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Tadawul Shares End Week Subdued; US, Iran Sign Interim Peace Deal

The Tadawul All Share Index closed subdued at 0.06% in the green as the signing of the interim peace deal between Iran and the US took the global spotlight on Thursday.Dominating headlines is the signing of the US-Iran Islamabad Memorandum of Understanding. The 14-point deal includes sanction terminations, the reopening of the Strait of Hormuz, and a 60-day extension to its ceasefire to reach and negotiate a final deal.However, Israel's newest attacks on Lebanon caused market jitters as Iran stipulated that Lebanon should be included in its peace deal with the US."However, this sell off has partially reversed overnight following news shortly after the US close that the Presidents of the US and Iran had electronically signed an interim deal to end hostilities, with this MoU coming into effect. The signing had initially been expected on Friday, but Axios reported earlier yesterday that this may be brought forward. According to reports, the 14-point MoU foresees a rapid re-opening of the Strait of Hormuz, with an extendable 60-day period to negotiate a final deal that would cover nuclear issues and broad sanctions relief. The deal also envisages a $300bn fund for the 'reconstruction and economic development' of Iran, though Trump stressed yesterday that the US will not be investing in Iran and that Iran would benefit only if it 'behaves'," Deutsche Bank Research said in a note.In other news, and as expected, the US Federal Reserve kept its interest rates steady for the fourth time in a row, with the interest rates at the 3.50% to 3.75% range.Back at home, Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, is reportedly looking into the sale of its sulphur business stake. The state-owned oil giant is said to be aiming to raise $7 billion from the sale. Shares of Aramco closed 0.30% lower.Meanwhile, Specialized Medical Co. (SASE:4019) ticked up 1.05% as its 51%-owned Al-Mukhtas Al-Sehhi Medical unit secured a contract to manage and operate the SABIC Behavioral Care Specialist hospital.

^TASISASE:2222SASE:4019

Asia Markets5d ago

Update: Signed US-Iran Peace Deal Lifts US Equity Futures Pre-Bell

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were higher pre-bell Thursday after the US and Iran digitally signed an agreement aimed at ending the war in the Middle East.Dow Jones Industrial Average futures were 0.5% higher, S&P 500 futures were up 0.8%, and Nasdaq futures were 1.6% higher.President Donald Trump and Iranian President Masoud Pezeshkian digitally signed a memorandum of understanding targeting a permanent peace deal to end the war between the US and Iran. Amid criticism that Iran came out with the better end of the deal, Trump said in a post on Truth Social that people thinking he was not tough enough on the Middle Eastern nation were "either jealous, bad people, or stupid."All three major US stock indexes ended lower on Wednesday after Federal Reserve officials signaled a potential rate hike by the end of 2026 as inflation remains elevated.Traders observed the latest round of earnings, with Accenture (ACN) posting higher fiscal Q3 earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.3% at $78.52 per barrel and US West Texas Intermediate crude 2.1% lower at $75.22 per barrel.The weekly jobless claims bulletin showed 226,000 new unemployment claims for the week ended June 13, compared with the upwardly adjusted 230,000 figure in the prior week and above the 225,000 expected in a survey compiled by Bloomberg. The Philadelphia Federal Reserve's monthly manufacturing index rose to 10.3 in June from negative 0.4 in May, compared with expectations for a smaller increase to a reading of 10.0.In other world markets, Japan's Nikkei closed 1.7% higher, Hong Kong's Hang Seng ended 1.6% lower, and China's Shanghai Composite finished 0.4% lower. Meanwhile, the UK's FTSE 100 was down 1.1%, and Germany's DAX index was 00% lower in Europe's early afternoon session.In equities, Intel (INTC) shares were up 9% after President Donald Trump said Apple (AAPL) has "agreed to work with Intel to design and build its Chips in America." Taiwan Semiconductor Manufacturing's (TSM) stock was up 1.6% after a Nikkei Asia report cited chief operating officer Chris Koopmans as saying that Marvell Technology (MRVL) plans to adopt the company's 1.4-nanometer process for future chips. Broadcom (AVGO) shares were up 3.2% after the company said increased the maximum amount it will spend on its debt buyback program to $3 billion from $2.5 billion due to the strong participation.On the losing side, Accenture shares dropped 16% after the company reported its fiscal Q3 financial results. Kroger (KR) stock was down 4.7% after the company posted higher fiscal Q1 adjusted earnings and revenue.

Dow JonesNasdaq CompositeS&P 500$AAPL$ACN$AVGO$INTC$KR$MRVL$TSM

Asia Markets5d ago

Emirati Equities Extend Rally as Central Bank Keeps Base Rate Unchanged

Shares in the United Arab Emirates extended their winning streak to a third day as investors assessed the Central Bank's decision to keep its base rate unchanged.At the close of Thursday trading, the FTSE ADX General Index gained 1.173%, while the DFM General Index added 2.51%.The UAE Central Bank decided to hold the base rate applicable to the overnight deposit facility at 3.65%, mirroring the US Federal Reserve's move on Wednesday to keep the federal funds rate unchanged between 3.50% and 3.75%. The decision was driven by the Emirati dirham's peg to the US dollar.The Emirati primary financial regulator also kept the interest rate applicable to borrowing short-term liquidity at 50 basis points above the base rate for all standing credit facilities."While Chair Warsh was unwilling to indicate the direction of the Fed funds rate ahead, nine of his 18 colleagues had no such reservations and pencilled in a hike to 3.75-4.00% by year end in the dot plot. That was a big change from the previous iteration in March, in which 12 out of 19 expected to cut this year. This, alongside Warsh's defence of his Fed's commitment to the 2% inflation half of the Fed's mandate led investors to price in 38bp of tightening this year up from 21bp previously. A hike is now fully priced in by October," Berenberg said.Boosting sentiment is the electronic signing of a 14-point memorandum of understanding between US President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, to end their war and reopen the Strait of Hormuz.Back home and on the corporate side, Ras Al Khaimah Co. for White Cement and Construction Materials (ADX:RAKWCT) closed 4.46% in the green. The ceramic manufacturer will pause trading on July 13 due to its annual general meeting.Meanwhile, in Dubai, Shares of Emirates NBD (DFM:EMIRATESNBD) closed 7.21% higher as it concluded the purchase of a majority stake in Indian private sector bank RBL Bank after receipt of required approvals and fulfillment of closing conditions.

^DFMGI^FADGIADX:RAKWCTDFM:EMIRATESNBD

Asia Markets5d ago

Update: US Equity Indexes Drop as Bets for Higher Interest Rates Jump After Fed Eliminates Easing Bias

(Updates with index/price moves, FedWatch outlook, macro data, and political/company news from the first paragraph.)US equity indexes fell while government bond yields jumped as odds favoring higher interest rates this year surged after the Federal Reserve removed the so-called easing bias from its policy statement.The Nasdaq Composite fell 1.4% to 26,021.66, with the S&P 500 down 1.2% to 7,420.10 and the Dow Jones Industrial Average lower by 1% to 51,492.55 on Wednesday. All sectors fell, with communication services, consumer discretionary, and consumer staples leading the decliners at the close.The Fed left its benchmark rate unchanged in the 3.50% to 3.75% range in a unanimous decision announced Wednesday, excluding language that suggested a lingering bias toward cuts."Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East," the Fed statement said. "Job gains have kept pace with the workforce, and the unemployment rate has changed little."The probability of a 25-basis-point increase in rates to a target range of 3.75% to 4% in July soared to 35% from 9% a day ago, according to the CME FedWatch tool. The comparisons for September were 47% versus 27%, and, for October, the data showed an increase to 45% from 33%. Strikingly, there is a 33% likelihood that rates will be 4% to 4.25% in December, implying that the Fed may raise rates by another 25 basis points even after tightening policy once between July and October.In economic news, retail sales climbed 0.9% after a downwardly revised 0.4% gain in April, the Census Bureau reported Wednesday. The consensus was for a 0.6% increase in May, based on a Bloomberg survey.Pending home sales rose by 3.8% in May, above the 0.9% increase expected in a survey compiled by Bloomberg and following a 0.3% increase in April, according to the National Association of Realtors. The monthly sales index was up 4.8% from a year ago.US Treasury yields jumped, with the 10-year surging 6.1 basis points to 4.49% and the two-year soaring 14.8 basis points to 4.2%.In geopolitical news, the US draft of the framework agreement with Iran includes a new 'minimum' standard for diluting Iran's uranium and toll-free passage of the Strait of Hormuz for 60 days, senior US officials told the Associated Press. That shows the US draft does not preclude Iran from imposing fees on maritime traffic after the fixed period.The US draft includes provisions to ensure "territorial integrity" of Lebanon after Israel's latest attacks in the country against the militant outfit Hezbollah, the officials were cited as saying. In return, the US will waive, but not eliminate, some sanctions that were previously imposed on Iran after the deal is signed on Friday, the news report said, adding that Tehran has not released its version of the peace deal.In his closing remarks at the G7 summit in France, French President Emmanuel Macron said that it is vital that Iran, Hezbollah, and Israel do not resume fighting, while noting that Paris supports a preliminary US-Iran deal to end the war, according to CNN.Front-month global benchmark North Sea Brent slipped 0.1% to $78.85 per barrel, and US West Texas Intermediate edged 0.2% lower to $75.92 per barrel.In company news, Moderna (MRNA) plans to invest in production sites in Germany and is interested in the plants that BioNTech (BNTX) has slated for closure, according to a Google translation of a Wednesday report published by German news outlet Handelsblatt. Shares of the COVID vaccine manufacturer soared 12%, the biggest outperformer on the S&P 500.

Dow JonesNasdaq CompositeS&P 500$MRNA

Asia Markets6d ago

Update: US Equity Indexes Mixed Ahead of Fed Chair Warsh's Policy Views as Iran Warns Israel Over Lebanon Attacks

(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes traded mixed as investors await Federal Reserve Chair Kevin Warsh's views on monetary policy direction and inflation amid Iran's warning against continued Israeli attacks on Lebanon.The Nasdaq Composite slipped less than 0.1% to 26,379.5, and the S&P 500 edged 0.1% lower to 7,505.8 in Wednesday's midday trading. The Dow Jones Industrial Average advanced 0.2% to 52,110.3. Communication services, consumer staples, and consumer discretionary led the decliners. Industrials and materials were among the top gainers.The Federal Open Market Committee is widely expected to maintain the range for its federal funds rate at 3.50% to 3.75% for the fourth straight meeting, implying the focus will be on the updated Summary of Economic Projections and Kevin Warsh's first press conference as Fed chair on Wednesday afternoon.The rate-setting panel is likely to remove the lingering easing bias from the Fed policy statement, signaling instead an equal probability of the next policy move being a rate cut or an increase, according to a Stifel note. In the Summary of Economic Projections, policymakers will likely raise their inflation expectations amid rising energy prices and growth, with the latter reflecting a pickup in productivity via a rapid adoption of artificial intelligence, the note said.In his closing remarks at the G7 summit in France, French President Emmanuel Macron said that it is vital that Iran, Hezbollah, and Israel do not resume fighting, while noting that Paris supports a preliminary US-Iran deal to end the war, according to CNN.Iran will be able to export oil as soon as its agreement with the US is signed on Friday, CNN reported, while noting it has seen a draft of the memorandum of understanding. The MoU states Iran will "never produce nuclear weapons" while allowing Tehran to potentially tap into a $300 billion development fund if it meets commitments related to its nuclear program in further talks, the news agency reported.Meanwhile, Iran accused Israel of violating the truce in Lebanon 84 times since it reached the interim agreement with the US and warned of a "harsh response" if attacks continue, Al Jazeera reported. Israel carried out a series of strikes in southern Lebanon on Wednesday, CNN reported. The US-Iran framework agreement ends the war on all fronts, including Lebanon, the CNN report added.Front-month global benchmark North Sea Brent rose 0.7% to $79.50 per barrel, and US West Texas Intermediate climbed 0.9% to $76.72 per barrel.In economic news, retail sales climbed 0.9% after a downwardly revised 0.4% gain in April, the Census Bureau reported Wednesday. The consensus was for a 0.6% increase in May, based on a Bloomberg survey.Pending home sales rose by 3.8% in May, above the 0.9% increase expected in a survey compiled by Bloomberg and following a 0.3% increase in April, according to the National Association of Realtors. The monthly sales index was up 4.8% from a year earlier.In company news, US equity markets could see a major shift as the Securities and Exchange Commission considers allowing "tokenized stocks" under a proposed innovation exemption, Reuters reported Wednesday, citing analysts and lawyers. The move, expected under SEC Chair Paul Atkins, aims to give companies regulatory flexibility to experiment with digital asset models, it said. Robinhood (HOOD) shares jumped 12%, the top gainer on the S&P 500.Applied Materials (AMAT) stock advanced 7.5%, among the biggest gainers on the S&P 500 and the Nasdaq, after the company and EssilorLuxottica unveiled a long-term joint development agreement to advance augmented reality optics platforms for smart glasses.

Dow JonesNasdaq CompositeS&P 500$AMAT$HOOD

Asia Markets6d ago

Exchange-Traded Funds, US Equities Mixed After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV were mixed after midday Wednesday, with the latter trading lower. Actively traded Invesco QQQ Trust (QQQ) was up 0.3%.US equity indexes were also mixed ahead of the Federal Reserve's monetary policy announcement under newly minted Kevin Warsh, while Iran warned against Israel's continuing attacks on Lebanon.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each fell 0.5%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) gained 1.2% and iShares US Technology ETF (IYW) rose 0.7%, while iShares Expanded Tech Sector ETF (IGM) was up 0.9%.The State Street SPDR S&P Semiconductor (XSD) increased 1.9% and iShares Semiconductor (SOXX) was 3.4% higher.FinancialThe State Street Financial Select Sector SPDR (XLF) added 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) added 1.7%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), lost 1.7%.CommoditiesCrude oil rose 1%, and the United States Oil Fund (USO) fell 0.5%. Natural gas shed 2.8%, and the United States Natural Gas Fund (UNG) was 2.6% lower.Gold on Comex gained 0.7%, and the State Street SPDR Gold Shares (GLD) also rose 0.5%. Silver advanced 1.1%, and iShares Silver Trust (SLV) was up 0.6%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) was down 1.5%. The Vanguard Consumer Staples ETF (VDC) fell 1.4% and iShares Dow Jones US Consumer Goods (IYK) was down 1%.The State Street Consumer Discretionary Select Sector SPDR (XLY) declined 0.9%. VanEck Retail ETF (RTH) was 1.4% lower, and the State Street SPDR S&P Retail (XRT) dropped 0.3%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) shed 0.6%, iShares US Healthcare (IYH) decreased 0.4%, and Vanguard Health Care ETF (VHT) slipped 0.2%. IShares Biotechnology ETF (IBB) gained 2.3%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) added 1.1%. Vanguard Industrials Index Fund (VIS) gained 1.2%, while iShares US Industrials (IYJ) rose 1%.CryptocurrencyIn midday activity, bitcoin (BTC-USD) was up 0.1%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) rose 0.5%, ProShares Ether ETF (EETH) fell 1.4%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 0.2% higher.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH

Asia Markets6d ago

European Stocks Close Mostly Higher; Euro Area Inflation Rises in May

European stock markets closed mostly higher Wednesday as the Stoxx Europe 600 gained 0.5%, the Swiss Market Index rose 0.4%, and Germany's DAX 40 and the FTSE 100 each rose 0.1%, while France's CAC 40 fell 0.2%,The annual inflation rate in the euro area rose to 3.2% in May from 3% in April, and 1.9% a year earlier, according to Eurostat, the statistical office of the EU. Annual EU inflation increased to 3.3% from 3.2% in April and 2.2% a year earlierThe lowest annual rate was in Sweden at 1.1%, while the highest was 9.7% in Romania. Compared with April, annual inflation rose in 16 member states and fell in 11.In corporate news, Novo Nordisk said it is aware of claims by cyber extortion group FulcrumSec that it stole company data and sought a $25 million payment, Reuters reported Tuesday.FulcrumSec said it spent more than two months inside Novo Nordisk's systems and obtained source code, drug information, clinical trial data and other internal records, the report said. The group said it is exploring sales of some of the data after the company declined to pay the ransom, the report said.Shares of the Danish pharmaceutical company gained 2% in Copenhagen.Stellantis pledged new investments in Italy, including 5 billion euros ($5.8 billion) in research and development by 2030 and the addition of engineering jobs, Bloomberg reported, citing FIM-CISL labor union secretary general Ferdinando Uliano.Separately, Stellantis, Wayve, and Uber Technologies are collaborating on the development and global deployment of Level 4 autonomous robotaxi services.Shares of Stellantis lost 3% in Paris.Ferrari is encouraging some clients to buy its new Luce electric vehicle as a way to improve access to future limited-edition models, Bloomberg reported.Shares of the Italian luxury sportscar maker fell 3% in Milan.Nokia plans to expand its advanced semiconductor test and packaging facilities in Allentown, Pennsylvania, to increase the manufacturing of photonic chips for AI networks.Shares of the Finnish telecommunications company rose 0.3% in Helsinki.

Asia Markets6d ago

Swiss Market Index Shrugs Off Cloudy Economic Outlook to Close Higher

The Swiss Market Index closed 0.39% higher on Wednesday as investors took stock of the latest corporate and economic data prints while awaiting the US Federal Reserve's monetary policy decision.The Fed is widely expected to hold its key interest rate steady in the 3.5% to 3.75% range later today.Closer to home, the annual inflation rate in the euro area edged up to 3.2% in May from 3% in April, final data from Eurostat showed. In the UK, the annual inflation rate stood at 2.8% in May, unchanged from the previous month.Back in Switzerland, the KOF Swiss Economic Institute lowered its real gross domestic product sport-adjusted growth forecast for the country to 0.8% in 2026 from the previous 1% projection. In 2027, GDP is now expected to expand by 1.5%, down from the prior 1.7% forecast."The war waged by the United States and Israel against Iran, and the resulting higher oil prices, are weighing more heavily on the economic outlook than assumed in the previous forecast," according to the KOF. "The baseline forecast assumes a relatively timely settlement of the Iran war. A continuation and renewed escalation of the conflict represent downside risks. In addition, trade and geopolitical risks remain elevated, including possible additional US tariffs against Switzerland as well as potential shifts in investment by Swiss companies to the United States."Over to corporates, Straumann Holding (STMN.SW) shares closed the session 10.80% higher as it lifted its 2026 financial guidance, now anticipating profitability to be "significantly" above its previously issued outlook. The Swiss dental products group expects its core EBIT margin expansion of between 140 basis points and 170 basis points at constant 2025 exchange rates, against its prior forecast of 30 basis points to 60 basis points. Organic revenue growth for 2026 is still projected to be in the high single digits."Strong execution across our franchises, combined with significant operational leverage driven by manufacturing efficiencies on the one hand and disciplined resource management on the other while continuing to progress on our strategic priorities, contributed to stronger-than-expected profitability," said Chief Executive Officer Guillaume Daniellot. "With the visibility we have today, we are confident in raising our profitability outlook for 2026."In other news, G7 countries expressed their support for "a robust and comprehensive diplomatic follow-on agreement" to the memorandum of understanding reached by the US and Iran.

^SSMI$STMN.SW

Asia Markets6d ago

UK Stocks Rise Ahead of US Interest Rate Move

London's FTSE 100 closed Wednesday trading 0.14% in the green as early support from softer-than-expected UK inflation data gave way to caution ahead of the US Federal Reserve's policy decision later in the day."[The Federal Open Market Committee] expected to keep the policy rate at 3.5-3.75% in June and remove the easing bias from its statement," BofA Global Research said.At home, Britain's annual inflation rate remained stable at 2.8% for the second consecutive month in May, according to data from the Office for National Statistics, below expectations for a rise to 3%. Monthly consumer prices were 0.2% higher, against the 0.7% uptick in April and the market forecast of 0.4% growth.The data reinforced expectations that the Bank of England may not need to tighten policy further, Berenberg said. "The pass-through from the rise in energy prices to consumer prices appears more limited than the central bank expected. Meanwhile, US-Iran deal has shifted the oil futures curve down such that it now lines up with the most benign of the BoE's 30 April scenarios. This will allow the BoE to refocus on the deceleration in wage inflation that risks it missing its inflation target to the downside in the second half of 2027. We continue to forecast a 25 [basis-point] cut in December and two more in 1H 2027."In corporate news, Barclays (BARC.L), up 3.40%, was one of the top stocks on the blue-chip index after BofA Global Research raised its price objective on the back of higher profit expectations, noting that the current operating environment is shaping up to be better than the British banking group's medium-term plan assumptions."We think recent developments in the operating environment, namely (i) higher swap rates, (ii) strong UK lending growth, (iii) active capital markets, particularly in the US, and (iv) strong consumer trends in the US, should benefit Barclays given its business mix," analysts said. "This not only presents upside potential to earnings, but the higher capital generation could also support higher buybacks, which at current valuations of c.1.1x P/TBV26e, remain attractive."Experian (EXPN.L) subsidiary Experian Finance US priced a $1 billion issue of 5.35% bonds due Aug. 24, 2036. The British data and technology company will use the net proceeds for general corporate purposes and to repay loans. Shares were flat at close.In geopolitical news, G7 leaders welcomed the interim US-Iran agreement and pledged support for its implementation, while also calling for a ceasefire in Lebanon. The group said it would accelerate the diversification of energy supply routes and increase energy stockpiles to reduce vulnerability to disruptions in the Strait of Hormuz.

FTSE 100$BARC.L$EXPN.L

Asia Markets6d ago

DAX Index Climbs; BMW Drops on FY26 Profit Warning

German equities gained on Wednesday, closing 0.10% in the green, as the market anticipates the US Federal Reserve interest rate decision due later in the day and the formal signing of an interim US-Iran peace deal later in the week.In a joint statement, the heads of the G7 countries welcomed the interim agreement between the US and Iran, which they noted offered an opportunity to prevent Iran from developing nuclear weapons. As they expressed their readiness to assist in the deal's implementation, the leaders also called for a ceasefire in Lebanon."We commit to accelerate the diversification of energy supply routes in order to reduce global vulnerability to the Strait of Hormuz and to increase our energy stocks," the leaders said in the statement issued during the G7 Summit in Evian, France.On the economic front, inflation in the eurozone accelerated in May. According to final data from Eurostat, the euro area's annual inflation rate rose to 3.2% from 3% in April, in line with the flash estimate. Meanwhile, the core rate, which excludes energy, food, alcohol and tobacco, came in at 2.6%, above the preliminary forecast of 2.5% and the previous 2.2%.The highest contributors for the month were services, followed by energy, food, alcohol and tobacco, and then non-energy industrial goods.In corporate news, BMW Group (BMW.F) was the worst performer, dropping 8.34%, after cutting its full-year 2026 outlook. The downgrade includes a "significant" year-over-year decline in group pretax profit, compared with the previously expected "moderate decrease.""BMW has issued a material guidance cut, attributing it once again to a softer market in China and the wider [Asia Pacific] region, alongside second-order effects stemming from the Middle East conflict. While a guidance revision was anticipated over the past few days, after the stock underperformed and the company cancelled a long-planned [Chief Executive Officer] sell-side meeting, we believe the magnitude of this cut is materially larger than expected - >EUR 3bn on EBIT and EUR 2bn on [free cash flow]," Deutsche Bank Research said.The news also sent stocks of fellow German automotive companies Mercedes-Benz Group (MBG.F), Volkswagen (VOW.F), and Porsche Automobil Holding SE (PAH3.F) down 4.36%, 3.48%, and 1.96%, respectively, on Xetra.Meanwhile, Bayer (BAYN.F) completed its acquisition of US-based Perfuse Therapeutics, fully integrating the glaucoma and diabetic retinopathy drug developer. The German healthcare and agricultural products company paid $300 million upfront, with the total deal value potentially reaching $2.45 billion pending milestone payments. Bayer was up 4.80% at the end of the trading day.

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

Asia Markets6d ago

European Equities Traded in the US as American Depositary Receipts Rise in Wednesday Trading

European equities traded in the US as American depositary receipts were sharply higher late Wednesday morning, rising 1.28% to 1,926.15 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by lenders Banco Santander (SAN) and Banco Bilbao Vizcaya Argentaria (BBVA), which advanced 2.5% and 2.3% respectively. They were followed by biopharmaceutical firm argenx (ARGX) and biotech firm BioNTech (BNTX), which rose 2.1% and 2% respectively.The decliners from continental Europe were led by pharmaceutical company Sanofi (SNY) and telecommunications company Nokia (NOK), which dropped 2% and 1.4% respectively. They were followed by software firm SAP (SAP) and telecommunications company Ericsson (ERIC), which were off 1% and 0.8% respectively.The gainers from the UK were led by Mereo BioPharma Group (MREO) and lender Barclays (BCS), which rose 9% and 3.6% respectively. They were followed by Akari Therapeutics (AKTX) and Bicycle Therapeutics (BCYC), which advanced 3.3% and 2.7% respectively.The decliners from the UK and Ireland were led by British American Tobacco (BTI) and telecommunications operator Vodafone Group (VOD), which fell 8% and 1.3% respectively. They were followed by oil and gas companies BP (BP) and Shell (SHEL), which were down 1.1% and 1% respectively.

$AKTX$ARGX$BBVA$BCS$BCYC$BNTX$BP$BTI$ERIC$MREO$NOK$SAN$SAP$SHEL$SNY$VOD

Asia Markets6d ago

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

Asian equities traded in the US as American depositary receipts were climbing sharply higher Wednesday morning, rising 1.16% to 2,892.96 on the S&P Asia 50 ADR Index.From North Asia, the gainers were led by semiconductor company Himax Technologies (HIMX) and semiconductor company Silicon Motion Technology (SIMO), which were up 5.5% and 4.6% respectively. They were followed by lender Nomura (NMR) and game live-streaming service HUYA (HUYA), which rose 3.8% and 3.3% respectivelyThe decliners from North Asia were led by used car marketplace Uxin (UXIN) and tech company Xunlei (XNET), which fell 6.1% and 5.4% respectively. They were followed by lender CNFinance (CNF) and mobile big data platform Aurora Mobile (JG), which were down 4.9% and 3.4% respectively.From South Asia, the gainers were led by tech conglomerate Sea (SE) and IT firm Wipro (WIT), which advanced 4.6% and 4% respectively. They were followed by telecommunications operator Telekomunikasi Indonesia (TLK) and lender HDFC Bank (HDB), which were up 0.7% each.The decliners from South Asia were led by fintech firm Trident Digital Tech (TDTH) and computer hardware maker Canaan (CAN), which dropped 13.6% and 3.6% respectively. They were followed by telecommunications operator PLDT (PHI) and IT company Sify Technologies (SIFY), which dropped 2.7% and 1.1% respectively.

$CANPHI$CNF$HDB$HIMX$HUYA$JG$NMR$SE$SIFY$SIMO$TDTH$TLK$UXIN$WIT$XNET

Asia Markets6d ago

Tadawul Equities End Lower Amid US Fed Rate Jitters

The Tadawul All Share Index closed Wednesday lower at 0.28% in the red ahead of the latest and highly anticipated monetary policy of the US Federal Reserve.Aside from the expected rate hold, market watchers will also be on the lookout for the policies and economic views of the newest Fed chair, Kevin Warsh."No change in the policy rate (3.50% to 3.75% range) is expected, but the press conference could offer interesting sound bites for markets to potentially rethink the future policy stance. Whilst the statement should turn more hawkish, Warsh may want to communicate his more dovish view, though probably not explicitly. He could, for example, reiterate his conviction about AI-related productivity growth, which would justify lower policy rates further in the future. Overall, such comments are likely to stay at a high level as he's also not a fan of forward guidance," ING said.In other news, investors are also tuning into the new updates on the G7 summit as it heads into its last day. The third day will focus on coming up with a plan for the critical minerals supply chain in the West.Back at home, Waja Co. (SASE:9560) shares declined 1.40% at closing as it entered into a nonbinding memorandum of understanding to buy a 5% equity stake in construction group Owtad Al Fahad Co.Meanwhile, Bank AlJazira (SASE:1020) launched an offering of US dollar-denominated additional tier 1 capital certificates. The perpetual certificates offer will be available to eligible Saudi Arabian and international investors. Shares of the lender closed 0.59% in the red.

^TASISASE:1020SASE:9560

Asia Markets6d ago

Update: US Equity Futures Edge Slightly Higher Pre-Bell Ahead of Fed Decision Under New Chair

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were slightly higher pre-bell Wednesday as traders awaited the Federal Reserve's rate decision, the first under new chairman Kevin Warsh.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.5% higher.The Fed will deliver its latest policy decision at 2 p.m., and Warsh will hold his first press conference at 2:30 p.m. Markets expect the central bank to keep interest rates unchanged at a target range of 3.5% to 3.75%.Elon Musk's Space Exploration Technologies (SPCX), known as SpaceX, continued its post-IPO rally for the third straight day after its record-setting initial public offering on Friday, gaining 2.2% in pre-market activity.President Donald Trump said at the G7 conference that the proposed US-Iran memorandum of understanding, set to be formalized in Geneva on Friday, is "not final" and warned that the US will "go right back to dropping bombs" if he doesn't like the deal.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.9% at $79.69 per barrel and US West Texas Intermediate crude 0.8% higher at $76.66 per barrel.US retail sales rose by 0.9% in May, above the expected figure of 0.6% in a survey compiled by Bloomberg and following the previous month's 0.4% gain.Pending home sales for May, scheduled for release at 10 am ET, are expected to be up 0.9% after a gain of 1.4% in the prior month. The Atlanta Fed Business Inflation Expectations survey for June is also expected at 10 am ET.In other world markets, Japan's Nikkei closed 0.7% higher, Hong Kong's Hang Seng ended 0.7% lower, and China's Shanghai Composite finished 0.4% higher. Meanwhile, the UK's FTSE 100 was down 0.1%, and Germany's DAX index was 0.2% lower in Europe's early afternoon session.In equities, Intel (INTC) shares rose 3.7% after a CNBC report that the company has begun risk production of its most advanced chip node, 18A-P, bringing the company closer to a potential deal to manufacture chips for Apple (AAPL). Applied Materials (AMAT) stock was up 4.3% after the company and EssilorLuxottica said they have struck a long-term joint development agreement to advance augmented reality optics platforms for smart glasses. CarMax (KMX) shares were up 1.8% after the company reported fiscal Q1 net income and net sales that surpassed analysts' consensus.On the losing side, BHP (BHP) and Rio Tinto (RIO) shares were down 0.9% and 2.5%, respectively, after a Bloomberg report that the two companies see India as the next major growth engine for global steelmaking, expected to help offset slowing growth in China.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMAT$BHP$INTC$KMX$RIO$SPCX

Asia Markets6d ago

UAE Shares Gain Amid Focus on US Fed Rate Move

Stock trading in the United Arab Emirates ended in the green again as markets await the key interest rate decision from the world's biggest economy later in the day.At the close of Wednesday trading, the FTSE ADX General Index added 0.331%, while the DFM General Index was up 1.007%.The US Fed will release its monetary policy decision today, with analysts expecting the federal funds rate to remain unchanged in the 3.50% to 3.75% range for the fourth consecutive meeting. It will also mark Kevin Warsh's first press conference as Fed chair."We expect the policy rate will remain at 3.75%, as also priced by markets. Focus will be on his policy leanings, views on the economy and any shifts in Fed practices. Even if Warsh proves to be relatively dovish, we still expect the distribution of rate projections to move higher compared to March," Danske Bank said in a note.On the geopolitical front, the US and Iran are expected to meet in Geneva on Friday to sign their deal, comprising the reopening of the Strait of Hormuz and a 60-day ceasefire extension during which negotiations will take place regarding Iran's nuclear program.Zooming in at home, the Central Bank of the UAE and the Bank for International Settlements concluded their secure cross-border open finance initiative Project Aperta, confirming a secure and real-time exchange of cross-border financial data.On the corporate side, Alef Education (ADX:ALEFEDT) expanded its artificial-intelligence-powered language learning system Arabits across private schools in the UAE. Shares of the Abu Dhabi-listed K-12 education technology company closed the session 0.91% in the red.Dubai Investments' (DFM:DIC) real estate arm, Dubai Investment Real Estate, completed the final phase of villa handovers at its Danah Bay mixed-use beachfront development on Al Marjan Island in Ras Al Khaimah. The Emirati investor closed the session 0.27% higher.

^DFMGI^FADGIADX:ALEFEDTDFM:DIC

Asia Markets7d ago

Update: US Equity Indexes Mixed as Technology Sector Retreats

(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes traded mixed as the Dow Jones Industrial Average hit a new peak intraday amid sliding crude oil prices, while technology sank to the bottom of sector charts.The tech-heavy Nasdaq Composite fell 0.6% to 26,537.1, with the S&P 500 down 0.3% to 7,534.2, while the Dow Jones Industrial Average rose 1% to 52,163.4 after midday Tuesday.All sectors except technology, energy, and communication services rose, with financials and industrials leading the gainers.Dow hit a fresh intraday record, taking out the all-time high scaled on Monday, as crude oil extended declines to the lowest level in more than three months following Sunday's announcement of an interim deal between the US and Iran to end the war in the Middle East.President Donald Trump vowed to publicly release the text of the memorandum of understanding Iran has signed with the US "in a couple of days," CNN reported Tuesday.Iran warned that any Israeli attack on Lebanon or continued occupation of its territory from now on will constitute a violation of the interim agreement with the US, Al Jazeera reported. However, Israeli Prime Minister Benjamin Netanyahu has made clear he does not intend to withdraw from southern Lebanon, Gaza, or Syria, according to the CNN news report.Front-month global benchmark North Sea Brent slumped 4.6% to $78.61 per barrel, and US West Texas Intermediate dived 5.1% to $75.66 per barrel after midday.In company news, Space Exploration Technologies (SPCX) has agreed to acquire Anysphere, which operates Cursor, an artificial intelligence-based coding agent, in a deal worth about $60 billion. Shares of SpaceX jumped 11% intraday, boosting the company's market cap above Amazon's (AMZN).Meanwhile, Yum! Brands (YUM) said it has signed agreements to sell Pizza Hut for a combined $2.7 billion through two separate transactions.In economic news, US import prices jumped 1.9% in May, ahead of the 1% increase expected in a Bloomberg-compiled survey and following a 2.0% gain in April. Excluding a 13% surge in petroleum prices, import prices were up 0.8% from 0.5%, beating the 0.5% forecast. Export prices climbed 1.3% in May, above expectations for 0.9% and following a 3.5% jump in April.The New York Federal Reserve's services index worsened to minus 10.1 in June from minus 5.8 in May. The index is the first services reading for June and suggests more widespread contraction.Redbook US same-store sales soared 9.4% from a year earlier in the week ended June 13, after surging 9.1% in the previous week. Seasonal categories such as air conditioners, fans, pool and beach equipment, swimwear, and other hot-weather apparel led the growth, according to Redbook.

Dow JonesNasdaq CompositeS&P 500$AMZN$SPCX$YUM

Asia Markets7d ago

Exchange-Traded Funds Fall, US Equities Mixed After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV were lower Tuesday. Actively traded Invesco QQQ Trust (QQQ) was down 1.4%.US equity indexes traded mixed, with the Dow Jones Industrial Average reaching a new peak intraday amid sliding crude oil prices, while technology sank to the bottom of sector charts.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each fell 0.5%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) dropped 1.8% and iShares US Technology ETF (IYW) declined 1.5%, while iShares Expanded Tech Sector ETF (IGM) was down 1.7%.The State Street SPDR S&P Semiconductor (XSD) and iShares Semiconductor (SOXX) each fell 3.5%.FinancialThe State Street Financial Select Sector SPDR (XLF) added 1.5%. Direxion Daily Financial Bull 3X Shares (FAS) added 4.4%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), lost 4.4%.CommoditiesCrude oil shed 6.4%, and the United States Oil Fund (USO) fell 6.1%. Natural gas added 3%, and the United States Natural Gas Fund (UNG) was 2.6% higher.Gold on Comex gained 0.3%, and the State Street SPDR Gold Shares (GLD) also rose 0.4%. Silver advanced 0.1%, and iShares Silver Trust (SLV) was down 0.1%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) was up 0.2%. The Vanguard Consumer Staples ETF (VDC) and iShares Dow Jones US Consumer Goods (IYK) were up 0.3% each.The State Street Consumer Discretionary Select Sector SPDR (XLY) rose 0.1%. VanEck Retail ETF (RTH) was 0.3% higher, and the State Street SPDR S&P Retail (XRT) dropped 0.1%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) gained 0.2%, iShares US Healthcare (IYH) rose 0.2%, and Vanguard Health Care ETF (VHT) moved up 0.2%. IShares Biotechnology ETF (IBB) dropped 0.2%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) added 1.2%. Vanguard Industrials Index Fund (VIS) gained 1.1%, while iShares US Industrials (IYJ) rose 1.3%.CryptocurrencyIn midday activity, bitcoin (BTC-USD) was down 1.6%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) shed 1.2%, ProShares Ether ETF (EETH) fell 2.6%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 2.2% lower.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH

Asia Markets7d ago

Swiss Stocks End Higher; PolyPeptide Group Shares Jump

Swiss stocks were in positive territory on Tuesday's close, with the Swiss Market Index up 0.32%, amid a quiet day of local economic news.In the eurozone, the ZEW Indicator of Economic Sentiment improved to 9.5 points in June from -9.1 points in May, fueled by hopes that the Middle East conflict is nearing an end. The economic sentiment indicator for Germany, the eurozone's largest economy, also turned positive, rising by 20.7 points to 10.5 points in June.On the geopolitical front, European Commission President Ursula von der Leyen met with UK Prime Minister Keir Starmer at the G7 Summit in Evian, France, discussing the situation in Ukraine and the Middle East. Swiss President Guy Parmelin is also set to meet Starmer this evening to discuss negotiations on a bilateral free trade deal.Back home and in corporate news, Siegfried Holding (SFZN.SW) further expanded its large-scale drug substances offering with the launch of its new drug substances manufacturing facility in Minden, Germany. The Swiss contract development and manufacturing organization's stock shed 7.60% at closing.Berenberg raised its price target for PolyPeptide Group (PPGN.SW) to 38 francs from 35 francs, with an unchanged buy recommendation on the stock, expressing optimism over the group's ability to achieve its revenue growth guidance for 2026. PolyPeptide's shares closed the session 5.65% higher."In the absence of any material newsflow, we take increasing confidence that operations at the newly expanded Braine-l'Alleud facility in Belgium are running as planned. The revenue contribution from this asset should provide sufficient support for the company to achieve the upper end of its 2026 revenue guidance, in our view," the research firm said. "In addition, PolyPeptide is expanding its site in Strasbourg, France, to support a large non-GLP-1 contract. We expect the ramp-up to begin in the second half of 2026, subject to approval from the regulatory authorities, with this reaching target utilisation as of 2027. We forecast this asset to contribute EUR50m of revenue from 2027E onwards."

^SSMI$PPGN.SW$SFZN.SW

Asia Markets7d ago

Germany's DAX Index Flat; Economic Sentiment Turns Positive

Germany's DAX index was little changed on Tuesday, closing 0.07% higher, as data showed that economic sentiment in the country and the wider eurozone turned positive after the US and Iran agreed on a preliminary deal to end the war.The ZEW economic sentiment indicator for Germany improved to 10.5 points in June from -10.2 points in May, higher than the consensus estimate of -6 points. On the other hand, the current situation indicator fell to -81 points from -77.8 points.In the wider euro area, the economic sentiment index climbed by 18.6 points to 9.5 points in June, better than market forecasts of -7.2 points, while the current economic situation indicator decreased by 2 points to -43.4 points."The ZEW Indicator returns to positive territory as financial market experts expect the Iran conflict to be nearing an end. This is likely to ease the massive pressure on energy prices and inflation, which would benefit energy-intensive industries and private households and would strengthen domestic demand," ZEW President Achim Wambach said.In other news, the European Union and the UK agreed to hold their second summit on July 22. "Close EU-UK cooperation is essential for our shared European security, resilience, and prosperity," European Council President António Costa said in a post on social media platform X.On the corporate front, the German federal government rejected Italian lender UniCredit's offer to exchange shares in Commerzbank (CBK.F). The Financial Market Stabilisation Fund's interministerial steering committee said the offer does not include an appropriate premium on Commerzbank's current share price. The German bank's stock was up 0.25% at the end of the trading day.Meanwhile, Deutsche Bank Research lifted its price target for Redcare Pharmacy (RDC.F) to 102 euros from 99 euros, with a buy rating on the stock, after the online pharmacy raised its full-year 2026 guidance following growth acceleration in the first two months of the second quarter. Redcare's shares jumped 6.89% at closing."The new outlook implies c.15% upside to consensus 2026 earnings, meaning the first catalyst for our recently opened Catalyst Call has now materialized," the research firm said. "We incorporate the upgraded guidance, lifting our 2026 adjusted EBITDA estimate by 12% and outer-year estimates by up to 5%, resulting in a new target price of EUR102."

^DAX$CBK.F$RDC.F

Asia Markets7d ago

UK Shares Rise on Optimism Over Potential US-Iran Deal

London's FTSE 100 closed 0.61% in the green on Tuesday as investor sentiment improved following news of a preliminary peace agreement between the US and Iran.Details of the memorandum of understanding between the two nations are expected to be released in 24 to 48 hours, a US official told Deutsche Bank Research on Monday. The US and Iran are poised to start technical talks later this week.Oxford Economics said the agreement should help ease inflationary pressures, though it expects only a limited boost to global economic growth. "Overall, this reinforces our long-held view that the Federal Reserve and the Bank of England won't hike rates and lessens the chance that central banks that have already raised interest rates, despite a weak economic backdrop, hike again."In other news, the UK and the European Union agreed to hold their second summit on July 22. "My Labour Government is delivering on our promise to reset our relationship and put Britain at the heart of Europe. Together we will tackle the cost of living, boost jobs and create opportunities for young people," UK Prime Minister Keir Starmer said in a post on social media platform X.On the corporate front, shares of Rathbones Group (RAT.L) tumbled 17.01% after the wealth manager said it expects to incur 60 million pounds sterling in additional costs to address compliance shortcomings identified in a regulatory review."We expect the regulatory review may result in a delayed net flow recovery by 6-12 months, driven by 1) pause of [enhanced due diligence] clients, and 2) disruption to business and [investment managers]," BofA Global Research said, adding that it expects softer funds-under-management growth to delay the company's target of reaching a 30% underlying operating margin in fourth quarter.AlphaValue/Baader Europe, meanwhile, trimmed J Sainsbury's (SBRY.L) EPS forecasts, citing management's "more cautious" underlying operating profit outlook for fiscal 2027.The research firm cut the British supermarket chain's fiscal 2027 EPS estimate by 7.52% to 0.238 pound and reduced its fiscal 2028 forecast by 7.85% to 0.268 pound. Sainsbury's edged down 0.74%.

FTSE 100$RAT.L$SBRY.L

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Asia Markets6d ago

Update: US Equity Indexes Mixed Ahead of Fed Chair Warsh's Policy Views as Iran Warns Israel Over Lebanon Attacks

Dow JonesNasdaq CompositeS&P 500$AMAT$HOOD