6 months of Donald Trump II

Indeed, the actions indices remain close to the Zenith. For example, The rise of the New York Stock Exchange since April has almost allowed him to fill the substantial gap. For example, which had been formed with a European 6 months donald trump ii market which stalled during the semester. Furthermore, For example, The S&P 500 and the Stoxx Europe 600 are now both gain between 7 and 8% from the 1^is January. In addition, While waiting for the next customs deadline (another!) Of 1^is August, the markets are based on business results to maintain the flame.

The results of the previous week was quite thin on the stock market. Meanwhile, can be summed up in small drop in Europe and modest increase in the United States. Meanwhile, The surface calm has however masked some big variations in companies, in particular those which have published quarterly results. For example, Fintech, online commerce and defense shone. Meanwhile, Health and oil have suffered. Meanwhile, The performance at mid-exercise will constitute the bulk of the news of the week. For example, with around thirty companies on tablets weighing more than $ 100 billion in capitalization, and a 6 months donald trump ii few hundred other smaller ones.

The financial dynamics of companies are all the more important since it has to somehow validate the. Meanwhile, 26% rebound in the US scholarship since the low points in the beginning of April. Nevertheless, So far, everything is going well. As proof. I want the latest weekly report well known to FactstSet on the quality of publications (Factst Insight, here), of which I give you a condensed version, because the original version is less and less digestible. 33 pages in 3 lines: The results of the T2 2025 for the S&P 500 start on a flattering note. if not frankly exciting. Only 12% of companies have published their figures. but 83% of them exceed expectations, a flattering figure if we forget that the forecasts had been opportunely lowered. Profits are on average 7.9% above estimates (better than average over ten years, less than 6 months donald trump ii that over five years). Financials save the bet, while health wears the atmosphere a little. Result: the rate growth rate rose to 5.6%, up over the week, but still at the lowest since the end of 2023. It is the job anyway: still not the shadow of a violent beneficiary slide on the banana skin of. customs duties.

Because this frenzy of results is also there to counter the negative weight of the customs showdown hired by. the Trump administration. During the Friday session. a rumor propagated by the Financial Times almost dropped Wall Street: the British business daily revealed that Donald Trump would pressure to impose new high customs duties on European Union products. The White House left up to 1^is August to countries that have not yet done so to sign trade. agreements with the United States. The coming days promise to be stormy, except compromise between Brussels 6 months donald trump ii and Washington. Between this July 21. the 1^is August, two decisions of central banks must fall: that of the ECB, this week, and that of the Fed, on July 30. Prognosis is very largely in favor of maintaining the guiding rates of the euro zone. the United States at their current level.

The information not to be missed to start the week well:

• The EU is working on customs retaliatory measures against. the United States in the event of an exit scenario without agreement.
• In Japan. Moreover, the power coalition has lost the senatorial elections, weakening the Prime Minister, who however indicated that he will not resign. The yen has strengthened.
• Donald Trump brought a legal action against the Wall Street Journal. its owners on Friday, including Rupert Murdoch and News Corporation, claiming at least $ 10 billion, following the publication of an article stating that his name appeared on a 6 months donald trump ii birthday card addressed to Jeffrey Epstein in 2003, accompanied by a sexual connotation drawing and a reference to secrets they shared.
• The Trump administration re -examined government contracts from SpaceX after the argument between Trump. Musk, but nothing was cut for lack of alternative, according to the WSJ.
• On the agenda of business results, Coca-Cola, Alphabet and Tesla will be featured in the United States. In Europe, SAP, LVMH, Roche or Nestlé are approaching.
• On the macro calendar. a decision by the ECB on its rates (Thursday) will accompany the PMI Flash indicators in July (Thursday) and the orders of lasting American goods (Friday). FED members have been silenced in the period for monetary policy until the decision of 30 July (95% probability of status quo. according to the Fedwatch tool of the CME) since Saturday.

On the side of Asia-Pacific. in the absence of closed Tokyo for a holiday, continental 6 months donald trump ii China and Hong Kong evolve slightly while South Korea and India are increasingly substantially used. It is more complicated in Australia, where the ASX falls of 1.1% to start the week, weighed down by the financial sector.

The economic highlights of the day

. The whole agenda here.

The quotes are those of the day around 7:00. the links allow you to have real time:

The main changes in recommendations

• ABB: Citi goes from neutral to buy with a lens of courses noted from 46 CHF to 62 CHF. Rothschild & Co Redburn maintains its recommendation for purchase with a price of courses noted from 53 to 60 CHF.
• Argan: Jefferies remains with purchase with a reduced course target from 86 to 84 EUR.
• Burberry Group: Telsey Advisory Group maintains its market performance recommendation with a price of courses noted from 1100 to 1400 GBX.
• Commerzbank: Autonomous Research degrades from neutral to sub-performance with a price 6 months donald trump ii target of 24 EUR.
• Richemont Financial Company: RBC Capital maintains its sector performance recommendation and reduces the price of courses from 165 to 145 CHF.
• Danone: Barclays maintains its recommendation to overlap with a reduced course target from 85 to 82 EUR.
• Novartis: Landesbank Baden-Württtemberg maintains its recommendation to keep with a reduced course of 105 to 100 CHF.
• Partners Group Holding: JP Morgan maintains its recommendation overlap with a price of courses noted from 1198 to 1284 CHF.
• SAAB: Pareto Securities degrades to buy to keep with a course of courses noted from 540 SEK to 550 SEK.
• Stmicroelectronics: Morgan Stanley maintains its market weighting recommendation with a price target of 22 to 26 EUR.
• Talenom: Inderes degrades its purchasing advice to accumulate with a reduced course target of 4.60 to 4.20 EUR.
• Totalnergies: Wolfe Research maintains its overperformance recommendation with a reduced course target from 78 to 76 USD.

In France

Important ads (and less important … I 6 months donald trump ii specify that the information is given hot before opening. does not prejudge the color of the actions during the session)

• The EU accuses Vivendi of having taken control of Lagardère too early, which the group disputes. A communication of grievances, which can lead to a high fine, was sent to Vivendi.
• Carrefour would have appointed Rothschild as an advisor for the potential sale of its Italian subsidiary, according to Bloomberg.
• Covivio identifies its recurring net income target for 2025 after an increase in income in the 1st half.
• ATOS had 1.8 Moder of liquidity on June 30, 2025, a comfortable level compared to its credit commitments.
• Osmosun carried out capital increases prior to its rapprochement with Unibios.
• Bluelinea raised 3.07 murder by capital increase, including 1 murder by claims, bringing up apicil to 81.3% of the capital.
• The main publications of the day : Covivio, Bourrelier, Oeneo… the rest here.

In the vast world

Important ads (and less important)

D’Europe

• The 6 months donald trump ii Agnelli family would be in talks concerning the possible sale of the Iveco truck manufacturer. learned Reuters. Tata Motors would be on the ranks.
• BP PLC sells its terrestrial wind activity in the United States in LS Power for an undisclosed amount.
• Prosus would have proposed to sell all. part of his participation in Delivery Hero in order to obtain the agreement of the European Commission for the acquisition of Just Eat Takeaway.
• The net profit of Ryanair doubles in T2 thanks to Easter and the price rebound.
• Daimler Truck plans to withdraw from production in China because of a crazy “crazy” cycle, according to the FT.
• Roche en échec en Phase III Avec Astestolimab Dans la COPCO.
• The London Stock Exchange plans a rating 24 hours a day on the London Stock Exchange, according to the FT.
• Rheinmetall wants to create 600 jobs in Zurich.
• Allianz will create a reinsurance joint venture in India with 6 months donald trump ii Jio Financial, a subsidiary of reliance.
• The main publications of the day : Ryanair. Galp Energy, Belimo, Nos, Mony…

North America

• Microsoft will stop calling on engineers based in China for the technical support of the American army, Hegseth orders an exam. In addition. Microsoft has launched an alert concerning “active attacks” targeting server software used by government agencies and companies to share internal documents.
• The main republican commission on China is opposed to the resumption of NVIDIA chip deliveries
• The FDA asked Sarepta on Friday to voluntarily suspend the deliveries of its Elevidys gene treatment after the death of a patient with muscular dystrophy which had received another experimental treatment. but the company refused.
• A Tesla computer official without experience in traditional car sales would now be in charge of sales, according to Reuters.
• Block will take the place of Hess in the S&P 500.
• Humana loses its appeal against the drop in her 6 months donald trump ii note in the classification of the American Medicare program.
• Alaska Airlines has undergone a computer failure which affects its operations.
• Conocophillips files a request to stop being a issuer subject to Canada.
• The main publications of the day : Verizon. Roper Technologies, NXP Semiconductors, WR Berkley Corporation, Steel Dynamics, Domino’s Pizza, Alexandria Real Estate, Crown Holdings…

Of Asia and elsewhere

• Reliance records a decrease after the publication of results lower than analysts’ forecasts.
• The main publications of the day : …

The rest of the global publication agenda here.

Lectures