1. South Korea shares tumble in chip selloff.

South Korea's benchmark KOSPI tumbled as concerns over rising Chinese memory-chip competition and a broader retreat from AI-linked stocks rattled the tech-heavy market.
We are still buyers of Samsung Electronics as the stock seems to be discounting a bear-case scenario and is now trading at 3.6 P/E for 27 !!!
Profit growth is still accelerating with an expected 35% EPS CAGR in 26-28E. That’s not exactly a value trap.
The average broker target is 473.000 KRW or 100% higher.

2. Deutsche Bank strategists are expecting 25% profit growth for European firms, around 5 percentage points above consensus.

3. The Euro Stoxx Banking index has corrected 10%.

JPMorgan sees the selloff, particularly in French banks, as driven more by sentiment and positioning than fundamentals and views the drawdown as a buying opportunity. Morgan Stanley also turned more constructive on European credit and remains positive on banks, arguing that higher margins and resilient corporate lending should support earnings absent prolonged bond volatility.
The question now is whether stabilizing yields can put a floor under the sector.

4. US retail investors are still hungry for risk.

Trading in single-stock options contracts is near levels reached in 2021, when a new generation of amateur investors discovered trading…or gambling?

5. The agentic threat.

AI agents like Muse can already find you the cheapest hotel room in Paris.

But they can’t locate a cheaper version of a unique mountain cabin, because it might only be available on Airbnb. It’s at least one travel business that can withstand the agentic threat.

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