Bernstein raises ASML (ASML.O) PT to $2,859 from $2,623.

Minor shareholders led by platform ACT will hand a joint letter to the National Pension Service on July 20 seeking to block a management-union performance-pay scheme at Samsung Electronics that ACT says could divert up to 10.5% of semiconductor unit operating profit to a special bonus over 10 years with no cap. ACT says including existing incentives the program would allocate about 12% of operating profit; based on this year’s results the related bonus could reach about 40 tln won annually and aggregate into the hundreds of trillions of won over a decade. The group argues the deal was finalised without shareholder approval, raises procedural and allocation concerns, and creates an asymmetry where shareholders absorb share-price downside while employee pay is tied to operating profit rather than equity performance. The NPS holds a 7.9% stake in Samsung Electronics.

Swiss National Bank says rising energy prices may push up inf in the short term.