HSBC backs Prysmian, Anglo & Teck join forces - Sep 9, 2025

As of September 9, today’s news sees HSBC’s upgrade of Prysmian’s target price and significant corporate moves in the mining sector, alongside geopolitical developments. HSBC has raised Prysmian’s target price to 87 euros from 74 euros, while maintaining a “buy” rating on the stock. Analysts at HSBC cited a forecasted rebound in investments towards digital solutions, which is expected to drive substantial demand for data centers and new technologies, viewed as "growth accelerators." They also noted that while the slowdown in U.S. construction raises some concerns, Prysmian is well-positioned to benefit from the restrictions imposed by U.S. tariffs. In the mining sector, London-listed miner Anglo American and Canada's Teck Resources are to merge, the two companies said today, in what would be the biggest mining sector M&A deal in over a decade. Under the proposed deal, which will require regulatory approval, Anglo American shareholders would own 62.4% of the newly combined company, Anglo Teck, while shareholders in Teck will hold 37.6%. The deal marks a big bet by Anglo on copper, demand for which is forecast to rise sharply, driven by the electric vehicle boom and emerging uses such as AI-powered data centres. Turning to market updates, copper prices experienced slight declines ahead of a crucial revision of U.S. payroll data, as traders exercised caution regarding the labor market's perceived deterioration. Prices on the London Metal Exchange fell marginally to approximately 9,905 dollars per metric ton. In China, the yuan's rise against the dollar increased copper's attractiveness, maintaining relatively strong demand within the country. From an international perspective, Taiwan is embarking on a transition to deeper offshore wind projects, necessitating greater government support to achieve renewable capacity goals amid technical challenges, while Japan is ramping up investments in battery energy storage systems amidst an evolving energy landscape that increasingly favors renewables. On the geopolitical front, French President Emmanuel Macron is seeking his fifth prime minister in less than two years after opposition parties united to oust centre-right Prime Minister Francois Bayrou over his unpopular plans for budget tightening. Meanwhile, Israel expanded its military operations, targeting Hamas leadership in Qatar, intensifying tensions in the region.