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[MARKET ANALYSIS] Bourses firm as energy looks through geopolitical escalation; AstraZeneca hit after trial, Tech outperforms

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Ukrainian President Zelensky says the military has struck Russian oil depots in the Tver and Stavropol Regions; also strikes on a Russian oil pumping Station in Ufa and oil terminal in the Rostov region

Iraqi Prime Minister says "we seek a fair share of production from OPEC", Al Hadath reports. Will not withdraw from OPEC.

[MARKET ANALYSIS] Bourses firm as energy looks through geopolitical escalation; AstraZeneca hit after trial, Tech outperforms

Taiwan Balance of Trade (Jun) 12.20B (Prev. 17.91B)

Taiwan Exports YoY (Jun) Y/Y 40.3% (Prev. 51.7%)

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  • European bourses (STOXX 600 +0.5%/Euro Stoxx 50 +1.0%) opened with gains as markets generally look through the geopolitical escalation. FTSE 100 is the laggard as energy majors pull back and AstraZeneca slumps, IBEX 35 is the clear outperformer after US-Spain trade-related underperformance on Wednesday. To briefly recap events overnight, tit-for-tat strikes were conducted by the US on around 90 Iranian targets, and the IRGC fired on military bases in Bahrain and Kuwait. Markets remain optimistic, focusing on remarks from US President Trump, who said he spoke with Iran, and that they want to make a deal.
  • Sectors opened with a positive, risk-on bias and continue this way in quiet EU trade. Tech and Basic Resources outperform, while Energy and Utilities are the laggards.
  • Stock specifics include: AstraZeneca (-9%) CARDIO-TTRansform Phase III trial did not meet the primary endpoint of efficacy around CV mortality; Deutz (5.5%), To acquire  FFG Flensburger Fahrzeugbau Gesellschaft for EUR 1.6bln.
  • US equity futures conform to the positive sentiment seen across the pond,  albeit to a lesser extent. Tech heavy NQ is the outperformer, while ES and RTY also perform well.

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