By
|
|
| This week's gainers and losers |
Up: Astera Labs +27.19%: Shares surged nearly 30% this week after Morgan Stanley upgraded the stock to "buy," citing strong demand for AI-related data center components and optimism around future growth despite modest near-term guidance. Nvidia +16.07%: The Trump administration struck a multibillion-dollar AI investment deal with Saudi Arabia, including major chip supply agreements, as the U.S. eased export curbs and deepened tech ties in the Middle East. Lam Research +12.04%: Reported strong Q3 results with year-over-year growth in sales and net income, driving a 26% monthly share price surge fueled by optimistic guidance, share buybacks, and long-term market expansion strategies. Stellantis +9.31%: According to Bloomberg, the manufacturer has finally named a successor to Carlos Tavares in the form of Antonio Filosa, currently head of North American operations. The manufacturer is also benefiting from the easing of trade tensions between the US and China. UnitedHealth Group -23.31%: The sudden resignation of its CEO, combined with a Medicare fraud investigation, has plunged the US health insurance giant into turmoil. The stock continues its slide that began in mid-April. CVS Health -6.63%: Shares fell amid concerns over a new executive order from President Trump to lower drug prices and a lawsuit alleging fraudulent Medicaid claims, placing the stock among the day's worst performers. Dick’s Sporting Goods -3.59%: Shares tumbled after announcing a $2.5 billion acquisition of Foot Locker, as analysts raised concerns over the deal’s risks, past retail merger failures, and the struggling state of Foot Locker’s business. Fiserv -9.46% : The fintech company active in IT solutions fell after presenting its forecasts for the second quarter. Investors were disappointed both by the caution shown regarding the growth of Clover, the management platform, and by the overall outlook, which was similar to that of the first quarter. |
|
| Commodities |
Energy: The rebound in oil prices has been hampered by discussions surrounding a potential nuclear agreement between the United States and Iran. This agreement could ease sanctions imposed on Iran, allowing Tehran to increase production and exports. This could put an additional 400,000 barrels per day on the market, or even up to 800,000 barrels according to some analysts. This increase in supply comes as OPEC+ also continues to ramp up production, raising concerns about a potential glut in the global market. At the same time, the International Energy Agency (IEA) is warning of a potential economic slowdown that could limit demand growth. On the supply side, the IEA forecasts growth of 1.6 million barrels per day in 2025, largely thanks to Saudi Arabia, despite an expected decline in US shale oil due to low prices. This increase in supply could mean persistent downward pressure on prices. Against this backdrop of potential oversupply, Brent and WTI prices have fallen in recent sessions. However, the weekly performance remains positive, at around 0.40%. Metals: The temporary easing of trade tensions brought brief respite to industrial metals, but caution remains the watchword until the market has concrete information on the evolution of tariffs after the 90-day truce. Copper is trading at USD 9,577 in London (spot price). Gold fell by around 2.5% this week, weighed down by renewed investor risk appetite and the appreciation of the US dollar. Agricultural products: Wheat prices rebounded slightly in Chicago to 530 cents, thanks to attractive prices and demand supported by higher-than-expected export sales in the United States. Cocoa remains under pressure due to insufficient rainfall in Côte d'Ivoire, which is threatening crop development. This has led to a sharp rise in cocoa prices of around 15% this week. |
|
| Macroeconomics |
Macro: Inflation is falling, but bond markets remain skeptical, while equities continue to rise. This paradox sums up the current mood on financial markets. The latest CPI (consumer price index) and PPI (producer price index) figures came in below expectations, suggesting that US tariff increases are not feeding through to consumer prices – at least not yet. Provided, of course, that these tariffs are actually implemented. On the employment front, the situation remains solid: weekly jobless claims are in line with forecasts and remain below critical thresholds. If this trend continues, it could encourage the Federal Reserve to adopt a slightly more accommodative monetary policy. We are not there yet, but if concrete trade agreements are signed in the coming weeks, the impact of tariffs could turn out to be much less than feared. In this case, the deregulation and tax cuts expected in the United States could boost growth – and with it, tax revenues. Crypto: Bitcoin (BTC) remained stable this week at around $103,500, as did ether (ETH), which traded at $2,600. The surprise of the week comes from Coinbase: long considered a risky company and targeted by the SEC, the crypto platform will now be part of the S&P 500 from Monday 19 May, alongside the largest US companies. With a valuation of $62 billion, Coinbase becomes the first pure-play crypto company to join the index, a strong symbol of the sector's institutional legitimacy. It will represent approximately 0.1% of the total weight of the S&P 500 and up to 0.7% of the sector's exposure to financial services. According to estimates by Bernstein, this entry could generate up to $16 billion in automatic purchases by passive and active funds that track the index. But it's not all good news. The company disappointed the markets by posting lower-than-expected quarterly results and revealed that it had been the victim of a hack that is expected to cost it $400 million. Stay tuned for further developments. |
|
|
| Things to read this week | ||||||
|
|
*The weekly movements of indexes and stocks displayed on the dashboard are related to the period ranging from the open on Monday to the sending time of this newsletter on Friday. The weekly movements of commodities, precious metals and currencies displayed on the dashboard are related to a 7-day rolling period from Friday to Friday, until the sending time of this newsletter. These assets continue to quote on weekends. |
