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Equities

Saudi Aramco, Pasqal Inaugurate Saudi Arabia's First Quantum Computer

Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, and France-headquartered Pasqal jointly launched Saudi Arabia's first quantum computer, along with the release of the first commercial quantum computing-as-a-service platform in the Middle East.The development allows the oil giant to advance a roadmap of use cases on the production-ready version of Pasqal Quantum Processing Unit for its programs across energy, materials, and industrial operations, according to a Monday release.The latest development builds on the parties' initial partnership agreement in May 2024.

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International

Italian Trade Surplus Declines in March

Italy recorded a trade surplus of 4.71 billion euros in March, down from the revised surplus of 4.98 billion euros in February, according to data from statistics agency Istat published Monday.Analysts expected a trade surplus of 5.2 billion euros for the month.Seasonally adjusted exports rose 4.1% month over month, while imports increased 4.8%.

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International

Oil, Interest Rates Damp European Bourses Midday

European bourses tracked lower midday Friday as traders monitored rising oil prices and interest rates, tech-sector sell-offs overnight in Asia, and UK political turmoil.UK equities came under pressure on media reports of an expected Labor motion to remove Keir Starmer as the nation's prime minister, and a possible challenge by party rival Andy Burnham, who is considered further to the left on the political spectrum.Property and tech shares stocks led broad losses on continental trading floors, although food stocks bucked trends to gain.Yields on benchmark 10-year German bonds were higher, near 3.1%, the highest since 2011.Front-month North Sea Brent crude-oil futures were up 2.3% at $108.14 a barrel.Investors also eyed Wall Street futures flashing red, and lower closes overnight on Asian exchanges, including a 6% decline on Seoul's KOSPI index.The pan-continental Stoxx Europe 600 Index was off 1.1% mid-session.The Stoxx Europe 600 Technology Index was down 2%, and the Stoxx 600 Banks Index lost 1.6%.The Stoxx Europe 600 Oil and Gas Index eased 0.4%, but the Stoxx 600 Europe Food and Beverage Index gained 0.5%.The REITE, a European REIT index, fell 2.1%.On the national market indexes, Germany's DAX was down 1.5%, and the FTSE 100 in London lost 1.5%. The CAC 40 in Paris was down 1.3%, and Spain's IBEX 35 eased 1.1%.Yields on benchmark 10-year German bonds were higher, near 3.1%, the highest since 2011.Front-month North Sea Brent crude-oil futures were up 2.3% at $108.14 a barrel.The Euro Stoxx 50 volatility index was up 6.5% at 22.56, indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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International

Italian Annual Inflation Rate Climbs to 2.7% in April, Final Data Shows

Italy's annual inflation rate increased to 2.7% in April from 1.7% in March, final data from statistics agency Istat showed Friday.The flash estimate for the month was 2.8%.On a monthly basis, consumer prices were up 1.1%, against the flash figure of a 1.2% increase and the prior 0.5% rise.The Italian harmonized inflation rate stood at 2.8% on an annual basis, compared with the preliminary reading of 2.9% and the previous 1.6%. Month over month, harmonized consumer prices were 1.6% higher, against the initial estimate and prior 1.7% gain.

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International

Ifo: Business Sentiment in German Residential Construction 'Massively' Weakens in April on Macro Headwinds

The business climate in German residential construction "massively" deteriorated in April, as the industry faces supply chain challenges and rising financing costs amid geopolitical uncertainty.The ifo Institute reported on Friday that the business climate index tumbled to -28.4 points from -19.3 points a month ago, marking its sharpest fall since April 2022. Companies' current situation perspective was seen as "worse," while their future expectations were "much more pessimistic."Concerns about potential supply constraints are resurfacing, with material shortages affecting 9.2% of surveyed firms, compared with the 1% figure seen over two years. Reports of order shortages and cancellation rates held steady at 43.8% and 10.8%, respectively.

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International

Beijing-Washington Meeting Lifts European Bourses midday

European bourses tracked moderately higher midday Thursday after media reports that Beijing and Washington have agreed that Iran cannot have nuclear weapons or control over the Strait of Hormuz, and that China may buy more oil from the US.US President Donald Trump has been meeting with China leader Xi Jinping in Beijing, seeking cooperation to settle Persian Gulf hostilities, as well as address trade issues.Tech stocks led broad gains on continental trading floors.Investors also eyed Wall Street futures in the green amid mixed closes overnight on Asian exchanges, although Seoul's KOSPI index rose 1.8% to close at a fresh record high.The pan-continental Stoxx Europe 600 Index was up 0.6% mid-session.The Stoxx Europe 600 Technology Index was up 1.3%, and the Stoxx 600 Banks Index gained 0.9%.The Stoxx Europe 600 Oil and Gas Index gained 0.3%, while the Stoxx 600 Europe Food and Beverage Index edged 0.6% higher.The REITE, a European REIT index, gained 0.1%.On the national market indexes, Germany's DAX was up 1.4%, and the FTSE 100 in London advanced 0.5%. The CAC 40 in Paris was up 0.8%, and Spain's IBEX 35 lifted 0.9%.Yields on benchmark 10-year German bonds were lower, near 3.1%.Front-month North Sea Brent crude-oil futures traded evenly at $105.59 a barrel.The Euro Stoxx 50 volatility index was down 4.2% at 20.97, but still indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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International

Spanish Annual Inflation Rate Confirmed at 3.2% in April

Spain's annual inflation eased to 3.2% in April from 3.4% in March, final data from the National Statistics Institute confirmed Thursday.On a monthly basis, consumer prices in Spain were up 0.4%, in line with the initial reading, and against the previous 1.2% jump.The Spanish annual harmonized inflation rate was 3.5%, matching the flash figure and higher than the previous 3.4%. Month over month, harmonized consumer prices grew 0.7%, in line with the initial data, and against the 1.7% increase earlier.Meanwhile, the country's annual core inflation rate eased to 2.8% from 2.9%, confirming the flash figure.

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International

German Current Account Surplus Rises in March

Germany's current account surplus totaled 23.6 billion euros in March, up by 3.1 billion euros from the previous month, the Deutsche Bundesbank said Wednesday.The German central bank attributed the movement to a lower surplus in merchandise trade, alongside a positive balance in so-called invisible current account transactions.

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Equities

IEA Warns of Further Price Volatility as Middle East War Continues to Disrupt Global Oil Supply, Demand

The International Energy Agency expects to see further price volatility in 2026, with global oil inventories being depleted at a record pace since the Middle East war began in February amid the closure of the Strait of Hormuz.In its May oil market report published Wednesday, the IEA said global oil supply fell to 95.1 million barrels per day in April, while observed global inventories, including oil on water, were drawn down by 4 million barrels a day in March and April.Looking ahead, global supply is anticipated to decline by 3.9 million barrels of oil per day on average in 2026, to 102.2 million barrels per day, under the assumption that flows through the Strait of Hormuz will gradually resume from June.Meanwhile, the IEA now expects oil demand to contract by 420,000 barrels per day on an annual basis this year to 104 million barrels per day, which is 1.3 million-barrels-per-day below its projections before the war.

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International

Tech, Oil Shares Lift European Bourses Midday

European bourses tracked moderately higher midday Wednesday as continental traders joined the global tech-sector rally and as oil shares tracked higher on prospects for tight crude markets going forward.In contrast, bank, food and property stocks lagged in midday trading.Investors also eyed Wall Street futures flashing green amid higher closes overnight on Asian exchanges, including fresh zeniths on equity indices in Seoul and Tokyo.In economic news, seasonally adjusted industrial production in the eurozone gained 0.2% month over month in March and rose 0.8% in the broader EU, Eurostat reported. Year over year, industrial output fell 2.1% in the euro area and by 1% in the EU.The pan-continental Stoxx Europe 600 Index was up 0.3% mid-session.The Stoxx Europe 600 Technology Index rose 2%, while the Stoxx 600 Banks Index lost 0.2%.The Stoxx Europe 600 Oil and Gas Index rose 0.9%, while the Stoxx 600 Europe Food and Beverage Index declined 0.7%.The REITE, a European REIT index, fell 0.7%.On the national market indexes, Germany's DAX was up 0.7%, and the FTSE 100 in London was steady. The CAC 40 in Paris was down 0.4%, and Spain's IBEX 35 eased 0.2%.Yields on benchmark 10-year German bonds were higher, near 3.1%.Front-month North Sea Brent crude-oil futures were up 0.1% at $107.85 a barrel.The Euro Stoxx 50 volatility index was down 3.9% at 22.43, indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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Equities

EU Clears Messer-Ambrian Energy JV Deal

The European Commission approved the planned creation of a joint venture between Germany's Messer and Ambrian Energy.The regulator said Wednesday that the deal, which mainly covers the intermediate storage of carbon dioxide, would not create competition concerns as the venture has negligible activities in the European Economic Area.

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International

Eurozone Monthly Industrial Production Up 0.2% in March

The euro area's industrial production rose 0.2% month over month in March, after a revised 0.2% increase in February, Eurostat data showed Wednesday.The consensus estimate for the month was a 0.3% climb.On a yearly basis, industrial production recorded a 2.1% decline, compared with the revised 0.8% decrease earlier and the expected 1.7% drop.

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International

Eurozone's Quarterly GDP Up 0.1% in Q1, Second Estimate Shows

The euro area's seasonally adjusted gross domestic product ticked up 0.1% in the first quarter, following a 0.2% rise in the prior three-month period, according to Eurostat's second estimate released Wednesday.The latest reading is in line with the initial estimate.On a yearly basis, the eurozone economy grew 0.8%, matching the preliminary estimate, against the previous 1.3% increase, including Bulgaria, which joined the currency union in January 2026, and the 1.2% gain, excluding the country.

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International

Eurozone's Employment Rises 0.1% in Q1, Flash Data Shows

The number of employed individuals in the euro area rose by 0.1% in the first quarter, following a 0.2% increase in the prior three-month period, preliminary data from Eurostat showed Wednesday.The reading matched the consensus estimate for the month.On a yearly basis, employment growth for the eurozone came in at 0.5%, as expected, against the previous 0.7%.

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International

French Annual Inflation Rises to 2.2% in April, Final Data Confirms

As expected, France's annual inflation rate climbed to 2.2% in April, from 1.7% in March, final data from statistics agency Insee showed Wednesday.On a monthly basis, consumer prices were 1% higher, in line with the flash estimate and the prior month.The annual harmonized inflation rate stood at 2.5%, matching the initial reading and against the previous 2%. Month over month, harmonized consumer prices rose 1.2%, confirming the preliminary data, compared with the previous 1.1% increase.

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International

Ifo: Business Climate in German Travel Industry Further Deteriorates in April

The business sentiment among German travel agencies and tour operators worsened further in April amid the ongoing conflict in the Middle East, according to an ifo Institute survey published Wednesday.The ifo business climate index for the sector declined to -43.5 points from -41.8 points in March. Companies viewed their present situation as "far worse," while their future outlook marginally improved as travel warnings for key transit countries in the Middle East were lifted at the end of April, the institute noted.More than half of the surveyed companies flagged "weak" demand in April, as potential jet fuel shortages remain a source of uncertainty for travelers.

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International

German Annual Wholesale Prices Up 6.3% in April

Germany's wholesale selling prices rose 6.3% year over year in April, after a 4.1% jump in March, the country's Federal Statistical Office said Wednesday.The reading marks the highest annual price increase since February 2023.On a monthly basis, wholesale prices were 2% higher, against the previous 2.7% gain and the consensus estimate of a 1% growth.

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International

French Unemployment Rate Climbs to 8.1% in Q1

France's unemployment rate came in at 8.1% in the first quarter, up from 7.9% in the prior three-month period, the statistics agency Insee said Wednesday.Analysts expected a 7.8% unemployment rate for the quarter.

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International

Oil, Middle East Outlooks Undercut European Bourses Midday

European bourses tracked moderately lower midday Tuesday as crude prices rose after US President Donald Trump and Iranian officials overnight mutually ruled out a peace deal.The Strait of Hormuz, the vital waterway for oil tankers, remains largely closed to traffic.Front-month North Sea Brent crude-oil futures traded up 3.1%, at $107.45 a barrel in midday action.Food and oil stocks led modest gains on continental trading floors, while bank, tech and property shares lagged.Investors also eyed Wall Street futures flashing red amid largely lower closes overnight on Asian exchanges.In economic news, Germany's economic sentiment index came in at negative 10.2 in May versus negative 17.2 in April, the Centre for European Economic Research reported. "There is cautious hope for a potential recovery in the second half of 2026, provided that the Middle East conflict eases," ZEW said.The pan-continental Stoxx Europe 600 Index was off 0.7% red% mid-session.The Stoxx Europe 600 Technology Index was down 1.5%, and the Stoxx 600 Banks Index lost 1.7%.The Stoxx Europe 600 Oil and Gas Index gained 0.4%, and the Stoxx 600 Europe Food and Beverage Index edged 0.2% higher.The REITE, a European REIT index, fell 1%.On the national market indexes, Germany's DAX was down 0.9%, and the FTSE 100 in London lost 0.4%. The CAC 40 in Paris was down 0.5%, and Spain's IBEX 35 eased 0.9%.Yields on benchmark 10-year German bonds were higher, near 3.09%.The Euro Stoxx 50 volatility index was up 3.9% at 22.87, indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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ZEW: Pessimism Regarding German Economic Outlook Shrinks in May as Investors Hope for End to Iran War
US Markets

ZEW: Pessimism Regarding German Economic Outlook Shrinks in May as Investors Hope for End to Iran War

Investor sentiment on Germany's economic outlook unexpectedly rose to less gloomy territory in May following two consecutive months of strong declines, the Centre for European Economic Research, or ZEW, said Tuesday.The ZEW Indicator of economic sentiment in Germany climbed to -10.2 points in May from -17.2 points in April, beating the consensus estimate of -19.8 points. ZEW, which surveyed 188 analysts and institutional investors between May 4 and May 11, evaluated the current economic situation as worse, with the related indicator down to -77.8 points from the previous -73.7 points and the expected -77.5 points."The financial market experts are hoping that the Iran war will end soon," ZEW President Achim Wambach said. "Nevertheless, weak industrial production, rising energy prices and an inflation rate that exceeds the two-percent mark continue to burden the German economy. There is cautious hope for a potential recovery in the second half of 2026, provided that the Middle East conflict eases and the government's economic stimulus measures are having an effect."Across the industry, the expectations index for the automotive sector deteriorated by 13 points to -57.2 points, while that for mechanical engineering dropped 9.2 points to -32.1 points. At the same time, the outlook for the metal production sector, the construction industry, and the information technology industry brightened, with the latter rising 12.1 points to 56.6 points.Across the wider euro area, the economic expectations indicator jumped to -9.1 points in May from -20.4 points in April, exceeding the consensus estimate of -20 points. Meanwhile, the current situation indicator increased by 1.6 points to -41.4 points.

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