US MARKETS:

S&P 500 futures up 0.8% to 2,957.50
Brent futures up 2.6% to $63.46/bbl
Gold spot up 1.5% to $1,380.15
US Dollar Index down 0.4% to 96.73

GLOBAL NEWS:

Boost auctioned. T-Mobile US is ready to auction Boost if discussions with Dish Network fail, according to Reuters. T-Mobile is looking to sell prepaid brand Boost Mobile as part of a concession to obtain regulatory approval to buy Sprint.

Paris Air Show. On the third day of the event, Airbus claims about 270 orders and Boeing 260, with a mix of firm orders, letters of intent and memoranda of understanding. The European group has notably collected 206 commitments for his new A321XLR, while the American's balance sheet is saved by the letter of intent from IAG (British Airways, Iberia, Vueling...) for 200 B737 MAX. We must not forget the subcontractors, in particular Safran, whose harvest is impressive via CFM, its joint venture with GE, which has new commitments for 1,150 LEAP engines.

The shadow of a doubt. French bank Natixis dropped by more than 7% today, in the wake of questions about illiquid assets contained in a fund of its affiliate H2O. Yesterday, we relayed a very good article from Alphaville, the Financial Times blog, which helped to lead to Morningstar's suspension of the rating of the H2O Allegro fund. A precautionary measure at this stage, but with serious consequences since it raises many questions. For Jefferies, the reaction is excessive, because H2O as a whole represents only 5 to 6% of the bank's profits (the Allegro fund representing 7.5% of H2O's assets under management), and the management communicated transparently on an illiquid portion of 5 to 15%. KBW, however, considers that this raises the question of the supervision exercised by Natixis on its network. Alphaville's comment also raises the question of conflict of interest, which is also included in Morningstar's comment.

Fresh trouble for DB. U.S. authorities are investigating Deutsche Bank's money laundering practices, according to the New York Times, which reports that other institutions are on the radar screen. An investigation that flirts with the Trump family, as the Democrats are seeking to open a procedure to examine the relationship between the American president and DB.

Libra under surveillance. Washington will closely examine Libra, Facebook's future crypto-currency. The Senate Banking Committee has scheduled a session for July 16 (as such, we can welcome the speed with which American elected officials are tackling burning issues). The project worries the authorities, and not only because of personal data issues: it could cause the existing monetary authorities to lose influence.

Stop customs duties. Dell Technologies, Hewlett Packard, Intel and Microsoft are opposed to the increase in tariffs on tablets and laptops, which should be part of the next bunker decided by the White House in its arm-wrestling with China. The trio (excluding Intel) represents 52% of notebooks and detachable tablets sold in the United States. According to their calculations, the additional customs duties will lead to an average increase of 19% in the price of the material, or USD 120 for a median product.

In other news. Oracle exceeds expectations. Few contributions to LafargeHolcim's 2036 bond buyback offer. Slack's IPO will take place at USD 26, valuing the company at USD 15.7 billion. Delivery Hero raises its sales forecast. Stadler Rail will supply 55 Flirt Akku trains to the German Land of Schleswig-Holstein. DMG Mori will replace Hapag-Lloyd in the SDAX.