US MARKETS:

S&P 500 futures up 0.3% to 2,900.75
Brent futures down 0.7% to $60.54/bbl
Gold spot up 0.4% to $1,345.06
US Dollar Index up 0.1% to 97.68

GLOBAL NEWS:

Seen at the Paris Air Show. The first flight of the future European fighter aircraft co-developed by France, Germany and Spain is scheduled for 2026 under the leadership of Airbus and Dassault Aviation. American Airlines is negotiating with Airbus to acquire 50 A321XLR, a part in conversion of existing orders, Reuters has learned. Bad weather for Boeing: General Electric has announced that the development of the GE9X that will equip the future B777Xs has been delayed for several months. Safran is gathering high-paced controls for its LEAP engine.

Med-Tech. Sanofi and Google will create an innovation laboratory. The ambition of both groups is "to radically transform the development of future drugs and health services". The French pharmaceutical group is also announcing that it will modernize its IT infrastructure, in particular by migrating some of its applications to the Californian giant's cloud platform.

The collector. Patrick Drahi, a billionaire businessman and great art lover, says he does not need to sell Altice Europe shares to finance his surprise takeover of the auction house Sotheby's. A surprise at $3.7 billion. In a statement, the French man said he remains fully focused on his telecom and media activities. With this operation, another prestigious player in the sector falls into French hands, after Christie's, owned by Artemis, the holding company of the Pinault family (Kering).

Scandinavian wedding. Tieto will buy Evry in cash and shares, the two IT services groups announced this morning. TietoEVRY will be listed in Helsinki, Stockholm and Oslo and will have a turnover of around €3 billion. Based on the previous day's quotations, the offer values Evry at NOK 35.48 per share, or approximately €1.3 billion in total (according to our calculations).

Fundraising. Infineon has launched a €1.5 billion capital increase to finance part of the acquisition of the American Cypress Semiconductor. The operation will take the form of a private placement, which will increase the group's capital by approximately 10%.

New warning for Siltronic. The company is caught up in the Sino-American crisis. A significant decrease in sales is expected in the second and third quarters. The rest of the sector (STMicroelectronics, AMS in consorts) is also suffering.

Reduction of the sail area. The South African administration's pension fund is considering reducing its positions in Naspers, according to Bloomberg. Managers fear excessive exposure to a single security.

In other news. Banker Edward Sankey is leaving Deutsche Bank after 15 years in office, according to several sources. In the United States, the FAA will work to simplify the return of supersonic passenger aircraft to the market. Around ten banks, mainly European, have undertaken to take into account the environmental impact when renegotiating credit lines for the maritime transport industry. The conglomerate Odebrecht Holding is opening bankruptcy proceedings in Brazil. Italian banks, including Unicredit and Banco BPM, are caught up in the diamond scandal.