Euro

• Frédéric Oudéa, Chairman of Revolut Western Europe, argues in a Euronews opinion piece that Europe must move past its fragmented banking system. • He advocates for the creation of pan-European financial champions to replace the current disjointed market structure. • This shift is deemed essential to secure the large-scale funding required for critical sectors, including innovation, defense, and the green transition.

• Europe is prioritizing "digital sovereignty," shifting the focus from where data is hosted to who maintains actual control over it. • The strategy centers on three key themes: improving competitive positioning, establishing new requirements for regulated and public sectors, and creating new funding opportunities. • Implementation is driven by four interconnected initiatives: the Cloud and AI Development Act (CADA), the EU Open Source Strategy, the Chips Act 2.0, and the Strategic Roadmap for Digitalisation and AI in energy.

• Brent crude oil prices surged above $90 per barrel following escalating U.S.-Iran tensions and renewed shipping disruptions in the Strait of Hormuz. • The Canadian dollar remains firm following the Bank of Canada's decision to maintain its policy rate at 2.25% for the sixth consecutive meeting. • The Bank of Canada adopted a balanced tone, noting that while inflation pressures are easing, economic growth is projected to strengthen later in the year.

• Oliver Light, a member of the RE:UK Sustainability Committee, is urging real estate investors to prioritize and embrace the energy transition. • Current data indicates that four-fifths of European assets under management (AUM) remain tied up in active funds. • This push for sustainability highlights the critical need for the industry to shift capital toward greener infrastructure to meet climate goals.

• European equity markets traded lower on Monday, with the STOXX 600 slipping 0.2%, the FTSE 100 falling 0.4%, and the DAX and IBEX 35 both declining. • The downturn follows a sharp global sell-off in technology stocks last week as investors began reassessing valuations related to artificial intelligence. • Market caution is driven by anticipation of upcoming U.S. tech earnings, the European Central Bank's latest policy meeting, and political developments in the UK.

• More than 60 European tech funding deals totaling over €2.7 billion were tracked last week, alongside more than 10 exits and M&A transactions. • Notable investments include Denmark's Visibuilt raising €3.3M for fungi-based road construction and the UK's Juno Bio securing $3.8M for a women's health sequencing lab. • Other key deals featured Belgium's Sightera Biosciences closing a €3M pre-seed round for AI drug discovery and Spain's Sensesbit raising €1M for international expansion.

Moscow targets southern city after the Russian capital was hit by 400 drones in response to one of the war’s biggest attacks on Kyiv at the weekendThere is also a bit more from Reuters on the context – and the significance – of these continued strikes on ships:“Both Russia and Ukraine are major grain exporters, and ​the renewed violence on this route has ​raised concerns about supply.Ukraine, which in recent ​seasons accounted for about 6% of global wheat exports and about 11% of global corn ​exports, has lost about a ‌third of its capacity ​to export grain via ​its Black Sea ports due to Russian missile and drone attacks, traders and analysts have said.“Upon prime minister @KoretskyiUA’s instructions, @MFA_Ukraine is already informing the International Maritime Organization and our international partners about Russia’s latest attacks on civilian shipping, as well as the governments of the states whose citizens were killed or injured. During president @ZelenskyyUa‘s recent visit to London, I discussed this issue with the IMO leadership and called for the deployment of an international monitoring mission to Ukraine’s ports. We expect this mission to begin its work as planned in the fall and help document every act of Russia’s maritime terror, paving the way for accountability.” Continue reading...