Virgin Australia IPO Targets $443 Million as Bain Rides Rally
Bain Capital -controlled airline Virgin Australia will relist in a A$685 million ($443 million) initial public offering, betting investors are brushing off the turmoil caused by US President Donald Trump's trade war.
The US private equity firm is selling 30% of Virgin Australia at A$2.90 a share, it said in a statement Wednesday.
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Yahoo
27 minutes ago
- Yahoo
Stock Market News for Jun 5, 2025
U.S. stocks ended mostly lower on Wednesday after data showed private sector payrolls hit a two-year low, suggesting that a lack of clarity over President Donald Trump's trade policies could weigh on the nation's economy. The S&P ended nearly flat, while the Dow slipped. However, the Nasdaq ended in positive territory. The Dow Jones Industrial Average (DJI) slid 0.2% or 91.90 points, to close at 42,427.74 points. The S&P 500 added 0.01% or 0.44 points to finish at 5,970.81 points. Utilities and energy stocks were the worst performers. The Utilities Select Sector SPDR (XLU) fell 1.8%, while the Energy Select Sector SPDR (XLE) declined 2%. The Financials Select Sector SPDR (XLF) lost 0.6%. Six of the 11 sectors of the benchmark index ended in positive territory. The tech-heavy Nasdaq rose 0.3%, or 61.53 points, to end at 19,460.49 points. The fear-gauge CBOE Volatility Index (VIX) was down 0.45% to 17.61. Advancers outnumbered decliners on the NYSE by a 1.3-to-1 ratio. On Nasdaq, a 1.18-to-1 ratio favored advancing issues. A total of 14.5 billion shares were traded on Wednesday, lower than the last 20-session average of 17.8 billion. The Dow snapped its four-day winning streak, while the S&P 500 struggled on Wednesday as disappointing jobs data raised concerns over the economy's health. According to a report from payrolls processing company Automatic Data Processing, Inc. (ADP), the economy added only 37,000 private jobs in May, less than the downwardly revised 60,000 jobs in April and sharply lower than the consensus estimate of 110,000. Trump slammed Federal Reserve Chairman Jerome Powell moments after the figures were out, saying, 'Too Late, Powell,' as he called for immediate interest rate cuts. Investors also focused on trade negotiations between the United States and its trading partners. Trump and the Chinese President are scheduled to talk sometime this week as tensions cease to ease between the world's two biggest economies. The lack of clarity over Trump's upcoming tariff policies has raised concerns among investors. Stocks have rebounded over the past month, and investors are still confident that there will be a positive outcome from the ongoing trade negotiations between the United States and its trading partners. Meanwhile, shares of Tesla, Inc. (TSLA) declined 3.6% after the electric carmaker's sales fell for the fifth straight month in European markets. Also, shares of Dollar Tree, Inc. (DLTR) tumbled 8.4% after the retailer said that its second-quarter adjusted profit could plummet as much as 50% owing to the tariff-fueled volatility. Dollar Tree has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. In other economic data released on Wednesday, the Institute for Supply Management's (ISM) Services Purchasing Managers Index (PMI) fell to 49.9 in May from April's reading of 51.6. This is the first time the services sector has declined in nearly a year. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Automatic Data Processing, Inc. (ADP) : Free Stock Analysis Report Dollar Tree, Inc. (DLTR) : Free Stock Analysis Report Tesla, Inc. (TSLA) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error while retrieving data Sign in to access your portfolio Error while retrieving data
Yahoo
37 minutes ago
- Yahoo
Tariffs Deliver Record Drop in US Trade Deficit
Call it the gravitational pull of Trump's tariffs: First came the tidal wave; now, the tide is receding. After a record-breaking trade deficit in March, as businesses rushed to order goods ahead of a massive spike in import duties, data from the US Commerce Department on Thursday shows that April delivered a record-breaking decrease in the trade deficit. Does that mean the US has won the first big battle of the trade war? Well, it's complicated. READ ALSO: Circle Spirals Upward in $1 Billion IPO and NBA Finals Kick Off With an Old (Footwear) Friend So just how big was the drop? In April, the trade deficit narrowed to just $61.6 billion — way, way, way smaller than the record-setting, Grand Canyon-sized $138.3 billion chasm seen in March. That marks the largest month-over-month deficit contraction on record, according to the Commerce Department, and comes in below consensus expectations of approximately $66 billion. Overall, imports of foreign goods fell about 16% month-over-month to $351 billion, the report said. According to a data analysis by The New York Times combining figures from the Commerce Department and tracking by Moody's Analytics, the decrease included importing fewer cell phones from China, pharmaceuticals from Switzerland and Ireland, and automotive parts from South Korea, Japan, Mexico, and Canada. Canada reported a record trade deficit of its own on Thursday, of about $5.2 billion (in US currency) in April, as its auto industry gets crushed by tariffs. Curbing America's reliance on imports was just Step One of the White House's economic plan. In April, at least, it looks like Mission Accomplished (Note: Economists don't tend to think deficits are inherently negative). But Step Two in the plan was reviving America's manufacturing core, and it remains unclear if tariffs will prove an effective tool to that end: Helping shrink the deficit gap was a 3% bump in US exports to $289.4 billion in April, per the Commerce Department — also good for nearly $16 billion more than recorded in April 2024. From March to April, the US swung from a trade deficit to a trade surplus with several countries, including Australia, Switzerland, and Spain. That said, US manufacturing isn't exactly thriving under the new stop-and-start tariff regime. Manufacturing activity contracted for the third consecutive month in May, according to an Institute for Supply Management survey released earlier this week, as tariffs spike the prices and delivery times of inputs; the materials shortage has caused particular headaches in the auto industry, with Ford even temporarily halting production at a Chicago plant last week. Deals, Deals, Deals: Step Three in the White House's plan has been to use the threat of major tariffs to renegotiate trade deals with countries the world over. Thursday also provided some updates on that front, with German Chancellor Friedrich Merz visiting the White House as the European Union continues to hash out trade agreements with the US. 'He's a very great representative of Germany,' POTUS Trump said of Merz, adding, 'We'll have a good trade deal.' The White House also agreed to further talks with leaders in Beijing on Thursday, with the president saying 'we're in very good shape with China and the trade deal' after the two sides had gotten 'a little off-track.' This post first appeared on The Daily Upside. To receive delivering razor sharp analysis and perspective on all things finance, economics, and markets, subscribe to our free The Daily Upside newsletter.
Fox News
42 minutes ago
- Fox News
Trump announces China will restart rare earth mineral shipments to US after productive call
President Donald Trump told reporters on Air Force One Friday that Chinese President Xi Jinping had agreed to start sending rare earth minerals to the U.S. after halting the shipments in April. Trump held a gaggle on the presidential jet Friday evening, and one reporter asked him just before landing if Xi had agreed to restart the flow of rare earth minerals and magnets to the U.S. "Yes, he did," Trump replied. "We're very far advanced on the China deal." The news comes about a month and a half after China effectively halted exports of seven precious minerals, vital for assembling cars, robotics and defense systems, to the U.S. in a direct strike on America's manufacturing and defense supply chain. Overseas deliveries of magnets stopped April 4, when new licensing rules took effect, according to The New York Times. Companies are only allowed to export rare earth materials if they obtain special export licenses, which take 45 days to receive. The halt also threatened to undercut Trump's tariff strategy because China produces about 60% of the world's critical mineral supply and processes even more, up to 90%. China's mineral halt to the U.S. Defense Department came after Beijing had already imposed sanctions on multiple U.S. military contractors late last year, according to Reuters. Chinese entities were prohibited from engaging or cooperating with them in response to an arms sale to Taiwan, the outlet reported. Trump and Xi had a lengthy call Thursday amid economic and national security friction regarding trade between the U.S. and China. "I just concluded a very good phone call with President Xi, of China, discussing some of the intricacies of our recently made, and agreed to, Trade Deal," Trump said Thursday in a Truth Social post. "The call lasted approximately one and a half hours and resulted in a very positive conclusion for both Countries." Trump said the conversation focused mostly on trade. The call came nearly a week after Trump condemned China for violating an initial trade agreement that the U.S. and China hashed out in May and a day after Trump said Xi was "extremely hard to make a deal with" in a Truth Social post.
