Market Colour and Equity Strategy Update

A market update covering US equity declines due to geopolitical stress, an upcoming SpaceX IPO, and several rating revisions for European industrials and staples.

Key Takeaways

• 1.US equities closed lower on Wednesday due to rising Middle East tensions, ending the S&P 500's win streak.
• 2.SpaceX is scheduled for an IPO with pricing expected on June 11.
• 3.European Fundamental L/S managers saw a 1.9% return in May, driven by both beta and alpha as positioning rebounded in Financials and Materials.

Table of Contents

• Macro Pricing
• Prime / May review
• Prosus/Naspers (Initiation on N & PT EUR41)
• ALSTOM reiterate SELL (PT EUR16.50 / 5% downside)
• Wartsila (UP to N / PT EUR34 from EUR26)
• Barry Callebaut (DG to N / PT CHF1210)
• Remy – 1.5% beat on FY26 EBIT
• Notice to Australian Investors
• Additional Disclaimers

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