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International

Tech Swoon, Middle East Views Churn European Bourses Midday

European bourses tracked modestly lower midday Thursday as traders joined the global risk-off mood on tech issues, and weighed developments in the Middle East.Tech, bank, and oil stocks declined on continental trading floors, while food shares edged higher.Front-month North Sea Brent crude oil futures were down 2.6% at $95.31 a barrel mid-session, after media reports of a possible Hezbollah-Israel ceasefire deal.Investors also eyed Wall Street futures flashing red, and lower closes overnight on Asian exchanges, as traders grew wary of valuations in tech- and AI-shares.In economic news, retail sales in the eurozone in May fell a seasonally adjusted 0.4% in May from April, and decreased by 0.5% in the broader European Union, reported Eurostat. On the year, retail sales in May rose by 0.8% in the euro area and by 1.1% in the EU.The pan-continental Stoxx Europe 600 Index was off 0.1% mid-session.The Stoxx Europe 600 Technology Index was down 1%, and the Stoxx 600 Banks Index lost 1%.The Stoxx Europe 600 Oil and Gas Index eased 0.9%, while the Stoxx 600 Europe Food and Beverage Index inclined 0.2%.The REITE, a European REIT index, rose 0.1%.On the national market indexes, Germany's DAX was up 0.6%, and the FTSE 100 in London lost 0.5%. The CAC 40 in Paris was up 0.9%, and Spain's IBEX 35 lifted 0.5%.Yields on benchmark 10-year German bonds were lower, near 3.02%.The Euro Stoxx 50 volatility index was down 0.1% at 19.22, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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International

Eurozone Monthly Retail Sales Down 0.4% in April

The euro area's retail sales fell 0.4% month over month in April, following a revised 0.8% increase in March, according to Eurostat data published Thursday.Analysts expected a 0.3% drop for the month.On a yearly basis, the eurozone's retail sales were 1% higher, against the revised 2.1% rise earlier and the expected 0.3% gain.

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International

Germany's Construction Activity Remains Deep in Contraction in May

Germany's construction activity continued to decline at a marked pace in May, with broad-based contraction led by the housing market, S&P Global said Thursday.The S&P Global Germany Construction PMI Total Activity edged up to 42.4 from April's 13-month low of 42.1, but remained well below the 50 no-change mark due to highly challenging business conditions and soaring input costs.

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International

Italy Construction Activity Contracts at Softer Pace in May, PMI Shows

Italy's construction sector downturn eased in May, as business activity and new orders saw their mildest contractions in three months, S&P Global said Thursday.The S&P Global Italy Construction PMI came in at 49.4 in May, up from 44.8 in April, which was the index's lowest level in more than three and a half years.

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International

PMI: French Construction Slump Eases in May

France's construction sector remained deep in contraction territory in May, albeit with a slight improvement in the rate of decline of new construction work and overall business activity, S&P Global said Thursday.The S&P Global France Construction PMI Total Activity Index climbed to 39.6 in May from 38.1 in April. The reading still points to a sharp contraction in output, marking one of the steepest declines since the pandemic.

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International

PMI: Eurozone Construction Sector Contraction Eases in May

Contraction in the euro area's construction sector eased in May as the decline in new orders and input cost inflation both softened, S&P Global said Thursday.The S&P Global Eurozone Construction PMI Total Activity Index improved to 43.7 from 41.7 in April, signaling a softer but still sharp deterioration in the bloc's construction activity.

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International

Spanish Annual Industrial Output Jumps 2% in April

Spain's industrial production, adjusted for seasonal and calendar effects, grew 2% year over year in April, following a revised 1.9% increase in March, provisional data from the National Statistics Institute showed Thursday.The latest reading matched the consensus estimate for the month.On a monthly basis, Spanish industrial output fell 0.4%, against the 2.3% growth previously.

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International

Persian Gulf Outlook, Crude Prices Undercut European Bourses Midday

European bourses tracked moderately lower midday Wednesday as traders mulled media reports of fresh Persian Gulf hostilities and faltering Middle East ceasefire talks and noted rising crude prices.Oil stocks led gains on continental trading floors, while bank and property shares lagged.Front-month North Sea Brent crude-oil futures were up 2.1% at $98.01 a barrel.Investors also eyed muted Wall Street futures, but mostly higher closes overnight on Asian exchanges, as AI-related shares rose.In economic news, the eurozone producer price index (PPI) rose 0.6% in April from March, and the broader European Union PPI gained 0.7%, reported Eurostat. On the year, the PPI in April was up 4.9% in both the eurozone and the EU. Higher energy prices were cited for the gains.The pan-continental Stoxx Europe 600 Index was off 0.4% mid-session.The Stoxx Europe 600 Technology Index was down 0.4%, and the Stoxx 600 Banks Index lost 0.5%.The Stoxx Europe 600 Oil and Gas Index rose 1.3%, while the Stoxx 600 Europe Food and Beverage Index declined 0.2%.The REITE, a European REIT index, fell 0.5%.On the national market indexes, Germany's DAX was down 0.8%, and the FTSE 100 in London lost 0.3%. The CAC 40 in Paris was down 0.4%, but Spain's IBEX 35 lifted 0.2%.Yields on benchmark 10-year German bonds were higher, near 3.02%.The Euro Stoxx 50 volatility index was down 0.2% at 19.18, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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US Proposes New Tariffs on EU Over Forced Labor as Brussels Advances Trade Deal
US Markets

US Proposes New Tariffs on EU Over Forced Labor as Brussels Advances Trade Deal

The US on Tuesday proposed additional tariffs on 60 economies, including the European Union, following an investigation into the enforcement of forced labor import prohibitions.As part of a Section 301 investigation, the Office of the US Trade Representative threatened an extra 10% duty on the EU, stemming from findings that the bloc failed to "effectively" block forced labor imports. The proposed tariffs were announced on the same day that the European Parliament's trade committee granted preliminary approval for a trade agreement reached with the US in the third quarter of 2025.The targeted 27-nation bloc joins countries like Canada, Mexico and Pakistan, which will face the 10% tariff rate because they established partial enforcement regimes or have committed to doing so through reciprocal trade agreements. Meanwhile, other economies, including Switzerland, Saudi Arabia, South Africa and the United Arab Emirates, will be hit by a steeper 12.5% tariff rate on failure "to impose and effectively enforce a prohibition on the importation of goods produced with forced labor.""The failure of our most important trading partners to address the importation of goods made with forced labor is unacceptable," said US Trade Representative Jamieson Greer. "This creates a dynamic where American workers are forced to compete globally on an unlevel playing field. We will no longer tolerate this disparity."The United States Trade Representative invited public feedback on the proposal, setting a deadline of July 6 for written comments and scheduling public hearings for July 7.Danske Bank noted that the move clears the path for permanent tariffs to take over when the 10% Section 122 duties expire on July 24. "While the shift in legal basis could still face court challenges, overall tariff levels for now should remain little changed when the authority 'switches' from Section 122 to Section 301," the bank wrote.

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International

Eurozone's Monthly Producer Prices Up 0.6% in April

The euro area's industrial producer prices were up 0.6% month over month in April, following a 3.4% rise in March, according to Eurostat data published Wednesday.Analysts expected a 0.4% increase for the month.On a yearly basis, producer prices climbed 4.9%, against the revised 2% increase earlier and the consensus of a 4.8% growth.

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International

Eurozone Final PMI Hits 18-Month Low in May on Weak Demand

The euro area's private sector activity declined at a sharper rate in May, as falling demand for the bloc's goods and services impacted output, according to final data from S&P Global published Wednesday.The seasonally adjusted S&P Global Eurozone Composite PMI Output Index stood at an 18-month low of 48.5 in May, compared with the previous month's 48.8 and the flash estimate of 47.5.Meanwhile, the services PMI came in at 47.7, against the prior month's 47.6 and the initial reading of 46.4, signaling a continued contraction in services activity.

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International

Final PMI: German Private Sector Slump Extends in May

Germany's private sector remained in contraction territory for the second straight month in May, as service sector business activity fell once again amid persistent demand weakness and increased cost pressures.The final S&P Global Germany Composite PMI Output Index ticked up to 48.8 in May from 48.4 earlier, S&P Global said Wednesday. The final reading was above the flash estimate of 48.6 but remained below the 50-point neutral mark.For the service sector, the final PMI clocked in at 48.1, compared with the initial estimate of 47.8 and the previous month's 46.9.

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International

Final PMI: French Private Sector Falls Deeper into Contraction Zone in May

France's private sector business activity dropped in May 2026 at the fastest pace since January 2024, as total new business intakes declined sharply amid growing price pressures due to the war in the Middle East, final data from S&P Global confirmed Wednesday.The S&P Global France Composite PMI Output Index dropped to a 28-month low of 44.9 in May from 47.6 in April, against the flash figure of 43.5.The services PMI decreased to 44.3 from 46.5 earlier. The preliminary estimate was 42.9.

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International

S&P: Italian Private Sector Expansion Eases in May

Italy's private sector expansion marginally slowed in May, as faster growth in manufacturing production helped offset a sharper decline in service sector activity.The S&P Global Italy Composite PMI Output Index stood at 50.4 in May, down from 50.5 in April, S&P Global said Wednesday.On the services side, the PMI was 49.4, compared with the previous 49.8 and expected 49.2, according to Investing.com data.

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International

S&P: Spain's Private Sector Returns to Growth in May

Spain's private sector activity returned to expansion territory in May, reflecting a marginal rise in production and stabilizing service sector activity despite persistent "acute" cost headwinds.The S&P Global Spain Composite PMI rose to 50.2 from 48.7 in April, S&P Global said Wednesday.For the service sector, the PMI came in at 50.1, against the previous 47.9 and the consensus estimate of 48.2, according to Investing.com data.

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International

Ifo: German Automotive Industry Sentiment Brightens in May

Sentiment in the German automotive sector "improved somewhat" in May, albeit still in the negative territory amid a sustained macroeconomic uncertainty, the ifo Institute said Wednesday.The ifo Business Climate Index for the sector climbed to -20.8 points in May from -23.5 points in April, as companies reported slightly better current conditions and adopted a "less pessimistic" outlook.Meanwhile, export expectations fell sharply to -16.4 points from 11.7 points in the previous month on the renewed tariff threats from the US at the beginning of May. Ifo industry expert Anita Wölfl noted the remaining 15% US levy on European cars and parts still poses a noticeable challenge for German automakers.

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International

Tech Rally, Easing Crude Prices Lift European Bourses Midday

European bourses tracked moderately higher midday Tuesday as traders embraced the AI narrative and weighed easing crude oil prices.Tech and bank stocks led gains on continental trading floors, while oil shares lagged.STMicroelectronics rose 10.6% midday after the Swiss-based chipmaker issued higher guidance for revenue, citing AI-fueled data-center demand.Investors also eyed muted Wall Street futures, but higher lower closes overnight on Asian exchanges, including fresh record zeniths in Seoul and Taiwan.In economic news, the euro area consumer price index (CPI) in May is expected to rise 3.2% on year, rising from 3% on-year gain in April, reported Eurostat. Higher energy bills were cited.The pan-continental Stoxx Europe 600 Index was up 0.7% mid-session.The Stoxx Europe 600 Technology Index was up 2.7%, and the Stoxx 600 Banks Index gained 0.9%.The Stoxx Europe 600 Oil and Gas Index eased 0.8%, while the Stoxx 600 Europe Food and Beverage Index inclined 0.4%.The REITE, a European REIT index, rose 1.1%.On the national market indexes, Germany's DAX was up 0.8%, and the FTSE 100 in London gained 0.4%. The CAC 40 in Paris was up 0.7%, and Spain's IBEX 35 lifted 0.6%.Yields on benchmark 10-year German bonds were lower, near 2.95%.Front-month North Sea Brent crude-oil futures were down 1.3% at $93.76 a barrel.The Euro Stoxx 50 volatility index was down 3.2% at 19.49, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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Eurozone Inflation Hits Highest Level Since 2023 Ahead of ECB Rate Decision
US Markets

Eurozone Inflation Hits Highest Level Since 2023 Ahead of ECB Rate Decision

Annual inflation in the eurozone accelerated in May as the Middle East conflict continues to drive energy costs higher, backing expectations that the European Central Bank will raise interest rates next week.Consumer prices rose 3.2% year over year, up from 3% a month ago and remaining well above the ECB's 2% target, according to Eurostat flash estimates released Tuesday. The latest reading aligns with market expectations and marks the highest inflation rate since September 2023.Energy prices are still the highest contributor to inflation, with the annual rate ticking up to 10.9% from April's 10.8%. In other segments, inflation in services and non-energy industrial goods rose, while food, alcohol and tobacco price increases slowed.Excluding energy, food, alcohol and tobacco, the annual inflation stood at 2.5%, higher than the previous month's 2.2% and the expected 2.4%Across major euro area economies, provisional data for May showed inflation climbing in Spain, Italy and France, while Germany bucked the trend as government interventions to address rising energy costs began to take effect.Released on Monday, the latest monthly ECB Consumer Expectations Survey showed median inflation expectations for the next 12 months held steady at 4%. Meanwhile, the three-year estimate dipped slightly to 2.9% from 3%, while the expectations for five years ahead remained unchanged at 2.4%."Although the still elevated expectations support the ECB's hike in June, the [stabilization] buys the ECB more time to assess the impact of the shock before embarking on a second hike," Danske Bank said in a report ahead of the May inflation print. The ECB is scheduled to hold its monetary policy meetings on June 10 and June 11.

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International

Eurozone's Flash Annual Inflation Rate Rises to 3.2% in May

Annual inflation in the euro area edged up to 3.2% in May from 3% in April, according to Eurostat flash estimates released Tuesday.The latest reading is in line with the consensus estimate.On a monthly basis, consumer prices were 0.1% higher.Excluding energy, food, alcohol and tobacco, the annual inflation rate came in at 2.5%, higher than the previous 2.2% and expected 2.4%. Month over month, core consumer prices rose 0.3%.

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International

Spanish Unemployment Numbers Decrease in May

The number of individuals registered as unemployed in Spain fell by 36,323 in May, after a decrease of 62,668 in April, according to government data published Tuesday.Analysts expected a decrease of 56,800 in unemployment levels for the month.

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