Israel's Markets Rally After Ceasefire Agreed With Iran
Israel's stocks, currency and bonds posted some of the biggest gains in emerging markets after the nation confirmed it has agreed a ceasefire with Iran.
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Yahoo
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SPIE - NOTICE OF REDEMPTION - Bonds due June 18, 2026
NOTICE OF REDEMPTION TERMSTO HOLDERS OF SPIE(the 'Issuer')€600,000,000 2.625 per cent. Bonds due June 18, 2026 (the 'Bonds') ISIN: FR0013426376Common Code: 201374006 Optional Make Whole Redemption Date: June 27, 2025Optional Redemption Amount: €100,526.35 per €100,000 Bond Cergy, June 24, 2025 - Following the publication by the Issuer on May 28, 2025 of a notice announcing that it has elected to redeem all of the outstanding Bonds (of which €600,000,000 are currently outstanding) on June 27, 2025 (the 'Make-whole Redemption Date') at a price per €100,000 Bond equal to the Optional Redemption Amount, pursuant to Conditions 6.4.2 (Make Whole Redemption by the Issuer) and 11 (Notices) of the terms and conditions of the Bonds contained in the prospectus relating to the issue of the Bonds which received visa no. 19-268 of the French Autorité des marchés financiers on June 14, 2019 (the 'Prospectus'), notice is hereby given to the Bondholders of the terms of the upcoming redemption: 1. The Optional Redemption Amount has been calculated by the Calculation Agent in accordance with the provisions of Condition 6.4.2 of the Prospectus. In accordance with such Condition, the Optional Redemption Amount is computed using a discount rate equal to the relevant Early Redemption Rate (determined as of 11:00 a.m. (Central European time (CET)) on June 23, 2025) plus an Early Redemption Margin of 0.30 per cent. and plus interest accrued on the Bonds to, but excluding the Optional Make Whole Redemption Date, all as determined by the Calculation Agent. 2. The Early Redemption Rate is 1.8410%. 3. Interest accrued to, but excluding, the Optional Make Whole Redemption Date is €64.73 per €100,000 Bond. 4. The Optional Redemption Amount is €100,526.35 per €100,000 Bond. The Bonds will be delisted from Euronext Paris on the Optional Make Whole Redemption Date. Terms used but not defined herein shall have the meanings ascribed to them in the Prospectus. Attachment SPIE - NOTICE OF REDEMPTION - Bonds due June 18, 2026Error 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
Bloomberg
24 minutes ago
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US Stocks Head Toward Record as Geopolitics Fail to Derail Rally
Equities are headed for a blue-sky scenario after the ceasefire in the Middle East drastically reduced the odds of a major disruption to energy prices. The risks facing the stock market are swiftly diminishing as economic growth remains solid despite the turmoil from tariffs and geopolitics. Equities have been remarkably resilient over the past two months as the S&P 500 bounced sharply from April lows, putting it 2% away from its record high.
Yahoo
26 minutes ago
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Wall Street has a short memory for global crises: Morning Brief
Rising tensions in the Middle East haven't shaken the stock market yet. Since Israel's missile strike on Iran on June 13, the S&P 500 is essentially flat. This includes a 1.0% rise on Monday in the immediate reaction to the US strikes on Iran from June 21 and Iran's subsequent retaliation. Largely, strategists have argued that as long as their response doesn't imminently threaten to significantly spike oil prices, large pain in stocks isn't expected. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy But even if there is eventually some downside action for stocks, history says it likely wouldn't be long-lasting. In a note to clients on Monday morning, Morgan Stanley chief investment officer Mike Wilson analyzed more than 20 geopolitical shocks that have hit markets since 1950. On average, the S&P 500 was up 2% the month after geopolitical tensions spooked markets, 3% over the next three months, and 9% over the next 12 months, per Wilson's work. "History suggests most geopolitically-led sell-offs are short-lived/modest," Wilson wrote. "Oil prices will determine whether volatility persists." As they say, past performance is no indicator of future results. And there are clear risks to consider amid the current conflict, first and foremost how a large spike in oil prices could potentially boost inflation and weigh on both business and consumer spending. There's also a concern that angst over further escalation could hurt investor and consumer sentiment, which had finally started to rebound from their April lows. Both of these concerns meet a market that's already near record highs with many stocks already richly valued, adding to the unsettling nature of the conflict for investors. But typically, WTI crude oil prices would have to rise at least 75% compared to the prior year to have a significant negative impact on stocks, per Wilson's work. In the current scenario, this would require oil to hit about $120 a barrel, a far cry from WTI's sub-$71 level seen on Monday. The key way many strategists have reasoned that oil could see such a spike would be driven by Iran closing the Straight of Hormuz, where 20% of the world's oil supply passes through. But after some reports that Iran's counterattack could be a sign of peak escalation in the conflict, odds of a Straight of Hormuz closure by the end of July hit 11% on Monday, well off the recent high of 52% seen on Sunday, on online betting platform Polymarket. And this is why the market often quickly moves on. It's a forward-looking instrument. There may be more concerning headlines coming from the Middle East over the next few days or weeks. But the market believes the worst of the headlines is over. 'Often, geopolitical conflict has little to no effect on the US economy,' Ritholtz Wealth Management chief markets strategist Callie Cox wrote in a research note on Monday. "And if markets follow the economy and earnings over time, then it's fair to say that war rarely has any long-lasting effects on the stock market." Click here for in-depth analysis of the latest stock market news and events moving stock prices 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
