UBS neutral on EM stocks, but likes tech
UBS said it was largely neutral on broader emerging market (EM) equities amid increased political volatility and limited upside potential from higher U.S. interest rates. But the brokerage said it favored EM tech stocks, stating that the sector had largely outpaced its EM peers in recent months, with sectors tied to artificial intelligence set to […]
Japan orders compliance improvements at MUFG bank and securities tie-ups with Morgan Stanley
Japan’s banking regulator on Monday ordered the banking and securities units of Mitsubishi UFJ Financial Group (NYSE:MUFG) to improve compliance measures after the securities watchdog found multiple breaches of “firewall” regulations. The penalties come less than two years after the securities arm of rival megabank Sumitomo Mitsui (NYSE:SMFG) Financial Group was indicted on market manipulation […]
In the Market: French bond vigilantes have lessons for the US
Bond vigilantes’ violent reaction to spendthrift French politicians is an important reminder for the United States: the market will likely determine the tipping point for debt sustainability, and it will be hard to predict it. Over the past few months, financial executives and investors have increasingly been in my ear about growing U.S. fiscal deficits. […]
European IPOs fizzle out as political turmoil roils stocks
The European IPO market is unlikely to see any new candidates until after the summer, as political uncertainty has roiled markets, bankers said. This week Italian luxury sneaker brand Golden Goose and Spanish fashion retailer Tendam both postponed planned listings citing the impact that France’s snap election had on markets. The election call last week […]
London’s FTSE 100 flat; energy, miners lead decline
London’s FTSE 100 was flat on Monday as investors turned cautious ahead of key inflation data in the United States, while a downtick in oil and copper prices weighed. The blue-chip FTSE 100 was unchanged after touching a two-week high on Friday, while the mid-cap FTSE 250 was off 0.1% at 0709 GMT. The energy sector fell 0.3%, in tandem with […]
PepsiCo to waive clause in bottling deal as Carlsberg eyes $3.9 billion Britvic bid
Carlsberg said on Monday that PepsiCo (NASDAQ:PEP) has agreed to waive a clause in its bottling deal with Britvic, making the British firm a more attractive acquisition after a $3.9 billion bid by the Danish brewer was rejected. The move could pave the way for Carlsberg (CSE:CARLb) to raise its bid for soft drinks maker […]
Prosus writes off its 9.6% stake in India’s Byju’s
Tech investor Prosus (OTC:PROSF) NV said it has written off the fair value of its 9.6% stake in Indian edtech firm Byju’s during the financial year 2024, making the Dutch firm the first to fully write-off its investment in the troubled startup. Prosus cites the write off to “the significant decrease in value for equity investors”. […]
Stocks cling to gains, yen on intervention watch
Global shares steadied on Monday ahead of U.S. price data that investors are banking on to show a renewed moderation in inflation, while markets were on alert for Japanese intervention as the dollar tested the 160-yen barrier. Geopolitics also loomed large, with the first U.S. presidential debate on Thursday and the first round of voting […]
Exclusive-US prosecutors recommend DOJ criminally charge Boeing as deadline looms
U.S. prosecutors are recommending to senior Justice Department officials that criminal charges be brought against Boeing (NYSE:BA) after finding the planemaker violated a settlement related to two fatal crashes, two people familiar with the matter told Reuters. The Justice Department must decide by July 7 whether to prosecute Boeing. The recommendation of prosecutors handling the […]
China wants EU to remove tariffs on EVs by July 4 as talks resume
Beijing wants the EU to scrap its preliminary tariffs on Chinese electric vehicles by July 4, China’s state-controlled Global Times reported, after both sides agreed to hold new trade talks. Provisional European Union duties of up to 38.1% on imported Chinese-made EVs are set to kick in by July 4 while the bloc investigates what […]