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European Stocks Close Higher in Friday Trading as Oil Prices Drop; UK GDP Expands More Than Expected

European stock markets closed higher in Friday trading as oil prices fell and the UK reported that its gross domestic product grew more than expected.The Stoxx Europe gained 0.5%, Germany's DAX rose 0.8%, the FTSE 100 increased 0.4%, France's CAC was up 0.8%, and the Swiss Market Index closed 0.3% higher.In the UK, monthly real GDP grew an estimated 0.4% in July, following growth of 0.3% in June, and no growth in May, according to the UK's Office for National Statistics. Analysts surveyed by Bloomberg expected GDP growth to be flat.Services output grew by 0.4%, production grew by 0.2%, and construction grew by 0.1%.In corporate news, Stellantis' Pro One division and China's UQI Robotics agreed on a collaboration to explore last-mile logistics using autonomous delivery services, the companies said on Friday.Under the collaboration, the companies said they will explore the further development of Box-on-Wheels, Stellantis' autonomous logistics vehicle set to debut on Monday at the IAA Transportation 2026 event in Hanover, Germany.The companies will focus initially on the European market but explore additional international opportunities, they said.Shares of the automaker advanced 2.6% in Paris.TotalEnergies has agreed to acquire Plastic Energy's 35% stake in the Grandpuits advanced plastics recycling plant in France, making it the sole owner of the facility, the company said Friday.The plant, which started production in March, has annual capacity to process 15,000 tons of hard-to-recycle plastic waste into synthetic oil through a pyrolysis process.Meanwhile the French oil and gas major, along with Equinor, and ConocoPhillips, are among the companies to have submitted bids by the Sept. 1 deadline for new production licenses, the Norwegian Ministry of Energy said Friday. The ministry expanded its predefined drilling area in the North Sea, the Norwegian Sea, and the Barents Sea by 70 blocks.Shares of TotalEnergies increased 0.3% in Paris, while shares of Equinor were up 0.4% in Oslo.UBS Group has accepted $7.93 billion aggregate principal amount of notes in its cash tender offers for nine series of debt securities and upsized its maximum offer amount to about $5.85 billion from $4 billion, the company said Friday.The offers expired at 5 pm ET Thursday, with settlement expected Monday.The company said all maximum purchase notes that have been validly tendered by the expiration date have been accepted for purchase. The accepted notes include securities denominated in US dollars, euros and British pounds, with maturities from 2028 through 2033, UBS said.Shares of the Swiss bank gained 1.3% in Zurich.Shell disclosed on Thursday that it had acquired 100% of Hunlock Creek Generating, which owns 169 megawatts of natural gas-fired generation capacity in Pennsylvania. No terms were disclosed.The London-based energy giant Shell also disclosed it has agreed to sell interests in RISEC, which owns a 609-MW, two-unit combined cycle gas turbine power plant in New England, to Constellation Energy Generation (CEG), for $715 million.Both transactions are expected to close Q1 2027, Shell added.Equinor and Shell's joint venture Adura said Friday it is waiting for a UK government decision for its Jackdaw and Rosebank projects after public consultation closed last month."Following the closure of public consultation of Jackdaw and Rosebank last month, we now await a government decision on consent to allow the two projects to move forward to production. The Jackdaw platform is installed in the North Sea and, subject to receiving consent, could be supplying gas to British homes and businesses within weeks," an Adura spokesperson said in an email.A UK Department for Energy Security and Net Zero spokesperson toldin an e-mail statement that the department does not comment on speculation and has not set a timeline for the decision."Any decision will take into account all relevant evidence, including environmental assessments and public representations received during the consultation process," the spokesperson said.Shares of Shell increased 0.4% in London.

Asia Markets10d ago

Swiss Stocks Rebound as Consumer Sentiment Brightens

Swiss stocks staged a recovery on Friday, with the Swiss Market Index up 0.26% at the end of the trading session, as investors digested the latest company updates and economic data releases.Government data showed that Switzerland's consumer sentiment index increased to -32.8 points in August from -34.8 points in July. In the previous year, the index stood at -39.9 points. The State Secretariat for Economic Affairs said the separate indices for economic outlook and past financial situation improved year over year, while the indicator for financial outlook and the moment to make major purchases deteriorated.Elsewhere, the UK's gross domestic product grew 0.4% month over month in July, following a 0.3% rise in June, surpassing market forecasts of zero growth.In the US, the annual inflation rate was 3.4% in August, unchanged from the prior month, while annual core inflation ticked down to 2.4% from 2.5%."With [US Federal Reserve Chair] Kevin Warsh warning that inflation has been above target for too long in an environment where the economy is at full employment and financial conditions aren't restrictive, there should be a decent majority of FOMC members backing a hike," ING said. "Markets don't expect them to stop there, with Fed funds futures looking at potentially three further rate hikes over the next 12 months. We are not in that camp. If we see an improvement in energy flows from the Strait of Hormuz in coming months, fears of a renewed upswing in inflation will likely be proved wrong."Back home and in corporate news, Zurich Insurance Group (ZURN.SW) reportedly provided insurance coverage to iron ore trader Radiant World against non-payment from several trading counterparties, sources told London's Financial Times. The beleaguered trader is facing court claims from creditors in the UK and Singapore over alleged fraudulent trading documentation. In an emailed statement, the Swiss insurer toldit "does not have any material exposure to Radiant World." At closing, Zurich's shares were 0.51% in the green.Stadler Rail (SRAIL.SW) is investing over 14 billion Kazakhstani tenge to expand its Stadler Kazakhstan unit's production site in the country's capital of Astana by establishing an automated facility focused on manufacturing aluminum rail vehicle bodies. The train manufacturer's stock ended the trading day 2.86% higher.

^SSMI$SRAIL.SW$ZURN.SW

Asia Markets10d ago

DAX Index Gains as UAE Commits EUR40 Billion Investment in Germany

The blue-chip DAX index rebounded on Friday, closing 0.82% higher, after Germany secured a 40 billion-euro investment commitment from the United Arab Emirates.Announced during UAE President Mohamed bin Zayed Al Nahyan's ongoing state visit to Germany, the planned investment is intended to support the industrial competitiveness and "technological leadership" of the eurozone's largest economy.Meanwhile, global markets faced escalating geopolitical risks after Reuters reported that Iran-backed Houthi forces had seized the Yemeni Red Sea port city of Mocha and reached Perim Island in the Bab el-Mandeb Strait. The news outlet said Houthi control of the strategic waterway could give Iran a "critical advantage" in its conflict with the US by threatening a second major energy transit route.Back home, Germany posted a current account surplus of 21.2 billion euros in July, up 2.3 billion euros month over month. Bundesbank attributed the higher surplus to an increase in the trade surplus for goods, alongside a decline in the surplus from so-called invisible current-account transactions.On the corporate side, BASF (BAS.F) lost 2.83% after its unit agreed to sell 133 million shares in London-listed oil and gas company Harbour Energy at 2.66 pounds sterling each, lowering its voting rights to 16%. The deal includes a placement of 80 million shares and Harbour Energy's repurchase of 53 million shares at the placing price.Outside the main index, United Internet AG (UTDI.F) unveiled comprehensive restructuring initiatives across its core units, including Ionos Group (IOS.F) and 1&1 AG's (1U1.F) business enterprise subsidiary, 1&1 Versatel. Mwb Research noted the move as efficiency measures intended to support the companies' growth."The restructuring aims to improve competitiveness and fund future growth, resulting in approximately 800 job reductions and EUR 95m in one-off expenses in FY26. Once fully implemented, management expects annual savings of approximately EUR 55m. However, as the majority of these proceeds will be reinvested into AI and network modernization, the near-term uplift to profitability remains limited... We view these efficiency measures positively for the medium term, though near-term execution remains key," the research firm wrote. At the end of the trading day, United Internet AG was down 0.65%, while Ionos Group gained 1.94% and 1&1 AG was flat.

^DAX$1U1.F$BAS.F$IOS.F$UTDI.F

Asia Markets10d ago

UK Stocks Recover at End of Week on Strong Economic Data

London shares gained on Friday, with the blue-chip FTSE 100 up 0.35% at closing, after better-than-expected UK gross domestic product and other economic data.Figures from the Office for National Statistics showed that the monthly expansion in the UK's gross domestic product accelerated to 0.4% in July from 0.3% in June. The data exceeded expectations, with analysts anticipating no growth for the month. The economy rose 1.6% year over year in July."Stronger-than-expected growth in July suggests that the economy carried some of its first-half momentum into Q3," said Confederation of British Industry Senior Lead Economist Ben Jones. "But although the economy has proved more resilient to the fallout from the Middle East conflict than initially seemed likely, the second half of the year looks a bit more challenging. Higher household energy bills are beginning to bite, while volatile energy markets and a global bond-market sell-off are adding to uncertainty and pushing up borrowing costs."Elsewhere, the UK's total goods and services trade deficit in the three months to July stood at 9 billion pounds sterling, down 1.1 billion pounds from the three months to April.Meanwhile, the UK's services output increased 0.4% month over month in July, matching the previous month's growth, while production output rose 0.2% after declining 0.2% in June. Construction output recovered, with an uptick of 0.1% in the reporting month, compared with a dip of 0.1% in the month before.Following the latest batch of economic data, Danske Bank affirmed its expectations that the Bank of England will maintain the bank rate until the second quarter of 2027."Our base case remains for an unchanged Bank Rate until Q2 2027, when the BoE can resume the cutting cycle and deliver another 25bp rate cut. A Bank Rate of 3.75% is already restrictive and we are more sceptical about the growth outlook for H2. If energy markets do not improve and the economy continues to look resilient, then we would expect a rate hike, even in the absence of spillovers to broader price-setting. The cost of an "insurance hike" has declined over recent months," Danske Bank commented.On the corporate front, Shell (SHEL.L), through its Norske Shell business, applied for exploration licenses under the 2026 licensing round of Norway's energy ministry for the Norwegian continental shelf. Shell is among the 21 energy companies vying for the rights to explore 70 blocks in the area, with the successful bidders expected to be named in early 2027. Shell gained 0.31% at closing.

FTSE 100$SHEL.L

Asia Markets10d ago

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

European equities traded in the US as American depositary receipts were trending higher late Friday morning, rising 0.53% to 1,939.78 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by telecommunications company Nokia (NOK) and lender Banco Bilbao Vizcaya Argentaria (BBVA), which were up 3.1% and 1.8% respectively. They were followed by medical device maker EDAP TMS (FOCL) and lender Banco Santander (SAN), which increased 1.7% and 1.4% respectively.The decliners from continental Europe were led by biopharmaceutical company Cellectis (CLLS) and pharmaceutical company Novo Nordisk (NVO), which dropped 3.5% and 2.8% respectively. They were followed by biopharmaceutical company DBV Technologies (DBVT) and oil and gas company Eni (E), which lost 1.5% and 1.3% respectively.The gainers from the UK were led by biopharmaceutical companies Biodexa Pharmaceuticals (BDRX) and Mereo BioPharma Group (MREO), which surged 86% and 13% respectively. They were followed by biopharmaceutical company Akari Therapeutics (AKTX) and software firm Endava (DAVA), which advanced 2.7% and 1.8% respectively.The decliners from the UK and Ireland were led by biotech firms Trinity Biotech (TRIB) and Autolus Therapeutics (AUTL), which fell 12% and 4.1% respectively. They were followed by pharmaceutical company Silence Therapeutics (SLN) and communications company WPP (WPP), which were down 1.1% and 1% respectively.

$AKTX$AUTL$BBVA$BDRX$CLLS$DAVA$DBVT$E$FOCL$MREO$NOK$NVO$SAN$SLN$TRIB$WPP

Asia Markets10d ago

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

Asian equities traded in the US as American depositary receipts were rising Friday morning, up 1.55% to 3,001.07 on the S&P Asia 50 ADR Index.From North Asia, the gainers were led by semiconductor company Himax Technologies (HIMX) and electric vehicle maker NIO (NIO), which rose 5.2% and 4.2% respectively. They were followed by video display maker LG Display (LPL) and Korea Electric Power (KEP), which were up 4% and 3.2% respectively.The decliners from North Asia were led by mobile app developer Cheetah Mobile (CMCM) and used car marketplace Uxin (UXIN), which fell 5.7% and 3.6% respectively. They were followed by semiconductor company ASE Technology (ASX) and mobile big data platform Aurora Mobile (JG), which were off 0.8% and 0.6% respectively.From South Asia, the gainers were led by Canaan (CAN) and pharmaceutical company Dr. Reddy's Laboratories (RDY), which rose 13% and 2.5% respectively. They were followed by HDFC Bank (HDB) and IT firm Sify Technologies (SIFY), which advanced 2.3% and 1.4% respectively.The decliners from South Asia were IT firm Infosys (INFY) and telecommunications operator Telekomunikasi Indonesia (TLK), which were down 1.1% and 0.2% respectively.

$ASX$CAN$CMCM$HDB$HIMX$INFY$JG$KEP$LPL$NIO$RDY$SIFY$TLK$UXIN

Asia Markets10d ago

Update: US Equity Futures Higher Pre-Bell as Traders Assess More Inflation Data and Drop in Oil Prices

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging higher pre-bell Friday as traders assessed the second of two key inflation reports this week and observed a drop in oil prices.Dow Jones Industrial Average futures were 0.7% higher, S&P 500 futures were up 0.7%, and Nasdaq futures were 0.8% higher.The US is continuing its campaign of economic pressure on Iran and its financial connections, with Treasury Secretary Scott Bessent saying that "a large bank" will be sanctioned by the US on Monday, according to a CNBC report.Iran-backed Houthi forces have taken over the port city of Mokha in Yemen, potentially giving Iran an avenue to increase attacks on vessels in the Red Sea, which has been an alternative route for ships avoiding the Strait of Hormuz, The Associated Press reported.Traders digested the latest round of earnings, with Kroger (KR) posting higher fiscal Q2 adjusted earnings and sales.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 3.1% at $104.32 per barrel and US West Texas Intermediate crude 3.1% lower at $99.31 per barrel.The August consumer price index, released at 8:30 am ET, rose 0.4%, compared with a 0.1% gain in the previous month, and meeting expectations in a survey compiled by Bloomberg.The University of Michigan consumer sentiment index for September, slated for 10 am ET, is expected at 51.0, down from 51.7 previously.In other world markets, Japan's Nikkei closed 1.9% lower, Hong Kong's Hang Seng ended 0.6% lower, and China's Shanghai Composite finished 1.2% lower. Meanwhile, the UK's FTSE 100 was up 0.7%, and Germany's DAX index was 0.7% higher in Europe's early afternoon session.In equities, Oracle (ORCL) shares were up 6.3% after the company reported late Thursday stronger-than-expected growth in fiscal Q1 adjusted earnings and sales and raised its full-year outlook. Micron Technology (MU) stock was up 1.8% after a Reuters report that the company will award its direct-labor employees in Taiwan with bonuses equivalent to 35 to 68 months of pay for fiscal 2026 after what it described as an extraordinary year. Copart (CPRT) and ACV Auctions (ACVA) shares rose 6.9% and 45%, respectively, after the two companies said Copart will buy ACV Auctions for $10.50 per share in cash, valuing the company at about $1.9 billion.On the losing side, Adobe (ADBE) shares fell 3.5% after the company late Thursday provided a fiscal Q4 revenue outlook below Wall Street's estimates at the midpoint and maintained its full-year annualized recurring revenue growth guidance. Petrobras (PBR) stock was down 1.6% after a Reuters report that the company plans to increase diesel prices at its refineries by roughly 1 Brazilian reais ($0.20). Kroger shares dropped 2.7% after the company fell short of analysts' consensus estimates for fiscal Q2 sales.

Dow JonesNasdaq CompositeS&P 500$ACVA$ADBE$CPRT$KR$MU$ORCL$PBR

Asia Markets10d ago

Lower Oil Prices Boost European Bourses Midday

European bourses tracked moderately higher midday Friday as traders weighed easing crude oil prices, and looked for relative bargains after recent sell-offs.Bank stocks led broad gains on continental trading floors.Front-month North Sea Brent crude-oil futures were down 3.3% at $104.12 a barrel in midday trades, after the International Energy Agency downwardly revised its projection of global petroleum consumption in 2026, citing demand destruction caused by higher prices.Investors also eyed Wall Street futures flashing green, but lower closes overnight on Asian exchanges.In economic news, prospects for further European Central Bank (ECB) rate hikes will depend on the path of energy costs, Germany's central bank chief Joachim Nagel said, reported CNBC.The ECB on Thursday increased its key interest rate to 2.50% from 2.25%, citing inflation concerns.The pan-continental Stoxx Europe 600 Index was up 0.6% mid-session.The Stoxx Europe 600 Technology Index was up 0.3%, and the Stoxx 600 Banks Index gained 1.1%.The Stoxx Europe 600 Oil and Gas Index rose 0.3%, while the Stoxx 600 Europe Food and Beverage Index inclined 0.5%.The REITE, a European REIT index, rose 0.4%.On the national market indexes, Germany's DAX was up 0.6%, and the FTSE 100 in London also gained 0.6%. The CAC 40 in Paris was up 0.6%, and Spain's IBEX 35 also lifted 0.6%.Yields on benchmark 10-year German bonds were steady, near 3.51%.The Euro Stoxx 50 volatility index was down 2.5% at 18.74, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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Asia Markets10d ago

Emirati Indices Gain Ahead of Key US Economic Data

United Arab Emirates' two benchmark indices closed the trading week higher as investors await the release of the US inflation report later in the day while keeping watch on the latest developments in the Middle East.At the close of Friday trading, the FTSE ADX General Index was 0.003% in the green, while the DFM General Index was up 0.63%.The US consumer price index for August, which will be the final inflation indicator before the US Federal Reserve's September meeting, is expected to grow 0.4% monthly and remain unchanged at 3.4% on an annual basis. Core CPI, meanwhile, is anticipated to rise 0.2% month-on-month and 2.4% yearly."Today's August CPI release can provide the green light to fully price a September hike with even a marginal upside surprise," ING said. "A softer CPI print could weigh on the dollar, but may not be enough to push September hike pricing below 50%, a level we suspect would be sufficient to bring any unconvinced FOMC members on board."On the geopolitical front, oil prices continued to trade above the $100 per-barrel mark. The rally was fueled by Iran-backed Houthi rebels seizing Yemen's port city of Mokha, threatening shipping around the Bab al-Mandeb Strait in the Red Sea.Zooming in at home, the UAE committed to invest 40 billion euros in Germany's digital infrastructure to boost its industrial competitiveness and drive long-term economic growth. The commitment coincides with the signing of 29 memoranda of understanding and deals valued at over 9.36 billion euros between German and Emirati companies.Over to corporates, Pure Health Holding (ADX:PUREHEALTH), through its unit Circle Health Group, will take over selected Unilabs laboratory operations in the UK in a bid to expand its platform internationally. Pure Health closed the session flat.Elsewhere, National Central Cooling Co. (DFM:TABREED), d/b/a Tabreed, appointed interim Chief Executive Officer Yousif Al Hammadi to the permanent role, marking the first time a CEO was named from within the group. Shares of the district cooling system company were 2.05% in the red at the time of closing.

^DFMGI^FADGIADX:PUREHEALTHDFM:TABREED

Asia Markets10d ago

Easing Oil Bills, Tech Optimism Lift Wall Street Pre-Bell, Asia off, Europe Up

Wall Street futures pointed moderately higher pre-bell Friday as easing oil prices were met with renewed tech-sector optimism, after a strong earnings release from Oracle (ORCL).In futures, the S&P 500 rose 0.5%, the Nasdaq was up 0.6%, and the Dow Jones gained 0.6%.Oracle traded up 7.1% pre-bell after the IT giant overnight reported stronger-than-expected fiscal Q1 earnings and sales, and raised guidance.The VanEck Semiconductor fund (SMH) traded up 0.8% pre-bell.In morning action, West Texas Intermediate crude oil futures traded down 3.6% to $98.83 a barrel after the International Energy Agency issued a downward revision to global petroleum consumption in 2026, citing demand destruction caused by higher prices.Investors also await the consumer price index (CPI) bulletin for August, slated for 8:30 am ET, the last major inflation report before the Federal Reserve meets next week to set monetary policy.The yields on 10-year US Treasuries offered 4.94% in morning action.Asian exchanges traded mostly lower overnight, while European bourses tracked moderately higher at midday.Also on the economic calendar is the University of Michigan September consumer sentiment survey at 10 am, followed by the weekly Baker Hughes domestic oil-and-gas rig count at 1 pm.In pre-market action, Bitcoin traded at $77,024, and spot gold commanded $4,346 an ounce.

Dow JonesNasdaq CompositeS&P 500

Asia Markets10d ago

Oil Prices, Bond Yields Pressure Asian Stock Markets

Asian stock markets sagged on Friday under the weight of higher global crude prices and bond yields, and caution regarding tech-sector valuations.Hong Kong, Shanghai and Tokyo finished in the red, as did most other regional exchanges.Brent crude oil futures traded near $104 a barrel during Asian market hours.In Japan, the Nikkei 225 opened lower on Wall Street cues and could not recover, closing down 1.9%.The benchmark Nikkei 225 fell 1,259.61 to 64,011.34, as losing issues outnumbered gainers 127 to 95.Leading the upside was social media and internet services provider LY, gaining 3.4%, while chemical company Resonac declined 10.7%.In economic news, Japan producer prices rose 7.6% on the year in August, pushed by energy inputs, reported the Bank of Japan.Japan's Business Survey Index in Q3 for large manufacturers rose by 7.6%, after a 1.8% decline in Q2, reported the Cabinet Office.Yields on 10-year Japanese government bonds traded near 3% during market hours, testing 30-year highs.In Hong Kong, the Hang Seng Index opened lower and finished off 0.6%, as property issues lagged.The broad gauge Hang Seng fell 148.84 to 24,805.63, as losing issues outnumbered gainers 70 to 24. The Hang Seng TECH Index lost 0.2% on the day, while the Mainland Properties Index fell 1.9%.Leading the upside was shipping line Orient Overseas International, gaining 2.3%, while mining enterprise CMOC declined 7.7%.On the mainland, the Shanghai Composite fell 1.2% to 3,888.11.On the other regional exchanges, the S. Korean KOSPI fell 1.8%; the Taiwan TWSE declined 1.6%; the Australian ASX 200 declined 0.9%; the Singapore Straits Times Index rose 0.1%, and the Thai Set declined 0.6%. In late trading in Mumbai, the Sensex was down 0.2%.The MSCI All Country Asia Pacific Index fell 1.2% on the day.

Hang SengNikkei 225Shanghai Composite

Asia Markets11d ago

Update: US Equity Indexes Decline as Treasury Yields Soar Amid Hot Wholesale Inflation Print, Escalation in Iran War Threatens Red Sea Chokepoint

(Updates with index/price moves, macroeconomic data and company/geopolitical news from the first paragraph.)US equity indexes fell as crude oil and government bond yields surged after an inflation gauge grew at the fastest pace in three months and an Iran-aligned militia group's threats to an alternative shipping route to the Strait of Hormuz mounted.The Nasdaq Composite declined 0.7% to 26,081.73, the S&P 500 retreated 0.6% to 7,591.70, and the Dow Jones Industrial Average dropped 0.6% to 52,064.10 on Thursday. All sectors except communication services and consumer staples dropped. Materials and utilities led the decliners.The Bureau of Labor Statistics' wholesale price inflation gauge, the Producer Price Index, jumped 5.4% from a year ago in August, above the 5.3% forecast in a Bloomberg-compiled survey, and 4.8% in July. The PPI edged up 0.4% month over month, as expected, following a 0.1% increase in July. The August print is the highest growth rate since May.Core PPI, which excludes volatile food and energy prices, climbed 4.6%, as anticipated, from a year ago, and up from 4.3% in July. Core PPI climbed 0.2%, below July's 0.3% and the 0.3% forecast."Based on the timing of the PPI survey, we expect another rise in September's report, as diesel prices have climbed nearly 60 cents and gasoline prices have risen close to 20 cents during the survey window, which is in the middle of the month," Grace Zwemmer, US economist at Oxford Economics, said in a note.US Treasury yields traded sharply higher across the term structure, with the 10-year yield surging 12.3 basis points to 4.96%, the highest since October 2023.The European Central Bank raised its three key interest rates by 25 basis points on Thursday, as the energy shock caused by the ongoing Middle East war pushed inflation in the euro area above its 2% medium-term target.Iran-aligned Houthis seized control of Yemen's port city of Mocha on Thursday, military sources said, gaining further leverage over the Bab el-Mandeb Strait, the southern outlet of the Red Sea, according to a report from Reuters. Bab al-Mandeb is a geopolitical chokepoint similar to the Strait of Hormuz linking Asia and Europe via the Suez Canal.If the Houthis impose a stranglehold over the waterway, on the opposite side of the Arabian Peninsula from the Strait of Hormuz, it could give their sponsor Iran a critical advantage in the war with the United States, reducing supplies through a second major transit corridor, the news report said.Saudi Arabia reported to the Organization of the Petroleum Exporting Countries that its crude oil production plunged again last month, down by 1.9 million barrels a day to 6.238 million barrels, the lowest since 1990, as renewed hostilities between the US and Iran squeezed the kingdom's export routes, Bloomberg reported.The front-month US West Texas Intermediate crude oil contract climbed 7.2% to $102.92 per barrel, and global benchmark North Sea Brent rose 6.9% to $108.16 per barrel.Gold futures dropped 2.2% to $4,363.5, and silver futures sank 6.6% to $64.15.In US company news, shares of Cooper Companies (COO) sank almost 15%, the worst performer on the S&P 500, after a fiscal Q3 revenue miss overshadowed its earnings beat, and the company also cut its full-year outlook.Apple (AAPL) rose 3.6%, the Dow's top gainer, as the iPhone manufacturer unveiled its first foldable smartphone on Wednesday.

Dow JonesNasdaq CompositeS&P 500$AAPL$COO

Asia Markets11d ago

Update: US Equity Indexes Slide as Treasury Yields Surge Amid Hot Producer Prices, Soaring Crude Oil

(Updates with index/price moves, macroeconomic data, comments and company/geopolitical news from the first paragraph.)US equity indexes fell as crude oil and government bond yields soared after an inflation gauge grew at the quickest pace in three months and an Iran-aligned militia group's threat to the alternative shipping route to the Strait of Hormuz escalated.The Nasdaq Composite declined 0.4% to 26,152.3, the S&P 500 retreated 0.4% to 7,602.5, and the Dow Jones Industrial Average dropped 0.5% to 52,096.8 after midday Thursday. All sectors except communication services and consumer staples fell, with materials leading the steepest decliners.The Bureau of Labor Statistics' wholesale price inflation gauge, the Producer Price Index, jumped 5.4% from a year ago in August, above the 5.3% forecast in a Bloomberg-compiled survey, and 4.8% in July. The PPI edged up 0.4% month over month, as expected, following a 0.1% increase in July. The August print is the highest growth rate since May.Core PPI, which excludes the more volatile food and energy prices, climbed 4.6%, as anticipated, from a year ago, and up from 4.3% in July. Core PPI climbed 0.2%, below July's 0.3% and the 0.3% forecast."Based on the timing of the PPI survey, we expect another rise in September's report, as diesel prices have climbed nearly 60 cents and gasoline prices have risen close to 20 cents during the survey window, which is in the middle of the month," Grace Zwemmer, US economist at Oxford Economics, said in a note.US Treasury yields jumped after midday. The two-year soared 11.9 basis points to 4.55%, the highest since mid-2024. The 10-year yield surged 7.4 basis points to 4.91%, its strongest level since late 2023.The European Central Bank raised its three key interest rates by 25 basis points on Thursday, as the energy shock caused by the ongoing Middle East war pushes inflation in the euro area above its 2% medium-term target.In further US economic news, initial jobless claims fell to 206,000 in the week ended Sept. 5 from an upwardly revised 207,000 in the previous week, compared with expectations for 205,000 in a Bloomberg-compiled poll.Meanwhile, Iran-aligned Houthis seized control of Yemen's port city of Mocha on Thursday, military sources said, gaining further leverage over the Bab el-Mandeb Strait, the southern outlet of the Red Sea and an important shipping route, according to a report from Reuters.Pakistan has delivered a Saudi warning to Iran to rein in its Yemeni Houthi allies, whose move threatens the kingdom's exports through the Red Sea, to prevent the Middle East crisis from spiralling, Saudi, Pakistani and Iranian sources told Reuters.The front-month US West Texas Intermediate crude oil contract catapulted 5.6% to $101.42 per barrel, and global benchmark North Sea Brent shot up 5.5% to $106.79 per barrel.Gold futures dropped 1.4% to $4,400.1, and silver futures sank 5.5% to $64.86.In US company news, shares of Cooper Companies (COO) sank 15%, the worst performer on the S&P 500, after a fiscal Q3 revenue miss overshadowed its earnings beat, and the company also cut its full-year outlook.Apple (AAPL) rose 2.5%, the Dow's top gainer, as the iPhone manufacturer unveiled its first foldable smartphone on Wednesday.

Dow JonesNasdaq CompositeS&P 500$AAPL$COO

Asia Markets11d ago

Exchange-Traded Funds, US Equities Fall After Midday

Broad-market exchange-traded funds IWM and IVV were lower. Actively traded Invesco QQQ Trust (QQQ) fell 0.9%.US equity indexes fell after an inflation gauge jumped at the quickest pace in three months while an Iran-aligned militia group's threat to the alternative shipping route through the Strait of Hormuz grew stronger.EnergyIShares US Energy ETF (IYE) lost 0.2% and the State Street Energy Select Sector SPDR (XLE) fell 0.4%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) shed 1.1%; iShares US Technology ETF (IYW) dropped 0.7%, and iShares Expanded Tech Sector ETF (IGM) declined 0.7%.The State Street SPDR S&P Semiconductor (XSD) shed 0.2%, while iShares Semiconductor (SOXX) dropped 2.1%.FinancialThe State Street Financial Select Sector SPDR (XLF) slipped 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) decreased 1%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), advanced 1.2%.CommoditiesCrude oil increased 5.5%, and the United States Oil Fund (USO) gained 4.4%. Natural gas shed 0.5%, and the United States Natural Gas Fund (UNG) dropped 0.1%.Gold on Comex declined 1.3%, and the State Street SPDR Gold Shares (GLD) moved 0.9% lower. Silver fell 5.6%, and iShares Silver Trust (SLV) lost 4.3%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) gained 0.3%. The Vanguard Consumer Staples ETF (VDC) increased 0.2%, and iShares Dow Jones US Consumer Goods (IYK) rose 0.4%.The State Street Consumer Discretionary Select Sector SPDR (XLY) was fractionally lower. The VanEck Retail ETF (RTH) fell 0.4%, and the State Street SPDR S&P Retail (XRT) dropped 0.6%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) fell 0.4%; iShares US Healthcare (IYH) and Vanguard Health Care ETF (VHT) declined 0.5% each, while iShares Biotechnology ETF (IBB) shed 1.3%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) was 0.7% lower. The Vanguard Industrials Index Fund (VIS) shed 0.8% and iShares US Industrials (IYJ) dropped 0.6%.CryptocurrencyIn midday activity, bitcoin (BTC-USD) decreased 1.4%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) decreased 1.4%, ProShares Ether ETF (EETH) fell 1%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was down 1.5%.

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 Markets11d ago

Swiss Market Index Down as ECB Rate Move Takes Spotlight

The blue-chip Swiss Market Index remained in the red on Thursday, closing 0.47% lower, as investors turned their attention to the European Central Bank's latest monetary policy decision amid yet another day of local economic news.The ECB raised its three key interest rates by 25 basis points, as widely expected, citing higher inflationary risks amid higher energy prices as the war in the Middle East drags on. The deposit facility rate will increase to 2.50%, while the interest rates on main refinancing operations and the marginal lending facility will stand at 2.65% and 2.90%, respectively, effective Sept. 16. Baseline inflation projections for 2027 and 2028 were also upwardly revised."With the latest developments, today's rate hike was almost a no-brainer and not controversial. In light of higher actual and projected headline inflation, bringing the policy rate to the upper end of the range that the ECB itself calls 'neutral' did not pose any risk of being too activist or too restrictive. The harm of doing nothing, at least for the ECB's credibility, is clearly larger. However, looking beyond today's hike paints a very different picture and is much more complicated," ING said in a quick take note. "Going further would mean that the ECB sees restrictive monetary policy as necessary. But there is a big difference between an economy that has shown resilience, and an overheating economy that needs restrictive monetary policy."The KOF Swiss Economic Institute's global economic barometers both improved in September, with the coincident barometer rising 1.4 points to 104.6 points, recovering from the previous month's decline, and the leading barometer increasing 1.4 points to 105.9 points."Not only are all regions distinguished in the coincident barometer above average this month, but so are all sectors. The last time this occurred was in March 2022, during the post-pandemic boom. A similar situation prevails for the leading indicator. To find a comparable, consistently positive outlook, we have to go back 4.5 years. The difference is that, at that time, the indicators were coming down from a high," according to KOF director Jan-Egbert Sturm. "Today, however, despite ongoing geopolitical turmoil, they indicate that the world economy has been improving cyclically for six months now."Back home and on the corporate front, UBS Group (UBSG.SW) will cease its Shenzhen-based funds sales business in China by the end of September, Reuters reported, citing a company statement. Sources told the news outlet that the Swiss banking group's WE.UBS unit struggled in the domestic mutual ⁠fund distribution market as it faced competition from nearly 400 rivals and weak investor demand. The stock closed the trading session 1.39% lower.Meanwhile, the US Food and Drug Administration granted priority review status to Roche's (RO.SW) supplemental biologics license application for Enspryng for treating myelin oligodendrocyte glycoprotein antibody-associated disease, or MOGAD, following positive results from the late-stage Meteoroid study. The Swiss drugmaker expects the regulator to decide on the approval by Jan. 10, 2027. At closing, Roche's shares were 1.01% in the red.

^SSMI$RO.SW$UBSG.SW

Asia Markets11d ago

Germany's DAX Index Closes Lower as ECB Lifts Interest Rates

German equities remained in the red on Thursday, with the blue-chip DAX index falling 0.69%, as the European Central Bank raised its three key rates.In a widely expected move, the ECB lifted its interest rates on the deposit facility, the main refinancing operations and the marginal lending facility by 25 basis points to 2.50%, 2.65% and 2.90%, respectively, effective Sept. 16. The central bank said uncertainty over the outlook remains high, with an upside risk to inflation and a downside risk to economic growth."The ECB's interest rate hike announced today is inevitable," ifo President Clemens Fuest said, adding that eurozone inflation is currently above 3%. "Inflation is slightly lower in Germany. Given that the economy remains quite weak despite some rays of hope, the interest rate hike comes at an inopportune time for Germany. However, the ECB has a mandate to conduct monetary policy for the entire eurozone."Back home, final data from Destatis confirmed that Germany's annual inflation rate climbed to 2.9% in August from 2.8% in July. The annual core inflation rate, which excludes food and energy prices, stood at 2.4%, unchanged from the previous month. Higher energy costs from the war in Iran drove August inflation, hitting motor fuel prices hardest, according to Federal Statistical Office President Ruth Brand.On the US-Iran war, media reports signal limited prospects of near-term de-escalation as both sides are supposedly bracing for a prolonged conflict. According to Bloomberg, a senior Iranian official stated the country is prepared to step up fighting if US strikes continue. Meanwhile, The Wall Street Journal reported that White House advisers warned President Donald Trump the war could persist through the end of his presidency, contrary to Trump's public assurances of an immediate end to the war.In corporate updates, Rheinmetall's (RHM.F) American Rheinmetall unit landed a $7.3 million US Marine Corps deal to supply 12 Mission Master SP autonomous ground vehicles. The contract includes five amphibious kits, technical support, logistics, and operator training to boost Marine logistics and mobility. The German arms maker gained 0.69% at closing.

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Asia Markets11d ago

UK's FTSE 100 Drops; Associated British Foods Leads Fallers

British equities remained in negative territory on Thursday, with the FTSE 100 closing 0.55% lower, as persistent US-Iran attacks on shipping disrupted oil flows through the Strait of Hormuz, keeping Brent crude above $100 a barrel.Iran on Wednesday claimed responsibility for targeting two US vessels and eight oil tankers in the Persian Gulf in retaliation for US attacks on five Iranian tankers the day before. Citing a senior Iranian official, Bloomberg News reported that Iran is prepared to intensify the conflict if US attacks persist."Although the oil market has proven resilient, the risks to supply are significant, so a sustained period of higher oil and gas prices remains a key risk to the UK economy. Such a scenario would likely mean that inflation stays higher in H1 2027, extending the squeeze on household spending power. Given that some [monetary policy committee] members have suggested a sustained period of higher energy prices would raise the chances that second-round effects would develop, this scenario could also result in monetary policy being tightened pre-emptively," Oxford Economics said.On the monetary-policy front, the European Central Bank raised interest rates by 25 basis points, in line with market expectations. The ECB also lifted its baseline inflation forecasts for 2027 and 2028 and cautioned that price growth is likely to remain above its 2% target for an extended period.Meanwhile, the UK's residential property market showed tentative signs of improvement, with the Royal Institution of Chartered Surveyors' house price balance rising to -28% in August from a revised -29% in July, although the reading still indicated that more respondents reported price declines than increases."The August RICS survey tells a story of a market that is healing, but slowly. Activity indicators remain negative across the board, yet for the fifth consecutive month the new buyer enquiries reading has become less negative, arriving at -19% in August from -28% in July. Agreed sales followed suit, improving to -17% from -30%. These are still firmly in contraction territory, but the direction of travel matters, and for now the direction is up," RBC Capital Markets said.In corporate news, food and retail group Associated British Foods (ABF.L) dropped 7.97% to become the worst FTSE 100 performer after reporting weaker-than-expected sales for its Primark unit. "Primark LFLs at -3% were below a thin consensus of -2.2%, impacted by hot weather delaying autumn/winter purchasing in the UK and continued weakness in Continental Europe/the US. For the group, ABF expects full year operating profit in line with previous expectations, while it expects adjusted EPS to be ahead of previous expectations," Bernstein said.Private equity investor Intermediate Capital Group (ICG.L), or ICG, declined 0.52% after Deutsche Bank Research reiterated its buy rating with a price target of 28 pounds sterling. "ICG has reported that they have achieved final close of the flagship Europe IX fund, hitting the hard cap of EUR12bn, despite demand outweighing this. This is reportedly a 50% increase from the predecessor fund (itself a record raise and large step up from prior vintage), and the company believe that this is the largest structured capital fund raised by any company ever," analysts said.

FTSE 100$ABF.L$ICG.L

Asia Markets11d ago

European Stocks Close Lower in Thursday Trading; European Central Bank Raises Interest Rates

The European stock markets closed lower in Thursday trading amid increased fighting in the Middle East, while the European Central Bank raised its three key interest rates by 25 basis points each.The Stoxx Europe fell 0.6%, Germany's DAX lost 0.7%, the FTSE 100 dropped 0.6%, France's CAC declined 0.5%, and the Swiss Market Index closed 0.4% lower.The European Central Bank's Governing Council raised its three key interest rates Thursday by 25 basis points each."The conflict in the Middle East continues to generate inflation pressures, and inflation is set to remain well above target for an extended period," the Bank said in a statement Thursday. "Today's decision underscores the Governing Council's commitment to setting monetary policy to ensure that inflation stabilizes at its 2% target in the medium term."The ECB said it forecasts average headline inflation of 3.0% in 2026, 2.5% in 2027, and 2.1% in 2028."The outlook remains highly uncertain, with risks to the upside for inflation and to the downside for economic growth," the ECB said.In corporate news, HSBC said Thursday that Pam Kaur plans to step down as chief financial officer and executive director next year.Kaur will assume an advisory role to support the group chief executive. HSBC said it will consider both internal and external candidates for the CFO role.Shares of HSBC lost 1.2% in London.Novartis shareholder Artisan Partners called for changes to the Swiss drugmaker's board following two consecutive drug trial setbacks that sent shares tumbling, Reuters reported Thursday, citing an interview with Artisan managing director David Samra.Novartis needs stronger oversight of acquisitions, citing the $12 billion Avidity deal and the 2024 MorphoSys acquisition, which was later written down, Samra told Reuters. Samra questioned the board's acquisition oversight, while Novartis reaffirmed its unchanged guidance and focus on disciplined capital allocation and shareholder returns, Reuters added."Novartis maintains its 5-6% five-year sales CAGR guidance for 2025-2030 and continues to expect mid-single-digit sales CAGR beyond 2030," the Swiss drugmaker said in response to anrequest, adding that its "pipeline is broad and built to deliver innovation across our core therapeutic areas and bring meaningful medicines to patients.""We continue a disciplined and shareholder friendly approach to capital allocation by investing in the organic business, pursuing value-creating bolt-ons, and returning capital to shareholders through a growing annual dividend and share buybacks," the company said. "We consistently deliver a total shareholder return among the top of our peer group."Shares of the Swiss pharmaceutical company gained 0.7% in Zurich.UBS plans to cease its fund sales unit in China at the end of September, the company told Reuters in a statement.According to three unnamed sources, UBS has struggled to grow WE.UBS in China's mutual fund distribution market. The company plans to absorb WE.UBS into its China securities unit under plans being discussed, the report said.UBS didn't immediately respond to a request for comment from.Shares of the Swiss bank declined 1.1% in Zurich.TotalEnergies and its partners plan to invest $10 billion in Angola over the next five years to increase oil output in the country, news outlets reported as early as Wednesday, citing remarks made by TotalEnergies Chief Executive Patrick Pouyanne at a conference.Bloomberg further cited the CEO as saying the investments will be used for exploration and existing developments.TotalEnergies did not immediately respond to' request for a comment.Shares of the French oil and gas major increased 0.1% in Paris.Ryanair Chief Executive Officer Michael O'Leary warned that passenger fares could increase noticeably if petroleum prices stay high into 2027, multiple news outlets reported Thursday, citing his comments to reporters prior to the company's annual general meeting.The airline anticipates a slight drop in ticket prices during Q2, while expectations for the December and March periods remain completely unclear, the news outlets quoted O'Leary as saying."If oil prices remain high into next year, I think there will be a significant uplift in airfares," O'Leary said, according to the report.Ryanair declined to comment when contacted by.Shares of the Irish airline fell 1.2% in Dublin.BHP faces a class-action lawsuit funded by the Mining and Energy Union for allegedly forcing employees to work on public holidays in Australia, the union said Thursday.The suit seeks compensation for up to 7,000 people employed by the mining company's labor hire units between late 2019 and early 2023, the union said. BHP is currently challenging the underlying legal principle of the workplace law in court ahead of a November hearing, the union added.BHP did not immediately respond to' request for comment.Shares of the mining company shed 4.6% in London.Novo Nordisk said Thursday that China's National Medical Products Administration has approved its Semaglutide injection to treat metabolic-associated steatohepatitis, according to a Google translation of its Chinese statement.The company said that approval was based on results from its ESSENCE trial, which showed that 63% of patients treated with Semaglutide achieved MASH remission and no worsening of liver fibrosis, compared to 34% in the placebo group.Shares of the Danish pharmaceutical company decreased 0.9% in Copenhagen.

Asia Markets11d ago

European Equities Traded in the US as American Depositary Receipts Drop in Thursday Trading

European equities traded in the US as American depositary receipts were trending lower late Thursday morning, declining 0.41% to 1,938.57 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by biopharmaceutical company Cellectis (CLLS) and accommodations booking site trivago (TRVG), which advanced 1.6% and 1.1% respectively. They were followed by medical device maker EDAP TMS (FOCL) and 3D printer company Materialise (MTLS), which increased 1.2% and 0.8% respectively.The decliners from continental Europe were led by biotech firm Evaxion (EVAX) and biopharmaceutical company DBV Technologies (DBVT), which lost 5% and 2.7% respectively. They were followed by biotech firm BioNTech (BNTX) and biopharmaceutical company Grifols (GRFS), which were down 1.8% and 1.7% respectively.The gainers from the UK were led by software firm Endava (DAVA) and biopharmaceutical company Akari Therapeutics (AKTX), which were up 2% and 1.6% respectively. They were followed by telecommunications operator Vodafone Group (VOD) and pharmaceutical company AstraZeneca (AZN), which rose 1.2% and 1.5% respectively.The decliners from the UK and Ireland were led by mining company BHP Group (BHP) and biotech firm Trinity Biotech (TRIB), which fell 4.7% and 5.6% respectively. They were followed by biopharmaceutical companies Amarin (AMRN) and Biodexa Pharmaceuticals (BDRX), which dropped 2.2% and 3% respectively.

$AKTX$AMRN$AZN$BDRX$BHP$BNTX$CLLS$DAVA$DBVT$EVAX$FOCL$GRFS$MTLS$TRIB$TRVG$VOD

Asia Markets11d ago

Asian Equities Traded in the US as American Depositary Receipts Fall in Thursday Trading

Asian equities traded in the US as American depositary receipts were lower Thursday morning, declining 0.92% to 2,956.37 on the S&P Asia 50 ADR Index.From North Asia, the gainers were led by online entertainment service firm iQIYI (IQ), which rose 1.4%. It was followed by fintech firm Jiayin Group (JFIN) and automotive platform Autohome (ATHM), which were up 1.3% each.The decliners from North Asia were led by 51Talk Online Education Group (COE) and 17 Education & Technology Group (YQ), which shed 16% and 9.6% respectively. They were followed by semiconductor firm Silicon Motion Technology (SIMO) and game developer The9 (NCTY), which fell 4% each.From South Asia, the lone gainer was IT firm Sify Technologies (SIFY), which increased 0.8%.The decliners from South Asia were led by Canaan (CAN) and pharmaceutical company Dr. Reddy's Laboratories (RDY), which lost 3.4% and 1.3% respectively. They were followed by HDFC Bank (HDB) and IT firm Infosys (INFY), which were down 1.1% and 0.6% respectively.

$ATHM$CAN$COE$HDB$INFY$IQ$JFIN$NCTY$RDY$SIFY$SIMO$YQ

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Asia Markets11d ago