{"id":29338,"date":"2026-05-11T11:17:36","date_gmt":"2026-05-11T10:17:36","guid":{"rendered":"https:\/\/www.bordier.com\/?p=29338"},"modified":"2026-05-11T14:41:03","modified_gmt":"2026-05-11T13:41:03","slug":"monday-report-en-11052026","status":"publish","type":"post","link":"https:\/\/www.bordier.com\/fr\/monday-report-en-11052026\/","title":{"rendered":"Monday Report"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Monday Report of 11th May 2026\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/_qV0cUhY_lk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Economy<\/h2>\n\n\n\n<p>Relatively reassuring statistics from the US: business orders (excluding transport) +1.6% m\/m in March vs +1.3% est.; ISM services at 53.6 in April, -0.4 m\/m, vs 53.7 est., but still expanding (>50); 115,000 jobs created in April, vs 65,000 est., with no acceleration in hourly wages (+0.2% m\/m; +3.6% y\/y) nor improvement in consumer confidence (University of Michigan), at 48.2 in May (-1.6 pts, vs 49.5 est.). In the eurozone, producer prices rose by 3.4% m\/m in March and 2.1% y\/y vs. an estimated 1.8%, whilst retail sales fell by 0.1% m\/m (vs. an estimated -0.3%) in March (+1.2% y\/y). Finally, in China in April: exports +14.1% y\/y vs 8.3% est., imports +25.3% vs 20.4% est., trade balance +$84.8bn vs $75.5bn est., consumer prices +1.2% y\/y vs +1% est., producer prices +2.8% y\/y vs +1.9% expected.<\/p>\n\n\n\n<div class=\"wp-block-group boxed background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">Artificial Intelligence<\/h2>\n\n\n\n<p>The memory shortage is now emerging as a strategic national issue. The White House is pushing the \u2018Pax Silica\u2019 alliance, bringing together 14 countries to secure supplies of HBM and DRAM, whilst Sandisk signed NAND LTSA contracts worth USD 42 billion in Q3 alone, complete with guarantees and penalties \u2013 an unprecedented level in the industry. The issue is also expected to feature on the agenda of this week\u2019s meeting between Donald Trump and Xi Jinping. Against this backdrop, SK Hynix, Samsung and Micron remain the main structural beneficiaries of the cycle.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full wider offeset-top\"><img alt=\"\" decoding=\"async\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/09\/image-1.jpg\" alt=\"\" class=\"wp-image-4375\" style=\"object-fit:cover\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Markets<\/h2>\n\n\n\n<p>Strong rebound in emerging market equities (+6.9%), Japanese shares (+5.4%) and US shares (+2.2%) driven by tech (+7% in the US) vs +0.1%\/-0.3% in Europe\/Switzerland, against a backdrop of a fall in oil prices (-6.4%), a weakening dollar (-0.3%) and falling government bond yields (US-Germany -2\/3 bp, France -7 bp, Italy -13 bp), with corporate bonds performing at 0.3%. To watch this week, in addition to the much-anticipated Trump\/Xi Jinping meeting and news on Iran: SME confidence (NFIB index), house sales, consumer price index, and retail sales in the US; second estimate of Q1 GDP and industrial production in the eurozone; growth in lending, money supply and foreign investment for April in China.<\/p>\n\n\n\n<div class=\"wp-block-group boxed background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">Swiss Market<\/h2>\n\n\n\n<p>Coming up this week: Confederation bond issue (FFA\/SNB), April producer and import price index (FSO) and April traffic statistics (Zurich Airport).<\/p>\n\n\n\n<p>The following companies will publish their results: Tecan, PSP Swiss Property, PEH, SoftwareONE, ON Holding, Molecular Partners, Adecco, HBM, Zurich, Sunrise and Z\u00fcblin.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full wider offeset-top\"><img alt=\"\" decoding=\"async\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/09\/image-2.jpg\" alt=\"\" class=\"wp-image-4383\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Equities<\/h2>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>AIRBUS <\/strong>(Satellite) delivered 67 aircraft in April (+20% y\/y), bringing its total to 181 since the start of the year. A significant acceleration will be needed to reach the annual targets of ~870.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>ALLIANZ <\/strong>(Satellite): will publish its Q1\u201926 results on May 13. We expect the group to show solid momentum in retail P&amp;C, driven by a favourable claims experience and increased pricing discipline. Despite a European sector under pressure due to falling premium rates, we expect Allianz\u2019s more retail-focused positioning to result in greater resilience in its results.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>INFINEON <\/strong>(Satellite) has reported Q2 FY26 results in line with expectations, with revenue of \u20ac3.8bn (+6% y\/y), but has raised its full-year guidance: EBIT margin is now expected to be around 20% and FCF at \u20ac1.65bn. The momentum is driven by Power &amp; Sensor Systems, particularly the AI Power division, which remains in a strong position, with \u20ac1.5bn in confirmed revenue for FY26 and a target of \u20ac2.5bn for FY27. We are raising our target price to \u20ac70.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>LONZA <\/strong>(Satellite): during its Q1 business update, management indicated that performance was strong and confirmed its annual targets, namely expected sales growth of 11-12% at constant exchange rates and an EBITDA margin above 32%. Lonza also reiterated that business activity will be stronger in the first half of the year than in the second half. The update is generally reassuring.<\/span><\/p>\n\n\n\n<div class=\"wp-block-group boxed background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">Bonds<\/h2>\n\n\n\n<p>In the US, the 10-year yield fell by 2 basis points over the week, with the labour market remaining solid \u2013 JOLTS were in line with expectations and NFP figures surprised on the upside \u2013 whilst the ISM services index declined but remained in expansionary territory. European yields also fell, with the 10-year OAT down 7 basis points and the 10-year Bund down 3 basis points over the week, against a backdrop of relative easing in Iran. This week, the market will be watching the meeting between Donald Trump and Xi Jinping and developments in the Gulf, as the situation remains highly volatile.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full wider offeset-top\"><img alt=\"\" decoding=\"async\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/09\/image-3.jpg\" alt=\"\" class=\"wp-image-4388\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Sentiment of traders<\/h3>\n\n\n\n<p><strong>Stock markets<\/strong><\/p>\n\n\n\n<p>Indices opened cautiously following Trump\u2019s rejection of the Iranian proposal. This week will see Kevin Warsh\u2019s confirmation as head of the Fed, and a US-China summit in Beijing. On the macro front, we will have CPI, PPI and retail sales figures for the US, and in the eurozone, the ZEW index and unemployment figures. On the micro front, results from Cisco, Siemens and Allianz will be published. A very busy week<span style=\"font-size: revert; color: initial;\">.<\/span><\/p>\n\n\n\n<p><strong>Currencies<\/strong><\/p>\n\n\n\n<p>Friday\u2019s US employment figures had little impact on the dollar, which is trading this morning at $\/CHF 0.7780. The rejection of Iran\u2019s proposal and threats of further strikes have pushed oil prices up by 3.5% this morning. The euro therefore remains under pressure at \u20ac\/USD 1.1771 and \u20ac\/CHF 0.9155. Our ranges are \u20ac\/$ 1.1683\u20131.1865, \u20ac\/CHF 0.91\u20130.9225. Forex traders will be watching the US-China meeting this week closely. The defeat in the regional elections is putting pressure on the British Prime Minister as well as the pound at \u00a3\/$ 1.36, sup. 1.3510, res. 1.3660. Gold is at $4,675\/oz.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Today\u2019s graph<\/h4>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"642\" height=\"384\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/05\/graphPourSite-1.jpg\" alt=\"graphpoursite\" class=\"wp-image-29364\" style=\"aspect-ratio:1.646059343343631;width:588px;height:auto\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/05\/graphPourSite-1.jpg 642w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/05\/graphPourSite-1-300x179.jpg 300w\" sizes=\"(max-width: 642px) 100vw, 642px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">Performances<\/h4>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"527\" height=\"305\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/05\/perfANG-pour-site-1.jpg\" alt=\"perfang pour site\" class=\"wp-image-29371\" style=\"aspect-ratio:1.721387018759396;width:574px;height:auto\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/05\/perfANG-pour-site-1.jpg 527w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/05\/perfANG-pour-site-1-300x174.jpg 300w\" sizes=\"(max-width: 527px) 100vw, 527px\" \/><\/figure>\n\n\n\n<p class=\"has-small-font-size\">This document has been issued for information purposes and is exclusively supplied by Bordier &amp; Cie SCmA in the framework of an existing contractual relationship with the recipient of this document. The views and opinions contained in it are those of Bordier &amp; Cie SCmA. Its contents may not be reproduced or redistributed by unauthorized persons. The user will be held liable for any unauthorized reproduction or circulation of this document, which may give rise to legal proceedings. All the information contained in it is provided for information only and should in no way be taken as investment, legal or tax advice provided to third parties. Furthermore, it is emphasized that the provisions of our legal information page are fully applicable to this document and namely provisions concerning the restrictions arising from different national laws and regulations. Consequently, Bordier Bank does namely not provide any investment services or advice to \u201cUS persons\u201d as defined by the Securities and Exchange Commission rules. Furthermore, the information on our website \u2013 including the present document \u2013 is by no mean directed to such persons or entities.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Read the latest weekly report on the financial sectors and financial market, by Bordier Switzerland<\/p>\n","protected":false},"author":15,"featured_media":15629,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_analysis_target_kw":"","footnotes":""},"categories":[19,134],"tags":[132],"news_country":[13],"news_language":[38],"class_list":["post-29338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights","category-monday-report","tag-monday-report","news_country-switzerland","news_language-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/29338","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/comments?post=29338"}],"version-history":[{"count":5,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/29338\/revisions"}],"predecessor-version":[{"id":29397,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/29338\/revisions\/29397"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/media\/15629"}],"wp:attachment":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/media?parent=29338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/categories?post=29338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/tags?post=29338"},{"taxonomy":"news_country","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_country?post=29338"},{"taxonomy":"news_language","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_language?post=29338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}