Luxury stocks slip as fears grow of a prolonged downturn
“The luxury goods industry could be in for a prolonged period of weakness, we’ve already seen it for a couple of semesters.”
UniCredit boosts its stake in Commerzbank, applies to own up to 29.9% of the German bank
UniCredit announced it had increased its stake in German lender Commerzbank to 21% and submitted a request to boost the holding to up to 29.9%.
Trump Media plummets 10% as post-lockup selloff picks up steam
Donald Trump is the majority owner of Trump Media, which owns social media platform Truth Social and trades as DJT on the Nasdaq.
U.S. billionaire Dan Friedkin agrees to buy EPL soccer club Everton
The deal is subject to subject to regulatory approval from the EPL, the Football Association, and Britain’s Financial Conduct Authority.
Britain’s finance minister calls for spending discipline but no return to austerity
U.K. Finance Minister Rachel Reeves vowed on Monday that Britain will not return to austerity, saying her budget proposals will look to rebuild the country.
Battery giant Northvolt to cut 25% of workforce in Sweden as part of a major cost-cutting drive
Battery maker Northvolt on Monday announced plans to cut a total of 1,600 jobs in Sweden as part of a major cost-cutting drive.
Europe careens toward a downturn as its biggest economies fight crises at home
With both Germany and France fighting political and economic woes, analysts say there’s a danger of a leadership vacuum and more fragmentation.
TSMC and Samsung in talks with UAE to build chip megafactories, WSJ reports
Discussions are still in the early stages, according to the outlet.
European markets flat as French and German PMIs point to renewed downturn
European stocks were flat in early trade as German and French business activity data pointed to renewed declines in the region’s two largest economies.
A stunning sterling rally is about to collide with Britain’s political realities
The pound’s rally on the back of the Bank of England communication “looks fully justified,” Chris Turner, global head of markets at ING, said.
