>>> Europe : Brokers Upgrades & Downgrades - 22th of June 2026

>>> Up
* APA Corp Raised to Buy at Roth Capital Partners; PT $38
* Carrefour Raised to Overweight at Morgan Stanley; PT 20.10 euros
* Comet PT Raised to 500 Swiss francs at JPMorgan
* Conoco Raised to Buy at Roth Capital Partners; PT $130
* Diamondback Raised to Buy at Roth Capital Partners; PT $212
* FLSmidth PT Raised to 700 kroner from 670 kroner at JPMorgan
* Inficon PT Raised to 200 Swiss francs at JPMorgan
* Legal & General PT Raised to 353 pence at Berenberg
* Magnolia Oil & Gas Raised to Buy at Roth Capital Partners
* Matador Resources Raised to Buy at Roth Capital Partners; PT $65
* Pepco Group Raised to Buy at Citi; PT 40 zloty
* Permian Resources Raised to Buy at Roth Capital Partners; PT $23
* Rheinmetall Raised to Outperform at Oddo BHF; PT 1,670 euros
* SM Energy Raised to Buy at Roth Capital Partners; PT $32
* Visteon Raised to Overweight at JPMorgan; PT $165

>>> Down
* Accenture Cut to Hold at TD Cowen; PT $150
* Belimo Cut to Hold at Jefferies; PT 1,035 Swiss francs
* Computacenter Cut to Add at Peel Hunt; PT 4,400 pence
* Storytel Cut to Hold at Pareto Securities; PT 105 kronor
* Umicore Cut to Hold at Berenberg; PT 23.20 euros

>>> Initiation
* Distribution Finance Capital Rated New Buy at Shore Capital
* Estrima Rated New Neutral at Corporate Family Office
* LISI Rated New Buy at Berenberg; PT 81 euros
* Magnora Data Center Rated New Buy at Arctic Securities
* SK Hynix GDRs Rated New Buy at HSBC; PT $2,042
* Social Housing Reit PLC Rated New Buy at Jefferies; PT 82 pence
* SpaceX Rated New Sector Weight at KeyBanc

>>> Call
* Berenberg Downgrades Umicore as Cobalt Boost Seen to Ease
* Carrefour’s Strategy Undervalued, Morgan Stanley is Overweight
* Citi Says China Needs Fiscal Stimulus More Than Monetary Policy
* LISI a Compelling Long-Term Opportunity, New Buy at Berenberg

>>> What to look at today - 22th of June 2026

Oil retreated while global stocks diverged as investors assessed early signs of progress in diplomatic talks between the US and Iran. Brent crude slid 1.9% to $79 a barrel, erasing declines, after the two sides agreed to a roadmap toward reaching a final peace deal within 60 days. A rally in technology shares helped lift Asia’s equity benchmark up 0.6%, but futures on the S&P 500 as well as contracts for European stocks dropped around 0.5%. Gold prices rebounded and Treasuries fell as cash trading resumed after Friday’s US holiday. The latest developments came after talks got off to a confusing start on Sunday, when local media reported that Iran halted the discussions after US President Donald Trump once again threatened strikes if Hezbollah keeps attacking Israel. The two sides have agreed to create a “de-confliction cell” involving the parties and Lebanon to help ensure adherence to the cessation of military operations there, the mediators said. A subgauge of Asian technology shares rallied more than 1.5% amid continued optimism over the artificial intelligence trade. Taiwan’s tech-heavy market led gains in the region, with buying of AI and semiconductor shares also driving Japanese benchmarks higher. In Seoul, shares of companies part of the LG Group rallied following a report that executives from the firms will visit Nvidia headquarters on Monday to discuss cooperation in physical AI and robotics. LG Electronics Inc.’s stock soared over 13% intraday. US equities are set to resume trading on Monday, with the S&P 500 having risen in 11 of the last 12 weeks. Nasdaq 100 futures were down 0.5% after sliding more than 1% earlier. Meanwhile, a gauge of Chinese stocks in Hong Kong edged toward a bear market as trading resumed after a holiday, weighed down by weak consumption data. The MSCI China Index was also set to enter a bear market. In fixed-income, the yield on 10-year Treasuries as well as that on similar-maturity Japanese and Australian bonds rose. Bond traders, recently forced to reposition for the possibility of higher interest rates ahead, are looking to this week’s personal spending data in the US for an early read on whether the market’s newly hawkish stance is warranted. A gauge of the dollar advanced 0.2%, adding to last week’s gains. The pound traded near this year’s low on expectations Keir Starmer will set out a timetable for his departure as UK prime minister in coming days.
Starmer is expected to concede power in a statement as soon as Monday, people familiar with the matter said, although they cautioned that was not certain. The prime minister spent the last three days considering his position and whether he should continue to fight attempts by Greater Manchester Mayor Andy Burnham, who was elected to Parliament last week, to depose him. The question for investors is the impact on UK’s finances if Burnham becomes prime minister. He has so far offered little clarity on the potential policies he’d pursue, making it difficult to gauge the ramifications for future borrowing. Markets are nervous about any potential to ramp up bond sales to fund spending, given the UK is already struggling with its debt pile.

Nikkei +1.80% Hang Seng -0.82% CSI +1.33% Shanghai +0.71% Shenzen +0.23%

Eur$ 1.1470 CNH 6.7795 CNY 6.7760 JPY 161.65 GBP 1.3219 CHF 0.8079 RUB 73.3397 TRY 46.4569 WTI$ 75.18 -0.88% Gold 4,193 BTC 64;140 +0.97% ETH 1,734 +0.67%

S&P -0.37% Nasdaq -0.24% EuroStoxx -0.24% FTSE +0.10% Dax -0.07% SMI -0.17%

Macro :
- Qatar LNG Tankers Head Toward Hormuz in Test for Peace, Markets
- China Targets US Rare Earths Firms in Response to Pentagon List
- Araghchi Says Talks Delivered Major Progress to End Lebanon War
- Trump Tells Axios He Doesn’t See Anthropic as US Security Threat
- Berenberg Management Suspended by German Regulator Bafin (1)
- Spain Weighs Financial Aid to Struggling Solar Power Industry

Keep an eye on :
- ABBV US : AbbVie closes in on nearly $11bn deal for biotech Apogee Therapeutics
- Anthropic IPO : Trump Tells Axios He Doesn’t See Anthropic as US Security Threat
- ACA US : CRH Nears Biggest-Ever Deal to Buy Arcosa: FT
- BAB LN : Babcock FY Adjusted Pretax Profit Misses Estimates
- Belfius Belgian Govt to Seek Buyer for Belfius Stake From Mon: Le Soir
- BIOAB SS : BioArctic Signs Research Deal With Eli Lilly for $30m
- BPE IM : BPER Banca Gets ECB Approval for Up to €750m Share Buyback
- BN CN : Brookfield Is Said to Lead Bidding for Drahi’s XpFibre Business
- CB US : Hormuz Transit Security Is ‘Hour to Hour’ Play, Chubb CEO Says
- CRH US : CRH Nears Biggest-Ever Deal to Buy Arcosa: FT
- CVC NA : CVC Adds Recordati Exposure Via Swap as Tender Offer Progresses
- BN FP : Danone Buys Australian Dairy Producer Made Group in Protein Push
- Delfin Holding : Del Vecchio Heir Says Banks Asked Family Holding More Guarantees
- EDF FP : EDF to Halt Golfech 2 French Reactor June 22 to June 30
- ELIS FP : Elis to Abandon Purchase of OCL Laundry Services in Ireland
- GDS US : MGX Mulls Buying Data-Center Operator DayOne, Reuters Says
- GTT FP : *GAZTRANSPORT ET TECHNIGAZ FALLS 4.2% ON TRADEGATE VS PARIS CLOS
- GOOGL US : Nobel Winner John Jumper to Leave Google DeepMind for Anthropic
- KNDS IPO : Germany, KNDS Family Owners Agree on Stake Sale Ahead of IPO
- LDO IM : Italy Open to Germany Joining Fighter Jet Project: FT
- LLOY LN : Lloyds to Recruit for Almost 300 Agentic AI-Related Roles
- NDX1 GY : Nordex Gets Three US Orders Totaling 484 MW
- P911 GY : Porsche Eyes Deal to Cut More Costs as Automaker Reins In Output
- REC IM : CVC Adds Recordati Exposure Via Swap as Tender Offer Progresses
- RNO FP : Renault Pushback on Nissan Board Picks Targets Creditor Mizuho
- RVMD US : Drugmaker Revolution Medicines Says Sale Not Priority: FT
- SAN FP : Sanofi Pares Drop; FT Reports AbbVie Close to Deal With Apogee
- 9984 JP : SoftBank-Backed Robot Maker Gears Up for Hong Kong IPO, Sources Say
- UBI FP : Ubisoft Co-Founder Claude Guillemot Dies in Air Crash at Age 69

>>> Stoxx 600 Pre-Market Indications

  • Frontline PLC (HF6 TH) +2.1%
  • Sika (SIKA TH) +1.8%
  • BMW (BMW TH) +1.8%
  • Ryanair (RY4C TH) +1.6%
  • Rheinmetall (RHM TH) +1.6%
    • Rheinmetall Raised to Outperform at Oddo BHF; PT 1,670 euros
  • AT&S (AUS TH) +1.1%
  • Informa (IEA TH) +1.1%
  • Carrefour (CAR TH) +1%
    • Carrefour’s Strategy Undervalued, Morgan Stanley is Overweight
  • BAE (BSP TH) -1%
  • Aumovio (AMV0 TH) -1%
  • Vodafone (VODI TH) -1.1%
  • ING (INN1 TH) -1.1%
  • Kongsberg (KOZ1 TH) -1.2%
  • Novo Nordisk (NOV TH) -1.5%
    • Novo Wegovy Pill Sales Seen 21% Above Consensus: BI Focus
  • Telia (TLS TH) -2.2%
  • GTT (9TG TH) -2.9%
  • Umicore (NVJP TH) -3%
    • Berenberg Downgrades Umicore as Cobalt Boost Seen to Ease

>>> TradeGate Pre-Market Indications

DAX:
  • BMW (BMW TH) +2.1%
MDAX:
  • TAG Immobilien (TEG TH) +1.3%
  • AUTO1 (AG1 TH) +1.1%
  • Aumovio (AMV0 TH) -1.1%
SDAX:
  • Redcare Pharmacy NV (RDC TH) +1.5%
  • MLP (MLP TH) +1.3%
  • Deutsche PBB (PBB TH) +1.1%
  • Verbio SE (VBK TH) +1%
  • W&W (WUW TH) -1.5%
  • Hamborner REIT (HABA TH) -1.6%

>>> What to look at today - 22th of June 2026

Oil retreated while global stocks diverged as investors assessed early signs of progress in diplomatic talks between the US and Iran. Brent crude slid 1.9% to $79 a barrel, erasing declines, after the two sides agreed to a roadmap toward reaching a final peace deal within 60 days. A rally in technology shares helped lift Asia’s equity benchmark up 0.6%, but futures on the S&P 500 as well as contracts for European stocks dropped around 0.5%. Gold prices rebounded and Treasuries fell as cash trading resumed after Friday’s US holiday. The latest developments came after talks got off to a confusing start on Sunday, when local media reported that Iran halted the discussions after US President Donald Trump once again threatened strikes if Hezbollah keeps attacking Israel. The two sides have agreed to create a “de-confliction cell” involving the parties and Lebanon to help ensure adherence to the cessation of military operations there, the mediators said. A subgauge of Asian technology shares rallied more than 1.5% amid continued optimism over the artificial intelligence trade. Taiwan’s tech-heavy market led gains in the region, with buying of AI and semiconductor shares also driving Japanese benchmarks higher. In Seoul, shares of companies part of the LG Group rallied following a report that executives from the firms will visit Nvidia headquarters on Monday to discuss cooperation in physical AI and robotics. LG Electronics Inc.’s stock soared over 13% intraday. US equities are set to resume trading on Monday, with the S&P 500 having risen in 11 of the last 12 weeks. Nasdaq 100 futures were down 0.5% after sliding more than 1% earlier. Meanwhile, a gauge of Chinese stocks in Hong Kong edged toward a bear market as trading resumed after a holiday, weighed down by weak consumption data. The MSCI China Index was also set to enter a bear market. In fixed-income, the yield on 10-year Treasuries as well as that on similar-maturity Japanese and Australian bonds rose. Bond traders, recently forced to reposition for the possibility of higher interest rates ahead, are looking to this week’s personal spending data in the US for an early read on whether the market’s newly hawkish stance is warranted. A gauge of the dollar advanced 0.2%, adding to last week’s gains. The pound traded near this year’s low on expectations Keir Starmer will set out a timetable for his departure as UK prime minister in coming days.
Starmer is expected to concede power in a statement as soon as Monday, people familiar with the matter said, although they cautioned that was not certain. The prime minister spent the last three days considering his position and whether he should continue to fight attempts by Greater Manchester Mayor Andy Burnham, who was elected to Parliament last week, to depose him. The question for investors is the impact on UK’s finances if Burnham becomes prime minister. He has so far offered little clarity on the potential policies he’d pursue, making it difficult to gauge the ramifications for future borrowing. Markets are nervous about any potential to ramp up bond sales to fund spending, given the UK is already struggling with its debt pile.

Nikkei +1.80% Hang Seng -0.82% CSI +1.33% Shanghai +0.71% Shenzen +0.23%

Eur$ 1.1470 CNH 6.7795 CNY 6.7760 JPY 161.65 GBP 1.3219 CHF 0.8079 RUB 73.3397 TRY 46.4569 WTI$ 75.18 -0.88% Gold 4,193 BTC ETH

S&P -0.37% Nasdaq -0.24% EuroStoxx -0.24% FTSE +0.10% Dax -0.07% SMI

Macro :
- China Targets US Rare Earths Firms in Response to Pentagon List
- Araghchi Says Talks Delivered Major Progress to End Lebanon War
- Trump Tells Axios He Doesn’t See Anthropic as US Security Threat
- Berenberg Management Suspended by German Regulator Bafin (1)
- Spain Weighs Financial Aid to Struggling Solar Power Industry

Keep an eye on :
- ABBV US : AbbVie closes in on nearly $11bn deal for biotech Apogee Therapeutics
- Anthropic IPO : Trump Tells Axios He Doesn’t See Anthropic as US Security Threat
- ACA US : CRH Nears Biggest-Ever Deal to Buy Arcosa: FT
- Belfius Belgian Govt to Seek Buyer for Belfius Stake From Mon: Le Soir
- BIOAB SS : BioArctic Signs Research Deal With Eli Lilly for $30m
- BPE IM : BPER Banca Gets ECB Approval for Up to €750m Share Buyback
- BN CN : Brookfield Is Said to Lead Bidding for Drahi’s XpFibre Business
- CB US : Hormuz Transit Security Is ‘Hour to Hour’ Play, Chubb CEO Says
- CRH US : CRH Nears Biggest-Ever Deal to Buy Arcosa: FT
- CVC NA : CVC Adds Recordati Exposure Via Swap as Tender Offer Progresses
- BN FP : Danone Buys Australian Dairy Producer Made Group in Protein Push
- Delfin Holding : Del Vecchio Heir Says Banks Asked Family Holding More Guarantees
- EDF FP : EDF to Halt Golfech 2 French Reactor June 22 to June 30
- ELIS FP : Elis to Abandon Purchase of OCL Laundry Services in Ireland
- GDS US : MGX Mulls Buying Data-Center Operator DayOne, Reuters Says
- GTT FP : *GAZTRANSPORT ET TECHNIGAZ FALLS 4.2% ON TRADEGATE VS PARIS CLOS
- GOOGL US : Nobel Winner John Jumper to Leave Google DeepMind for Anthropic
- KNDS IPO : Germany, KNDS Family Owners Agree on Stake Sale Ahead of IPO
- LDO IM : Italy Open to Germany Joining Fighter Jet Project: FT
- LLOY LN : Lloyds to Recruit for Almost 300 Agentic AI-Related Roles
- NDX1 GY : Nordex Gets Three US Orders Totaling 484 MW
- P911 GY : Porsche Eyes Deal to Cut More Costs as Automaker Reins In Output
- REC IM : CVC Adds Recordati Exposure Via Swap as Tender Offer Progresses
- RNO FP : Renault Pushback on Nissan Board Picks Targets Creditor Mizuho
- RVMD US : Drugmaker Revolution Medicines Says Sale Not Priority: FT
- SAN FP : Sanofi Pares Drop; FT Reports AbbVie Close to Deal With Apogee
- 9984 JP : SoftBank-Backed Robot Maker Gears Up for Hong Kong IPO, Sources Say
- UBI FP : Ubisoft Co-Founder Claude Guillemot Dies in Air Crash at Age 69

>>> Barron’s Weekend Summary

Cover:
-Recent market dynamics have prompted a need for companies to adapt strategically. Tariffs and rising oil prices influence supply chains and household budgets, while cyber threats and bond yields affect finance. Barrons evaluates top CEOs highlighting operational excellence across sectors. Key figures include Jensen Huang (Nvidia), who leads in AI processors; Wendell Weeks (Corning), excelling in optical fiber; and Lisa Su (AMD), surpassing Intel. Transportation leaders like Ed Bastian (Delta Airlines) focus on long-term investments, while Jamie Dimon (JPMorgan Chase) adopts data automation in finance. In retail, Joanne Crevoiserat (Tapestry) and Darren Rebelez (Casey’s General Stores) innovate their business models to achieve significant returns. Other notable leaders include Tim Cook (Apple), transitioning towards AI, and Dave Ricks (Eli Lilly), ensuring supply of an obesity drug.

CEO Interview:
-No Update

Tech Trader:
-Augmented reality (AR) has experienced a decline in interest after overhyped expectations led to disappointment. However, enthusiasts at the AWE USA conference remain optimistic about the future of AR glasses. Despite impressive software advancements, significant hardware breakthroughs are still needed for mass-market readiness. Snap's new Specs AR glasses, priced at $2,195, aim to integrate digital graphics with the real world but face challenges such as short battery life, excessive weight, and subpar display quality. While they represent progress, Specs have not yet achieved the sleek design necessary for widespread user adoption.

The Trader:
-Cerebras Systems experienced a strong IPO debut in May, rising 68% initially, but has since dropped nearly 30%. The company is set to report Q1 results on June 23, with expected revenues of $181.2M (up 82% year-over-year) but a projected loss of $54.8 million, significantly larger than the previous year's loss. Despite high valuations, investors are urged to be cautious about IPOs. Cerebras trades at about 60 times projected sales for 2026 and over 260 times estimated earnings for 2027, in contrast to competitors like Intel and Nvidia. However, the majority of analysts maintain a bullish outlook, with a consensus price target of $294, still above its current trading price of $311.07.
-Transportation stocks have performed well this year, with the Dow Jones Transportation Average rising 28%, despite fluctuations due to oil prices. The sector remains 10% below its April high, and analysts deem the iShares Transportation ETF a solid investment, trading at a reasonable 22 times earnings estimates. Analysts from Fundstrat suggest any progress in U.S.-Iran relations could benefit the sector directly. FedEx, preparing to report earnings, is valued at 17 times profits, while UPS offers an even more attractive valuation at 15 times. Other companies like United Airlines, Delta, and Uber also present investment opportunities with competitive price-to-earnings ratios. Strength in transportation stocks is seen as a positive economic indicator for the broader market, highlighted by recent highs in the S&P 500 Transportation Industry Group.

Features:
-As SpaceX shares become available for sale by employees and early investors, the stock, which surged after its first trading day, is expected to face downward pressure. Shares rose to $201.80 but have since declined to $185, influenced by a limited supply of 639M tradable shares out of over 13B outstanding. Influential long-term shareholders and retail investors have mostly purchased these shares. Gary Black, a fund co-founder, labels SpaceX as a "meme stock," cautioning that high prices could lead to poor outcomes for speculators. The recent introduction of stock options, particularly call options, has further intensified trading despite the limited availability of shares.
-General Motors has demonstrated remarkable financial resilience despite a declining market capitalization, now around $75B, down from nearly $100B in late 2021. The company’s stock has risen over 40% in the last five years, aided significantly by $30B in share repurchases, which reduced shares by 500 million. GM's strong management has generated about $53B in free cash flow since 2021, bolstering the value of shares even amidst challenges like reduced new car sales and losses in EV investments. Analysts suggest that if investors recognize GM's stability, shares could rise 50% to $131 in a year, supported by continued share buybacks despite a challenging car market.
European Trader:
-ASML Holding shares fell 0.5% on Friday following concerns from the Trump administration regarding the potential use of its machines by China. ASML, which has not exported its extreme ultraviolet (EUV) lithography technology to China since 2019, reaffirmed that it has never shipped an EUV machine or any specialized components to China. U.S. lawmakers are pushing for further restrictions on semiconductor manufacturing equipment sales to China, sparking worries for the company. Despite these concerns, ASML's shares have risen 157% in the past year, driven by strong demand for semiconductor manufacturing linked to artificial intelligence.

Emerging Markets:
-In 2026, a week marked by significant geopolitical developments saw the U.S. sign a preliminary peace deal with Iran, a gathering of G7 leaders for their annual summit, and critical interest rate decisions from four major central banks. This emerging peace in the Iran conflict signals potential shifts in international relations, yet the long-term economic repercussions are poised to be extensive. The conflict has already begun to reshape the global economy, influencing market dynamics and prompting countries to re-evaluate trade agreements and economic strategies. Observers will need to monitor these changes closely to understand their full impact on future geopolitical and economic landscapes.

Commodities:
-When Kevin Warsh appears as Federal Reserve chairman, he will share the spotlight with four other major central banks making policy decisions amidst inflation concerns. The Bank of Japan is expected to raise interest rates for the first time since December, while the Reserve Bank of Australia is likely to hold rates steady after three increases this year. The FOMC, also anticipated to maintain rates, will meet on Wednesday. The Bank of England plans to hold rates as well due to rising energy costs affecting businesses. This week marks a rare alignment of central bank meetings, which typically influences global markets, though most banks are opting to keep their rates unchanged.

Streetwise:
-No update

>>> La Lettre* du 19/06/2026.



```
========================================
LA LETTRE — DIGEST 19/06/2026
Graham Advisors
========================================

[FR]

L'EVENEMENT — MEDIAS
Guillaume Zeller, nouveau "Bolloré boy" d'Hachette
- Ex-journaliste et auteur, fidèle de Vincent Bolloré
depuis Direct 8 (2005), nommé chargé de mission
auprès de Jean-Christophe Thiery (DG délégué
d'Hachette Livre) le 1er juin.
- Coordonnera les "dossiers transverses"; reste
secrétaire général de l'Institut de l'espérance,
think-tank d'inspiration chrétienne de Bolloré.
- Introduit auprès de Bolloré par l'abbé Gabriel
Grimaud. Engagé dans le comité de libération de
l'écrivain Boualem Sansal. Petit-fils du général
André Zeller (putsch d'Alger, 1961).

POLITIQUE — NUCLEAIRE
La DGEC pousse le rapprochement Stellaria / Thorizon
- Seconde réunion le 8 juillet (Orano, CEA, les deux
start-ups SMR à sels fondus). France 2030 ne peut
financer les deux projets; l'Etat veut ressusciter
le programme Isac (R&D sels fondus, CEA).
- Coupes budgétaires: le SGPI (Bruno Bonnell) ne
financera que 3-4 réacteurs sur 12. Jimmy et
Calogena retenus; Otrera (EDF entré au capital),
Blue Capsule en attente.
- Stellaria a levé 23 M EUR (juillet 2025, At One
Ventures, Supernova); Thorizon 20 M EUR (mars 2025,
Invest-NL + 4 M Commission européenne).

POLITIQUE — EXECUTIF
Beauvau s'oppose à la foncière de l'Etat
- Projet de structure pour gérer 96,7 M m² de parc
immobilier public, débattu au Parlement. Pilote
envisagé en Normandie et dans le Nord.
- L'Intérieur (Laurent Nuñez) refuse d'intégrer le
dispositif: perte d'autonomie sur commissariats
(DGPN) et casernes (DGGN), versement de loyers.
- Périmètre jugé "fort modeste" (Claude Nougein, LR,
rapporteur Sénat). Premiers transferts espérés
en 2027, montée en charge sur dix ans.

POLITIQUE — INGERENCES
Lecornu crée une commission anti-ingérences numériques
- Décret en Conseil d'Etat: commission indépendante
d'information du public en période électorale,
présidée par les plus hautes juridictions (Marc
Guillaume, Amélie de Montchalin, Christophe Soulard).
- Remplace le RCPE (SGDSN, Nicolas Roche); compétente
sur tous les scrutins sauf la présidentielle (CNCCEP).
Voie du décret choisie pour aller vite avant 2027.
- Cas évoqués: "Rokh Solis" ciblant LFI (commandité
par la société israélienne Blackcore selon Viginum);
questions sur l'inaction face à Xenia Fedorova
(ex-RT France, désormais sur CNews).

POLITIQUE — DEFENSE
Otan: Paris donne des gages avant le sommet d'Ankara
- Catherine Vautrin annonce (18 juin, Bruxelles)
l'inscription des moyens aériens et maritimes
français dans les plans régionaux de l'Alliance
(régions nord et sud-est) — fin de la singularité
française.
- Concession pour gagner en influence face à la
montée de Berlin (Carsten Breuer candidat au comité
militaire, face à la canadienne Jennie Carignan;
élection 18-20 sept., Copenhague).
- Sous-représentation française dans les états-majors
Otan (3 officiers généraux au siège); Balard
valorise désormais les filières Otan.

ENTREPRISES — ENERGIE
Céline Stein, patronne d'Octopus Energy France
- CEO France depuis avril 2026 (succède à Vincent
Maillard). Octopus: ~750 000 clients, ~750 MW
solaire/éolien, 4e derrière EDF, Engie, TotalEnergies.
- Stratégie disruptive sans feuille de route, calquée
sur le fondateur Greg Jackson. Citée 3 fois par
Macron à l'Elysée (26 mai, plan électrification).
- Logiciel Kraken: clients TotalEnergies, ENI
Plenitude, EDF UK. Colloque UFE (23 juin), pop-up
store dans le Marais, com' offensive.

FT : Octopus founder says climate policies must address energy costs

Octopus founder says climate policies must address energy costs
Remarks come ahead of pivotal English by-election

Politicians in the UK and Europe should stop telling people to make “sacrifices” to curb climate change and instead focus on bringing electricity bills down, said British businessman and government adviser Greg Jackson.

Speaking ahead of the Makerfield by-election and the prospect of electoral gains by the Reform UK party, which has promised to abolish climate policies, the Octopus Energy founder and chief executive said governments have failed to make energy more affordable.

“On a bigger scale we could not have gone about the electricity transition in the UK and Europe in a worse way if we wanted to get public opinion to support it,” he told the FT’s Climate & Impact Summit.

“My request to all politicians is to relentlessly try hard now to have all policies that line up people’s immediate self-interest with that of the planet, rather than telling people we have to make sacrifices in order to fend off a threat that a lot of them don’t see,” he added.

The Labour government under Prime Minister Sir Keir Starmer has pledged to bring household bills down by hundreds of pounds and to transition the grid to clean energy by 2030.

Reform, which is contesting the by-election, has said it would cull “all net zero commitments”, rip up renewable energy contracts and “strike down” subsidies for wind farms and solar panels.

But Jackson said Reform’s emphasis on saving taxpayers’ money did not have to run counter to efforts to electrify energy systems.

“Obviously I have no political views,” he said. “A counterintuitive thought, though, is that among Reform’s many areas of focus is saying that energy costs are too high. And, look, to drive down electricity costs is so crucial for electrification.”

As the UK’s largest household energy supplier, Octopus has made the case for years that greening the UK’s electricity grid and introducing local electricity prices could help drive down energy bills in a win-win for the climate and for people.

Bills in the UK had unfortunately become a “dumping ground” for various projects, he said.

The retail electricity price includes the wholesale price of electricity, as well as extra charges to pay for government policies such as supporting vulnerable households, renewable electricity subsidies and upgrading electricity networks.

Catherine McKenna, a lawyer and Canada’s former environment and climate change minister who is now an adviser to Singapore’s Temasek, told the conference that governments could save money by no longer subsidising fossil fuels.

This would help make clean energy relatively cheaper, enabling them to frame climate action as “addressing the affordability crisis”.

She was also critical of the Canadian government’s moves to build a new oil pipeline. Prime Minister Mark Carney, a former UN climate envoy, struck a deal with the oil-rich province of Alberta last month on industrial carbon pricing, laying the groundwork for a new oil pipeline aiming to send up to 1mn barrels a day to Asia.

“Leaders have decided they’re not going to care about this massive existential threat,” she said. “I just wish governments would get their act together.”