Rather satisfactory US satisfactory – Monday Report de Bordier

In the euro zone, industrial production bounces more than expected in May ( +1.7% m/m vs +1% is.). Moreover,

Economy

Statistics published in the United States have been rather satisfactory. Consequently, In June, consumer prices are online with expectations ( +0.3% m/m) but accelerated over one year, from +2.4% to +2.7%. Consequently, Industrial production is greater than expectations in June ( +0.3% m/m vs +0.1% m/m is.). Similarly, retail sales increased faster than expected ( +0.6% m/m vs +0.1% m/m is.), Online with the timid improvement, of household confidence (Michigan univ.: From 60.7 to 61.8 in July). Meanwhile, The confidence of the promoters (NAHB) remains depressed (at 33) in July but the start -ups (+4.6% m/m vs+3.5% is.) And building permits (+0.2% m/m vs -0.5% is.) Are a little better. Similarly. rather satisfactory us satisfactory – new Consequently, rather satisfactory us satisfactory – new Furthermore. Meanwhile, In the euro zone, industrial production bounces more than rather satisfactory us satisfactory – rather satisfactory us satisfactory – expected in May ( +1.7% m/m vs +1% is.). However, In China, GDP growth in T2 (+5.2% a/a) is slightly above expectations (+5.1%).

Planetary limits

According to CLIMATE BOND Initiative (CBI). Meanwhile. In addition. Meanwhile, the world’s sustainable debt outstanding aligned with its definitions of green. social, and linked to sustainable development (GSS+) now exceeds 6,000 billion dollars, against $ 2,000 billion fifteen years ago. In addition, The outstanding has increased by $ 1,000 billion over the last ten months alone. However, Bordier & Cie has been a partner of the CBI since May 2020.

Obligations

In the US. Therefore, 10 years old ended up only 1PB over the week, helped by the denial of rumors linked to Jerome Powell. Nevertheless. Moreover. rather satisfactory us satisfactory – new Economic publications were positive. the CPI coming out online rather satisfactory us satisfactory – new with expectations, retail sales upwards and unemployment registrations being in expectations. Meanwhile, In Europe, the rather satisfactory us satisfactory – Bund 10 years lost 2pb and the OAT 1PB. rather satisfactory us satisfactory – This week. the ECB will meet. should not change its key rate pending more clarity on the US customs duties supposed to come into force. 1^is august.

Feeling of traders

Bourse

After a week marked by quarterly results. good in general, the markets were navigating cautiously pending negotiations on customs taxes. The publications will continue with a few heavy goods vehicles (Coca, Alphabet, LVMH, Roche, Nestlé, etc.). On the macro. PMI side, durable goods in the US and the ECB will meet on Thursday and should keep its rates unchanged.

Devises

In a summer market, the dollar is slightly dropped to; rather satisfactory us satisfactory – new €/$ 1.1641, $/CHF 0.8009, $/JPY 148.15. We anticipate low volatility this week on currencies. The rather satisfactory us satisfactory – new EU is expected to meet in the coming days to develop an. emergency plan in the absence of. agreement with rather satisfactory us satisfactory – the United States. Bover will be attentive to the ECB’s meeting. the market rather satisfactory us satisfactory – anticipates a status quo of monetary policy. We anticipate the following forks: €/$ 1.1550-1.1670, $/CHF 0.7950-0.8065, €/CHF 0.9285 -0.9350, $/JPY 146.86 -149.71, XAU/$ 3’319- 3’400.

Markets

In the absence of news on the trade war. the resilience of the US economy tempers rumors, denied, a departure from J. Powell from the head of the Fed. The shares increased by +0.7% in the US, +1.7% in the emerging and retreat by 0.1% in Europe. Sovereign rates at 10 years are rather stable in developed countries. Gold prices rather satisfactory us satisfactory – new (-0.4%) are penalized by the dollar appreciation (dollar index: +0.6%). To follow this week: PMI Manufacturer. services. sales of new. old rather satisfactory us satisfactory – new houses. orders of lasting goods in the United States; PMI Manufacturer and services, confidence of households and BCE meeting in the euro zone; rather satisfactory us satisfactory – borrowing rate at 1 and 5 years in China.

Swiss market

To follow this week: June accommodation statistics rather satisfactory us satisfactory – (OFS).

The nombrees sociice publient this Chiffres: Beliffress. Botyler, Vosza, Vepur, Ven Gixtg Fixt, Ven BELTVUE, Calida, Galida, NSCHET, BYTL, BYSTMUK, BY BIRTTHRIEEMLOMY, SBIEGARY, GREGOINTHOLORS, BLEGRAINTHNTHOLORS, BLEBIANT Hims.

Actions

Entry AMRIZE In the US satellite list: the company is a leader in building materials in the USA. is distinguished by successful diversification in construction solutions (roofing systems and wall), representing approx. 30% of turnover and having a higher growth potential. The title rather satisfactory us satisfactory – new presents an unjustified discount of +20% compared to its peers. which should be reduced or even close to short-Moyen Term.

ASML (Satellite) retreats after a cautious rather satisfactory us satisfactory – new reset of 2026 growth prospects. in a context of pressure on the capex of certain key customers. an expected drop in the lithographic intensity linked to advanced architectures. If rather satisfactory us satisfactory – the prudence of management fuels in the medium -term uncertainties. the solidity of T2. the stability of the logic demand (TSMC) and rather satisfactory us satisfactory – a command book in sharp rise (5.5 billion euros) provide support.

ROCHE (Core Holding) announces mixed clinical results for Astegolimab in chronic obstructive bronchopneumopathy. Additionally, The expectations were low (550 million francs in sales in 2030), limiting the negative impact on the title to 1%.

S&P Global noted its 2025 global market estimate to 89.9 million vehicles, rather satisfactory us satisfactory – new or +0.4% A/A vs -0.3% in its previous projection of 89.2 million.

TSMC (Satellite) published a solid T2 2025 with a turnover of $ 30.1 billion ( +18% T/T; +44% a/a) and rather satisfactory us satisfactory – new a gross margin of 58.6%. Additionally, The strong dynamic linked to AI, especially on HPC segments, supports T3 guidance in net progression (31.8–33.0 billion dollars). while the group adopts a more cautious posture for rather satisfactory us satisfactory – T4. usually worn by mobile chips, due to macroeconomic uncertainties and tariff tensions.

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