FINWIRES · TerminalLIVE
FINWIRES

European Stocks Close Mostly Lower in Wednesday Trading; Euro Area Inflation Declines in June

By

European stock markets closed mostly lower in Wednesday trading as the Stoxx Europe 600 fell 0.5%, Germany's DAX edged 0.1% higher, the FTSE 100 was off 0.3%, France's CAC dropped 0.9%, and the Swiss Market Index lost 0.8%.

Euro area annual inflation was an estimated 2.8% in June, down from 3.2% in May, according to a flash estimate from Eurostat, the statistical office of the European Union.

Among the main components of euro area inflation, energy is expected to have the highest annual rate, followed by services; food, alcohol and tobacco, and non-energy industrial goods.

The highest inflation rate were in Bulgaria at 5.3%, while the lowest rate was 1.9% in Malta.

In corporate news, Shell is close to a deal to sell over 600 retail fuel outlets in South Africa to Abu Dhabi National Oil's retail arm for a deal valued at around $1 billion, Bloomberg reported Tuesday, citing people familiar with the matter.

The deal would give Adnoc Distribution control of 10% of South Africa's market, the report said.

Shell declined to comment, and Adnoc Distribution did not immediately reply to' request for comment.

Shares of the British oil and gas major declined 2% in London.

Eni said Wednesday it agreed with Mercuria to establish an equally owned joint venture to oversee energy commodities trading activities across global markets.

The independently operated venture will handle selected energy commodities trading and commercialization activities, including oil, biofuels, natural gas, LNG, and related logistics and infrastructure rights.

Shares of Eni fell 2.2% in Milan.

Equinor has entered into a letter of intent with Transocean (RIG) to charter three Cat D rigs for operations on the Norwegian continental shelf under an agreement valued at about $1 billion, the company said Wednesday.

The agreement covers Transocean Enabler for three years, Transocean Encourage and Transocean Endurance for two years each, the company said.

Shares of the Norwegian petroleum refiner dropped 0.7% in Oslo.

WPP plans to expand its WPP Enterprise Solutions unit with the launch of a solutions portfolio designed to help customers with artificial intelligence-led digital transformation, the company said Wednesday.

The portfolio includes AI transformation consulting, agentic commerce and intelligent content, among others, the company said.

Shares of the British communications company rose 2.6% in London.

Related Articles

Asia Markets

Update: S&P 500, Nasdaq Composite Close Strongest Quarter in Six Years Amid Gains in Technology, Decline in Crude Oil

(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)US equity indexes rose, with the S&P 500 and the Nasdaq Composite clocking the biggest quarterly advances since Q2 2020 amid semiconductor-led gains in technology and declining crude oil prices.The Nasdaq Composite jumped 1.5% to 26,213.72, and the S&P 500 rose 0.8% to 7,499.36 on Tuesday, June 30. The Dow Jones Industrial Average advanced 0.3% to 52,319.20, capping the strongest first half in five years.Technology was the standout gainer at the close, followed by industrials. Real estate, consumer staples, and utilities led the decliners. Technology is also the top sector over the past three months, according to data compiled by Finviz.Of the top 20 stocks with a market capitalization of more than $200 billion, 17 were from the tech sector, according to data compiled by Finviz. Within those tech names, the majority were either semiconductors or semiconductor equipment and materials. The top gainer was SanDisk (SNDK), trading up 11%.In geopolitical news, US envoy Steve Witkoff and President Donald Trump's son-in-law Jared Kushner are in Doha for meetings with Qatari mediators, according to CNN. Technical talks are ongoing, but there are currently no high-level meetings between the US and Iran, CNN reported, citing Qatar's Foreign Ministry spokesperson.Iran's Parliament Speaker Ghalibaf said the country will not begin negotiations for a final agreement before the implementation of clauses 1, 4, 5, 10, and 11 of the memorandum of understanding signed with the US earlier this month, Al Jazeera reported. These clauses involve cessation of hostilities in Lebanon, removal of the US naval blockade, safe passage of commercial vessels, waivers for the export of Iranian crude oil, and the release of frozen Iranian funds.The front-month global benchmark North Sea Brent slipped 0.3% to $72.92 per barrel, and the US West Texas Intermediate fell 1% to $70.07 per barrel. Both crude types traded above $110 a barrel at the height of the US-Iran war.Most US Treasury yields rose, with the 10-year jumping 7.3 basis points to 4.45%. The two-year rate climbed 4.9 basis points to 4.16%.Gold futures edged 0.2%% lower to $4,031.7, while silver futures dropped 2.3% to $59.52.In economic news, US job openings rose to 7.594 million in May, according to the Bureau of Labor Statistics, above the 7.296 million openings expected in a Bloomberg-compiled survey and up from the 7.585 million openings reported in April.The Conference Board's measure of consumer confidence rose to 91.2 in June from a downwardly revised 90.6 in May, below the 94.4 expected in a Bloomberg-compiled poll.The Institute for Supply Management's Chicago PMI fell to 56.7 in June from 62.7 in May, compared with the expected 55.1 reading in a Bloomberg-compiled survey.In company news, Air Products and Chemicals (APD) said it is finalizing an agreement for renewable ammonia from a green hydrogen project in Saudi Arabia. Shares of Air Products jumped 8%, among the top gainers on the S&P 500.Pacira Biosciences (PCRX) has agreed to sell its Iovera cold-therapy pain relief system to Zimmer Biomet (ZBH) for up to $140 million. Zimmer shares dropped 5.6%, among the worst performers on the S&P 500.

Dow JonesNasdaq CompositeS&P 500$APD$PCRX$SNDK
Asia Markets

Update: US Equity Indexes Rise as Semiconductors Lift Technology; Crude Oil Slips as Trump's Envoys in Qatar for Indirect Talks

(Updates with index/price moves, macroeconomic data, and company news from the first paragraph.)US equity indexes rose, with the S&P 500 and the Nasdaq Composite set to clock the biggest quarterly gains since Q2 of 2020 amid semiconductor-led gains in technology.The Nasdaq Composite jumped 1.3% to 26,154.1, and the S&P 500 rose 0.7% to 7,490.7 after midday Tuesday. The Dow Jones Industrial Average advanced 0.3% to 52,348.4, heading for the strongest first half in five years.Technology was the standout gainer intraday, followed by industrials. Real estate, consumer staples, and healthcare led the decliners.Of the top 20 stocks with a market capitalization of more than $200 billion, 17 were from the tech sector, according to data compiled by Finviz. Within those tech names, the majority were either semiconductors or semiconductor equipment and materials. The top gainer was Advanced Micro Devices (AMD), trading up 7.7%.Bernstein adjusted the price target for SanDisk (SNDK) shares to $3,000 from $1,700 while maintaining its outperform rating. Shares of SanDisk were up 7.6%, one of the S&P 500 and Nasdaq's top gainers.In geopolitical news, US envoy for the Middle East Steve Witkoff and President Donald Trump's son-in-law Jared Kushner are in Doha to meet Qatari mediators, CNN reported Tuesday, citing Qatar's Foreign Ministry spokesperson. The US duo will not meet with Iranian officials, the report said.The mediators are working as go-betweens for US-Iran talks, which won't include any high-level officials, Qatar's Foreign Ministry spokesman Majed al-Ansari said, according to an Associated Press report.The front-month global benchmark North Sea Brent slipped 1.1% to $73.12 per barrel, and the US West Texas Intermediate fell 1.3% to $69.84 per barrel.Most US Treasury yields rose, with the 10-year up 3.6 basis points to 4.41%. The two-year rate climbed 2.2 basis points to 4.13%.Gold futures edged up 0.1%% to $4,040.5, and silver futures jumped 2.7% to $59.77.In economic news, US job openings rose to 7.594 million in May, according to the Bureau of Labor Statistics, above the 7.296 million openings expected in a Bloomberg-compiled survey and up from the 7.585 million openings reported in April.The Conference Board's measure of consumer confidence rose to 91.2 in June from a downwardly revised 90.6 in May, below the 94.4 expected in a Bloomberg-compiled poll.The Institute for Supply Management's Chicago PMI fell to 56.7 in June from 62.7 in May, compared with the expected 55.1 reading in a Bloomberg-compiled survey.In company news, Air Products and Chemicals (APD) said Tuesday it will not proceed with the Louisiana Clean Energy Project because the expected financial returns do not meet stringent return criteria. The company also said it's finalizing a marketing and distribution agreement with Yara International for renewable ammonia from a green hydrogen project in Saudi Arabia. Shares of Air Products jumped more than 8%, the top gainer on the S&P 500.Pacira Biosciences (PCRX) has agreed to sell its Iovera cold-therapy pain relief system to Zimmer Biomet (ZBH) for up to $140 million. Zimmer shares dropped 7.4%, the worst performer on the S&P 500.

Dow JonesNasdaq CompositeS&P 500$AMD$APD$PCRX$SNDK$ZBH
Asia Markets

Exchange-Traded Funds Point Higher as US Equities Advance After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV rose. Actively traded Invesco QQQ Trust (QQQ) rose 1.6%.US equity indexes rose amid semiconductor-led gains in technology and a decline in crude oil after midday Tuesday.EnergyIShares US Energy ETF (IYE) dropped 0.1% and the State Street Energy Select Sector SPDR (XLE) fell 0.2%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) gained 2.3%; iShares US Technology ETF (IYW) rose 2.1%, and iShares Expanded Tech Sector ETF (IGM) was up 1.8%.The State Street SPDR S&P Semiconductor (XSD) gained 4.1%, and iShares Semiconductor (SOXX) was up 3.7%.FinancialThe State Street Financial Select Sector SPDR (XLF) fell fractionally. Direxion Daily Financial Bull 3X Shares (FAS) was down less than 0.1%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), rose 0.1%.CommoditiesCrude oil slipped 1.2%, and the United States Oil Fund (USO) fell 1%. Natural gas climbed 4.5%, and the United States Natural Gas Fund (UNG) was up 4.7%.Gold on Comex rose 0.1%, and the State Street SPDR Gold Shares (GLD) added 0.3%. Silver was up 2.5%, and iShares Silver Trust (SLV) was 2.5% higher.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) lost 1.2%. The Vanguard Consumer Staples ETF (VDC) fell 1.1%, and iShares Dow Jones US Consumer Goods (IYK) was down 0.9%.The State Street Consumer Discretionary Select Sector SPDR (XLY) added 0.3%. VanEck Retail ETF (RTH) rose fractionally, and the State Street SPDR S&P Retail (XRT) eased 0.7%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) fell 1%, iShares US Healthcare (IYH) dipped 1%, and Vanguard Health Care ETF (VHT) was down 0.8%. IShares Biotechnology ETF (IBB) gained 0.5%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) added 1%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) were also higher.CryptocurrencyIn midday activity, bitcoin (BTC-USD) dropped 3.2%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) fell 3.1%, ProShares Ether ETF (EETH) was down 3.6%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 4% lower.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH