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June 26, 2025

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European stock markets started Thursday’s session mostly higher, with investors digesting a landmark decision from NATO to increase defense spending targets, while also keeping a watchful eye on the fragile ceasefire between Israel and Iran.

Fresh economic data from Germany showed a slight dip in consumer confidence, and in the corporate world, H&M reported weaker-than-expected sales, while Shell refuted takeover speculation.

Global market sentiment continues to be influenced by the ongoing ceasefire between Israel and Iran, with investors assessing its durability.

Adding a new dynamic, NATO announced on Wednesday a significant decision to hike defense spending targets for its member states from 2% to 5% of gross domestic product by the year 2035.

This move, which caused shares of European defense companies to pop, will remain a key focus for the market.

At 9:00 am CET, the positive sentiment was reflected in most major bourses. Germany’s DAX rose 0.49%, the EURO STOXX 50 jumped 0.34%, and the French CAC 40 increased 0.38%.

However, London’s FTSE 100 opened flat, showing a more muted start. In currency markets, the euro gained 0.33% against the US dollar, selling for $1.16985 at 8:59 am CET.

Simultaneously, the British pound advanced 0.39% against the greenback to trade at $1.37185.

On the economic data front, fresh figures showed a slight dip in German consumer confidence for July, adding a note of caution.

Investors are also awaiting remarks from European Central Bank (ECB) and Bank of England officials later in the day, which will be scrutinized for clues on future monetary policy.

The backdrop from overnight trading was mixed, with Asia-Pacific markets mostly declining, while US stock futures were relatively unchanged.

Corporate spotlight: H&M sales slip, Shell denies BP takeover rumors

Swedish clothing giant H&M reported weaker-than-expected sales for its fiscal second quarter on Thursday, though it did point to a recent uptick in demand at the start of the summer season.

Revenues at the world’s second-largest clothing retailer dipped year-on-year to 56.71 billion Swedish krona ($5.99 billion) in the three-month period ending May 31.

This figure fell slightly short of the 57.01 billion Swedish krona forecast by LSEG analysts, highlighting ongoing challenges in the retail sector.

In the energy sector, oil major Shell on Thursday emphatically denied speculation that it was considering a bid for its embattled British peer, BP.

The denial came in response to a Wall Street Journal report that had suggested takeover talks were underway between the two oil giants.

“In response to recent media speculation Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with, BP with regards to a possible offer,” Shell said in a formal statement.

A Shell spokesperson had already told CNBC on Wednesday, in an initial response, “This is further market speculation. No talks are taking place.”

BP shares had surged more than 10% in the previous session following the Wall Street Journal report.

Investors have been watching to see whether Shell—or other industry behemoths like Chevron, Exxon Mobil, or the United Arab Emirates’ Adnoc—would make a move to acquire BP, which has been underperforming its rivals in recent years and has struggled to define a clear strategic direction amid the global transition to green energy.

The post Europe markets open: stocks mostly up; Shell denies BP bid, H&M reports weaker sales appeared first on Invezz

Cobalt prices are surging after the Democratic Republic of Congo (DRC), the world’s largest producer, extended its export ban by three months in a bid to address global oversupply and stabilize plunging prices.

According to the Financial Times, cobalt prices on China’s Wuxi Stainless Steel Exchange rose nearly 10 percent after the DRC government announced the news over the weekend.

The ban — originally set to expire on Monday (June 23) — will now remain in effect until at least September.

The DRC’s Strategic Mineral Substances Market Regulation and Control Authority (ARECOMS) said the extension was necessary “due to the continued high level of stock on the market.”

The ban, first imposed in February of this year, was initially slated to last four months.

It came after a prolonged slump in cobalt prices, which have plummeted approximately 60 percent over the past three years, reaching a nine year low of US$10 per pound earlier this year.

The DRC produced 72 percent of the global cobalt mine supply in 2024, as per market intelligence firm Project Blue.

The export halt has already begun to ripple through international markets. In China, where most of the world’s cobalt is refined, prices for the metal and related company stocks spiked.

‘We are likely to see an initial price spike, but real pressure will be later in the year as intermediate stocks begin to dry up,’ Thomas Matthews, a battery materials analyst at CRU Group, told Bloomberg. ‘In short, strap yourselves in.’

The government of the DRC is attempting to tackle a persistent supply glut that has undermined the cobalt market since 2022. By curbing exports, Kinshasa is aiming to drive up prices, thereby increasing revenues from royalties and taxes on mining companies, while also incentivizing further investment in its domestic mining infrastructure.

ARECOMS said that a follow-up decision will be made before the new deadline in September, signaling that the ban could be modified, extended or lifted depending on market developments.

Reuters reported last week that Congolese officials are also exploring a quota-based system for cobalt exports, which would allow selected volumes to leave the country while still exerting downward pressure on global supply.

The proposal has garnered support from major industry players.

Glencore (LSE:GLEN,OTC Pink:GLCNF), the world’s second largest cobalt producer and a key stakeholder in Congolese mining operations, is backing the potential quota system. The Swiss trader declared force majeure on some of its cobalt supply contracts earlier this year due to the export restrictions, citing exceptional circumstances. Nevertheless, Glencore has managed to fulfill its obligations so far, thanks to pre-existing cobalt stockpiles located outside the DRC.

By contrast, CMOC Group (OTC Pink:CMCLF,HKEX:3993,SHA:603993), the China-based firm that overtook Glencore as the world’s top cobalt producer in 2024, has been lobbying for the ban’s complete removal.

CMOC, which processes a significant share of Congolese cobalt in China, argues that prolonged supply constraints could jeopardize downstream industries and global battery production.

A race against the clock

Despite initial cushioning from global stockpiles, experts warn that refined cobalt supply may soon run thin.

Transporting cobalt from the landlocked DRC to China’s processing hubs typically takes about 90 days. This means that if shipments do not recommence soon, shortages could begin to materialize in late Q3 or early Q4.

‘Stockpiles of cobalt outside the DR Congo will reach very low levels by the September 21 deadline if nothing else changes,’ Jack Bedder, founder of Project Blue, told the Financial Times.

Cobalt plays a vital role in lithium-ion batteries used in electric vehicles, consumer electronics and renewable energy storage. While many battery makers have begun shifting toward lower-cobalt or cobalt-free chemistries, demand for the metal remains strong — especially for high-performance applications.

Complicating the supply/demand dynamics is the fact that cobalt is often a by-product of copper mining.

With copper prices rebounding sharply — trading around US$9,600 per metric ton this week on the London Metal Exchange — producers have little incentive to curb overall output.

The move to extend the cobalt ban also coincides with the DRC’s recent efforts to assert greater control over its vast mineral wealth. The Central African nation is currently in discussions with the US over a potential minerals partnership aimed at strengthening supply chain security for clean energy technologies.

The export suspension is just the latest in a series of efforts by resource-rich countries to assert more control over key commodities. Similar moves have been seen in Indonesia, which banned nickel ore exports in 2020 to spur domestic processing, and in Chile, where the government is pushing for greater state participation in the lithium sector.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Nvidia CEO Jensen Huang sold 100,000 shares of the chipmaker’s stock on Friday and Monday, according to a filing with the U.S. Securities and Exchange Commission.

The sales are worth nearly $15 million at Tuesday’s opening price.

The transactions are the first sale in Huang’s plan to sell as many as 600,000 shares of Nvidia through the end of 2025. It’s a plan that was announced in March, and it’d be worth $873 million at Tuesday’s opening price.

The Nvidia founder still owns more than 800 million Nvidia shares, according to Monday’s SEC filing. Huang has a net worth of about $126 billion, ranking him 12th on the Bloomberg Billionaires Index.

The 62-year-old chief executive sold about $700 million in Nvidia shares last year under a prearranged plan, too.

Nvidia stock is up more than 800% since December 2022 after OpenAI’s ChatGPT was first released to the public. That launch drew attention to Nvidia’s graphics processing units, or GPUs, which were needed to develop and power the artificial intelligence service.

The company’s chips remain in high demand with the majority of the AI chip market, and Nvidia has introduced two subsequent generations of its AI GPU technology.

Nvidia continues to grow. Its stock is up 9% this year, even as the company faces export control issues that could limit foreign markets for its AI chips.

In May, the company reported first-quarter earnings that showed the chipmaker’s revenue growing 69% on an annual basis to $44 billion during the quarter.

This post appeared first on NBC NEWS

Emil Bove forcefully rejected criticisms that he was President Donald Trump’s ‘henchman’ or ‘enforcer’ during a Senate hearing Wednesday focused on his nomination by Trump to serve as a federal judge.

Bove, a top Department of Justice (DOJ) official vying to fill a lifetime role on the Third Circuit Court of Appeals, said media reports painted a ‘wildly inaccurate caricature’ about him.

‘I am not anybody’s henchman. I’m not an enforcer,’ Bove said, referring to descriptors used in headlines about him. ‘I’m a lawyer from a small town who never expected to be in an arena like this.’

Bove served as a key attorney on Trump’s personal defense team during the president’s four criminal prosecutions. Prior to that, he led drug trafficking and terrorism cases during his decade as a prosecutor in the Southern District of New York.

But Bove’s formidable demeanor and controversial decisions upon joining DOJ leadership, which included dismissing New York City Mayor Eric Adams’ corruption charges and warning of personnel action for FBI employees who worked on Jan. 6 cases, have caused his nomination to the powerful appellate court bench to attract heightened scrutiny.

Capping off a string of reports examining these controversies was a whistleblower claim leveled Tuesday, one day prior to Bove’s nomination hearing.

The whistleblower, Erez Reuveni, a 15-year veteran of the department who was fired this year for perceived insubordination, alleged that Bove warned during an internal meeting that DOJ attorneys might need to say ‘f*** you’ to judges and defy any adverse orders they issue regarding one of Trump’s most provocative maneuvers to deport alleged illegal immigrants.

Senate Democrats, who have widely objected to Bove’s nomination, grilled the nominee over the claim, noting that flouting court orders was unconstitutional and disqualifying. Bove said he has never advised anyone to defy judges’ orders.

‘Did you or did you not make those comments during that meeting?’ Sen. Adam Schiff, D-Calif., pressed.

‘I did not suggest that there would be any need to consider ignoring court orders. At the point at that meeting there were no court orders to discuss,’ Bove said. 

Schiff repeated the profane phrase several times, asking if Bove said it in relation to the courts.

‘I don’t recall,’ Bove said.

‘You just don’t remember that,’ Schiff replied incredulously.

Other Democrats pressed Bove on the Adams saga, which had led in February to a handful of high-level DOJ employees resigning in protest of Bove’s order that they dismiss the mayor’s federal corruption charges. A judge ultimately dropped Adams’s charges at Bove’s request, but not before excoriating the DOJ for giving ‘inconsistent’ justifications for wanting to drop the case.

Bove was accused by the ousted lawyers of asking the courts to toss out Adams’s charges in exchange for the mayor’s cooperation with the Trump administration’s immigration policy. Bove denied the allegation when pressed on it.

‘The suggestion that there was some kind of quid pro quo was just plain false,’ Bove said.

Despite Democrats’ concerns, as well as concerns voiced by some defense lawyers who said they have had negative experiences with the nominee, Bove has some loyal supporters. No Republican senators have voiced opposition to him at this stage, a sign that he could eventually be confirmed, albeit narrowly.

In an interview prior to the hearing, Deputy Attorney General Todd Blanche, Bove’s longtime friend and colleague, told Fox News Digital that Bove was a ‘freaking brilliant lawyer.’

Blanche said reports that Bove was unqualified were ‘distorted’ and that installing him on the Third Circuit was a ‘no-brainer.’

This post appeared first on FOX NEWS