See the ‘Market Data’ post.
Good evening,
What had been a positive week for markets lost momentum as sentiment shifted sharply with a new and unexpected war between Israel and Iran. Every US stock index fell over 1% and ended the week marginally lower with the energy sector as the only winner. Crude oil jumped over 12% during Israel’s attack last night and ended 8% higher on Friday, with Brent and WTI trading in the mid 70s and accumulating a 5% gain on the week.
Gold added 1.5% today to $3,430, nearing a new all-time high. The $ index appreciated slightly today but ended the week 1% lower while benchmark dollar yields advanced several basis points this week with 10-yr Treasuries yielding 4.41% on the close.
Last night, Israel surprised Iran and the world with a massive air attack targeting nuclear sites on the basis that the Islamic nation had advanced in the development of nuclear weapons and was getting ready to act. Tehran did not wait long to retaliate and responded this evening with missiles strikes and called for the destruction of Israel. Trump said he tried to prevent Israel from acting and that it was a unilateral decision. The UK confirmed it was not involved in Netanyahu’s actions. Iran told the U.N. that Israel’s initiative was a declaration of war and Netanyahu said the attack on Iran will last for as long as necessary to eliminate the threat.
Economic data: US Michigan Consumer sentiment recovered sharply to 60.5 points in June, the highest in four months. Inflation in Germany was confirmed at 2.1% YoY, the lowest in nine months while French inflation was 0.6% YoY, the slowest pace for price increases in four years and the lowest among Eurozone countries.
Acquisitions: French bank BPCE Group (Banque Populaire Caisse d’Epargne, cooperative unlisted bank) has acquired a 75% stake in Portuguese lender Novo Banco from Lone Star Funds in a deal that values the business at €6.4bn. The rest of the shares are held by the Portuguese state.
Business deals: British pharma giant AstraZeneca (mcap $230bn) enters into a strategic research partnership with China’s CSPC Pharmaceuticals (mcap $13bn) for AI-driven research, valued up to $5.3bn.
IPOs: Airo Group Holdings, a drones, avionics and defense Chicago-based company raised $60mn, was priced at $10, and skyrocketed in its Nasdaq debut today with a 140% jump to a market value of $640mn.
There were no earnings reports of note today.
Have a good weekend.
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