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European Stocks Close Mixed Tuesday Amid Renewed Strains in US-Iran Talks

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European stock closed mixed Tuesday with the Stoxx Europe 600 falling 0.6%, Germany's DAX 40 dropping 0.8%, the FTSE 100 rising 0.2%, France's CAC 40 declining 1%, and the Swiss Market Index gaining 0.2%.

Tehran denounced US strikes Monday in southern Iran as a sign of "bad faith and unreliability" as peace talks continue, the Associated Press reported Tuesday.

In corporate news, BP's board unanimously removed Albert Manifold as chair and director, effective immediately. "This follows serious concerns raised to the board related to important governance standards, oversight and conduct," the company said. Ian Tyler was named interim chair.

Shares of the oil and gas major fell 4.6% in London.

Ryanair Holdings repaid its final 1.2 billion-euro ($1.4 billion) bond, leaving the airline effectively debt free for the first time since its 1997 market listing. Chief Financial Officer Neil Sorahan said Ryanair may return to bond markets in the future as it targets 300 million annual passengers by fiscal 2034 and plans to take up to 50 Boeing MAX-10 aircraft deliveries each year from 2029.

Shares of the Irish airline dropped 2% in Dublin.

Fresenius Medical Care intends to launch a new share buyback program of about 1 billion euros in tranches over 12 months.

Shares of Fresenius Medical Care fell 0.8% in Frankfurt.

Ferrari launched a new all-electric Luce sports car. The four-door model includes four electric motors, a 122-kWh battery and an electric all-wheel drive. The starting price is 550,000 euros, according to multiple media reports.

Shares of the Italian sportscar manufacturer dropped 8% in Milan.

BHP Group scrapped plans for an iron ore processing facility near its Jimblebar mine in Western Australia, the Guardian reported. The proposed plant would have produced higher-grade iron ore sought by steelmakers seeking to reduce pollution, the report said.

Shares of the mining company gained 2% in London.

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UK Equities Gain; BP Shares Fall Amid Chair Removal

British equities traded in the green on Tuesday, with the FTSE 100 closing 0.24% higher, as investors returned from Monday's Spring Bank Holiday to a handful of corporate and economic developments.BP (BP.L) was in focus after the oil major said Albert Manifold would step down as chair and director with immediate effect following board concerns over governance standards, oversight, and conduct. The company, which said the decision was unanimous, was one of the worst performers on the blue chip index, down 4.03% at close.On the flip side, Metlen Energy & Metals (MTLN.L) surged 6.46% to become the FTSE 100's top stock after the European Commission cleared its proposed joint venture with Greek electric utility Public Power Corp.Kingfisher (KGF.L) climbed 1.71% after reporting steady total sales year over year for the fiscal first quarter ended April 30 on a constant currency basis. The British home improvement retailer maintained its adjusted pretax profit guidance of 565 million pounds sterling to 625 million pounds."Kingfisher has reported a Q1 trading update today which is a shade better than consensus overall," RBC Capital Markets said. "Adjusting for calendar effects Q1 [like-for-like] of -0.7% yoy vs consensus at -0.9% yoy, with sales including marketplace +0.8% yoy. We think this should be reassuring given a later start to spring this year."Meanwhile, the UK's shop price inflation edged up to 1.2% year over year in May from 1% in April, the British Retail Consortium said. The latest reading exceeded the consensus estimate of 1.1%, driven by rising shipping and raw material costs amid the Middle East conflict."While retailers work hard to keep prices down for customers, they continue to face significant cost pressures, including higher energy bills and disruption linked to the conflict in Iran," said BRC Chief Executive Helen Dickinson. "Businesses cannot absorb these costs indefinitely, which risks pushing prices higher in the months ahead. To help protect households, Government should take action to reduce business costs. Reducing the non-commodity charges, taxes and levies that make up more than two-thirds of energy bills, and cutting red tape would help keep inflation down."Looking ahead, the economic calendar is light this week, with April car production due Thursday and nationwide housing prices for May due Friday.

$^FTSE$BP.L$KGF.L$MTLN.L
Asia Markets

European Equities Traded in the US as American Depositary Receipts Track Higher in Tuesday Trading

European equities traded in the US as American depositary receipts were trending higher late Tuesday morning, rising 0.73% to 1,891.94 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by accommodations booking site trivago (TRVG) and telecommunications company Nokia (NOK), which rose 6.4% and 4.8% respectively. They were followed by lenders Banco Bilbao Vizcaya Argentaria (BBVA) and Banco Santander (SAN), which were up 4.4% and 3.8% respectively.The decliners from continental Europe were led by pharmaceutical company Ascendis Pharma (ASND) and petroleum refiner Equinor (EQNR), which fell 3% and 2% respectively. They were followed by internet advertising firm Criteo (CRTO) and pharmaceutical company Novo Nordisk (NVO), which were down 1.1% and 0.2% respectively.The gainers from the UK were led by biopharmaceutical company Mereo BioPharma Group (MREO) and pharmaceutical company Silence Therapeutics (SLN), which climbed 16% and 6.3% respectively. They were followed by biotech firm Trinity Biotech (TRIB) and biopharmaceutical company Biodexa Pharmaceuticals (BDRX), which advanced 4.5% and 3.1% respectively.The decliners from the UK and Ireland were led by oil and gas company BP (BP) and biopharmaceutical company NuCana (NCNA), which dropped 5% and 2.4% respectively. They were followed by biopharmaceutical company Amarin (AMRN) and communications company WPP (WPP), which lost 1.6% and 1.5% respectively.

$AMRN$ASND$BBVA$BDRX$BP$CRTO$EQNR$MREO$NCNA$NOK$NVO$SAN$SLN$TRIB$TRVG$WPP
Asia Markets

Asian Equities Traded in the US as American Depositary Receipts Rise Sharply in Tuesday Trading

Asian equities traded in the US as American depositary receipts were up sharply Tuesday morning, rising 1.6% to 2,895.57 on the S&P Asia 50 ADR Index.From North Asia, the gainers were led by fintech firm High Templar Tech (HTT) and social media company JOYY (JOYY), which climbed 24.6% and 15.6% respectively. They were followed by online brokerage UP Fintech (TIGR) and semiconductor company ASE Technology (ASX), which increased 14% and 12% respectively.The decliners from North Asia were led by property management and tech company Eason Technology (DXF) and fintech firm J and Friends (JF), which dropped more than 15% and 9% respectively. They were followed by automotive marketplace Token Cat (TC) and brand platform 36Kr (KRKR), which fell 5.8% and 3.6% respectively.From South Asia, the gainers were tech conglomerate Sea (SE) and telecommunications operator Telekomunikasi Indonesia (TLK), which rose 2.8% and 2.3% respectively. They were followed by lender ICICI Bank (IBN) and pharmaceutical company Dr. Reddy's Laboratories (RDY), which were up more than 1% each.The decliners from South Asia were IT firm Infosys (INFY) and fintech company Trident Digital Tech (TDTH), which fell 3% and 1.9% respectively.

$ASX$DXF$HTT$IBN$INFY$JF$JOYY$KRKR$RDY$SE$TC$TDTH$TIGR$TLK