European equities climbed after falling the most in three weeks on Friday as investors brushed off the risks from the Federal Reserve’s rate increases and focused on robust earnings.
The Stoxx Europe 600 rose
European stocks gained on Monday and US equity futures climbed as investors assessed prospects of aggressive Federal Reserve interest-rate hikes against a reassuring earnings season.
S&P 500 and Nasdaq 100 contracts both rose more than 0.3% after global shares completed a third straight advance last week in a rebound from bear-market lows, helped by resilient company profits. Technology and energy sectors led the advance in Europe’s Stoxx 600 benchmark.
- SoftBank Group Corp. reported a record 3.16 trillion yen ($23.4 billion) net loss as a selloff in global tech stocks continued to hammer its Vision Fund’s portfolio of investments.
The Vision Fund segment posted a loss of 2.33 trillion yen in the three months ended June 3O, following a then-record 2.2 trillion yen
US equity futures edged higher on Monday while Asian stocks faltered as investors assessed prospects of aggressive Federal Reserve interest-rate hikes to tackle the highest inflation in a generation.
S&P 500 and Nasdaq 100 contracts both added more than 0.1% after global shares completed a third straight advance last week in a rebound from bear-market lows. European futures hinted at gains.
- John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator and editor of the Lex column at the Financial Times, he is author of “The Fearful Rise of Markets.” @johnauthers
Oil shook off an early slump at the week’s open to push higher as investors weighed up prospects for demand ahead of a barrage of intelligence from leading energy players on the market outlook.
West Texas Intermediate flipped to a gain, rising toward $90 a barrel after initially slumping more than 1%. Investors have backed away from commodities in recent months as slowing growth feeds concern that energy usage will drop, including for
The UK economic outlook is bleak, Italy’s coalition collapses — again, a win for Biden with passage of landmark bill, and eastern Europe’s most vulnerable currencies. Here’s what people are talking about.
The UK economy
- Twitter Inc. co-founder Jack Dorsey tweeted the words “end the CCP” over the weekend in response to a report about China’s strict Covid-19 measures.
Dorsey, who’d been chief executive officer at Twitter until November,
- $76 billion on green energy, will scale up investments in the area as its billionaire owner, Mukesh Ambani, seeks a strong foothold in the sector where competition is heating up.
“Over the next 12 months, our investments across the green energy value chain will gradually start going live, scaling up over the next couple of years,” Ambani, Reliance’s chairman, said in the annual report for the financial year that ended March 31. “This new growth engine holds great promise to outshine all our existing growth engines in just 5-7 years.”
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###Crypto.com unveiled acquisitions in South Korea, pushing ahead with expansion in a bet that digital-asset markets will recover from this year’s rout.The company said Monday it had acquired South Korean payment service provider
Hong Kong’s leader will meet with media Monday morning amid speculation he will announce changes to the city’s strict quarantine rules.
John Lee and health chief Lo Chung-Mau will host a press conference at 10:30 a.m. local time, according to a government statement.
- Pelosi’s visit. The People’s Liberation Army said it conducted exercises around Taiwan on Sunday, with drills focused on testing the capabilities of joint firepower on long-range air and ground strikes. Taiwan said the drills simulated attacks on its main island and Taiwanese ships. China is engaging in increasingly destabilizing action, US Secretary of State Antony Blinken said, adding that he’d told his Chinese counterpart Wang Yi that
- Politicians who dispute the outcome of the 2020 presidential election are on the ballot this year for offices that could determine how the 2024 election is decided in swing states—regardless of what voters intend.
- Telegraph reported.
She will immediately reverse the increase in national insurance brought in this year if she’s elected Prime Minister, the paper reported, citing a campaign source. The previous plan had been for the change to take effect in April. The hastier timeline would mean workers’ take-home pay would rise from November.
The Senate passed Democrats’ landmark tax, climate and health-care bill, setting up the legislation for House approval and President Joe Biden’s signature.
After more than a year of stop-and-start negotiations, Democrats on Sunday agreed to a narrow bill to invest in energy initiatives, curb drug prices and reduce the deficit, paid for by new corporate taxes. The legislation is far from the roughly $4 trillion to reshape the American economy that Biden first envisioned when taking office, but the bill still gives Democrats something to show voters ahead of the November mid-term elections.
- Tata Motors Ltd. agreed to acquire Ford Motor Co.’s plant in the western Indian state of Gujarat to bolster its manufacturing capacity.
The Indian automaker will pay 7.26 billion rupees ($92 million) for the transaction, which includes land and buildings as well as the vehicle manufacturing plant in Sanand, Gujarat, and its machinery and equipment, according to a statement by Tata Motors.
President Joe Biden and Senate Majority Leader Chuck Schumer are the biggest winners now that a huge piece of Democrats’ economic agenda is hurtling toward enactment.
The tax and energy bill passed Sunday after a year and half of rocky negotiations that divided the party. It gives Democrats tangible progress on key issues to show voters in the midterm elections this November.
- Joules Group Plc for about £15 million ($18.1 million).
The potential investment will be made “at no less than” its current market price, Joules said in a statement responding to a report it was looking to sell a roughly 25% stake to raise capital.
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