Latest news with #pan-European
Time of India
an hour ago
- Business
- Time of India
European shares rise after four-day drop as ABB shines
European shares rose on Wednesday after four consecutive sessions of losses, supported by strong quarterly results from Switzerland's ABB and optimism over a potential trade deal between the United States and the European Union. The pan-European STOXX 600 index up 0.8% as of 0718 GMT. Explore courses from Top Institutes in Select a Course Category Healthcare Product Management others PGDM Data Science Artificial Intelligence Technology MCA Project Management Data Science Others CXO Finance Degree Data Analytics healthcare Digital Marketing Design Thinking Leadership Public Policy MBA Management Operations Management Skills you'll gain: Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Duration: 12 Weeks Indian School of Business Certificate Program in Healthcare Management Starts on Jun 13, 2024 Get Details Skills you'll gain: Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Duration: 12 Weeks Indian School of Business Certificate Program in Healthcare Management Starts on Jun 13, 2024 Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo ABB jumped 8.2% after the engineering firm posted record quarterly order intake, driven by strong U.S. demand and for products used in data centres to support artificial intelligence. Shares of rivals Siemens and Schneider Electric added 3.6% and 5.8% respectively. The three firms were among the top boosts to the European benchmark index. European chipmakers also recouped some losses from the previous session as TSMC, the world's main producer of advanced AI chips, posted record profit in the second quarter. ASML rose 1.7% following 11% drop on Wednesday. Live Events In trade, EU's trade chief Maros Sefcovic headed to Washington on Wednesday for tariff talks, and is expected to meet U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, an EU spokesperson told Reuters. Meanwhile, investors awaited for clarity on U.S.-EU trade talks as the bloc readied retaliatory measures if negotiations with Washington failed. On Wednesday U.S. President Donald Trump eased market anxiety after denying reports that said was planning to fire Federal Reserve Chair Jerome Powell soon. He confirmed he floated the idea with Republican lawmakers and renewed his criticism of the Fed chief for not cutting interest rates. Among other stocks, Evolution gained 6.5% after the Swedish gaming technology company reported its second-quarter results.
Business Recorder
10 hours ago
- Business
- Business Recorder
Chip stocks drag European shares lower
FRANKFURT: European shares fell on Wednesday, with chip stocks hit hard after ASML flagged a hit to its revenue growth, while reports of US President Donald Trump considering firing Federal Reserve Chair Jerome Powell also hit sentiment. The pan-European STOXX 600 index closed 0.6% lower, marking its fourth straight day of losses. Most regional bourses also slipped, with German blue-chips off 0.2%. European equities fell sharply just before the close after Bloomberg reported that Trump is likely to fire Fed Chair Powell, but Trump said later he is not planning to do so. 'This is something where the market views stability as a good thing,' said Joe Saluzzi, partner and co-founder at Themis Trading. 'It's a volatile situation. I don't think the market is in the opinion that we need a new Fed chair.' Dutch firm ASML was the biggest drag on the STOXX, tumbling 11.4% - its biggest drop in nine months - after warning it may not achieve growth in 2026, despite second-quarter bookings beating expectations. Other chip stocks including BE Semiconductor, ASMI and STMicroelectronics dropped between 2.1% and 5.2%. European auto stocks fell 1.8%, led by Renault , sliding 18.5% after the French carmaker surprised investors with a profit warning. Another earnings-driven decline was Fuchs, down 12.9% after the German lubricant supplier cut its outlook for 2025 and posted weaker than expected second quarter results. The latest earnings forecasts released on Tuesday showed a deteriorating outlook for European corporate health, as Trump's most recent tariff statements added to business uncertainty. 'Looking at the earnings season, it's expected that Europe is going to be hit the most,' said Anthi Tsouvali, multi-asset strategist at UBS Global Wealth Management, citing tariff-driven uncertainty, weak business sentiment and margin pressure from stockpiling. EU's trade chief Maros Sefcovic headed to Washington for tariff talks, and is expected to meet US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, an EU spokesperson told Reuters. On the higher side, shares in asset manager Partners Group rose 5.1% to the top of the STOXX after the firm reported better-than-expected half-yearly assets under management and confirmed its full-year outlook. Spirits maker Diageo closed 0.6% higher after jumping as much as 4.5% earlier in the day. CEO Debra Crew stepped down after two years in the job. On the data front, Britain's annual rate of consumer price inflation unexpectedly rose to its highest in over a year at 3.6% in June, up from 3.4% in May.
Business Times
11 hours ago
- Business
- Business Times
Europe: Chip stocks drag shares lower after ASML's warning
EUROPEAN shares fell on Wednesday, with chip stocks hit hard after ASML flagged a hit to its revenue growth, while reports of US President Donald Trump considering firing Federal Reserve Chair Jerome Powell also hit sentiment. The pan-European Stoxx 600 index closed 0.57 per cent lower at 541.84, marking its fourth straight day of losses. Most regional bourses also slipped, with German blue-chips off 0.2 per cent. European equities fell sharply just before the close after Bloomberg reported that Trump is likely to fire Fed Chair Powell, but Trump said later he is not planning to do so. 'This is something where the market views stability as a good thing,' said Joe Saluzzi, partner and co-founder at Themis Trading. 'It's a volatile situation. I don't think the market is in the opinion that we need a new Fed chair.' Dutch firm ASML was the biggest drag on the Stoxx, tumbling 11.4 per cent - its biggest drop in nine months - after warning it may not achieve growth in 2026, despite second-quarter bookings beating expectations. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Other chip stocks including BE Semiconductor, ASMI and STMicroelectronics dropped between 2.1 per cent and 5.2 per cent. European auto stocks fell 1.8 per cent, led by Renault, sliding 18.5 per cent after the French carmaker surprised investors with a profit warning. Another earnings-driven decline was Fuchs, down 12.9 per cent after the German lubricant supplier cut its outlook for 2025 and posted weaker than expected second quarter results. The latest earnings forecasts released on Tuesday showed a deteriorating outlook for European corporate health, as Trump's most recent tariff statements added to business uncertainty. 'Looking at the earnings season, it's expected that Europe is going to be hit the most,' said Anthi Tsouvali, multi-asset strategist at UBS Global Wealth Management, citing tariff-driven uncertainty, weak business sentiment and margin pressure from stockpiling. EU's trade chief Maros Sefcovic headed to Washington for tariff talks, and is expected to meet US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, an EU spokesperson told Reuters. On the higher side, shares in asset manager Partners Group rose 5.1 per cent to the top of the Stoxx after the firm reported better-than-expected half-yearly assets under management and confirmed its full-year outlook. Spirits maker Diageo closed 0.6 per cent higher after jumping as much as 4.5 per centearlier in the day. CEO Debra Crew stepped down after two years in the job. On the data front, Britain's annual rate of consumer price inflation unexpectedly rose to its highest in over a year at 3.6 per cent in June, up from 3.4 per cent in May. REUTERS
Qatar Tribune
11 hours ago
- Business
- Qatar Tribune
Brussels kicks off two years of budget battles with new plan
Agencies The European Commission will kickstart two years of tense negotiations when it unveils its proposal Wednesday for the EU's long-term budget including funding reforms that risk renewed confrontation with farmers. EU chief Ursula von der Leyen has to balance a growing list of priorities including bolstering the bloc's security, ramping up Europe's competitiveness to keep up with US and Chinese rivals, countering climate change and paying debts due from 2028. And all of this against a backdrop of soaring trade tensions with the European Union's biggest commercial partner, the United States. The 2028-2034 budget could be worth 1.7 trillion euros, with the commission creating an umbrella 'competitiveness fund' worth over 500 billion euros, EU officials said—but with discussions ongoing, this could change. Von der Leyen could also announce a fund for Ukraine, worth up to 100 billion euros. One of the biggest challenges ahead will be over the size of the budget, as the EU's biggest—and richest—countries want to avoid paying more. But unlike in the previous budget, the EU has debts due from the COVID pandemic, when states teamed up to borrow 800 billion euros to support the bloc's economy. These are estimated to cost 25-30 billion euros a year from 2028. The European Parliament has made it clear that an increase will be necessary. 'We believe that the union cannot do more with the same amount or less. So we believe that in the end, an increase of the budget will be unavoidable,' said Siegfried Muresan, the EU lawmaker who will lead negotiations on behalf of parliament. The previous 2021-2027 budget was worth around 1.2 trillion euros ($1.4 trillion) and made up from national contributions—around one percent of the member states' gross national income—and money collected by the EU such as customs duties. Von der Leyen plans to propose new ways of raising money including taxes on large companies in Europe with annual net turnover of more than 50 million euros, according to a draft document seen by AFP. An area of fierce debate will be the large farming subsidies that make up the biggest share of the budget, known as the common agricultural policy (CAP). Brussels plans to integrate it into a new major 'national and regional partnership' fund, according to another document—which farmers fear will mean less support. The CAP accounts for almost a third of the current seven-year budget—around 387 billion euros, of which 270 billion euros are directly paid to farmers. Centralizing 'funding into a single fund may offer some budgetary flexibility, but it risks dissolving' the CAP with 'fewer guarantees', pan-European farmers' group Copa-Cogeca has said. Farmers will put pressure on the commission from the outset, with hundreds expected to protest outside the building in Brussels on Wednesday. That will raise fears in Brussels after protests broke out last year across Europe by farmers angry over cheap imports, low margins and the burden of environmental rules. Muresan, who belongs to the biggest parliamentary group, the centre-right EPP, urged the same level of funding for the CAP, 'adjusted for inflation'. The commission has stressed the CAP will continue with its own rules and financial resources, especially direct aid to farmers. Brussels could however propose reviewing how CAP payments are calculated to better target beneficiaries. For example, the commission wants to cap aid per hectare at 100,000 euros—a thorny issue unlikely to garner much support. Facing new costs and competing challenges, the EU wants to tap new sources of funding—fast. In one document, the commission suggests the bloc take a share from higher tobacco excise duties and a new tax on non-recycled electronic waste. Such a move, however, is 'neither stable nor sufficient', according to centrist EU lawmaker Fabienne Keller, critical of giving new tasks to Brussels 'without the necessary means to accomplish them'. Wednesday's proposal will launch difficult talks over the budget and is expected to 'as usual, end with five days of negotiations' between EU capitals, an official said.
Kuwait Times
13 hours ago
- Business
- Kuwait Times
EU sets stage for big battle over long-term budget
BRUSSELS: The European Commission will kickstart two years of tense negotiations when it unveils its proposal Wednesday for the EU's long-term budget including funding reforms that risk renewed confrontation with farmers. EU chief Ursula von der Leyen has to balance a growing list of priorities including bolstering the bloc's security, ramping up Europe's competitiveness to keep up with US and Chinese rivals, countering climate change and paying debts due from 2028. And all of this against a backdrop of soaring trade tensions with the European Union's biggest commercial partner, the United States. The 2028-2034 budget could be worth 1.7 trillion euros, with the commission creating an umbrella 'competitiveness fund' worth over 500 billion euros, EU officials said—but with discussions ongoing, this could change. Von der Leyen could also announce a fund for Ukraine, worth up to 100 billion euros. One of the biggest challenges ahead will be over the size of the budget, as the EU's biggest—and richest—countries want to avoid paying more. But unlike in the previous budget, the EU has debts due from the COVID pandemic, when states teamed up to borrow 800 billion euros to support the bloc's economy. These are estimated to cost 25-30 billion euros a year from 2028. The European Parliament has made it clear that an increase will be necessary. 'We believe that the union cannot do more with the same amount or less. So we believe that in the end, an increase of the budget will be unavoidable,' said Siegfried Muresan, the EU lawmaker who will lead negotiations on behalf of parliament. The previous 2021-2027 budget was worth around 1.2 trillion euros ($1.4 trillion) and made up from national contributions—around one percent of the member states' gross national income—and money collected by the EU such as customs duties. Von der Leyen plans to propose new ways of raising money including taxes on large companies in Europe with annual net turnover of more than 50 million euros, according to a draft document seen by AFP. An area of fierce debate will be the large farming subsidies that make up the biggest share of the budget, known as the common agricultural policy (CAP). Brussels plans to integrate it into a new major 'national and regional partnership' fund, according to another document—which farmers fear will mean less support. The CAP accounts for almost a third of the current seven-year budget—around 387 billion euros, of which 270 billion euros are directly paid to farmers. Centralizing 'funding into a single fund may offer some budgetary flexibility, but it risks dissolving' the CAP with 'fewer guarantees', pan-European farmers' group Copa-Cogeca has said. Farmers will put pressure on the commission from the outset, with hundreds expected to protest outside the building in Brussels on Wednesday. That will raise fears in Brussels after protests broke out last year across Europe by farmers angry over cheap imports, low margins and the burden of environmental rules. Muresan, who belongs to the biggest parliamentary group, the centre-right EPP, urged the same level of funding for the CAP, 'adjusted for inflation'. The commission has stressed the CAP will continue with its own rules and financial resources, especially direct aid to farmers. Brussels could however propose reviewing how CAP payments are calculated to better target beneficiaries. For example, the commission wants to cap aid per hectare at 100,000 euros—a thorny issue unlikely to garner much support. Facing new costs and competing challenges, the EU wants to tap new sources of funding—fast. In one document, the commission suggests the bloc take a share from higher tobacco excise duties and a new tax on non-recycled electronic waste. Such a move, however, is 'neither stable nor sufficient', according to centrist EU lawmaker Fabienne Keller, critical of giving new tasks to Brussels 'without the necessary means to accomplish them'. Wednesday's proposal will launch difficult talks over the budget and is expected to 'as usual, end with five days of negotiations' between EU capitals, an official said. — AFP
