After NATO agreed to raise defense spending to 5% of GDP by 2035, Chancellor MERZ said Germany will hit the target well ahead of 2029. The cabinet-approved budget lifts core defense spending in 2027 by nearly one-third to EUR109.7bn (USD125.3bn) and includes about EUR118.7bn of new borrowing in next year’s core budget. The move ends Germany’s post‑war fiscal restraint, overrides constraints such as the debt brake, and marks a turning point for global macro re-pricing of European sovereign risk a

Longode Bank analyst Robin Haworth says the window for oil companies to capitalize on higher prices linked to the Middle East conflict is very short. Major oil and gas stocks have not rerated significantly as investors view elevated profits as temporary. Haworth warns oil may be capped around $100/bbl, leaving limited upside. He sees opportunities in oilfield services to repair conflict damage. Structural capacity declines and Ukrainian strikes on Russian refineries are supporting refining margins, but as output and prices normalize he prefers financials, utilities and healthcare for more attractive opportunities.

市場消息：巴林傳出警報聲和爆炸聲。