Oil continued to lift PPI and support energy CPI, while core and services inflation softened, pointing to limited second-round effects amid weak domestic demand. PPI gains remained concentrated in upstream, while downstream sectors may struggle to pass-through higher input costs. FICC Research Economics 10 June 2026 China Upstream-driven PPI, weak pass-through The May price data suggest oil prices continued to push up PPI inflation and energy-related components of CPI, while the impact on core and services ...

June 10, 2026 06:30 AM GMT Sumitomo Bakelite (4203) | Japan Expect Guidance Beat | What's Changed | | | | --- | --- | --- | | Sumitomo Bakelite (4203.T) | From | To | | Price Target | ¥6,600 | ¥8,000 | Sales of semis encapsulants to Taiwan currently look strong. Key Takeaways Raise PT to ¥8,000, stay OW: We previously derived our target PT for Sumitomo Bakelite using 10yr avg. P/E for semis back-end process materials makers of 15.5x (based on 1yr-fwd. consensus ests). However, we now think the cycle peak is ...

June 10, 2026 06:34 AM GMT Bloom Energy Corp. | North America Crusoe Pausing Development Activities at WY Site – BE Outlook Intact Yesterday, Crusoe announced that, at the request of its customer, it had paused its development activities at a 1.8 GW data center campus in Cheyenne, WY. The site has been designed to use 900 MW of Bloom fuel cells for a portion of its onsite power. The tenant of the data center has not officially been disclosed and the fuel cells, worth $2.65b of revenue to Bloom, were optione ...

EUROPE | Sustainability & Transition Strategy June 10, 2026 INVITE - Energy Transition Beneficiaries: Schaeffler To maintain JEF's leadership in the debate on EU's accelerating energy transition, we are launching a new series highlighting the companies positioned to benefit. This session will focus on Schaeffler, a motion technology supplier enabling electrification and efficiency across mobility and industry. We will discuss w/ JEF analyst Vanessa Jeffriess how this positioning supports growth, resilience, ...

June 10, 2026 06:30 AM GMT Tokyo Ohka Kogyo (4186) | Japan Focus on Raw Material Price Trends & Share Price Level | What's Changed | | | | --- | --- | --- | | Tokyo Ohka Kogyo (4186.T) | From | To | | Price Target | ¥7,900 | ¥9,400 | TOK is likely to feel the brunt of high raw material prices in F12/26 2Q, but we still expect it to beat full-year targets. Key Takeaways Raise PT to ¥9,400, stay EW: Raising our F12/27e EPS from ¥339.5 to ¥397.9, we lift our price target from ¥7,900 to ¥9,400. Our target P/E o ...

UK | REITs Tritax Equity Research First View: Manor Farm Planning decision now expected by 7th July Conclusion 10 June 2026: BBOX notes from the Ministry of Housing, Communities and Local Government that a decision by the Secretary of State on planning at the Company's data centre at Manor Farm, Heathrow is now expected to be issued on or before 7 July. BBOX note that the government has designated data centres as critical national infrastructure, and this scheme strongly supports the UK's digital strategy. ...

10 June 2026 | 6:25AM BST Equity Research GS EUROPEAN EXPRESS: IHG | Auto1 | Berkeley | Argenx | Macro | Global | Corporate Access We are hosting a '30th European Financials Conference 2026 – Key Takeaways' call today at 2:30 pm UKT, register here! We also have a new podcast out on 'GOAL: Asset Allocation Webinar: An overview of our core views across assets', listen here! InterContinental Hotels Group (IHG.L): Faster net unit growth to unlock further re-rating and narrow valuation gap to US peers; Buy (on C ...

June 10, 2026 06:30 AM GMT Koito Mfg. (7276) | Japan Steady Cost Improvement | What's Changed | | | | --- | --- | --- | | Koito Mfg. (7276.T) | From | To | | Price Target | ¥2,650 | ¥2,900 | Rising prospects for improved earnings, aided by rationalization and overhaul of LiDAR business. Profit growth to accelerate if top line expands, but order growth to take time; we stay EW. Key Takeaways Earnings outlook: Cost reductions the key driver: We fine-tune our OP forecasts, from ¥64.5bn to ¥64.0bn for F3/27 (gu ...

June 10, 2026 06:30 AM GMT Stanley Electric (6923) | Japan Cost Reform Front Runner | What's Changed | | | | --- | --- | --- | | Stanley Electric (6923.T) | From | To | | Price Target | ¥3,300 | ¥3,750 | Stanley's medium-term plan from F3/27 targets restructuring and growth into new businesses/markets. Mgmt has a sense of urgency over the emergence of overseas players and will review parts, procurement and supply chains. With stiffer competition, we're watching fundamental reforms across the industry. Key T ...

10 June 2026 | 6:36AM BST Equity Research Safran (SAF.PA): Defence site visit - key takeaways On June 8-9, we attended Safran's sell-side site visit in Montluçon, France with Pascal Bantegnie, Chief Financial Officer of Safran, and Franck Saudo, Chief Executive Officer of Safran Electronics & Defence. The visit focused on Safran Electronics and Defence activities, especially navigation and timing systems, guided bombs and optronics. Here are our key takeaways: Milind Sikchi +1(332)245-7985 | milind.sikchi@g ...