Global Markets

U.S. Stocks: U.S. stock were mixed as investors anticipated earlier Federal Reserve rate cuts following recent indications of an economic slowdown. This sentiment was influenced by data suggesting weakening economic fundamentals, prompting speculation of monetary policy adjustments to stimulate growth and support the economy.

European Shares: European shares advanced, mirroring the positive global sentiment, as investors awaited the European Central Bank’s (ECB) key rate decision scheduled later in the week. The anticipation of potential monetary policy measures to bolster economic recovery contributed to the upbeat mood in European markets.

Asian Equity Markets: In Asian equity markets, Chinese stocks closed lower, driven by declines in the consumer and property sectors despite an unexpected rise in service activity in May. The Nikkei also ended the session in negative territory, with economically sensitive stocks falling following disappointing U.S. labor market data.

Canada’s Main Stock Index: Canada’s main stock index experienced gains after the Bank of Canada announced a 25 basis point interest rate cut. This decision aimed to support economic growth amid concerns about a potential slowdown, particularly in light of ongoing uncertainties in global markets.

Oil Prices: Oil prices continued to slide as markets anticipated a boost in oil supply later in the year. This expectation of increased supply overshadowed concerns about geopolitical tensions and contributed to the downward pressure on oil prices.

Currency Markets: The U.S. dollar strengthened against major currencies ahead of the release of the U.S. ADP National Employment report and surveys on the U.S. services sector. Investors awaited these key indicators for insights into the health of the U.S. economy and potential implications for monetary policy.

Gold Prices: Gold prices edged higher, supported by safe-haven demand amid market uncertainty. The precious metal typically serves as a hedge against economic and geopolitical risks, and its modest uptick reflected investors’ cautious outlook in the face of evolving market dynamics.

Corporate Stock News

• BBVA seeks ECB approval for Sabadell bid: BBVA requests ECB authorization for over €12 billion hostile bid for Sabadell.
• Bayer’s Roundup verdict slashed: Pennsylvania judge reduces $2.25 billion verdict against Bayer to $400 million for Roundup weedkiller cancer claim.
• NY Energy Authority finalizes wind projects: Equinor’s Empire Wind 1 and Orsted’s Sunrise Wind contracts finalized by NY State Energy Authority.
• Bank of Canada expected to cut interest rates: Economists anticipate key rate cut reflecting cooling inflation and economic growth.
• Toronto home sales decline: Greater Toronto area home sales fall for fourth month, prices rise amid potential interest rate cuts.
• Dollar Tree explores Family Dollar sale: Dollar Tree considers sale or spinoff of struggling Family Dollar amid competition.
• Boeing attempts Starliner launch: Starliner spacecraft to fly astronauts to space in Boeing’s third attempt, competing with SpaceX.
• US to replenish oil reserve: Energy Secretary Granholm aims to accelerate Strategic Petroleum Reserve replenishment after maintenance.
• CrowdStrike forecasts revenue above estimates: Second-quarter revenue outlook exceeds estimates due to cybersecurity demand.
• SAP to acquire WalkMe for $14 per share: SAP to acquire WalkMe at 45% premium.
• Chemours appoints Shane Hostetter as CFO.
• New York Community Bancorp expands CEO’s role.
• Spirit AeroSystems replaces CFO Mark Suchinski with Irene Esteves.
• Tempus AI targets $6.10 billion valuation in US IPO.
• Google to face mass lawsuit in UK over online advertising dominance.
• Meta fined for unfair commercial practices by Italy’s AGCM.
• McDonald’s loses right to use “Big Mac” for poultry products in Europe.
• Apollo to acquire 49% stake in Intel’s Irish joint venture for $11 billion.
• BlackRock-backed group plans to launch Texas stock exchange.
• Boeing’s Starliner spacecraft set for third attempt to fly astronauts to space.
• Deere to cut jobs amid downturn in farm equipment demand.
• Dollar Tree explores potential sale or spinoff of Family Dollar business.
• SoftBank-backed Inter aims to expand into the US market.
• Swisscom’s Fastweb sells stake in TIM’s FiberCop to KKR.
• McDonald’s loses right to use “Big Mac” for poultry products in Europe.
• Italy’s AGCM fines Meta for unfair commercial practices.
• Air Liquide to invest $250 million in Idaho plant to supply Micron Technology.
• Mondelez faces class action over data breach.
• Nike cuts jobs at European headquarters in Netherlands.
• NXP Semiconductors and Vanguard announce $7.8 billion joint venture in Singapore.
• On Semiconductor unveils chips for energy-efficient data centers.
• Trump Media requests Nasdaq’s cooperation in investigating share manipulation.
• UnitedHealth’s Change Healthcare unit faces challenges after cyberattack.