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It seems that the ongoing World Cup in North America could boost the share price of Carlsberg, which, like other consumer staples, has underperformed in recent months. Meanwhile, negotiations have begun on a peace deal between the US and Iran, amid renewed threats to close the Strait of Hormuz should Israel not cease its military activities against Hezbollah in Lebanon. This creates uncertainty regarding inflation and interest rates. We argue that there is still a risk of an increase in the coming year.

Today, more and more key economic trends are emerging outside of traditional industrial structures—and the use of orbital infrastructure is becoming a decisive competitive factor. At the same time, new applications, data-driven business models, and technological integration are transforming entire industries and creating an environment in which innovative companies can strategically position themselves early on to benefit from long-term structural changes. However, the industry’s development is fraught with uncertainties, particularly with regard to technological, regulatory, and financial factors. The space economy is playing an increasingly central role, especially in the context of digitalization, automation, and global connectivity.

This week's case study focuses on Hennes & Mauritz (H&M), which is set to release its mid-year report next week. The company recently surprised the market with better-than-expected operating results. The challenge for H&M is to improve its operating margin despite low revenue growth. The letter of intent for peace between the US and Iran, which is subject to 60 days of further negotiations, has driven up the world's stock markets again, particularly tech stocks.

The countdown is on: With the planned IPO of SpaceX, one of the most spectacular IPOs in financial history is imminent. For the first time, investors will have direct access to a company that has not only revolutionized space travel, but has also become a key driver of global communications infrastructure. Between ambitious plans for Mars, a Starlink business worth billions and the dominant role of Elon Musk, the crucial question now arises: is this the next big growth champion or a highly valued promise for the future with risks?

This week's case concerns cocoa, where there is potential for future prices to rise if the decline in inventories predicted by estimates is realised. These estimates are based on growing concerns about adverse weather conditions and production disruptions in the Ivory Coast and Ghana. From a broader view of the stock market, the strong US non-farm payroll figures released on Friday 5 June were followed by a sharp decline in US indices, particularly tech-related stocks.

For individuals who invest in Knock-Out products such as Warrants with Knock-Out or Mini Futures, it is crucial to know when and under what conditions their product can be knocked out. But what many do not know: The trading times of the underlying asset play a decisive role here. If the underlying is not a share or an index, the trading times of the underlying and the product may diverge.

Barrier Reverse Convertibles (BRCs) are the classics among structured products. They belong to the yield optimization category and are characterized by a predetermined coupon and a certain safety buffer. BRCs are interesting due to their attractive coupons and in markets that are trending sideways.

Discount certificates feature a discount compared to the underlying asset at the time of issue. The reduced issue price shows its strengths when the market environment is stagnant or slightly positive, as it cushions possible price losses. However, the profit potential is limited by the cap. The level of the cap determines the price discount compared to the price of the underlying and can be set below, at or above the current price of the underlying. Here, the level of the cap determines whether the discount certificate is defensive, neutral or offensive.

Among investment products, capital protection products represent the lowest-risk investment option. A special feature of these products is a minimum repayment at maturity and participation in the positive performance of the underlying asset. Capital protection products are particularly interesting for risk-averse investors who want to avoid price losses but still participate in a positive performance.

Reverse convertibles offer investors the opportunity to profit from sideways movements in the price of an underlying asset, usually a share. Similar to a bond, a reverse convertible features a coupon that is fixed at the time of issue and is generally paid out at the end of its term. The repayment of the nominal amount, on the other hand, depends on the performance of the underlying asset. A predetermined price level (strike price) is of decisive importance here. If the price is at or above the strike price at the end of the term, the investor will receive the nominal amount back. If the price is below the exercise price on the maturity date, the investor will be delivered units of the underlying with the settlement type “physical delivery”, the value of which will usually be less than the nominal amount. Alternatively, a cash settlement is also possible.