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Update: Equity Markets Mostly Fall Intraday Amid Tech Sell-Off

(Updates with latest market prices and developments.)US benchmark equity indexes were mostly lower intraday amid a sell-off in the technology sector led by big names such as Nvidia (NVDA) and Micron Technology (MU).The tech-heavy Nasdaq Composite was down 1.5% at 25,767.5 after midday Tuesday, while the S&P 500 fell 1% to 7,400.6. The Dow Jones Industrial Average edged up 0.3% to 51,845.6. Among sectors, tech saw the steepest decline, down 2.8%, while consumer staples paced the gainers.Within tech, semiconductor stocks were the notable laggards, with Nvidia shares down 3.1%, the second-worst performer on the Dow. Sandisk (SNDK) slid 13%, the biggest drop on the S&P 500. On Semiconductor (ON) and Qualcomm (QCOM) were also sharply lower.Micron followed Sandisk on the S&P 500, down nearly 12%.Tech stocks may face spillover impact from the recent sharp sell-off in South Korea, though the decline appears to be a "pullback/breather" in a market that nearly doubled this year, Wedbush Securities said."With Micron set to report earnings this (Wednesday), there is some added nervousness on the important memory chip trade and, along with technical triggers, is adding to some nervousness among tech investors," the brokerage said in a note.In company news, IBM (IBM) shares were up 4.8% intraday Tuesday, the best performer on the Dow. The computer maker joined the OpenAI Daybreak Cyber Partner Program and launched a new application-security service that uses OpenAI's models to help enterprises identify and validate software vulnerabilities, it said late Monday.Korn Ferry (KFY) on Tuesday reported higher fiscal fourth-quarter results, although the consulting firm issued an outlook calling for lower earnings in the current quarter. The company's shares were up 5.4%.Parcel delivery giant FedEx (FDX) is scheduled to report results after the closing bell Tuesday.West Texas Intermediate crude oil slipped 0.8% to $73.27 a barrel intraday, while Brent lost 1% to $77.15.US President Donald Trump said 19 million barrels of oil flowed out of the Strait of Hormuz yesterday, marking an all-time record. "Oil prices are tumbling down," Trump said Tuesday.In a separate social media post, Trump said he has agreed to allow the strait to remain open, with no further naval blockade. "However, all ships are remaining in place should it be necessary to reinstitute the Blockade, which seems, at this point, highly unlikely," the president said.US Secretary of State Marco Rubio arrived in the Gulf region, aiming to sell the Iran deal to three countries -- the United Arab Emirates, Bahrain and Kuwait -- that are likely to be among its biggest skeptics, CNN reported.US Treasury yields were lower intraday, with the two-year rate down 4.3 basis points at 4.20% and the 10-year rate falling 2.8 basis points to 4.47%.In economic news, US private-sector output rose in June at the fastest pace in five months amid a solid expansion in the manufacturing sector, S&P Global (SPGI) said."Brighter news out of the Middle East has helped restore some confidence among US businesses in June, though the overall rate of economic growth signaled by the flash PMI survey remains relatively sluggish compared to that seen earlier in the year in the lead up to the conflict," S&P Global Market Intelligence Chief Business Economist Chris Williamson said.Manufacturing activity in the US Mid-Atlantic region fell more than projected in June, with shipments, new orders and employment all weakening sequentially, data from the Federal Reserve Bank of Richmond showed.Gold was down 1.3% at $4,147.80 per troy ounce, while silver slumped 5.4% to $62.02 per ounce.

Dow JonesNasdaq CompositeS&P 500$FDX$IBM$KFY$MU$NVDA$ON$QCOM$SNDK$SPGI

US Markets9m ago

US Economy Pulled Between Cheaper Living Costs, High-Rate Concerns, Oxford Economics Says

US economic growth is being supported by easing living costs that bolster consumer spending, even as high interest rates continue to restrain business investment, Oxford Economics said Tuesday in a report.Oil prices have fallen to the lowest since the Middle East conflict began after the US and Iran agreed to halt fighting, reducing the risk of global supply disruptions, the report said. The peace deal has reopened the Strait of Hormuz and prompted a 60-day US Treasury exemption that eases key Iranian oil sanctions.West Texas Intermediate crude oil fell 0.8% to $73.29 in Tuesday trading, and Brent declined 0.9% to $77.20.The end to the war and the more hawkish tone from the Federal Reserve "have opposing effects on the outlook," said Matthew Martin, Oxford Economics senior US economist. Lower energy prices should ease pressure on household budgets and support equity markets, "allowing consumers to retain more spending momentum," he said.At the same time, the Fed's recent shift in market pricing has tightened financial conditions and flattened the yield curve, which will weigh on business investment and consumer spending on big-ticket items that require financing, Martin said.The housing market showed unexpected resilience in the second quarter as construction picked up and pending sales pointed to a third straight monthly gain despite high mortgage rates, the report said. Still, "higher-for-longer mortgage rates, downbeat sentiment, and relatively high unsold inventory will keep the housing market trending mostly sideways the rest of the year," Martin said.US pending home sales rose more than expected last month, while housing starts fell to their lowest level since 2020 amid a sharp drop in multifamily projects, recent data show.

US Markets1h ago

June Mid-Atlantic Manufacturing Activity Eases More Than Expected

Manufacturing activity in the US Mid-Atlantic region fell more than projected in June, with shipments, new orders and employment all weakening sequentially, data from the Federal Reserve Bank of Richmond showed Tuesday.The composite manufacturing index decreased to 4 this month from 13 in May. The consensus was for a smaller drop to 8 in a survey compiled by Bloomberg."Fifth District manufacturing activity was flat in June," the Richmond Fed said.The shipments index decreased to 3 this month from 16 in May, while the new orders index fell to 9 from 17. The employment index swung to minus 1 from 3, while the prices paid and received measures advanced, according to the report."The average growth rate of prices paid increased notably, while growth in prices received increased somewhat in June," the regional Fed said.Six months out, the shipments index increased to 38 this month from 35 in May, while the new orders gauge fell to 32 from 36. The expectations index for employment dropped to 16 from 23, the data showed."Firms expected growth in prices paid to moderate over the next 12 months," the Fed branch said.Separately, a report by S&P Global (SPGI) showed Tuesday that US private-sector output rose in June at the fastest pace in five months amid a solid expansion in the manufacturing sector.Price: $402.04, Change: $-5.35, Percent Change: -1.31%

$SPGI

US Markets2h ago

US Private Sector Output Hits 5-Month High as Manufacturing Logs Strong Growth, S&P Survey Shows

US private-sector output rose in June at the fastest pace in five months amid a solid expansion in the manufacturing sector, according to S&P Global's (SPGI) flash purchasing managers' index released Tuesday.The composite output index rose to 52.2 this month from 51.5 in May, compared with a 52.1 reading in a survey compiled by Bloomberg. The 50-point mark separates expansion from contraction.The manufacturing PMI hit a 49-month high of 55.7 from 55.1, while the gauge for services activity advanced to a four-month high of 51.3, up from 50.7. The consensus was for readings of 54.6 and 51.1, respectively."Brighter news out of the Middle East has helped restore some confidence among US businesses in June, though the overall rate of economic growth signaled by the flash PMI survey remains relatively sluggish compared to that seen earlier in the year in the lead up to the conflict," S&P Global Market Intelligence Chief Business Economist Chris Williamson said in the report.Last week, the US and Iran signed a memorandum of understanding to end their war and reopen the Strait of Hormuz -- the world's most important chokepoint for crude oil flows -- after more than three months of hostilities that fueled a rally in energy prices, stoking worries over inflation."The survey signals that current output levels are consistent with the economy struggling to grow much faster than a 1% annualized rate in the second quarter," Williamson said. "The service sector continues to grow at an especially subdued pace, reflecting push-back from customers over high prices amid low levels of consumer confidence in particular."Service providers saw only a modest improvement in output and new orders, though they received some boost from the World Cup event, according to the report.Manufacturing output expanded at the strongest pace since July 2021, buoyed by the largest rise in new orders in more than four years, the report said."While there is better news from the manufacturing sector, we remain concerned as factory growth continues to be temporarily buoyed by inventory building amid supply fears," Williamson said. "Supply delays grew more widespread in June."The manufacturing sector saw a further fall in employment, with factory job cuts seen running at the highest since 2009 if the pandemic is excluded, according to Williamson. On a positive note, he said that input cost inflation cooled this month partly due to lower energy prices seen before the survey data collection period ended.Last week, the Institute for Supply Management projected continued expansion this year for both the US manufacturing and services sectors despite macro and other headwinds.Price: $402.70, Change: $-4.69, Percent Change: -1.15%

$SPGI

US Markets3h ago

Carnival Issues Downbeat Fiscal Third-Quarter Earnings Outlook; Sees Robust Demand, Booking Trends

Carnival (CCL) provided a fiscal third-quarter earnings outlook below Wall Street's estimates on Tuesday, although the cruise operator recorded a surprise year over year profit increase in the previous three-month period and forecast robust demand and booking trends.The company anticipates adjusted earnings of about $1.35 a share for the ongoing quarter, while the current consensus on FactSet is for $1.42. Capacity is pegged to grow by 1.5% from the prior-year period.Carnival shares dropped 5.8% in Tuesday trade. The stock has lost 6.8% so far this year.However, Chief Executive Josh Weinstein said the company's booked position for the second half is higher than last year, "at historically high prices" in constant currency, despite operating amidst extreme geopolitical headwinds that mainly impacted its booking trends for European deployments especially in the Mediterranean region, which was closest in proximity to the Middle East conflict."The US and Iran last week signed a memorandum of understanding to end their war and reopen the crucial Strait of Hormuz."We are now 93% booked for the year with less inventory remaining for sale than this time last year and are on track for record net yields in the second half of 2026," according to Weinstein.For the quarter ended May, Carnival's adjusted EPS rose to $0.41 from $0.35 the year before, defying the Street's view for a decline to $0.34. Overall revenue improved to $6.66 billion from $6.33 billion, but fell short of the average analyst estimate of $6.69 billion."We achieved another quarter of record results, marking our twelfth consecutive quarter of record net yields and delivering over 20% more to the bottom line, overcoming extreme geopolitical headwinds and nearly 30% higher fuel costs," Weinstein said.Occupancy remained flat at 104% on a yearly basis. Customer deposits reached an "all-time high" of $9 billion, amid robust demand, according to the company.For fiscal 2026, Carnival now expects adjusted EPS of around $2.22, up from its prior guidance of $2.21. The Street is looking for $2.23. Capacity growth is seen at 1%, compared with the previous outlook for an increase of 0.9%."As conditions continue to normalize, we expect to benefit from the strong demand, pricing and operational improvements embedded throughout our business," according to Weinstein. "Recent booking trends already suggest that we are beginning to see a reversal of these headwinds, reinforcing our confidence in both the near-term outlook and the long-term earnings power of the business."Looking further ahead, the company sees strong demand for 2027 and beyond, the CEO added. Booking volumes and prices for future sailings have been "running ahead" of last year's levels since March, including a "substantial increase in bookings for our European deployments next year," Weinstein noted.Price: $28.36, Change: $-1.83, Percent Change: -6.06%

$CCL

US Markets3h ago

Apollo Global Caps Private Credit Fund Withdrawals as Requests Spike

Apollo Global Management (APO) has restricted investor redemptions for its private credit fund Apollo Debt Solutions following a surge in share repurchase requests from stakeholders.The alternative asset manager limited withdrawals to 5% of outstanding shares in Apollo Debt Solutions, about $700 million of gross outflows, after shareholders requested the repurchase nearly 17% of outstanding shares as of March 31, according to a filing on Monday with the US Securities and Exchange Commission."Taken together, we expect net outflows from (Apollo Debt Solutions) will be approximately ($400 million) for the second quarter of 2026 and year-to-date, representing 3% of (net asset value)," the firm said in the filing.Shares of Apollo fell 3.2% in Tuesday trade, extending their year-to-date decline to about 9.5%.The surge in requests was driven primarily by offshore investors, who sought to redeem 12.5% of shares, while US repurchase requests slowed to 4.3%, Apollo said.In May, Apollo reported first-quarter earnings that exceeded analysts' estimates as revenue declined year-over-year and fell short of Wall Street's view."Consistent with industry trends within (business development companies), we saw an uptick in redemption requests at (Apollo Debt Solutions), though it's worth noting that 94% of the fund's investors did not submit a redemption request," President Jim Zelter said during the first quarter earnings call, according to a FactSet transcript.Earlier in June, BlackRock's (BLK) HPS Corporate Lending Fund said it received repurchase requests totaling about 13% of outstanding shares in the second quarter and would fulfill requests for 5% of sharesPrice: $131.59, Change: $-3.62, Percent Change: -2.68%

$APO$BLK

US Markets4h ago

Tech, Chip Selloff Presents Buying Opportunity, Wedbush Says

Technology stocks may face spillover impact from the recent sharp selloff in South Korea, though the decline appears to be a "pullback/breather" in a market that nearly doubled this year, Wedbush Securities said in a note on Tuesday.The brokerage noted that South Korea's Korea Composite Stock Price Index (KOSPI), which was up roughly 90% year to date, fell about 10% on Tuesday."We view the KOSPI sell-off as a pullback/breather on a market up almost 100% this year and also believe SK overtaking Samsung was a big symbolic move that caused some investors to worry about an 'overheated' memory chip trade," Wedbush analysts including Dan Ives said.The analysts said investors should expect periodic "gut check moments" as the technology sector digests rapid gains tied to AI-related spending."Our recent Asia checks and overall AI enterprise demand tracking have accelerated over the past few months and are showing no cracks in the armor which continue to make us very bullish on owning the tech AI winners over the coming year," Ives said.The selloff has heightened investor "nervousness" ahead of earnings from Micron Technology (MU) on Wednesday, as investors closely watch the memory-chip sector, with Ives describing memory-chip companies such as Micron, SK Hynix and Samsung as the "golden jewels" of the AI-driven rally.Wedbush also pointed to Monday's selloff in Alphabet (GOOG, GOOGL) shares, which the brokerage said gained momentum after reports that DeepMind researcher and Nobel Prize-winning scientist John Jumper left the company for Anthropic."This is an AI arms race and we will continue to see a plucking of talent across Silicon Valley over the coming years with Anthropic on offense mode," Ives wrote.Price: $1118.56, Change: $-92.82, Percent Change: -7.66%

$GOOG$GOOGL$MU

US Markets4h ago

Walmart Strikes Nuclear Power Supply Deal With Constellation Energy

Walmart (WMT) will buy nuclear power from Constellation Energy (CEG) under a long-term agreement split into two 15-year terms, the companies said Tuesday.The deal, which marks the retail giant's first nuclear power purchase agreement, involves 176 megawatts of wholesale supply, including 30 MW of expanded generating capacity, from Constellation's Dresden Clean Energy Center in Illinois, according to a joint statement.The first 15-year supply will kick off in 2029, and the second in 2030. Financial details weren't disclosed."Working with Constellation allows us to support new operations in Illinois while advancing our strategy in a way that prioritizes affordable, reliable, and clean energy for our business and the communities we serve," said Shayne Wahlmeier, senior vice president for energy at Walmart US.The deal will help boost grid capacity to support Walmart's high-tech perishable distribution center that is now being built in Belvidere, Illinois, the statement said.Walmart is the latest US corporate giant to pursue a nuclear energy deal to meet rising power demand. Major US technology companies in particular are tapping nuclear power to meet their outsized electricity requirements amid the artificial intelligence boom."Walmart's commitment enables meaningful investment in the Dresden Clean Energy Center - bolstering reliability, sustaining local jobs and economic activity, and putting more dependable, emissions-free energy onto the Illinois power grid," Constellation Chief Commercial Officer Jim McHugh said.In December, Constellation said its license for the Dresden facility's operations has been renewed, paving the way for continued investment.Shares of Walmart were up 1.7% in Tuesday morning trade, while Constellation fell 0.8%.Price: $271.11, Change: $-4.42, Percent Change: -1.60%

$CEG$WMT

US Markets4h ago

Korn Ferry Reports Higher Fiscal Fourth-Quarter Results

Korn Ferry (KFY) on Tuesday reported higher fiscal fourth-quarter results, although the consulting firm issued an outlook calling for lower earnings in the current quarter.Adjusted earnings came in at $1.40 per share for the quarter ended April 30, up from $1.32 the year before. Five analysts polled by FactSet expected non-GAAP EPS of $1.38.Total revenue increased to $768.3 million from $719.8 million, the company said. Fee revenue grew 7% to $759.8 million, driven by professional search and interim that climbed 14%, followed by 7% gains each in executive search and consulting. Analysts surveyed by FactSet expected $743.3 million."This marks our fifth consecutive quarter of top-line growth, underscoring the strength of our strategy and the increasing relevance of our solutions - all amid an uneven economic environment," Chief Executive Gary Burnison said in a statement. "I am particularly encouraged by double-digit growth in professional search and interim, reflecting the depth and breadth of our solutions."For the current quarter, Korn Ferry expects adjusted EPS of $1.32 and $1.38, compared with the analyst consensus of $1.33. The guidance assumes no material headwinds from the Middle East conflict, and that other global geopolitical and economic conditions "remain steady," the company saidThe firm projects first-quarter fee revenue of $725 million to $745 million. Analysts expect $732.5 million.Korn Ferry shares rose 3.4% in Tuesday trading.

$KFY

US Markets5h ago

Energy Fuels to Acquire German Magnetics Firm Vacuumschmelze in $1.9 Billion Deal

Energy Fuels (UUUU) said Tuesday it agreed to acquire Germany-based magnetics manufacturer Vacuumschmelze and related entities, collectively known as VAC, from private equity firm Ara Partners in a deal with an equity value of about $1.9 billion.Energy Fuels will pay approximately $718 million in cash and issue about 65.9 million shares of its common stock to acquire VAC from Ara Partners. Energy Fuels will also assume about $140 million of VAC's adjusted net debt.Energy Fuels shares fell 3.5% in the most recent premarket activity.VAC operates magnet production facilities in North America, Europe and Asia, including a South Carolina site with 2,000 metric tons per annum capacity and expansion potential to 12,000 metric tons annually. The acquisition combines Energy Fuels' upstream rare earth mining and processing assets with VAC's downstream magnet manufacturing operations, including facilities in North America, Europe and Asia."This is a transformational moment for Energy Fuels and the global rare earth supply chain," Chief Executive Ross Bhappu said in a statement. The company said the combination is expected to strengthen Western rare earth and magnet supply chains serving industries including automotive, aerospace, defense, robotics, data centers and industrial automation.The transaction is expected to close in early 2027, subject to regulatory approvals. If Energy Fuels' share price is below $20.93 at closing, Ara Partners will receive up to $135 million in preferred shares, the company said.Energy Fuels said the transaction complements its planned acquisition of Australian Strategic Materials and would position the combined company to operate across every major stage of the rare earth value chain.Energy Fuels said in January it agreed to acquire Australian Strategic Materials to build a rare earth supply chain spanning mining, processing, and metals and alloys production.

$UUUU

US Markets6h ago

Hong Kong Inflation Climbs to 13-month High in May as Transport Fares, Health Service Prices Weigh

Hong Kong's composite consumer price index grew faster in May as transport and health service costs increased, according to data from the city's Census and Statistics Department released Tuesday.Composite CPI jumped 2% year over year in May, faster than the 1.7% jump in April, the C&SD said. It is the highest rate in 13 months. Netting out one-off relief measures from the government, the city's underlying inflation rate ticked up to 1.9% from 1.6% over the period."The larger increase in May 2026 was mainly due to the accelerated increases in inbound and outbound transport fares and the charges for package holidays, as well as the increases in the charges for health services," the report said.Save for durable goods, the various components of the composite CPI all grew in May, with electricity, gas and water leading the surge with a 6.6% growth rate.Meanwhile, on a monthly and seasonally adjusted basis, the composite CPI for the three months ended May ticked up to 0.1% from 0.0% in April."Looking ahead, while the recent de-escalation of geopolitical tensions in the Middle East has contributed to a decline in international oil prices, the earlier surge in oil prices will continue feeding through to fuel-related components of consumer prices in the coming months," according to a government spokesman.The government also confirmed that it will continue to closely monitor developments but said it expects "largely stable" prices in other areas to help "keep overall inflation moderate."

Hang Seng

US Markets7h ago

Stock Futures Down as Tech Sell-Off Weighs on Sentiment

US equity futures were tracking in the red on Tuesday amid a broader tech sell-off despite signs of easing tensions between the US and Iran.The S&P 500 declined 1.4%, the Dow Jones Industrial Average was off 0.7% and the Nasdaq dropped 2.3% in premarket activity. The indexes finished the previous trading session mixed, with the Nasdaq closing the day down 1.3%.Shares of several major technology companies, including Alphabet (GOOG, GOOGL), Amazon (AMZN) and Meta Platforms (META), were down pre-bell, after closing the previous session in the red. SpaceX (SPCX) fell 3.7% following a 16% fall at the end of the previous session.Super Micro Computer (SMCI) fell about 5%, reversing a 16% gain on Monday.The sell-off is driven by concerns over AI valuations, with South Korean memory chipmakers SK Hynix and Samsung Electronics also falling sharply, CNBC reported."Clearly this will cause selling pressure and white knuckles for tech stocks in the US this morning as investors worry the overheated (Korea Composite Stock Price Index) sell-off has a spillover impact to US tech stocks," Wedbush Securities said in a Tuesday client note.Treasury yields declined in premarket action, with the two-year rate retreating 4.2 basis points to 4.19% and the 10-year rate sliding 2.2 basis points to 4.49%.The US Treasury on Monday issued a broad 60-day exemption allowing Iran to produce and sell crude oil, petrochemical and petroleum products in US dollars, effectively easing key sanctions restrictions, CNBC reported.West Texas Intermediate crude oil slipped 0.5% to $73.49 a barrel before the opening bell, while Brent decreased 0.7% to $77.38.US Vice President JD Vance reportedly said Monday that Iran agreed to admit International Atomic Energy Agency inspectors into the country. On the status of the Strait of Hormuz, Vance said the crucial waterway is open, and negotiations with Iran are focused on setting up a "coordination mechanism" for demining and resuming trade, CNN reported.Tuesday's economic calendar has the S&P Global's (SPGI) flash purchasing managers' index for June at 9:45 am ET, followed by the Federal Reserve Bank of Richmond manufacturing index for the same month at 10 am.Parcel delivery giant FedEx (FDX) is scheduled to report its latest financial results after the markets close, along with KB Home (KBH). Carnival (CCL) and Korn Ferry (KFY) post earnings before the bell, among others.Gold fell 1.4% to $4,145 per troy ounce, while bitcoin dropped 3.1% to $62,354.

Dow JonesNasdaq CompositeS&P 500$AMZN$CCL$FDX$GOOG$GOOGL$IBM$KBH$KFY$META$SMCI$SPCX

US Markets7h ago

Domino's Pizza Names Longtime Executive Joe Jordan as CEO

Domino's Pizza (DPZ) shares slipped early Tuesday as the pizza restaurant operator announced that Russell Weiner intends to retire as chief executive, with Chief Operating Officer Joe Jordan to succeed him later this year.Weiner, who has served as CEO of the company since 2022, will step down from the role on Sept. 30, Domino's said late Monday. Weiner will then transition to executive chairman designate before assuming the executive chairman post following the company's annual shareholder meeting in April 2027.Domino's shares were down 0.7% in the most recent premarket activity. The stock has lost 29% so far this year."Since joining Domino's in 2008, Russell has played a pivotal role in the company's growth and success," current Executive Chairman David Brandon said in a statement. "We owe Russell a great debt of thanks for his leadership and many accomplishments and look forward to his continued involvement as executive chairman of the board."Brandon, who has been executive chairman since 2022, will retire and not stand for reelection at the shareholder meeting next year, according to Domino's.Jordan, who also serves as president of Domino's US operations, will take over as CEO, effective Oct. 1. He has served in leadership roles across the company's marketing, US and international operations for about 15 years, according to the company."I am honored by the board's confidence and grateful for the opportunity to lead Domino's," Jordan said. "Domino's is one of the most innovative and resilient global systems in the restaurant industry and I am excited to build that foundation as we focus on reaccelerating growth and continuing to deliver delicious pizza and exceptional value to customers worldwide."In April, the pizza restaurant chain reported weaker-than-expected first-quarter results, with Weiner citing consumer uncertainty and inflation pressures on demand."Pressure intensified throughout the quarter, in particular in March because of growing consumer uncertainty," Weiner said at the time. "Consumer sentiment hit COVID level lows and ongoing inflation continued to impact purchase decisions. Weather also affected our business in the quarter."

$DPZ

US Markets8h ago

Eurozone's Private Sector Downturn Eases in June as Inflationary Pressures Soften

The downturn in the euro area's private sector eased in June amid signs of softening inflationary pressures and a continued decline in new orders, according to flash data from S&P Global published Tuesday.The seasonally adjusted S&P Global Flash Eurozone Composite PMI Output Index rose to a three-month high of 49.5 from the previous month's 48.5. The provisional reading is still below the neutral 50 threshold but sits above the consensus estimate of 49.1.The services PMI hit a three-month high of 48.9, against the prior month's 47.7 and the Investing.com market forecast of 48.6, indicating a slower decline in business activity. On the manufacturing side, the PMI edged down to a four-month low of 51.3, compared with the prior reading and consensus estimate of 51.6."The eurozone economy is showing enough resilience to just about stay out of recession ... There is welcome news of an easing in the recent downturn in services activity, with tourism and leisure related industries seeing signs of recovering demand after the initial disruptions from the war in the Middle East," S&P Global Market Intelligence Chief Business Economist Chris Williamson said. "Manufacturing meanwhile continues to benefit from inventory building as customers front-run future prices rises or supply issues amid ongoing supply fears linked to the war. However, although widespread supply chain delays contributed to further upward pressure on prices, there are signs that concerns over supply and price trends are starting to moderate."Germany and France, the bloc's two largest economies, both recorded a decline in private sector output, while the rest of the euro area saw the greatest degree of output growth since the start of 2026.Business confidence improved for the second straight month in June, after reaching a 31-month low in April, on the back of increased optimism in both the manufacturing and services sectors. In terms of prices, the rate of input and output cost inflation slowed in June.S&P noted that most of the survey responses came in before the US and Iran signed a memorandum of understanding aimed at ending the war in the Middle East."Both manufacturing and services experienced a slower pace of increase in their input costs and also increased their own prices less quickly than in May. And with energy prices now substantially lower thanks to the US-Iran deal, it could well be that this trend continues in the months ahead (if the deal holds, of course)," ING said in a note. "For the [European Central Bank], this is dovish news. If the environment which the PMI paints persists in the coming weeks, it will deter the ECB from hiking forcefully, as the inflationary environment would not be strong enough to require significant monetary tightening."

^SXXP

US Markets8h ago

RWE Expands into Grid Business with Majority Stake in Amprion

RWE (RWE.F) agreed to raise its stake in German power grid operator Amprion to 55% through a 3.6 billion-euro deal, establishing regulated grid business as its third core investment pillar alongside renewables and flexible generation.The German utility already held a 20% stake in Amprion, which operates an 11,000-kilometer long extra-high-voltage grid. RWE said on Monday that it will acquire an additional 35% indirect stake in Amprion from five shareholders of M31, the majority shareholder of the target company.To finance the acquisition, RWE intends to raise 4 billion euros by placing 36,143,952 new bearer shares and 38,240,169 treasury shares with institutional investors at 54 euros per share."We are expanding RWE's portfolio into grid infrastructure," RWE Chief Executive Markus Krebber said. "By increasing our stake in Amprion and providing additional funding for the expansion of Germany's transmission grid, we gain further attractive growth opportunities. These complement our existing investment plans in renewables, battery storage and flexible generation."The transaction is expected to be accretive to RWE's EPS from day one. As such, the company plans to increase its EPS target for 2031 to 4.55 euros from 4.40 euros.Following the completion of the deal, which is expected in the third quarter subject to regulatory clearances, Amprion will retain its position as an independent transmission system operator.RWE also committed to investing 6.5 billion euros in grid expansion in Germany through 2031, which will be fully funded via the equity capital raise and its available financial headroom.RWE shares were up more than 1% in morning trading in Frankfurt on Tuesday.

$RWE.F

US Markets9h ago

Italgas Hikes Investment Allocation Under New Strategy to EUR13 Billion

Italgas (IG.MI) unveiled on Tuesday an upsized total investment allocation of 13 billion euros under its new strategic plan for the years 2026 through 2032.The new allocation is 14.6% higher than the Italian gas distributor's previous seven-year strategy. It includes 8.3 billion euros for gas infrastructures in Italy and 2.4 billion euros for future government tenders of gas distribution concessions in the country.The company also earmarked 1 billion euros for the expansion of its gas distribution network in Greece, 800 million euros for investments in the water and energy efficiency sectors, and 500 million euros for the pursuit of mergers and acquisitions opportunities in the gas distribution sector."The 13 billion euros of investments will make our network even smarter, more widespread and flexible, ready to accommodate also green molecules and support an energy system increasingly exposed to international instability and commodity market volatility," commented Chief Executive Officer Paolo Gallo.The new strategy is expected to generate 280 million euros of total efficiencies by 2032, including 120 million euros in revenue from incremental digitalization investments.Italgas affirmed its guidance for full-year 2026 of adjusted net profit attributable to the group between 740 million euros and 760 million euros. It is targeting revenues of 3.4 billion euros for 2029 and 4 billion euros for 2032, as well as a more than 9% compound annual growth rate for adjusted EPS between 2025 and 2032.Shares of the company decreased nearly 2% in early trading.

$IG.MI

US Markets11h ago

India's Private Sector Growth Moderates in June as Services Activity Hits 17-Month Low, Manufacturing Eases

Growth in India's private sector moderated in June as a cooling in new orders and slower inventory accumulation pulled business activity down from recent elevated levels.The HSBC Flash India Composite Output Index slipped to 57.4 from 59.3 in May, marking the slowest pace of expansion since March, according to data released by S&P Global and HSBC on Tuesday.Both sectors saw momentum ease. The manufacturing output index fell to a two-month low of 57.4, down from 58.0 in May, while the headline Manufacturing PMI ticked down to 54.5 from 55.0.Meanwhile, the services sector hit a 17-month low, with its business activity index dropping to 57.3 from 59.8."Growth of manufacturing output softened a tad as inventory-building lost steam after a few hectic months," HSBC Chief India Economist Pranjul Bhandari said."New export orders remained resilient and the order-to-inventory ratio ticked up, pointing at resilient manufacturing activity down the line. Input costs across the private sector rose, but at the slowest pace in five months."While market competition weighed on the pace of expansion, cost pressures provided some relief. Overall input costs and output charges rose at their slowest rates in months.In terms of trade, services exports accelerated, while manufacturing export growth sank to its weakest level since March 2023.Regional supply chains could see relief as the U.S. and Iran advance toward a potential deal to defuse Middle East tensions. However, any domestic economic recovery will likely be gradual, even as maritime traffic normalizes through the Strait of Hormuz, according to ING."Industries faced higher freight charges, longer delivery times, and rising feedstock costs during the peak of tensions," ING analysts Deepali Bhargava, Lynn Song, and Min Joo Kang wrote in a Monday note."Although input cost pressures have eased from their March-April highs, they remain above pre-conflict levels. With output prices adjusting more slowly due to weak pricing power and incomplete pass-through, corporate margins-especially in energy-intensive sectors-continue to face sustained pressure."

^BSENifty 50

US Markets12h ago

Singapore Inflation Holds Steady in May as Lower Service Costs Offset Gains

Singapore's core inflation, the central bank's preferred gauge of consumer prices, held steady in May, defying market expectations for an uptick as a slowdown in service costs helped temper broader price pressures.Core inflation, which excludes accommodation and private transport costs to better reflect everyday household expenses, remained unchanged from April at 1.4%, the Monetary Authority of Singapore (MAS) reported on Tuesday.The reading landed below the 1.6% median estimate in a Bloomberg News survey.Headline inflation, measured by the all-items consumer price index, also matched April's pace at 1.8% year over year, coming in under the 2% consensus forecast compiled by Investing.com and Bloomberg.Services inflation slowed to 1.3% in May from 1.5% in April, driven primarily by a sharp decline in telecommunication service fees.Retail and other goods inflation inched up to 1.6% in May from 1.5% in April with an acceleration in the prices of personal care appliances and information and communications equipment.Food prices surged 1.8% from a 1.6% increase in April, fueled by rising prices for non-cooked food and food services.Accommodation prices edged up to a 0.5% rise in May from 0.4% a month earlier as housing rents increased.Electricity and gas prices fell 3%, unchanged from April, in step with the decline in the World Bank's energy price index by 8.7% and the 10.7% fall in Brent crude prices.Private transport prices surged to an 8.6% increase from 8.1% in the previous month, driven by higher car and motorcycle prices, the central bank said.Despite some easing in May, global energy prices still stayed high, and have driven production and transport costs for Singapore's imports, the MAS said.Meanwhile, service labor costs are forecast to increase slowly in 2026 on an easing in nominal wage growth, MAS said.For 2026, core and all-price inflation are seen to average between 1.5% and 2.5%.

^STI

US Markets13h ago

Japan's Private Sector Growth Hits Three-Month High in June

Japan's private sector activity expanded at the fastest pace in three months in June, supported by stronger manufacturing output and a renewed increase in services activity, according to preliminary survey data released by S&P Global on Tuesday.The flash Japan Composite Output Index rose to 52.5 in June from 51.1 in May, marking the 15th consecutive month of expansion and the strongest growth since March. A reading above 50 indicates expansion.The flash Services PMI Business Activity Index climbed to 51.8 from 50.0, while the Manufacturing PMI edged up to 54.9 from 54.5.Manufacturing output also improved, with the output index rising to 54.3 from 54.0.New business across the private sector increased at the fastest pace in four months, driven by stronger demand in both manufacturing and services.Manufacturers recorded the fastest rise in sales since January 2022, partly reflecting customers' stock-building amid supply chain disruptions and concerns about future price increases linked to the conflict in the Middle East.Input cost inflation accelerated for the fifth consecutive month, reaching its highest level since July 2022. Companies cited higher energy, fuel, and raw material costs associated with the conflict in the Middle East, prompting another substantial increase in selling prices."The June flash PMI data indicated that overall business activity growth across Japan picked up for the first time since the outbreak of war in the Middle East," Annabel Fiddes, economics associate director at S&P Global Market Intelligence, said."The expansion in output continued to be led by manufacturers, which recorded one of the strongest rises in output in over a decade. Nevertheless, it was also encouraging to see a renewed upturn in service sector activity after a temporary stagnation in May," she added.Fiddes cautioned that part of the current growth was being supported by inventory stockpiling, which could fade in the coming months as warehouses fill and higher costs weigh on demand.Business confidence weakened from May and remained below historical averages, with firms citing inflation, supply chain disruptions linked to the Middle East conflict, and persistent labor shortages as key concerns for the year ahead.The survey comes as the Bank of Japan raised its policy rate to 1.0% last week, the highest level since 1995, as policymakers sought to contain inflationary pressures stemming from higher energy costs and supply disruptions.Japan's key inflation gauge held steady in May, helped in part by government subsidies that kept energy costs in check.Core consumer prices excluding fresh food rose 1.4% from a year earlier, matching economists' expectations and marking the lowest reading since 2022, while keeping the BOJ on track for another interest-rate hike later this year.

Nikkei 225

US Markets17h ago

China Posts Wider Fiscal Deficit in First Five Months Despite Revenue Acceleration

China booked a general public budget deficit of 1.34 trillion yuan in the first five months of 2026, as national expenditure of 11.39 trillion yuan outpaced revenue of 10.05 trillion yuan despite an acceleration in tax collections.The deficit widened from 1.14 trillion yuan in the January-April period, with May alone adding about 1.71 trillion yuan in revenue against about 1.91 trillion yuan in spending, according to data from the Ministry of Finance on Sunday.This suggests a single-month deficit of about 200.7 billion yuan in May.The pace of expenditure growth, however, slowed to 0.8% year over year through May from 1.3% through April, suggesting the gap may begin to narrow in the coming months as revenue momentum builds.In March, Fitch Ratings forecast that China's fiscal deficit will slightly narrow as policy support for the economy is predicted to ease modestly in 2026."We expect China's fiscal deficit to decline slightly to 7.3% of GDP in 2026 on a like-for-like basis under Fitch's fiscal deficit measure, from 7.6% in 2025, but to remain elevated," Fitch said at the time.During the government's "Two Sessions" congress in March, authorities announced that China will aim to increase the government deficit by 230 billion yuan in 2026 over last year as part of its economic stimulus measures.China set a deficit-to-GDP ratio of around 4% this year, with total government deficit projected at 5.89 trillion yuan.General public budget revenue rose 4% year over year in the January-May period, accelerating from the 3.5% pace recorded through April.National tax revenue climbed 4.4% to 8.26 trillion yuan, outpacing the 2.2% rise in non-tax revenue to 1.78 trillion yuan.Among the main growth drivers were stamp duties, which jumped 35.8% year over year in the January-May period to 242.6 billion yuan, with securities transaction stamp duty alone surging 88.8% to 126.2 billion yuan.Value-added tax on imported goods and individual income tax also delivered strong gains, rising 10.4% and 12.2%, respectively, suggesting robust cross-border trade and wages.Vehicle purchase tax climbed 12.6% to 94.3 billion yuan amid increased adoption of new-energy vehicles. NEV sales in May alone accounted for 56.9% of overall new car sales in China, compared with 50.8% in 2025 and 40.9% in 2024, according to the China Association of Automobile Manufacturers.Domestic value-added tax jumped 6.2% to 3.28 trillion yuan, while corporate income tax inched up 0.2% to 2.19 trillion yuan.In terms of spending, China's total general public budget expenditure during the period was up 0.8% year over year to 11.39 trillion yuan.In breakdown, spending among central and local governments and the general public jumped 6.5% year over year to 1.68 trillion yuan, while spending among local governments inched down 0.1% to 9.71 trillion yuan.The latest data highlighted the ongoing financial strain faced by local governments.The South China Morning Post on Monday noted that local governments in China have faced worsening fiscal stress in recent years due to a prolonged property downturn that continues to weigh heavily on land-sales revenues, which previously served as a key revenue source.In the January-May period, while urban land use tax rose 3.6% to 122 billion yuan, farmland occupation tax fell 1.2% to 63.5 billion yuan.Earlier this month, China's State Council issued a plan to accelerate agricultural and rural modernization during the 15th Five-Year Plan through 2030. The plan includes speeding up the modernization of agriculture and rural areas.

Shanghai Composite^SZSE

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US Markets6m ago

Update: Equity Markets Mostly Fall Intraday Amid Tech Sell-Off

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