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Equities Higher Intraday as Broadcom Sell-Off Weighs on Tech Sector

US benchmark equity indexes were higher intraday, even as a sell-off in Broadcom (AVGO) shares weighed on the technology sector.The Dow Jones Industrial Average was up 1.6% at 51,517.2 after midday Thursday, while the S&P 500 rose 0.4% to 7,586.8. The Nasdaq Composite edged up 0.1% to 26,872. Barring technology and materials, all sectors were in the green, led by healthcare.In company news, Broadcom shares were down nearly 12% intraday, the second-worst performer on the S&P 500 as the company's artificial intelligence revenue outlook fell short of the market's bullish expectations.The company's decision not to upgrade its 2027 guidance for AI sales apparently disappointed investors, especially as the chip designer reported strong semiconductor demand for its fiscal second quarter, UBS Securities analysts said.CrowdStrike (CRWD) reported strong fiscal first-quarter results amid accelerating demand for artificial intelligence, but questions around the company's performance sustainability remain, BofA Securities said. The stock was down 4.6%.Ciena (CIEN) plunged 15% despite providing an upbeat fiscal third-quarter revenue outlook on Thursday. The networking systems and software company's results topped market estimates in the prior three-month period.UnitedHealth (UNH) was up 5% intraday, the top gainer on the Dow, after BofA Securities upgraded its rating on the stock to buy from neutral.West Texas Intermediate crude oil was down 3.9% at $92.27 a barrel intraday Thursday, while Brent fell 3.2% to $94.67.Israel and Lebanon agreed to implement a ceasefire, subject to Iran-backed Hezbollah ending all fire and evacuating its operatives from the South Litani Sector, according to a joint statement from the US, Israel and Lebanon released Wednesday.But just hours after the deal, Israeli forces and Hezbollah fighters launched strikes, CNN reported."News that Israel and Lebanon agreed on a ceasefire could potentially open the door for talks to advance," ING Bank said in a report on Thursday. "Every day that passes without a resumption of oil flows (through the Strait of Hormuz) leaves the market increasingly vulnerable. This increases the pressure to strike a deal."In economic news, job cut announcements in May hit the highest for the month since 2020, Challenger, Gray & Christmas said Thursday, while US weekly applications for unemployment insurance rose unexpectedly."On top of the headline AI story, we're seeing a sharp rise in cuts tied to acquisitions and mergers and a jump in bankruptcy-related losses, which tells me companies are restructuring aggressively as they reposition for an AI-driven economy," Andy Challenger, the firm's chief revenue officer, said in a statement. "The labor market is being reshaped by technology in real time."The Challenger report arrives a day before the May nonfarm payrolls release. Economists surveyed by Bloomberg expect 85,000 new jobs, down from 115,000 in April, with the unemployment rate seen holding at 4.3%.US Treasury yields were lower intraday, with the 10-year rate down 2.8 basis points at 4.47%, and the two-year rate falling 3.3 basis points to 4.05%.Gold was up 0.9% at $4,508.50 per troy ounce, while silver rose 0.8% to $74.28 per ounce.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$CRWD$UNH

US Markets19d ago

Housing Recovery Stalls in May as New Listings, Sales Fall Annually, Zillow Says

New US home listings and sales dropped on an annual basis in May amid elevated mortgage rates, halting a market recovery, Zillow Group (Z, ZG) said Thursday.New for-sale listings fell 4.1% year over year to 422,956 units last month, while sales declined 2.9% to 341,929 units, according to the real estate marketplace.Although new listings have historically peaked in May or June, sellers pulled back last month. While sales rose on a monthly basis in May, they fell off the historic trend line. Mortgage rates rose past 6.5%, Zillow said."May housing results were disappointing for those hanging on to hope of a stronger year for sales," Zillow Chief Economist Mischa Fisher said.The mortgage payment on a typical home dropped 3.1% annually to $1,861 in May, while home values rose 0.8% sequentially to $368,720, the report showed.Active inventory increased 1% year over year last month, extending a streak of annual gains to 30 consecutive months, though the growth rate decelerated, Zillow said."Inventory is rising, but weekly data suggests it could flatline in the next four weeks." Fisher said. "A June peak for options home shoppers have to choose from would be early on the calendar, possibly foreshadowing slower sales in the second half of the year."On Wednesday, a report by the Mortgage Bankers Association showed that mortgage applications in the US fell in the week ended May 29."The prospect of easing energy prices given the evolving situation in the Middle East brought mortgage rates slightly lower last week," Joel Kan, the MBA's deputy chief economist, said at the time. "The retreat in rates, however, did not lead to an increase in mortgage applications."Price: $35.63, Change: $+0.12, Percent Change: +0.32%

$Z$ZG

US Markets19d ago

J.B. Hunt Transport Poised for Continued Outperformance, Deutsche Bank Says

J.B. Hunt Transport Services (JBHT) is expected to continue to outperform peers despite a year-to-date rally in its stock amid favorable industry trends, Deutsche Bank said Thursday.The transportation and logistics company's shares have jumped nearly 46% so far this year. The stock is up "an enviable" 100% since the company's third-quarter earnings call in October and better than all its closest transportation peers, Deutsche Bank analyst Richa Harnain said in a note to clients."Despite this impressive outperformance, we continue to see strong upside potential ahead," Harnain said.The company's shares were up 1% in Thursday afternoon trade.The price gap between intermodal and all-highway shipping solutions is an "unprecedented" 35%, which could be a "game-changer" for J.B. Hunt, according to the note."By some measures, such a gap between the two offerings has never been wider," Harnain said. "We believe trends explaining the gap (rising fuel plus capacity tightness) are sustainable, and could finally unlock intermodal's long-awaited secular growth, potentially doubling its market size over the coming years."Energy prices have surged due to supply disruptions caused by the Middle East conflict.A "record-breaking" 60% of shippers have recently moved to rail from truck, Deutsche Bank said, citing Journal of Commerce data from journalist Ari Ashe's intermodal scorecard survey."We think (J.B. Hunt) is best positioned to benefit from such a trend," Harnain said. "Beyond the obvious reasons, our recent deep dive has brought to light several 'under-the-radar' elements of the (J.B. Hunt) story that make its future even more compelling."In April, the company posted better-than-expected first-quarter results as it recorded revenue growth in most of its business segments amid robust demand for its service offerings.Price: $282.69, Change: $+2.64, Percent Change: +0.94%

$JBHT

US Markets19d ago

Broadcom's Unchanged AI Outlook Likely Disappointed Investors, UBS Says

Broadcom's (AVGO) decision not to upgrade its 2027 artificial intelligence guidance apparently disappointed investors, especially as the chip designer reported strong semiconductor demand, UBS Securities said in a client note sent Thursday.Broadcom continues to expect AI semiconductor revenue in excess of $100 billion for fiscal 2027, Chief Executive Hock Tan's said during an earnings conference call late Wednesday. For fiscal 2026, Broadcom expects the metric to increase about 180% over the previous year to $56 billion.The company reported stronger-than-expected fiscal second-quarter results, with AI revenue more than doubling amid increased demand for custom accelerators and networking solutions. Broadcom saw bookings for its AI semiconductors exceeding $30 billion in the quarter, Tan told analysts, according to a FactSet transcript.But shares of Broadcom plunged nearly 15% intraday Thursday, trimming its year-to-date gain to about 19%."Orders were very strong, but (Broadcom) didn't raise AI revenue for either (fiscal) 2026 or 2027, (disappointing especially when compared to peers), with the issue being mostly one of supply," UBS analysts Timothy Arcuri and Natalia Winkler wrote.Broadcom's 2027 AI semiconductor revenue guidance is short of UBS' about $135 billion estimate, which the brokerage left unchanged."Ultimately, there is not a ton here to sway our view materially in either direction as new agreements continue to expand custom (application-specific integrated circuit) engagements," Arcuri and Winkler said.The brokerage lowered its calendar year 2027 earnings per share estimate to $23.19 from $23.84, though total revenue is now projected at about $213 billion, compared with its prior forecast of $205 billion.UBS reiterated its buy recommendation on the stock, while lowering the price target to $485 from $490.Price: $408.43, Change: $-70.80, Percent Change: -14.77%

$AVGO

US Markets19d ago

CrowdStrike Capitalizes on Accelerating AI Demand, But Durability Concerns Remain, BofA Says

CrowdStrike (CRWD) reported strong fiscal first-quarter results amid accelerating demand for artificial intelligence, but questions around the company's performance sustainability remain, BofA Securities said in a Thursday client note.The cybersecurity firm late Wednesday reported adjusted earnings of $1.10 per share for the quarter ended April, up from $0.73 the year before, while revenue climbed 26% to $1.39 billion. Both metrics topped Wall Street's estimates.The company lifted its net new annual recurring revenue outlook for fiscal 2027 by 520 basis points at the midpoint versus the previous guidance. That reflects stronger demand and improved pipeline visibility, BofA said.However, CrowdStrike's shares were down 6.9% in Thursday trade. The stock has gained nearly 49% so far this year."The key question remains whether this represents a durable reacceleration cycle or a more front loaded demand step up," BofA analysts Tal Liani and Trevor Dodds wrote in the note.The company added more than 300 Falcon Flex accounts in the quarter, Chief Executive George Kurtz said on a conference call, according to a FactSet transcript."Flex dynamics have accelerated meaningfully, with faster re-Flex timing at roughly 7 months and higher expansion uplift, raising questions on demand durability into the back half versus more linear expansion last year," Liani and Dodds wrote.While net new ARR grew 32%, total ARR growth of 24% suggests "lagged translation into sustained growth," the duo said.AI detection and response and AI-driven products are "early cycle contributors versus more mature drivers," adding uncertainty around normalization as adoption scales, according to the brokerage.BofA reiterated its neutral rating on CrowdStrike's stock and lifted its price objective to $750 from $535.Price: $696.16, Change: $-51.46, Percent Change: -6.88%

$CRWD

US Markets19d ago

Toro Lifts Outlook as Strong Demand Drives Second-Quarter Beat

Toro (TTC) on Thursday lifted its full-year outlook on the back of a fiscal second-quarter beat that came amid broad-based customer demand and margin expansion.The lawn mowers and golf equipment manufacturer now expects fiscal 2026 adjusted earnings between $4.50 and $4.62 per share, up from the prior outlook that called for $4.40 to $4.60. Analysts polled by FactSet expect $4.54 per share.Full-year net sales growth is pegged at 4% to 6.5%, reflecting a higher bottom end from 3% previously expected. Wall Street is modeling for $4.74 billion."We continue to capitalize on market opportunities in underground construction, landscape contractor and golf, while successfully executing our margin improvement initiatives," Chief Executive Richard Olson said in a statement. "This performance gives us the confidence to raise our full-year guidance, while also reflecting the persistent and dynamic inflationary environment."For the second quarter ended May 1, adjusted EPS rose to $1.60 from $1.42 a year earlier amid strong demand and continued margin expansion. Analysts were expecting $1.51 estimate.Total net sales jumped 8.1% year on year to $1.42 billion, beating expectations for $1.39 billion.The professional segments' revenue climbed 9.1% to $1.11 billion in the second quarter, boosted by price gains and the Tornado Infrastructure Equipment acquisition, as well as increased demand of underground construction equipment and zero-turn mowers.Toro completed the acquisition of vacuum truck manufacturer Tornado in December.Residential sales increased 4.4% to $310.4 million, weighed down by lower shipments of in snow products.Shares of Toro rose 0.8% intraday Thursday, giving up gains from earlier in the day. The stock is up nearly 17% so far this year.Price: $91.53, Change: $+0.58, Percent Change: +0.63%

$TTC

US Markets19d ago

US May Layoffs Rise to Highest Since 2020 as AI-Linked Cuts Climb, Challenger Says

Job cut announcements in May hit the highest for the month since 2020, Challenger, Gray & Christmas said Thursday, while US weekly applications for unemployment insurance rose unexpectedly.Employers announced 97,006 layoffs last month, up 16% from April and 3% from a year earlier, with the shift toward artificial intelligence still the leading reason for cuts, the outplacement firm said.While monthly job cuts rose for the third straight month, layoffs from January to May were down 43%, totaling 397,755."On top of the headline AI story, we're seeing a sharp rise in cuts tied to acquisitions and mergers and a jump in bankruptcy-related losses, which tells me companies are restructuring aggressively as they reposition for an AI-driven economy," Andy Challenger, the firm's chief revenue officer, said in a statement. "The labor market is being reshaped by technology in real time."Tech companies announced 38,242 job cuts in May, the highest monthly total for the sector since August 2024.Last month, financial software firm Intuit (INTU) said it planned to reduce its workforce by about 17%. Cloud connectivity firm Cloudflare (NET) said it expects to cut about 1,100 roles as part of a restructuring.The Challenger report arrives a day before the May nonfarm payrolls release. Economists surveyed by Bloomberg expect 85,000 new jobs, down from 115,000 in April, with the unemployment rate seen holding at 4.3%.On Wednesday, ADP reported stronger-than-expected private-sector hiring for May.Separately, the Department of Labor said initial jobless claims last week rose to 225,000 from a revised 212,000 the prior week and above the 215,000 consensus. Continuing claims fell by 8,000 to about 1.78 million in the week ended May 23.Price: $314.83, Change: $+3.39, Percent Change: +1.09%

$INTU$NET

US Markets19d ago

Brown-Forman Quarterly Earnings Surprisingly Fall; Whiskey Maker Sees Flat Full-Year Organic Sales

Brown-Forman's (BF.A, BF.B) fiscal fourth-quarter earnings unexpectedly declined on an annual basis, while the wine and spirits maker projected flat organic sales this year amid a weak consumer backdrop.The company's earnings declined to $0.12 a share for the quarter ended April from $0.31 the year before. UBS Securities expected $0.31, which it said late last month was $0.02 below the Visible Alpha consensus.Sales improved 2% to $912 million, topping Wall Street's view for $878.1 million.Brown-Forman's class A and B shares rose 1.6% each intraday Thursday.The parent of Jack Daniel's whiskey anticipates fiscal 2027 organic sales to be roughly flat after closing out last year unchanged too. The Street is looking for reported sales of $3.94 billion for the ongoing fiscal year."We anticipate the operating environment for fiscal 2027 to remain challenging, as macroeconomic pressures and geopolitical instability continue to negatively impact consumer behavior and beverage alcohol consumption, particularly within developed markets," the company said in a statement.Brown-Forman expects its full-year organic operating income to decline by 3% to 5%, compared with a 2% decrease in fiscal 2026.Fiscal 2026 sales for whiskey products rose 3%, buoyed by factors including the launch of Jack Daniel's Tennessee Blackberry and foreign-exchange tailwinds, Brown-Forman said. The tequila portfolio dropped 4%, while the ready-to-drink category climbed 11%.Full-year sales in the US fell 7% despite higher prices, while developed international markets were flat. Sales in emerging markets advanced 14%.

$BF.A$BF.B

US Markets19d ago

Ciena Issues Upbeat Revenue Outlook as Fiscal Second-Quarter Results Top Views

Ciena (CIEN) provided an upbeat fiscal third-quarter revenue outlook on Thursday, while the networking systems and software company's results topped market estimates in the prior three-month period.Revenue is expected to come in at $1.63 billion, plus or minus $50 million, for the ongoing quarter. The current consensus on FactSet is for sales of $1.56 billion.For the quarter ended May 2, the company posted adjusted earnings of $1.64 a share, surging from $0.42 the year before and surpassing the Street's view for $1.46. Revenue climbed 40% to $1.57 billion, topping the average analyst estimate of $1.51 billion."We delivered strong fiscal second quarter results, marked by significant year-over-year revenue growth, adjusted gross margin expansion, and nearly fourfold growth in adjusted earnings per share," Chief Financial Officer Marc Graff said in a statement. "Our demonstrated ability to drive operating leverage gives us confidence in continued earnings expansion and long-term value creation for customers and shareholders."Sales for the networking platform segment amounted to $1.27 billion, up from $866.3 million in the 2025 quarter. Within the division, optical networking grew to $1.1 billion from $773.6 million, while routing and switching rose to $174.2 million from $92.7 million.The global services business saw revenue increase to $179.4 million from $146.2 million a year ago.The "results reflect the strength of our portfolio, the power of our business model, and disciplined execution in a dynamic supply environment," according to Chief Executive Gary Smith.For fiscal 2026, Ciena now anticipates revenue of $6.3 billion, plus or minus $100 million, representing annual growth of 32% at the midpoint. It previously projected revenue to be in a range of $5.9 billion to $6.3 billion, while the Street is currently looking for $6.18 billion for the ongoing fiscal year.

$CIEN

US Markets19d ago

Stocks Mostly Down Pre-Bell as Middle East Concerns Persist

US equity markets were mostly pointing lower before the opening bell Thursday as Middle East uncertainty continued to weigh on sentiment.The S&P 500 declined 0.5% and the Nasdaq fell 1.2% in premarket activity, while the Dow Jones Industrial Average rose 0.5%. The indexes finished the previous trading session in the red, with the S&P 500 snapping a nine-day winning streak.Iran reportedly launched strikes targeting US bases in Kuwait and Bahrain, as well as a vessel near the Strait of Hormuz, in a significant escalation since a ceasefire took effect in April, several media outlets reported Wednesday. Earlier in the week, the US Central Command said it conducted self-defense strikes on Qeshm Island in response to attempted attacks by Iran across the Middle East.The Republican-led House voted 215-208 Wednesday to limit President Donald Trump's war powers in Iran, CNN reported.Trump suggested on Wednesday that there could be progress in negotiations with Iran as soon as this weekend, CNBC reported. Iranian Foreign Minister Abbas Araghchi said contacts with Washington have not been cut off, but there has been no progress in discussions, according to the report.Israel and Lebanon agreed on Wednesday to implement a ceasefire, subject to Iran-backed Hezbollah ending all fire and evacuating its operatives from the South Litani Sector, the US State Department said in a statement.West Texas Intermediate crude oil decreased 1% to $95.06 a barrel before the open, while Brent moved down 1.3% to $96.60.Treasury yields were down in premarket action, with the two-year rate retreating 3.1 basis points to 4.05% and the 10-year rate off 1.4 basis points to 4.48%.Employers in the US announced 97,006 layoffs in May, up 16% from the month prior and 3% year over year, according to Challenger, Gray & Christmas' latest report. Thursday's economic calendar also has the weekly jobless claims bulletin.On Wednesday, data from payroll processing firm ADP (ADP) showed that employment in the US private sector increased more than expected in May. The government's nonfarm payrolls report for May is scheduled to be released on Friday.Federal Reserve Bank of Richmond President Thomas Barkin is slated to speak at 8:30 am ET, while San Francisco Fed President Mary Daly speaks at 1:10 pm.Most Federal Reserve districts saw slight to moderate growth in economic activity since mid-April, while consumer spending remained mixed, the US central bank said in its latest Beige Book released Wednesday.Space Exploration Technologies, widely known as SpaceX, is aiming to raise about $75 billion in what could be the biggest initial public offering of all time.Broadcom (AVGO) and CrowdStrike (CRWD) dropped 11% each pre-bell after reporting their latest financial results.Ciena (CIEN), Brown Forman (BF.A, BF.B) and Toro (TTC) report their quarterly earnings before the bell, among others. Lululemon Athletica (LULU), Guidewire Software (GWRE) and DocuSign (DOCU) post results after the markets close.Gold gained 0.7% to $4,497 per troy ounce, while bitcoin dropped 4.9% to $62,329.

Dow JonesNasdaq CompositeS&P 500$AVGO$BF.A$BF.B$CIEN$CRWD$DOCU$GWRE$LULU$TTC

US Markets19d ago

SpaceX Targets $75 Billion Capital Raise in Blockbuster IPO

Space Exploration Technologies, widely known as SpaceX, is seeking to raise about $75 billion in what could be the largest initial public offering of all time.The rocket and satellite company, founded and led by Tesla (TSLA) Chief Executive Elon Musk, plans to issue about 555.6 million of its class A stock at $135 per share, according to a prospectus filed with the Securities and Exchange Commission on Wednesday. That would bring in $75 billion in proceeds, the most ever for a public stock sale.These terms would value SpaceX at $1.75 trillion, placing it among the 10 most valuable public companies in the US, Reuters reported.Earlier in the week, AI chatbot Claude maker Anthropic confidentially filed for an IPO in the US, as ChatGPT parent OpenAI prepares to go public too.SpaceX, which granted underwriters a 30-day option to buy an additional 83.3 million shares, has reserved up to 5% of the IPO stock for "certain employees and persons."The company estimates net proceeds of about $74.4 billion, or $85.7 billion if underwriters fully exercise their over-allotment option, according to the latest filing. SpaceX's class A stock is expected to trade on Nasdaq under the SPCX ticker after the IPO.SpaceX intends to have a dual-class stock structure, with each class A share entitling the holder to a single vote. Class B shareholders will get 10 votes per share.Musk is expected to control about 82% of SpaceX's voting power after the IPO, the filing showed.The company estimates its quantifiable total addressable market at $28.5 trillion across artificial intelligence-related markets, space-enabled solutions and connectivity services. The company, which operates satellite internet service provider Starlink, recently acquired artificial intelligence startup xAI.SpaceX reported a net loss of $1.69 per share in 2025, compared with a breakeven point in 2024. Revenue increased 33% to $18.67 billion in 2025. AI capital expenditures totaled $12.73 billion in 2025 and $7.72 billion in the first quarter of 2026.

$TSLA

US Markets19d ago

Mitsubishi Motors, Nissan Unveil EV-to-Grid Power-Trade Project

As electric vehicle (EV) sales begin rise in Japan, auto giants Mitsubishi Motors and Nissan have unveiled a demonstration project to allow battery-car owners to sell power back to the grid, reported Nikkei Asia on Thursday.As envisioned, EV owners would charge their vehicles when grid-power was cheap, and sell power back at peak prices, which usually happens during late business hours on hot days.The new plan may help boost EV sales in Japan, where consumers have not embraced battery cars, until recently.In the first quarter of 2026, the nation's domestic EV sales surged 80% on year, reaching a record 26,959 units. However EV sales in the first quarter still made up just slightly more than a 2% market share in Japan, according to industry statistics.EVs and plug-in hybrids accounted for a combined 3.2% of annual passenger car sales in 2025, according to the Japan Automobile Dealers Association.In the Mitsubishi Motors-Nissan demonstration project, participants are able to remotely control the charging and discharging of power at their vehicles via a dedicated system, as long as their vehicles are plugged into the grid, through special hook-ups. The rates earned by selling surplus power are linked to market grid prices.Power rates in Japan fluctuate significantly, through the 24-hour cycle.On a single day in May, the highest price in Tokyo was 30 yen per kilowatt-hour at 6:30 pm, while the lowest was 0.7 yen per kWh at noon, reported Nikkei Asia.Paradoxically, due to solar power inputs into Japan's grids, power rates are often lowest near noon when grids are "full," a situation that mirrors that in Europe, where some solar power-operators are forced to give away electricity during sunny days.In a press statement, Nissan said it has extensive experience in vehicles-to-grid (V2G) power arrangements, with a total of 40 pilot projects conducted globally.Nissan has announced it plans to start selling a bidirectional charger in 2028.Toyota Motor and Honda Motor have also tested the waters of the EV-to-grid market, with Toyota conducting vehicle-to-grid demonstration tests in the US states of Maryland and Texas, reported Nikkei Asia.Additionally, the US-based EV-manufacturer Tesla has introduced a system that allows Cybertruck owners to buy and sell electricity by connecting to the power grid.There are challenges to the EV-to-grid power transfer scenarios, including the fact that batteries degrade in proportion to the frequency of charging and discharging power. In other words, more charging and discharging of EV batteries would cut battery lifetimes.In addition, the special equipment to allow the two-way transfer of power is relatively expensive, reported Nikkei Asia.

TSE:7201TSE:7203TSE:7211TSE:7267

US Markets19d ago

Universal Music Group Shares Slump After Exit of Bill Ackman's Pershing Square

Universal Music Group (UMG.AS) dropped 7% in Thursday morning trade as Bill Ackman pulled out his investment in the music giant, days after a takeover offer worth 55.6 billion euros from his investment firm Pershing Square was rejected.Ackman held a 4.74% interest in UMG as of March 2025, according to UMG's website. The Wall Street Journal pegged the value of his entire stake, through various Pershing Square funds, at over $1.5 billion in a Thursday report.From the divestment, UMG bought back 14,156,285 ordinary shares at 17.66 euros apiece or 250 million euros in aggregate. The repurchase was made outside of the company's existing 500 million-euro share buyback program.The world's biggest music company aims to use the repurchased shares to meet its obligations under a 2022 global equity plan and/or to trim its share capital.Pershing Square launched a business-combination bid in April, offering UMG shareholders 9.4 billion euros, or 5.05 euros per share, in cash, along with 0.77 share of new UMG stock for each share held. The combined cash-and-stock consideration was estimated at 30.40 euros per share.However, the board of the music giant turned down the proposal, saying it "fundamentally and materially" undervalued the company and failed to provide superior value for shareholders.

$UMG.AS

US Markets20d ago

Cooler-than-expected Swiss Inflation Holds Steady in May; Unemployment Rises

Switzerland's annual inflation unexpectedly remained at 0.6% in May, while the country's jobless rate marginally ticked up, according to economic data published Thursday.The annual inflation figure lagged the market forecast of 0.8% but remained at the highest level since December 2024 as lingering tensions in the Middle East continue to prop up energy costs. Similarly, the 0.2% monthly uptick was behind the prior month's and expected 0.3% gain.According to the country's Federal Statistical Office, the yearly increase was largely due to a spike in housing, energy and transport costs. Meanwhile, the month-over-month result was driven by rising prices in the hotel sector and higher housing rental costs.Excluding volatile items such as fresh and seasonal products, energy and fuel, annual inflation still stood at 0.3%, unchanged from the previous month. Meanwhile, core inflation moved month over month to 0.1% from zero growth.Swiss inflation still sits within the 0% to 2% target range of the Swiss National Bank (SNBN.SW), which is scheduled to release a monetary policy update on June 18. During the SNB's March meeting, the policy rate remained unchanged at 0% but the central bank raised its conditional inflation forecast for 2026 to 0.5% from 0.3%.On the employment front, data from the State Secretariat for Economic Affairs showed that the Swiss seasonally adjusted unemployment rate rose to 3.1% in May from 3% a month earlier. The total number of registered jobless individuals climbed to 144,652, representing a monthly increase of 2,583.

^SSMI$SNBN.SW

US Markets20d ago

Partners Group Caps Withdrawals from Evergreen Fund, Warns More Limits to Come

Partners Group (PGHN.SW) capped withdrawals from one of its evergreen funds and warned it could impose similar limits on its other funds as heightened volatility leads to a surge in redemption requests.In a market update released Thursday, the Swiss alternative asset manager said it had capped withdrawals from its Luxembourg-domiciled Global Value Sicav fund at 5% of net asset value per quarter following elevated redemption activity in the second quarter. Redemption requests reached 9.8% of NAV during the period.The firm attributed the increase in withdrawals to heightened volatility in open-ended evergreen fund flows, a trend that first emerged in private credit vehicles before more recently spreading to private equity. Partners noted that repurchase requests for a Delaware, US-domiciled private equity evergreen vehicle will be slightly above the company's threshold of 5% of NAV.Partners Group shares dropped more than 16% on Wednesday, when news of the redemption cap first broke. The stock has since rebounded and was up nearly 4% early Thursday.Amid rising redemption requests from investors, the company is also preparing to introduce withdrawal limits for its US-focused Private Equity Master Fund in the "coming weeks," London's Financial Times reported the same day, citing unnamed sources."Partners Group has consistently communicated to clients and market participants that its evergreen vehicles are typically equipped with liquidity limits of up to 5% of NAV per quarter, and that these limits would be enacted whenever redemption activity reached the designed threshold," the company said. "As a result, GV SICAV will operate the 5% quarterly liquidity limitation. The firm is prepared to enact the respective liquidity limitation mechanism across other funds."The company expects net assets under management growth to be 1% to 2% slower in the second half of 2026 due to the impact of the evergreen funds, with a similar effect anticipated in full-year 2027.

$PGHN.SW

US Markets20d ago

Thai Business Confidence Pressured by Persian Gulf Hostilities

Higher fuel bills and the unresolved Strait of Hormuz closure undercut Thailand business confidence in May, reported the Bank of Thailand.Thailand's Business Sector Index fell to 42.5 in May from 43.5 in April, striking further below the 50-mark that separates optimism from pessimism."In May, the Business Sentiment Index (BSI) declined due to the prolonged Middle East conflict, which weakened the manufacturing index, while the non-manufacturing index remained stable at a low level," said the central bank. "High production cost was the top concern for doing business for the third consecutive month."Confidence especially waned in Thailand's petrochemical and plastics industries, which faced sharper higher bills in their feedstocks derived from crude oil, and also prospects of supply shortages.About 50% of Thailand's imported oil passed through the Strait of Hormuz, before the current conflict there closed the vital passageway, reported NBT World, a government news service.Confidence in Thailand's hotel and restaurant sector also declined, with sentiment sinking to the lowest level since the COVID-19 pandemic, as tourist arrivals slowed.Thailand's food and beverage industry confidence also waned, as producers were pressured by packaging costs that have risen by 30% to 50% "compared to the pre-conflict period," said Bank of Thailand. In addition, the food industry in May faced delayed orders from the Middle East, due in part to high freight rates.Thailand businesses in May expected inflation in the 2.7% range for the next 12 months, down from the 2.9% rate anticipated in April, though still up from the sub-2% rate expected before the closure of the Strait of Hormuz in late February.However, Thailand businesses were less pessimistic in May than in April, with the three-month expected business confidence index rising to 46.9 in May from 40.9 in April, though still striking below the 50-mark.In the manufacturing sector, "raw material shortages eased, despite high raw material price pressures," noted the Bank of Thailand, due in part to national government actions to release petroleum reserves.Among Thailand's service industries, the mood in the transportation sector in May improved due in part to better supplies and some ability of transporters to pass on higher fuel bills.The Bank of Thailand May BSI survey had more than 660 respondents, from large and medium-size firms. The questionnaires were distributed during the first week of May.

^SET

US Markets20d ago

Sekisui House's Fiscal Q1 Profit Rises on Higher Rental, Development Sales

Sekisui House's (TYO:1928) attributable profit increased in the first fiscal quarter as sales in the rental and development segments grew during the period.The Japanese construction company's attributable profit jumped 75% to 58.5 billion yen in the three months through April 30 from 33.4 billion yen in the year-ago period, according to a Tokyo Exchange filing Thursday.Diluted earnings per share grew to 90.19 yen from 51.48 yen a year earlier.Net sales inched up 1.7% to 908.9 billion yen from 894 billion yen in the prior-year period.In its built-to-order business, net sales of its rental housing and commercial buildings increased 2.1% to 122.2 billion yen from 119.7 billion yen.Rental housing management sales from the supplied housing business grew 3.1% to 185.1 billion yen from 179.5 billion yen.Remodeling business sales jumped 5.4% to 41.5 billion yen from 39.4 billion yen amid efforts to promote energy-efficient remodeling for detached homes.Total sales from its development business surged 37% to 168.3 billion yen from 123.3 billion yen.Sales in the U.S. homebuilding segment fell 19% to 193.7 billion yen from 238.2 billion yen amid a wait-and-see attitude due to inflation and high mortgage interest rates, Sekisui said.The homebuilder also attributed the decline to lower order backlogs at the beginning of the fiscal year.Operating profit increased 26% to 76.1 billion yen, led by a 158% surge in its development segment operating profit.While total orders fell 0.8% year over year to 1.071 trillion yen, supplied housing orders jumped 5.2% to 237.1 billion yen from 225.3 billion yen.The figures come as Japan's new housing starts of owner-occupied houses and rental homes slumped due to the impact of revisions to the Building Energy Efficiency Act, as well as higher construction and mortgage costs, Sekisui said.

TYO:1928

US Markets20d ago

Singapore Business Growth Slows in May on Cost Pressures

Singapore's business expansion moderated in May, though companies largely managed to pass record inflationary costs onto consumers thanks to robust demand.The headline seasonally adjusted S&P Global Singapore Purchasing Managers' Index (PMI) dropped to 56.7 in May from 57.9 in April, according to data released Thursday.A softer increase in overall new business drove the index lower. However, S&P Global noted the growth was still the second-strongest on record, with companies securing new contracts and reporting high demand for their products and services.Singaporean companies raised their selling prices at the sharpest rate on record to offset soaring input costs."Strength in demand in recent months has enabled firms to pass through a healthy proportion of this price pressure to customers," S&P Global Market Intelligence economist Eleanor Dennison said. However, Dennison noted that "May data saw the gap between the two price indices widen, a sign that firms could be experiencing some margin loss."Statistics Singapore recently reported that producer prices surged 27.5% year over year in April and 6.7% month over month. The spike was driven by fuel hikes triggered by the closure of the Strait of Hormuz amid the conflict in Iran.On the production side, surging demand for AI-related technologies resulted in a 17.6% year-over-year jump in Singapore's manufacturing output in April, according to the Economic Development Board.Meanwhile, the labor market showed signs of cooling. S&P Global reported that employment fell for the second straight month in May. This was in line with Ministry of Manpower data showing that first-quarter unemployment ticked up to 2.1% from 2.0% in the previous quarter.Total employment grew by just 5,000 people in the first quarter, decelerating from the 17,700 jobs added in the fourth quarter of 2025.Despite cost and labor headwinds, the 12-month outlook remains optimistic, with S&P Global noting that about 50% of companies forecast a rise in output.

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US Markets20d ago

Japanese Investors Switch to Selling Foreign Bonds After Month-Long Buying Spree

Japanese investors turned net sellers of overseas debt last week, snapping a month-long buying streak as market volatility fueled speculation of a shift in the Bank of Japan's quantitative tightening timeline.Domestic investors sold a net 184.8 billion yen of foreign bonds in the week ended May 30. This reversed four consecutive weeks of net purchases, including a 12.9 billion yen purchase the previous week, according to data from Japan's Ministry of Finance on Thursday.The shift comes as volatile bond markets trigger speculation that the BOJ may pause the reduction of its government bond holdings in fiscal 2027. This potential delay would alter the quantitative tightening path the central bank initiated in 2024.At its upcoming policy meeting on June 15-16, the BOJ is expected to keep its current bond-tapering plan through March 2027, while introducing a new framework for the following fiscal year.According to Reuters, policymakers are leaning toward a tapering pause due to market jitters stemming from the conflict in the Middle East."Markets remain volatile, so there's no need to rush," a source familiar with the BOJ's deliberations told Reuters, noting that many market participants prefer keeping the current pace of bond purchases.The policy outlook is further complicated by the high probability of an interest rate hike this month.Bank of Japan Governor Kazuo Ueda on Wednesday signaled that a rate hike remains on the table for the June meeting if escalating Middle East tensions drive up inflation risks."Even if the situation remains unclear, should it be judged that upside risks to prices outweigh downside risks to economic activity, it will be necessary to thoroughly discuss the pros and cons of raising the policy interest rate," Ueda said.Money markets are pricing in roughly an 85% chance of a quarter-point rate hike as policymakers seek to contain inflationary pressures and support the Japanese yen.The currency has continued to weaken toward the 160-per-dollar level despite repeated intervention efforts by authorities.

Nikkei 225

US Markets20d ago

South Korea's Foreign Reserves Drop to $427 Billion in May as Securities Drag

South Korea's official foreign reserves fell slightly to $427.0 billion at the end of May, down by $900 million from $427.9 billion in April, according to data released by the Bank of Korea on Thursday.The decline was driven by a drop in securities holdings, which fell $3.4 billion to $380.7 billion. Securities remain the largest component of the reserve portfolio at 89.2% of the total, covering government bonds, agency bonds, debentures, mortgage-backed securities, and asset-backed securities.Deposits partially offset the decline, rising $2.6 billion to $21.4 billion. Special Drawing Rights held steady at $15.8 billion, while gold and the country's IMF reserve position were little changed at $4.8 billion and $4.4 billion, respectively.South Korea ranked 12th among countries by reserve holdings as of the end of April 2026, the BoK said, citing data from the IMF and relevant central banks. China led with $3.411 trillion, followed by Japan at $1.383 trillion and Switzerland at $1.082 trillion.The reserve data comes as South Korea recently reported a record-high trade surplus in May on the back of a semiconductor boom.Trade surplus reached nearly $27 billion during the month, topping market expectations of $24.3 billion and exceeding April's $23.8 billion.Exports increased 53.2% to $87.8 billion, topping the $80 billion mark for the third straight month, and marking the sharpest pace of expansion since January 1984. It also beat the consensus 48.4% growth forecast of Investing.com.The Bank of Korea recently held its policy rate unchanged at 2.5%. However, BoK Governor Shin Hyun-song signaled tighter policy in the near term."There is a need to raise interest rates at an appropriate time in the future."ING economist Min Joo Kang said in a note last week that "[h]igher GDP and CPI forecasts for 2026 and 2027 reinforce our view that BoK hikes could persist into 2027." ING expects the BoK to tighten its policy in July.

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US Markets19d ago

Equities Higher Intraday as Broadcom Sell-Off Weighs on Tech Sector

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