UBS Finds Global Trade Structure "Surprisingly Stable" As AI Emerges As Growth Engine Despite ongoing Gulf-related energy shocks, mounting concerns over a potential energy cliff ( read here ), and UBS last month reactivating its supply chain stress-watch coverage, another UBS analyst noted Wednesday that the overall structure of global trade remains "surprisingly stable." Analyst Arend Kapteyn poi...
UBS Finds Global Trade Structure "Surprisingly Stable" As AI Emerges As Growth Engine Despite ongoing Gulf-related energy shocks, mounting concerns over a potential energy cliff ( read here ), and UBS last month reactivating its supply chain stress-watch coverage, another UBS analyst noted Wednesday that the overall structure of global trade remains "surprisingly stable." Analyst Arend Kapteyn pointed out that the structure of global trade remains far more structurally stable than recent growth trends suggest, even as technology and AI-related categories have driven nearly 80% of recent trade growth while accounting for only about 18% of total exports. The big takeaway is that technology goods are becoming the engine of global trade growth. This means that semiconductor chips, AI hardware, data-center equipment, and electronics now carry outsized importance for global trade volumes, corporate earnings, and freight demand. " What is perhaps surprising is how little the structure of global trade has changed despite large shifts in annual growth drivers . To show this, we aggregate 97 UN Comtrade product categories into 14 subcategories across three broad buckets—consumer, intermediate, and capital goods," Kapteyn said. Kapteyn continued: The left-hand side shows contributions to global export growth. The early-1990s surge largely reflects the dissolution of the USSR and the entry of those economies into global trade data. The post-2000 expansion coincides with the rise of global supply chains, as goods crossed borders multiple times at different stages of production—mechanically inflating gross trade. This dynamic favoured intermediate goods, whose share rose from ~30% to ~40%. At first glance, consumer goods (green bars) seem to grow more slowly. In fact, their share has increased—from ~23% in the early 1990s to nearly 30% today—because they have proved more resilient in downturns. Consumer trade fell less sharply during the GFC, the 2015 commodity downturn and stron...
ASML (NASDAQ:ASML) is the name dominating every chip-equipment headline this month after its shares rose 78.18% year to date on AI-driven lithography demand. The setup deserves scrutiny. Tighter central bank liquidity is punishing overextended growth multiples, and ASML now trades at a trailing P/E of 60 with a forward multiple of 48. That is a ... Forget ASML: As Post-June 5 Volatility Shakes Hig...
ASML (NASDAQ:ASML) is the name dominating every chip-equipment headline this month after its shares rose 78.18% year to date on AI-driven lithography demand. The setup deserves scrutiny. Tighter central bank liquidity is punishing overextended growth multiples, and ASML now trades at a trailing P/E of 60 with a forward multiple of 48. That is a ... Forget ASML: As Post-June 5 Volatility Shakes High-Beta Tech, This Dividend-Paying Chip Index Is a No-Brainer Buy
It's clear that communities now have an effective playbook to block data center construction. This week, researchers flagged the first quarter of 2026 as producing the "most blocked and delayed data center projects on record," NBC News reported . Data Center Watch, a project from AI intelligence firm 10a Labs that tracks data center fights around the US, reported that protestors "blocked or delaye...
It's clear that communities now have an effective playbook to block data center construction. This week, researchers flagged the first quarter of 2026 as producing the "most blocked and delayed data center projects on record," NBC News reported . Data Center Watch, a project from AI intelligence firm 10a Labs that tracks data center fights around the US, reported that protestors "blocked or delayed at least 75 projects nationwide worth about $130 billion from January through March," NBC News reported. That's "the most in a three-month period since the group began tracking in 2023," and it shouldn't be parsed as "a cyclical spike," the researchers said. Instead, there's been a "structural shift," as "communities have internalized an opposition playbook, legislative sessions introduced formal regulatory uncertainty, and the number of active opposition groups more than doubled to 833 across 49 states," researchers said. Read full article Comments
mbbirdy/E+ via Getty Images Global corporate buyback announcements have retreated significantly from the elevated levels seen in 2020 and 2021, according to data from Wall Street Horizon covering a universe of approximately 11,000 global equities. Following a surge that culminated in roughly 350 announcements during Q4 2021, buyback activity has steadily moderated over the past several years. Wall...
mbbirdy/E+ via Getty Images Global corporate buyback announcements have retreated significantly from the elevated levels seen in 2020 and 2021, according to data from Wall Street Horizon covering a universe of approximately 11,000 global equities. Following a surge that culminated in roughly 350 announcements during Q4 2021, buyback activity has steadily moderated over the past several years. Wall Street Horizon's data shows that the decline accelerated throughout 2022 as rising interest rates, inflationary pressures, and growing economic uncertainty prompted companies to preserve cash and adopt a more cautious approach to capital allocation. As a result, quarterly buyback announcements fell well below the peaks recorded during the post-pandemic recovery. The slowdown persisted through 2023, with global buyback announcements hovering near multi-year lows. The chart’s four-quarter moving average also trended lower during this period, reflecting a broad-based reduction in repurchase activity across global markets. According to Wall Street Horizon, this marked one of the weakest periods for buyback announcements in recent years. While activity showed signs of stabilization and modest improvement during 2024 and 2025, announcement levels remained below historical highs. The data suggests that although companies are gradually returning to share repurchases, global buyback activity continues to operate at a subdued pace compared with the record-setting environment of 2020 and 2021. More on markets U.S. Sentiment Underlines K-Shaped Consumer Strife Kevin Warsh Navigates A Hawkish Fed Shift Token Spending Crashes: AI In Trouble? Midday Need to Know: SpaceX makes historic debut, Copper rallies & more Rebuilding the tariff wall with Section 301
You'd be forgiven for thinking this day would never come. Siri has spent a decade and half somewhere between "sort of useful at a few things" and "utterly disastrous, why did I even try, can it honestly not even set a timer." But the wildest thing just happened: Apple put out a new version of Siri , and it actually seems to be pretty good . On this episode of The Vergecast , David and Nilay talk a...
You'd be forgiven for thinking this day would never come. Siri has spent a decade and half somewhere between "sort of useful at a few things" and "utterly disastrous, why did I even try, can it honestly not even set a timer." But the wildest thing just happened: Apple put out a new version of Siri , and it actually seems to be pretty good . On this episode of The Vergecast , David and Nilay talk about their early experiences with Siri AI, and what it means for users, and the rest of the AI industry, for the iPhone's built-in assistant to be good enough at most things. There's very little about Siri AI that feels bleeding edge or brand new, but … Read the full story at The Verge.
With the stock trading and early Wall Street estimates rolling in, it's possible to reexamine SpaceX fundamentals. SpaceX shares were at $166 in midday trading on Friday, up nicely from their $135 IPO price. The valuation is also about 220 times estimated 2026 earnings before interest, taxes, depreciation, and amortization, or Ebitda, of $10 billion and 96 times estimated 2027 Ebitda of $23 billio...
With the stock trading and early Wall Street estimates rolling in, it's possible to reexamine SpaceX fundamentals. SpaceX shares were at $166 in midday trading on Friday, up nicely from their $135 IPO price. The valuation is also about 220 times estimated 2026 earnings before interest, taxes, depreciation, and amortization, or Ebitda, of $10 billion and 96 times estimated 2027 Ebitda of $23 billion.
Ardent Health (NYSE:ARDT) , a major U.S. hospital operator, reported fresh insider buying amid a year of notable share price declines. On June 5, 2026, Director Robert DeMichiei reported an open-market purchase of 11,260 shares of Ardent Health, according to a SEC Form 4 filing . Transaction value based on SEC Form 4 weighted average purchase price ($8.73); post-transaction value based on June 5, ...
Ardent Health (NYSE:ARDT) , a major U.S. hospital operator, reported fresh insider buying amid a year of notable share price declines. On June 5, 2026, Director Robert DeMichiei reported an open-market purchase of 11,260 shares of Ardent Health, according to a SEC Form 4 filing . Transaction value based on SEC Form 4 weighted average purchase price ($8.73); post-transaction value based on June 5, 2026 market close price. Continue reading
Key PointsInvesco Aerospace & Defense ETF maintains a significantly larger pool of assets under management (AUM) and a lower expense ratio than ARK Space & Defense Innovation ETF.
Key PointsInvesco Aerospace & Defense ETF maintains a significantly larger pool of assets under management (AUM) and a lower expense ratio than ARK Space & Defense Innovation ETF.
(RTTNews) - European stocks closed on a strong note on Friday, buoyed by hopes Iran and the U.S. will reach a peace agreement sometime soon, following U.S. President Donald Trump calling off his planned attacks on Iran yesterday.
(RTTNews) - European stocks closed on a strong note on Friday, buoyed by hopes Iran and the U.S. will reach a peace agreement sometime soon, following U.S. President Donald Trump calling off his planned attacks on Iran yesterday.
Scott Barbour/Getty Images News Shell ( SHEL ) is preparing to launch a sale of its offshore wind farms and has hired advisors including Rothschild and PJT Partners to lead the sale, which could fetch more than $1B, Bloomberg reported Friday. The process could launch as soon as the end of this year, with a sale likely in 2027, according to the report . The plan to sell the offshore farms would mar...
Scott Barbour/Getty Images News Shell ( SHEL ) is preparing to launch a sale of its offshore wind farms and has hired advisors including Rothschild and PJT Partners to lead the sale, which could fetch more than $1B, Bloomberg reported Friday. The process could launch as soon as the end of this year, with a sale likely in 2027, according to the report . The plan to sell the offshore farms would mark a further departure from Shell's ( SHEL ) former strategy to diversify into green energy, choosing to f ocus on its higher-returning fossil fuel business; the company has been divesting its European onshore renewables businesses and is reviewing strategic options for its India-based Sprng Energy renewable power unit, which it bought just four years ago for $1.5B. Shell ( SHEL ) once harbored ambitions to become a major player in renewable power, b ut those plans were shelved after Wael Sawan assumed the company's leadership in early 2023. More on Shell Shell: Turnaround Efforts Showed In The First Quarter Report Shell: Shrinking Reserves, Lackluster Growth, And An Overpriced Stock Shell: Portfolio Optimization And LNG Strength Balanced By Rising Risks (Downgrade)
The U.S. Food and Drug Administration on Friday approved a label expansion for Merck’s ( MRK ) oral HIF-2α inhibitor belzutifan (Welireg) in combination with its anti-PD1 inhibitor Keytruda for renal cell carcinoma, a type of kidney cancer. According to the FDA, Welireg will be indicated as an adjuvant therapy (following surgical resection) in combination with Keytruda or its injectable version, K...
The U.S. Food and Drug Administration on Friday approved a label expansion for Merck’s ( MRK ) oral HIF-2α inhibitor belzutifan (Welireg) in combination with its anti-PD1 inhibitor Keytruda for renal cell carcinoma, a type of kidney cancer. According to the FDA, Welireg will be indicated as an adjuvant therapy (following surgical resection) in combination with Keytruda or its injectable version, Keytruda Qlex, for adults with renal cell carcinoma expressing a clear cell component who have undergone prior nephrectomy. The decision was based on data from the company’s LITESPARK-022 trial, which showed that patients receiving Welireg plus Keytruda witnessed statistically significant gains in disease-free survival compared with those on placebo plus Keytruda. Welireg was previously approved in the U.S. as a late-line option for adults with advanced clear cell RCC. Merck’s ( MRK ) bid to expand its label received FDA priority review earlier this year with a target action of June 19. More on Merck Merck & Co., Inc. (MRK) Presents at Goldman Sachs 47th Annual Global Healthcare Conference 2026 Transcript Merck & Co.: Why The Market Is Right To Start Buying Into Post-Keytruda Promise Merck & Co., Inc. (MRK) Discusses Oncology Strategy and Program Update With Focus on Clinical Progress and Pipeline Diversification - Slideshow Merck Animal Health to buy biodevice developer TARGAN Merck, Gilead share positive phase 3 results from combination HIV pill
SpaceX just rewrote the IPO record book. The company sold more than 555 million shares at $135 each, raising $75 billion and landing a valuation of nearly $1.8 trillion. According to CNBC’s Melissa Lee, that places SpaceX as the seventh most valuable U.S. company, ahead of Tesla (NASDAQ:TSLA), and pushes Elon Musk to the edge ... SpaceX Raises Record $75 Billion in Historic IPO, Reaches $1.8 Trill...
SpaceX just rewrote the IPO record book. The company sold more than 555 million shares at $135 each, raising $75 billion and landing a valuation of nearly $1.8 trillion. According to CNBC’s Melissa Lee, that places SpaceX as the seventh most valuable U.S. company, ahead of Tesla (NASDAQ:TSLA), and pushes Elon Musk to the edge ... SpaceX Raises Record $75 Billion in Historic IPO, Reaches $1.8 Trillion Valuation
Ken Leech, former co-chief investment officer for Western Asset Management Co., exits federal court in New York, US, on Monday, Dec. 16, 2024. Yuki Iwamura | Bloomberg | Getty Images Kenneth Leech, a former star bond manager at Western Asset Management Co, pleaded guilty on Friday to obstructing a probe into alleged "cherry-picking," the assigning of profitable trades to favored investors and losi...
Ken Leech, former co-chief investment officer for Western Asset Management Co., exits federal court in New York, US, on Monday, Dec. 16, 2024. Yuki Iwamura | Bloomberg | Getty Images Kenneth Leech, a former star bond manager at Western Asset Management Co, pleaded guilty on Friday to obstructing a probe into alleged "cherry-picking," the assigning of profitable trades to favored investors and losing trades to other investors. Leech admitted to one count of obstructing a U.S. Securities and Exchange Commission proceeding, averting a scheduled Monday trial in Manhattan federal court. The former co-chief investment officer of Wamco, as his former employer is known, had faced four fraud charges for allegedly orchestrating a more than $600 million cherry-picking scheme from January 2021 to October 2023. Those charges will be dropped. Prosecutors accused Leech of lying during sworn SEC testimony in March 2024, when he answered yes when asked if he had "an allocation in mind" when placing trades. Leech, 72, could face six to 12 months in prison under recommended federal sentencing guidelines, much less than if he were convicted of fraud. His lawyers declined to comment. A spokesperson for U.S. Attorney Jay Clayton in Manhattan had no immediate comment. Wamco agreed on June 5 to pay a $100 million civil penalty to resolve SEC civil charges it failed to properly supervise Leech. The asset manager did not admit wrongdoing. Wamco is part of Franklin Resources , whose brands include Franklin Templeton. Leech allegedly used first-day performance to assign trades Authorities said Leech waited to see how trades performed on their first day before retroactively allocating them to clients to boost Wamco revenue and his own compensation. Leech allegedly steered trades that performed well to "Macro Opportunities" portfolios that he said reflected his best ideas, and worse trades to "Core" and "Core Plus" portfolios. Prosecutors said Leech became particularly focused on supporting Macr...