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Brent Drops Below $80 as US-Iran Framework Eases Supply Fears

Brent oil prices fell below $80 a barrel Tuesday as a framework to end the Middle East conflict eased global supply fears.Brent crude futures slid 5% to $79.03 a barrel intraday Tuesday, while West Texas Intermediate declined 5.8% at $76.10.The US and Iran have agreed to end their war and reopen the Strait of Hormuz, which is the world's most important chokepoint for crude flows.The two sides are scheduled to sign their peace deal in Switzerland on Friday, which would kick off another round of negotiations on Tehran's nuclear program as Iran seeks sanctions relief.But analysts have flagged the possibility of implementation risks and potential disagreements."The path ahead is complex: watch for implementation disagreements, Gulf states' security demands, and Iran's continued leverage over the Strait of Hormuz," Deutsche Bank analyst Helen Belopolsky said in a note.While shipping traffic is expected to increase following the Strait of Hormuz's reopening, it won't get back to pre-war levels for months, RBC Capital Markets said in a note emailed Tuesday."We think inventories will continue to do heavy lifting until the strait is de-bottlenecked and the Gulf countries can accelerate the repair process and fully restart production," RBC said.

US Markets7d ago

Yum Brands to Sell Pizza Hut for $2.7 Billion

Yum Brands (YUM) agreed to sell Pizza Hut in two transactions valued at about $2.7 billion, positioning the company for long-term growth.Private equity firm LongRange Capital will acquire Pizza Hut outside China for about $1.5 billion, while Yum China (YUMC) will purchase the Chinese business for $1.2 billion, Yum Brands said Tuesday.It may be eligible to receive an additional $75 million from the LongRange transaction by 2030, according to the statement."These transactions enable Yum to be a more focused company that continues to leverage scale, technology and talent to accelerate our raising the B.A.R. priorities and deliver sustained value for our stakeholders," Yum Brands Chief Executive Chris Turner said in a statement.Yum Brands expects to receive approximately $2.3 billion in net proceeds from these two transaction. It forecasts one-time expenses of about $85 million during the remainder of 2026 to effectuate the separation.The transactions are expected to close in the third quarter, subject to regulatory approvals.Yum Brands launched a strategic review of Pizza Hut in November 2025.Pizza Hut's first-quarter same-store sales were flat year over year, while operating profit fell to $64 million from $74 million, Yum Brands said in April.Separately, Yum China said that the purchase price for Pizza Hut China represents a 17% discount to the peer group's median price-to-earnings ratio over the last 12 months, as of market close on Friday.Pizza Hut China generated $2.3 billion in revenue and $183 million in operating profit in 2025, Yum China said. The company plans to expand Pizza Hut China's footprint to more than 6,000 stores by 2028."The elimination of the license fee payments to Yum Brands are expected to enhance store economics and lower store-opening thresholds, which support Pizza Hut's margin expansion, growth acceleration and market leadership in China," said Yum China CEO Joey Wat.Yum Brands said it has agreed to certain incentives with Yum China should KFC China's system sales growth accelerate. In addition, the companies will team up to advance growth plans for Taco Bell in China.Yum Brands' shares were up 2.4% in Tuesday trade, while Yum China's New York Stock Exchange-listed shares edged 0.8% lower."We look forward to partnering with Yum! to ensure a smooth transition for the business," LongRange Managing Partner Bob Berlin said.Price: $158.02, Change: $+3.35, Percent Change: +2.17%

$YUM$YUMC

US Markets7d ago

John Wiley & Sons Posts Higher Fiscal Fourth-Quarter Results, Forecasts Annual Full-Year Growth

John Wiley & Sons (WLY) reported higher fiscal fourth-quarter results on Tuesday and said it expects fiscal 2027 results to show further gains.The publisher reported adjusted earnings of $1.67 a share for the quarter ended April 30, up from $1.37 the year before. Revenue improved 1% to $447.9 million and was flat at a constant currency rate."Fiscal 2026 was Wiley's breakout year," Chief Executive Matthew Kissner said in a statement. "We accelerated our two reinforcing growth engines -- research and (artificial intelligence) and data analytics -- while delivering record margins and a significant step change in free cash flow."For fiscal 2027, the company anticipates adjusted EPS of $4.60 to $5.05, compared with $4.19 recorded in fiscal 2026. Organic revenue is pegged to grow by a low- to mid-single-digit, including mid-single-digit gain in the research segment.Shares of Wiley rose 1% in Tuesday trade, and year-to-date the stock has gained more than 40%.Revenue in the research segment improved 5% to $295.6 million in the fourth quarter. Within the business, research publishing was up 5% at constant currency terms, mainly boosted by robust growth in gold open access and AI licensing, partially offset by a 4% constant currency decline in research solutions amid a soft recruitment market."Research delivered mid-single-digit growth on record submissions and output, and the recent acquisition of Emerald Publishing further extends our scale and proprietary content advantage in the AI economy," Kissner said. "AI revenue grew double digits to nearly $50 million with a rapidly expanding recurring stream."In the learning division, revenue fell 6% to $152 million reflecting lower AI licensing revenue in academic and professional, macro headwinds and retail channel softness, according to the company.Price: $42.69, Change: $-0.64, Percent Change: -1.48%

$WLY

US Markets7d ago

Kroger Likely to Report In-Line First-Quarter Results, Maintain Outlook, Oppenheimer Says

Kroger's (KR) fiscal first-quarter results are expected to be largely in line with expectations for a softer start to the year, Oppenheimer said in a Tuesday note.The supermarket chain, which will release its quarterly results on Thursday, is also expected to reaffirm its full-year guidance, according to Oppenheimer analysts, including Rupesh Parikh.In March, Kroger projected adjusted earnings of $5.10 to $5.30 per share for fiscal 2026, compared to the current FactSet consensus of $5.23. It pegged full-year identical sales growth, excluding fuel, at 1% to 2%, taking into account a roughly 130 basis-point headwind from the Inflation Reduction Act, which reduces reimbursement rates on key medications. Same-store sales in fiscal 2025 grew 2.9%."We expect a largely in-line (first-quarter) delivery even with a more difficult grocery/pharmacy backdrop to start the year," Parikh wrote. "We believe management has already incorporated headwinds related to egg deflation, the Inflation Reduction Act, and (Supplemental Nutrition Assistance Program) when the company provided guidance in early March."Kroger's first-quarter identical sales, excluding fuel, would be near the low end of the full-year range, driven primarily by continued egg deflation, Chief Financial Officer David Kennerley said during the earnings conference call in March, according to a FactSet transcript.Oppenheimer is also projecting a 1% identical sales increase for the quarter, while Wall Street is looking for a 1.1% growth."We view this report as one of the most anticipated ones in a while as investors await a strategic update from new CEO Greg Foran on plans to more aggressively reduce prices," Parikh said. Foran took over in February.But with Kroger still evaluating recent efforts, Oppenheimer believes the company is unlikely to unveil new comprehensive strategic plans until later this year.The brokerage has a perform rating on the stock, without any price target."(Kroger) shares remain on our radar with valuation a key positive," Parikh said.Price: $63.67, Change: $-0.40, Percent Change: -0.62%

$KR

US Markets7d ago

SpaceX Agrees to Acquire Cursor Parent Anysphere in $60 Billion Deal

Space Exploration Technologies (SPCX) has agreed to acquire Anysphere, which operates artificial intelligence coding agent Cursor, in a deal worth about $60 billion, just days after the rocket and satellite company went public.The transaction, which requires approval from regulators, is expected to complete in the third quarter, SpaceX said in a regulatory filing Tuesday.SpaceX had been working with Cursor to "create the world's best coding and knowledge work AI," the former said on the X platform in April. At the time, the Elon Musk-led company said it had the right to acquire Cursor later this year for $60 billion or pay $10 billion for their collaborative work.SpaceX on Monday closed its IPO of about 638.9 million shares at $135 apiece, following its blockbuster Nasdaq debut on Friday. The underwriters fully exercised their option to buy an additional 83.3 million shares.Shares of the company increased 8.1% as trading got underway on Tuesday, pushing its market capitalization above $2.7 trillion, higher than Amazon's (AMZN) valuation.SpaceX soared 20% on Monday.In a note emailed on Monday, KeyBanc Capital Markets said the space sector's recent sell-off is "unwarranted," with the industry's long-term growth prospects remaining strong.Price: $212.74, Change: $+20.24, Percent Change: +10.51%

$AMZN$SPCX

US Markets7d ago

Olin, Huntsman Announce Merger Deal to Create Chemicals Company With Over $12 Billion in Revenue

Olin (OLN) and Huntsman (HUN) on Tuesday said they agreed to merge in an all-stock deal to create a larger North American chemicals company with more than $12 billion in annual revenue.Under the terms of the agreement, diversified chemical products maker Huntsman's shareholders will receive 0.5476 Olin shares for each share they own, the companies said in a joint statement.The transaction is expected to close in the first half of 2027, subject to regulatory and shareholder approvals. Upon completion, the combined company will be renamed OlinHuntsman. Olin shareholders are expected to own about 54.5% of the combined company, while Huntsman shareholders will own the remaining 45.5%.The combined company would have generated about $12.5 billion in 2025 revenue, the statement said. It is expected to serve a range of end markets including automotive, construction, infrastructure and industrial applications. OlinHuntsman will benefit from a lower cost position and a greater ability to convert its electrochemical unit production into downstream materials, creating new growth opportunities, according to the statement.The deal will also combine Olin's manufacturing and feedstock capabilities with Huntsman's downstream products and formulation expertise, while Olin's Winchester ammunition business will continue operating within the company."This combination provides a compelling opportunity for Olin and Huntsman to create a more resilient and value-focused chemicals company anchored in North America," Olin chief executive Ken Lane said.Olin and Huntsman expect the merger to generate more than $400 million in synergies and integration benefits.Upon closing of the transaction, Lane will lead the combined company, while Huntsman CEO Peter Huntsman will serve as non-executive chairman of the board. OlinHuntsman will be headquartered in Texas.Earlier this month, Huntsman said it sold its Italy-based automotive aftermarket components business Gomet to Trelleborg Group for about $50 million.

$HUN$OLN

US Markets7d ago

Stocks Rise Pre-Bell Ahead of Fed Policy Meeting; Traders Seek Details on US-Iran Peace Deal

US equity markets were tracking in the green before the open Tuesday as traders await the Federal Reserve's latest decision on interest rates and keep an eye out for more details on the peace deal between the US and Iran.The S&P 500 was slightly in the green, the Dow Jones Industrial Average edged up 0.1% and the Nasdaq added 0.2% in premarket activity. The S&P 500 and the Nasdaq finished Monday trading up for a third consecutive session, while the Dow notched a new all-time high.US markets will be closed on Friday for the Juneteenth National Independence Day holiday.The Fed's monetary policy committee is set to kick off its meeting on interest rates today, with a decision due tomorrow. Markets widely expect the central bank to keep its benchmark lending rate unchanged for a fourth consecutive meeting, according to the CME FedWatch tool."We expect the Warsh Fed to move slowly on interest rates, especially with expectations for an end to the war," D.A. Davidson said. "The Fed, however, could remove its easing bias (a view that rates will be lower over the medium term)."The Fed's so-called "dot plot" may signal no interest rate cuts until 2028, UBS Securities said Monday. The brokerage flagged the possibility of a tighter monetary policy amid the energy price shock stemming from the Middle East conflict.Treasury yields were down in premarket action, with the two-year rate retreating 1.2 basis points to 4.05%, while the 10-year rate was off 2.4 basis points to 4.45%.While markets remain optimistic following the US-Iran deal announcement, ship owners, traders and oil-producing nations are seeking more clarity on the terms of the agreement to end the war and reopen the Strait of Hormuz, Bloomberg News reported. Executives and officials said they need more details on the deal before resuming oil shipments through the key waterway, the report added."Flows through the Strait will take time to normalize even if the (memorandum of understanding) holds," Rystad Energy said in a note emailed toon Tuesday. "We are not going back to a pre-crisis oil market, but instead we are entering a more uncertain, more volatile one."West Texas Intermediate crude oil fell 2.5% to $78.73 a barrel before the open, while Brent slipped 2.4% to $81.18.The US and Iran are scheduled to sign their peace deal in Switzerland on Friday.Tuesday's economic calendar also has the housing starts and permits report for May at 8:30 am ET, along with the import and export prices data for the same month.SpaceX (SPCX) shares jumped 10% pre-bell after closing the previous trading session up 20%. Huntsman (HUN) fell 9.4% as it agreed to an all-stock merger of equals with Olin (OLN).John Wiley & Sons (WLY) reports its latest financial results before the bell, while La-Z-Boy (LZB) posts earnings after the markets close.Gold nudged 0.4% higher to $4,367 per troy ounce, while bitcoin slipped less than 0.1% to $66,586.

Dow JonesNasdaq CompositeS&P 500$HUN$OLN$SPCX$WLY

US Markets7d ago

ZEW: Germany's Economic Outlook Brightens in June as US-Iran Deal to End War Sparks Optimism

Investor sentiment on Germany's economic outlook unexpectedly turned positive in June amid hopes that the war in the Middle East would finally reach an end after the US and Iran agreed on a preliminary deal.The ZEW economic sentiment indicator for Germany improved to 10.5 points in June from -10.2 points in May, according to data published Tuesday by the research institute, which surveyed 190 analysts and institutional investors between June 8 and 15. The latest reading came in higher than the Investing.com consensus estimate of -5.8 points."The ZEW Indicator returns to positive territory as financial market experts expect the Iran conflict to be nearing an end. This is likely to ease the massive pressure on energy prices and inflation, which would benefit energy -intensive industries and private households and would strengthen domestic demand," ZEW President Achim Wambach said.On the other hand, the current economic situation indicator for the country worsened, falling to -81 points from the previous -77.8 points. Analysts expected the reading to come in at -77.5 points.Across various sectors, the expectations index for the automotive industry increased by 21.9 points to -35.3 points. The chemical and pharmaceutical industries, as well as the mechanical engineering, banks and insurance sectors were also among those that saw improved expectations. Meanwhile, the outlook for the construction industry deteriorated, dropping by 15.2 points to -12 points.In the wider euro area, the economic sentiment indicator climbed to 9.5 points in June from -9.1 points in May, better than market forecasts of -7.2 points. In contrast, the current economic situation indicator decreased by 2 points to -43.4 points.

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US Markets7d ago

Miami International Could Be Prediction Market Winner as Bettors Take Chances on Economic Data

A lesser-known exchange with an office in downtown Miami and under a year of public trading might offer investors opportunities to cash in on prediction markets expected to reach $1 trillion in volume by 2030, according to Piper Sandler.That's alongside established firms like CME Group (CME), which are seeing a rising number of bets placed on economic data from retail investors already lured in by sports predictions.Miami International (MIAX), which offers trading in equities, options and futures, sold an exchange license in January to Rothera, a joint venture between Robinhood Markets (HOOD) and options powerhouse Susquehanna International Group. The exchange retained a 10% stake in Rothera, where Robinhood intends to migrate its current prediction markets business and Susquehanna serves as a market maker."The potential upside from (Miami International's) 10% ownership in what could be one of the largest prediction market venues, given the players that are involved, could be very impactful to their earnings," Piper Sandler analyst Patrick Moley said in an interview with.The company's shares have gained about 35% since going public in August, and Moley said there's still room for growth."There is an expectation that that will be a driver of their earnings growth going forward," he said. Andy Nybo, a spokesman for Miami International, declined to comment.CME Chief Executive Terrence Duffy negotiated a deal last year to list Flutter Entertainment's (FLUT) FanDuel sports event-based contracts in part to bring more retail traders to the world's largest futures market. Along with sports, the contracts include whether stock indices will rise or fall, where commodity prices are headed and what the unemployment rate will be at month's end.And a growing number of investors and researchers are betting that crowdsourcing economic data offers a better guide than current economic forecasts.A Federal Reserve study earlier this year measured economic indicators on Kalshi and said prediction markets may be "a new benchmark for measuring expectations and informing monetary policy decisions."The researchers compared Kalshi predictions to data from the Fed's Survey of Market Expectations, federal funds futures markets, the consumer price index, gross-domestic product forecasts, surveys by Bloomberg and other traditional economic indicators."Kalshi's forecasts for the federal funds rate and CPI provide statistically significant improvements over fed funds futures and professional forecasters, all while providing continuously updated full distributions rather than infrequent point estimates," the report said.Shares of Robinhood also may benefit from the expansion of prediction markets because of the potential for increased revenue through the Rothera deal, according to Piper Sandler's Moley. The stock is up 36% over the past year."If they keep the pricing the same, it's a 45% boost in Robinhood's economics for whatever they route through Rothera," he said.Still, prediction markets have been controversial. Lawsuits are pitting the federal government against states, heated legislative hearings have been held and a host of interested parties including the casino industry, Native American tribes, anti-gambling advocates, exchanges and sports-betting companies all have a dog in the fight.CME's Duffy said he has a complicated relationship with prediction markets. "I will say personally, I believe that sports predictions are gambling," Duffy said in an interview with. "I list them because the government says I can. It doesn't mean I have to like it."He welcomed the customers FanDuel brings to CME and said ensuring they understand the risks of trading is an important concern. Duffy doesn't, however, subscribe to the theory that prediction markets are an improvement on current forecasting tools."These are not replacement vehicles for markets," he said. "These are a sentiment not too dissimilar than a dot plot by the Fed governors or other participants who think what the economic indicators may or may not be."He also took issue with contracts that can be easily manipulated or cause harm. A US soldier earlier this year was accused of allegedly using classified intelligence to win over $400,000 on Polymarket through a contract on when Venezuelan president Nicolas Maduro would be captured.The soldier was indicted in April for "unlawful use of confidential government information for personal gain," wire fraud and other charges."If the prediction is, 'will Maduro be captured by a certain date?' my answer to you is all those people should be in jail," Duffy said. "I'm not talking about the soldier, I'm talking about the people who list those kind of markets and the people who approve those kind of markets that are susceptible to manipulation."Susquehanna has been among the first investors to stake a claim on the data-driven part of prediction markets. Jeremy Maletz, head of macro trading and prediction markets at Susquehanna, said in a recent Futures Industry Association podcast that the field was wide open after regulators cleared the way for how prediction markets can operate."The life cycle went from a year to a day in terms of how you create a product, and it means that you can kind of create whatever there is and respond to the changing demands of the market," Maletz said on the podcast.Susquehanna and Robinhood declined to make executives available for comment.Rothera began trading June 1 and recorded $26 million in volume as of June 8, according to a weekly report by Piper Sandler's Moley. Sports still dominates prediction market volumes, but the analyst said non-sports contracts continue to grow."A lot of the contracts on economic indicators, they lack a ton of liquidity, but the data and its relevance to large institutions is very valuable," Moley said.Matthew Leising

$CME$FLUT$HOOD$MIAX

US Markets7d ago

Tractor Supply Likely to Report Comparable Sales Decline Amid Housing, Consumer Spending Challenges, Truist Says

Tractor Supply (TSCO) is likely to report a decline in comparable sales for the second quarter amid a challenging housing and property market and weak consumer spending, Truist Securities said in a Tuesday client note.The brokerage now estimates the rural lifestyle retailer to post a 2% decrease in comparable sales for the ongoing three-month period, compared with its previous forecast for growth of 1.5%. The current consensus on FactSet is for Tractor Supply's same-store sales to increase by 1.3%."Our reads indicate that the quarter started fine but then faded at the end of April through May and early June," Truist Managing Director Scot Ciccarelli said in the note. "While there are still a few weeks left, we think the company is likely too far behind to hit our prior 1.5% (comparable sales) estimate."Truist projects Tractor Supply's per-share earnings to come in at $0.77 for the second quarter, down from its prior estimate of $0.86. The Street is looking for $0.85.Tractor Supply is scheduled to release its latest financial results next month.Macro factors such as a weak housing market and softer consumer trends are weighing on Tractor Supply, according to Truist. Additionally, lower dog ownership, which management has flagged as a concern, appears to be a larger issue than previously expected, the brokerage added.Large farm dogs have historically been Tractor Supply's "bread and butter" and an important driver of traffic, Ciccarelli said. Fewer large dogs due to household cost problems effectively lowers the retailer's total addressable market in a key category.Truist believes it would be prudent for Tractor Supply to revise its full-year expectations if the brokerage's latest data and projections turn out to be correct. The brokerage also pointed to increased competition from major players such as Lowe's (LOW), Walmart (WMT) and Amazon (AMZN) as a headwind to comparable sales."We suspect that Tractor will need to accelerate growth to disprove this thesis," Ciccarelli said.Truist lowered its price target on Tractor Supply's stock to $32 from $44 and maintained its hold rating on the shares.

$TSCO

US Markets7d ago

Hong Kong's Trade Volumes Rise in April on Growing AI Demand

Hong Kong's exports and imports both rose in April on the back of growing AI demand.The volume of exports increased 32.3% and imports climbed 34% from a year earlier, according to Tuesday data from the Census and Statistics Department.April's export volume was higher than that in March, which rose 28.8%, but imports slightly slid from the previous month's growth of 34.6%.Moreover, the value of Hong Kong's exports jumped 42.9% and imports rose 44.4% during the same month.Meanwhile, export and import prices rose 8.1% and 8%, respectively, in April from a year earlier.The rise in exports was attributed to increases in raw materials and semi-manufactured and capital goods, which climbed 41.9% and 27.2%.The imports of semi-manufactures and capital goods, which rose a respective 44% and 29.4%, were also the main drivers for the increase in import volumes.The growing demand for artificial intelligence is a huge factor for driving Hong Kong's trade, despite the risk of geopolitical tensions."Looking ahead, resilient global demand for AI-related electronic products should provide continued support to Hong Kong's merchandise trade performance," a government spokesperson said. "Yet, heightened geopolitical tensions in the Middle East could pose a salient risk in the near term through disrupting supply chains, driving up transport costs and undermining global demand."More and more AI companies have been listing on the Hong Kong Stock Exchange this year. Between January and May, funds raised from IPOs, especially from the listings of Chinese AI companies, more than doubled year on year to HK$166.8 billion. Among the startups that have applied for a Hong Kong listing are Knowledge Atlas Technology (HKG:2513), also known as Zhipu AI, and MiniMax (HKG:0100), according to a June 11 report on Nikkei Asia.In terms of export volume, Hong Kong's top three export partners are Taiwan, Vietnam and China, which jumped 61.7%, 55.9% and 29.5%, respectively.Meanwhile, the biggest import volumes were from South Korea, Vietnam and the mainland, with respective growth of 86.2%, 81.4% and 35.5%.

Hang Seng

US Markets7d ago

Rathbones Group Shares Slide After UK FCA Review Triggers GBP60 Million Remedial Program

Shares of Rathbones Group (RAT.L) fell sharply on Tuesday morning in London after the wealth manager disclosed that it expects to incur 60 million pounds sterling in additional costs to address compliance-related shortcomings identified in a regulatory review.The so-called skilled person review, prompted by the UK's Financial Conduct Authority, uncovered issues within the group's UK wealth management business. According to a same-day filing, the areas requiring improvement included the implementation and embedding of consumer duty, as well as certain aspects of the firm's compliance, oversight and assurance arrangements, according to a same-day filing.The company's shares were down more than 16% in early morning trading.To rectify these issues, Rathbones will launch a two-year remediation program expected to cost 60 million pounds, net of insurance recoveries. The firm said its dividend and stock buyback policies will remain unchanged.As part of the program, the company will suspend onboarding of enhanced due diligence clients for up to 12 months while it strengthens its procedures and controls. Over the past 12 months, the gross inflow from such clients totaled 370 million pounds.Rathbones will also temporarily restrict inflows into general investment accounts from some of these existing clients until certain requirements are met. The affected clients represent 4% of its customer base and contributed gross inflows of 530 million pounds in the last 12 months.Separately, the investment manager will also cease charging investment management fees on cash balances held within clients' discretionary portfolios, starting July 1. The company expects this change to result in a 9 million-pound impact on its full-year 2026 underlying profit before tax.Rathbones Chief Executive Jonathan Sorrell said, "The work we are undertaking will support and accelerate our vision to be the best wealth manager in the UK, by far. Our strategy is unchanged and we continue to make strong progress against the plan set out in February."

$RAT.L

US Markets7d ago

Italian Regulator Probes Apple Over Potential Breach of EU Digital Markets Act

Italy's antitrust watchdog began an investigation into US-based Apple Inc. (APC.F) and its business units Apple Distribution International and Apple Italia for apparently not keeping alternative consumer cloud systems on "equal footing" with the company's own iCloud.Under the European Union's Digital Markets Act, Apple is obligated to offer third-party providers of consumer cloud services free and effective interoperability with the hardware and software features of its iOS and iPadOS operating systems, the Italian Competition Authority said Tuesday.However, third parties may not have access to the same features of the operating systems that are provided to iCloud, indicated the regulator, which is also known as AGCM. As an example of potential noncompliance with the DMA's interoperability rule, the AGCM elaborated that alternative cloud storage services are not allowed to perform a full backup of users' devices, unlike the technology company's iCloud."This marks the first time the Authority exercises its powers under Article 38(7) of the DMA, specifically conferred on it by Law 214 of 30 December 2023, the "2022 Annual Law on Pro-competitive Reforms" and, in particular, Article 18, "Measures for the implementation of Regulation (EU) 2022/1925 of the European Parliament and of the Council of 14 September 2022 on contestable and fair markets in the digital sector," the AGCM said.The investigation was launched in close cooperation with the European Commission, and the results will also be shared with the body, which acts as the sole DMA enforcer.The latest inquiry into Apple follows the imposition of a 98.6 million-euro fine in December 2025 over the company's abuse of its dominant position through its App Tracking Transparency policy. The ACGM has also investigated the tech giant multiple times over the past 15 years.Apple did not immediately respond to a request for comment from. The company's Frankfurt-traded stock slipped marginally during early morning trading.

$APC.F

US Markets7d ago

Australia's Central Bank Pauses Tightening Cycle, Leaves Door Open for Further Rate Hikes

Australia's central bank has paused its policy-tightening cycle amid a slowdown in consumer spending and continued uncertainty surrounding the economy, but warned that further rate hikes remain on the cards given persistently high inflation.Policymakers at the Reserve Bank of Australia on Tuesday unanimously voted to hold the cash rate target at 4.35%, following three consecutive rate hikes this year that triggered a tightening of financial conditions.The decision came as no surprise, with the investment arms of Bank of America and HSBC forecasting a pause based on recent economic indicators that showed both housing momentum and the labor market softening.Australia's unemployment rate was higher than expected in April, and housing prices have declined in some capital cities, the central bank said in a statement reporting the decision. It added that while a resolution to the Middle East conflict appears within grasp, oil supply disruptions will take time to settle, and inflation is likely to stay elevated for a while longer.The pause in the cycle follows the Australian economy growing by a seasonally adjusted 0.3% in the March quarter, decelerating from growth of 0.9% in the previous three-month period. The country's unemployment rate rose to 4.5% in April from 4.3% in March, adding to deliberations on borrowing costs.The central bank said it will continue to assess the response to previous interest rate hikes, and will do whatever is needed to keep a lid on inflation, "including increasing the cash rate target further if required."At a press conference after the decision, central bank Governor Michele Bullock said the domestic economy is expected to slow further in the current quarter, which should help rein in inflation. She added that the bank did not consider a hike at this meeting, but reiterated that the pause does not rule out further tightening.Commenting on the Australian Fair Work Commission's decision to increase the national minimum wage by 6% and minimum award wages by 4.75%, Bullock said the outcome was higher than what the central bank had factored into its forecast.

ASX 200

US Markets7d ago

China Retail, Investment Fall to Post-Pandemic Lows Despite Industrial Output Strength

Chinese retail sales, fixed-asset and real estate investment fell to levels only seen since the COVID-19 pandemic even as tensions in the Middle East have de-escalated.Retail sales fell 0.6% year over year to 4.109 trillion yuan in May, according to data from the National Bureau of Statistics released Tuesday.The May reading reversed the 0.2% increase recorded in April. It missed the consensus forecast for a flat movement as tracked by Investing.com.The decline was the first since China reopened from strict COVID-19 lockdowns in late 2022, when retail sales plunged 11.1% in April of that year, Bloomberg reported separately Tuesday.Consumer confidence remained soft while stimulus also stayed small, which could have led to dismal retail sales, ING Chief Economist for Greater China Lynn Song said in a note.Fixed-asset investment fell 4.1% year over year in the first five months of the year, sharper than the 1.6% decline seen in the January-April period and the deepest since the 3.8% decline for the whole of 2025.It also missed a forecast of a 2.3% decline as tracked by Investing.com.In contrast, China's industrial production grew 4.5% year over year in May, higher than the 4.1% expansion recorded in April and beat the consensus forecast of a 4.4% growth tracked by Investing.comBy sector, manufacturing output edged up 4.4%, mining grew 2.3%, and utilities climbed 7.6%.On a monthly basis, industrial output rose 0.4%.From January to May, the value added of industries above the designated size increased by 5.4% year on year.Industrial production for sectors usually helped by real estate, such as cement, steel, and glass, saw falls of 8.1%, 2.8%, and 6.3%, the NBS said.The fall in these sectors also echoes the plunge in real estate investments to 16.2% year over year in the first five months, faster than the 13.7% decline in the first four months.New home prices in China's 70 major cities decreased by 3.5% year over year in May, according to calculations of NBS data by Trading Economics."It remains too early to confidently call a bottom for the property market, as prices continue to decline, and inventory levels remain high," Song said.China's industrial energy production was mixed in May, with raw coal and natural gas output falling year over year, while crude oil and electricity output were up.Raw coal production slipped 1.7% year over year to 400 million tons, compared with a 1% decrease in the previous month.Crude oil output edged up 0.5% year over year to 18.6 million tons, while natural gas production decreased 2.2% to 21.7 billion cubic meters.Electricity output rose 4.2% to 784.3 billion kilowatt-hours, sharper than the 2.6% increase in April.Unemployment fell to 5.1% in May, lower than the consensus of 5.2% tracked by Investing.com and also lower than the 5.2% slide in April.

Shanghai Composite^SZSE

US Markets7d ago

Bank of Japan Lifts Interest Rates to 31-Year High Amid Oil-Driven Price Pressures

Japan's central bank raised interest rates to their highest level in three decades on Tuesday, as policymakers grew more concerned about inflation risks stemming from higher energy costs.The Bank of Japan increased its short-term policy rate by 25 basis points to 1.0% from 0.75% at the conclusion of its two-day policy meeting.The move lifts Japan's benchmark interest rate to its highest level since 1995 and marks the latest step in the central bank's effort to normalize monetary policy after years of ultra-loose settings.The central bank said Japan's economy has recovered moderately, although some weakness has been observed, partly due to the impact of the situation in the Middle East.While higher crude oil prices have weighed on economic activity, the central bank said the economy has generally been supported by factors such as strong corporate profits, improving employment and income conditions, and government measures to reduce the burden of higher energy costs."Japan's economy has been developing generally in line with the baseline scenario, which expects that the economy will continue growing moderately, albeit at a decelerated rate," the BOJ said.On prices, the central bank said consumer inflation excluding fresh food has recently remained below 2%, partly due to government measures to ease household energy costs.However, it warned that the pass-through of higher crude oil prices has been progressing relatively quickly in business-to-business transactions and could spread to consumer prices across a wide range of goods."There is a risk of underlying CPI inflation deviating upward to a level above the price stability target of 2 percent," the BOJ said.The central bank said medium- to long-term inflation expectations have continued to rise, while financial conditions remain accommodative and real interest rates remain negative."In view of these developments in economic activity and prices as well as financial conditions, the Bank judged it appropriate to adjust the degree of monetary accommodation from the perspective of sustainable and stable achievement of the price stability target of 2 percent," it said.Looking ahead, the BOJ said it will continue to raise the policy interest rate and adjust the degree of monetary accommodation in response to developments in economic activity, prices, and financial conditions.The central bank said it would consider the timing and pace of future adjustments while closely monitoring the impact of developments in the Middle East on Japan's economy and inflation outlook.The decision was made by a 7-1 vote. Governor Kazuo Ueda missed the meeting and did not vote due to a two-week hospital stay for an infected liver cyst, according to a Reuters report.Board member Toichiro Asada dissented, arguing that downside risks to production and employment from the situation in the Middle East outweighed upside risks to prices and that the current policy setting should be maintained.Attention will now turn to remarks from Deputy Governor Shinichi Uchida, who is scheduled to brief reporters in place of Ueda and could offer further clues on the timing and pace of future rate increases."I expect a hawkish message today. But the BOJ seems intent on avoiding saying anything that could be taken as a firm commitment, so I do not think it will provide many concrete hints," Masato Koike, senior economist at Sompo Institute Plus, was quoted as saying by Reuters.

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US Markets7d ago

South Korea's Export Price Growth Quickens in May on Chip Surge

South Korea's export price index surged 46.9% year on year in May on a Korean won basis, accelerating sharply from a revised 41.3% gain in April, according to preliminary data from the Bank of Korea on Tuesday.The rally in semiconductor-linked products pushed the headline index to its sharpest increase since March 1998.On a month-over-month basis, the export price index inched up 0.3%, easing from the 7.5% gain recorded in April, suggesting the pace of monthly increases is stabilizing.On the import side, prices rose 24.8% from a year earlier, also accelerating from April's revised 20.5% increase. While prices edged down 0.3% from the prior month, the pace of drop eased from the 2.1% monthly decline in April.The sustained drop in import prices on a monthly basis, combined with the widening in export price gains, helped push South Korea's net barter terms of trade (NBTT) index up by 18.7% from a year earlier.The latest print was up from 14.3% in April, extending a streak of improving purchasing power for Korean exporters.The NBTT measures the quantity of imports that can be purchased per unit of exports relative to the 2020 base year.The export price acceleration was driven by a double-digit jump in export prices of agricultural, forestry and marine products, as well as manufacturing products.Within the manufacturing cluster, export prices of computers, electronic and optical equipment soared 104% year over year in May, driven by a boom in semiconductor products. The category accounts for 29% of overall export prices.South Korea recently reported that trade surplus hit an all-time high in May, boosted by strong chip exports that pushed overall shipments to their fastest growth in four decades.Semiconductor exports alone surged 169% to $37.2 billion during the month, led by capital investments by US tech companies. ING noted that chip exports accounted for 42.3% of South Korea's overall exports in May.Strong demand for chips recently translated into surging equity valuations for South Korea's tech giants, with SK Hynix (KRX:000660) joining the $1 trillion market capitalization club for the first time alongside rival Samsung Electronics (KRX:005930)."Market sentiment appears to be shifting toward the view that the semiconductor upcycle will last longer than previously expected," BNP Paribas economist Jeeho Yoon was quoted by Bloomberg as saying recently.

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US Markets8d ago

Space Sector's Sell-Off 'Unwarranted' as Long-Term Growth Prospects Intact, KeyBanc Says

The space sector's recent sell-off as Space Exploration Technologies (SPCX) headed to public markets is "unwarranted," with the industry's long-term growth prospects remaining strong, KeyBanc Capital Markets said in a note emailed Monday.SpaceX -- Elon Musk's rocket and satellite company -- surged 20% on Monday after finishing its trading debut on Friday up 19%.Space companies Rocket Lab (RKLB), Firefly Aerospace (FLY) and Intuitive Machines (LUNR) plunged on Friday. The sector sold off sharply over the weeks leading up to SpaceX's Nasdaq debut, KeyBanc said."We think this (sell-off) is unwarranted and largely systematic in nature, as funds make room for the space behemoth," KeyBanc analyst Michael Leshock said. "The same macro drivers that drove the space sector's growth over the past two years have only accelerated and are not contingent on whether (SpaceX) is a publicly traded company."The brokerage said the sector's growth profile is backed by a number of factors, including inadequate rockets to meet the demand of spacecraft and satellites that want to be in orbit.Meanwhile, the proposed US defense budget for 2027 includes $56 billion for space systems, which would mark nearly a doubling in funding versus 2026, Leshock said."There is a significant push by the US government to advance its capabilities in space," Leshock said. "Adversaries of the US, including China and Russia, have demonstrated advanced on-orbit capabilities in recent years, and this has pressured the US to continue increasing investment in these areas."Additional growth factors include the National Aeronautics and Space Administration's initiatives to build a Moon base and a wave of industry consolidation, according to the note.KeyBanc upgraded ratings on Rocket Lab and Firefly Aerospace to overweight from sector weight and established price targets of $135 and $50, respectively."We see unique, (long-term) growth avenues for both," Leshock wrote.Rocket Lab's stock rose 6.7% on Monday, up nearly 57% so far this year. Firefly shares gained 4.7%, bringing year-to-date gains to 49%.Rocket Lab has the capability to eventually build its own satellite constellation, ultimately adding high-margin, subscription-based revenue streams in the future, the brokerage added."(Rocket Lab) is the clear #2 to (SpaceX), and could achieve a similar growth trajectory to (SpaceX) over time," Leshock wrote.Firefly is among the top commercial space companies with exposure to NASA's lunar initiatives, Leshock said.

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US Markets8d ago

Update: Dow Climbs to Record, Oil Tumbles Following US-Iran Framework

(Updates with market moves at the end of the day.)The Dow Jones Industrial Average notched a new all-time high on Monday as a framework between the US and Iran to reopen the crucial Strait of Hormuz sent oil prices tumbling.The Dow rose 0.9% to settle at 51,671, topping its previous closing high recorded on June 4. The Nasdaq Composite jumped 3.1% to 26,683.9, while the S&P 500 climbed 1.7% to 7,554.3 -- both indexes advancing for a third consecutive session.Most sectors were in the green, led by technology's 3.4% gain, while energy saw the steepest drop.US markets will be closed Friday for the Juneteenth National Independence Day holiday.The US and Iran have reached an agreement to end their war and reopen the Strait of Hormuz after more than three months of conflict that disrupted regional stability and global shipping routes.The strait -- the world's most important chokepoint for crude flows -- has remained effectively closed since the US-Israel war with Iran began at the end of February.West Texas Intermediate crude oil was down 4.1% at $81.39 a barrel in Monday late-afternoon trade, while Brent fell 4.1% to $83.73.In the US, gasoline prices averaged $4.065 per gallon on Monday, compared with $4.164 a week earlier and $4.528 a month ago, according to AAA, a travel organization that tracks fuel prices in the country.While the US-Iran agreement lifts sentiment, analysts flagged potential implementation risks.US Treasury yields were lower, with the two-year rate last down 1.4 basis points at 4.08% and the 10-year rate falling 1.1 basis points to 4.48%.The Federal Reserve is scheduled to kick-off its two-day monetary policy meeting Tuesday, with Chair Kevin Warsh at the helm for the first time. Policymakers are widely expected to leave their benchmark lending rate unchanged Wednesday, which would mark their fourth consecutive pause, according to the CME FedWatch tool."We expect the Warsh Fed to move slowly on interest rates, especially with expectations for an end to the war," D.A. Davidson said. "The Fed, however, could remove its easing bias (a view that rates will be lower over the medium term)."The central bank's so-called "dot plot" may signal no interest rate cuts until 2028, said UBS Securities, which flagged the possibility of a tighter monetary policy amid the energy price shock stemming from the Middle East conflict.In economic news, US industrial production increased less than estimated in May as nondurable manufacturing fell, while mining output increased, Fed data showed.US homebuilder confidence declined this month as rising material costs and high mortgage rates stoked affordability concerns, the National Association of Home Builders and Wells Fargo said.SpaceX (SPCX) surged 20%, after the Elon Musk-led company finished its trading debut on Friday up 19%.Nvidia (NVDA) rose 3.5%, the second-biggest gainer on the Dow. Nvidia is looking to raise at least $20 billion from its first corporate bond sale since 2021, Bloomberg reported, citing people with direct knowledge of the matter.Micron Technology (MU) shares deserve a higher valuation amid a stronger memory cycle driven by artificial intelligence demand and tight industry supply, RBC Capital Markets said. The brokerage raised its price target for Micron to $1,200 from $525 and maintained an outperform rating.Micron's stock rallied 11%.In company news, Fox (FOX, FOXA) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion, creating a media and technology entity with one of the largest streaming businesses in the US.Fox's class A and B shares slid about 17% and 15%, respectively, the worst performers on the S&P 500, while Roku fell 1.9%.Payoneer (PAYO) agreed to be acquired by Canada's Nuvei in an all-cash transaction valued at about $2.75 billion, creating a global platform for local and cross-border commerce. Payoneer climbed 4.2%.Accenture (ACN), Jabil (JBL) and Kroger (KR) are scheduled to report their latest quarterly financial results later this week.Gold was last up 2.5% at $4,342.80 per troy ounce, while silver rose 3.4% to $70.29 per ounce.

Dow JonesNasdaq CompositeS&P 500$ACN$FOX$FOXA$JBL$KR$MU$NVDA$PAYO$ROKU$SPCX

US Markets8d ago

US Among Countries With Highest War-Driven Inflation Gains, IMF Says

The US is among countries with the highest gains in annual inflation from February, when the Middle East conflict began, the International Monetary Fund said in a blog post Monday.The US saw a jump of more than 1.5 percentage points in headline inflation, with only France and Italy recording higher increases, the IMF said.Last week, US data showed annual inflation hit a three-year high of 4.2% in May, driven by higher energy prices in the aftermath of the Iran war.The US and Iran have agreed to end their war and reopen the critical Strait of Hormuz, but analysts remained skeptical as the deal faces potential implementation risks.Fertilizer and food costs are also on the rise, increasing the risk of food insecurity, the IMF said. While higher oil prices are accelerating inflation across many economies, medium-term expectations remain well-anchored."The combination of economic resilience and technological advancements have helped to cushion the impact of the energy supply shock on growth at the global level and there have been bright spots within regions," IMF Managing Director Kristalina Georgieva said. "But there are countries that are harder hit, largely depending on geography, degree of energy dependence, and available policy space."The Middle East and North Africa suffered the most severe economic blow from the war, with a two percentage point downward revision to the region's cumulative 2026-2027 growth."Oil exporters around the Gulf that are directly affected by the war face steep downward revisions to growth this year, with five out of eight countries seeing outright contractions," Georgieva said.The Iran war has impacted global financial conditions, but it doesn't signal a slowdown yet, according to the IMF blog."We have seen strong economic momentum in the world's biggest economies, the United States and China," Georgieva said.

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US Markets7d ago

Miami International Could Be Prediction Market Winner as Bettors Take Chances on Economic Data

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