>>> What to look at todday

Stocks and bonds dropped as investors faced a trio of headwinds with a pullback in the artificial-intelligence trade, mounting bets on a US interest rate hike and rising oil prices due to a worsening of the Middle East conflict. MSCI’s Asian equity gauge slid 3.2%, with South Korea’s Kospi index dropping 6.4%. A slump in chip firms forced a brief halt in the South Korean benchmark, the world’s best-performing gauge this year on the back of the AI trade. Futures contracts pointed to a 1.2% drop in European shares. Brent crude climbed 4.3% to above $97 a barrel after Israel said it struck several military targets in Iran, retaliating against missile attacks by Tehran. Higher oil prices will add further pressure to inflation, and that coupled with strong US jobs data, helped boost bets for higher Federal Reserve interest rates. The simultaneous retreat in stocks and bonds marks the biggest test in months for a bull market that has been fueled by easing geopolitical risks and the AI boom. Investors are now contending with a plethora of negatives: doubts whether the rally has run too far and too fast, renewed fighting in the Middle East, higher oil prices and inflation pressures prompting central banks to raise rates. On Friday, Wall Street’s historic weekly run came to a halt as the selloff in tech stocks gathered momentum. The Nasdaq 100 Index sank 4.8%, while growing anxiety about valuations sent the S&P 500 down 2.6%. A gauge of chip stocks slumped 10%. Chipmakers were weak across Asia as well. Samsung Electronics Co. tumbled as much as 11%, SK Hynix Inc. lost 10% and Taiwan Semiconductor Manufacturing Co. slid 5.7%. A flood of new shares from companies looking to fund their artificial intelligence ambitions is raising questions on Wall Street about whether there will be enough buyers to soak them all up and what this pile of fresh equity will mean for stock prices more broadly. While Asia reacted to Friday’s selloff on Wall Street, sentiment toward US tech stocks steadied as Nasdaq 100 futures erased earlier losses to rise 0.3%. Contracts for the S&P 500 Index also wiped out declines at the open to climb 0.1%. Elsewhere, Treasuries extended declines on Fed rate-hike bets and concerns about inflation from higher oil prices. The Treasury 10-year yield climbed four basis points to 4.57%. Indonesian bonds extend losses as the 10-year yield rose more than 30 basis points, deepening the rout in the nation’s assets. Japan’s 10-year government bond yield also rose. Meanwhile, Bitcoin climbed 1.5% to about $63,000 after falling below the $60,000-mark on Friday for the first time since Donald Trump won reelection in 2024. The cryptocurrency has lost about half its value since reaching a peak above $126,000 in October last year. In geopolitical news, Israel said it struck several military targets in Iran, retaliating against missile attacks by Tehran despite Trump’s call for Prime Minister Benjamin Netanyahu to refrain from hitting back. The exchange is one of the most serious tests of a ceasefire that took effect on April 8 to halt fighting involving the US, Israel and Iran. It comes as the US and Iran appear to be making little progress toward an interim agreement to end the war, even as Trump has repeatedly said a deal is near.
Another factor for investors to consider was the solid US jobs report. The data topped forecasts in May and the unemployment rate held steady at 4.3%, offering the clearest sign yet that the labor market may be breaking out of a prolonged period of lackluster hiring. Interest-rate swaps indicated traders expect a quarter-point Fed hike by the December policy meeting, with a roughly 60% chance of a move in October. Higher US interest rates tend to drain capital from emerging markets, strengthen the dollar and raise borrowing costs, creating a tougher backdrop for equities.
Attention now turns to Fed policymakers’ next meet June 16-17 under the leadership of new Chairman Kevin Warsh.

Nikkei -3.95% Hang Seng -1.18% CSI -1.65% Kospi -6.11% Shanghai -1.26% Shenzen -2.40%

Eur$ 1.1532 CNH 6.7860 CNY 6.7836 JPY 160.30 GBP 1.3345 CHF 0.7964 RUB 73.7132 TRY 46.0992 WTI$ 94.25 +4.10% Gold 4,311.93 +4.11% BTC 62,665 +1.30% ETH 1,653 +1.58%

S&P -0.15%% Nasdaq -0.10% EuroStoxx -1.45% FTSE -0.79% Dax -1.57% SMI -0.90%

Macro :
- UK Plans Hospital, School Funding Cuts to Boost Defense Budget
- TWD Posts Biggest Drop in Over Two Months on Geopolitical Risks
- Fed's Barr: Expects further bank deregulation, with liquidity requirements likely next
- Goldman’s Flood Sees Buying Opportunity in Stock Market Selloff
- SpaceX and Other Mega IPOs May Wait Years to Join the S&P 500
- Philadelphia Semi Index Plunges as Much as 8.3%; Forms V-Top
- S&P500 / MidCap 400 / SmallCap 600 - Addition & Deletion - Website Link Statment
- EU Plans Lower Taxes on Clean Energy in Drive to Cut Power Bills
- There Are Millions of Crypto Tokens. Almost None Have Any Value

Keep an eye on :
- ABBN SW : ABB CEO Says EU Must Deregulate Amid Iran War Energy Shocks: FT
- AIR FP : Airbus Set to Secure Widebody Order From Scandinavian Airlines
- AIR FP : Airplane Engine Makers Called Out for ‘Gouging’ at Rio Summit
- AMC US : AMC:Odyssey Had Most First-Day Sales for Studio Movie Since 2022
- AMGN US : Key Study for Amgen’s Tavneos Under Investigation at Journal
- Anduril IPO : Anduril Gets Tentative Approval for $1.98b Sale to Kuwait
- ASML NA : Elon Musk to Attend ASML’s Private Tech Event to Discuss Terafab
- AZN LN : AstraZeneca CEO Says Co. Could Withhold New Drugs in Europe: FT - Full Article
- BRK/A US : Tokio Marine CEO Says Berkshire Deal May Aid Global Growth: FT
- BPM IM : Banco BPM Proposes Monte Paschi Deal to Form €50 Billion Bank
- BRAV SS : Bravida Wins NOK4.5 Billion Green Mountain Data Center Contract
- BMPS IM : Unipol to Propose Bper to Buy 635 Monte Paschi Branches
- EN FP : Bouygues Telecom consortium agrees to buy Patrick Drahi’s SFR for €20.35bn - FT
- IAG LN : British Airways to Raise Fares to Offset Higher Fuel Costs
- CO FP : Casino Secures New 5-Year €600m Credit Line
- CLSK US : Meta in talks with CleanSpark for space in data center site, Green Street says
- ENX FP : Euronext May Total Cash Market Transaction Value M/M +1%
- RACE IM : Ferrari diehards debate whether buying its first EV is test of loyalty - FT
- FLEX US : Marvell Technology and Flex Set to Join S&P 500
- FNAC FP : Fnac Darty : modification du taux de conversion des OCEANE
- FRAS LN : Frasers Weighs £500 Million Bid for Shopping Center, Sky Reports
- G IM : Intesa Sanpaolo to Buy 3.01% of Generali Amid Offer for Paschi
- GOOGL US : SpaceX signs $30bn deal to lease computing capacity to Google - FT
- IBAB BB : IBA Signs Pact With Duke University on Proton Therapy Solutions
- INCY US U: Incyte Pharma Eyes Up to $2 Billion Deal for Star, FT Reports
- ISP IM : Intesa Offers to Buy Monte Paschi in Mix of Shares and Cash
- ITG IPO : Oaktree-Backed Digital Infrastructure Firm ITG Files for IPO
- JUVE IM : Juventus Wins Dismissal of Financial Statement Investigation
- KARN SW : Kardex Sees 2026 Ebit Margin at 8%-10% on Higher Cost Base
- LDO IM : Italian defence and engineering groups enjoy Gulf deal boost - FT
- LHA GY : Munich Airport Reopens as ‘Fire Smell’ in Tower Is Investigated
- MRVL US : Marvell Technology and Flex Set to Join S&P 500
- MRK US : Merck & Co Granted FDA Orphan Drug Status for Pembrolizumab
- META US : Meta weighs big equity raising after blockbuster Google deal - FT
- META US : Meta Mulls $200/Month for Consumer AI Agent Tool: Information
- BMPS IM : *INTESA OFFERS TO BUY MONTE PASCHI IN MIX OF SHARES AND CASH
- MoonShot AI : China’s Moonshot AI Seeks $30 Billion Value in New Funding Talks
- NEL NO : Nel Settles Iwatani Lawsuit for $7.5 Million
- NESN SW : CCU Buys 49.9% Stake in Aguas CCU-Nestlé From Nestlé
- NDX1 GY : Nordex Gets 255 MW Wind Turbine Orders From Germany
- NOVOB DC : Novo Nordisk’s Amycretin Met Primary Endpoint in Diabetes Trial
- NOVOB DC : Novo CEO Looks Beyond Weight Loss to Longevity, Aesthetics
- NOVOB DC : Nov’s CagriSema Met Primary Endpoints in Diabetes Trials
- NRIX US : Roche Enters Pact With Nurix to Co-Develop Bexobrutideg
- NVDA US : Nvidia CEO Says Selloff in Tech Stocks Is a Buying Opportunity
- NVDA US : Nvidia, SK to Detail Cooperation Plan Monday: Reuters
- NYXH BB : Nyxoah Offering of 55.2m Shares Prices at $1.72/Share
- Open AI IPO : Trump administration, OpenAI discussing possible government stake in the AI startup - CNBC
- Open AI IPO : OpenAI plots biggest ChatGPT overhaul since launch - FT
- ORA FP¨: Bouygues Telecom consortium agrees to buy Patrick Drahi’s SFR for €20.35bn - FT
- PGHN SW : Partners Co-Founder Gantner Blames Short-Seller for Share Slump
- RHM GY : Germany to Buy 23 Rheinmetall Armored Vehicles for €360 Million
- ROP SW : Roche Enters Pact With Nurix to Co-Develop Bexobrutideg
- RR/ LN : United Airlines CEO Rips Into Rolls-Royce for Lack of Support
- RR: LN : Airplane Engine Makers Called Out for ‘Gouging’ at Rio Summit
- SAN FP : Sanofi’s Sarclisa Subcutaneous Approved in the EU
- SAN SM : Santander’s Botín Says UK Bank Taxes Make No Economic Sense: FT
- SINCH SS :
- SPCX US : SpaceX Inks $30 Billion Computing Power Deal With Google
- SPCX US : SpaceX Bankers’ Drive to Police Retail Traders Sparks Backlash
- SPCX US : Elon Musk’s $1.8 Trillion SpaceX IPO Is Too Big to Succeed - Barron's
- UHR SW : Time’s up for Swatch?, A fall in profits has increased pressure for change, but the Hayek family has decried ‘short-termism’ and defended its strategy - FT
- TATE LN : Ingredion Is Said in Advanced Talks to Acquire Tate & Lyle
- TEG GY : TAG Immobilien Is Said to Eye Polish IPO Kickoff in Coming Weeks
- TEMN SW : Temenos Agrees to Acquire Additiv
- TTALO FH : Terveystalo Agrees to Acquire Silmaasema for €574 Million
- TSLA US : 'Tesla Pushes Roadster Demo To August; Tesla Roadster Demo Is Meant To Showcase Tesla's Work With SpaceX On A Cold Gas Thruster
- UNI IM : Unipol to Propose Bper to Buy 635 Monte Paschi Branches
- WBD US : Paramount, WBD Fall on Report US Preparing Suit to Block Deal
- ZEAL DC : Zealand Pharma: New data from Phase 2 ZUPREME-1 trial further supports potential of petrelintide to redefine the weight management experience
- ZEAL DC : Zealand’s Survodutide Cut Visceral Fat 34% in Obesity Trial

>>> Europe : Brokers Upgrades & Downgrades - 8th of June 2026

>>> Up
* Alexandria Group Raised to Accumulate at Inderes; PT 13 euros
* BEWI Raised to Buy at Pareto Securities; PT 22 kroner
* Carlsberg Raised to Buy at ABG; PT 940 kroner
* Clariant Raised to Neutral at Goldman; PT 8.50 Swiss francs
* Crocs Raised to Outperform at Baird; PT $150
* Entra Raised to Buy at ABG; PT 120 kroner
* EQT Raised to Outperform at Oddo BHF; PT 355 kronor
* Givaudan Raised to Buy at Goldman; PT 3,500 Swiss francs
* M6 Raised to Outperform at Oddo BHF; PT 18 euros
* Porsche Raised to Buy at UBS; PT 60 euros
* Remy Cointreau Raised to Neutral at UBS; PT 44 euros

>>> Down
* Ahold Delhaize Cut to Underweight at Morgan Stanley
* Arkema Cut to Neutral at Goldman; PT 63 euros
* CTS Eventim Cut to Underperform at BNP Paribas; PT 54 euros
* DSM-Firmenich Cut to Sell at Goldman; PT 65 euros
* Evonik Cut to Neutral at Goldman; PT 19 euros
* Harbour Energy Cut to Hold at Jefferies; PT 320 pence
* Ninety One Cut to Underperform at Avior Capital Markets
* Partners Group Cut to Neutral at Oddo BHF; PT 920 Swiss francs
* Syensqo Cut to Sell at Goldman; PT 59 euros
* Symrise Cut to Neutral at Goldman; PT 79 euros
* Voestalpine Cut to Neutral at UBS; PT 50 euros

>>> Initiation
* Alleima Rated New Buy at SB1 Markets; PT 110 kronor
* Argenx Reinstated Buy at William O'Neil
* Cerebras Systems Rated New Buy at UBS; PT $300
* Fervo Energy Rated New Buy at Guggenheim; PT $48

>>> Call
* Ahold Delhaize Underweight at Morgan Stanley on Earnings Risk
* Goldman’s Flood Sees Buying Opportunity in Stock Market Selloff
* Prysmian Put on Positive Catalyst Watch at JPMorgan Into Results
* Sartorius Kept at Sell as Mwb Notes 'More Visible' Pharma Capex Risk

>>> Stoxx 600 Pre-Market Indications

  • Monte Paschi (MPI0 TH) +4.9%
    • Intesa Makes €30.6 Billion Paschi Bid in New Italy Deal Wave (1)
  • Equinor (DNQ TH) +1.7%
  • Repsol (REP TH) +1.3%
  • Coloplast (CBHD TH) +1%
  • Reply (REJA TH) -3.2%
  • Thyssenkrupp (TKA TH) -3.2%
  • Ericsson (ERCB TH) -3.3%
  • Vodafone (VODI TH) -3.4%
  • STMicro (SGM TH) -4%
  • CTS Eventim (EVD TH) -4.1%
    • CTS Eventim Cut to Underperform at BNP Paribas; PT 54 euros
  • Aixtron (AIXA TH) -4.2%
  • Infineon (IFX TH) -4.4%
  • Nokia (NOA3 TH) -5.9%
  • Zealand Pharma (22Z TH) -8.5%
    • Roche-Zealand Amylin Efficacy Lags Lilly, Though More Tolerable

>>> TradeGate Pre-Market Indications

DAX:
  • Airbus (AIR TH) -2.2%
  • Siemens Energy (ENR TH) -2.3%
  • Heidelberg Materials (HEI TH) -2.3%
  • Commerzbank (CBK TH) -2.5%
  • Infineon (IFX TH) -4.3%
MDAX:
  • Schaeffler (SHA0 TH) -3.1%
  • Salzgitter (SZG TH) -3.5%
  • Jenoptik (JEN TH) -4%
  • Aixtron (AIXA TH) -4.1%
  • CTS Eventim (EVD TH) -4.1%
    • CTS Eventim Cut to Underperform at BNP Paribas; PT 54 euros
SDAX:
  • Verbio SE (VBK TH) +2.4%
  • Adesso SE (ADN1 TH) +1.8%
  • SUSS MicroTec (SMHN TH) -3.9%
  • Siltronic (WAF TH) -4.2%
  • SFC Energy (F3C TH) -4.2%
  • PVA TePla (TPE TH) -4.4%
  • SMA Solar (S92 TH) -5.4%

>>> 2026 Sohn Montreal : StemPoint Capital (Michelle Ross) — Long ABIVAX (NASDAQ

StemPoint Capital (Michelle Ross) — Long ABIVAX (NASDAQ: ABVX), 2026 Sohn Montreal

The pitch: Buy the dislocation. The stock fell 40% in one session after a strong trial readout buried “little lines” about cancer cases at the bottom of the release. Ross argues this is a textbook biotech overreaction.

The asset: Obefazimod, an oral pill for IBD (ulcerative colitis + Crohn’s). Stands out as an oral drug in a market dominated by injections/infusions, with matching or better efficacy (long-term remission ~40%). Began as a failed HIV drug, pivoted after animal models showed anti-inflammatory effects. Two Phase 3 trials succeeded in summer 2025 (stock rose 600% that day).

Two macro themes:

• Patent cliff — ~$250B of pharma revenue goes off patent over the next 3 years; >$400B through 2035 (Humira, Keytruda, Stelara, Tremfya, Entyvio). Concentrated in immunology, exactly where obefazimod plays. Big pharma can’t replace this internally → strong M&A tailwind.
• AI in drug development — enables “pipeline in a product,” extending patent life. Humira analogy: stacked 15 indications into a ~$25B blockbuster; obefazimod could follow the same path.

The sell-off: 3 cancer cases, all in one trial arm, none in placebo. Different diseases (prostate, breast, colon polyp), appeared weeks after dosing (too fast to be causal), in a closely monitored 60s population. No signal across ~10 years / 441 patient-years. Her real criticism: management fumbled the communication.

Valuation:

• Last price ~$90; market cap ~$6.2B; $631M cash (3/31); 79.3M shares.
• 12-month PT: $150–$200 (conservative, only 2 indications).
• M&A framework: UC alone = $6–9B; UC + Crohn’s = $18–24B (~3x current market cap).

Risks: Still needs FDA approval; label could carry cancer-related warnings; shaky management communication.