Market Wrap: Inflation rises and de-escalation. Airlines recover losses.

European markets are regaining some optimism, although valuations remain suspended.
- In the afternoon session, the SPA35 contract is performing best, up 0.7%; lagging behind is NED25, down more than 0.5%. EU50 is down 0.5%. Across Europe, among futures on the main indices, W20 is the top performer, rising by around 2%.
- De-escalatory rhetoric from D. Trump on Thursday supported a rebound after steep losses at the turn of this week and last week. Despite positive impulses and improved sentiment, buyers have lost momentum today.
- French underwater-drone maker Exail Technologies was unable to reach an agreement with ICG regarding the valuation of its bonds. The stock is down more than 10%.
- Rising inflation in France is supporting valuations of fashion and luxury companies, which traditionally have much better ability to defend and expand margins in an inflationary environment.
  - LVMH and Hermès are up more than 4%.
- Falling oil and fuel prices are supporting valuations of European airlines. Lufthansa is up more than 6%, while Ryanair gains around 4%.
  - Air France is additionally supported by talks about the purchase of EasyJet. The French carrier is up as much as 9%.
Rolls-Royce and Safran are up nearly 4%. This follows a Berenberg publication pointing to a significant improvement in the number of hours spent in the air per engine.
European car manufacturers are posting strong gains. Stellantis, Renault, and Volkswagen are up between 3% and 6%.
- This is the result of an open letter to the European Commission arguing that the EU should adopt a transparent “Made in Europe” system that would favor vehicles whose 70% of value originates in Europe.
A hefty batch of macroeconomic data came in from Europe, mainly on inflation.
- May inflation in Germany, France, and Spain came in in line with expectations but remains slightly elevated. Year-on-year HICP was 2.7%, 2.8%, and 3.6%, respectively.
- In the UK, economic growth slowed to 1.2% year-on-year. Industrial production fell by 0.2%.
Among energy commodities, oil remains in the spotlight, extending yesterday’s declines. Brent is down almost 2% and stands at USD 87.
- Among metals, palladium and copper are gaining—by around 2%.

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