𝗘𝘂𝗿𝗼𝗽𝗲 𝗯𝗼𝘂𝗻𝗰𝗲𝘀 𝗯𝗮𝗰𝗸, 𝗴𝗲𝗼𝗽𝗼𝗹𝗶𝘁𝗶𝗰𝗮𝗹 𝘁𝗲𝗻𝘀𝗶𝗼𝗻𝘀 & 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 𝗼𝗻 𝗥𝘂𝗯𝗶𝘀 𝗠𝗮𝘆 𝟱, 𝟮𝟬𝟮𝟲 European markets attempted a rebound today after recent declines, in a still uncertain Middle East environment. The ceasefire remains fragile, with ongoing tensions around the Strait of Hormuz, yet oil prices are slightly declining — a supportive factor for equities. We are in a market driven by: unstable geopolitics US macro dominance tactical opportunities after corrections 𝗞𝗲𝘆 𝗳𝗼𝗰𝘂𝘀: 𝘀𝗲𝗺𝗶𝗰𝗼𝗻𝗱𝘂𝗰𝘁𝗼𝗿𝘀 & 𝗨𝗦 / 𝗖𝗵𝗶𝗻𝗮 𝘁𝗲𝗻𝘀𝗶𝗼𝗻𝘀 An important development today: Micron Technology is intensifying its lobbying efforts to tighten semiconductor export restrictions to China. Concretely: Support for the 𝗠𝗔𝗧𝗖𝗛 𝗔𝗰𝘁 Stricter controls on chip manufacturing equipment Increased pressure on players such as ASML The 𝗠𝗔𝗧𝗖𝗛 𝗔𝗰𝘁 aims to close existing regulatory gaps by restricting not only the sale, but also the maintenance and technical support of critical equipment supplied to Chinese semiconductor manufacturers. The goal is to slow down their technological advancement. The market reacted positively (+11% for Micron), reflecting expectations of a more protective environment for US players. 𝗥𝘂𝗯𝗶𝘀 𝗶𝗻 𝗮𝗻 𝘂𝗻𝗰𝗲𝗿𝘁𝗮𝗶𝗻 𝗲𝗻𝘃𝗶𝗿𝗼𝗻𝗺𝗲𝗻𝘁 In this context, I initiated a position in Rubis : Q1 revenue: +6% (€1.79bn) Growth driven by volumes and margins No impact from Middle East tensions in March 2026 EBITDA guidance confirmed This type of profile provides operational visibility in an unstable environment. US data remains at the center of attention: Trade deficit slightly better than expected Strong housing data (sales above expectations) Services PMI back in expansion territory 𝗜𝗦𝗠 services declining to 53.6 The 𝗜𝗦𝗠 non-manufacturing index measures activity in the US services sector. A level above 50 indicates expansion. The recent decline suggests that activity is still growing, but at a slower pace, which may signal a gradual economic slowdown. $NSDQ100 $SPX500 $AL2SI.PA $ENR.DE $MU $RUI.PA ⚠️ Risk Warnings: 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘢 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘺, 𝘯𝘰𝘵 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘞𝘩𝘦𝘵𝘩𝘦𝘳 𝘺𝘰𝘶 𝘤𝘩𝘰𝘰𝘴𝘦 𝘵𝘰 𝘶𝘴𝘦 𝘪𝘵 𝘪𝘴 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯. 𝘗𝘢𝘴𝘵 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦 𝘪𝘴 𝘯𝘰𝘵 𝘢 𝘨𝘶𝘢𝘳𝘢𝘯𝘵𝘦𝘦 𝘰𝘧 𝘧𝘶𝘵𝘶𝘳𝘦 𝘳𝘦𝘴𝘶𝘭𝘵𝘴