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German Shares Rally Amid Corporate Earnings Buzz

Germany's blue-chip DAX index closed Tuesday higher by 1.71%, as investors focused on the latest flurry of corporate earnings and trading updates against a backdrop of sustained conflict in the Middle East.Rheinmetall (RHM.F) climbed to one of the top spots on the blue-chip DAX, closing 3.40% higher, as BofA Global Research looked past the German arms maker's preliminary first-quarter sales miss to focus on anticipated tailwinds from Germany's increased defense spending. Sales rose 7.7% year on year to 1.94 billion euros, falling short of the 2.27 billion-euro market forecast."This was driven largely by a difficult comp in 1Q25, but there is expected to be a strong growth acceleration in 2Q driven by Weapons and Ammo as the Murcia site commences full scale production and the delivery of already produced trucks to the German customer in 2Q... We maintain Buy on valuation. We continue to believe in the structural step up in German defence spending mid-term and see Rheinmetall as a key beneficiary of this inflection," the research firm wrote.Conversely, Fresenius Medical Care (FME.F) was the worst performer, falling 10.68%, after reporting a continued contraction in US volumes in the first quarter. The German healthcare company's revenue slipped 6% annually to 4.61 billion euros but remained ahead of the 4.59 billion-euro consensus estimate.Meanwhile, Commerzbank (CBK.F) noted that UniCredit's "unsolicited" takeover offer represents an 8.7% discount to the target's Monday closing price of 34.02 euros. The Italian banking group proposed 0.485 shares for each of the German lender's shares, valuing the target at 31.07 euros per share. Commerzbank said its board will review the proposal and issue a formal opinion within the statutory deadline. It gained 4.50% at the end of the session.On the geopolitical front, tensions between the US and Iran escalated after Iran reportedly carried out an aerial strike on an oil port in the United Arab Emirates, while US forces said they sank six Iranian military boats in the Strait of Hormuz and escorted two merchant ships through the waterway."Energy markets remain volatile, with Brent crude prices at 113 USD [per barrel], reflecting persistent supply concerns. Mounting tensions are testing the fragile ceasefire, with risks to inflation becoming more pronounced," Danske Bank said.

$^DAX$CBK.F$FME.F$RHM.F

Asia Markets3d ago

UK Shares Drop as Holiday-shortened Week Starts with HSBC Earnings, Geopolitical Tensions

After a long weekend in the UK, the FTSE 100 closed 1.40% lower on Tuesday as corporate earnings continued to pour in against the backdrop of a fragile US-Iran ceasefire.British banking group HSBC (HSBA.L) dropped 5.86% after reporting first-quarter results that were described as "mixed" by BofA Global Research, with profit after tax attributable to ordinary shareholders of the parent edging up year over year to $6.94 billion from $6.93 billion."HSBC printed an ok set of Q126 numbers," BofA said. "[Pretax profit] ex notable items was in line with consensus, with income beat (from fees and other income) offset by higher costs and impairments. Banking [net interest income] was in line. We are encouraged by HSBC's continued balance sheet and Wealth fee income growth, and remain confident in management's ability to manage cost. While [expected credit loss] was noisy in Q1, we are not concerned about the fundamental credit quality of HSBC's loan book."On the upside, Intertek Group (ITRK.L) rose 5.95% to lead the blue-chip index after confirming it had received a third unsolicited, indicative and conditional proposal from Swedish private equity firm EQT, offering 58 pounds sterling per share in cash, up from prior rejected bids of 54 pounds per share and 51.50 pounds per share."We raise ITRK to Outperform and our [price target] by ~30% to GBP58.50 following announcements of a strategic review to potentially split the business in two and of potential private equity interest in the whole group," RBC Capital Markets said. "We think the status quo is the least likely outcome and think key protagonists have their eye on an eventual US listing of the core testing assets to sit alongside highly comparable, highly valued UL Solutions."In the economic corner, the UK's new car registrations surged 24% year over year to 149,247 units in April, according to data from the Society of Motor Manufacturers and Traders. The reading indicated a recovery in the car market from the negative tax change impact in 2025 and marked the best outturn since 2019, SMMT said."The mounting cost of compliance threatens to limit consumer choice, overall decarbonisation and the sector's competitiveness so the need for a rapid review of the transition to align policy with market realities is unchanged, else Britain's attractiveness as a vehicle market and manufacturing hub will be put at risk," said SMMT Chief Executive Mike Hawes.

$^FTSE$HSBA.L$ITRK.L

Asia Markets3d ago

European Equities Traded in the US as American Depositary Receipts Higher in Tuesday Trading

European equities traded in the US as American depositary receipts were higher late Tuesday morning, rising 0.27% to 1,794.86 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by brewing firm Anheuser-Busch InBev (BUD) and medical device maker EDAP TMS (EDAP), which advanced 9% and 3% respectively. They were followed by telecommunications companies Ericsson (ERIC) and Nokia (NOK), which rose 2.5% and 2.4% respectively.The decliners from continental Europe were led by semiconductor company Sequans Communications (SQNS) and internet advertising firm Criteo (CRTO), which shed 9.7% and 3.9% respectively. They were followed by biotech firm BioNTech (BNTX) and consumer goods company Unilever (UL), which fell 3.1% and 0.6% respectively.The gainers from the UK were led by Biodexa Pharmaceuticals (BDRX) and insurance company Prudential (PUK), which climbed 32% and 2.2% respectively. They were followed by education company Pearson (PSO) and mining company BHP Group (BHP) were up 1.8% and 1.5% respectively.The decliners from the UK and Ireland were led by lender HSBC (HSBC) and Mereo BioPharma (MREO), which fell 5% and 2.1% respectively. They were followed by Lloyds Banking Group (LYG) and software firm Endava (DAVA), which were down 1.9% each.

$BDRX$BHP$BNTX$BUD$DAVA$EDAP$ERIC$HSBC$LYG$MREO$NOK$PSO$PUK$SQNS$UL

Asia Markets3d ago

Asian Equities Traded in the US as American Depositary Receipts Rise in Tuesday Trading

Asian equities traded in the US as American depositary receipts were trending higher Tuesday morning, rising 0.17% to 2,789.09 on the S&P Asia 50 ADR Index.From North Asia, the gainers were led by online game developer The9 (NCTY), which climbed 5.5%. It was followed by video display maker LG Display (LPL) and internet and data center services provider VNET Group (VNET), which advanced 3.7% and 2.5%, respectively.The decliners from North Asia were led by diagnostic imaging centers company Concord Medical Services (CCM), which fell 4.1%. It was followed by video-streaming service iQIYI (IQ) and fintech firm J and Friends (JF), which were down 1.2% and 1%, respectively.From South Asia, the gainers were led by IT firm Sify Technologies (SIFY), which rose 1.4%. It was followed by IT firm Wipro (WIT) and telecommunications operator PLDT (PHI), which were up 0.5% each.The decliners from South Asia were led by fintech firm Trident Digital Tech (TDTH) and pharmaceutical company Dr. Reddy's Laboratories (RDY), which dropped 6.8% and 1%, respectively. They were followed by telecommunications operator Telekomunikasi Indonesia (TLK) and tech conglomerate Sea (SE), which were off 0.9% and 0.8%, respectively.

$CAN$CCM$IQ$JF$KRKR$LPL$NCTY$PHI$RDY$SE$SIFY$TDTH$TLK$VNET$WIT$YQ

Asia Markets3d ago

Tadawul Shares Extend Losing Streak; Saudi Arabia's April PMI Grows

The Tadawul Share Index closed Tuesday 0.75% in the red as Middle Eastern geopolitical tensions overshadowed the cheer about the recovery of Saudi Arabia's non-oil private sector.The Riyad Bank Saudi Arabia Purchasing Managers' Index is back in the expansion threshold in April to 51.5 from 48.8 in the previous month.The report attributed the month-over-month increase to increased output, improved business volumes, and a modest uplift in expectations for activity."The improvement in the PMI reflects a recovery in business activity and new orders, both of which moved back into growth territory. Firms reported higher output levels, supported by an increase in domestic demand and continued progress on existing projects. This suggests that internal economic momentum-driven by government spending, infrastructure development, and private sector participation- continues to act as a key stabilizing force for the economy," Riyad Bank Chief Economist Naif Al-Ghaith commented.Dampening sentiment is the situation in the Strait of Hormuz as the US and Iran launched attacks on each other's ships in the region. The US struck six small boats, while the Iranian side fired warning shots at a US vessel.Further to this, the Middle Eastern nation launched missile and drone attacks on the United Arab Emirates in retaliation for the "US military's adventurism." The strikes resulted in fires at Emirati ports.Back at home and on the corporate front, Sumou Real Estate (SASE:4323) shares closed 0.03% higher as it entered into a 35-year lease deal with Saudi Airlines Real Estate Development for a land plot that will be developed for a mixed-use project in Jeddah.

$^TASI$SASE:4323

Asia Markets3d ago

US Equity Futures Gain Pre-Bell as Traders Keep Eye on Potential Re-Escalation of Middle East Hostilities

US equity futures were higher pre-bell Tuesday as traders kept a close watch on the potential re-escalation of hostilities in the Middle East.Dow Jones Industrial Average futures were 0.4% higher, S&P 500 futures were up 0.5%, and Nasdaq futures were 0.8% higher.The UAE said that it was attacked by Iranian drones and missiles, while the US said it sank Iranian boats in the Strait of Hormuz.President Donald Trump had said that the US would help guide vessels stranded in the Persian Gulf. In a post Monday on Truth Social, he said that a South Korean cargo ship had been damaged by Iran, but the US had shot down seven Iranian small boats."Other than the South Korean Ship, there has been, at this moment, no damage going through the Strait," Trump said.Traders digested the latest round of earnings, with Palantir Technologies (PLTR) and Vertex Pharmaceuticals (VRTX) reporting higher Q1 adjusted earnings and revenue. HSBC (HSBC) also posted an increase in Q1 earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2.2% at $111.91 per barrel and US West Texas Intermediate crude 3.2% lower at $103.04 per barrel.The US international trade deficit widened to $60.31 billion in March from a $57.78 billion gap in February, compared with a $61.0 billion gap expected in a survey compiled by Bloomberg as of 7:40 am ET.The S&P Global purchasing managers' index composite final report for April, due at 9:45 am ET, is seen reporting 52.1 versus 52.0 previously.March new home sales report, due at 10 am ET, is expected to post a 652,000 annual rate. The April Institute for Supply Management's services index is projected at 53.7 versus 54.0 previously. March job openings from the US Department of Labor's Job Openings and Labor Turnover Survey are expected to come in at 6.850 million compared with 6.882 million in the prior month.Federal Reserve Vice Chair for Supervision Michelle Bowman and Fed Governor Michael Barr are due to speak today.In other world markets, Japan's Nikkei and China's Shanghai Composite were closed due to public holidays. Hong Kong's Hang Seng ended 0.8% lower. The UK's FTSE 100 was down 1.4%, and Germany's DAX index was 1.6% higher in Europe's early afternoon session.In equities, Intel (INTC) shares were up 3.8% after Bloomberg reported the Apple (AAPL) has held early discussions with the company and Samsung Electronics on producing key device processors in the US. Anheuser-Busch InBev (BUD) stock was up 6.6% after the company reported fiscal Q1 underlying earnings and revenue that beat analysts' estimates. Pinterest (PINS) shares were up 18% after the company posted higher Q1 non-GAAP earnings and revenue that beat analysts' consensus.On the losing side, Palantir and HSBC shares were down 1.3% and 3.9%, respectively, after they reported Q1 financial results. Shopify (SHOP) stock was 5.9% lower after the company reported a Q1 loss while analysts expected earnings.

$^DJI$^IXIC$^SPX$AAPL$BUD$HSBC$INTC$PINS$PLTR$SHOP$VRTX

Asia Markets3d ago

Abu Dhabi, Dubai Shares Slide as Non-oil Private Sector Growth Slows

Markets in the United Arab Emirates closed lower on Tuesday as investors assessed the latest data from the country's non-oil private sector.At the close of trading, the FTSE ADX General Index shed 0.303%, while the DFM General Index lost 0.879%.The S&P Global UAE PMI declined to 52.1 in April from 52.9 in the prior month, marking the softest improvement in operating conditions since February 2021. New order growth for non-oil businesses and export orders slowed down amid the ongoing conflict in the Middle East, while overall input costs rose the sharpest since July 2024."The UAE non-oil private sector signalled a further loss of momentum in April, with operating conditions showing their weakest performance for more than five years. Heavy restrictions on key shipment routes resulted in a marked drop in exports, while rising cost pressures placed businesses under additional strain," S&P Global Market Intelligence senior economist David Owen said. "The subsequent uplift in selling prices - the fastest in nearly 15 years according to the survey data - underlined the growing inflation risks to the non-oil sector."On the geopolitical front, the UAE reported new missile and drone attacks leading to a fire at the Fujairah Oil Industry Zone. The Ministry of Defence also confirmed in a Monday statement that a total of 12 ballistic missiles, three cruise missiles, and four unmanned aerial vehicles were engaged by the country's air defense systems.Over to corporates, Alpha Dhabi Holding (ADX:ALPHADHABI) reported a higher attributable profit and an 8% year-on-year growth in revenue. Shares of the investment holding company closed the session 0.68% lower.Meanwhile, in Dubai, Ekttitab Holding (DFM:EKTTITAB) secured the Kuwaiti Capital Markets Authority's approval to reduce its capital to fully offset its accumulated losses. The investment company's stocks were 4.04% in green at trading's close.

$^DFMGI$^FADGI$ADX:ALPHADHABI$DFM:EKTTITAB

Asia Markets4d ago

Australian Shares Fall as RBA Raises Cash Rate; Regis Resources to Acquire Vault Minerals in Merger of Equals

Australian shares fell on Tuesday after the Reserve Bank of Australia (RBA) decided to increase the official cash rate by 25 basis points to 4.35%.The S&P/ASX 200 Index retreated nearly 0.2%, or 16.60 points, to close at 8,680.50, setting a new 20-day low.Brent crude oil futures fell to $112.93 per barrel. The US and Iran conducted new attacks in the Persian Gulf in a bid to enforce blockades in the waterway. Maersk said the Alliance Fairfax, a US-flagged vehicle carrier operated by its Farrell Lines unit, exited the Strait of Hormuz accompanied by US military assets on Monday, Reuters reported.On the domestic front, Australia's seasonally adjusted household spending rose 1.6% to AU$80.41 billion in March, following a 0.3% increase in the previous month, the Australian Bureau of Statistics reported.The central bank said inflation picked up materially in the second half of 2025, with information since the beginning of 2026 confirming that some of the increase reflected greater capacity pressures. The RBA noted that the Middle East conflict has resulted in sharply higher fuel and related commodity prices already adding to inflation, with early signs that many firms experiencing cost pressures are looking to increase prices of goods and services.Australia's service sector returned to expansionary territory in April, helped by a recovery in business activity following a contraction in March. The S&P Global Australia Services PMI Business Activity Index rose to 50.7 in April from 46.3 in March.In company news, Regis Resources (ASX:RRL) agreed to acquire Vault Minerals (ASX:VAU) in a merger of equals to create a major gold producer that is expected to produce more than 700,000 ounces of gold per year through five operating assets across Western Australia. Under the proposed deal, Vault shareholders will receive 0.6947 shares in Regis for each Vault share owned. Regis' shares fell over 5% at market close, while those of Vault rose nearly 3%.Westpac Banking (ASX:WBC, NZE:WBC) reported fiscal first-half earnings of AU$1.014 per share excluding notable items, up from AU$0.998 a year earlier. Net operating income for the six months ended March 31 was AU$11.28 billion, compared with AU$10.99 billion a year earlier. Its shares closed down nearly 2%.Lastly, Magellan Financial Group (ASX:MFG) appointed Vinva Investment Management as the investment manager of certain global equity funds. The investment strategy for the Magellan Global Fund Open Class Units Active ETF and the Magellan Global Fund Hedged, which had about AU$5.3 billion of assets under management at the close of April, will be changed to the Vinva Global Alpha Strategy. Its shares fell over 6% on market close.

$^AXJO$ASX:RRL$ASX:VAU$ASX:WBC

Asia Markets4d ago

US Equity Indexes Fall, Crude Oil Futures Advance as Iran Ceasefire at Risk of Falling Apart

US equity indexes fell while crude oil futures jumped amid reports of strikes in the Strait of Hormuz and the United Arab Emirates on Monday, fueling concern that the Iran ceasefire could fall apart.The Dow Jones Industrial Average dropped 1.1% to 48,941.90, with the S&P 500 down 0.4% to 7,200.75 and the Nasdaq Composite lower by 0.2% to 25,067.80 at the close. All sectors except energy retreated, with materials and industrials leading the decliners.The US and Iran exchanged fire in the Persian Gulf in a flareup of violence on Monday that also drew in the UAE, prompting calls for renewed strikes on Iranian targets, Bloomberg reported. The US military fought off attacks from Iranian drones, missiles, and armed small boats as it facilitated the passage of two US-flagged vessels through the Hormuz, US Central Command chief Admiral Brad Cooper was cited as telling reporters in a briefing on Monday.President Donald Trump warned Iran will be "blown off the face of the earth" if it targets US ships that are protecting commercial vessels transiting the crucial waterway, CNBC cited Trump's interview on Fox News.US envoy to the United Nations Mike Waltz told reporters Monday that the US will co-draft a Security Council resolution with Bahrain and its Gulf allies that would "hold Iran to account" for its months-long chokehold over crude oil transit in Hormuz, according to a report from Associated Press.West Texas Intermediate crude oil futures jumped 2.9% to $104.89, and Brent crude futures surged 5% to $113.60.Most US Treasury yields rose, with the 10-year up 5.4 basis points to 4.43%, the highest in more than a month on an intraday basis. Two-year yield jumped six basis points to 3.95%.In precious metals, gold futures dropped 2.6% to $4,525.1, and silver futures slumped 4.3% to $73.13.In economic news, new orders for US factory goods rose by 1.5% in March, above expectations for a 0.6% gain in a Bloomberg-compiled survey, following a revised 0.3% increase in February. Excluding a 0.8% rebound in transportation orders, new orders would have been up 1.6%, above a 1.3% gain expected and the same as in February.In company news, Video game retailer GameStop (GME) proposed acquiring eBay (EBAY) in a cash-and-stock deal valued at about $55.5 billion. Shares of eBay jumped 5.1%, among the top gainers on the S&P 500.Norwegian Cruise Line (NCLH) lowered its full-year earnings outlook amid higher fuel costs and weak consumer demand due to the war in the Middle East. The cruise operator's first-quarter revenue also fell short of market expectations. Its shares slumped 8.6%, among the steepest decliners in the S&P 500.United Parcel Service (UPS) maintained its 2026 sales outlook while flagging a potential demand impact from the Middle East conflict. Shares of the package delivery giant sank 10%, the worst performer on the S&P 500.

$^DJI$^IXIC$^SPX$EBAY$GME$NCLH$UPSE

Asia Markets4d ago

US Equity Indexes Fall as Strikes on United Arab Emirates, Ships in Hormuz Send Crude Oil Prices Soaring

US equity indexes fell in midday trading on Monday amid reports that fighting escalated in the Middle East, with strikes on ships in the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows, and the United Arab Emirates.The Nasdaq Composite fell 0.4% to 25,028.2, the S&P 500 slid 0.5% to 7,197.5, and the Dow Jones Industrial Average declined 1% to 49,028.8. All sectors except energy retreated, with materials leading the decliners.The US military "blew up" six Iranian boats in Hormuz on Monday after Tehran launched "multiple cruise missiles, drones and small boats" at American Navy ships and commercial vessels, CNN reported, citing the US Central Command. This came about as the US launched an effort to help vessels transit the crucial waterway, The Wall Street Journal reported, citing Adm. Brad Cooper, head of US Central Command.The UAE, which has backed tougher action against Iran, sounded alerts for the first time since early April, saying four missiles and several drones targeted the country, the WSJ reported. It confirmed that a drone strike sparked a fire at an oil hub in Fujairah.West Texas Intermediate crude oil futures jumped 4.2% to $106.18, and Brent crude futures surged 6.2% to $114.87.Most US Treasury yields rose, with the 10-year soaring 7.6 basis points to 4.45%, the highest in more than a month on an intraday basis. Two-year yield catapulted 8.7 basis points to 3.98%.In precious metals, gold futures dropped 2.5% to $4,523.6, and silver futures slumped 3.9% to $73.45.In economic news, new orders for US factory goods rose by 1.5% in March, above expectations for a 0.6% gain in a Bloomberg-compiled survey, following a revised 0.3% increase in February. Excluding a 0.8% rebound in transportation orders, new orders would have been up 1.6%, above a 1.3% gain expected and the same as in February.In company news, video game retailer GameStop (GME) proposed acquiring eBay (EBAY) in a cash-and-stock deal valued at about $55.5 billion. Shares of eBay jumped 4.7%, among the top gainers on the S&P 500.Norwegian Cruise Line (NCLH) lowered its full-year earnings outlook amid higher fuel costs and weak consumer demand due to the war in the Middle East. The cruise operator's Q1 revenue also fell short of market expectations. Its shares slumped 8%, among the steepest decliners in the S&P 500.United Parcel Service (UPS) maintained its 2026 sales outlook while flagging a potential demand impact from the Middle East conflict. Shares of the package delivery giant sank 9.5%, the worst performer on the S&P 500.

$^DJI$^IXIC$^SPX$EBAY$GME$NCLH$UPS

Asia Markets4d ago

Exchange-Traded Funds Lower as US Equities Drop After Midday

Broad Market IndicatorsBroad-market exchange-traded fund IWM and IVV fell. Actively traded Invesco QQQ Trust (QQQ) edged down 0.4%.US equity indexes retreated in midday trading on Monday as investors weighed military action in the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each added about 0.8%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) was down 0.2%; iShares US Technology ETF (IYW) fell 0.3%, and iShares Expanded Tech Sector ETF (IGM) shed 0.2%.The State Street SPDR S&P Semiconductor (XSD) dropped 0.7%, and iShares Semiconductor (SOXX) was down 1.2%.FinancialThe State Street Financial Select Sector SPDR (XLF) lost 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) declined 1.4%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), climbed up 1.4%.CommoditiesCrude oil rose 3.5%, and the United States Oil Fund (USO) added 3.8%. Natural gas was up 3.3%, and the United States Natural Gas Fund (UNG) rose 3.1%.Gold on Comex slipped 2.5%, and the State Street SPDR Gold Shares (GLD) eased 2.1%. Silver fell 3.8%, and iShares Silver Trust (SLV) was down 3.3%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) fell 0.8%. The Vanguard Consumer Staples ETF (VDC) fell 0.8%, and iShares Dow Jones US Consumer Goods (IYK) was 0.8% lower.The State Street Consumer Discretionary Select Sector SPDR (XLY) dipped 0.9%. VanEck Retail ETF (RTH) eased 0.5%, and the State Street SPDR S&P Retail (XRT) was down 2.3%.Health CareThe State Street Health Care Select Sector SPDR (XLV) fell 0.5%, iShares US Healthcare (IYH) shed 0.4%, and Vanguard Health Care ETF (VHT) was 0.3% lower. IShares Biotechnology ETF (IBB) gained 1.1%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) fell 1.1%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) were also lower.CryptocurrencyIn midday activity, bitcoin (BTC-USD) added 1.7%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) rose 2.3%, ProShares Ether ETF (EETH) gained 1.7%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 1.5% higher.

$^DJI$^EEM$^EXI$^FAS$^FAZ$^GLD$^IBB$^IGM$^IGV$^IPK$^IVV$^IWM$^IXIC$^IYE$^IYH$^IYJ$^IYK$^IYW$^PMR$^QQQ$^RTH$^SOXX$^SPX$^SPY$^UNG$^USO$^VDC$^VHT$^VIS$^XLE$^XLF$^XLI$^XLK$^XLP$^XLV$^XRT$^XSD$BETH$BITO$EETH

Asia Markets4d ago

European Stocks Lower in Monday Trading; Eurozone Manufacturing Data 'Cause for Alarm' Despite Highest Reading in Four Years

The European stock markets were tracking lower in Monday trading as oil prices surged again amid unverified reports from Iranian news services that two missiles struck a US warship in the Strait of Hormuz.The Stoxx Europe was declining 0.7%, Germany's DAX was dropping 0.6%, France's CAC was losing 1.2%, and the Swiss Market Index was falling 0.9%.The S&P Global Eurozone Manufacturing PMI, which gauges the region's manufacturing sector, rose to 52.2 in April from 51.6 in March, which is its highest level in nearly four years."Although the PMI has risen to its highest for nearly four years, the survey is more a cause for alarm than celebration," S&P Global Market Intelligence Chief Business Economist Chris Williamson said in a statement. "Production and orders books are being buoyed by the building of safety stocks as a result of widespread concerns over supply shortages and rising prices emanating from the war in the Middle East."Defense and aerospace stocks surged in Monday trading as Airbus and Dassault Systemes rose 1.8% and 1.2% respectively in Paris, while Rheinmetall and Hensoldt gained 3.1% and 2% respectively in Frankfurt. Rolls-Royce was up 1.5% in London, and Saab was up 2% in Stockholm.And in corporate news, Equinor is extending key supplier deals for drilling and well services with an aggregate value of about 17 billion Norwegian kroner ($1.83 billion), the company said Monday.It is exercising one-year options under three contracts for integrated drilling and well services, as well as two-year options under 18 company framework agreements for relevant specialist services.Shares of the Norwegian petroleum refiner were up 1.3% in Oslo.SAP said Monday it has agreed to acquire Dremio and Prior Labs in separate deals aimed at strengthening its enterprise AI and data capabilities, as it looks to unify fragmented data and advance AI built for structured business use cases.Terms for both transactions were not disclosed, and the deals are subject to regulatory approval.The Dremio acquisition is expected to close in Q3, while the Prior Labs deal is targeted for Q2 or Q3.Shares of the German software firm were gaining close to 2% in Frankfurt.HSBC has agreed to sell its International Wealth and Premier Banking operations to OCBC Indonesia, adding about 336,000 customers and 89.8 trillion Indonesian rupiah ($5.6 billion) in assets under management, OCBC said Monday.The bank said the deal includes customer deposits, investment products, insurance, credit cards, and retail loans, and is expected to be earnings accretive after completion, excluding one-off transaction costs.Shares of HSBC were up 0.8% in London.

Asia Markets4d ago

Swiss Market Index Begins Week in Red; Graubündner Kantonalbank Shares Down

Swiss stocks welcomed the new trading week on a downbeat note following a long weekend, with the Swiss Market Index down 1.01% on Monday's close.Switzerland's manufacturing PMI rose to 54.5 in April from 53.3 in March, data from procure.ch and UBS showed, beating the consensus estimate of 52.On the labor market front, the KOF employment indicator edged up to 2.2 points in the second quarter from the downwardly revised 2.1 points in the previous quarter, remaining "slightly" higher than its long-term average of 1.7 points."Despite the war waged by the United States and Israel against Iran since the end of February and the associated rise in oil and gas prices, the employment outlook for Swiss firms has not deteriorated overall," the KOF Swiss Economic Institute said. "Assessments of current employment levels have remained virtually unchanged since the last quarter. The net balance of employment prospects for the next three months remains unchanged at 2.9 points compared with the last quarter. The proportion of firms planning to increase their workforces over the coming months thus remains higher than the percentage of firms expecting job cuts."Over to corporates, Graubündner Kantonalbank (GRKP.SW) shed 7.17% at closing after disclosing that a lawsuit was filed against it and its BZ Bank subsidiary for alleged breaches of duty related to a client relationship and an investment product managed by the unit. The plaintiff is seeking mid-three-digit million compensation, while both banks deny the claims as "unfounded."Meanwhile, AlphaValue/Baader Europe changed its opinion on BB Biotech (BION.SW) to add from reduce and lifted its price target to 53.3 francs from 50.1 francs, following the Switzerland-based biotechnology investor's first-quarter results and upgraded outlook. The stock closed the session 0.34% higher."We have raised our target price for BB Biotech, reflecting an improved outlook for the biotech sector as well as strong execution by the investment team, following the positive pivotal Phase III readout from Revolution Medicines, and the acquisition of Terns Pharmaceuticals by Merck," the research firm said. "2026 EPS estimates (as reliable as they can be for this kind of business) have been adjusted to reflect the negative net profit reported in Q1 (-CHF 21m). EPS estimates from 2027 onwards benefit from a higher growth assumption for the U.S. biotech market (raised from 6% to 8% per year)."

$^SSMI$BION.SW$GRKP.SW

Asia Markets4d ago

DAX Index Falls; German Manufacturing Growth Slows

German shares lost on Monday after returning from the Labor Day holiday, with investors assessing the latest business survey data on local factory activity against escalating tensions in the Middle East and fresh tariff threats from the US.At close, the blue-chip DAX index was down 1.24%.According to S&P Global, the final Germany manufacturing PMI slipped to 51.4 in April from the 46-month high of 52.2 in the previous month, above the flash estimate of 51.2. The sector's expansion slowed as new orders and production growth were offset by "darkening" business outlook amid the ongoing Middle East conflict."Reflecting growing concerns about both demand and supply-side conditions, businesses expecting activity to fall in the coming year now outweigh those anticipating a rise. There are worries that surging inflation pressures and the associated squeeze on purchasing power will stifle demand, with factory gate price inflation jumping sharply to its highest in over three years in April. At the same time, with supply delays already at a level not seen since mid-2022, there is a risk that production could be scaled back regardless of the demand situation," S&P Global Market Intelligence economics associate director Phil Smith said.Speaking of the Middle East conflict, Iran's navy claimed to have turned back a US warship at the Strait of Hormuz after allegedly striking it with two missiles while sailing near the port of Jask. Reuters, citing state media, reported that Tehran warned foreign navies of a "decisive response" if they enter the strait. The report comes as US President Donald Trump said Sunday that Washington plans to assist neutral commercial vessels stranded in the waterway.On the tariff front, Trump announced on May 1, 2026, that he would increase levies on European Union-made vehicles to 25% from 15% starting this week, asserting that the bloc failed to comply with the July 2025 trade framework. The US President told reporters the move is intended to force European brands to onshore production more quickly.Against this backdrop, German automotive companies Mercedes-Benz Group (MBG.F), BMW (BMW.F), Volkswagen (VOW.F) and Porsche Automobil Holding SE (PAH3.F) lost 3.35%, 2.44%, 2.22% and 0.94%, respectively, on Xetra.Meanwhile, Siemens Energy (ENR.F) fell 2.09%, as the Austrian Federal Ministry of Economy, Energy and Tourism announced that the German energy technology company plans to invest 155 million euros in two projects in the country, including an initiative involving transformer production and the development of a new service plant.

$^DAX$BMW.F$ENR.F$MBG.F$PAH3.F$VOW.F

Asia Markets4d ago

European Equities Traded in the US as American Depositary Receipts Start Week Lower

European equities traded in the US as American depositary receipts kicked off the week lower late Monday morning, falling 0.70% to 1,803.50 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by semiconductor company Sequans Communications (SQNS) and biopharmaceutical company argenx (ARGX), which climbed 8.1% and 1.9% respectively. They were followed by petroleum refiner Equinor (EQNR) and biopharmaceutical company Grifols (GRFS), which advanced 1.8% and 1.5% respectively.The decliners from continental Europe were led by pharmaceutical company Sanofi (SNY) and lender Banco Bilbao Vizcaya Argentaria (BBVA), which dropped 5.5% and 4.2% respectively. They were followed by medical device maker EDAP TMS (EDAP) and biopharmaceutical company Cellectis (CLLS), which lost 3.3% and 1% respectively.The gainers from the UK were led by biopharmaceutical company Akari Therapeutics (AKTX) and biotech firm Autolus Therapeutics (AUTL), which rose 9.2% and 2.8% respectively. They were followed by biopharmaceutical companies Biodexa Pharmaceuticals (BDRX) and Amarin (AMRN), which were up 2.3% and 2.2% respectively.The decliners from the UK and Ireland were led by biopharmaceutical company NuCana (NCNA) and cruise line operator Carnival (CUK), which fell 2.2% and 1.6% respectively. They were followed by pharmaceutical company GSK (GSK) and biotech firm Trinity Biotech (TRIB), which were down 1.2% and 0.4% respectively.

$AKTX$AMRN$ARGX$AUTL$BBVA$BDRX$CLLS$CUK$EDAP$EQNR$GRFS$GSK$NCNA$SNY$SQNS$TRIB

Asia Markets4d ago

Asian Equities Traded in the US as American Depositary Receipts Open Week Higher in Monday Trading

Asian equities traded in the US as American depositary receipts opened the week tracking higher Monday morning, rising 0.80% to 2,811.45 on the S&P Asia 50 ADR Index.From North Asia, the gainers were led by diagnostic imaging centers company Concord Medical Services (CCM) and Friends (JF), which rose 20% and 3.3% respectively. They were followed by mobile big data platform Aurora Mobile (JG) and tech company Xunlei (XNET), which were up 2.9% and 2.4%, respectively.The decliners from North Asia were led by travel company Tuniu (TOUR) and semiconductor company Himax Technologies (HIMX), which fell 6.6% and 5%, respectively. They were followed by media company Phoenix New Media (FENG) and brand platform 36Kr (KRKR), which were down 4.8% and 1.6%, respectively.From South Asia, the gainers were led by computer hardware maker Canaan (CAN) and telecommunications operator Telekomunikasi Indonesia (TLK), which advanced 3.4% and 1.6%, respectively. They were followed by lenders ICICI Bank (IBN) and HDFC Bank (HDB), which increased 0.3% and 0.2%, respectively.The decliners from South Asia were led by tech company Trident Digital Tech (TDTH) and pharmaceutical company Dr. Reddy's Laboratories (RDY), which dropped 2.9% and 1.4%, respectively. They were followed by IT firm Infosys (INFY) and tech conglomerate Sea (SE), which lost 0.1% each.

$CAN$CCM$FENG$HDB$HIMX$IBN$INFY$JF$JG$KRKR$RDY$SE$TDTH$TLK$TOUR$XNET

Asia Markets4d ago

US Equity Futures Slip Pre-Bell as Middle East Conflict Enters Third Month, Oil Prices Rise

US equity futures were marginally lower pre-bell Monday as the standoff in the Strait of Hormuz continued, with the Iran-US conflict reaching its third month and traders noting the increase in oil prices.Dow Jones Industrial Average futures were 0.3% lower, S&P 500 futures were down 0.1%, and Nasdaq futures were 0.1% higher.President Donald Trump said Sunday that the US would help guide vessels stranded in the Persian Gulf due to the conflict, and Iran responded by warning US forces not to enter the Strait of Hormuz.A US warship was turned away from entering the waterway after being hit by two missiles fired by Iran's navy near the port of Jask, according to Iran's Fars news agency, but a senior US official denied the report, Axios said.Among the companies expected to report quarterly earnings this week are Palantir Technologies (PLTR), Advanced Micro Devices (AMD), HSBC (HSBC), Arm (ARM), Shell (SHEL), and McDonald's (MCD).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2% at $110.31 per barrel and US West Texas Intermediate crude 0.8% higher at $102.72 per barrel.March factory orders, due at 10 am ET, are expected to have gained 0.6%, compared with no change previously, according to estimates compiled by Bloomberg.New York Federal Reserve President John Williams is due to speak today.In other world markets, Japan's Nikkei, China's Shanghai Composite, and the UK's FTSE 100 were all closed due to public holidays. Hong Kong's Hang Seng ended 1.2% higher. Germany's DAX index was flat in Europe's early afternoon session.In equities, Alibaba (BABA) shares rose 2% after Chinese robotics startup Linkerbot, which is backed by Alibaba unit Ant Group, said it will seek a $6 billion valuation in its next funding round, according to a Reuters report. EBay (EBAY) stock was 7.5% higher after GameStop (GME) said it submitted a non-binding proposal to acquire all outstanding shares of eBay for $125 each. Tyson Foods (TSN) shares were up 1.6% after the company reported fiscal Q2 adjusted earnings and sales that surpassed analysts' consensus.On the losing side, Norwegian Cruise Line (NCLH) stock was down 5.9% after the company issued lower-than-expected Q2 adjusted earnings guidance and trimmed its 2026 adjusted EPS outlook.

$^DJI$^IXIC$^SPX$AMD$ARM$BABA$EBAY$GME$HSBC$MCD$NCLH$PLTR$SHEL$TSN

Asia Markets4d ago

Tadawul Shares End Monday Lower Amid Middle Eastern Geopolitical Tensions

Saudi Exchange-traded shares closed lower as the renewed geopolitical tensions between the US and Iran pushed the Tadawul All Share Index to 0.91% in the red on Monday.A US warship was reportedly struck by missiles at the Strait of Hormuz, Reuters reported, citing Iran's semi-official Fars news agency. The attacks came after US President Donald Trump disclosed a plan to support stuck vessels in the strait.However, an undisclosed senior official from the US denied reports about the vessel being attacked, Axios reported. Citing the same official, the US will reportedly conduct military action against the Middle nation if it does not submit an "achievable" peace deal.Back at home, Eastern Province Cement (SASE:3080) ended the session 4.98% higher as SNB Capital had an overweight rating on its stock with a price target of 29 Saudi riyals after it released its first quarter results on Sunday."Eastern Cement reported a better than expected set of Q1 26 results with a net income increasing by 16.1% yoy (+75.6% qoq) to SAR72.0mn. This is higher than the SNB Capital and consensus estimates of SAR48.6mn and SAR41.5mn, respectively. We believe the variance in net income was driven by 1) higher than expected revenues which increased by 18.4% yoy (flat qoq) to SAR354mn vs our estimates of SAR320mn mainly due to higher blended average selling prices and 2) lower than expected opex which stood at SAR19.0mn (-5.1% yoy, -9.5% qoq) vs our estimate of SAR22.2mn," SNB Capital said in a note.Meanwhile, Saudi Investment Bank (SASE:1030) concluded its Tier 1 capital sukuk offering worth 1.85 billion Saudi riyals. The offer issued 1,850 sukuk with a par value of 1 million riyals each. Shares of the lender closed 1.19% lower.

$^TASI$SASE:1030$SASE:3080

Asia Markets4d ago

Emirati Equities Gain Amid Key Economic Data Focus; Adnoc Drilling Soars

Shares in the United Arab Emirates kicked off the week higher as the FTSE ADX General Index added 0.320%, while the DFM General Index gained 0.226% at the close of Monday trading.Investors will await the release of the UAE's S&P Global PMI data for April on Tuesday to get insights into the country's non-oil private sector activity. The metric dropped to 52.9 in March from 55 in February.On the oil front, OPEC+ agreed to raise oil output in June by 188,000 barrels per day following the UAE's exit from the group and amid supply disruptions caused by the continued closure of the Strait of Hormuz."The exit of OPEC's third-largest producer substantially weakens the organisation and raises questions over its survival as an effective cartel. As the UAE increases output outside OPEC, the group's share of global supply will decline, reducing its ability to manage prices. If the UAE successfully raises output and revenue outside the cartel, it could also undermine the value of membership for other producers with large reserves or ambitions to raise output, such as Venezuela," Oxford Economics said in a note.On the corporate side, Adnoc Drilling (ADX:ADNOCDRILL) was the Abu Dhabi bourse's most traded by value and closed the session at 9.17% in the green. The offshore drilling company concluded the purchase of an 80% stake in the drilling and oilfield services joint venture MB Petroleum Services.Dubai-listed Parkin Co. (DFM:PARKIN) secured a multi-year parking enforcement services deal from Emaar Properties (DFM:EMAAR) unit Emaar Mall Management. Parkin's stocks ended 1.54% lower while Emaar Properties closed the session 1.70% higher.On the geopolitical front, US President Donald Trump launched "Project Freedom" to guide ships and crews safely out of the Strait of Hormuz, while also adding that his representatives are having "very positive" discussions with Iran."After a volatile week, the oil market is steadier as the market digests President Trump's plan to get vessels through the Strait of Hormuz," ING said. "Reports indicate that, for now, the plan won't involve the US Navy escorting vessels. Even if this allows vessels to leave the Persian Gulf, we're likely to see little inbound traffic. This would only amount to temporary relief, as floating storage leaves the Persian Gulf.

$^DFMGI$^FADGI$ADX:ADNOCDRILL$DFM:EMAAR$DFM:PARKIN

Asia Markets5d ago

US Equity Investors to Focus on Risk of Iran Ceasefire Falling Apart, Quarterly Earnings, Nonfarm Payrolls

US equity investors will look out for Iran ending its ceasefire agreement with Washington if the US military escorts ships stranded in the Strait of Hormuz, while focusing on mega-cap quarterly earnings and labor market data this week.* An Iranian official warned the US will be attacked if it tries to approach or enter the Strait of Hormuz, after President Donald Trump said the US military will begin guiding stranded ships through the chokepoint on Monday, CNN reported. US Central Command said it would support the effort with 15,000 military personnel, more than 100 land and sea-based aircraft, warships, and drones, Reuters reported.* Concurrently, Trump reported "very positive discussions" with Iran, according to CNN. The Iranian Foreign Ministry is reviewing the US' reply to Tehran's latest peace proposal, CNN reported, citing the ministry.* Meanwhile, West Texas Intermediate crude oil futures rose 1.3% to $103.27, and Brent crude futures climbed 1.3% to $109.62 early Monday. Most US Treasury yields also advanced, with the 10-year up two basis points to 4.4% and the two-year higher by 2.3 basis points to 3.91%.* Quarterly earnings due this week include Palantir Technologies (PLTR), Advanced Micro Devices (AMD), Arista Networks (ANET), Arm Holdings (ARM), Uber Technologies (UBER), Applovin (APP), Shell (SHEL), McDonald's (MCD), and Walt Disney (DIS).* Macroeconomic data due this week include nonfarm payrolls, JOLTS job openings, ADP private payrolls, Challenger job cuts, ISM services PMI, and the University of Michigan's preliminary consumer sentiment and inflation expectations.* Europe will respond should Trump follow through on his threat to raise tariffs on cars and trucks from the European Union to 25%, Eurogroup President Kyriakos Pierrakakis told Bloomberg. "The number one choice is always dialogue," he said. "If there is a deviation from what we have agreed upon, obviously all options are on the table and all choices will be on the table."

$^DJI$^IXIC$^SPX$AMD$ANET$ARM$DIS$MCD$PLTR$SHEL$UBER

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Asia Markets3d ago

US Equity Futures Gain Pre-Bell as Traders Keep Eye on Potential Re-Escalation of Middle East Hostilities

$^DJI$^IXIC$^SPX$AAPL$BUD$HSBC$INTC$PINS$PLTR$SHOP$VRTX