Financial News · Live Terminal

Page 7 of 58

Update: Equity Markets Rally Intraday, Oil Tumbles Following US-Iran Deal

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday, while oil prices sank as markets cheered an agreement between Washington and Iran to end their war and reopen the crucial Strait of Hormuz.The Nasdaq Composite was up 3.1% at 26,677.8 after midday Monday, while the S&P 500 rose 1.9% to 7,569.3. The Dow Jones Industrial Average gained 1.3% to 51,878.1. Most sectors were in the green, led by technology's 3.3% advance, while energy saw the steepest drop.On Sunday, US President Donald Trump said that a deal with Iran was "complete" and that he authorized the immediate removal of the US naval blockade of Iranian ports. In a separate social media post, Trump said the Strait of Hormuz will reopen for mine removal upon the signing of the peace agreement, scheduled for Friday in Switzerland.The strait has been effectively shut since the end of February, when the US and Israel launched joint strikes on Iran.West Texas Intermediate crude oil was down 5.3% at $80.41 a barrel intraday Monday, while Brent fell 4.9% to $83.02."The market driver is an alleged peace framework between the US and Iran that does have the advantage of getting oil flowing through the Strait of Hormuz, at least for now," Scotiabank said in a note.Separately, Rystad Energy said the US-Iran peace framework has lifted sentiment, but it will take time for oil supply to improve meaningfully.US Treasury yields were lower intraday, with the two-year rate down 2.5 basis points at 4.06% and the 10-year rate falling 1.5 basis points to 4.47%.The Federal Reserve is scheduled to kick-off its two-day monetary policy meeting Tuesday. 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.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."We have been saying since early March the energy price increase and potential supply disruptions (amid the Iran war) widened the potential outcomes for the future path of the funds rate, including rate hikes," UBS said in a note.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."Costly and inefficient regulatory policy is clearly impeding the ability of builders to increase the housing supply," NAHB Chief Economist Robert Dietz said. "Easing permitting bottlenecks, density limits and inefficient zoning rules would help reduce costs and support the housing growth the nation needs."SpaceX (SPCX) was up 14% intraday, after the Elon Musk-led company finished its trading debut on Friday up 19%.Certain other big tech names were also higher intraday Monday, with Nvidia (NVDA) up 3.5%, among the best performers on the Dow. Microsoft (MSFT) rose 2.3%.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 were down 16% and 15%, respectively, the worst performers on the S&P 500, while Roku fell 1.8%.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 shares were up 4.1%.Accenture (ACN), Jabil (JBL) and Kroger (KR) are scheduled to report their latest quarterly financial results later this week, along with others.US markets will be closed Friday for the Juneteenth National Independence Day holiday.Gold was up 2.9% at $4,360.80 per troy ounce, while silver climbed 3.6% to $70.42 per ounce.

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

US Markets8d ago

Fed Dot Plot May Signal No Rate Cut Until 2028, UBS Says

The Federal Reserve's so-called "dot plot" later this week 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.The Federal Open Market Committee kicks off its two-day policy meeting Tuesday. Markets widely expect policymakers to leave their benchmark lending rate unchanged Wednesday, which would mark their fourth consecutive pause, according to the CME FedWatch tool.The Fed is also scheduled to publish its latest Summary of Economic Projections, or SEP, document Wednesday. The SEP includes the so-called dot plot, which anonymously shows 19 individual members' expectations regarding monetary policy. The document also contains estimates on economic growth, inflation and unemployment."We expect the assumptions of appropriate policy in the updated (SEP) show the median participant assumes no rate cuts are appropriate until 2028," UBS economists, including Jonathan Pingle, said in a note e-mailed Monday. "We expect the SEP to show a rate cut in 2028, but policy remains restrictive."The SEP is also expected to show upward revisions to policymakers' inflation outlook, according to the note to clients.Under its base case, UBS expects the FOMC to remain on a "prolonged hold," though it may need to increase interest rates."We have been saying since early March the energy price increase and potential supply disruptions (amid the US/Israel war with Iran) widened the potential outcomes for the future path of the funds rate, including rate hikes," Pingle said.UBS outlined three reasons why the FOMC might tighten monetary policy. These include a scenario where inflation expectations look unanchored, or if policymakers want to better align aggregate demand with supply. The third reason is risk management."If inflation in the second half of the year does not show signs of slower monthly changes, the FOMC risks a bigger inflation problem," Pingle wrote. "They may need to reposition policy to better address the risks to the outlook."The upcoming meeting will be Kevin Warsh's first as Fed chair, who assumed the role last month, replacing Jerome Powell."We do not know (Warsh's) policy view with any confidence; we have a guess but we do not know for sure what his monetary policy reaction function might be," Pingle said. "Which Kevin Warsh steps up to the podium? Is he a hawk or dove? Both are potential risks to market pricing."The US and Iran have reached an agreement to end their war and reopen the crucial Strait of Hormuz after more than three months of conflict that disrupted regional stability and global shipping routes.

US Markets8d ago

Builder Confidence Weakens Amid Rising Material Costs, High Mortgage Rates

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 Monday.The housing market index, which covers new single-family homes, fell two points sequentially to 35 in June, compared to a 37 reading in a survey compiled by Bloomberg."With the nation short about 1.2 million homes, builder sentiment will remain soft until barriers are eased and conditions improve for home building," NAHB Chairman Bill Owens said. "Congress can help by passing the major housing package now before the Senate, along with the CONSTRUCTS Act to address the construction labor shortage and the Energy Choice Act to prevent state and local bans on natural gas in new homes."Last week, government data showed annual inflation hit a three-year high 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 pointed to potential implementation risks.The index gauging sales conditions decreased two points sequentially to 38 in June, the NAHB survey showed Monday. The measure charting future sales was unchanged at 45, while the prospective buyers index stayed at 25, according to the report.About 35% of homebuilders cut prices this month, compared with 32% in May. The average price reduction was 6% in June, flat from a month ago.The average interest rate for 30-year fixed mortgages with conforming loan balances of $832,750 or less climbed to 6.6% in the week ended June 5 from 6.57% a week earlier, the Mortgage Bankers Association said Wednesday. Mortgage applications in the US climbed 11% as both refinancing and purchase activity picked up."Costly and inefficient regulatory policy is clearly impeding the ability of builders to increase the housing supply," NAHB Chief Economist Robert Dietz said. "Easing permitting bottlenecks, density limits and inefficient zoning rules would help reduce costs and support the housing growth the nation needs."

US Markets8d ago

May Industrial Production Rises Less Than Expected

US industrial production increased less than estimated in May as nondurable manufacturing fell, while mining output increased, Federal Reserve data showed Monday.Industrial output inched up 0.1% last month following a 0.9% rise in April, the Fed said. The consensus was for a 0.3% increase in a survey compiled by Bloomberg.Nondurable manufacturing output declined 0.9% in May amid drops in most categories, while the durable component increased 0.8%, led in part by a 1.2% rise in motor vehicles and parts production.Overall manufacturing output was unchanged last month following a 0.7% gain in April.Mining production rose 1.3% after a 0.2% gain, while utilities output decreased 0.4% following a 2.2% rise, Fed data showed.Capacity utilization rose to 76.2% last month from 76.1% in April, according to the report.Earlier this month, separate surveys by the Institute for Supply Management and S&P Global (SPGI) showed the US manufacturing sector expanded to its highest level in four years last month amid strength in demand and production, though price pressures remained elevated.Price: $429.11, Change: $+10.20, Percent Change: +2.43%

$SPGI

US Markets8d ago

US-Iran Deal Unlikely to Boost Oil Supply Immediately, Rystad Energy Says

A US-Iran peace framework that includes the expected reopening of the Strait of Hormuz has lifted sentiment, but it will take time for oil supply to improve meaningfully, Rystad Energy said in a note emailed Monday.Washington and Tehran have agreed to end their war that has rattled energy markets amid supply disruptions, production shut-ins and damage to energy facilities in the Gulf region.The Strait of Hormuz -- 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.A formal signing of the US-Iran deal is scheduled to take place in Switzerland on Friday."A return to normalized market conditions immediately upon signature in Switzerland would look optimistic, as sentiment has clearly improved," Rystad Chief Economist Claudio Galimberti said. "But sentiment is not the same as supply."West Texas Intermediate crude oil was down 5.2% at $80.46 a barrel, while Brent fell 4.9% to $83.08."It will take time for production to ramp back up, for logistics to normalize, and for the risk premium embedded in crude prices to dissipate, particularly given that the structural shift implied by the (United Arab Emirate's) exit from OPEC+ is not reversed by any near-term diplomatic outcome," Galimberti said.The UAE ended its more than five decades of the Organization of the Petroleum Exporting Countries' membership in May.The US-Iran framework paves the way for another round of negotiations on Tehran's nuclear program, while Iran seeks sanctions relief. Kazem Gharibabadi, Iran's deputy foreign minister, said Sunday that a 60-day period of talks after Friday will depend on whether the US would meet its commitments, especially the release of frozen Iranian funds, CNN reported.The framework faces potential implementation risks."A signed agreement is not a functioning one, and the sequencing dispute, with both sides insisting the other must move first, remains the main fault line, while Lebanon continues to represent a wildcard that neither Washington nor Tehran fully controls," Galimberti said.

US Markets8d ago

Payoneer to be Acquired by Canada's Nuvei in $2.75 Billion Deal

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.The US payments firm's shareholders will receive $7.40 in cash for each share owned, the companies said Monday. Payoneer's shares closed at $6.75 on Friday."By combining complementary capabilities, we can offer businesses a more complete platform to accept payments, send funds, issue cards, manage treasury and (foreign exchange) needs, and access embedded financial services -- at scale," Nuvei Chief Executive Phil Fayer said in a statement.Upon closing, the combined company is expected to generate about $3 billion in annual revenue and process more than $500 billion in annual payment volume for over 2.4 million customers, the companies said.Payoneer's shares were up 4.2% in Monday trade.The deal combines Nuvei's payment acceptance platform with Payoneer's cross-border payouts, multi-currency account and banking network. The combined company offers a unified infrastructure for businesses operating across platforms such as Amazon (AMZN), eBay (EBAY), Walmart (WMT) and Airbnb (ABNB).The transaction is expected to support Nuvei's emerging financial models, including agentic commerce and stablecoin payments, the companies said. Payoneer has an established regulatory footprint in key markets, including China and India.The deal, which requires approval from regulators and clearance from Payoneer's shareholders, is expected to complete by mid-2027."Together, we will reach more businesses, in more markets, with a more complete platform," Payoneer CEO John Caplan said.Payoneer reported first-quarter earnings per share of $0.06 in May, up from $0.05 a year ago. Revenue excluding interest income grew 11% year-over-year.Price: $7.04, Change: $+0.29, Percent Change: +4.22%

$ABNB$AMZN$EBAY$PAYO$WMT

US Markets8d ago

Datadog Benefits as AI Use Rises Despite Cost Concerns, Truist Says

Datadog (DDOG) is benefiting from a broad push into AI across large companies, a trend that outweighs concerns about customers trying to rein in usage, Truist Securities said Monday in a report.While recent headlines have focused on AI cost controls, Truist said its industry feedback points to strong momentum behind adoption."In this environment, we believe that pure consumption-model companies like Datadog are poised to benefit," Truist said. The software company's model allows it to capture steady demand tied to expanding AI workloads, the report said.Truist upgraded its rating on Datadog stock to buy from hold and raised its price target to $300 from $190.In May, Datadog raised its full-year outlook after posting first-quarter results that topped Wall Street's expectations, driven by what CEO Olivier Pomel called an "additional secular growth driver" in AI.Datadog's shares rose 1.2% in Monday trading. They have jumped 71% this year.Truist said Datadog's core business remains strong, and its rapid product development is helping it win more customers as companies consolidate software vendors."Agentic AI adoption remains in early innings across enterprises globally, and increasing adoption of AI could accelerate growth further and push shares higher," the report said.Recent updates from major AI companies also suggest Datadog's relationships with its biggest customers are stabilizing, easing earlier concerns about potential losses, Truist said.Price: $232.54, Change: $+2.64, Percent Change: +1.15%

$DDOG

US Markets8d ago

Salesforce to Buy AI Agent Platform Fin for $3.6 Billion

Salesforce (CRM) agreed to acquire customer-agent company Fin for $3.6 billion to strengthen its own Agentforce AI-powered agent platform.Salesforce said it expects Fin's packaged offerings and proprietary models to complement Agentforce with features designed to be deployed quickly. Fin's AI Agent, powered by the company's proprietary Apex model, is built to resolve customer queries across channels including live chat, email, WhatsApp, SMS, phone, and Slack."Fin brings proven agent technology, a deep commitment to customer success, and an incredible AI team that will complement Agentforce with powerful service agent capabilities," Salesforce CEO Marc Benioff said Monday in a statement.Agentforce generated $1.2 billion in annual recurring revenue in the first quarter of fiscal 2027, tripling from a year earlier, Salesforce said.The transaction, which requires regulatory approval, is expected to close in the fourth quarter of Salesforce's fiscal 2027. Salesforce said it does not expect the deal to affect its full-year guidance or capital return program.After the acquisition closes, Salesforce and Fin plan to offer customers more ways to deploy AI agents across service operations. The deal is expected to bring Fin's AI team and its customer base of more than 30,000 companies to Salesforce.The deal will allow Fin to deploy its technology "far and wide at a rate far faster than we could have ever achieved on our own," CEO Eoghan McCabe said.Last month, Salesforce lifted its full-year adjusted earnings outlook after recording fiscal first-quarter results above Wall Street's estimates.Salesforce's shares rose 1% in Monday trading. They have dropped 37% this year.Price: $167.65, Change: $+1.76, Percent Change: +1.06%

$CRM

US Markets8d ago

Fox to Buy Roku in $22 Billion Cash-Stock Deal

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 will pay $160 per Roku's share, comprised of $96 in cash and 0.9693 of the media company's class A shares, the companies said in a joint statement on Monday.Roku's shares declined 2.2% intraday, while Fox's class A and B stock plunged 18% and 17%, respectively.Roku serves more than 100 million global streaming households through its streaming players, TVs and The Roku Channel. The combined company is expected to become the third largest entity in US television by share of viewing, the companies said. Fox owns the Tubi streaming service."This combination will transform the scope of our company into high-growth verticals and yield a step change in our overall growth profile," Fox Chief Executive Lachlan Murdoch said.The acquisition offers Fox "a wider entry" into the high-growth connected TV segment, especially advertising and streaming subscriptions, the company said. It boosts the media giant's long-term growth and accelerates its digital strategy.Fox anticipates the deal to generate run-rate cost synergies of $400 million, with revenue upside."The combination with Fox is an extraordinary opportunity to accelerate our vision, scale faster and innovate more aggressively for viewers, partners and advertisers," Roku CEO Anthony Wood said. "This transaction offers a significant premium to Roku shareholders while also providing them with the opportunity to participate in the compelling future upside of the combined company."The transaction, which requires approval from both companies' shareholders and clearance from US and non-US regulators, is expected to complete in the first half of next year. Wood and certain trusts and entities that collectively holding a majority of the voting power at Roku, have agreed to vote in favor of the deal.Following completion, Fox shareholders are expected to own about 73% of the combined company, with Roku's investors holding the remaining 27% stake. Wood is set to have an "ongoing role" at the combined company.At the end of April, Roku reported first-quarter net income of $0.57 a share, swinging from a loss of $0.19 the year before. Overall revenue improved 22% to $1.25 billion. At the time, the company said it expected revenue of $5.5 billion for 2026.Last month, Fox recorded a surprise increase in fiscal third-quarter earnings, while its revenue topped estimates amid distribution growth.

$FOX$FOXA$ROKU

US Markets8d ago

Micron Price Target Raised at RBC on Stronger Memory Cycle, AI Demand

Micron Technology (MU) shares deserve a higher valuation amid a stronger memory cycle driven by AI demand and tight industry supply, RBC Capital Markets said in a note, raising its price target and earnings estimates for the semiconductor maker.AI-driven spending by hyperscalers points to capital expenditures remaining elevated through 2027, supporting strong memory demand and continued supply shortages across end markets, RBC analyst Srini Pajjuri wrote in the note emailed Monday.The shift toward inferencing and agentic AI is also creating a long-term tailwind for memory content, the analyst said.The current dynamic random access memory upcycle is in its 12th quarter, with a clear path to another five to six quarters, the brokerage said. DRAM contract prices are on track to rise 50% quarter over quarter in the June quarter, it added. The firm also raised its second-half pricing assumptions to double-digit sequential growth, up from mid- to high-single-digit estimates previously.DRAM is a type of semiconductor memory used to temporarily store data in computers, servers and other electronic devices.The brokerage raised its price target for Micron to $1,200 from $525 and maintained an outperform rating. For full-year 2026, RBC raised its earnings per share estimate to $60.88 from $57.10, while its fiscal 2027 estimate was lifted to $112.29 from $80.85. Analysts polled by FactSet expect fiscal 2026 EPS of $60.84 and $111.40 for fiscal 2027."AgenticAI is a secular tailwind for memory/storage content as multi-step autonomous workflows require dramatically larger context compared to traditional GenAI workloads based on single-prompt return," Pajjuri said. "As such, we believe a higher peak multiple is warranted."In addition, the growing contribution of high-bandwidth memory products is expected to support stronger margins and justify a higher valuation multiple, RBC said. The brokerage estimates HBM currently accounts for 10% to 15% of Micron's DRAM revenue and expects that share to increase in 2027 as HBM4 production ramps up and annual pricing resets take effect.

$MU

US Markets8d ago

Indian Wholesale Inflation Rises 9.68% in May

India's annual wholesale price index (WPI)-based inflation rate increased, the fastest since September 2022, as the effects of the war in the Middle East continue to drag.The country's wholesale price inflation rose to 9.68% year over year in May, faster than the slightly modified 8.26% pace recorded in the prior month, the Ministry of Commerce and Industry said Monday.The figure was higher than the consensus forecast of 9.10% tracked by Investing.com and 9.05% by economists polled by Reuters.The higher-than-expected reading could indicate bullishness for the Indian rupee, Investing.com said.Prices of wholesale fuel and power surged 30.33% in May, faster than the 24.89% rise in April, and the fastest since September 2022, the ministry said.Fuel prices drove the WPI in both April and May, the ministry said. The increases happened amid the war in Iran, which drove state-run oil marketing companies to raise retail fuel prices four times during the month, Reuters reported separately.Primary article prices jumped 4.99% during the month, up from a 3.78% increase in the previous month.Manufacturing prices grew 7.48%, faster than the 6.68% rise recorded in April and the fastest since August 2022.Food inflation surged 4.49%, a 14-month high, from 3.11% in April.Wholesale inflation is also higher than retail inflation, which jumped 3.93% in May, close to the Reserve Bank of India's 4% target for retail inflation within a tolerance band of 2% to 6%, Reuters said.The figure will not directly impact interest rates, Reuters said Monday, citing economists.The wholesale inflation release also debuted new indicators such as the output and trial producer price indices, as well as service PPIs for the banking, securiites, transaction, insurance, pension fund management, airlines, railways, and telecommunications.

^BSE^NSENifty 50

US Markets8d ago

Stocks Rise Pre-Bell as US, Iran Reach Peace Deal; Investors Await Fed Policy Decision

The benchmark US stock measures were pointing higher before the opening bell Monday as the US and Iran reached an agreement to end their war and reopen the crucial Strait of Hormuz, while investors prepare for a major policy decision by the Federal Reserve later in the holiday-shortened week.The S&P 500 rose 1.2%, the Dow Jones Industrial Average gained 0.8% and the Nasdaq added 1.9% in premarket activity. The indexes finished Friday trading in the green.US markets will be closed on Friday for the Juneteenth National Independence Day holiday.In a social media post on Sunday, President Donald Trump said a deal with Iran is "complete" and that he authorized the immediate removal of the US naval blockade of Iranian ports. In a separate post, Trump said the Strait of Hormuz will reopen for mine removal upon the signing of the peace agreement, currently scheduled for Friday in Switzerland.West Texas Intermediate crude oil dropped 5.6% to $80.11 a barrel in the most recent premarket activity, while Brent declined 5.2% to $82.77.Trump's posts came after Pakistani Prime Minister Shehbaz Sharif announced on X that a peace deal had been reached between Washington and Tehran, with both sides agreeing to immediately end their military operations on all fronts, including Lebanon.Iran's Supreme National Security Council said a memorandum of understanding regarding the end of war negotiations with the US was "finalized," Iran's Mehr News Agency reported Monday.The Fed's monetary policy committee is scheduled to meet on Tuesday, with a decision on interest rates due on Wednesday. Markets are widely expecting the central bank to keep its key lending rate unchanged for a fourth consecutive meeting, according to the CME FedWatch tool.Treasury yields were down in premarket action, with the two- and 10-year rates retreating 4 basis points each to 4.05% and 4.45%, respectively.Last week, government data showed that annual inflation in the US accelerated to its highest level in three years in May.Monday's economic calendar has the Empire State manufacturing index for June at 8:30 am ET, followed by the industrial production report for May at 9:15 am. The housing market index for the current month is out at 10 am.SpaceX (SPCX) rose 6.1% pre-bell after the Elon Musk-led company finished its trading debut on Friday up 19%. Advanced Micro Devices (AMD) inclined 4.2%, while Nvidia (NVDA) moved 2.1% higher.Accenture (ACN), Jabil (JBL) and Kroger (KR) are scheduled to report their latest financial results later this week.Gold advanced 2.8% to $4,359 per troy ounce, while bitcoin increased 3% to $65,660.

Dow JonesNasdaq CompositeS&P 500$ACN$AMD$JBL$KR$NVDA$SPCX

US Markets8d ago

Eurozone Logs Surprise Trade Deficit in April Amid High Energy Imports

The euro area unexpectedly recorded a trade deficit in April, driven by high energy imports amid continued geopolitical and trade policy uncertainty, particularly with the US.The deficit in trade in goods with the rest of the world came in at 1 billion euros, following a revised surplus of 4.9 billion euros in March, Eurostat data showed Monday. Analysts expected a surplus of 7.8 billion euros for April."Compared with April 2025, the latest figure showed a deterioration of EUR9.7 bn. This drop was primarily driven by an increase of the energy deficit and by a reduced surplus in the machinery and vehicles product group," according to the statistical office.The eurozone's imports from the rest of the world jumped 9.3% on an annual basis to 256.4 billion euros, while exports of goods rose 5% to 255.4 billion euros.The European Union also logged a trade deficit, which amounted to 7.1 billion euros in April, against the revised surplus of 2.3 billion euros in the prior month and 7.3 billion euros a year before. The shift was also largely driven by a higher deficit in the energy product group and lower surplus in the machinery and vehicles group.EU imports climbed 10.1% year over year to 232.8 billion euros, whereas exports increased 3.2% to 225.7 billion euros.Among its main trading partners, the EU's exports to the US saw the biggest annual drop at 12.7%, resulting in the trade surplus tumbling to 9.9 billion euros from 17.1 billion euros. Exports to Türkiye and Japan also fell 6.8% and 6.7%, respectively, leading to a trade surplus of 600 million euros and a deficit of 600 million euros.EU exports to China, on the other hand, rose 1.8%, while imports grew 7.1%, resulting in the trade deficit widening to 31.9 billion euros from 29 billion euros. Exports to Switzerland and the UK also respectively increased 18% and 7.8% year over year, with higher trade surpluses.The EPP Group, the largest political group in the European Parliament, said in a social media post on X that parliamentarians are set to cast their final vote on the EU-US Framework Agreement on tariffs on Tuesday.

^SXXP

US Markets8d ago

US, Iran Reach Deal to End Middle East War, Reopen Strait of Hormuz

The US and Iran have reached an agreement to end their war and reopen the crucial Strait of Hormuz after more than three months of conflict that disrupted regional stability and global shipping routes."The deal with the Islamic Republic of Iran is now complete," President Donald Trump said in a social media post on Sunday. "I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the US Naval blockade."Trump's post came after Pakistani Prime Minister Shehbaz Sharif announced on X that a peace deal had been reached between Washington and Tehran, with both sides agreeing to immediately terminate their military operations on all fronts, including Lebanon. The official signing ceremony will take place on Friday in Switzerland, according to Sharif."With the agreement now in place, mediators will facilitate a series of meetings this week," Sharif said. "These pre-implementation discussions will lay the foundation for the technical talks and the official signing ceremony."Pakistan has played a mediating role between the US and Iran.In a separate post later on Sunday, Trump said the Strait of Hormuz will open upon the signing of the peace deal on Friday, "for purposes of mine removal." The strait has been effectively shut since the end of February, when the US and Israel launched joint strikes on Iran.West Texas Intermediate crude oil fell 5.6% to $80.11 a barrel earlier on Monday, while Brent declined 5.2% to $82.77.Iran's Supreme National Security Council said a memorandum of understanding called for an immediate and permanent end of all military operations, including in Lebanon, Tehran's semi-official Mehr News Agency reported Monday. The council also said the MoU will be signed on Friday, according to the report.However, discussions on a final agreement between the two countries will be postponed until after the US has "implemented its commitments" under the MoU, the report added, citing the SNSC secretariat.The framework paves the way for another round of negotiations on Tehran's nuclear program, Bloomberg News reported.Israel's strikes on Lebanon targeting Hezbollah have been a contentious issue in US-Iran peace negotiations. Earlier on Sunday, Trump called on Israel and Hezbollah to halt attacks on each other following Israeli strikes on Beirut, as talks edged closer to a deal.Last week, US government data showed that annual inflation in May accelerated to its highest level in about three years, as the impact of the Iran war weighed on the world's largest economy. Energy prices rose about 24% year over year in May, while gasoline surged 41%, the fastest rise since July 2022, according to the data.

US Markets8d ago

UniCredit Calls for German Regulatory Probe Into Commerzbank's 'Misleading' Takeover Claims

UniCredit (UCG.MI) has requested that German financial regulator BaFin investigate "misleading" public statements by Commerzbank (CBK.F) that allegedly aim to disrupt its ongoing takeover offer.The Italian bank on Monday denied Commerzbank's assertions regarding "unusual" share-lending activities, saying "tendered shares are tendered shares and irrevocably committed." UniCredit added that its direct shareholdings combined with valid investor acceptances have already "comfortably" exceeded its initial 30% target threshold.UniCredit's response followed a June 10 statement from Commerzbank that questioned the takeover process, claiming the tendered shares lack independent institutional support and likely stem from securities lending activities by parties connected to UniCredit. Commerzbank also noted then that it was in contact with BaFin regarding the matter."To date, as part of its ongoing dialogue with the German Federal Financial Supervisory Authority (BaFin), UniCredit has raised these matters and has asked the authority to review and further investigate the circumstances surrounding these statements, their accuracy, and their apparent intent to disrupt the integrity of the offer process, confusing stakeholders," UniCredit said.The bank expressed confidence that securing enough shareholder support would allow it to appoint new representatives to Commerzbank's supervisory board and drive strategic corporate reforms. While a full legal merger would require a 75% majority, UniCredit reiterated that it has no immediate plans to merge Commerzbank with its German unit HypoVereinsbank "before Commerzbank is strengthened and transformed."Both UniCredit and Commerzbank's stocks were up over 1% by Monday midday trade.

$CBK.F$UCG.MI

US Markets8d ago

Saint-Gobain Shares Jump After EUR1.2 Billion Dahl Divestment Deal with Kesko

Compagnie de Saint-Gobain (SGO.PA) signed a deal to sell technical trade operator Dahl's businesses in Sweden, Norway, and Denmark to Finnish retail group Kesko (KESKOA.HE, KESKOB.HE) for a debt-free price of 1.2 billion euros.The French construction and infrastructure materials and services company's shares rose more than 5% in early Monday morning trading in Paris following the announcement, while Kesko's stock was down nearly 10% in Helsinki.The 1.2 billion-euro purchase price excludes lease commitments. Including lease commitments as of Dec. 31, 2025, would raise the price to nearly 1.52 billion euros.Kesko will initially fund the deal through a bridge loan facility, which will be later refinanced with equity and debt upon closing of the transaction. For the equity component of the financing, Kesko would consider issuing shares worth between 500 million euros and 700 million euros.The transaction, the largest in Kesko's history, would expand its presence in the Nordic heating, piping, air conditioning, and infrastructure construction markets. It would also make the building and technical trade division the company's biggest segment.Kesko Chief Executive Officer and President Jorma Rauhala said the operations "would be an excellent fit for Kesko's growth strategy and they would complement our existing building and technical trade business." With the acquisition, the company is targeting group net sales of 20 billion euros and division net sales of 10 billion euros in the early 2030s, from 12.5 billion euros and 4.7 billion euros, respectively, in 2025.The deal is expected to be finalized by the start of 2027, subject to regulatory approvals.

$KESKOA.HE$KESKOB.HE$SGO.PA

US Markets8d ago

Singapore's Labor Market Stays Resilient in Q1 Amid Global Headwinds

Singapore's labor market continued to expand in the first quarter, with employment growth accelerating and unemployment remaining low despite heightened global economic uncertainty.Total employment increased by 9,400 in the first quarter, marking the 18th consecutive quarter of growth since the end of 2021, according to a Labour Market Report released by the Ministry of Manpower on Monday.The increase was driven by stronger resident employment growth, which rose to 5,400 in the quarter from 3,100 in the previous three months.Resident employment gains were led by the administrative and support services as well as the transportation and storage sectors.Singapore's overall unemployment rate stood at 2.0% in March, unchanged from the previous quarter. The unemployment rate for residents was 2.9%, while the rate for citizens was 3.1%.Labor demand remained firm, with 73,300 job vacancies in March. The number of vacancies exceeded the number of unemployed persons by a ratio of 1.46."Looking ahead, labor market conditions are expected to remain resilient, although firms may adopt a more cautious approach in hiring and wage increases amid heightened global economic uncertainty and geopolitical tensions," the ministry said.The ministry said labor demand could moderate if external conditions weaken further and elevated global input costs persist.It added that the government will continue supporting employers and workers through skills upgrading, workforce transformation, and job placement initiatives.The cautious outlook echoes recent comments from Prime Minister Lawrence Wong, who warned that the full economic impact of the conflict in the Middle East has yet to be felt."There are downside risks, and we do expect more pressures to come on both growth and inflation in the second half of the year," Wong said, according to Bloomberg News.Reflecting the growing uncertainty, economists surveyed by Bloomberg now expect Singapore's economy to expand 3.3% in 2026, down from an earlier forecast of 3.5%. The economy grew 5% in 2025.The city-state's outlook has become increasingly uncertain as the conflict in the Middle East and higher energy costs threaten global growth.In the longer term, the labor market could also face challenges despite continued investment inflows.While Singapore attracted higher fixed-asset investment commitments last year, the projects are expected to create 15,700 jobs over the next five years, the lowest projected level since at least 2006, according to Economic Development Board data.The commitments are also expected to generate about SG$18 billion in annual value-added once realized, the weakest level since 2021.

^STI

US Markets8d ago

Japan's Tertiary Industry Activity Rises in April

Japan's tertiary industrial activity rose for the first time in April after three months, as business performance of both enterprises and individuals became stronger.The seasonally adjusted tertiary industry activity index rose 1.3% month on month in April, according to data from the Ministry of Economy, Trade and Industry or METI on Monday.The latest reading reversed from the previous month's revised 0.6% decline. It also beat the Trading Economics' forecast of a 0.5% rise.The monthly performance was primarily attributed to a 1.2% climb in individual services and a 1% increase in business services.Japan's services sector nearly stagnated in recent months, while the manufacturing industry continued to drive the economy despite being pressured by the Middle East conflict in the first quarter. This was reflected in the flash Japan Composite PMI Output Index, which dropped to 51.1 in May from 52.2 in April.Among tertiary industries, motor vehicle maintenance services saw the biggest growth, jumping 17.5%, while automobile retail grew 9% and machinery and equipment wholesale rose 5.8%. Only the electricity industry slipped 0.7%, according to METI.The ministry said while stagnation is observed in some sectors, there is a sign that the industry is recovering.ING predicted that semiconductors and car exports will be the main drivers for export growth in May, while imports will increase due to higher energy prices.Japan became one of the countries that was rattled by the global supply disruption brought by the war in Iran, triggering concerns among consumers and businessmen. The capital spending of domestic enterprises during the first quarter was flat at 2% year over year, compared with the 6.5% growth in the previous quarter, despite corporate sales rising 1.1% year over year and ordinary profits climbing 14.6%.Inflation in May slumped to its lowest since 2022 as consumer prices rose 1.3%, further weakening from the 1.5% growth in April. The CPI was way below the central bank's target of 2%. Meanwhile, producer inflation accelerated in May, rising 6.3% year over year, according to the Bank of Japan. The figures highlighted persistent cost pressures facing Japanese companies amid oil price hikes triggered by the war in Iran.

Nikkei 225

US Markets8d ago

Atlas Arteria Rejects IFM's Sweetened AU$7.4 Billion Takeover Offer

Australia-listed toll road operator Atlas Arteria (ASX: ALX) rejected IFM Investors' improved takeover proposal and urged shareholders to take no action, arguing the bid fails to reflect the value of its assets and growth prospects."The independent directors unanimously recommend that you reject the offer," Atlas Arteria said in a Monday statement.The response came after IFM raised its offer to AU$5.10 per security from the earlier AU$4.75, describing it as its "best and final" proposal unless a competing bid emerges.At the latest offer, the revised price tag values the toll road operator at approximately AU$7.4 billion.The latest offer comes more than a month after Atlas Arteria rejected IFM's initial proposal, describing it as a "hostile, highly conditional takeover offer" that "materially undervalues" the company.The toll road operator said at the time that the bid failed to adequately reflect the value of its global toll road portfolio and embedded growth opportunities.Atlas Arteria also said the earlier proposal was subject to conditions that "may never be satisfied or waived," while some were already incapable of being satisfied.The company's independent expert, Kroll Australia, concluded that the offer is "neither fair nor reasonable," according to Atlas Arteria's target statement.IFM held voting power of 34.48% in Atlas Arteria as of the bidder's statement.The offer is scheduled to close on June 11 unless extended in accordance with Australian takeover rules.Atlas Arteria said securityholders who wish to follow the board's recommendation do not need to take any action and should ignore documents sent by IFM and the bidder.

ASX:ALX

US Markets8d ago

China Threatens Retaliation After Pentagon Adds Alibaba, Baidu, BYD to Military Blacklist

China's Ministry of Commerce on Saturday threatened to retaliate after the US Defense Department added a number of Chinese companies, including Alibaba (HKG:9988), Baidu (HKG:9888) and BYD (HKG:1211, SHE:002594), to its list of firms it deems linked with the Chinese military."China will resolutely and forcefully retaliate, and the US will bear full responsibility for the consequences," a spokesperson for the Ministry of Commerce said over the weekend, adding that "China expresses its strong dissatisfaction and firm opposition" to the designations.The Pentagon published its updated Section 1260H list on June 8, which supersedes an earlier version from January 2025. The updated roster now also includes electric-vehicle maker Nio (HKG:9866), pharmaceutical research and manufacturing services provider WuXi AppTec (HKG:2359, SHA:603259), AI robotics company Robosense Technology (HKG:2498), and Unitree Robotics, which is currently pursuing an initial public offering in Shanghai. Nvidia recently said it plans to collaborate with Unitree to build robots.The list also names telcos China Mobile (HKG:0941, SHA:600941), China Telecom (HKG:0728, SHA:601728), and China Unicom (HKG:0762), as well as chipmaker Semiconductor Manufacturing International (HKG:0981, SHA:688981), Huawei Technologies, Contemporary Amperex Technology (SHE:300750, HKG:3750) and Tencent (HKG:0700), most of which were added in January.The June update also reinstated ChangXin Memory Technologies and Yangtze Memory Technologies on the list after they were withdrawn from the February version. Both companies are among China's leading memory chipmakers and are currently pursuing public listings.As the Pentagon noted, being on the list means an entity is identified as a contributor to China's "Military-Civil Fusion strategy," supporting the modernization goals of the People's Liberation Army "by ensuring it can acquire advanced technologies and expertise developed by PRC companies, universities, and research programs that appear to be civilian entities."While these Chinese companies face no formal sanctions under the list, the Pentagon is prohibited from entering into, renewing or extending contracts with them or acquiring their products starting June 30, 2026.Several newly listed companies pushed back, with Alibaba saying it is "not a Chinese military company nor part of any military-civil fusion strategy." The company warned that it will take "all available legal action against attempts to misrepresent the company."Baidu said there was "no justification" for its inclusion, adding that it does not expect the designation to impact its business.BYD, which recently toppled Tesla as the world's top electric vehicle seller, echoed Alibaba and Baidu's statements, adding that the move will not impact its business.Meanwhile, analysts from Jefferies said the update was largely anticipated, noting that an earlier version of the list had briefly appeared in February before being withdrawn without explanation.Jefferies also noted on June 9 that while the Defense Department is prohibited from procurement of goods and services from entities in the list, "it does not restrict US citizens from engaging in trading activity with the listed companies."In a separate Jefferies note on June 9, analysts from the bank said 10 companies were removed from the list, including, most notably, CNOOC (HKG:0883, SHA:600938)."The immediate implication for companies on the 1260H list is that they are prohibited from providing any goods or services to the US military directly or via contractors. We believe the final decision-maker is the US president," said Jefferies."President Trump has just concluded his China trip, and, in our view, the US-China relationship is moving in an incrementally positive direction. In our view, President Trump is largely occupied with Iran, the high oil price (thus higher inflation risk), and the upcoming mid-term election, implying there will be less motivation for the US to escalate geopolitical tension with China."

Shanghai Composite^SZSEHKG:0700HKG:0728HKG:0762HKG:0883HKG:0941HKG:0981HKG:1211HKG:2359HKG:2498HKG:3750HKG:9866HKG:9888HKG:9988SHA:600938SHA:600941SHA:601728SHA:603259SHA:688981SHE:002594SHE:300750

Showing 121-140 of 1154

US Markets8d ago

China Threatens Retaliation After Pentagon Adds Alibaba, Baidu, BYD to Military Blacklist

Shanghai Composite^SZSEHKG:0700HKG:0728HKG:0762HKG:0883HKG:0941HKG:0981HKG:1211HKG:2359HKG:2498HKG:3750HKG:9866HKG:9888HKG:9988SHA:600938SHA:600941SHA:601728SHA:603259SHA:688981SHE:002594SHE:300750