Citi‘s Most Read - Europe

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Citi‘s Most Read - Europe

Roundup |

Citi's Most Read - Europe

June 22 - June 28 29 Jun 2026 06:41:38 ET

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Most Read

Global Multi-Asset - Turmoil in the Middle East—Implications for Supply Chains

Macro-to-Micro

Economics View: The interim agreement between the United States and Iran has

allowed oil prices to decline and has eased headwinds restraining the global

economy. Even so, it is too soon to say that conflict-related challenges are entirely

behind us. The durability of the deal remains to be seen, and the conflict has done

damage to productive infrastructure across the Middle East. An important

implication is that supply-chain pressures are likely to linger. Consistent with this

view, our Citi Global Supply Chain Pressure Index has already tightened

significantly and, as such, we see some looming challenges for global growth and

inflation. Equity View: The sectors most at risk, including Aluminum,

Petrochemicals, and Fertilizers, look poised to endure a sustained period of

pressures. In contrast, Helium & Chip Manufacturing and North American

Transport strike us as better positioned.

Nathan Sheets | Cole Langlois | Laura (Chia Yi) Chen | Peter Lee | Elizabeth Sun, CFA

Brent Oil Price Citi Global Supply Chain Pressure Index

$/bbl Pre-Pandemic Average = 0

130 4

Onset of Iran Conflict

120 3

100 May

-1 70

60 -2

Feb-2026 Mar-2026 Apr-2026 May-2026 Jun-2026 2016 2018 2020 2022 2024 2026

Rheinmetall (RHMG.DE) - Thoughts on F126 loss - takes some of the froth out

(but valuation not frothy)

It has been widely reported (Bloomberg, 24/6/26, here) that Germany will cancel

the F126 frigate program (and buy 8 MEKO frigates from TKMS instead, 4 more

than previously). We have been cautious of Rheinmetall's ability to ramp Naval