, Bottom of Range
- SONO US : Sonos Cut Longtime Design, Product Leaders in Company Shakeup
- SZU GY : Suedzucker Raises FY Revenue Forecast
- TSLA US : Tesla’s Merger Premium Offset by Execution Risk: BNP Paribas
- TGS NO : TGS Sells Well Data Products Business to Enverus for $100m-Plus
- TIMA GY : ZEAL Network To Buy SevenCanyon for ~£33.8m Cash
- VAR NO : Var Energi Maintains FY Production Forecast
- YCA LN : EU To Allow Leniency on Fiscal Rules for Nuclear Spending

>>> Europe : Brokers Upgrades & Downgrades - 9th of July 2026

>>> Up
* Admiral Raised to Neutral at Goldman; PT 3,860 pence
* Bjorn Borg Raised to Accumulate at Inderes; PT 69 kronor
* Fincantieri Raised to Outperform at Mediobanca SpA; PT 17 euros
* Indutrade Raised to Buy at ABG; PT 235 kronor
* OKEA Raised to Buy at SB1 Markets; PT 38 kroner
* Pandora Raised to Buy at SEB Equities; PT 1,000 kroner
* Sampo Raised to Buy at Goldman; PT 10.60 euros
* Scatec Price Target Raised to NOK 129 from NOK 122 by Nordea
* Schott Pharma Raised to Outperform at RBC; PT 21 euros
* Siltronic Raised to Outperform at BNP Paribas; PT 108 euros
* Unibail Raised to Buy at Berenberg; PT 120 euros
* Veidekke Raised to Buy at ABG; PT 210 kroner
* Vincit Raised to Accumulate at Inderes; PT 1.15 euros
* Wolters Kluwer Raised to Overweight at JPMorgan; PT 87 euros

>>> Down
* Admicom Cut to Hold at Nordea
* Caesars Entertainment Cut to Equal-Weight at Barclays; PT $31
* Elisa Price Target Cut to EUR 38 from EUR 39 by Nordea
* Gjensidige Cut to Hold at Norne Securities; PT 295 kroner
* Industrivarden Cut to Sell at Nordea; PT 464 kronor
* New Wave Price Target Cut to SEK 100 from SEK 105 by Danske Bank
* Nokian Tyres Downgraded to Hold from Buy by Danske Bank
* Partners Group Cut to Neutral at UBS; PT 705 Swiss francs
* Salesforce Cut to Sector Weight at KeyBanc
* Simon Property Cut to Hold at Deutsche Bank; PT $220
* Stellantis Cut to Neutral at JPMorgan; PT $6.85
* Telenor Price Target Cut to NOK 174 from NOK 183 by Nordea

>>> Initiation
* Bavarian Nordic Resumed with Buy by Nordea
* Erste Resumed with Buy by Goldman Sachs
* Saga Rated New Buy at Berenberg; PT 1,025 pence
* Scorpio Tankers Reinstated Equal-Weight at Morgan Stanley
* Straumann Rated New Outperform at BMO; PT 121 Swiss francs
* Tesla Reinstated Market Perform at Citizens

>>> Call
* Morgan Stanley Lifts African, Egyptian Stocks; Cuts Saudi Arabia

WSJ : Counterfeit Air-Bag Parts Are Killing U.S. Drivers—and the Government Can’

Counterfeit Air-Bag Parts Are Killing U.S. Drivers—and the Government Can’t Stop It
After 10 deaths, regulators are warning the public about air bags in used cars with components marked as made by a Chinese company, but tracing them is difficult

The NHTSA banned the sale and import of air-bag inflaters marked with a part number used by a Chinese manufacturer after they were tied to at least 10 U.S. deaths.
DTN said it does not do business in the U.S. and believes the parts in question are counterfeits manufactured by another company.
NHTSA officials said a traditional recall is unlikely because it’s difficult to track who imported and distributed the substandard parts.

Eui Seok Kang lost control of his Chevrolet Malibu in torrential rain late one night in October 2023, spun sideways across two lanes of a Texas road and was struck by a pickup truck. When his air bag deployed, it tore apart his jaw.

“I couldn’t breathe, I felt like something was stuck in my throat,” Kang recalled in an interview. He lost half of his lower jaw, most of his lower teeth and some upper teeth. Over the next month, he underwent three surgeries, including for an infection and facial reconstruction.

The air bag, it turned out, had been purchased on eBay and installed by the Texas dealership that sold him the used car. When he crashed, it sent metal shards flying into Kang’s face.

Kang survived, which made him luckier than others. The aftermarket air bag in his Malibu contained a dangerous component tied to at least 10 fatalities in the U.S. since 2023, according to a later report by federal safety officials and a government email reviewed by The Wall Street Journal. Three others have been severely injured, including a driver as recently as June in Louisville, Ky.

The National Highway Traffic Safety Administration is racing to stop more drivers from being killed or injured by air-bag parts it says appeared to originate from the Chinese manufacturer called Jilin Province Detiannuo Safety Technology, also known as DTN Airbag.

In a response to NHTSA in April, that company said it doesn’t do business in the U.S. and that it believes the part in question, which was stamped with a serial number associated with the firm, was “a counterfeit of our product manufactured by another company.” The company and lawyers previously representing DTN didn’t respond to requests for comment.

Air bags have saved tens of thousands of lives, but they can pose dangers to drivers when improperly assembled replacements are installed in used cars whose original bags have deployed in a previous accident. Such replacements, sometimes labeled with counterfeit logos of American carmakers, are widely available online. That counterfeit supply chain has long been a concern for automakers, who employ teams to scour for fake parts out of reputational fear and to protect customers.

In April, NHTSA, the top U.S. auto-safety regulator, banned the sale and import of air-bag inflaters marked with a DTN part number. It said the inflaters—a component that ignites and rapidly fills an air bag during a crash—were likely imported illegally into the U.S. and put inside air bags that were then sold online as aftermarket replacements. NHTSA ordered “each manufacturer, including each importer, of the inflaters to conduct a recall,” without naming any company.

Recalls of automotive components are usually a straightforward process. An automaker notifies owners that their vehicle contains a defect and needs to be repaired.

In the case of air bags containing DTN-marked inflaters sold in the aftermarket, a traditional recall is unlikely if not impossible, NHTSA Administrator Jonathan Morrison said in an interview. Normally, carmakers can easily trace where potentially problematic parts originated and how they were imported, but with the substandard air-bag parts, there are no records of who sent them to the U.S. and distributed them. Morrison said the agency found that some aftermarket inflaters have been brought into the country stuffed inside items like toys and dollhouses. “This is a really unusual situation,” he said.

The only way for drivers to know if the parts—or counterfeit versions of them—are even in their cars is to pay to have a mechanic inspect them.

As a result, NHTSA investigators have been forced to play a game of whack-a-mole against a complex, gray-market supply chain to figure out which cars might have had air bags with the parts installed, according to emails and documents reviewed by the Journal.

In a January email to a colleague and others, an NHTSA investigator said it was nearly impossible to determine how many more of the DTN-branded inflaters might explode. “As far as predicting future rupture events,” he wrote, “I think the estimate would be close to a wild guess as many of the factors cannot be determined.”

Morrison said the agency is taking a multifaceted approach to addressing the problem, which represents an extraordinary risk of death or injury in a crash. “This is, to my knowledge, unprecedented,” he said.

Over the past decade, more than a dozen people have been convicted for selling counterfeit air bags, most recently a North Carolina Department of Transportation employee, according to Justice Department news releases and court documents reviewed by the Journal.

The oversight of such aftermarket air-bag products is limited, government officials and industry experts say. And the ease with which counterfeiters can move parts through the internet has so far made it impossible to account for how many air bags with DTN-branded components are in used cars on the road today. NHTSA said that, despite substantial efforts, it has been unable to obtain “sufficient information” to estimate the number of inflaters in the U.S.

“The worry here is that a bunch of consumers are going to unwittingly purchase bombs and put them in their steering columns,” said U.S. Attorney Ellis Boyle of the Eastern District of North Carolina, whose office investigated the case involving the North Carolina employee.

Murky market
The practice of reusing parts from junked cars is common in the U.S. Every year, some four million vehicles are recycled in the U.S. and Canada, resulting in sales of over $32 billion in recovered parts, according to the Automotive Recyclers Association, whose members resell original vehicle parts after inspecting them. Auto-repair shops around the country often use such recycled parts.

If an air bag is deployed, a replacement is needed to safely get a car back on the road. Automakers sell certified replacements. Counterfeit air bags have sold for as little as $100 on websites such as eBay and Facebook Marketplace, one-tenth the cost of a typical authentic replacement, according to court documents and interviews with government officials and carmaker representatives.

EBay said it works diligently to prevent and remove unsafe product listings, that it prohibits counterfeit products and is cooperating with the NHTSA in its investigation. Facebook said its rules prohibit the purchase, sale or trade of certain vehicle parts and accessories, including air bags. Amazon said it prohibits the sale of air bags and air-bag parts.

NHTSA warned the public about counterfeit air bags in 2012, saying that vehicles repaired by independent mechanics not tied to new car dealers could be at risk. No reported deaths were linked to counterfeit parts at the time.

Three years later, an air-bag crisis hit the industry. The now-defunct Japanese supplier Takata said that inflaters in the air-bag modules it made for new cars had a defect that could cause air bags to rupture upon deployment, prompting the recall of millions vehicles. NHTSA ordered carmakers to begin reporting any incident where an air bag ruptures.

By then, DTN had been selling air-bag inflaters for years. Launched in 2009, it also makes life jackets and fire extinguishers. It currently has 29 employees and last year made 16,000 inflaters of various models, according to statements the company has made to U.S. regulators.

Regulators said DTN-branded inflaters that wound up in cars and killed Americans were likely manufactured in 2021 and 2022.

In 2023, Destiny Byassee, a 22-year-old mother in Florida, died after the air bag in her Chevrolet Malibu exploded during a crash, a police officer who investigated the accident told the NHTSA. The vehicle had previously been involved in another collision in which the air bags deployed, and the replacement part contained a DTN-marked part, according to a NHTSA filing and court records in a lawsuit alleging negligence in the air-bag part’s design and installation of it in her car.

Andrew Parker Felix, who represented Byassee’s family in the lawsuit, said it was complicated to unpack what had happened. The 2020 Malibu had previously been owned by car-rental firm Enterprise, before an accident that resulted in the Manheim auction company selling it to a Florida repair shop for $9,000, according to the lawsuit and transaction records.

The repair shop, Jumbo Automotive, bought an air bag in November 2022 on eBay from seller “ffnn2002,” later found to be a Michigan resident who shipped the air bag through the mail a day later, according to the family’s lawsuit.

When repairs were complete, Jumbo resold the car through Manheim for $18,000 to used-car dealer Drivetime, which then sold it to Byassee, records show. Haim Levy, Jumbo’s owner, said he reached a settlement in the case, declining to comment further.

Drivetime said it purchased the vehicle at auction from Jumbo and that there was no disclosure of any accidents or air-bag repair. Drivetime said it has continued to cooperate with law enforcement in the matter.

Manheim said in a written statement that its role is to facilitate wholesale deals between buyers and sellers, that sellers are required to disclose safety issues, and that it was dismissed from the case pretrial.

Enterprise declined to comment, but has said previously it wasn’t involved in the Malibu repair.

When the lawsuit was filed in mid-2024, government authorities were learning more about how such air bags were filtering into the U.S. Homeland Security busted a counterfeiting group in North Carolina that had sold roughly 3,000 air-bag modules with DTN-marked inflaters, according to an NHTSA document.

Over a two-year period through the spring of 2024, Mateen Mohammad Alinaghian, a former North Carolina state transportation department employee, imported about 2,500 counterfeit air bags into Raleigh, N.C., with counterfeit markings of several automakers, including Chevrolet and Honda, then sold them to buyers on Facebook Marketplace, according to Justice Department statements and court documents.

Law-enforcement officers raided Alinaghian’s home and found a few dozen air bags, then seized packages from the United Kingdom en route to him. Alinaghian was later sentenced to a year and a day in prison. Alinaghian, through his lawyer, declined to comment.

NHTSA has sought information from eBay and Facebook owner Meta about the companies’ oversight and ability to police counterfeit air bags on their websites.

Meta said in a letter to NHTSA that it provides digital infrastructure for third parties to list items in accordance with internal policies, and doesn’t provide warehousing or delivery services.

EBay said in its own letter that courts have held that it isn’t liable or responsible for defective or illegal products sold on its website, and that it “only acts as a publisher of sellers’ listings.”

Used-car repairs
Saad Attar owns the Fort Worth, Texas, dealership that sold the 2020 Malibu to Kang, whose jaw was disfigured in the crash. Attar, an electrical engineer who lived in Iraq until 2008, buys vehicles at auctions, makes repairs, then resells them, according to a deposition in a lawsuit that arose from the incident. (Attar’s name was redacted in a deposition published by NHTSA; Kang’s lawyer confirmed the person being questioned was Attar.)

In August 2022, Attar bought the Malibu for $7,000 at auction, records show. At the time, the car had front-end damage from an accident that caused air bags to deploy. Attar said he taught himself how to install air bags. After acquiring the Malibu, he bought one on eBay.

The lawsuit alleged that the eBay air bag seller was a man named Brian Handal. A lawyer for Handal said he was dismissed from the suit, but declined to comment further.

Attar said the air bag seemed legit. “It has the seal on the bag,” he said in his deposition. “It says GM, the sticker for GM, that’s another proof that this is the origin.” After having the air bag installed, he sold the car to Kang—who had come to the U.S. to attend flight school—in mid-2023 for around $14,000, according to the deposition.

Attar declined to comment. His lawyer said the lawsuit has been settled.

Kang spent a month in the hospital after the accident. He continued to receive treatments back in South Korea, including tooth implants and having skin moved from the back of his neck to his chin to enable him to close his lips and talk properly. He eventually flew back to the U.S. to finish flight school and got married.

Kang said it bothers him that others have died in similar incidents, and that other used cars might have the same problem. “You can’t exactly tell someone not to buy a used car,” he said.

Regulators received more reports of fatal explosions involving parts that appeared to be DTN’s in 2024 and 2025. A 17-year-old girl in Utah in a car her mom bought for her birthday. A middle-school English teacher in Oklahoma. A 20-year-old Mississippi man. An autopsy report on an Arizona man who died in a crash noted a large shard in his neck that had a DTN serial number inscribed on it.

In January, the NHTSA created a page on its website dedicated to DTN. It assembled a team of engineers, defect investigators and lawyers to determine how to wield a seldom-used enforcement power to ban the dangerous parts.

In meetings, some employees questioned how such an order would work in place of a traditional recall, given the difficulty of tracing suspicious parts. Morrison, the agency head, said it would raise awareness, helping investigators identify sellers and importers and make clear that selling such parts is illegal. “We want to make every aspect of commerce with these inflaters unlawful,” he said.

In April, NHTSA said it believed the parts were clearly defective and planned to ban the sale of DTN’s inflaters.

Shortly after, DTN said it believed the inflaters were counterfeits manufactured by another company, and that “the related accidents were not necessarily caused by a defect in the inflater.” It called for the NHTSA to “reassess its preliminary decision and terminate this investigation against DTN.”

The NHTSA, while acknowledging DTN’s counterfeit argument, banned the sale and import of air-bag inflaters bearing a part number associated with DTN.

After identifying a DTN-marked air-bag part, government investigators have asked eBay and Meta for details about sellers, then worked to trace who bought products from them, according to documents reviewed by the Journal. NHTSA has sent letters to people believed to have purchased the dangerous air-bag parts.

Felix, a lawyer in the Orlando office of Morgan & Morgan, has represented seven families with members in fatal accidents who have alleged that DTN inflaters exploded in otherwise survivable crashes.

The lawsuit involving the 22-year-old Byassee’s fatal crash went to trial in June in South Florida. In an earlier court filing, DTN had tried to shift blame to other possible actors, but the company didn’t appear to defend itself at trial. A jury awarded $603 million to Byassee’s family.

Felix said he hopes the case raises awareness among drivers to get their used cars checked out. “We are going to keep having innocent Americans killed because they have no idea what’s been placed into their car,” he said.

>>> Stoxx 600 Pre-Market Indications

  • Wolters Kluwer (WOSB TH) +3.9%
    • Wolters Kluwer Raised to Overweight at JPMorgan; PT 87 euros
  • Nordex (NDX1 TH) +3.8%
    • Nordex Books 3.1GW of Orders in 2Q 2026
  • Sampo (SMP0 TH) +3.1%
    • Sampo Raised to Buy at Goldman; PT 10.60 euros
  • Nokia (NOA3 TH) +2.2%
  • ArcelorMittal (ARRD TH) +2.1%
  • STMicro (SGM TH) +1.9%
  • ASML (ASME TH) +1.8%
  • Infineon (IFX TH) +1.8%
  • Erste (EBO TH) +1.8%
  • Unilever (UNV0 TH) -1.1%

>>> TradeGate Pre-Market Indications

DAX:
  • Infineon (IFX TH) +2.1%
  • Siemens Energy (ENR TH) +1.9%
  • Heidelberg Materials (HEI TH) +1.2%
  • Bayer (BAYN TH) +1.1%
MDAX:
  • Siltronic (WAF TH) +3.8%
    • Siltronic Raised to Outperform at BNP Paribas; PT 108 euros
  • Nordex (NDX1 TH) +2.5%
    • Nordex Books 3.1GW of Orders in 2Q 2026
  • Deutz (DEZ TH) +1.8%
  • Aroundtown (AT1 TH) +1.5%
  • Aixtron (AIXA TH) +1.5%
SDAX:
  • Schott Pharma AG & Co KGaA (1SXP TH) +10%
    • Schott Pharma Raised to Outperform at RBC; PT 21 euros
  • LPKF (LPK TH) +2.4%
  • Heidelberger Druck (HDD TH) +1.4%

WSJ : China Says It Has Found Security Vulnerabilities in Anthropic’s Claude Cod

China Says It Has Found Security Vulnerabilities in Anthropic’s Claude Code
It advised users to uninstall the software or update to its latest version

  • China’s National Vulnerability DataBase said it found security backdoor vulnerabilities in several versions of Anthropic’s Claude Code.
  • The Chinese agency warned that the software can send sensitive user information to remote servers and advised users to uninstall or update it.
  • An Anthropic employee said the code was part of an experiment meant to prevent account abuse and protect against distillation by Chinese labs.

China said Wednesday that it has found “security backdoor vulnerabilities” in Anthropic’s popular Claude Code, stepping up tensions in the race with the U.S. for artificial-intelligence supremacy.

Several versions of the American coding tool, released between April and June, “can send sensitive information such as user location and identity to remote servers without the user’s consent due to a built-in monitoring mechanism,” China’s National Vulnerability DataBase, a government-run cybersecurity platform, said in a statement.

The agency warned such a mechanism could pose “a serious threat.” It advised users to uninstall the software or update to its latest version.

Last week, Chinese tech giant Alibaba told employees that it would ban their use of Claude Code at work from this Friday.

Anthropic said the “backdoor” was an experimental antiabuse measure it ran earlier this year. “The users being advised to uninstall Claude Code were never permitted to run it in the first place,” the company said, because access to Claude and Claude Code isn’t permitted in China.

China’s move came after a post on online forum Reddit last week alleged that Anthropic had secretly inserted code into the software to identify users who accessed it from China.

In a response to the allegations on Reddit, an Anthropic employee said on X that the code was part of an experiment the American startup started in March. The experiment was “meant to prevent account abuse from unauthorized resellers and protect against distillation,” the employee said.

Since February, Anthropic has accused Alibaba and several other Chinese AI labs of illicitly distilling its models-the practice of training a new model on the outputs of another.

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China hasn’t approved Anthropic’s services for public use, and Anthropic has also restricted access to Claude in China on national-security grounds. Still, the American AI model has been popular among Chinese researchers and engineers who use it through overseas proxies, often subsidized by their employers.

WSJ : Apple Supplier Luxshare Has Lackluster Start in Hong Kong’s Biggest Listin

Apple Supplier Luxshare Has Lackluster Start in Hong Kong’s Biggest Listing This Year
A deluge of seven debuts on the same day likely diluted investor attention

  • Apple supplier Luxshare Precision Industry raised about $3.07 billion in its Hong Kong listing, the city’s largest debut this year.
  • Luxshare shares fell 3.5% from their offer price on their first day of trading amid heightened market volatility.
  • The company has reduced Apple’s share of its revenue from 75% in 2023 to 57% in 2025 to diversify its business.

Hong Kong has seen a flurry of new stock listings but its biggest this year—from Apple supplier Luxshare Precision Industry 002475 0.05%increase; green up pointing triangle—saw a tepid debut as investors turned cautious amid heightened market volatility.

Shares of the Guangdong-based electronic components maker were recently at 61.10 Hong Kong dollars, down 3.5% from its offer price. The company, which is already listed in Shenzhen, raised HK$24.04 billion in net proceeds, equivalent to US$3.07 billion.

Luxshare’s offer price for the Hong Kong market implied an unattractive 12.1% discount to its Chinese-listed counter, well below the 23% average discount seen for dual listings since last year, Global Equity Research analyst Arun George said on Smartkarma.

A deluge of seven Hong Kong debuts on the same day likely diluted investor attention. However, hefty commitments from cornerstone investors such as Singapore’s Temasek, GIC, and Middle Eastern sovereign-wealth fund Abu Dhabi Investment Authority suggest strong institutional conviction in Luxshare’s fundamentals.

Founded in 2004, Luxshare built its empire via Apple’s supply chain, expanding from AirPods to iPhones and Vision Pro headsets. To reduce its overreliance on Apple, it has diversified and cut its top client’s revenue share from 75% in 2023 to 57% in 2025.

Its automotive business has emerged as a core pillar. Luxshare claims its products are in half of all smartphones, one-third of wearables, and one-fifth of smart vehicles globally. Now, the giant is rapidly moving into artificial-intelligence hardware, acquiring capabilities to sell components directly to data-center operators and tech titans like Nvidia, analysts said.

Overseas sales remain the cornerstone of Luxshare’s business, with over 85% of its total revenue derived from international markets last year and over 100 manufacturing bases across nearly 30 countries and regions.

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After establishing Vietnam as the centerpiece of its international production sites for over a decade, it has most recently built new electronics manufacturing facilities in northern Vietnam to integrate directly into the electronics supply chains of established regional titans like South Korean giant Samsung Electronics.

WSJ : China’s Zhipu AI Shares Surge on $4 Billion Fundraising The stock surged a

China’s Zhipu AI Shares Surge on $4 Billion Fundraising
The stock surged as much as 22%

  • Zhipu AI announced plans for a US$4 billion fundraising to support growth, offering 19.78 million shares at a discount.
  • Shares of Beijing-based Zhipu AI rose as much as 22% in early Thursday trading following the announcement.
  • The company plans to use the proceeds for research and development, cloud computing services, business expansion and potential acquisitions

Shares of Zhipu AI rose sharply after the Chinese artificial-intelligence company announced plans for a US$4 billion fundraising to support growth, despite pricing the new shares at a discount.

The stock surged as much as 22% in early Thursday trading, before paring the gains. The stock recently traded 9% higher at 1,989.00 Hong Kong dollars, equivalent to US$253.72, outperforming the benchmark Hang Seng Tech Index’s 0.1% decline.

The Beijing-based company is offering 19.78 million shares at HK$1,588 each. The placement price is a near 13% discount to the stock’s Wednesday closing price of HK$1,825 a share.

Zhipu AI’s fundraising comes as AI companies ramp up spending on computing infrastructure and large-language-model development. Chinese AI companies have been raising billions of dollars to compete with global players such as OpenAI, Anthropic and Google as businesses race to leverage generative AI to automate tasks and boost productivity.

Last month, DeepSeek raised more than US$7.4 billion in its first funding round to support business expansion. That deal valued the Chinese firm at more than US$50 billion, according to people familiar with the matter.

Zhipu AI is also competing with rivals at home, including DeepSeek, Moonshot AI and MiniMax, that are heavily investing in large language models. Last month, Zhipu launched the GLM-5.2 model, its most powerful large language model to date.

“The continued advancement in model capabilities and the large-scale commercialization of AI applications have placed higher demands on the company’s capital strength and funding reserves,” Zhipu said.

Zhipu’s share price has rallied since its listing in January, pushing its market capitalization to more than US$100 billion.

Proceeds from the private placement will be used for research and development, cloud computing services, business expansion and potential mergers and acquisitions.

Zhipu expects to fully deploy the proceeds by the end of next year.

CICC is acting as the placing agent for the transaction.

Zhipu’s first lockup period following its listing expired earlier this week. The lockup period is a contractual restriction that prohibits investors from selling their shares for a certain period after an IPO. Expiration of that period could potentially create more liquidity in shares if investors sell their shares.

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Morgan Stanley said in a recent report that Hong Kong faces a “meaningful amount of share unlocking and potential secondary selling” in July and September. “These events can create liquidity headwinds even when fundamentals remain intact,” it said.

FT : Sizewell nuclear plant extended as part of UK’s net zero push Suffolk facil

Sizewell nuclear plant extended as part of UK’s net zero push
Suffolk facility started running in 1995 and remains Britain’s most recently built nuclear installation

The UK has guaranteed the price of Sizewell B nuclear power station’s electricity for two decades until 2055, a move that will potentially make it one of the world’s longest-serving nuclear plants.

The Labour government is trying to boost the quantity of nuclear power to back up wind and solar supplies, which are increasing as the country tries to cut carbon dioxide emissions to net zero by 2050. 

Sizewell B, located in Suffolk, south-east England, supplies about 3 per cent of Britain’s electricity. All Britain’s other existing nuclear plants are due to shut by spring 2030, with replacements Hinkley Point C and Sizewell C due to come online in 2030 and the late 2030s, respectively.

Ministers said on Wednesday that heads of terms for Sizewell B had been reached on the arrangement, which will enable about £800mn of investment into the upkeep of the power station by EDF, the French state-owned owner and operator of the plant, and FTSE 100 group Centrica, which has a 20 per cent stake. 

Lord Patrick Vallance, minister for science, innovation, research and nuclear, said the deal would “protect bill payers and boost the country’s energy security”, adding it would help maintain 900 skilled jobs. 

The plans will need to clear regulatory hurdles. The Office for Nuclear Regulation, Britain’s nuclear regulator, said while life extensions did not require “formal regulatory assessment”, they needed to be done “under a valid safety case”. 

“Safety cases at Sizewell B are likely to require updating to achieve EDF’s stated ambition, together with investment in plant to sustain equipment reliability, all while ensuring that the necessary people and skills are available throughout the extended lifetime,” the spokesman added.  

Under the terms of the planned financing deal with the government, EDF will sign a “contract for difference”, under which the power station will receive £70.50 per megawatt hour, indexed to inflation, for the 20 years between 2035 and 2055. 

Under the contract, if the price the station sells its power for in the wholesale market is lower than £70.50 per MWh, consumers will top up the difference. If it is higher, the station will have to pay back the difference.

The agreed price is lower than current wholesale power prices, which are high partly due to the disruption to energy markets caused by the Iran war, and lower than the fixed price awarded to the new Hinkley Point C nuclear power station that EDF is building. 

However, it is above average wholesale prices of about £50 per MWh in the years before the energy crisis of 2021 to 2023. 

Sizewell B started operating in 1995 and is the most recent nuclear power station to be built in Britain. If it continues until 2055 it will be one of the longest-running nuclear power stations alongside peers such as Nine Mile Point Unit 1 that opened in New York state in 1969. 

It is the UK’s only pressurised water reactor among Britain’s current nuclear fleet. The rest are all advanced gas-cooled reactors. 

Sizewell B’s successors, Hinkley Point C and Sizewell C, now being built by EDF and partners in Somerset and Suffolk, respectively, will also use more modern variants of the pressurised water technology.

Britain’s nuclear power stations supplied about 12 per cent of its electricity in 2025, helping to support a rapidly changing system in which intermittent wind supplied nearly 30 per cent, more than gas at nearly 27 per cent.

FT : Wall Street’s boutiques bet on star bankers. Now they’re stuck with the bi



From: Laurent Chekroun (MAKOR CAPITAL MARKET) At: 07/09/26 07:15:48 UTC+2:00
Subject: FT : Please use the sharing tools found via the share button at the top or sid
Wall Street’s boutiques bet on star bankers. Now they’re stuck with the bill
Investment banks like Evercore, Lazard and Moelis scooped up dealmakers ahead of an upswing that has yet to fully materialise

New York’s boutique investment banks insisted new rainmakers’ multimillion-dollar guaranteed payouts were a temporary phenomenon. The windfalls look like they are here to stay.

Banks, including Evercore, Moelis & Co and PJT Partners, have paid out at least 60 per cent of their net revenues to staff every year since 2022, the level long regarded as the industry benchmark.

After initially predicting the hangover from a post-pandemic hiring spree would last just two or three years — Lazard’s chief executive Peter Orszag said in 2024 he thought his bank’s compensation ratio would fall below 60 per cent the following year — boutiques are now warning investors they are in for a wait.

Evercore is “still a way from sub-60 per cent”, chief financial officer Tim LaLonde told investors in March. Lazard’s ratio hit 69.9 per cent in the first quarter of this year.


The boutiques’ costs shot up when they seized on a post-pandemic downturn in dealmaking as an opportunity to snap up dozens of senior bankers shed by Wall Street’s bulge-bracket players before the business cycle turned again.

Recruits take time to build a book of business — not least because of lengthy non-compete clauses.

“[We] made the observation at the time [of our IPO] that it was quite difficult for any new partner . . . to generate any revenues of consequence in the first two years,” Paul Taubman, founder and chief executive of PJT Partners, recently told analysts.

To persuade them to take the risk on a smaller firm, the boutiques offered the bankers guaranteed minimum payouts for the first two years followed by a promise of a 25-30 per cent cut of their deal revenues.

In theory, the investment should pay off when dealmaking rebounds and a bank is fully staffed to capture the upswing. And in some cases, fees have soared. From 2022 to 2025, PJT’s investment banking advisory revenue jumped more than 80 per cent; at Evercore they rose 36 per cent. Total revenues at Moelis increased by almost 60 per cent in that time.

But rather than the post-pandemic hiring spree being a one-off event, the boutiques have continued to add expensive new recruits as mid-market dealmaking has struggled and they have pushed into faster-growing areas such as private credit, AI, power and energy, tech and sports.

Lazard added 28 senior investment bankers in 2025 against a target of 10 to 15, pushing up its compensation ratio. It has since abandoned any particular target date for hitting the 60 per cent threshold.

The fact that these banks have continued to hire expensive senior bankers despite stubbornly high compensation ratios would typically be a sign of confidence that higher revenues are just around the corner.

“Why is it so expensive to hire right now? Because people are optimistic about their businesses and so they want to pay up for talent,” said Devin Ryan, equity research analyst at Citizens JMP.

“We’re in a very hard market for recruiting right now because of the revenue potential. I think people feel like this is quite bullish for this business.”

But it could also indicate a more enduring shift in boutiques’ models, where a higher share of revenues is diverted to banker pay instead of shareholder payouts like dividends and share buybacks.

Boutiques’ shares have underperformed the S&P 500 this year — as well as their larger peers, which have benefited from soaring revenues in their trading units.


There are worries that while megadeals are still being struck, the midsized transactions that are banks’ bread-and-butter have slowed because of high financing costs, a stagnant private equity industry, and geopolitical uncertainty.

“When [the boutiques] were drawing up the plans in 2024 for hiring, they expected 2026 would look better than it does,” said Brennan Hawken, senior equity research analyst at BMO Capital Markets. At Lazard, investment banking advisory fees climbed just 10 per cent between 2022 and 2025.

Executives are looking for other ways to cut costs, including by using AI to save on junior bankers.

Lazard’s Orszag has been most enthusiastic about using automation to enhance client work and cut the number of junior staff required to support a senior banker, something he has described as the “total associate equivalent per managing director ratio”.

“It’s a little bit of a back to the future on the team size, because it used to be that teams were smaller,” Orszag told an industry conference last month. “As specialisation took over, team sizes got bigger. We’re going to be going back to smaller team sizes enabled with these new [AI] tools.”

But others are more sceptical. The chief executives of Moelis and Evercore have said publicly they did not immediately see the opportunity to reduce staff. JPMorgan Chase chief Jamie Dimon said in May that he thought banks could use AI to “create temporary margin, but not permanent margin”, as competition eroded the gains in profitability.


There is a chance that if midmarket dealmaking remains thin for much longer, banks may have to start culling rainmakers. Perella Weinberg recently cut a tenth of its workforce.

One longtime bank executive in charge of pay decisions said banks found reasons to justify high packages for star bankers whatever the stage of the business cycle.

“It’s a pretty slim-margin business,” the executive said. “They do a lot of tap-dancing around ‘investing in growth’ or ‘retaining employees’, but the bottom line is the ratio ends up high in good times or bad.”