Offshore Grid Build-Out: German grid operator 50Hertz awarded Siemens Energy and Neptun Smulders Offshore Renewables a contract for an offshore converter system to connect North Sea wind to Germany’s grid, with key components built in Rostock-Warnemünde and potential total order volume around €2.5bn for NSORe, supporting 500+ long-term jobs. Auto Sector Pressure: BMW’s profit warning and guidance cut sent shares down as China weakness and the Iran war weigh on 2026 targets, adding to a broader mood of caution across German auto suppliers. Battery Supply Chain: ZVEI said Germany hit a record €8.1bn battery production in 2025, but warned dependence on China is rising, with Chinese imports up to about €11bn—raising risk for critical sectors. Defense Industry Reality Check: Eurosatory coverage highlights growing strain in Europe’s big-ticket defense plans, with FCAS uncertainty and new Germany-linked missile defense cooperation: Hensoldt and Ukraine’s Fire Point signed an MoU on the Freyja system, including TRML-4D radar integration. Crypto Regulation Watch: Binance says its EU MiCA licensing process is compliant after regulator review, as EU authorities weigh whether to reject the bid—potentially affecting operations from July 1. Markets & Macro: Trading stayed cautious ahead of the US-Iran MoU signing and the first FOMC led by Kevin Warsh, while Europe’s DAX lagged on BMW’s outlook cut.