Germany's defense ministry said it plans to procure eight MEKO-class frigates.

JP Morgan raised IBM’s rating from Neutral to Overweight and lifted its target price to $291 from $270, citing confidence that software will continue to accelerate growth. Analysts say IBM has spent the past decade repositioning toward hybrid cloud and AI with a software-led platform; software now accounts for roughly 45% of revenue but about two-thirds of consolidated profit. JP Morgan highlighted software’s higher margins, scalable revenue recognition, stronger cash conversion and higher-quality earnings as justification for a higher valuation multiple and called the company’s shift into software a positive for the stock.

Hong Kong semiconductor stocks extended gains: Huahong Hongli (01347.HK) rose over 18%, Semiconductor Manufacturing International Corp (SMIC) (00981.HK) climbed over 10%, GigaDevice (03986.HK) gained more than 6%, and Lanqi Technology (06809.HK) and Hongguang Semiconductor (06908.HK) each advanced over 5%.