Group 1: Eurozone Focus - The European Central Bank (ECB) appears satisfied with the current inflation situation, indicating no necessity for further rate cuts in the second half of the year [9][11][14] - The "Rearmament of Europe" initiative is expected to benefit industries such as traditional military manufacturing, dual-use high technology, strategic resources, and energy security, with a focus on the aerospace and defense sectors [20][22] - Rheinmetall and Airbus are identified as key beneficiaries of the "Rearmament of Europe" plan, with Rheinmetall projected to see a 20% revenue growth due to increased defense spending [22][21] Group 2: Indian Market Focus - The Reserve Bank of India (RBI) cut the key repo rate by 50 basis points to 5.5%, exceeding market expectations, while maintaining a neutral stance due to limited growth support [31][29] - There is an anticipated further rate cut of 25-50 basis points in the current fiscal year, driven by moderate growth prospects and weak private consumption [34][32] - The Indian stock market is currently overvalued, with the Nifty index's earnings per share forecast being significantly downgraded, leading to cautious short-term return expectations [37][35] Group 3: Thai Market Focus - Political instability in Thailand is hindering economic recovery, with significant pressure on the stock market and a cautious outlook on corporate earnings [41][51] - The Bank of Thailand (BOT) has maintained the policy rate at 1.75% but is expected to lower it to 1.25% later this year to support the economy [47][46] - CP All and Minor International are highlighted as resilient players in the Thai market, with CP All benefiting from 7-Eleven's growth and Minor International having long-term rebound potential despite short-term pressures [52][51]

Group 1: European Market Focus - The Eurozone manufacturing readings show marginal recovery, with Germany's Q1 GDP growth at 0.2%, exceeding market expectations of 0.1% [10][14] - Airbus and Deutsche Telekom are highlighted as key stocks, with Airbus maintaining its delivery expectations despite tariff concerns [22][23] - The STOXX Europe Aerospace and Defense ETF is recommended for investment, focusing on sectors with strong local orientation [26] Group 2: Indonesian Market Focus - Indonesia's Q1 GDP growth slowed to 4.87%, with significant pressure on capital expenditure, but government spending is expected to increase in the second half of the year [34][42] - The iShares MSCI Indonesia ETF is suggested as a potential investment, reflecting the low valuation of the Indonesian stock market [29][43] - The central bank may consider a rate cut to stimulate the economy, with current inflation trends supporting this move [35][37] Group 3: Impact of US-China Tariff War - The US-China trade negotiations are summarized as a three-step process, with significant tariff reductions expected, bringing US tariffs on China down to approximately 44% [51] - The report indicates that the visibility of trade policies is improving, which is favorable for risk assets like US stocks [53] - The report suggests a cautious approach to US bonds, as the market may not fully account for inflation concerns [53]