European airports hit by Collins Aerospace check-in cyberattack; Heathrow, Berlin, Brussels face disruptions

Context: Hack targeted Collins Aerospace’s MUSE/cMUSE check-in & boarding software (owned by RTX), forcing manual processing and cancellations at major European hubs while fixes roll out.

Winners

CrowdStrike ($CRWD) — High-profile aviation outage spotlights endpoint protection gaps; airports/airlines likely to accelerate EDR/XDR spend where CrowdStrike is a go-to.

Palo Alto Networks ($PANW) — Zero-trust network segmentation and next-gen firewalls become board-level priorities for critical infrastructure, lifting platform consolidation toward PANW.

Fortinet ($FTNT) — Airports and ground-handling networks need robust edge security and OT-aware firewalls; Fortinet’s strength at the perimeter/branch is well aligned.

Cloudflare ($NET) — DDoS mitigation, app-level Zero Trust and secure access services benefit as airports harden public-facing portals and kiosks that depend on resilient edge security.

Okta ($OKTA) — Identity and privileged-access controls move to the forefront after vendor compromise risk; Okta’s CIAM/Workforce Identity helps lock down third-party access.

Losers

RTX ($RTX) — Collins Aerospace’s MUSE platform was the one disrupted, drawing regulatory scrutiny, remediation costs, SLAs/credits and potential rebid risk with airport customers.

Sabre ($SABR) — Even if not implicated, investor sentiment can pressure airline/airport IT vendors broadly; carriers may reevaluate single-vendor dependencies, delaying new deals.

Booking Holdings ($BKNG) — Europe-centric travel disruption drives cancellations, rebookings and customer-service costs near term, weighing on take-rates and marketing efficiency.

United Airlines ($UAL) — Heavy transatlantic exposure means schedule knock-ons and operational costs when EU departures face check-in slowdowns or manual processing.

Delta Air Lines ($DAL) — Similar transatlantic exposure to European hub disruptions; rebooking, crew and equipment imbalances can pressure unit revenue and on-time metrics.

China Leaves LPR Unchanged Despite Fed Cut (1-year 3.0%, 5-year 3.5%)

Winners

Industrial & Commercial Bank of China ($IDCBY): No fresh LPR cut means less pressure on net interest margins and slower loan repricing drag; narrower U.S.-China yield gap also supports funding stability and the yuan.

China Construction Bank ($CICHY): Stable benchmark lending rates help preserve spread income and reduce the risk of further NIM compression in a still-cautious credit environment.

Bank of China ($BACHY): Unchanged mortgage and corporate loan benchmarks limit downside to asset yields; a steadier yuan lowers FX-related volatility across the balance sheet.

China Eastern Airlines ($CHNEY): Narrower rate differential post-Fed cut tends to support the yuan, easing USD-denominated fuel and lease costs while stable domestic rates keep debt service predictable.

China Southern Airlines ($CHKIF): Similar currency and liability benefits as peers; steadier financing costs and potential yuan firmness improve cost visibility for international operations.

Losers

China Vanke ($CHVKY): No mortgage-rate relief from the 5-year LPR keeps homebuyer affordability tight and sales recovery muted, extending liquidity stress.

Longfor Group ($LGFRY): Absence of incremental rate support dampens contracted sales and refinancing prospects, sustaining pressure on cash flows.

China Overseas Land & Investment ($CAOVY): With LPR steady, mortgage demand and selling prices see little policy boost, weighing on project sell-through and margins.

NIO ($NIO): Auto loans remain benchmarked off an unchanged LPR, offering no fresh tailwind to demand; big-ticket purchases stay sensitive to consumer confidence.

XPeng ($XPEV): Similar credit sensitivity as peers; without cheaper financing, volume acceleration is harder, and overall risk appetite toward China growth equities stays fragile.

Hardest-hit Vietnam risks losing $25 billion from US tariffs, UN estimates

Winners:

Gildan Activewear ($GIL) — Vertically integrated manufacturing across the Americas and Bangladesh means limited exposure to Vietnam; basics like tees and fleece face less tariff pressure versus Vietnam-sourced rivals, creating share and margin tailwinds in mass wholesale.

Hanesbrands ($HBI) — In-house production in the Caribbean/Central America (CAFTA-DR) and Asia outside Vietnam gives flexibility to shift orders; competitors relying on Vietnam for underwear/activewear may be forced to raise prices or swallow margins, improving HBI’s relative positioning.

Apple ($AAPL) — Consumer electronics currently enjoy tariff exemptions, and Apple’s Vietnam assembly (e.g., audio accessories) is less directly hit; relative resilience versus footwear/apparel peers facing immediate costs helps protect supply continuity and demand.

Canadian Pacific Kansas City ($CP) — If U.S. buyers accelerate nearshoring from Southeast Asia to Mexico to bypass Vietnam-specific duties and transshipment scrutiny, cross-border rail volumes and logistics demand can trend higher, benefiting CPKC’s North-South network. Delta

Apparel ($DLA) — Small cap, but operates a nearshore, quick-turn supply chain in the Americas; tariffs on Vietnam make its U.S./regional model comparatively more attractive for basics programs and private-label replenishment.

Losers:

Nike ($NKE) — Vietnam is a key production hub for footwear; 20% duties on Vietnamese goods raise landed costs and/or pressure margins and pricing in the U.S., risking demand elasticity and promotional intensity.

Adidas ($ADDYY) — Heavy third-party manufacturing footprint in Vietnam for shoes/apparel; tariff shock complicates U.S. pricing and inventory flow, especially if retailers resist pass-throughs.

Puma ($PUMSY) — Similar Vietnam reliance for athletic footwear; U.S. tariffs can compress gross margin or force list-price increases that dampen sell-through at key partners.

VF Corp ($VFC) — Brands like Vans and The North Face source meaningfully from Vietnam; higher import costs or re-routing complexity weigh on gross margin and speed-to-shelf ahead of seasonal drops.

PVH ($PVH) — Calvin Klein/Tommy Hilfiger supply chains include sizable Vietnam exposure; a tariff-driven cost uptick risks margin pressure or price hikes amid a still mixed U.S. apparel demand backdrop.