Leisure Weekly: Thoughts & Val.: The week that was

Research evidence excerpt

Leisure Weekly: Thoughts & Val.: The week that was

Deutsche Bank

Research

Europe Industry Date

France 22 June 2026

Italy Leisure Weekly:

United Kingdom Periodical

Thoughts & Val.

Leisure & Hotels

Gaming

The week that was

Andre Juillard

Last week saw marginally positive activity in financial markets, driven by a mixed

Research Analyst

bag of developments: +33-1-4495-6585

Positive Factors: Tim Barrett

+44-20-7541-1559

n Geopolitical Hope: Despite ongoing uncertainty around a ceasefire

between Iran and the USA (and continued Israeli bombing in Lebanon), the Richard Stuber

Strait of Hormuz saw intermittent opening last week, and crucially, Research Analyst

discussions between the USA and Iran began in Switzerland over the +44-20-754-54617

weekend.

Shubhi Bansal

n Stable Oil Prices: Oil prices remained near $80 per barrel, which is more Research Associate

20% below where its was 2 weeks ago.

Sonu Churiwal

Negative Factors: Research Associate

n Persistent Conflict: The Ukraine-Russia conflict continues without

resolution.

n Inflationary Pressures: US CPI in May rose by +0.5% MoM and +4.2% YoY,

marking the highest annual increase since April 2023 and signalling a re-

acceleration in headline inflation. While core CPI was softer (+0.2% MoM,

+2.9% YoY), suggesting contained underlying services inflation, the overall

picture was concerning.

n Monetary Tightening: The ECB raised its main interest rate by +25 bps as

anticipated, hinting at further hikes. Other central banks followed suit, and

the new FED Governor, Kevin Warsh, indicated that interest rate hikes are

now firmly on the table (with DB projecting an additional +50 bps in the US

before year-end).

In this environment, the VIX index continued its decline, falling -5.1% last week,

resulting in a YTD performance of +18.6%.