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Global Markets Sunday News
May is a happy month on the stock markets
The “TACO Trade,” which is banking on Donald Trump’s zigzag course on tariffs, gave the US one of its best months on the stock market since November 2023 in May 2025. Investor sentiment remains optimistic, despite the uncertainty caused by US politics, which is weighing on global trade. Important monetary policy decisions are due in June, including from the ECB, the US Federal Reserve, and the Bank of Japan.
Tops of the week
Dottikon +33.57%: The Swiss chemical company reported strong growth in sales and profits. According to the company, the market for small-molecule pharmaceuticals remains the most important market for Dottikon and offers potential for profitable growth in the future.
Grenergy +24.38%: The Spanish solar company has presented its investment strategy through 2027. Analysts at RBC Capital Markets were impressed and raised their price target from EUR 70 to EUR 100.
Veeva Systems +20.04%: The cloud specialist for the life sciences industry published solid figures for the first quarter. This was mainly due to the Crossix data analysis platform developed by the company.
Ulta Beauty +15.83%: The US group, which specializes in the distribution of cosmetic products, can look back on an outstanding first quarter. Newly launched brands such as Milk Makeup and K-Beauty had a positive impact, stimulating demand.
Air France-KLM +14.07%: As a raw material for kerosene, crude oil saw a downward price trend this week, which directly benefited the French airline.
Southwest Airlines +7.85%: The US airline has announced a change in its pricing policy. Until now, it was the only airline to carry the first two pieces of luggage free of charge.
Alstom +7.74%: Things are looking up again for the French rail technology manufacturer. The company announced that it had received a new order from Denver International Airport to supply 19 additional cars for its fully automated Innovia APM R shuttle.
Flops of the week
Soitec -17.58%: The semiconductor materials manufacturer suffered a sharp drop in its share price on Wednesday after withdrawing its financial targets. The company acknowledged that the certainty of its forecasts for market development had declined significantly, particularly in the automotive and industrial segments. Soitec cited the end of its partnership with Apple for sensors for Face ID facial recognition technology as the reason for this. In addition, the company’s CFO has been relieved of her duties.
Auto Trader -12.59%: The leading British online car dealer ended its impressive upward trend of recent weeks. Revenue growth is slowing significantly and is being weighed down by the weak performance of the Autorama leasing division and the impact of the UK digital tax. In addition, shortages of some models are weighing on sales figures.
HP -11.01%: A heavy blow for the veteran computer and printer manufacturer: The company had to revise its forecasts downward. The reason here is also US tariff policy. As a result, profits stagnated in the second quarter. HP wants to relocate its manufacturing back from China, but this adjustment process will take time.
Chip design software providers Cadence Design -9.01% and Synopsys -6.99%: Washington is threatening to cut trade ties with China. According to the Wall Street Journal, US authorities have asked several suppliers to stop exporting to China. Both companies are now firmly in the crosshairs.
Esso -11.33%: The curtain has (almost) fallen on the former ExxonMobil subsidiary. After years of rumors and markets waiting for a decision, the takeover bid did not come from the US parent company. Instead, the company was sold unexpectedly – and at a discount – to North Atlantic. Despite the promised special dividend to shareholders, the transaction is not exactly considered generous.
Sanofi -5.01%: The market was unimpressed by the results of the AERIFY-1 and AERIFY-2 clinical trials for the drug Itepekimab, a promising antibody for the treatment of chronic obstructive pulmonary disease (COPD), which leads to increasing shortness of breath as it progresses. The clinical trial targeted former smokers. Although the first study showed a strong reduction in exacerbations, as hoped, the second, very similar study failed because it was unable to confirm the trend.
Commodities
Crude oil: Oil prices fluctuated sharply last week. Rumors of an increase in production volumes and economic uncertainties contributed to this. Against the backdrop of speculation about the OPEC+ meeting scheduled for Saturday, Brent crude lost ground. The cartel may decide to increase its production by 400,000 barrels per day. This hypothesis has already been partially priced into the markets. In addition, fears of stagflation in the US and the strong dollar are dampening demand forecasts. Since Donald Trump announced massive additional tariffs at the beginning of April, prices have fallen by more than 10%. North Sea Brent fell below the USD 63 mark on Friday. This was triggered by Donald Trump’s accusations that China was delaying trade talks and rumors of an unexpectedly large increase in production by OPEC+.
Metals: Copper remained remarkably solid, while other industrial metals generally declined this week. Market participants are keeping a close eye on the risks to international trade. In this regard, the renewed harsh rhetoric from the White House against China put a damper on sentiment. The US government is not only tightening its export controls on semiconductors, but also wants to revoke visas for Chinese students. In the precious metals segment, gold and silver performed moderately, but ultimately ended the week in negative territory.
Macroeconomics
Market sentiment: Inflation trends are diverging on both sides of the Rhine. While consumer prices continue to slow in France, they are tending to accelerate in Germany. This is causing headaches for the ECB ahead of its upcoming meeting. Despite the uncertain economic environment, consumer sentiment in the US remains stable. Consumer prices developed as expected in April. US bond yields fell below 4.5% over the course of the week, while 30-year bonds continue to yield almost 5%. The bond market remains tense and continues to urge the US government to exercise caution. At the end of the week, Donald Trump invited US Federal Reserve Chairman Jerome Powell to a meeting and again accused him of not lowering key interest rates. He also accused China of delaying trade talks.
Cryptocurrencies
Next week, the ECB is likely to be in the spotlight. If economists are correct in their forecasts, the European Central Bank will cut its key interest rate by a quarter of a percentage point on Thursday. In the US, the latest labor market data for May is due on Friday. The purchasing managers’ indices for the manufacturing and service sectors in China for May are also eagerly awaited in the middle of the week. Quarterly results are currently very sparse, but US semiconductor giant Broadcom will present its figures on Thursday evening.
Outlook
With Donald Trump in the White House, there’s never a dull moment. Next Friday, the latest inflation figures are due, with initial estimates of price increases in Germany in May and US consumer price inflation in April. In the corporate world, a heavyweight is set to make an announcement: Nvidia will publish its results for the first quarter of its fiscal year. Will the AI chip star once again drive the stock markets? We will find out on Wednesday evening. But first, we wish you all a wonderful weekend.
Bitcoin | Gold
The path to freedom
Dr. Udo Amend, a renowned expert in the fields of cryptography and finance, has been working intensively on these topics for decades. With his extensive knowledge and experience, he sheds light on the fascinating connections between Bitcoin and gold in his book “Bitcoin | Gold – The Path to Freedom”.
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