Stock Movers: Equinor Up, Rheinmetall Up, Greggs Up
On this episode of Stock Movers: - European wind stocks rose after the Trump administration lifted an order that halted construction on Equinor's $5 billion project off the coast of New York. - European defense stocks could be in focus again after President Donald Trump said that Moscow and Kyiv would begin talks 'immediately' on ending the war. However, there was little reaction to the news in Tradegate trading. - Greggs shares rose as much as 8.8% to a three-month high after the UK food-on-the-go retailer gave a trading update in which it said it is seeing an improved performance, and kept its expectations for the year unchanged. Analysts were positive that the sausage-roll and sandwich seller is seeing growth in like-for-like sales, with trends encouraging.
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Associated Press
22 minutes ago
- Associated Press
11 days in June: Trump's path to 'yes' on bombing Iran
WASHINGTON (AP) — For more than a week, President Donald Trump kept the world wondering whether he would join Israel's attacks on Iran in an attempt to decapitate the country's nuclear program. The guessing ended this weekend, when American stealth bombers, fighter jets and a submarine struck with bombs and missiles. Trump's decision marks one of the riskiest foreign policy decisions by a U.S. president in recent memory, potentially plunging the nation back into armed conflict in the Middle East with no clear endgame. Like most of Trump's presidency, the path to military action was unconventional and played out on social media, as he alternatively pledged diplomacy, demanded the evacuation of Tehran, threatened the ayatollah and ultimately announced the U.S. strike. Here's a look at how the last 11 days unfolded, a cascade of events that could reshape a combustible corner of the globe. All dates below are in Eastern time. Wednesday, June 11The first sign that conflict could be on the horizon came when families of U.S. troops began leaving the Middle East. 'They are being moved out because it could be a dangerous place, and we'll see what happens,' Trump said as he arrived at the Kennedy Center for opening night of 'Les Misérables,' one of his favorite musicals. It wasn't clear whether Israel was preparing to strike, fulfilling years of threats to attack Iran's nuclear program, or if the movements were a feint to increase pressure for negotiations. The next round of talks between Washington and Tehran was just days away, and Trump was adamant about reaching a diplomatic solution. Behind the scenes, the Israeli military operation was already taking shape. Thursday, June 12 Trump said an attack by Israel 'could very well happen.' But Iran still seemed to be taken by surprise. Around 8 p.m. in Washington, explosions in Tehran killed top military leaders and scientists. Multiple sites connected to Iran's nuclear program were also hit. Israel said 200 warplanes took part in the first wave of attacks. More damage was done with drones that Israeli spies had smuggled into the country, destroying air defenses and missile launchers. Prime Minister Benjamin Netanyahu described it as a 'targeted military operation to roll back the Iranian threat to Israel's very survival.' Although Iran has long maintained that its nuclear program was for peaceful purposes, Israeli leaders claimed it was an imminent threat. Trump posted on social media that 'we remain committed to a Diplomatic Resolution,' but his tone would soon change. Friday, June 13 Iran retaliated against Israel with missiles and drones, many of which were shot down by air defenses. As Trump started his day in Washington, he seemed impressed by Israeli military prowess and his tone became more aggressive toward Iran. 'The United States makes the best and most lethal military equipment anywhere in the World, BY FAR, and that Israel has a lot of it, with much more to come - And they know how to use it,' he wrote on social media. But Trump suggested that diplomacy was his first choice, and urged Iran to make a deal. 'Now they have, perhaps, a second chance' to get it done, he said. Saturday, June 14 Trump talked to Russian President Vladimir Putin in the morning, and they discussed the conflict between Israel and Iran. The next round of talks between the U.S. and Iran was canceled. As Israel and Iran continued to trade strikes, Trump attended a military parade in Washington. It was the 250th anniversary of the U.S. Army, as well as his 79th birthday. The muscular display of American military might — tanks, troops, paratroopers and a 21-gun salute — played out in the nation's capital as the potential for a new conflict loomed. Sunday, June 15 Trump spent the day talking up his reputation as a peacemaker, encouraging Iran and Israel to 'make a deal' similar to how he had brokered an end to fighting between India and Pakistan. 'Many calls and meetings now taking place,' Trump wrote on social media. 'I do a lot, and never get credit for anything, but that's OK, the PEOPLE understand. MAKE THE MIDDLE EAST GREAT AGAIN!' Iran's health ministry said 224 people had been killed by Israeli strikes at this point in the conflict. Reports also emerged that Trump had rejected an Israeli plan to kill Iranian Supreme Leader Ayatollah Ali Khamenei. U.S. officials viewed the idea as dangerously destabilizing. Trump flew to Canada for the annual Group of Seven summit, which gathers the world's most powerful democracies. He would not be there long. Monday, June 16 Israel claimed it had achieved 'aerial superiority' over Tehran, allowing its warplanes to operate freely in the skies above Iran's capital. One of the strikes hit Iran's state-run television, abruptly stopping a live broadcast. Netanyahu said Israeli strikes set back Iran's nuclear program a 'very, very long time.' However, the extent of the damage was unclear, and U.S. and Israeli officials believed only American planes with specially designed 'bunker buster' bombs had the capability to destroy nuclear sites buried deep underground. After a single day at the G7 summit, the White House abruptly announced that Trump would leave early on a red-eye flight to Washington to meet with his national security team. Tuesday, June 17 Trump demanded Iran's 'UNCONDITIONAL SURRENDER' in a post on social media and he told reporters aboard Air Force One that he wanted 'a real end' to the conflict, not just a ceasefire. He expressed frustration with Iranian leaders for failing to reach an agreement. 'They should have done the deal. I told them, 'Do the deal,'' he said. 'So I don't know. I'm not too much in the mood to negotiate.' Trump also brushed off assessments from U.S. spy agencies that Iran hadn't decided to build a nuclear weapon. He insisted they were 'very close.' The sun had not yet risen when Trump arrived at the White House. He took part in a meeting in the Situation Room, but did not appear publicly. With little clarity on next steps, State Department spokeswoman Tammy Bruce told reporters that 'I'm here to take questions, not necessarily answer them.' Wednesday, June 18 By this point, there was no question that Trump was considering joining Israel's attacks on Iran. 'I may do it, I may not do it,' he said that morning. 'Nobody knows what I'm going to do.' The president spoke to reporters while overseeing the installation of a massive new flagpole on the South Lawn of the White House, toggling back and forth between chatting up construction workers in hard hats and sizing up the Iranian nuclear threat. Later, in the Oval Office, Trump again suggested that the U.S. might get directly involved to thwart Iran's atomic ambitions. 'I'm not looking to fight,' he said. 'But if it's a choice between fighting and having a nuclear weapon, you have to do what you have to do.' On Capitol Hill, Defense Secretary Pete Hegseth told lawmakers the Pentagon was presenting Trump with military options. Thursday, June 19 It was a federal holiday — Juneteenth — and much of Washington took the hot, steamy day off, but White House press secretary Karoline Leavitt scheduled a briefing nonetheless. She entered the briefing room to deliver a message from the president: He would decide within two weeks whether to become directly involved in Israel's war on Iran. Trump has long been known to toss out 'two week' deadlines for actions that never materialize, so the statement left people guessing on his next move. Friday, June 20 Trump convened another meeting of his national security advisers and then flew to his golf club in New Jersey, where he attended a political fundraiser in the evening. He talked to reporters briefly en route, long enough to say his director of national intelligence, Tulsi Gabbard, was 'wrong' when she previously said that the U.S. believed Iran wasn't building a nuclear weapon. Saturday, June 21 Around midnight, the U.S. military operation began in secret: B-2 stealth bombers taking off from a base in Missouri. They headed east, over the Atlantic Ocean, refueling from airborne tankers along the way. It would take them 18 hours to reach Iran. A decoy flight went west, toward the Pacific. Trump returned to the White House from New Jersey around 6 p.m. Less than an hour later, American ordinance began exploding in Tehran. More than two dozen Tomahawk missiles were fired from a U.S. submarine. Fighter jets scanned for Iranian interceptors. The stealth bombers dropped 14 bunker buster bombs, marking the first time that the 30,000-pound weapon had been used in combat. Trump announced the strikes on social media, saying it was a 'very successful attack and 'NOW IS THE TIME FOR PEACE!' In a brief national address from the White House, the president threatened to attack Iran again if there was any retaliation. 'There will either be peace or there will be tragedy for Iran,' he said.
Yahoo
28 minutes ago
- Yahoo
Meta's CFO describes her mortifying first day on the Morgan Stanley trading floor
Meta's CFO talked about what it was like starting at Morgan Stanley when she was 19 after graduating from college. Susan Li told the Stripe cofounder John Collison in a podcast interview that her age was spotlighted on her first day. She also talked about what she learned from working with former Morgan Stanley tech banker Michael Grimes. Her first day on Morgan Stanley's trading floor, Susan Li was "mortified." Li, who is now Meta's CFO, started at the bank around two decades ago when she was just 19, after graduating from Stanford sooner than most of her peers. "When I showed up at Morgan Stanley for my first day, I was on the trading floor in the big Broadway headquarters at 1585, and the equivalent of an HRBP basically got the attention of everyone on the trading floor," Li told Stripe cofounder John Collison on his podcast Cheeky Pint. "And so she wanted everyone on the floor to stop and look at me and know that no one was to serve me any alcohol at any company gathering." It was about par for the course for the industry, she added. "So it was exactly the way you think about beginning your career on Wall Street, by being mortified," she said. The Meta CFO talked about some of the potential pros and cons of advancing through the education system so quickly. "Well, some might say, because I started kindergarten when I was four and I graduated from college when I was 19, that having 15 years of formal education is — I'm woefully under-educated, as it were, so I'm really just having to make up for that rough start," Li said. She was able to sprint through her education, she added, in part because the institutions she attended noticed when students needed different challenges to keep them engaged. "I was in a school system that identified when kids were bored in school and then just gave you opportunities to keep moving ahead, and my parents always took them," she said. Li first joined Meta in 2008, eventually rising to the rank of CFO at 36 years old, making her one of the youngest chief financial officers in an industry where the average age of people in similar positions is 53. When Li finally entered the professional circuit as a banker, she said she worked with Michael Grimes, the former head of global technology investment banking at Morgan Stanley. Grimes is currently a senior official at the United States Department of Commerce. Li said she remembered Grimes' energetic nature and curiosity, as well as his ability to outwork anyone. "Grimes is extraordinarily, very high-energy — applies that to a whole host of things," Li said. "You go talk to Michael about tech companies, about banking, about parenting, about why there should be more undergraduate sales programs in colleges in the country. He's got a point of view on everything, and he's endlessly curious." Morgan Stanley and Meta did not respond to a request for comment by Business Insider prior to publication. Li added that Grimes's behavior served as a sort of model for her own. "He is going to outwork you and outlearn you. It's actually a pretty spectacular thing as a young person starting in your career to see what excellence at this looks like," Li said. Read the original article on Business Insider
Yahoo
28 minutes ago
- Yahoo
Thames Water bonds plunge to record low as nationalisation threat grows
Thames Water's bonds have crashed to a record low after the Environment Secretary said it was stepping up contingency plans for the struggling utility giant. The price of Thames Water's debt fell to as low as 67p on Friday, down from 70p at the start of the month, as investors took flight amid fears the Government could nationalise the business. The market reaction was prompted largely by comments from Steve Reed last Thursday, who said that ministers were preparing to put Thames Water into a taxpayer-backed special administration regime. He said: 'The company remains financially stable, but we've stepped up our preparations and stand ready for all eventualities, as I've said before, including a special administration regime if that were to become necessary.' Falling bond prices signal that investors are also now bracing for the nationalisation of Thames Water, which remains on the brink despite a £17bn rescue proposal put forward by more than 100 of its most senior lenders. Talks are still ongoing over the potential bailout, although uncertainty is mounting after Mr Reed suggested the Government will not waive fines for Thames Water, which is one of the creditors' key demands. Pressures have also intensified after US private equity giant, KKR, unexpectedly abandoned its bid for the business earlier this month. Analysis of Thames Water's finances shows that a £250m bond due to mature in 2034 has been one of the hardest hit by the sell-off. Now valued at 67p, this is down from more than 80p two years ago. Falling bond prices in Britain's biggest water company will be a source of concern for the Government, which is seeking to attract global infrastructure investors as part of its bid to boost growth. Utilities are often deemed a safe haven by funds, therefore, the prospect of lenders incurring steep losses on Thames will be likely to damage investor appetite. There are huge numbers of creditors currently exposed to Thames Water, which has racked up a £16bn debt pile over the past decade, including a raft of different bonds. A special administration regime (SAR) would wipe out the bulk of Thames Water's borrowings, although it would also leave the Government forced to foot the bill for its running costs. A previous report estimated that an SAR could cost the taxpayer up to £4.1bn, piling further strain on the Government's stretched balance sheet. A report from JP Morgan last week said: 'Putting Thames into a SAR would be costly for the government and weaken its already tight fiscal position. 'Also, if Thames Water were nationalised, the Government would inherit all of the company's operational issues and be on the hook for any underperformance.' As well as billions of pounds in running costs, the creditors have calculated that Thames faces more than £1bn in fines and penalties over the coming years. However, despite the financial threat posed to investors and taxpayers, there are growing calls for the Government to nationalise Thames Water. Professor Dieter Helm, an economist and former government adviser, said last week that 'special administration will in the end most likely be necessary, and before 2029'. 'The Government and Ofwat made a major mistake at the outset in not calling in a special administrator,' he said. 'The leading bondholders have little practice experience in running a utility like Thames, and none has previous experience of a long-term major turnaround. 'They will no doubt have opportunities to take the money and run. All of this is likely before the next election, something that the Government should have in mind.' Thames Water was contacted for comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
