Market Update
European Stocks Backed Down In Muted Reaction After Middle East Tensions Flared Up
Bridgette Randall
23 Jun, 2025
London
European markets traded down on Monday despite the escalating tensions in the Middle East.
Benchmark indexes in Frankfurt, Paris, Milan, and London edged lower, and the market's reaction was muted as traders awaited Iran's reaction.
Over the weekend, the U.S. carried out multiple aerial attacks on Iran's nuclear infrastructure, directly involving itself in Israel's war on Iran.
The direct involvement of the U.S. raised the stakes of a wider war in the region and increased risks of disruptions of global energy supply.
Moreover, Iran threatened to close crude oil supply through the Strait of Hormuz.
The added tensions in the Middle East stoked fears across the Eurozone, as Russia's war in Ukraine shows no sign of abating.
Meanwhile, over the weekend, Russia stepped up its bombing campaign, targeting multiple cities in Ukraine, including Kiev.
Europe Indexes and Yields
The DAX index decreased by 0.6% to 23,203.74, the CAC-40 index edged lower 0.7% to 7,537.22, and the FTSE 100 index declined 0.2% to 8,757.26.
The yield on 10-year German bonds inched higher to 2.55%, French bonds increased to 3.29%, UK gilts moved up to 4.57%, and Italian bonds edged higher to 3.57%.
The euro decreased to $1.15; the British pound was lower at $1.34; and the U.S. dollar was lower and traded at 81.70 Swiss cents.
Brent crude increased $0.19 to $77.46 a barrel, and the Dutch TTF natural gas was higher by €0.69 to €41.63 per MWh.
Europe Movers
Defense stocks advanced on Monday and extended a three-month rally amid heightened geopolitical tensions.
Thales SA edged up 0.1% to €249.80, Dassault Aviation SA edged up 0.8% to €307.40, Rheinmetall AG decreased 1.5% to €1,730.50, Safran SA edged up 0.3% to €261.0, and MTU Aero Engines AG decreased 0.2% to €372.40.
Energy complex stocks extended 7-day gains after Brent crude soared as much as 7% before easing the intraday gain to 2%.
Shell PLC increased 0.5% to 2,690.0 pence, BP PLC advanced 0.6% to 387.10 pence, and TotalEnergies SE rose 0.4% to €54.88.
European Stocks Backed Down In Muted Reaction After Middle East Tensions Flared Up
Bridgette Randall
23 Jun, 2025
London
European markets traded down on Monday despite the escalating tensions in the Middle East.
Benchmark indexes in Frankfurt, Paris, Milan, and London edged lower, and the market's reaction was muted as traders awaited Iran's reaction.
Over the weekend, the U.S. carried out multiple aerial attacks on Iran's nuclear infrastructure, directly involving itself in Israel's war on Iran.
The direct involvement of the U.S. raised the stakes of a wider war in the region and increased risks of disruptions of global energy supply.
Moreover, Iran threatened to close crude oil supply through the Strait of Hormuz.
The added tensions in the Middle East stoked fears across the Eurozone, as Russia's war in Ukraine shows no sign of abating.
Meanwhile, over the weekend, Russia stepped up its bombing campaign, targeting multiple cities in Ukraine, including Kiev.
Europe Indexes and Yields
The DAX index decreased by 0.6% to 23,203.74, the CAC-40 index edged lower 0.7% to 7,537.22, and the FTSE 100 index declined 0.2% to 8,757.26.
The yield on 10-year German bonds inched higher to 2.55%, French bonds increased to 3.29%, UK gilts moved up to 4.57%, and Italian bonds edged higher to 3.57%.
The euro decreased to $1.15; the British pound was lower at $1.34; and the U.S. dollar was lower and traded at 81.70 Swiss cents.
Brent crude increased $0.19 to $77.46 a barrel, and the Dutch TTF natural gas was higher by €0.69 to €41.63 per MWh.
Europe Movers
Defense stocks advanced on Monday and extended a three-month rally amid heightened geopolitical tensions.
Thales SA edged up 0.1% to €249.80, Dassault Aviation SA edged up 0.8% to €307.40, Rheinmetall AG decreased 1.5% to €1,730.50, Safran SA edged up 0.3% to €261.0, and MTU Aero Engines AG decreased 0.2% to €372.40.
Energy complex stocks extended 7-day gains after Brent crude soared as much as 7% before easing the intraday gain to 2%.
Shell PLC increased 0.5% to 2,690.0 pence, BP PLC advanced 0.6% to 387.10 pence, and TotalEnergies SE rose 0.4% to €54.88.
Japan's Indexes Erased Early Losses After Global Crude Oil Supply Disruption Anxieties Eased
Akira Ito
23 Jun, 2025
Tokyo
Japan's indexes declined on Monday and extended losses for the third consecutive session.
The Nikkei 225 Stock Average decreased 0.2%, and the Topix declined 0.3% after the U.S. joined Israel's war targeting Iran's nuclear infrastructure.
Risk appetite weakened amid worries that the disruption in global crude oil and natural gas supply will stoke inflation at home and abroad.
On the economic front, Japan's services sector expanded for the third consecutive month in June, and the manufacturing sector activities returned to growth for the first time since May 2024.
The au Jibun Bank Japan Services Purchasing Managers' Index increased to 51.5 in June from a final 51.0 in May, S&P Global reported Monday.
The services sector activities expanded for the third month in a row, and new orders expanded and export orders edged up slightly.
The au Jibun Bank Japan Manufacturing PMI edged up to 50.4 in June from 49.4 in May, according to a flash estimate released by S&P Global.
The increase in manufacturing activities was driven by a rise in output and purchases of inventories, and the backlog of work declined at a slower pace.
Japan Indexes Stocks
The Nikkei 225 Stock Average decreased 0.2% to 38,337.35, and the broader Topix index declined 0.3% to 2,761.99.
Tokyo Electron decreased 1.1% to ¥23,705.0, Advantest Corp. dropped 1.2% to ¥9,710.0, and Disco Corp. fell 1.6% to ¥36,110.0.
Seven & I Holdings rose 1% to ¥2,264.50, Fast Retailing Co. Ltd. edged up 0.7% to ¥46,360.0, Takashimaya Corp. declined 0.4% to ¥1,094.50, and Aeon Corp. fell 1.2% to ¥4,453.0.
Nippon Yusen KK edged up 0.6% to ¥5,085.0, Mitsui O.S.K. Lines dropped 0.6% to ¥4,798.0, and Kawasaki Kisen Kaisha Ltd. added 0.8% to ¥2,039.0.
Japan's Indexes Erased Early Losses After Global Crude Oil Supply Disruption Anxieties Eased
Akira Ito
23 Jun, 2025
Tokyo
Japan's indexes declined on Monday and extended losses for the third consecutive session.
The Nikkei 225 Stock Average decreased 0.2%, and the Topix declined 0.3% after the U.S. joined Israel's war targeting Iran's nuclear infrastructure.
Risk appetite weakened amid worries that the disruption in global crude oil and natural gas supply will stoke inflation at home and abroad.
On the economic front, Japan's services sector expanded for the third consecutive month in June, and the manufacturing sector activities returned to growth for the first time since May 2024.
The au Jibun Bank Japan Services Purchasing Managers' Index increased to 51.5 in June from a final 51.0 in May, S&P Global reported Monday.
The services sector activities expanded for the third month in a row, and new orders expanded and export orders edged up slightly.
The au Jibun Bank Japan Manufacturing PMI edged up to 50.4 in June from 49.4 in May, according to a flash estimate released by S&P Global.
The increase in manufacturing activities was driven by a rise in output and purchases of inventories, and the backlog of work declined at a slower pace.
Japan Indexes Stocks
The Nikkei 225 Stock Average decreased 0.2% to 38,337.35, and the broader Topix index declined 0.3% to 2,761.99.
Tokyo Electron decreased 1.1% to ¥23,705.0, Advantest Corp. dropped 1.2% to ¥9,710.0, and Disco Corp. fell 1.6% to ¥36,110.0.
Seven & I Holdings rose 1% to ¥2,264.50, Fast Retailing Co. Ltd. edged up 0.7% to ¥46,360.0, Takashimaya Corp. declined 0.4% to ¥1,094.50, and Aeon Corp. fell 1.2% to ¥4,453.0.
Nippon Yusen KK edged up 0.6% to ¥5,085.0, Mitsui O.S.K. Lines dropped 0.6% to ¥4,798.0, and Kawasaki Kisen Kaisha Ltd. added 0.8% to ¥2,039.0.
China Indexes Eased After U.S. Strikes Iran's Nuclear Facilities
Li Chen
23 Jun, 2025
Hong Kong
The Hang Seng index and the mainland-focused CSI 300 index declined a fraction in volatile trading, and crude oil prices rose about 2%.
Risk appetite waned after the U.S. president said additional strikes targeting Iran's military and nuclear installations are likely, as the U.S. entered the war in the Middle East.
Iran also threatens to close the Strait of Hormuz, which could curtail oil supply to global markets and stoke crude oil prices higher.
Brent crude oil prices rose 5% to $81.67 a barrel before backing down to an increase of 2.2% to $78.91.
Arab nations in the Middle East are bracing for a wider war in the region, which could severely disrupt energy supplies from the region and lead to a series of events with unpredictable outcomes.
Closer to home, investors worried that higher energy prices could stoke global inflation and dampen demand for Chinese manufactured goods.
China Indexes and Stocks
The Hang Seng index edged lower 0.1% to 23,509.74, and the mainland-focused CSI 300 index decreased 0.2% to 3,838.86.
Zhejiang Sanhua Intelligent Controls listed its stock on the Hong Kong Stock Exchange and traded down 2% to HK $22.05.
The maker of parts for fridges and air conditioners raised HK$9.3 billion and priced its offering at HK$22.53.
Bayzed Health Group soared 25% to HK$5.330, and the company, which operates hospitals, sold 133.1 million shares at HK$4.22 per share, raising a total of HK$561.7 million.
Transthera Sciences soared 25% to HK $23.03, and the biopharmaceutical company sold 15.3 million shares and priced its offering at HK $13.15 per share.
China Indexes Eased After U.S. Strikes Iran's Nuclear Facilities
Li Chen
23 Jun, 2025
Hong Kong
The Hang Seng index and the mainland-focused CSI 300 index declined a fraction in volatile trading, and crude oil prices rose about 2%.
Risk appetite waned after the U.S. president said additional strikes targeting Iran's military and nuclear installations are likely, as the U.S. entered the war in the Middle East.
Iran also threatens to close the Strait of Hormuz, which could curtail oil supply to global markets and stoke crude oil prices higher.
Brent crude oil prices rose 5% to $81.67 a barrel before backing down to an increase of 2.2% to $78.91.
Arab nations in the Middle East are bracing for a wider war in the region, which could severely disrupt energy supplies from the region and lead to a series of events with unpredictable outcomes.
Closer to home, investors worried that higher energy prices could stoke global inflation and dampen demand for Chinese manufactured goods.
China Indexes and Stocks
The Hang Seng index edged lower 0.1% to 23,509.74, and the mainland-focused CSI 300 index decreased 0.2% to 3,838.86.
Zhejiang Sanhua Intelligent Controls listed its stock on the Hong Kong Stock Exchange and traded down 2% to HK $22.05.
The maker of parts for fridges and air conditioners raised HK$9.3 billion and priced its offering at HK$22.53.
Bayzed Health Group soared 25% to HK$5.330, and the company, which operates hospitals, sold 133.1 million shares at HK$4.22 per share, raising a total of HK$561.7 million.
Transthera Sciences soared 25% to HK $23.03, and the biopharmaceutical company sold 15.3 million shares and priced its offering at HK $13.15 per share.
U.S. Movers: Accenture, CarMax, Darden Restaurants
Scott Peters
20 Jun, 2025
New York City
CarMax Inc. surged 8.04% to $69.50 after the used-car retailer reported better-than-expected results for the fiscal first quarter ending on May 31.
Revenue edged up to $7.55 billion from $7.11 billion, net earnings climbed to $210.38 million from $152.44 million, and diluted earnings per share rose to $1.38 from 97 cents a year ago.
Comparable store sales increased 8.1% as retail used unit sales jumped 9.0% and wholesale unit sales increased 1.2%.
The company bought 336,000 vehicles from consumers and dealers, an increase of 7.2% from a year earlier, as 288,000 vehicles were purchased from consumers, up 3.3%, and 48,000 vehicles were purchased through dealers, up 38.4%.
During the first quarter, the used-car retailer bought back $199.8 million in shares of its own stock.
Accenture Plc. dropped 5.35% to $290.0 after the consulting company reported better-than-expected quarterly earnings, but new orders fell short of expectations.
Revenue in the fiscal third quarter ending on May 31 jumped to $17.73 billion from $16.47 billion, net income edged up to $2.20 billion from $1.93 billion, and diluted earnings per share rose to $3.49 from $3.04 a year ago.
New bookings in the quarter declined 6% to $19.7 billion and 7% in local currency from a year earlier, as consulting new bookings were $9.08 billion and managed services new bookings were $10.62 billion.
The company proposed a quarterly cash dividend of $1.48 per share, representing a 15% increase from a year ago, and also repurchased 6.0 million shares for a total of $1.8 billion in the quarter.
The technology and business outsourcing services provider guided full-year revenue to grow between 6% and 7% in local currency, compared to $64.90 billion, and diluted earnings per share between $12.77 and $12.89, compared to $11.44 in 2024, respectively.
Darden Restaurants Inc. gained 5.3% to $234.59 after the parent company of Olive Garden reported better-than-expected revenue in the fiscal fourth quarter of 2025 ending on May 25.
Sales surged to $3.27 billion from $2.96 billion, net earnings declined to $303.8 million from $308.1 million, and diluted earnings per share were flat at $2.58 from a year ago.
Sales growth was driven by a blended same-restaurant sales increase of 4.6% and sales from the acquisition of 103 Chuy's Tex Mex restaurants and 25 net new restaurants.
Olive Garden same-restaurant sales were up 6.9% in the quarter, Long Horn Steakhouse sales were up 6.7%, and Fine Dining sales were down 3.3%.
During the quarter, the restaurant operator repurchased $51 million of its own stock, and it authorized an additional $1 billion on June 18.
In addition, the company proposed a quarterly cash dividend of $1.50 per share, an increase of 7.1% from a year ago, payable on August 1 to shareholders on record on July 10.
Darden Restaurants guided full-year 2026 sales to grow between 7% and 8%, compared to $12.08 billion in fiscal year 2025, and same-restaurant sales to increase between 2% and 3.5%.
Furthermore, the company plans to open between 60 and 65 new restaurants.
Full-year diluted earnings per share from continuing operations are expected to be between $10.50 and $10.70, compared to $8.88 a year earlier.
U.S. Movers: Accenture, CarMax, Darden Restaurants
Scott Peters
20 Jun, 2025
New York City
CarMax Inc. surged 8.04% to $69.50 after the used-car retailer reported better-than-expected results for the fiscal first quarter ending on May 31.
Revenue edged up to $7.55 billion from $7.11 billion, net earnings climbed to $210.38 million from $152.44 million, and diluted earnings per share rose to $1.38 from 97 cents a year ago.
Comparable store sales increased 8.1% as retail used unit sales jumped 9.0% and wholesale unit sales increased 1.2%.
The company bought 336,000 vehicles from consumers and dealers, an increase of 7.2% from a year earlier, as 288,000 vehicles were purchased from consumers, up 3.3%, and 48,000 vehicles were purchased through dealers, up 38.4%.
During the first quarter, the used-car retailer bought back $199.8 million in shares of its own stock.
Accenture Plc. dropped 5.35% to $290.0 after the consulting company reported better-than-expected quarterly earnings, but new orders fell short of expectations.
Revenue in the fiscal third quarter ending on May 31 jumped to $17.73 billion from $16.47 billion, net income edged up to $2.20 billion from $1.93 billion, and diluted earnings per share rose to $3.49 from $3.04 a year ago.
New bookings in the quarter declined 6% to $19.7 billion and 7% in local currency from a year earlier, as consulting new bookings were $9.08 billion and managed services new bookings were $10.62 billion.
The company proposed a quarterly cash dividend of $1.48 per share, representing a 15% increase from a year ago, and also repurchased 6.0 million shares for a total of $1.8 billion in the quarter.
The technology and business outsourcing services provider guided full-year revenue to grow between 6% and 7% in local currency, compared to $64.90 billion, and diluted earnings per share between $12.77 and $12.89, compared to $11.44 in 2024, respectively.
Darden Restaurants Inc. gained 5.3% to $234.59 after the parent company of Olive Garden reported better-than-expected revenue in the fiscal fourth quarter of 2025 ending on May 25.
Sales surged to $3.27 billion from $2.96 billion, net earnings declined to $303.8 million from $308.1 million, and diluted earnings per share were flat at $2.58 from a year ago.
Sales growth was driven by a blended same-restaurant sales increase of 4.6% and sales from the acquisition of 103 Chuy's Tex Mex restaurants and 25 net new restaurants.
Olive Garden same-restaurant sales were up 6.9% in the quarter, Long Horn Steakhouse sales were up 6.7%, and Fine Dining sales were down 3.3%.
During the quarter, the restaurant operator repurchased $51 million of its own stock, and it authorized an additional $1 billion on June 18.
In addition, the company proposed a quarterly cash dividend of $1.50 per share, an increase of 7.1% from a year ago, payable on August 1 to shareholders on record on July 10.
Darden Restaurants guided full-year 2026 sales to grow between 7% and 8%, compared to $12.08 billion in fiscal year 2025, and same-restaurant sales to increase between 2% and 3.5%.
Furthermore, the company plans to open between 60 and 65 new restaurants.
Full-year diluted earnings per share from continuing operations are expected to be between $10.50 and $10.70, compared to $8.88 a year earlier.
U.S. Stocks Advance After Investors Return from Juneteenth Holiday
Barry Adams
20 Jun, 2025
New York City
Investors remained jittery as the Middle East conflict showed no sign of cooling, and the U.S. mulled joining Israel's attacks into Iran.
Investors bid up stocks after returning from the Juneteenth holiday amid lingering geopolitical tensions and a lack of progress on global tariffs.
The S&P 500 index edged up 0.2%, the tech-heavy Nasdaq Composite inched up 0.1%, and the U.S. dollar index traded near a multi-month low.
A White House official confirmed that the U.S. president is reviewing possibilities of assisting Israel in attacking Iran's nuclear infrastructure located deep beneath the surface and targeting government officials.
Crude oil prices edged lower, as the U.S. president may take as long as two weeks to finalize his decision.
Middle East experts are signaling that the U.S. is likely to continue to provide overt and covert assistance to Israel's attacks and provide the military and intelligence support needed to carry out attacks targeting underground nuclear infrastructure as early as next week.
For the week, as of the close of Thursday's trading, the S&P 500 index decreased 0.6%, and the Nasdaq Composite declined 0.2%.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 0.2% to 5,990.72, the Nasdaq Composite edged up 0.1% to 19,564.39, and the Russell 2000 index advanced 0.5% to 2,122.95.
The yield on 2-year Treasury notes edged higher to 3.95%, 10-year Treasury notes increased to 4.42%, and 30-year Treasury bonds advanced to 4.93%.
WTI crude oil decreased $0.28 to $73.22 a barrel, and natural gas prices edged lower by $0.12 to $3.96 a thermal unit.
Gold decreased by $0.84 to $3,368.54 an ounce, and silver edged down by $0.42 to $35.98.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.18 to 98.73 and traded at the lowest level since April 2022.
U.S. Stock Movers
CarMax Inc. jumped 10.5% to $70.91 after the used-car retailer reported better-than-expected fiscal first-quarter results.
Revenue in the quarter increased to $7.55 billion, and diluted earnings per share advanced to $1.38.
Darden Restaurants increased 3.8% to $231.25 after the parent company of Olive Garden reported better-than-expected revenue in the fiscal first quarter of $3.3 billion.
However, operating earnings declined 3.2% to $444.1 million, and the company guided diluted earnings per share in the fiscal year 2026 to range between $10.50 and $10.70.
Kroger Company declined 0.3% to $65.35, and the largest independent grocery chain operator reported fiscal first quarter flat sales of $45.2 billion and diluted earnings per share of $1.29.
Net earnings attributable to shareholders decreased to $866 million from $956 million a year ago.
Accenture Plc decreased 5% to $291.0, and the technology and business outsourcing services provider reported better-than-expected quarterly earnings, but new orders fell short of expectations.
U.S. Stocks Advance After Investors Return from Juneteenth Holiday
Barry Adams
20 Jun, 2025
New York City
Investors remained jittery as the Middle East conflict showed no sign of cooling, and the U.S. mulled joining Israel's attacks into Iran.
Investors bid up stocks after returning from the Juneteenth holiday amid lingering geopolitical tensions and a lack of progress on global tariffs.
The S&P 500 index edged up 0.1%, the tech-heavy Nasdaq Composite inched up 0.2%, and the U.S. dollar index traded near a multi-month low.
A White House official confirmed that the U.S. president is reviewing possibilities of assisting Israel in attacking Iran's nuclear infrastructure located deep beneath the surface and targeting government officials.
Crude oil prices edged lower, as the U.S. president may take as long as two weeks to finalize his decision.
Middle East experts are signaling that the U.S. is likely to continue to provide overt and covert assistance to Israel's attacks and provide the military and intelligence support needed to carry out attacks targeting underground nuclear infrastructure as early as next week.
For the week, as of the close of Thursday's trading, the S&P 500 index decreased 0.6%, and the Nasdaq Composite declined 0.2%.
U.S. Stock Movers
CarMax Inc. jumped 10.5% to $70.91 after the used-car retailer reported better-than-expected fiscal first-quarter results.
Revenue in the quarter increased to $7.55 billion, and diluted earnings per share advanced to $1.38.
Darden Restaurants increased 3.8% to $231.25 after the parent company of Olive Garden reported better-than-expected revenue in the fiscal first quarter of $3.3 billion.
However, operating earnings declined 3.2% to $444.1 million, and the company guided diluted earnings per share in the fiscal year 2026 to range between $10.50 and $10.70.
Kroger Company declined 0.3% to $65.35, and the largest independent grocery chain operator reported fiscal first quarter flat sales of $45.2 billion and diluted earnings per share of $1.29.
Net earnings attributable to shareholders decreased to $866 million from $956 million a year ago.
Accenture Plc decreased 5% to $291.0, and the technology and business outsourcing services provider reported better-than-expected quarterly earnings, but new orders fell short of expectations.
European Markets Trim Weekly Losses, UK Food Store Sales Drop Drags Down Retail Sales In May
Bridgette Randall
20 Jun, 2025
London
European markets advanced on Friday and halted a three-day losing streak amid heightened geopolitical uncertainties.
Benchmark indexes in Frankfurt, Paris, Milan, and London edged higher after diplomats from the European Union and Iran agreed to meet.
Crude oil prices traded near this year's high after a lull in the Israel-Iran airstrikes raised hopes for a temporary ceasefire.
Moreover, a White House official confirmed that the U.S. president will make a decision to participate in Israel's strike targeting underground nuclear infrastructure.
Israel's unilateral strikes on Iran are based on claims that the Muslim nation is close to making a nuclear bomb, reminding us of the U.S. and Israel's false and misleading claims in the run-up to Iraq's war.
On the economic front, the U.K.'s annual retail sales in May fell 1.3% after rising in the previous three consecutive months.
The annual retail sales declined for the first time in four months and fell the most since April 2024.
On a monthly basis, retail sales fell 2.7%, reversing the upwardly revised 1.3% in April, the Office for National Statistics announced Friday.
The monthly decline in retail sales was largely driven by a 5% fall in food store sales after supermarkets curtailed promotional activities.
The monthly food sales decline was the largest since May 2021.
Europe Indexes and Yields
The DAX index increased by 0.7% to 23,210.59, the CAC-40 index edged higher by 0.5% to 7,589.30, and the FTSE 100 index advanced 0.3% to 8,818.87.
The yield on 10-year German bonds inched lower to 2.49%, French bonds decreased to 3.24%, UK gilts moved down to 4.51%, and Italian bonds edged lower to 3.51%.
The euro increased to $1.15; the British pound was higher at $1.35; and the U.S. dollar was lower and traded at 81.57 Swiss cents.
Brent crude decreased $0.03 to $76.67 a barrel, and the Dutch TTF natural gas was lower by €1.55 to €39.93 per MWh.
Europe Stock Movers
Energy complex stocks lacked direction amid heightened tensions in the Middle East.
BP plc decreased 1% to 389.25 pence, Shell PLC declined 0.5% to 2,684.0 pence, and TotalEnergies SE dropped 0.8% to €54.45.
Kering SA jumped 3% to €180.16, LVMH edged up 0.1% to €453.10, and Hermes International SCA edged up 0.1% to €2,229.0.