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Asia Markets

DAX Index Ends Week Flat; German Inflation Eases

Local equities climbed on the last trading day of the month, with the blue-chip DAX index up 0.05% at Friday's close, with investors weighing the latest batch of German economic data against tentative hopes for a diplomatic resolution to the Middle East conflict.According to data from Destatis, German annual inflation slowed to 2.6% in May, against the previous and expected 2.9%. The core inflation rate, which excludes food and energy prices, rose to 2.5% from 2.3% in April."Today's inflation data was a welcome, though not fully unexpected, surprise. However, it would be naive to think that the inflation wave has stopped before it really got started. Instead, inflation will crawl up in the coming months, probably reaching 4% by late summer. However, we take today's data as another piece of evidence that any repetition of the 2022 inflation shock is unlikely," ING said.On the jobs front, federal agency Bundesagentur für Arbeit reported that Germany's unemployment rate slipped to 6.3% in May from 6.4% in April, below the consensus estimate of 6.4%. The number of unemployed individuals in Germany declined by 12,000, compared with the revised 19,000 increase earlier and the expected 11,000 jump, according to Investing.com data.In geopolitical news, reports from Axios and Bloomberg of a tentative 60-day ceasefire extension between the US and Iran, alongside the resumption of talks about Iran's nuclear program, boosted investor sentiment. US Vice President JD Vance told reporters that the two sides were "going back and forth on a couple of language points.""Those headlines helped to drive a sharp move lower for oil yesterday. So Brent crude pared back its earlier gains to close -0.62% lower, hitting a one-month low of $93.71 [per barrel], with further declines overnight to $92.40/bbl. Indeed, it also means that oil prices are down over -18% over May as a whole, which would make this the biggest monthly decline since March 2020, back when the Covid-19 pandemic began and the world moved into lockdowns," Deutsche Bank Research wrote.On the corporate side, Deutsche Post (DHL.F), d/b/a DHL Group, unit DHL eCommerce, and the United States Postal Service signed an exclusive last-mile parcel delivery agreement. Expected to be worth over $10 billion, the multi-year deal will allow the German logistics group's subsidiary to scale its US market footprint. DHL fell 0.16% at the end of the session.

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DHL Taps USPS for Last-mile US Deliveries in New $10 Billion Deal
US Markets

DHL Taps USPS for Last-mile US Deliveries in New $10 Billion Deal

DHL eCommerce, the US unit of German logistics group Deutsche Post (DHL.F), d/b/a DHL Group, further strengthened its 25-year partnership with the United States Postal Service by appointing the latter as its exclusive provider for last-mile parcel deliveries across the US.Under the multi-year deal, valued at more than $10 billion, USPS will manage the final stage of delivery for all DHL eCommerce shipments moving through the company's 19 nationwide hubs, the companies said Thursday. Last-mile delivery refers to the final leg of the supply chain, transporting goods from a distribution hub to customers' doorsteps.DHL eCommerce Americas Chief Executive Scott Ashbaugh said the deal will help the company expand its services while reducing the number of delivery vehicles on the road and lowering emissions.Speaking to reporters during a same-day media webinar, Ashbaugh said the new arrangement differs from the companies' previous contract due to its longer duration, enabling DHL eCommerce to secure longer-term agreements with its customers, Supply Chain Dive reported.The exact length of the multi-year agreement was not disclosed.The deal also provides a financial boost to USPS, which recently warned of a cash crisis and called on Congress to expand its borrowing authority to support operations and long-term stability.Since DHL eCommerce does not prefer investing heavily in developing its own last-mile network in the US, the deal is "a total win-win," Postmaster General and USPS CEO David Steiner said at the webinar.Shares of DHL Group edged higher in early trading in Germany.

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Asia Markets

DAX Index Jumps Amid Upbeat German Economic Data

The blue-chip DAX index ended the trading week in the green, closing 1.15% higher on Friday, following an improvement in German economic growth and business and consumer confidence metrics.Final data from Destatis showed that Germany's gross domestic product ticked up 0.3% in the first quarter, following a 0.2% uptick in the previous three-month period. Federal Statistical Office President Ruth Brand noted exports "rose considerably" at the beginning of the year, bolstering the country's economic performance.Concurrently, the ifo Institute's business climate indicator stood at 84.9 points in May, up from April's revised 84.5 points and the expected 84.2 points. The expectations indicator ticked up to 83.8 points from the revised 83.5 points, while the current conditions index rose to 86.1 points from 85.4 points.ING noted that the stronger-than-expected first-quarter growth data offered some relief for the economy, but warned that business sentiment remained weak. "While German companies seem to have recovered somewhat from the first shock, the absolute level of the Ifo index remains weak. Yesterday, the latest PMI data already showed a high risk of the economy falling into contraction in the second quarter."Meanwhile, German consumer sentiment is expected to moderately improve in June, with the GfK consumer climate indicator up to -29.8 points from the revised -33.1 points in May. The reading, which compares with the consensus estimate of -33.7 points, reflects a "noticeably more positive" outlook for income expectations among German consumers, even as their willingness to buy remains muted.In corporate news, Deutsche Bank Research upgraded Deutsche Post (DHL.F), d/b/a DHL Group, to buy from hold and raised its price target to 56 euros from 48 euros, noting the strength of its DHL Express business."In an uncertain macro/geo-political backdrop, DHL benefits from: (i) self-help (delivery of fit for-growth savings EUR1bn); (ii) a well-invested network, esp. in DHL Express (market-leading positions); and (iii) superior pricing power given near-term pressures in global supply chain and structurally higher complexity. We see an end to the earnings d/g cycle, and mgmt. guide for c. EUR3bn [free cash flow] in 2026 underpinned," the research firm wrote. The German logistics company was one of the session's best performers, climbing 4.11%.German sportswear companies adidas AG (ADS.F) and Puma (PUM.F) were up 3% and 5.50%, respectively, on Xetra, bolstered by the better-than-expected fiscal 2026 results from Hoka-owner Deckers Outdoor.

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Asia Markets

Correction: Blue-chip DAX Index Slips; German Private Sector Still in Contraction Zone

(Corrects reference to private sector activity in the headline and second paragraph)German shares ended Thursday in the red, with the blue-chip DAX index losing 0.53%, as the market evaluated fresh preliminary private sector data against the latest updates on the US-Iran conflict.Business survey data from S&P Global showed the German private sector marking a second consecutive month in contraction territory. The Flash Germany Composite PMI Output Index rose to a two-month high of 48.6 in May, above the previous and expected 48.4, but below the 50.0 neutral threshold between growth and contraction. The reading was driven by weakness in the services sector amid sluggish demand and rising cost pressures.The flash composite PMI for the eurozone also contracted for the second month in a row, with the index hitting a 31-month low of 47.5 in May, compared with the earlier reading and consensus estimate of 48.8, as rising costs led to steeper declines in output and new business."While the markets' focus is still mainly on the inflationary impact of the war, today's eurozone PMI confirms that the growth impact is not to be overlooked... As the Middle East conflict remains unresolved right now, the negative impact of the energy shock on the eurozone economy is clearly increasing. That makes this time different from the previous energy shock. Without ample government support in place and without the vibrant reopening of the service sector as lockdowns ended, like in 2022, the negative impact on growth could be more pronounced," ING wrote.Pakistan is reportedly stepping up mediation efforts amid rising US-Iran tensions, Reuters reported, citing unnamed sources. Pakistan Army Chief Asim Munir is said to be considering a diplomatic visit to Tehran, while Iranian sources told the outlet that Tehran has hardened its nuclear stance by refusing to export near-weapons-grade uranium. US President Donald Trump also threatened immediate military action if Washington's demands are not met.Against this backdrop, the European Commission's Spring 2026 Economic Forecast cut the eurozone's growth outlook while raising inflation projections, citing a slowdown driven in part by energy shocks linked to the Middle East conflict. GDP is now expected to expand by 0.9% in 2026 and 1.2% in 2027, down from prior forecasts of 1.2% and 1.4%, respectively. Inflation outlook was revised up to 3% for 2026 and 2.3% for 2027, compared with earlier estimates of 1.9% and 2%.On the corporate side, DHL Supply Chain, a subsidiary of Deutsche Post (DHL.F), d/b/a DHL Group, began construction of a 17,000-square-meter European battery logistics center in Holtum, Netherlands. Expected to begin operations in early 2027, the facility will provide specialized storage and service space for high-voltage batteries required by electric vehicles and battery energy storage systems across Europe. The logistics group was down 0.37% at closing.

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Asia Markets

Blue-chip DAX Index Slips; German Private Sector Growth Accelerates

German shares ended Thursday in the red, with the blue-chip DAX index losing 0.53%, as the market evaluated fresh preliminary private sector data against the latest updates on the US-Iran conflict.Business survey data from S&P Global showed German private sector activity contracting for a second consecutive month, with the Flash Germany Composite PMI Output Index rising to a two-month high of 48.6 in May, above the previous and expected 48.4. The reading was driven by weakness in the services sector amid sluggish demand and rising cost pressures.The flash composite PMI for the eurozone also contracted for the second month in a row, with the index hitting a 31-month low of 47.5 in May, compared with the earlier reading and consensus estimate of 48.8, as rising costs led to steeper declines in output and new business."While the markets' focus is still mainly on the inflationary impact of the war, today's eurozone PMI confirms that the growth impact is not to be overlooked... As the Middle East conflict remains unresolved right now, the negative impact of the energy shock on the eurozone economy is clearly increasing. That makes this time different from the previous energy shock. Without ample government support in place and without the vibrant reopening of the service sector as lockdowns ended, like in 2022, the negative impact on growth could be more pronounced," ING wrote.Pakistan is reportedly stepping up mediation efforts amid rising US-Iran tensions, Reuters reported, citing unnamed sources. Pakistan Army Chief Asim Munir is said to be considering a diplomatic visit to Tehran, while Iranian sources told the outlet that Tehran has hardened its nuclear stance by refusing to export near-weapons-grade uranium. US President Donald Trump also threatened immediate military action if Washington's demands are not met.Against this backdrop, the European Commission's Spring 2026 Economic Forecast cut the eurozone's growth outlook while raising inflation projections, citing a slowdown driven in part by energy shocks linked to the Middle East conflict. GDP is now expected to expand by 0.9% in 2026 and 1.2% in 2027, down from prior forecasts of 1.2% and 1.4%, respectively. Inflation outlook was revised up to 3% for 2026 and 2.3% for 2027, compared with earlier estimates of 1.9% and 2%.On the corporate side, DHL Supply Chain, a subsidiary of Deutsche Post (DHL.F), d/b/a DHL Group, began construction of a 17,000-square-meter European battery logistics center in Holtum, Netherlands. Expected to begin operations in early 2027, the facility will provide specialized storage and service space for high-voltage batteries required by electric vehicles and battery energy storage systems across Europe. The logistics group was down 0.37% at closing.

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Equities

DHL Group Unit, Dubai's SAF One Enter Supply Deal for Unblended Sustainable Aviation Fuel

Deutsche Post's (DHL.F), d/b/a DHL Group's, subsidiary DHL Express signed an offtake agreement with Dubai-based SAF One for unblended (neat) sustainable aviation fuel, or SAF.The German logistics company's unit will receive 25,000 metric tons of the fuel annually over 10 years, from the start of production at SAF One's flagship plant in Bahrain, which is expected in 2028.The deal supports DHL Group's target of reaching 30% sustainable aviation fuel usage by 2030.

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Research

Jefferies Downgrades DHL Group to Hold Rating, Reduces PT

Jefferies on Tuesday downgraded logistics company Deutsche Post (DHL.F), d/b/a DHL Group, to hold from a buy rating and lowered its price target to 52 euros from 60 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)

$DHL.F
Asia Markets

Germany's DAX Index Rebounds as ECB Holds Rates

The German blue-chip DAX index recovered, closing 1.41% higher on Thursday, as investors digested the European Central Bank's latest policy decision alongside a flurry of corporate updates and economic data.In a widely expected move, the ECB kept its key interest rates unchanged as the euro area's inflation rate hovers near the central bank's 2% medium-term target. The central bank's Governing Council also reiterated its data-dependent approach to rate decisions, noting continued uncertainty amid ongoing global trade disputes and geopolitical tensions."There remains a sense of calm confidence, with references to the resilience of the economy in recent quarters and longer-term inflation expectations remaining well-anchored. But there is also a sense of rising concern the longer the conflict in the Middle East continues," Deutsche Bank Chief European Economist Mark Wall said. "Overall, this is a statement that does not pre-commit the ECB to hiking in June. But it does not stop the ECB from hiking in June either."In other economic news, provisional data from Destatis showed that Germany's gross domestic product ticked up 0.3% in the first quarter from a revised 0.2% increase in the previous three-month period, surpassing the consensus estimate from Investing.com of 0.1%"Details will only be released in a few weeks, but according to the statistical office's press release, GDP growth was driven by stronger private and public consumption as well as stronger exports. A note of caution: as this flash estimate does not include any hard data for March, a downward revision of today's data cannot be excluded," ING wrote, adding that the German economy is "defying the adverse impact of the war in the Middle East, for now at least."On the corporate front, BASF (BAS.F) was up 1.28%, as mwb Research noted that the chemicals group's first-quarter beat obscures "underlying weakness." BASF delivered sales of 16.02 billion euros and adjusted EBITDA of 2.36 billion euros, both coming in ahead of consensus estimates at 15.9 billion euros and 2.19 billion euros, respectively, despite year-over-year declines."BASF delivered a modest Q1 beat on adj. EBITDA, but the quality remains weak, driven primarily by volume growth (notably from China and the Zhanjiang ramp-up) rather than underlying demand, with continued pricing pressure (-4.8% ex-metals) and FX headwinds weighing on profitability, especially in upstream segments," mwb said.Meanwhile, Deutsche Post (DHL.F), d/b/a DHL Group, reported a higher-than-expected first-quarter group EBIT of 1.48 billion euros, up 8.3% year over year and 7.5% ahead of company-compiled consensus, according to Bernstein. The logistics group rose to the top spot, climbing 7.51% at closing.Trading venues Xetra and Börse Frankfurt will be closed on Friday for Labor Day.

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