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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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Research

MWB Research Upgrades Rheinmetall to Buy Rating

MWB Research on Monday upgraded German arms maker Rheinmetall (RHM.F) to buy from a hold rating, while maintaining its price target at 1,450 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)

$RHM.F
Research

MP Capital Markets Upgrades Rheinmetall to Buy, Reduces PT

MP Capital Markets on Monday upgraded German arms maker Rheinmetall (RHM.F) to buy from hold and decreased its price target to 1,550 euros from 1,700 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)

$RHM.F
Asia Markets

German Shares Rally Amid Corporate Earnings Buzz

Germany's blue-chip DAX index closed Tuesday higher by 1.71%, as investors focused on the latest flurry of corporate earnings and trading updates against a backdrop of sustained conflict in the Middle East.Rheinmetall (RHM.F) climbed to one of the top spots on the blue-chip DAX, closing 3.40% higher, as BofA Global Research looked past the German arms maker's preliminary first-quarter sales miss to focus on anticipated tailwinds from Germany's increased defense spending. Sales rose 7.7% year on year to 1.94 billion euros, falling short of the 2.27 billion-euro market forecast."This was driven largely by a difficult comp in 1Q25, but there is expected to be a strong growth acceleration in 2Q driven by Weapons and Ammo as the Murcia site commences full scale production and the delivery of already produced trucks to the German customer in 2Q... We maintain Buy on valuation. We continue to believe in the structural step up in German defence spending mid-term and see Rheinmetall as a key beneficiary of this inflection," the research firm wrote.Conversely, Fresenius Medical Care (FME.F) was the worst performer, falling 10.68%, after reporting a continued contraction in US volumes in the first quarter. The German healthcare company's revenue slipped 6% annually to 4.61 billion euros but remained ahead of the 4.59 billion-euro consensus estimate.Meanwhile, Commerzbank (CBK.F) noted that UniCredit's "unsolicited" takeover offer represents an 8.7% discount to the target's Monday closing price of 34.02 euros. The Italian banking group proposed 0.485 shares for each of the German lender's shares, valuing the target at 31.07 euros per share. Commerzbank said its board will review the proposal and issue a formal opinion within the statutory deadline. It gained 4.50% at the end of the session.On the geopolitical front, tensions between the US and Iran escalated after Iran reportedly carried out an aerial strike on an oil port in the United Arab Emirates, while US forces said they sank six Iranian military boats in the Strait of Hormuz and escorted two merchant ships through the waterway."Energy markets remain volatile, with Brent crude prices at 113 USD [per barrel], reflecting persistent supply concerns. Mounting tensions are testing the fragile ceasefire, with risks to inflation becoming more pronounced," Danske Bank said.

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Research

Grupo Santander Upgrades Rheinmetall to Outperform, Reduces PT

Grupo Santander on Monday upgraded German arms maker Rheinmetall (RHM.F) to outperform from neutral and decreased its price target to 1,735 euros from 1,990 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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Research

MWB Research Upgrades Rheinmetall to Buy Rating, Raises PT

MWB Research on Wednesday upgraded German arms maker Rheinmetall (RHM.F) to buy from a hold rating and increased its price target to 1,700 euros from 1,500 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)

$RHM.F
Equities

ITM Power, Rheinmetall Partner to Deploy Decentralized Fuel Plants for NATO

ITM Power (ITM.L) is teaming up with Rheinmetall (RHM.F) to develop a network of decentralized synthetic fuel production plants for the North Atlantic Treaty Organization armed forces in Europe.Under the Giga PtX project, the British electrolyzer manufacturer and German defence company plan to deploy "several hundred" decentralized production plants across Europe, according to a Friday release. Each plant is expected to have an electrolysis capacity of up to 50 megawatts and a production capacity of 5,000 to 7,000 tonnes of e-fuel per annum.Initial project focus is on the UK.

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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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Asia Markets

German Stocks Down as US Moves to Block Iranian Ports

German equities kicked off a new trading week on a downbeat note, closing Monday's session 0.26% lower, as the US moved to seal the Strait of Hormuz after weekend peace talks ended without a deal."Markets have seen a clear risk-off move this morning after no deal was reached in the US-Iran talks over the weekend, with the US set to blockade the Strait of Hormuz for vessels entering or departing Iranian ports. So, despite last week's optimism when the two-week ceasefire was announced, the mood has shifted negatively once again, with Brent crude oil prices up +7.39% this morning to $102.24/bbl. And in turn, that's revived fears about a stagflationary shock, with equities and bonds losing ground around the world," Deutsche Bank Research said.With the Strait of Hormuz closure fueling a surge in energy costs, Bloomberg News reported that the European Commission is set to recommend reduced power grid fees and energy taxes, aiming to accelerate clean technology adoption while shielding the bloc's economy from volatile oil and gas prices. Citing people with knowledge of the matter, the news outlet said a formal policy paper outlining the relief measures is expected to be adopted by the European Union's executive arm on April 22.In economic news, investors are on the lookout for Tuesday's German wholesale price data and Thursday's final eurozone inflation reading for March. Market attention is also expected to shift to the ongoing International Monetary Fund and World Bank Spring meetings, with Tuesday's release of the IMF's World Economic Outlook anticipated to be a key focus.On the corporate side, Rheinmetall (RHM.F) and Norwegian defense technology company Destinus agreed to form a joint venture, Rheinmetall Destinus Strike Systems, focused on advanced missile production. The Unterlüß, Germany-based entity is expected to launch in the second half, pending regulatory approval, with the German defense supplier holding a 51% majority stake. Rheinmetall shares added 2.45% and the stock was the DAX's top gainer.Meanwhile, Deutsche Bank Research cut its price target for MTU Aero Engines' (MTX.F) buy-rated stock ahead of the company's first-quarter results due on April 30."We expect no impact from the Middle East conflict on Q1 activity, but some increased focus on MTU's sensitivity to potential engine retirements and its impact on midterm guidance. We lower our Price Target (PT) from EUR449 to EUR428 on more conservative cash conversion rates assumptions, moving 2030 levels down from 89% to 76%," the research firm said in a preview note. The German aircraft engine manufacturer was down 0.89% at closing.

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