DAX Slips As Investors Await US Inflation Data
(RTTNews) - German stocks traded slightly lower on Monday as investors digested mixed inflation data from China and awaited U.S. inflation data due later this week for directional cues.
The benchmark DAX was down 25 points, or 0.1 percent, at 18,748 after rising half a percent on Friday.
IT company Q.beyond rose 1.4 percent after narrowing its Q1 loss and confirming 2024 outlook.
Adesso SE slumped 4.5 percent. The IT services provider reported that its first-quarter consolidated loss was 3.30 million euros, compared to prior year's profit of 2.02 million euros.
Ceconomy added nearly 2 percent after the electronics retailer said it expects adjusted earnings for fiscal 2024 to be above analysts' expectations.
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Euro Advances After Far-right Leader Le Pen's Remarks
The euro was higher against its major counterparts in the New York session on Monday, as promising comments from far-right leader Marine Le Pen helped restore calm in financial markets.
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Dollar Gains After A Hawkish FOMC
A hawkish Fed that scaled back rate cut expectations boosted the U.S. dollar during the week ended June 14. The dollar also benefitted from weakness in the euro beset by political uncertainty in France and the yen's prospects hurt by a dovish monetary policy update from the Bank of Japan.
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New York Manufacturing Index Indicates Notably Slower Contraction In June
New York manufacturing activity contracted at a notably slower rate in the month of June, according to a report released by the Federal Reserve Bank of New York on Monday. The New York Fed said its general business conditions index climbed to a negative 6.0 in June from a negative 15.6 in May, although a negative reading still indicates contraction.
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Aerovate Says Phase 2b Portion Of Trial Of AV-101 Fails To Meet Primary And Secondary Endpoints
Biopharmaceutical company Aerovate Therapeutics, Inc. (AVTE) announced Monday topline results from the Phase 2b portion of the Inhaled iMatinib Pulmonary Arterial Hypertension Clinical Trial (IMPAHCT), a Phase 2b/Phase 3, randomized, double-blind, placebo-controlled, multi-national trial of AV-101.
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Beyond Eliminates Co-Chief Executive Roles And Dual Chief Merchant Roles Amid Structural Changes
Beyond, Inc. (BYON), owner of Overstock, Bed Bath & Beyond and Zulily, announced Monday structural changes to its leadership team and broader organization which are laser focused on driving efficiencies.
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Eurozone Labor Cost Growth Exceeds Expectations
The euro area hourly labor cost growth accelerated more than expected in the first quarter, which aligns with trends revealed by other indicators and the European Central Bank's view that wage pressures are set to remain elevated for some time before entering a downward trajectory next year. Hourly labor cost grew at a faster pace of 5.1 percent on a yearly basis.
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Dycom Industries Promotes COO Daniel Peyovich To Succeed Steven Nielsen As CEO
Dycom Industries, Inc. (DY) announced Monday that Chief Executive Officer Steven Nielsen will retire on November 30, 2024 after 25 years of service. The company has named Executive Vice President and Chief Operating Officer Daniel Peyovich to succeed Nielsen upon his retirement.
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New York Manufacturing Index Rebounds More Than Expected But Remains Negative
New York manufacturing activity contracted at a notably slower rate in the month of June, according to a report released by the Federal Reserve Bank of New York on Monday.
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