European Daily Focus

A daily strategy briefing covering European equity rating updates, macro trends in China and the Eurozone, and structural analyses of the AI semiconductor bottleneck.

Key Takeaways

• 1.China's property market is showing signs of reaching a durable bottom after a correction that has matched typical international housing downturns in duration and depth.
• 2.European long-term inflation expectations unwound half of the recent energy shock in May, falling to 2.09% from 2.26% in April.
• 3.The semiconductor industry is identified as the primary bottleneck in the AI race, with mutual vulnerabilities shaping geopolitical competition between the US and China.

Table of Contents

• TARGET PRICE CHANGES
• CATALYST CALL
• COMPANY UPDATES
• SECTOR UPDATES
• STRATEGY / ECONOMICS
• GLOBAL FOCUS