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European Stocks Decline in Friday Trading; Middle East Ceasefire Tenuous Amid Rising US-Iran Tensions

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The European stock markets were tracking lower, and oil prices were rising Friday following media reports that the US-Iran ceasefire remains tenuous after the two exchanged fire in the Strait of Hormuz.

The Stoxx Europe was declining 0.8%, Germany's DAX was shedding 1.4%, the FTSE 100 was off 0.4%, France's CAC was falling 1.3%, and the Swiss Market Index was down 0.4%.

And in corporate news, Novo Nordisk saw a 40% month-on-month surge in April sales of its diabetes and weight-loss drugs in India after slashing prices, despite a flood of generic versions, Bloomberg News reported Friday, citing data from market researcher Pharmarack.

April marked the first full month since generic semaglutide entered the Indian market.

Sales of Wegovy, Ozempic and partner-branded versions increased to 32,000 units last month, while cheaper generics helped expand the overall market 56% to 414,000 units, according to the report. The aggressive pricing helped the Danish drugmaker defend its market share against low-cost rivals, a Pharmarack executive told Bloomberg News.

Novo Nordisk did not immediately respond to' request for comment.

Shares of Novo Nordisk were moving 1.8% lower in Copenhagen.

Stellantis said Friday it is exploring the expansion of its strategic partnership with Zhejiang Leapmotor Technology.

The expansion is aimed at increasing production at Stellantis' plant in Zaragoza, Spain, where an all-new electric battery-powered Opel C-SUV would be added on a new line alongside Leapmotor's C-SUV B10 model.

The companies are also looking at expanding the Stellantis-led Leapmotor International joint venture's purchasing initiatives to increase Stellantis' European battery electric vehicle affordability and accelerate time-to-market for new model.

Shares of the automaker were up 1.3% in Paris.

Shell CEO Wael Sawan said late Thursday that the global oil market faces a shortage of nearly 1 billion barrels of crude due to the ongoing Iran conflict, warning that the supply deficit is "deepening every single day."

Speaking during Shell's first-quarter earnings call on Thursday, Sawan said the market has lost significant volumes either through "locked-in barrels or unproduced barrels," adding that the recovery process would take time.

He said Shell was already seeing the impact across the refining market, with some demand destruction emerging in sectors such as aviation.

Shares of the oil and gas giant were off 0.5% in London.

Rio Tinto is weighing whether to increase its 17.2% stake in McEwen Copper's Los Azules project in Argentina, Reuters reported Friday, citing two industry sources.

Rio Tinto didn't immediately reply to a request for comment from.

Shares of the mining company were edging 0.2% higher in London.

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Asia Markets

US Equity Indexes Fall as Iran Seeks Hormuz Control, Washington Plans to Restart Operation Freedom

US equity indexes declined on Thursday as Iran reportedly set up an agency to control shipping in the Strait of Hormuz, and Washington, still awaiting Iran's response to its peace proposal, considered options to restart defence operations to provide safe passage for ships stranded at the critical waterway.The Nasdaq slipped 0.1% to 25,806.20, retreating from an all-time peak of 26,036.38 intraday amid concern that a peace agreement between the US and Iran could be at risk. The S&P 500 fell 0.4% to 7,337.11 after hitting an all-time high of 7,385.02 earlier in the session. The Dow Jones Industrial Average declined 0.6% to 49,596.97.All sectors except technology and communication services fell. Energy, materials, and industrials led the decliners.Iran has created a government agency to vet and tax vessels seeking passage through Hormuz, an Associated Press report cited a shipping data company Thursday. Tehran has laid out a new set of rules for vessels seeking to transit the chokepoint through which about 20% of global crude oil flows, according to a document seen by CNN.Entitled "Vessel Information Declaration," the document is an application form issued by Iran's newly created Persian Gulf Strait Authority, and it must be completed by all transiting vessels to ensure safe passage, CNN reported. The document was shared with CNN by the Lloyds List and another shipping industry source who wished to remain anonymous, according to the news report.Meanwhile, the Trump administration is looking to restart an operation to guide commercial ships through Hormuz with naval and air support as early as this week, after Saudi Arabia and Kuwait lifted restrictions on US access to their bases and airspaces, The Wall Street Journal reported Thursday, citing Pentagon officials.The US is still awaiting Iran's response to its peace proposal. The two countries are said to be working with mediators to formulate a one-page framework to restart talks aimed at ending the war and reopening Hormuz.West Texas Intermediate crude oil futures rose 1.1% to $96.11, turning the corner from a decline of 3% earlier in the session. Brent crude futures added 0.1% to $101.36, off intraday declines of more than 3%.Most US Treasury yields rose, with the 10-year up 3.4 basis points to 4.39% and the two-year climbed 4.1 basis points to 3.91%.In economic news, employers in the US announced 83,387 job cuts in April, up 38% from March, Challenger, Gray & Christmas said Thursday. The two previous highs were 105,441 job cuts recorded in April 2025 and 671,129 in April 2020, the global outplacement firm added.US initial jobless claims rose to 200,000 in the week ended May 2 from an upwardly revised 190,000 in the previous week, compared with expectations for 205,000 in a survey of analysts compiled by Bloomberg. The four-week moving average fell by 4,500 to 203,250.In company news, Datadog (DDOG) raised its full-year outlook after the software maker posted Q1 results above analysts' estimates. Shares surged 31%, the top gainer on the S&P 500 and the Nasdaq.In precious metals, gold futures edged up 0.6% to $4,724.00, and silver futures jumped 3.9% to $80.30.

Dow JonesNasdaq CompositeS&P 500$DDOG
Asia Markets

US Equity Indexes Give Up Gains as Iran Reportedly Unveils Plan to Charge Fee for Safe Hormuz Transit

US equity indexes fell midday Thursday, with the S&P 500 and the Nasdaq Composite giving up intraday gains after Iran reportedly created an agency to control shipping in the Strait of Hormuz before sending its response to Washington's proposal to restart peace talks.The Nasdaq slid 0.3% to 25,760.7 after touching a record 26,036.38 intraday. The S&P 500 retreated 0.5% to 7,326.7 after hitting an all-time high of 7,385.02 earlier in the session. The Dow Jones Industrial Average fell 0.7% to 49,545.5, extending declines.All sectors except technology fell, with energy, industrials, and utilities leading the decliners.Iran has created a government agency to vet and tax vessels seeking passage through the crucial Strait of Hormuz, an Associated Press report cited a shipping data company Thursday. Tehran has laid out a new set of rules for vessels seeking to transit through the Hormuz, a chokepoint to about 20% of global crude oil flows, according to a document seen by CNN.Entitled "Vessel Information Declaration," the document is an application form issued by Iran's newly created Persian Gulf Strait Authority, and it must be completed by all transiting vessels to ensure safe passage, CNN reported. The document was shared with CNN by the Lloyds List and another shipping industry source who wished to remain anonymous, according to the news report.The Trump administration is looking to restart an operation to guide commercial ships through Hormuz with naval and air support as early as this week, after Saudi Arabia and Kuwait lifted restrictions on US access to their bases and airspaces, The Wall Street Journal reported Thursday, citing Pentagon officials.Meanwhile, the Islamic Republic is reviewing messages from Pakistan, which is mediating peace negotiations with Washington, but Tehran "has not yet reached a conclusion, and no response has been given to the U.S. side," the Associated Press cited Iranian Foreign Ministry spokesperson Esmail Baghaei on state TV.West Texas Intermediate crude oil futures rose 1.8% to $96.81, while Brent crude futures slipped 0.4% to $100.83, off session lows when declines hit more than 3% each.US Treasury yields turned the corner, leaning higher after midday, compared with a move down across most of the maturities earlier in the session. The 10-year rose four basis points to 4.39%, and the two-year rate climbed 4.7 basis points to 3.92%.In precious metals, gold futures edged up 0.6% to $4,727.2, off session highs. Silver futures were up 4.1% to $80.49 but off highs of more than 5% earlier in the session.In economic news, employers in the US announced 83,387 job cuts in April, up 38% from March, Challenger, Gray & Christmas said Thursday. The two previous highs were 105,441 job cuts recorded in April 2025 and 671,129 in April 2020, the global outplacement firm added."Technology companies continue to announce large-scale cuts and are leading all industries in layoff announcements. They are also often citing AI spend and innovation. Regardless of whether individual jobs are being replaced by AI, the money for those roles is," said Andy Challenger, workplace expert and chief revenue officer for Challenger, Gray & Christmas.US initial jobless claims rose to 200,000 in the week ended May 2 from an upwardly revised 190,000 in the previous week, compared with expectations for 205,000 in a survey of analysts compiled by Bloomberg. The four-week moving average fell by 4,500 to 203,250.In company news, Datadog (DDOG) raised its full-year outlook after the software maker posted Q1 results above analysts' estimates. Shares surged 28%, the top gainer on the S&P 500 and the Nasdaq.ARM (ARM) Chief Executive Rene Haas said, in an earnings call with investors, that while demand for ARM's new AGI CPU doubled to $2 billion within six weeks of its launch, the company has only secured enough manufacturing capacity to fulfill half of those orders. Shares sank 10%, among the worst performers on the Nasdaq.

Dow JonesNasdaq CompositeS&P 500$ARM$DDOG
Asia Markets

Exchange-Traded Funds Fall as US Equities Drop Midday on Labor Data, Iran Tumult

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV fell. Actively traded Invesco QQQ Trust (QQQ) eased 0.1%.US equity indexes fell Thursday as investors weighed labor data and Iran's response to a Washington proposal to restart peace talks.EnergyIShares US Energy ETF (IYE) fell 2% and the State Street Energy Select Sector SPDR (XLE) dropped 1.9%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) fell 0.1%; iShares US Technology ETF (IYW) climbed 0.1%, and iShares Expanded Tech Sector ETF (IGM) fell 0.3%.The State Street SPDR S&P Semiconductor (XSD) shed 1.6%, and iShares Semiconductor (SOXX) lost 2.5%.FinancialThe State Street Financial Select Sector SPDR (XLF) fell 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) dropped 1.3%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), gained 1.1%.CommoditiesCrude oil rose 0.7%, and the United States Oil Fund (USO) gained 0.1%. Natural gas and the United States Natural Gas Fund (UNG) each increased 2.4%.Gold on Comex rose 0.6%, and the State Street SPDR Gold Shares (GLD) advanced 0.4%. Silver jumped 4%, and iShares Silver Trust (SLV) gained 3%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) decreased 0.5%. The Vanguard Consumer Staples ETF (VDC) shed 0.4%, and iShares Dow Jones US Consumer Goods (IYK) declined 0.6%.The State Street Consumer Discretionary Select Sector SPDR (XLY) was little changed. VanEck Retail ETF (RTH) fell 0.7%, and the State Street SPDR S&P Retail (XRT) declined 1.4%.Health CareThe State Street Health Care Select Sector SPDR (XLV) fell 0.8%, iShares US Healthcare (IYH) dropped 1%, and Vanguard Health Care ETF (VHT) declined 1.1%. IShares Biotechnology ETF (IBB) tumbled 2.8%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) lost 1.1%. Vanguard Industrials Index Fund (VIS) dropped 1.2% and iShares US Industrials (IYJ) shed 0.7%.CryptocurrencyIn midday activity, bitcoin (BTC-USD) declined 2.2%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) fell 2.1%, ProShares Ether ETF (EETH) dipped 2.6%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 2.4% lower.

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