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| This Week's Gainers & Losers |
| Up: BIO-Techne Corporation +22.54% : The life sciences research tools specialist is soaring. The group is the subject of a takeover offer from Germany’s Merck KGaA, valuing the company at around $11.3 billion. Investors welcomed the deal, which values the company at a significant premium to its recent share price. Corning Incorporated +13.41% : The optical materials specialist is benefiting from market support after confirming its multibillion-dollar agreement with Amazon. The long-term contract covers the supply of fiber optics for artificial intelligence data centers in the United States. Citing this structural growth momentum, Truist raised its target price to $205, while UBS reiterated its buy rating with a $228 target. United Airlines Holding +15.04% : The airline is benefiting from the easing in crude oil prices, which have returned to levels seen before the tensions with Iran. The decline reduces cost pressure on the sector, while UBS expects third-quarter results from U.S. carriers to beat expectations. Revvity +13.02% : The health sciences company is gaining ground after adding new artificial intelligence features to its "Signals One" software suite on June 22. The update allows R&D data to be translated into concrete decisions using natural language. This strategic push increases the share of recurring, high-margin software revenue, an area favored by the consensus. Ciena Corporation +11.98% : The optical networking specialist retains analysts’ confidence, with buy ratings reiterated and a target price maintained at $600. The market is welcoming prospects driven by Nvidia and the rise of AI. In addition, its pilot project with Telefonica Deutschland using AI agents on the "Blue Planet" platform validates the potential of its software division. 3i Group +14.99% : The British investment group is breathing easier after receiving European Union clearance for two of its acquisitions in energy and data processing, removing a final regulatory hurdle from its strategic roadmap.EasyJet +15.67% : The British low-cost airline is taking off after rejecting a new takeover offer from a U.S. fund at £6.50 per share. A more conciliatory tone between the two sides is raising hopes of a higher bid, to investors’ delight. The decline in Brent crude is also providing sector support. Down: Cerebras Systems -22.63% : The maker of giant AI chips is being heavily punished. Although revenue beat expectations at $193.4 million, the loss per share was wider than expected. Above all, the outlook disappointed: the group expects its gross margin to fall by nearly ten percentage points in the second quarter, to 36-38%, reviving concerns about its structural profitability and dependence on a single customer. Strategy Inc -26.86% : The group, whose strategy is entirely based on accumulating bitcoin, is plunging in the wake of the cryptocurrency, which has fallen close to $58,000, its lowest level since September 2024. The more than 7% decline over three sessions, linked to a broader liquidity squeeze, mechanically reduces the value of its assets. ARM Holding -23.94% : The British chip architecture designer is suffering from the sharp sector correction that hit semiconductors on June 23. Even the June 25 announcement that it had reached a 50% market share in hyperscale cloud computing was not enough to reverse the trend, as the stock remains weighed down by an unfavorable rotation away from technology names. AST Spacemobile -11.42% : The satellite-to-cellular network specialist is suffering after the publication of a regulatory filing on June 22. An entity linked to the CEO plans to sell 2.5 million shares for around $183 million. This insider selling signal has revived dilution concerns for a stock already weakened by sector competition since SpaceX's IPO. |
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| Commodities |
Energy: The market bets on Gulf flows returning. Oil prices fell sharply this week. Brent and WTI are heading for a decline of around 8%, despite a brief rebound after an attack on a cargo ship near the Strait of Hormuz. Brent is trading at around USD 72.60 a barrel and WTI near USD 70. The market is mainly focused on the gradual resumption of exports from the Gulf. Saudi Aramco has restarted loadings at Ras Tanura, its major oil terminal on Saudi Arabia’s east coast, after nearly four months of disruption. Geopolitical tensions, however, have not disappeared. A vessel linked to Evergreen Marine was hit near Oman. Washington blames Iran, while Tehran says it cannot guarantee the safety of ships outside designated routes. The incident is a reminder that the ceasefire remains fragile. OPEC is also facing internal tensions. After the recent departure of the United Arab Emirates, Iraq is demanding a higher production quota and threatening to reconsider its participation in the group. Baghdad has capacity of close to 4.7 million barrels per day. If this pressure intensifies, it could strengthen expectations of a supply surplus over the medium to long term. Metals: Metals suffered a sharp pullback at the start of the week. Falling equity markets, a stronger dollar and a firmer tone from the Federal Reserve pushed investors to reduce exposure to risk assets. Copper is down on the LME, at USD 13,270 per tonne. The red metal is being hurt by expectations of higher U.S. rates, which strengthen the dollar and weigh on the outlook for industrial demand. Gold also had a volatile week. The precious metal briefly fell below USD 4,000 an ounce, hit by the stronger dollar and the prospect of higher-for-longer rates in the United States. Inflation figures in line with expectations then helped stem the decline. In a similar vein, and without meaning to overdo the pun, silver is looking rather grey at USD 58, down 25% in one month. Agricultural products: A double blow for soybeans and corn, hit by lower oil prices and a stronger dollar. Cheaper oil reduces the appeal of commodities used in biofuels, notably soybeans and corn, while a stronger dollar also makes U.S. exports less competitive. Weather, however, is providing some support, allowing prices to broadly stabilize in Chicago. Above-normal temperatures could persist in the United States, which may put further pressure on crop yields. Wheat is down at 591 cents a bushel, while corn and soybeans are stabilizing at 442 and 1,150 cents, respectively. |
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| Macroeconomics |
Macro: One cycle gives way to another. After the surge in energy prices in response to the closure of the Strait of Hormuz, semiconductors remain among the year’s biggest winners. But nothing lasts forever, and just as oil prices have deflated sharply, semiconductor-related stocks are beginning to show signs of weakness. It is still too early to call a trend reversal, but the situation deserves close attention because it affects an entire ecosystem, from countries such as South Korea and Taiwan to individual stocks. In bond markets, persistently high inflation sits uneasily with rate cuts, despite the productivity gains expected from artificial intelligence. Caution therefore remains warranted, especially as summer approaches, a period traditionally marked by thinner liquidity and a higher risk of volatility. Crypto: Trading around USD 59,000, bitcoin (BTC) is at its lowest level since September 2024. It is down 31% since the start of 2026 and 53% from its USD 126,000 peak reached last October. For now, the crypto space lacks positive adoption catalysts to regain investor interest, as investors remain more focused on developments linked to artificial intelligence. The announcement that Binance has suspended its activities in Europe after failing to obtain the European MiCA license needed to operate on the continent has also chilled one of the world’s most active cryptocurrency markets. More broadly, the total market capitalization of cryptocurrencies has been cut in half since October 2025, falling from USD 4 trillion to USD 2 trillion. Ether (ETH) has suffered one of the steepest declines: the market’s second-largest cryptocurrency has lost 70% in one year, falling from USD 4,950 to USD 1,560 today. This reflects investors’ retreat from crypto-assets in favor of sectors currently seen as more promising. |
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| Things to read this week | ||||||
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*The weekly movements of indexes and stocks displayed on the dashboard are related to the period ranging from the open on Monday to the sending time of this newsletter on Friday. The weekly movements of commodities, precious metals and currencies displayed on the dashboard are related to a 7-day rolling period from Friday to Friday, until the sending time of this newsletter. These assets continue to quote on weekends. |
