Global Markets
- U.S. stock indexes fell along with European shares due to concerns over rising bond yields, which raised worries of prolonged elevated interest rates.
- Chinese stocks ended slightly higher following the IMF’s raised economic growth outlook.
- The Japanese yen weakened to its lowest level in four weeks against the US dollar, prompting investors to resume carry trades.
- Canada’s main stock index declined, reflecting losses in the US market.
- Oil prices neared a four-week peak on expectations of output cuts by major producers amid peak summer demand.
- Gold prices experienced a slip.
Corporate Stock News
- BHP Takeover Talks:
- BHP, the world’s largest miner, struggled to reach an agreement with Anglo American regarding its takeover bid as a deadline approached, with no new concessions made.
- Volkswagen’s Electric Vehicle Plans:
- Volkswagen announced plans to develop low-cost electric vehicles, aiming to better compete with Chinese rivals, following the collapse of talks with Renault for a collaboration on the project.
- Sabadell’s BBVA Takeover:
- Spain’s Sabadell informed retail shareholders that they might not need to decide on BBVA’s hostile takeover attempt until 2025, emphasizing Sabadell’s strong standalone prospects.
- Bank of Montreal’s Quarterly Performance:
- Bank of Montreal missed analysts’ profit estimates for the quarter, impacted by weaknesses in its U.S. segment and increased provisions for potential loan losses in a high-interest-rate environment.
- National Bank of Canada’s Performance:
- National Bank of Canada reported increased second-quarter net profit, driven by strong performance in its wealth management and financial markets units.
- Toronto-Dominion Bank’s New Hire:
- Daniel Kerstein, a former Barclays executive, is joining Toronto-Dominion Bank’s M&A team as a managing director, based in New York.
- Nutrien’s Fertilizer Facility Closure:
- Nutrien announced the indefinite halting of three fertilizer-blending facilities in Brazil as part of a broader reorganization amid tough market conditions.
- KKR’s Acquisition:
- Private equity firm KKR is acquiring Emera’s indirect minority stake in the Labrador Island Link clean energy transmission project for C$1.19 billion.
- Amazon’s FTC Lawsuit:
- A U.S. judge rejected Amazon’s request to dismiss an FTC lawsuit accusing the company of enrolling consumers into its paid Prime service without consent.
- American Airlines’ Profit Forecast Cut:
- American Airlines lowered its second-quarter profit forecast due to weaker pricing power, and its Chief Commercial Officer Vasu Raja will leave in June.
- Amgen’s Biosimilar Approval:
- The FDA approved Amgen’s Bkemv, the first biosimilar to AstraZeneca’s rare blood disorder treatment Soliris.
- Boeing’s Firefighters’ Contract Deal:
- Boeing reached a tentative contract agreement with the union representing its firefighters, potentially ending a lockout that began in early May.
- Deutsche Bank’s Legal Dispute:
- A Russian court ruled partially in favor of a venture of Gazprom in its 239-million-euro claim against Deutsche Bank.
- Faraday Future’s Production Forecast Withdrawal:
- Faraday Future withdrew its production forecast for 2024 due to current market conditions and funding levels.
- Robinhood’s Share Buyback Plan:
- Robinhood announced its first-ever share buyback plan worth $1 billion as it looks to grow beyond its startup phase.
- Tesla’s Shareholder Vote Incentive:
- Elon Musk offered tours of Tesla’s factory to shareholders voting on his $56 billion pay package, aiming to rally votes for the compensation after a court struck it down.
- Trump Media’s Allegation of Market Manipulation:
- Trump Media requested an investigation into alleged market manipulation of its shares by the Louisiana Office of Financial Institutions.
- Uber’s Initiatives for Paris Olympics:
- Uber unveiled measures including cruises on the Seine river to meet demand during the upcoming Olympics in Paris.
- UPS’s Plans for RFID Tags in India:
- UPS is in talks with Indian state governments to produce tracking tags used in packages, aiming to leverage the country’s semiconductor investments.
- VinFast’s Delayed Factory Plans:
- VinFast, the Vietnamese electric car maker, is considering further delaying its planned $4 billion factory in North Carolina due to challenges in gaining favor with U.S. consumers.
