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Market Chatter: Operations Steady at Iraq's Al-Faw Grand Port After Unidentified Drone Crash

Iraqi authorities confirmed that a drone crash near the Al-Faw Grand Port on Wednesday caused no damage or operational delays, Al Jazeera reported citing a source.According to the report, the drone landed in an open area, far from workers, critical infrastructure, and equipment. No casualties or material damage were reported, and the incident has not disrupted construction or logistics workflow at the site.As a centerpiece of Iraq's "Development Road" project, Al-Faw is designed to be the largest port in the Middle East, serving as a vital logistical bridge between the Arabian Gulf and Europe.The General Company for Ports of Iraq did not respond immediately to' requests for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Sectors26d ago

Sector Update: Consumer

Consumer stocks were edging higher pre-bell Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.2%.Conagra Brands (CAG) shares were down more than 5% after the company reported a decline in fiscal Q4 adjusted earnings and issued fiscal 2027 adjusted EPS outlook below analysts' expectations.

$CAG

Sectors26d ago

Sector Update: Tech

Technology stocks were rising premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 0.8% and the State Street SPDR S&P Semiconductor ETF (XSD) 1.4% higher.ASML Holding (ASML) stock was up more than 3% after the company reported year-over-year growth in Q2 earnings and sales and raised revenue guidance for the full-year 2026.

$ASML

Commodities26d ago

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Wednesday Amid Economic Reports

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.1%, and the actively traded Invesco QQQ Trust (QQQ) advanced 0.4% in Wednesday's premarket activity, amid economic data releases.US stock futures were also higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures slipping 0.02%, and Nasdaq futures gaining 0.4% before the start of regular trading.Mortgage applications fell by 2.7% in the week ended July 10 as higher 30-year mortgage rates depressed new home applications, while refinancing activity improved, according to Mortgage Bankers Association data released Wednesday.The New York Federal Reserve's Empire State manufacturing index rose to 15.6 in July from 5.7 in June, compared with a smaller expected increase to a reading of 9.2 in a survey compiled by Bloomberg.US producer prices fell 0.3% in June, compared with expectations for no change, while core producer prices rose 0.2%, below forecasts for a 0.3% increase.Fed Chair Kevin Warsh begins his second day of testimony at 10:00 am ET.Weekly crude oil stocks data are set for release at 10:30 am ET, followed by an appearance byNew York Fed President John Williams and Fed Governor Lisa Cook are slated to speak on Wednesday.The Fed's Beige Book report will be released at 2:00 pm ET.In premarket action, bitcoin was up by 0.1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.1% higher, Ether ETF (EETH) advanced 0.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated 0.01%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.6%, the Vanguard Industrials Index Fund (VIS) rose 1%, while the iShares US Industrials ETF (IYJ) was inactive.Pentair (PNR) stock fell more than 21% before the opening bell after the water treatment company reported preliminary Q2 results below market estimates and lowered its full-year outlook amid headwinds related to its pool segment.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.1% lower.BlackRock (BLK) shares traded up more than 4% in early hours activity after Bloomberg reported the company is in discussions over providing about $45 million in private credit to Indian e-commerce platform Udaan as part of a proposed $160 million funding package.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 0.6%, and the iShares US Technology ETF (IYW) was 0.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 1.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 1.1%, while the iShares Semiconductor ETF (SOXX) rose by 1.4%.ASML (ASML) shares were up more than 3% in premarket activity after the company reported year-over-year growth in Q2 earnings and sales and raised revenue guidance for the full-year 2026.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) retreated 0.01%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was up 1.2%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Lucid (LCID) shares were down more than 2% pre-bell after dropping more than 16% in Tuesday's regular session following rumors of a potential bankruptcy filing that the company quashed.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) declined 0.6%, the Vanguard Health Care Index Fund (VHT) was down 0.3%, while the iShares US Healthcare ETF (IYH) slipped 0.3%. The iShares Biotechnology ETF (IBB) was up 0.2%.Merck (MRK) stock was up more than 1% premarket after the company said a phase 3 trial of its therapy, Keytruda, met the primary endpoint of progression-free survival in patients with mismatch repair-deficient advanced or recurrent endometrial cancer.EnergyThe iShares US Energy ETF (IYE) was down 2.5%, while the State Street Energy Select Sector SPDR ETF (XLE) retreated by 0.1%.Oceaneering International (OII) stock was up nearly 1% before market open after the company and Kongsberg were selected by the US Department of War's Defense Innovation Unit to support the US Navy's vision for scalable uncrewed undersea platforms.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 0.6% to $79.82 per barrel on the New York Mercantile Exchange. Natural gas was down by 0.2% to $2.90 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 0.1%, while the United States Natural Gas Fund (UNG) was 0.9% lower.Gold futures for July gained 0.8% to $4,035.90 an ounce on the Comex. Silver futures retreated by 1.4% to $58.28 an ounce. SPDR Gold Shares (GLD) decreased 0.4%, and the iShares Silver Trust (SLV) was 1.2% lower.

Dow JonesNasdaq CompositeS&P 500$ASML$BETH$BITO$BLK$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LCID$MRK$OII$PMR$PNR$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Mining & Metals26d ago

Earnings Flash (AVNT.TO) Avant Brands Inc. Reports Q2 Gross Revenue C$9.2M

$AVNT.TO

Mining & Metals26d ago

Cosa Resources Issues Shares as Deferred Payment to Denison Mines

Cosa Resources (COSA.V) has issued about 2.2 million shares priced at C$0.69036 per share to Denison Mines (DML.TO) as part of deferred consideration under an acquisition agreement between the two companies.Cosa is now debt-free and well financed through 2027 following the full satisfaction of the deferred consideration, the uranium exploration company said Wednesday.Under the acquisition agreement announced in November 2024, Cosa agreed to acquire a 70% interest in Denison's Murphy Lake North, Darby, and Packrat properties in Saskatchewan.

$COSA.V$DML.TO

Mining & Metals26d ago

Bell Canada Completes First Sovereign Direct-to-Satellite Ground Station

Bell Canada (BCE.TO) has completed the construction of its first sovereign direct-to-device satellite ground station.Testing has begun at the facility, located in Quebec, which connects with AST SpaceMobile's constellation of satellites. AST SpaceMobile is building a global cellular broadband network in space to operate directly with standard, unmodified mobile devices, a statement said.The site will integrate AST SpaceMobile's space-based cellular broadband network with Bell's terrestrial network, so that Bell customers can stay connected on standard smartphones in areas beyond the reach of traditional wireless networks.Bell has completed integration testing, including text messaging, broadband data connectivity, voice call and video call tests on standard smartphones through its satellite ground station. It plans to validate video streaming, the Internet of Things (IoT) and public alerts in the coming weeks.

$BCE.TO

Research26d ago

Seaport Global Downgrades Pentair to Neutral From Buy

Pentair (PNR) has an average rating of overweight and mean price target of $95.73, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$PNR

Treasury26d ago

Canada's Manufacturing Sales Rise as Expected in May, Reaching Record High

Canadian manufacturing sales rose 1.3% month over month in May to a record C$78.1 billion, marking a fourth straight monthly gain, the country's statistical agency said on Wednesday.Sales rose in 14 of 21 subsectors, led by monthly gains in transportation equipment, which was up 4.1% and chemicals, gaining 4.6%, according to Statistics Canada. The largest decline was in electrical equipment, appliances and components, which fell 5.8% on the month.Bank of Montreal Capital Markets said before the release of the data that it expected manufacturing sales to advance 1.1%.Manufacturing inventories reached a record C$125.9 billion, rising 0.5% monthly on increases in goods in process and raw materials, added StatsCan. The inventory-to-sales ratio, which measures the time in months that would be required to exhaust inventories if sales were to remain at their current level, edged down to 1.61 from 1.62 in April.Unfilled orders rose 6.7% monthly to a record C$131.5 billion, driven by a surge in transportation equipment orders, particularly in the aerospace sector, according to the Ottawa-based agency.Year over year, manufacturing sales rose 13.4% in May.

$CXY

Asia26d ago

CapitaLand Ascendas to Sell Singapore Property for SG$200 Million

CapitaLand Ascendas REIT (SGX:A17U) is selling Kim Chuan Telecommunications Complex for SG$200.4 million.The 10-storey industrial complex at 38 Kim Chuan Road in Singapore is being sold to a third party, according to a Wednesday release by the REIT.The company will use proceeds for financing committed investments, repaying debt, extending loans to units, general corporate and working capital needs, and distributions to shareholders.The sale is expected to be completed in the second half of 2026.

SGX:A17U

Asia Markets26d ago

Tadawul Shares End Wednesday Lower; Saudi Arabian Inflation Unchanged in June

The Tadawul All Share Index closed Wednesday trading lower at 0.10% in the red as investors assess Saudi Arabia's latest economic data.The kingdom's annual inflation rate was stable in June, coming in at 1.8%, which was unchanged from the prior month, the General Authority for Statistics said in its report. On a monthly basis, the index ticked up 0.2%."The prices of the food and beverages division increased by 0.7%, driven by the increase in the food group by 0.7%, and the prices of the housing, water, electricity, gas and other fuels division increased by 0.1%, while the transport division increased by 0.4%," the report said.The country's wholesale prices saw an annual 4.8% growth in June from a 4.6% rise in May. Additionally, Saudi's producer price index data for the kingdom showed a 7.5% year-over-year increase in May. Month over month, the index saw a 1.8% decline.Back at home and on the corporate front, Al Yamamah Steel Industries (SASE:1304) shares declined 1.51% as its Al Yamamah for Reinforcing Steel Bars Co. unit entered into a deal to produce and install steel billet production equipment for an undisclosed company in Europe.Meanwhile, Jarir Marketing Co. (SASE:4190) posted a 17.973% increase in estimated attributable net profit and a 10.813% rise in estimated revenue for the first half of 2026. Shares of the retailer closed 1.40% in the green.

^TASISASE:1304SASE:4190

International26d ago

June US Producer Price Index Declines, Core PPI Up, Year-Over-Year Rate Slows

The US Producer Price Index fell by 0.3% in June following a 0.6% increase in May, below the expectations for a flat reading in a survey compiled by Bloomberg as of 7:25 am ET.Energy prices fell by 6.4% in the month following an 8.4% gain in the previous month. Gasoline prices declined by 12%, while diesel fuel decreased by 18%. Food prices decreased by 0.6% after a 0.5% gain in May.After excluding food and energy prices, core PPI rose by 0.2%, slower than the 0.3% gain expected and following a 0.1% gain in the previous month.PPI was up 5.5% year-over-year in June, slower than a 6% gain in May, while core PPI increased by 4.7% year-over-year, up from 4.6% rate in May. The year-over-year rate for PPI excluding food, energy and trade services remained at 5.1%.The monthly producer price index, or PPI, reported by the Bureau of Labor Statistics measures the index level of prices received by producers for products such as energy, food, vehicles, and services. The core measure, excluding the volatile food and energy components, is a measure of underlying inflation.Sharply higher prices are a sign of demand, but an increase at the producer level without a pass-through to the consumer level would suggest smaller profits at the retail level. As a result, the stock reaction depends on the movements at both levels. Higher inflation is generally a negative for bonds.

Equities26d ago

Oil Edges Up to a Fresh Month High as Middle East Fighting Intensifies

Oil edged higher to the highest in a month early on Wednesday as fighting between the US and Iran intensified, keeping the Strait of Hormuz blocked again.West Texas Intermediate crude oil for August delivery was last seen up $0.37, or 0.5%, to $79.71 per barrel, the highest since June 15, while September Brent oil was up $0.50, or 0.6%, to $85.23.The rise comes as the US and Iran continue to trade attacks after the pair last week appeared to walk away from their ceasefire agreement. The US launched a fresh series of missile strikes on Iranian targets while Iran responded with strikes on US targets in neighboring countries, the Guardian reported.The renewed fighting is again keeping the Strait of Hormuz closed, choking off exports from the Persian Gulf, which supplied 20% of daily oil demand prior to the Feb. 28 start to the war. Just 19 ships have moved through the Strait in the past day, according to hormuzstraitmonitor.com, leaving hundreds of vessels still waiting to move out into the Gulf of Oman and onto world markets."Oil prices trade higher for a third day after Trump threatened further strikes on Iran, hours after the US resumed its blockade on Iran's shipping through the Strait of Hormuz. Meanwhile, Trump's U-turn on plans to impose a 20% charge on shipments through the waterway briefly sent prices lower before the resumption of attacks," Saxo Bank noted.A lighter than expected drop in US oil inventories last week is offering a check to prices. In its weekly survey, the American Petroleum Institute reported stocks dropped by 0.6-milllion barrels last week, under expectations for a fall of 2.7-million barrels, according to Investing.com. The Energy Information Administration will release official storage data later on Wednesday morning.

$CLQ6$LCOU6$USO

Research26d ago

Morgan Stanley Cuts National Medical Care PT, Keeps at Equalweight

Morgan Stanley on Tuesday reduced the price target for healthcare facility operator National Medical Care Co. (SASE:4005) to 136 Saudi riyals from 169 riyals, while maintaining an equalweight rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

SASE:4005

Research26d ago

William O'Neil & Co. Begins Magnum Ice Cream Coverage at Buy

William O'Neil & Co. Inc. on Tuesday started its coverage of ice cream company Magnum Ice Cream (MICC.L, MICC.AS) with a buy rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$MICC.AS$MICC.L

Research26d ago

Arqaam Capital Upgrades Taaleem Holdings to Buy

Arqaam Capital on Wednesday upgraded education services company Taaleem Holdings (DFM:TAALEEM) to buy from hold and maintained its price target at 5 Emirati dirhams.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

DFM:TAALEEM

Research26d ago

China Securities Initiates Borouge with Buy Rating

China Securities Co. on Tuesday started coverage of Abu Dhabi-listed petrochemicals company Borouge (ADX:BOROUGE) with a buy rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

ADX:BOROUGE

Research26d ago

Morgan Stanley Reduces Dr. Sulaiman Al Habib Medical Services' PT, Keeps at Overweight

Morgan Stanley on Tuesday lowered the price target for hospital operator Dr. Sulaiman Al Habib Medical Services Group (SASE:4013) to 264.50 Saudi riyals from 298 riyals and reiterated its overweight rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

SASE:4013

Research26d ago

DNB Carnegie Upgrades Mycronic to Buy, Boosts PT

DNB Carnegie on Wednesday upgraded Swedish electronics production equipment company Mycronic (MYCR.ST) to buy from hold and increased its price target to 385 kronor from 320 kronor.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$MYCR.ST

Research26d ago

Sadif Investment Analytics Downgrades Riyad Bank to Hold, Lowers PT

Sadif Investment Analytics on Tuesday downgraded Saudi Arabian lender Riyad Bank (SASE:1010) to hold from buy and reduced its price target to 23.90 Saudi riyals from 26.60 riyals.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

SASE:1010

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Commodities26d ago