Some China-bound ships carrying crude oil and other commodities to Asia’s top consumer are facing cancellations following Beijing’s retaliatory levies on American vessels https://t.co/JwG13D6Ehi ...

The worst part: That headline figure of $37 trillion doesn’t even tell the full story. There’s also the national deficit to consider. The deficit represents how much more the country is spending than what it’s bringing in — and for 2025, the government is forecasting a deficit of $1.97 trillion.Stimulus checks, COVID-19 relief measures, and expanded unemployment benefits added trillions worth of debt onto the books. Unfortunately, that spike in spending coincided with the Federal Reserve’s cycle of rate inc ...

Core Viewpoint - The U.S. government shutdown has raised concerns among investors regarding its potential impact on the economy and capital markets, particularly with upcoming jobs data and Federal Reserve decisions on the horizon [2][12]. Market Reactions - U.S. risk assets showed volatility, with gold reaching its 39th record high this year, indicating a flight to safe-haven assets [5]. - European stocks experienced slight gains, while Asian shares had mixed performances amid the uncertainty [5]. - The U.S. 10-year Treasury yield fell by 4 basis points following a surprise decline in private payrolls [5]. Historical Context - Historical data shows that government shutdowns typically result in modest market impacts, with average changes in the S&P 500 and other indices being relatively small [4][15]. - The longest shutdown in history occurred during Trump's first term, raising concerns about the current impasse's duration [3]. Economic Implications - The shutdown could lead to delays in critical U.S. jobs data, complicating the Federal Reserve's outlook just weeks before its next meeting [2][17]. - Analysts suggest that widespread layoffs could negatively affect the dollar's value and lead to capital flows into other currencies like the euro and yen [12][13]. Investor Sentiment - There is a prevailing sentiment among analysts that the shutdown should not be viewed as a major risk event, as past shutdowns have resulted in only short-lived volatility [14][15]. - UBS analysts recommend that investors focus on other market drivers, such as ongoing Fed rate cuts and strong corporate earnings, rather than the shutdown itself [18].

Core Points - A group of Republican lawmakers expressed support for the Trump administration's initiative to allow alternative assets, including cryptocurrencies, in 401(k) plans [1][2][6] - The lawmakers believe that this executive order could enhance Americans' retirement savings and have urged the SEC to collaborate with the Labor Department to revise regulations for better accessibility [2][6] - The executive order aims to provide access to alternative investments, potentially benefiting 90 million Americans currently restricted from such options [9] Legislative Support - House Financial Services Committee Chairman French Hill and Subcommittee on Capital Markets Chair Ann Wagner, along with seven other GOP lawmakers, wrote to SEC Chairman Paul Atkins in support of the initiative [1][6] - The letter emphasized the importance of allowing access to alternative assets to improve net risk-adjusted returns for retirement savings [3][6] Executive Order Details - Trump's executive order opens 401(k) plans to various alternative assets, including private market investments, real estate, digital assets, commodities, infrastructure projects, and longevity risk-sharing pools [9][10] - The Labor Department has issued an advisory opinion affirming that lifetime income investment options qualify as a default investment alternative under the Employee Retirement Income Security Act [12][14] Implementation Steps - The SEC is encouraged to expedite assistance to the Labor Department and revise its regulations to facilitate access to alternative assets in participant-directed defined-contribution retirement plans [6][12] - Labor Secretary Lori Chavez-DeRemer stated that the Department of Labor is actively working to implement the executive order, providing plan fiduciaries with more flexibility in designing retirement investment strategies [14]

Gold and silver prices were soaring on Monday. Citigroup strategists see the bull market continuing, with two other commodities poised to surge next. ...

Euronext to join the CAC 40® Index Euronext celebrates recognition of strong market performance and shareholder value creation since the IPO in 2014 Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 12 September 2025 – Euronext, the leading European capital market infrastructure, is proud to highlight its upcoming inclusion in the CAC 40® Index (PX1), following the quarterly review of the CAC® Family indices performed by the Scientific Committee. Euronext’s entry into the benchmark French index w ...

Core Points - Euronext has announced the cancellation of 2,692,979 ordinary shares following the completion of its €300 million share repurchase program on March 10, 2025 [1] - The cancellation aligns with the company's intention to reduce capital, as stated in the announcement of the share repurchase program on November 7, 2024, and was approved by shareholders during the Annual General Meeting on May 15, 2025 [1] - After the cancellation, Euronext's issued share capital is now €162,468,044.80, divided into 101,542,528 ordinary shares [2] Company Overview - Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, settlement, and custody [4] - As of June 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a market capitalization of €6.3 trillion, making it a significant player in European equity trading [5] - Euronext handles 25% of European lit equity trading and offers a diverse range of products, including equities, FX, ETFs, bonds, derivatives, commodities, and indices [5]

Core Insights - Euronext achieved record revenue and income of €465.8 million in Q2 2025, reflecting a 12.8% increase year-over-year, driven by organic growth and acquisitions [1][8][26] - The company reported a strong adjusted EBITDA of €297.3 million, up 15.8% compared to Q2 2024, with an adjusted EBITDA margin of 63.8% [9][29][30] - Euronext's diversified business model allowed it to capture favorable market conditions, resulting in five consecutive quarters of double-digit topline growth [8][9] Financial Performance - Total revenue and income for Q2 2025 was €465.8 million, a 12.8% increase from €412.9 million in Q2 2024 [3][26] - Underlying operational expenses excluding depreciation and amortization (D&A) were €168.4 million, reflecting a 7.9% increase year-over-year [28][26] - Adjusted net income rose to €204.4 million, a 23.8% increase compared to €165.2 million in Q2 2024, with adjusted EPS at €2.02, up 27.0% [27][33] Revenue Breakdown - Securities Services revenue grew to €86.2 million, a 6.5% increase, driven by higher assets under custody and settlement activity [5][16] - Capital Markets and Data Solutions revenue increased to €165.4 million, up 12.0%, supported by the expansion of Advanced Data Solutions and strong performance in Corporate and Investor Solutions [5][18] - FICC Markets revenue reached €87.7 million, a 20.1% increase, driven by record performance in fixed income trading and clearing [15][22] Strategic Initiatives - Euronext is expanding its presence in the Nordics through the acquisition of Admincontrol, enhancing its subscription-based revenue and SaaS offerings [14][11] - The company announced a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (ATHEX), valued at approximately €412.8 million [41][42] - Euronext aims to integrate European capital markets and expects the ATHEX acquisition to deliver €12 million in annual run-rate cash synergies by the end of 2028 [43][44] Market Position - Euronext's market share in cash equity trading averaged 63.5% in Q2 2025, with average daily cash trading volumes of €13.4 billion, up 21.2% year-over-year [24][25] - The company is well-positioned to become the clearing house of choice for European repo markets, supported by strategic partnerships and initiatives [10][11] - Euronext's total assets under custody reached €7.34 trillion, reflecting a 4.5% increase compared to the end of Q2 2024 [16]

Core Viewpoint - Euronext has announced a voluntary share exchange offer to acquire all shares of Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX), aiming to enhance the integration of European capital markets and provide significant benefits to the Greek market [1][3][6]. Company Overview - Euronext is the leading European capital market infrastructure, managing approximately 25% of European cash equity trading and operating in major financial hubs [4][24]. - ATHEX operates the Greek capital market, with diversified operations including custody, settlement, clearing, and trading, generating significant revenue from its CSD and clearing business [7][8]. Offer Details - The offer is structured as a share exchange at a fixed conversion rate of 20,000 ATHEX ordinary shares for each new Euronext share, valuing ATHEX at €7.14 per share, approximately €412.8 million on a fully diluted basis [2][15]. - The offer represents a premium of approximately 27% on ATHEX's 3-month volume-weighted average undisturbed share price as of June 30, 2025 [16]. Strategic Rationale - The combination is expected to enhance the visibility of Greek markets to global investors, increase market liquidity, and create new growth opportunities [3][10][11]. - Euronext aims to deliver €12 million in annual run-rate cash synergies by 2028, with implementation costs expected to be €25 million [6][14]. Economic Context - Greece has experienced strong economic growth, supported by rising investment and growing international confidence, making it an opportune time for investment [7][8]. - ATHEX recorded a net revenue of €52.0 million in 2024, a 76% increase compared to 2020, indicating a robust recovery and growth potential [8]. Governance and Management - Following the acquisition, Greece will be represented at the Group level in Euronext's governance, with plans for an independent figure from the Greek financial ecosystem to join the Supervisory Board [20]. - The CEO of ATHEX is expected to join the Managing Board of Euronext, ensuring continued local representation [20].

Core Insights - Euronext announced trading volumes for June 2025, highlighting its position as a leading European capital market infrastructure [1] Company Overview - Euronext operates across the entire capital markets value chain, including listing, trading, clearing, settlement, and custody services [2] - The company runs MTS, a prominent electronic fixed income trading market, and Nord Pool, the European power market [2] - Euronext provides clearing and settlement services through Euronext Clearing and its Securities CSDs in Denmark, Italy, Norway, and Portugal [2] Market Position - As of March 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a market capitalization of €6.3 trillion [3] - Euronext is recognized as the largest global center for debt and fund listings, handling 25% of European lit equity trading [3] - The company offers a diverse range of products, including equities, FX, ETFs, bonds, derivatives, commodities, and indices [3]