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Metzler analysts stated in a report: "There is a relative lack of new stimulus factors in the Eurozone this week." They noted that this morning's German factory orders, Tuesday's industrial output, Thursday's foreign trade data, as well as Eurozone producer prices and retail sales, "should provide valuable insights for GDP growth expected in the second quarter." Following the OPEC+ decision to increase production, they said that although shipping through the Strait of Hormuz remains unstable and short-term supply is difficult to predict, structural oil supply appears likely to further increase in the future. According to Tradeweb data, the yield on 10-year German government bonds fell by 0.8 basis points to 2.923%.

This global economist wrote in a report that credit spreads are too narrow, but absolute yields remain attractive. "In terms of total returns, we remain optimistic about credit bonds," he said. More broadly, Jefferies remains optimistic about risk assets. "The central bank does not need to raise interest rates, the favorable seasonal factors in July, less crowded positions, and ample liquidity in the system should all benefit risk assets in the coming weeks," Kumar said.

The new target price implies nearly 39% upside compared to the recent closing price of approximately $276.70.