Before the bell: A beautiful Pentecost Monday

Before the bell: Apple conference kicks off, Chinese markets gain, and global trading continues

While many enjoy a public holiday today, markets are wide open — making it an ideal moment to reflect on your portfolio. So far this year, European and Chinese stock markets have performed well. With three weeks left in the first half of 2025, the Euro Stoxx 50 is up 10.9% and the Hang Seng Index has risen 19.8%. In contrast, the once-dominant US markets are underperforming, with the S&P 500 gaining just 2% and the Nasdaq only 1.1%. The dollar has also weakened, causing many European investors to suffer losses on their US positions. This trend is unlikely to reverse soon. In Europe, interest rates remain low and governments are expected to continue spending heavily on infrastructure and defense — a boon for German, Polish, and even Belgian companies. Is your portfolio prepared for that?

This morning, Hong Kong stocks are climbing again, with the Hang Seng Index up 1%. JD.com (+4.4%) and Li Auto (+3.5%) are leading gains, while Geely Automobile (-1.8%) and BYD (-2.7%) are lagging. In Tokyo, the Topix rises 0.6%. No major earnings announcements are expected today.

Fewer new solar panels in the US

Over the next five years, the number of new solar energy installations in the United States is expected to decline, according to a new report by the Solar Energy Industries Association and research firm Wood Mackenzie. The anticipated drop is attributed to reduced subsidies, higher import tariffs, and a renewed focus on traditional energy sources.

In Q1, solar energy accounted for 69% of new electricity generation in the US, totaling 10.8 gigawatts, which is 7% lower than a year earlier, but still close to a historical high. Residential solar installations fell 13% to 1.1 gigawatts. For 2025, the sector expects to add 48.6 gigawatts of capacity — but that growth is forecast to slow to 43.5 gigawatts by 2030. Interestingly, the share of residential installations is expected to rise — not due to a return of subsidies, but because electricity prices are projected to climb.

Backyard chickens and baking flour

While Aveve, the Belgian retailer of garden and pet products, is not listed, its US counterpart is: Tractor Supply Co. The company operates 2,311 Tractor Supply stores and 206 Petsense locations. It recently launched a promotional campaign called “Chick Days”, tapping into the rising cost of eggs — albeit a bit late.

According to the CEO, chickens are on track to become the third most popular household pet in the US. Tractor Supply serves about 40 million customers, nearly 1 in 5 of whom own chickens. The retailer sells live chickens and everything you need to care for them, from coops to feed. This year, the CEO expects record sales of chickens, coops, and chicken feed.

Last week, President Trump (inaccurately) claimed that egg prices have fallen by 400%. But Tractor Supply’s CEO says the decline hasn’t negatively impacted chicken sales at all.

Did you know…

… the Apple Worldwide Developers Conference (WWDC) kicks off today? The event runs all week. Apple investors and fans are hoping for surprises — perhaps an update in the realm of artificial intelligence.

This article was translated from Dutch and was originally published on Spaarvarkens.be.