'Commercial vessels continue to transit through the Strait of Hormuz tonight,' the U.S. Central Command (Centcom) posted on X.

The United States announced last night that it had resumed strikes against Iran following remarks by Donald Trump, who accused Tehran of 'mocking' his country. The U.S. military stated it launched new strikes in self-defense against several targets in Iran at 5:15 p.m. Washington time, according to Centcom.

Following another night of American bombardments, the Iranian Foreign Ministry emphasized in a statement that 'the illegal and criminal attacks carried out by the United States in recent hours not only constitute a flagrant violation of the United Nations Charter [...] but also render the ceasefire practically meaningless.'

Furthermore, this Thursday, the Iranian military announced it would target any vessel transiting the Strait of Hormuz, while the country's navy reported it had struck two ships attempting to cross the strategic passage.

Against this heavy geopolitical backdrop, oil prices continue to fluctuate. They have turned downward: Brent fell 2.66% to $92.47, while WTI dropped 2.4% to $89.69.

Berenberg Cuts Price Targets for LVMH, Hermes, and Kering

In corporate news, luxury stocks in Paris (LVMH, Hermes, and Kering) are advancing despite Berenberg announcing on Thursday that it has significantly lowered its price targets for major European luxury goods manufacturers, including these three French groups, whose valuations are deemed 'at risk.' The German bank indicated it has reduced its target for LVMH, the sector giant, from €560 to €420 while maintaining its hold rating on the stock.

Berenberg also reduced its target for Hermes from €2,600 to €1,850, though it continues to recommend a buy. Its target for Kering, which remains a sell, was lowered from €190 to €175. In its research note, the Hamburg-based institution expressed pessimism regarding the sector's outlook. From a medium-term perspective, Berenberg explained it expects an annual growth rate of around 3% to 4%, far from the 6% to 7% currently anticipated by the consensus.

Edenred (+0.45%) is rising after Jefferies raised its forecasts for the group ahead of its second-quarter results. The broker hiked targets for the digital services and payments platform due to cost control, favorable fuel market conditions, and improved fleet revenues. For the second quarter, Jefferies anticipates a 2% decline in like-for-like operating revenue to €678m, which is 1% above previous forecasts.

Conversely, Figeac Aero (-3.22%) is retreating despite solid annual results for the 2025-2026 fiscal year. Its revenue reached €486.8m, representing organic growth of 15.8% (12.6% on a reported basis) year-over-year. This figure is in line with the annual target set between €470m and €490m. Current EBITDA rose by 13.1% (24.0% excluding currency impacts), tracking revenue growth to reach €78.6m, within the target range set at the start of the year (previously €77m to €83m).

In Europe, Hugo Boss received an offer from Frasers Group, the British retail group owned by billionaire Mike Ashley. The latter announced last night an offer of €38 per share to acquire the approximately 74% of Hugo Boss capital it does not yet own, valuing the German premium apparel group at around €2.7bn. Following this news, Hugo Boss shares jumped 9% on the Frankfurt Stock Exchange, marking the largest gain on the German mid-cap MDAX index. In London, Frasers shares advanced by nearly 3%.

Focus on the ECB

The European Central Bank raised interest rates by 25 basis points as expected. Christophe Boucher, Chief Investment Officer at ABN Amro, explains that 'the trajectory of monetary policy beyond this meeting remains much more uncertain. The ECB's new macroeconomic projections, to be published on this occasion, will be a key indicator for assessing the institution's future direction.'

He added that 'the ECB pays particular attention to the evolution of inflation expectations, which are an important element of its decision-making process. However, we believe this indicator has limitations and does not, on its own, constitute a sufficiently reliable basis to justify significant monetary policy adjustments.'