Core Insights - Euronext announced trading volumes for May 2025, aligning its reporting framework with the new standards implemented in Q1 2025 [1] Company Overview - Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, settlement, and custody [3] - As of March 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a market capitalization of €6.3 trillion, making it the largest global center for debt and fund listings [4] - Euronext handles 25% of European lit equity trading and offers a diverse range of products, including equities, FX, ETFs, bonds, derivatives, commodities, and indices [4]

Investment Rating - The report rates HKEX, BOCHK, and BEA as "Buy" with target price adjustments for HKEX from HKD 413 to HKD 438, reflecting positive market conditions and increased activity [5][9][38]. Core Insights - The Hong Kong financial sector is experiencing strong liquidity inflow despite subdued loan demand, with deposits growing 0.6% month-on-month in April and 4.1% year-to-date [2][11]. - The 1-month HIBOR has significantly decreased to approximately 0.6% in late May, which is expected to impact bank revenues and redirect deposits into investments, benefiting HKEX and banks' wealth management businesses [3][16]. - The capital market has seen a substantial increase in activity, with equity market average daily turnover (ADT) rising to HKD 242 billion year-to-date, an 84% increase from 2024, and total IPO funds raised reaching HKD 77 billion, approximately 8 times higher than the same period in 2024 [4][9]. Summary by Sections Liquidity and Loan Demand - Hong Kong sector deposits increased by HKD 706 billion year-to-date 2025, while loan growth was only HKD 49 billion, indicating that deposit growth is primarily driven by external inflows [2][11]. HIBOR Trends - The average 1-month HIBOR in May was 1.72%, significantly lower than the average of 3.82% from January to April 2025, suggesting a potential 10% reduction in BOCHK's earnings with a 100 basis point decline [3][16]. Capital Market Activity - The successful IPOs of companies like CATL and Hengrui, raising HKD 41 billion and HKD 10 billion respectively, are expected to stimulate further listing interests and enhance HKEX's turnover velocity, which is currently at approximately 155% [4][26]. Earnings Estimates - Earnings estimates for HKEX have been raised by 0.2% for 2025, 2.0% for 2026, and 3.3% for 2027, driven by increased ADT assumptions and listing-related revenues, partially offset by reduced investment income [5][28]. Key Financial Metrics - The report highlights that HKEX's consensus forward PE is 33.8x, slightly above its long-term average of 32.5x, indicating a favorable valuation relative to the market [30][32].

Group 1 - Beijing Stock Exchange (BSE) recently held an investor service event to enhance communication with investors and boost their confidence [1] - The event included a seminar where experienced investors shared their stories, promoting rational investment and gathering feedback on investor rights protection [1] - A fraud prevention campaign was launched targeting retirees and middle-aged individuals, educating them on illegal securities activities and prevention strategies [1] Group 2 - BSE's investor education base collaborated with CITIC Securities to provide lectures to students at Renmin University, covering the multi-tiered capital market and illegal securities activity prevention [2] - An event called "Investors Zero Distance" allowed over 20 investors to visit a listed company, facilitating direct communication with company executives and enhancing investor understanding of the company [2]

Core Points - Euronext N.V. has signed an amendment to its liquidity contract with Rothschild Martin Maurel, originally established on February 7, 2018, in compliance with various European regulations [1][2]. Group 1: Contract Details - The amendment includes an increase of €4,500,000 (four million five hundred thousand euros) allocated to the liquidity account [2]. Group 2: Company Overview - Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, settlement, and custody [4]. - As of March 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a market capitalization of €6.3 trillion, handling 25% of European lit equity trading [5].

Core Viewpoint - The acquisition of NSX Limited by CSNX Markets Inc. is aimed at expanding the geographic footprint of the Canadian Securities Exchange (CSE) and enhancing its focus on early-stage, entrepreneurial companies, particularly in the resource sector [2][3]. Group 1: Acquisition Details - CSNX Markets Inc. has entered into an all-cash agreement to acquire NSX Limited, which owns the National Stock Exchange of Australia (NSXA) [2]. - The transaction is expected to close in the third quarter of 2025, pending approvals from CSE shareholders, NSX shareholders, the Australian court, and the Australian Securities and Investments Commission [4]. Group 2: Strategic Implications - The acquisition is positioned to disrupt the current market dominated by legacy exchanges, similar to the CSE's historical growth over the past 20 years [3]. - Richard Carleton, CEO of CSE, emphasized that the transaction will enhance the CSE's ability to attract global listings and support entrepreneurial companies [4]. Group 3: Company Background - Urbana Corporation is a major shareholder of CNSX Markets Inc., which operates the CSE [5]. - Urbana focuses on financial services, information services, and innovative technologies, aiming for income and capital appreciation through a mix of public and private investments [6].

Core Viewpoint - Nasdaq and the Philippine Stock Exchange (PSE) are enhancing their technology partnership by upgrading PSE's trading infrastructure to Nasdaq's advanced platform, Nasdaq Eqlipse Trading, which aims to improve liquidity and resilience in the Philippine marketplace [1][5]. Group 1: Technology Partnership - The upgrade to Nasdaq Eqlipse Trading represents a significant investment by Nasdaq to modernize and strengthen its platform capabilities, allowing for enhanced functionality such as pre-trade risk management and advanced options pricing [2][4]. - PSE's decision to renew its partnership with Nasdaq is driven by the need for a reliable trading system that meets current and future requirements, emphasizing the importance of technology in PSE's strategic agenda [3][5]. Group 2: Market Impact - The Nasdaq Eqlipse platform is part of a broader initiative to develop a fully interoperable suite of solutions across trading, clearing, and data intelligence, marking a major milestone in Nasdaq's investment cycle [4]. - Nasdaq's technology is utilized by 97% of globally significant banks and half of the world's top 25 stock exchanges, indicating its critical role in enhancing market infrastructure and operational efficiency [6]. Group 3: Economic Context - The partnership aligns with the rapid economic growth of the Philippines, positioning Nasdaq to support local and global banks in navigating challenges and innovating in a digital and AI-driven environment [6]. - Nasdaq's presence in the Philippines is part of its strategy to drive modernization in the financial services industry, contributing to regulatory compliance and simplifying capital market operations [5][6].

Core Points - Euronext's Annual General Meeting (AGM) approved all resolutions except for the advisory vote [1] - The annual dividend of €2.90 per ordinary share will be paid on 28 May 2025, with the ex-dividend date on 26 May 2025 and record date on 27 May 2025 [1] Voting Items Summary - Proposal to adopt the 2024 remuneration report [2] - Proposal to adopt the 2024 financial statements [2] - Proposal to discharge the members of the Managing Board for their duties in 2024 [2] - Proposal to discharge the members of the Supervisory Board for their duties in 2024 [2] - Re-appointment of Piero Novelli and Olivier Sichel as members of the Supervisory Board [2] - Appointment of Francesca Scaglia as a member of the Supervisory Board [2] - Re-appointment of Delphine d'Amarzit and appointment of René van Vlerken as members of the Managing Board [2] - Proposal to amend the remuneration policy for both the Managing and Supervisory Boards [2] - Proposal to appoint the external auditor [2] - Proposal regarding the cancellation of the company's own shares purchased under the share repurchase program [2] - Proposal to designate the Managing Board as the competent body to issue ordinary shares and restrict or exclude pre-emptive rights [2] - Proposal to authorize the Managing Board to acquire ordinary shares on behalf of the company [2] - Proposal to authorize the Supervisory Board or Managing Board to grant rights to French beneficiaries to receive shares [2] Company Overview - Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain [4] - As of March 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a market capitalization of €6.3 trillion [5] - Euronext handles 25% of European lit equity trading and offers a diverse range of products including equities, FX, ETFs, bonds, derivatives, commodities, and indices [5]

Core Viewpoint - The Stock Exchange of Thailand (SET) and Nasdaq have announced an expanded strategic technology partnership aimed at modernizing Thailand's capital markets, focusing on enhancing market resilience, integrity, and aligning with global standards through the use of Nasdaq's AI capabilities [1][2]. Group 1: Partnership Objectives - The collaboration will promote the adoption of Nasdaq's risk and surveillance platforms within SET's member community to drive consistent infrastructure across the market ecosystem [2]. - The initiative aims to enhance systemwide efficiency, transparency, and risk management, benefiting from common market infrastructure and Nasdaq's ongoing investments in modernization [2][3]. Group 2: Market Impact - The partnership is expected to strengthen liquidity, transparency, and integrity in Thailand's capital markets, fostering trust and investor confidence [3]. - By adopting advanced risk and surveillance solutions, SET aims to improve its ability to detect market abuse and monitor trading activities, reinforcing Thailand's leadership in ASEAN's capital markets [3][4]. Group 3: Nasdaq's Global Reach - Nasdaq's technology is utilized by 97% of globally systematically important banks, half of the world's top 25 stock exchanges, and over 3,800 clients in the financial services industry [3]. - The partnership reflects Nasdaq's commitment to advancing industry-wide modernization through deep strategic relationships and mission-critical solutions [4]. Group 4: Future Vision - Together, SET and Nasdaq are laying the foundation for a robust, future-ready capital market ecosystem, enhancing Thailand's position as a regional innovation leader and financial hub [5].

Core Insights - The Bombay Stock Exchange (BSE) experienced a significant increase of 7.2%, reaching a historic high of 7047 rupees per share, driven by strong buying sentiment in Dalal Street following a ceasefire agreement between India and Pakistan [1] Group 1 - The BSE's stock price surge reflects a positive shift in market sentiment due to the easing of geopolitical tensions [1] - The index's breakthrough of the 7000 rupee mark signifies a notable milestone in its trading history [1] - The recent military conflicts and subsequent ceasefire have influenced investor confidence, leading to a bullish outlook in the Indian stock market [1]

Summary of Key Points Core Viewpoint - The total short interest in Nasdaq securities has increased, indicating a growing bearish sentiment among investors as of the settlement date of April 30, 2025 [3]. Group 1: Nasdaq Global Market - Short interest in 3,156 Nasdaq Global Market securities totaled 13,300,707,903 shares, up from 13,211,633,004 shares in the previous reporting period [1]. - The average short interest represents 2.40 days compared to 1.76 days in the prior reporting period [1]. Group 2: Nasdaq Capital Market - Short interest in 1,636 securities on The Nasdaq Capital Market reached 2,645,060,429 shares, an increase from 2,609,354,721 shares in the previous period [2]. - The average daily volume remained stable at 1.00 day for both reporting periods [2]. Group 3: Overall Nasdaq Securities - Total short interest across all 4,792 Nasdaq securities was 15,945,768,331 shares, compared to 15,820,987,725 shares in the previous reporting period [3]. - The average daily volume for all securities increased to 1.92 days from 1.52 days in the prior period [3]. Group 4: Short Sale Definition - A short sale is defined as the sale of a security that the seller does not own or any sale consummated by the delivery of a borrowed security [4].