Global Markets

U.S. Stock Market:

• Stock indexes fell.
• Decline attributed to uncertainty over the duration of elevated interest rates by the Federal Reserve.

European Stock Market:

• Initially experienced losses but later traded higher.
• Gains led by healthcare stocks.
• Investors were awaiting data on economic sentiment and unemployment rate from the euro zone.

China and Hong Kong Stock Markets:

• Both markets declined.
• Decline due to investors booking profits from property shares.

Canada’s Stock Market:

• Main stock index rose by nearly one percent, diverging from other markets.

U.S. Dollar and Treasury Yields:

• The U.S. dollar softened slightly.
• U.S. Treasury yields decreased.

Corporate Stock News

Royal Bank of Canada (RBC):

• Reported a rise in second-quarter profit.
• Gains driven by strength in its domestic personal and commercial banking unit, benefiting from higher interest income.

Airbus & Macron:

• French President Emmanuel Macron intervened with Canadian Prime Minister Justin Trudeau.
• Sought relief from Canadian sanctions on Russian titanium for Airbus and other aerospace firms.

Canadian Imperial Bank of Commerce (CIBC):

• Exceeded profit estimates for the quarter.
• Strong performance from its U.S. commercial banking and capital markets segments.

Brookfield & Neoen:

• Brookfield, in partnership with Brookfield Renewable Partners and Singapore’s Temasek Holdings, is in talks to buy a majority stake in French renewable power producer Neoen.
• The deal values Neoen at around 6.1 billion euros.

TD Bank:

• Received a rating outlook revision to “negative” from S&P Global.
• The downgrade relates to weaknesses in risk management and ongoing probes into anti-money laundering practices in the U.S.

BHP Group & Anglo American:

• BHP Group withdrew its $49 billion takeover plan for Anglo American after a six-week pursuit.

Royal Mail:

• Royal Mail accepted a £3.57 billion takeover by Czech billionaire Daniel Kretinsky.

Catalent & Novo Holdings:

• Catalent’s stockholders approved Novo Holdings’ $16.5 billion takeover bid.

Agilent Technologies Inc:

• Missed Q2 revenue estimates.
• Lowered full-year revenue forecast to $6.42-$6.50 billion from $6.71-$6.81 billion.

American Eagle Outfitters Inc:

• Missed Q1 revenue estimates; reported $1.14 billion vs. $1.15 billion expected.

Birkenstock Holding Plc:

• Raised annual revenue and profit forecasts, expecting €1.77-€1.78 billion revenue and €535-€545 million EBITDA.

HP Inc:

• Beat Q2 revenue estimates with $12.8 billion, signaling a recovery in the PC market.

Salesforce Inc:

• Forecast Q2 profit and revenue below expectations, reported $9.13 billion Q1 revenue.

Alphabet Inc, Amazon.com Inc & Airbnb Inc:

• Won against an Italian rule requiring them to provide operational information.
• Amazon extended its Grubhub partnership in the U.S.
• Google announced a $2 billion investment in Malaysia for data centers.

Apple Inc:

• CEO Tim Cook agreed to integrate Japan’s “My Number” ID card functions onto iPhones.

Boeing Co:

• CEO and senior officials to discuss quality and training improvements with FAA.

Bunge Global SA & Zen-Noh Group:

• Agreed to buy part of a terminal at Brazil’s Santos port for 600 million reais.

Carnival Corp, Norwegian Cruise Line Holdings Ltd, & Royal Caribbean Cruises Ltd:

• Discounting summer itineraries due to excess capacity and rerouting from the Red Sea.

Centene Corp:

• Reported higher-than-expected claim receipts and ongoing higher Medicaid costs.

Hawaiian Electric Industries Inc:

• Introducing power shutoff initiative to minimize wildfire risks starting July 1, 2024.

JPMorgan Chase & Co:

• Plans to increase headcount in India by 5%-7% annually.

Mastercard Inc & Visa Inc:

• Agreed to pay $197 million to settle a class action over cash access fees.

McDonald’s Corp:

• Addressed viral reports of high Big Mac prices, emphasized it is not the norm.

Moderna Inc:

• Nearing a deal with the U.S. government to fund a bird flu vaccine trial.

Palantir Technologies Inc:

• Won a $480 million contract from the U.S. Department of Defense for the Maven Smart System.

Tesla Inc:

• Preparing to register its ‘Full Self-Driving’ software in China.

Tyson Foods Inc:

• Refuted accusations of hiring discrimination against U.S. citizens.

UBS Group AG:

• Splitting top wealth management role, creating new responsibilities for two executives.

Walmart Inc:

• A technical glitch in March led to overcharging customers at 1,600 stores.

Walt Disney Co:

• Nelson Peltz’s Trian Fund Management sold its entire stake in Disney.