Before the bell: kangaroo jumps higher

In Japan, investors are drawn to air conditioning and technology, while in Brussels, the scissors come out to clip some coupons.

Today marks the final trading day of both the second quarter and the first half of the year. So far, markets have behaved like a kangaroo market—bouncing up and down. But after six months, it seems the kangaroo is friendlier with the bull than the bear. Global markets are up. On Friday, Wall Street ended with a 0.5% daily gain, bringing year-to-date returns for the S&P 500 and Nasdaq to 4.5%. That’s a respectable gain, though mainly for U.S. investors. The dollar dropped 12.6% against the euro over the same period, meaning Euro Stoxx 50 and Bel20—up 8.8% and 5.7% in euro, respectively—outperformed by quite a margin. Given the steep interest rate declines in the eurozone and government stimulus, don’t be too quick to take profits.

The Japanese Topix index is up 2.7% so far in 2025, helped by a 0.7% gain this morning. While the index has moved mostly sideways since March 2024, analysts still see potential. Today, Japan’s tech holding SoftBank rose 5.5% and air conditioning manufacturer Daikin climbed 4%. Renewed interest in Chinese stocks has pushed the Hang Seng index in Hong Kong up 20.7% this year. Though the index slipped 0.4% this morning, retailer MINISO gained 3.3%. Meanwhile, Gimv and Titan Cement shareholders should expect their shares to trade lower today due to coupon detachment.

We don’t buy everything

Seventy-three years ago, Patti Page sang a sentimental tune about a puppy in a pet shop window. You probably know it:

“How much is that doggie in the window?
The one with the waggly tail
How much is that doggie in the window?
I do hope that doggie’s for sale.”

These days, selling dogs in store windows is banned. Stocks, however, are still very much on display. Case in point: the upcoming IPO of EnergyVision, a Belgian solar panel company. We’re not fans—and won’t be participating. In episode 154 of Spamalot, we explained why we’ll be passing on this offering.

A star in the making

Xiaomi’s stock shined on Friday after the company announced that its newly launched SUV, the YU7, received a staggering 289,000 preorders within just one hour. It’s a gorgeous vehicle that delivers excellent value—though not for you, as Xiaomi only sells cars in China and has no plans to export. The Chinese firm is best known for its smartphones and has climbed into the global top 5 thanks to significantly lower pricing than competitors like Apple and Samsung. Building electric vehicles is still a side business for Xiaomi—or is it? Last year, the company lost 6,250 dollar on each car sold. But in the last quarter, that figure dropped to 900 dollar per car. The turnaround is clearly underway. This could soon become a serious rival to BYD and Tesla. Never underestimate the Chinese!

Did you know…

that a group of wealthy investors will reportedly launch a takeover bid for TikTok in two weeks? At least, that’s what the U.S. president claims. TikTok is currently owned by ByteDance, a private Chinese tech firm, in which the Belgian holding company Sofina is a shareholder.

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