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Asia Markets

Germany's DAX Index Rallies on Inflation Report, US-Iran Deal Hopes

Germany's blue-chip DAX index ended Friday 1.76% in the green as markets took stock of the latest inflation figures and developments related to the war in the Middle East.Final data from Destatis confirmed that the annual inflation rate in the country fell to 2.6% in May from 2.9% in April. The annual core inflation rate, which excludes food and energy prices, rose to 2.5% from 2.3%.Meanwhile, the Deutsche Bundesbank expects Germany's economic recovery to continue, albeit at a slower pace, amid increased inflation risks due to the energy price shock caused by the war. The country's calendar-adjusted real gross domestic product is anticipated to grow by 0.5% in 2026, 0.8 % in 2027, and 1.4 % in 2028, while the annual harmonized inflation rate is forecast to rise to 2.9% in 2026 from the previous year's 2.3%, before easing to 2.7% in 2027 and 1.9% in 2028.On the corporate front, Moody's affirmed Siemens' (SIE.F) Aa3 long-term issuer rating and Prime-1 short-term issuer rating, mainly driven by the German technology group's strong business profile and its continued robust operating performance. The stable outlook was maintained. Siemens shares gained 2.32% at closing.Berenberg bumped up its price target for Bayer (BAYN.F) to 40.50 euros from 40 euros, with an unchanged hold rating on the stock, viewing the life science company as having a "good chance of resolving its long-running legal issues in 2026." The stock closed the trading session up 1.12%."We had hoped for clarity by early June on whether plaintiffs would accept Bayer's proposed USD7.25bn settlement of outstanding glyphosate cases. We think that the settlement presents Bayer's best form of insurance against a potential loss in the Durnell case before the US Supreme Court," the research firm said in a note. "The ruling, which will likely come before the end of July, in our view, has 60:40 odds of a Bayer victory - which is uncomfortably close to a coin toss."In geopolitical news, US President Donald Trump claimed that a deal to end the war with Iran will be signed in the coming days, while Iran's foreign ministry spokesperson Esmail Baghaei called the reports "speculative," saying the parties have yet to reach a conclusion, BBC News and other media outlets reported.

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Asia Markets

Germany's Blue-chip DAX Index Gains; Eurozone Inflation Accelerates

German equities wrapped up Tuesday's trading in the green, with the blue-chip DAX index up 0.48%, after the market assessed the latest eurozone inflation print, trade updates, and developments on the Middle East war.According to provisional data from Eurostat, annual inflation in the euro area stood at 3.2% in May, in line with market expectations and against the previous month's 3%. The core rate, which excludes energy, food, alcohol and tobacco, stood at 2.5%, above the prior 2.2% and the expected 2.4%."A week ahead of the next [European Central Bank] meeting, this is the expected uptick in inflation that will motivate the central bank to decide on an 'insurance' hike," ING said. "With the war in the Middle East entering its fourth month, the energy price shock has become more permanent - even though oil prices are actually lower than what many had pencilled in for a more adverse scenario regarding the length of the war. This is also why there won't be any automatic shift in inflation and growth scenarios at the ECB's meeting next week."In trade news, the European Parliament's trade committee gave its preliminary approval for a trade agreement with the US. The approved measures cover changes to current legislation to enable the EU to scrap tariffs on American industrial goods and select farm products. A parliamentary plenary vote is expected on June 16, ahead of US President Donald Trump's threat of steeper levies if a trade pact is not finalized by July 4.On the geopolitical front, Reuters reported, citing Iran's Mehr News Agency, that Tehran is currently evaluating a proposed temporary peace agreement with the US. The report follows Trump's comments that negotiations between the two nations are ongoing and a deal to extend the ceasefire and reopen the Strait of Hormuz is expected over the next week.In corporate news, Infineon Technologies (IFX.F) surged to the top of the index, climbing 9.52%, after fellow semiconductor company STMicroelectronics raised its 2026 data center revenue targets amid robust artificial intelligence-related demand.Meanwhile, BofA Global Research reiterated Bayer's (BAYN.F) buy rating, with a price objective of 50 euros, as the research firm noted the German life science company's Glyphosate Missouri class action was transferred to the Northern California federal court under US District Judge Vince Chhabria. Bayer was one of the worst performers on the index, closing 2.93% lower."There is some debate on validity of the removal and whether there is any route to remanding it back to Missouri. It's unclear who has the final decision as to whether the class being removed was appropriate (the Missouri federal court or Chhabria), though some legal feedback suggests it may be Chhabria's decision. As a reminder, Chhabria was very negative on the class action in an oral argument a few weeks ago (but didn't get involved due to lack of jurisdiction) and he rejected Bayer's 2020 attempt at a class settlement. From here we see it unclear how timelines for Chhabria's involvement in the class evolve, or any appeals for remanding the class action back to Missouri, relative to the June 4th opt-out deadline (unchanged), and SCOTUS decision widely anticipated by end June/early July," BofA wrote.

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Asia Markets

German Blue-chip DAX Index Blinks Red Amid Reignited US-Iran Conflict

Germany's blue-chip DAX index was downbeat on Thursday, closing 0.34% lower, as a fresh exchange of strikes threatens to derail US-Iran ceasefire talks.Reuters reported, citing an unnamed US official, that the US military launched defensive strikes in Bandar Abbas, Iran, shooting down four Iranian drones and targeting a ground control station. In response, Iran's Revolutionary Guard claimed it targeted the US air base responsible for the attack.Meanwhile, Washington and Tehran have yet to resolve critical impasses in negotiations, with US President Donald Trump saying he is "not satisfied" with the current terms. The White House also refuted the unofficial draft released by Iranian state TV, saying it was a "complete fabrication."The rising tensions lifted German defense stocks, including arms maker Rheinmetall (RHM.F), military and civilian propulsion systems group Renk Group (R3NK.F) and defense technology company Hensoldt (HAG.F), which gained 4.15%, 5.44% and 5.88%, respectively, on Xetra.Rheinmetall shares received an additional boost after securing a 1.02 billion-euro order for over 2,000 military transport vehicles for the German armed forces, or Bundeswehr. The order falls under a framework contract signed in 2024 for up to 6,500 vehicles.In other corporate updates, Bayer (BAYN.F) is facing a lawsuit from US seed company Latham Quality, which alleges the German life sciences company monopolized the genetically engineered corn seed market through anti-competitive pricing and blocking generic competitors. The plaintiff is seeking damages and an injunction to restore market competition.In an emailed statement to, Bayer said the claims "lack merit," and intends to answer the allegations in court, adding that the crop input and corn seed markets are "competitive, fair and diverse." The stock was down 0.73% at the close.On the economic side, the euro area economic sentiment indicator edged up to 93.5 in May from a revised 93.2 a month earlier, according to the European Commission's monthly survey. Meanwhile, the final consumer confidence index stood at -19 points, confirming the flash estimate and against the -20.6 points previously.

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Asia Markets

DAX Index Blinks Red as German Inflation Accelerates

German equities were downbeat on Tuesday, with the blue-chip DAX index ending the trading session 1.62% in the red, as the market assessed fresh inflation data and the economic sentiment survey from the eurozone's biggest economy against the tenuous Iran war ceasefire.Final data from Destatis confirmed that the annual inflation rate in Germany climbed to 2.9% in April from 2.7% in March. The annual core inflation rate, which excludes food and energy prices, eased to 2.3% from 2.5%."Overall inflation increased for the second consecutive month as a result of another rise in energy prices that was due to the Iran war. Consumers are particularly feeling the persistent price pressure regarding motor fuels," Federal Statistical Office President Ruth Brand said.Meanwhile, the ZEW economic sentiment indicator for Germany rose to -10.2 points in May from April's -17.2 points, beating the consensus forecast of -19.2 points. However, the current situation index fell by 4.1 points to -77.8 points, against the expected -77.5 points. ZEW President Achim Wambach said there is "cautious hope" for a possible recovery in the latter half of 2026, contingent on a de-escalation in the Middle East and a positive impact from the government's economic stimulus efforts.On the geopolitical front, US President Donald Trump described the ceasefire with Iran as "on life support" after rejecting Tehran's counteroffer. Against this backdrop, Danske Bank said Brent crude remained on an upward trajectory, trading at around $105 per barrel on Tuesday morning.Amid a busy session for corporate earnings and trading updates, Bayer (BAYN.F) was the top blue-chip stock, gaining 3.67%, after reiterating its full-year 2026 currency-adjusted outlook following a strong first quarter, during which net income more than doubled to 2.76 billion euros from 1.30 billion euros a year earlier.Meanwhile, Munich Re (MUV2.F) shed 6.09%, dropping to the bottom of the DAX index, as investors focused on the reinsurer's planned volume reductions during the April renewals amid softer pricing, overshadowing its solid first-quarter results."Munich Re is doubtless showing discipline on price to preserve margins and current returns are strong but consensus FY top-line expectations on first view look too high. Key questions are whether EUR64bn FY Reinsurance revenue target, unchanged today, is achievable vs EUR60bn Q1 run-rate, with consensus already below at EUR62.4bn, and the degree to which [property-casualty reinsurance and global specialty insurance] margins can be maintained into 2027 and beyond," RBC Capital Markets wrote in a quick-take note.

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Bayer Reiterates 2026 Currency-adjusted Outlook as First-quarter Profit More Than Doubles
US Markets

Bayer Reiterates 2026 Currency-adjusted Outlook as First-quarter Profit More Than Doubles

Bayer (BAYN.F) upheld its full-year 2026 currency-adjusted outlook on Tuesday as its first-quarter net income more than doubled year over year.The German life science company reported a net income of 2.76 billion euros for the three months ended March 31, compared with 1.30 billion euros previously. Reflecting the earnings growth within the crop science division, core EPS rose 12.9% to 2.71 euros, while total EPS stood at 2.81 euros, against the 1.32 euros last year.Bayer's group sales stood at 13.41 billion euros, against the previous year's 13.74 billion euros. A negative currency effect of 886 million euros impacted sales, up from 55 million euros in the same year-ago period.On a foreign exchange and portfolio adjusted basis, crop science sales rose 6.8% year-over-year to 7.56 billion euros, bolstered by gains for soybean seed and traits and robust growth in corn seed and traits. Consumer health sales climbed 5.3% to 1.49 billion euros due to growth within the nutritional and dermatology categories.Conversely, the pharmaceuticals division saw a 0.5% decline in sales to 4.25 billion euros, as gains for cancer treatment Nubeqa, chronic kidney disease and heart failure drug Kerendia and radiology were offset by expected declines for oral anticoagulant Xarelto amid patent expirations and ophthalmology medicine Eylea.The company still expects currency-adjusted sales growth to be between 45 billion euros and 47 billion euros. It also projects 2026 currency-adjusted core EPS within the 4.30-euro to 4.80-euro range.Free cash flow amounted to negative 2.32 billion euros, widening from negative 1.53 billion euros a year ago, mainly due to payments to resolve litigation related to chemicals marketed by unit Monsanto.Bayer's Frankfurt-listed shares gained almost 4% in Tuesday morning.

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Equities

Bayer Partners with BP to Commercialize Camelina Crop for Biofuels

Bayer (BAYN.F) partnered with BP (BP.L) to jointly scale and commercialize the camelina crop under the new brand newgold, starting in North America.The German drugmaker said Tuesday the product can help meet the growing demand for biodiesel, renewable diesel, and sustainable aviation fuel.Bayer will utilize its expertise in seed technology and farmer customer base, while BP will use its expertise in fuels and refining.

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US Markets

Correction: Bayer Bolsters Ophthalmology Pipeline with $2.45 Billion Perfuse Therapeutics Deal

(Corrects headline)Bayer (BAYN.F) struck an agreement to purchase US-based biopharmaceutical company Perfuse Therapeutics, which specializes in treatments for eye diseases, in a deal worth up to $2.45 billion.Under the terms of the proposed deal, the German life science group will pay $300 million upfront and further milestone-based payments to Perfuse Therapeutics, according to a Wednesday release.Bayer will gain full rights to PER-001, an investigational small molecule endothelin receptor antagonist to treat ophthalmic diseases. The drug is currently under mid-stage clinical development as a potential therapy for glaucoma and diabetic retinopathy."With this acquisition, we are complementing our expertise in ophthalmology and our pipeline, reinforcing our commitment to developing urgently needed therapies for patients," said Juergen Eckhardt, head of business development and licensing at Bayer's pharmaceuticals division, highlighting the investigational drug's potential.Perfuse Therapeutics Chief Executive Officer and Founder, Sevgi Gurkan, echoed Eckhardt's sentiment, noting that the company's vision is closely in line with that of Bayer. "[They] have the scale and global resources to unlock the full potential of PER-001 to change the trajectory of human blindness."The ⁠acquisition is expected to take effect once the necessary ⁠regulatory and Perfuse stockholder approvals are achieved.As of midday Wednesday, Bayer's shares were trading more than 2% higher on Germany's Xetra.

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US Markets

Bayer Bolsters Ophthalmology Pipeline with $2.45 Billion Perfuse Therapeutics Deal Bayer Bolsters Ophthalmology Pipeline with $2.45 Billion Perfuse Therapeutics Deal

Bayer (BAYN.F) struck an agreement to purchase US-based biopharmaceutical company Perfuse Therapeutics, which specializes in treatments for eye diseases, in a deal worth up to $2.45 billion.Under the terms of the proposed deal, the German life science group will pay $300 million upfront and further milestone-based payments to Perfuse Therapeutics, according to a Wednesday release.Bayer will gain full rights to PER-001, an investigational small molecule endothelin receptor antagonist to treat ophthalmic diseases. The drug is currently under mid-stage clinical development as a potential therapy for glaucoma and diabetic retinopathy."With this acquisition, we are complementing our expertise in ophthalmology and our pipeline, reinforcing our commitment to developing urgently needed therapies for patients," said Juergen Eckhardt, head of business development and licensing at Bayer's pharmaceuticals division, highlighting the investigational drug's potential.Perfuse Therapeutics Chief Executive Officer and Founder, Sevgi Gurkan, echoed Eckhardt's sentiment, noting that the company's vision is closely in line with that of Bayer. "[They] have the scale and global resources to unlock the full potential of PER-001 to change the trajectory of human blindness."The ⁠acquisition is expected to take effect once the necessary ⁠regulatory and Perfuse stockholder approvals are achieved.As of midday Wednesday, Bayer's shares were trading more than 2% higher on Germany's Xetra.

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Research

Rothschild & Co. Redburn Upgrades Bayer to Buy, Boosts PT

Rothschild & Co. Redburn on Wednesday upgraded German life sciences company Bayer (BAYN.F) to buy from neutral and raised the price target to 56.00 euros from 40.00 euros.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Asia Markets

German Shares Slip; Qiagen Tumbles on Outlook Downgrade

The German blue-chip DAX was down 0.27% on Tuesday, as investors assess the ongoing diplomatic stalemate between the US and Iran alongside the latest round of corporate earnings and trading updates.Qiagen (QIA.F) was DAX's worst performer, falling 10.76%, after lowering its full-year 2026 net sales outlook to between 1% and 2% growth at constant exchange rates, down from its earlier target of at least 5%. The molecular testing company also projects a 2% decline in net sales from last year's $534 million.Concurrently, Bayer's (BAYN.F) shares retreated by 4.01%, after Bloomberg News reported the US Supreme Court signaled a split opinion on how to handle ongoing Roundup lawsuits. Despite the market's reaction, mwb Research characterized the hearing of Monsanto v. Durnell as "broadly neutral to slightly constructive," viewing it as another part of the German life sciences company's broader strategy to contain its Roundup litigation liabilities."While oral arguments provided no decisive read through and justices appeared divided, Supreme Court pre-emption remains a credible catalyst alongside the pending USD 7.25bn settlement, both of which improve visibility around Bayer's largest structural overhang. A favorable ruling would not eliminate all litigation immediately, but it would strengthen Bayer's legal position, reducing future cash uncertainty and supporting sentiment around the Crop Science business. With the market still over-discounting prolonged litigation drag, we reiterate our BUY rating and unchanged [price target] of EUR 52.00, as we continue to see scope for multiple re-rating," mwb said.In economic news, consumer inflation expectations in the euro area rose. Based on the latest monthly European Central Bank Consumer Expectations Survey, median expectations for inflation for the next 12 months and the next three years increased in March to 4% and 3%, respectively, from 2.5% a month ago. Meanwhile, the forecast for the next five years ticked up to 2.4% from 2.3% in February."Ahead of Thursday's ECB meeting, this morning's data provides more evidence that the war in the Middle East and the rise in energy prices are not only posing an inflationary shock but rather a stagflationary shock for the eurozone economy. As much as the rise in inflation expectations will fuel the rate hike debate, growing signs of adverse growth effects will make aggressive rate hikes less straightforward. Even though the ECB's primary policy goal is price stability, it's hard to see that it would really want to fight an exogenous supply shock at the cost of worsening an economic downturn," ING wrote.Speaking of the Middle East conflict, Iran's latest proposal to sideline talks about its nuclear program until the end of hostilities goes against US President Donald Trump's demands, Reuters reported, citing an unnamed US official. Trump is reportedly "unhappy" with the new terms from Tehran, insisting that nuclear issues be addressed from the outset, the news publication added.

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Asia Markets

German DAX Extends Gains Amid Growing Hopes to End of Iran War

Germany's blue-chip DAX index ended Thursday's session 0.36% higher, buoyed by increasing optimism over a potential end to the war in Iran.Reuters reported, citing an unnamed source, that a key Pakistani mediator achieved a breakthrough on "sticky issues" between the US and Iran, while noting Iranian officials cautioned that the future of the nation's nuclear program remains unresolved. Pakistan's army chief, Field Marshal Asim Munir, is in Tehran seeking to extend the Iran ceasefire after weekend talks in Islamabad failed to yield a deal. And while both sides remain open to further negotiations, a timeline has not yet been established, the news outlet added.On the economic front, inflation in the eurozone accelerated in March. According to final data from Eurostat, the euro area's annual inflation rate rose to 2.6% from 1.9% in February, above the flash estimate of 2.5%. Meanwhile, the core rate, which excludes energy, food, alcohol and tobacco, came in at 2.3%, consistent with the preliminary reading and down from the previous 2.4%.For the month, services were cited as the highest contributor, followed by energy, food, alcohol and tobacco, and then non-energy industrial goods.Against this backdrop, BofA Global Research noted that euro area inflation and economic growth are more sensitive to oil price movements than the US. "Using a VAR approach, we show that the Euro area economy has a much larger sensitivity to oil prices than the US for both inflation and growth. We find the inflationary impact of a 10% oil shock to reach about 40 [basis points], with the corresponding growth impact of over 10bp. Both effects are about twice as large as for the US. We think the larger share of energy in Europe's consumption basket, as well as the region being an oil importer, explain the results. Our findings suggest that Europe will take a larger hit from the energy shock compared to the US," the research firm wrote.In corporate news, Bayer (BAYN.F) was down 0.12%, as Deutsche Bank Research lifted the hold-rated stock's price target to 43 euros from 23 euros ahead of the German life science company's first-quarter results due on May 12."We forecast Q1 [organic sales growth] to increase by 3.6% YoY, driven by Crop Science, boosted by a EUR450m licensing income, offsetting a flattish performance in Pharma and modest growth in Consumer Health. ... Bayer's direct exposure to the ME is very limited, and its end markets are relatively resilient. While we anticipate growing energy & input cost headwinds for crop protection, this is relatively small as a % of group and energy is well hedged," Deutsche Bank said.Meanwhile, the German cartel office authorized defense company Rheinmetall's (RHM.F) subsidiary, Rheinmetall Digital, and space technology group OHB (OHB.F) to form a joint venture focused on pursuing a future procurement contract for the German armed forces. Rheinmetall fell 1.20%, while OHB gained 3.97%.

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