Latest news with #jobCuts
The Sun
07-07-2025
- Business
- The Sun
Legendary British shoe chain with 326 stores launches 60% off ‘final clearance' sale after axing 1,200 jobs
A LEGENDARY British shoe chain has slashed prices in more than half after launching a "final clearance" sale. The beloved retailer, with 326 stores across the country, has previously axed 1,200 jobs as it struggled to make profit. 2 2 Clarks has launched a clearance sale with discounts of up to 60 per cent off. The shoe chain has significantly reduced prices of stock that are out of season. Shoppers can pick up a pair of sandals which are perfect for the summer for just a fraction of the price. Bargain hunters will be also happy to find boots for the colder months selling for £70 less than the tag. Whether you're looking for footwear to get you through the summer heat, or already preparing for fast-approaching autumn, Clarks has it all. Customers can browse through the clearance section online and order delivery right to their doorstep. It comes after Clarks has dropped 1,200 jobs in a bid to cut costs after revenues fell by nearly £100m in the latest financial year. HEAVY LOSSES The footwear specialists reported a £39.2m pre-tax loss, with sales down from £994.5m in 2023 to £901.3m over the latest tax year. This comes after Clarks fell to a pre-tax loss of £39.8m in the 12 months prior. The company revealed that an impairment of £32.1m of right-of-use assets and store property plant and equipment has "significantly impacted" annual results. British skincare brand sold in Boots launches 50% off sale as it prepares to close down this month PLAN FOR GROWTH Clarks said that its 'focus is to return to sustainable sales growth combined with a cost-focused attitude to delivery healthy store profitability in 2025'. 'Significant changes have been made to the operations in the year to right size the overhead cost for the current business size, refocus the marketing approach, reposition the product assortment and set up the business for recovery and sustainable profitable growth in 2025," it added. The shoe shop last reported a pre-tax profit when it posted a total of £35.9m for the 48 weeks to the end of 2022. Clarks closed almost a dozen stores in 2024, including its stores at the Saddlers Shopping Centre in Walsall and the Grove Shopping Centre, Witham. In 2023, the retailer closed seven stores, with shoppers describing the losses as a "terrible shame". Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
Yahoo
02-07-2025
- Business
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures wobble with ADP jobs data, trade deals in focus
US stock futures wavered on Wednesday as Wall Street digested more signs of an intensifying labor market slowdown and watched for movement on trade deals and on President Trump's massive tax-and-spending bill. Dow Jones Industrial Average futures (YM=F) hovered around the flatline. Meanwhile, S&P 500 futures (ES=F) lost around 0.1%, keeping a potential new record high in sight. Contracts on the tech-heavy Nasdaq 100 (NQ=F) fell 0.3% after a mixed day for the major gauges. Markets are watching for signs the US will hammer out deals with the likes of the EU and Japan before a pause on Trump's "reciprocal" tariffs lifts on July 9. Trump reiterated on Tuesday that most countries will get a letter with a "take it or leave it" tariff rate. The fear is that historically high tariff rates could push up inflation as businesses pass on costs, which would likely shape the Federal Reserve's thinking on interest rates. Read more: The latest on Trump's tariffs Meanwhile, the labor market showed more signs of a cooldown last month. ADP data showed US private employers unexpectedly cut 33,000 jobs in June, badly missing expectations of around 98,000 jobs added. It was the first month of job losses in the private sector in over two years. The data lays the ground for the release of the June US jobs report on Thursday, also seen as a key factor for the Fed as investors bet an interest-rate cut could land sooner rather than later. Investors are also keeping an eye on developments around Trump's "One Big Beautiful Bill," now headed to the House after clearing the Senate thanks to Vice President JD Vance's tie-breaking vote. Split Republican factions threaten to delay a potential final vote as Trump pushes to sign it by July 4. Apple (AAPL) stock climbed about 1% Wednesday before the market open following an upgrade from analysts at Jefferies, who raised their rating to Hold from Underperform previously. Citing Counterpoint Research, Jefferies analyst Edison Lee said global iPhone sales rose 15% in April and May from the prior year, the strongest growth since the third quarter of 2021. Lee estimated that iPhone sales in China grew 19% in that period, partly due to targeted discounts and government subsidies as well as "pulled-in demand," or Chinese consumers buying phones ahead of anticipated tariffs. "This is a strong sign that AAPL is determined to defend market share in China, and Chinese consumers are still willing to buy iPhone at lower prices," Lee wrote. But he also said the release of the iPhone 17 in the second half of 2025 may not provide the boost Apple needs. Lee wrote that "sales could be at risk since there remains a lack of new features, and AI is not yet a game changer." Apple shares jumped 1.3% Tuesday following a report from Bloomberg that the iPhone maker is considering using AI technology from startups Anthropic ( or OpenAI ( to power a new version of Siri. Still, the stock was down 17% for the 12 months through Tuesday. Nvidia (NVDA) stock continued to retreat from its record high of $157.99 on Monday. Shares were down 1.2% in premarket trading. The AI chipmaker had reclaimed the top spot among the most valued companies worldwide in June, with a market cap of around $3.73 trillion, as of July 1. Microsoft (MSFT), the second most valued company, has a market cap of roughly $3.65 trillion. From Reuters: Read more here. Private employers unexpectedly cut 33,000 jobs in June, the latest signal of an intensifying slowdown in the US labor market. On Wednesday, data from ADP showed private payrolls fell by 33,000 last month in June, below the 29,000 job gains seen in May and the 98,000 additions expected by economists. This marked the first month of job losses in the private sector since March 2023. May's initial reading of 37,000 private payroll additions had been the lowest monthly total since March '23. "Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month," ADP chief economist Nela Richardson said in the release. "Still, the slowdown in hiring has yet to disrupt pay growth." Read more here. Some of the world's most influential stocks are dragging the S&P 500 Index (^GSPC) down. The names Apple (AAPL), Tesla (TSLA) and Alphabet (GOOG, GOOGL) — part of the Mag 7 and synonymous with growth and value seem to be preventing the S&P 500 from reaching further highs. Bloomberg News reports: Read more here. Apple's (AAPL) is reportedly considering using AI tech from outside firms to power new version of Siri. Meta CEO Mark Zuckerberg is on an aggressive recruitment drive to poach top AI researchers and engineers. They're both signs of a key shift, Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Tesla (TSLA) is expected to report yet another quarter of declining global deliveries on Wednesday, though disappointing sales are nothing new for investors and analysts following the company. Data for June has brought a mixed message. Sales dropped for a sixth straight month in France, Sweden, Denmark and Italy, but rose in Norway and Spain — an early sign that the revamped Model Y is getting some buyers. Shares of Tesla were edging into the green in premarket before the quarterly data, following a 5% loss on Tuesday as CEO Elon Musk's feud with President Trump flared up again. Yahoo Finance's Pras Subramanian reports: Read more here. Earnings: No notable earnings releases.. Economic data: MBA Mortgage Applications (week ending June 27); ADP employment change (June); S&P Global US services PMI (May final); Challenger job cuts (May) Here are some of the biggest stories you may have missed overnight and early this morning: Apple and Meta are proving it: AI is going corporate Bets on 'Goldilocks' stocks bump up against reality Trump's 35% threat feeds Japan's worst-case tariff fears 'Irrational exuberance' stock gauge sparks fresh bubble worries Opinion: Musk is right about the Trump tax bill's failures Tesla's quarterly deliveries to fall short again Paramount settles Trump's '60 Minutes' suit for $16 million Bessent: Fed could lower interest rates by September Social Security checks slashed for millions this month Shares of Centene (CNC) tumbled over 25% in premarket trading after the healthcare insurer withdrew its financial guidance for 2025, warning that its earnings will fall far short of expectations. The company said late Tuesday that recent data showed that fewer people were enrolling in the Medicaid and Affordable Care Act marketplaces, and those who did enrol were sicker than expected. Those trends went against Centene's assumptions are likely to lead to a shortfall of $1.8 billion in federal payouts, the company said. Centene expects the issue to pull its full-year earnings per shares down by $2.75 a share. Wall Street had previously estimated adjusted EPS of $7.28. Shares of industry peers Elevance Health (ELV) and Oscar Health (OSCR) also struggled, down 4% and 7%, respectively. Here are some top stocks trending on Yahoo Finance in premarket trading: Centene Corporation (CNC) slumped 26% in premarket trading on Wednesday after withdrawing its financial guidance for 2025, warning that earnings will fall short of expectations. Centene is following in the footsteps of fellow insurance group, UnitedHealth (UNH), which pulled its guidance for the year and also replaced its chief executive. This latest news from Centene may add to investor nervousness when it comes to the insurance sector. Wolfspeed (WOLF) stock fell 8% before the bell today after the semiconductor company filed for a Chapter 11 bankruptcy. Intel (INTC) stock fell 1% in premarket trading following the new chief executive's plan to exploring a big change to its contract manufacturing business. If implemented, the new strategy for what Intel calls its "foundry" business would entail no longer marketing certain chipmaking technology, which the company had long developed, to external customers, the people said. If investors are expecting a seasonal lift for Asian equities this summer, they may have to think again. Tariff pressures and macroeconomic concerns have started to dampen sentiment. Bloomberg News reports: Read more here. Markets across the Asia-Pacific region saw mixed trading early morning on Wednesday, with investors eyeing the potential of US interest rate cuts and the fast-approaching July 9 tariff deadline for deals to be struck between the US and major trading partners worldwide. Singapore's benchmark, the Straits Times Index (^STI), gained 0.5% to hit a record high of 4009.15 points as of 00:20 (UTC-4). The move saw the index crossing past the 4000 threshold for the second time on record. Australia and Hong Kong led gains as Australia's S&P/ASX 200 (^AXJO) rose 0.4% and the Hang Seng Index (^HSI) popped 0.7%. Japan saw loss in the country's major gauge as the benchmark Nikkei 225 (^N225) slipped 0.7%. Korea's Kospi (^KS11) cratered 1.2% as Trump ratcheted up pressure on the country to finalize a trade deal. Mainland China's CSI 300 ( hovered near the baseline. Reuters reports: Apple (AAPL) stock climbed about 1% Wednesday before the market open following an upgrade from analysts at Jefferies, who raised their rating to Hold from Underperform previously. Citing Counterpoint Research, Jefferies analyst Edison Lee said global iPhone sales rose 15% in April and May from the prior year, the strongest growth since the third quarter of 2021. Lee estimated that iPhone sales in China grew 19% in that period, partly due to targeted discounts and government subsidies as well as "pulled-in demand," or Chinese consumers buying phones ahead of anticipated tariffs. "This is a strong sign that AAPL is determined to defend market share in China, and Chinese consumers are still willing to buy iPhone at lower prices," Lee wrote. But he also said the release of the iPhone 17 in the second half of 2025 may not provide the boost Apple needs. Lee wrote that "sales could be at risk since there remains a lack of new features, and AI is not yet a game changer." Apple shares jumped 1.3% Tuesday following a report from Bloomberg that the iPhone maker is considering using AI technology from startups Anthropic ( or OpenAI ( to power a new version of Siri. Still, the stock was down 17% for the 12 months through Tuesday. Nvidia (NVDA) stock continued to retreat from its record high of $157.99 on Monday. Shares were down 1.2% in premarket trading. The AI chipmaker had reclaimed the top spot among the most valued companies worldwide in June, with a market cap of around $3.73 trillion, as of July 1. Microsoft (MSFT), the second most valued company, has a market cap of roughly $3.65 trillion. From Reuters: Read more here. Private employers unexpectedly cut 33,000 jobs in June, the latest signal of an intensifying slowdown in the US labor market. On Wednesday, data from ADP showed private payrolls fell by 33,000 last month in June, below the 29,000 job gains seen in May and the 98,000 additions expected by economists. This marked the first month of job losses in the private sector since March 2023. May's initial reading of 37,000 private payroll additions had been the lowest monthly total since March '23. "Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month," ADP chief economist Nela Richardson said in the release. "Still, the slowdown in hiring has yet to disrupt pay growth." Read more here. Some of the world's most influential stocks are dragging the S&P 500 Index (^GSPC) down. The names Apple (AAPL), Tesla (TSLA) and Alphabet (GOOG, GOOGL) — part of the Mag 7 and synonymous with growth and value seem to be preventing the S&P 500 from reaching further highs. Bloomberg News reports: Read more here. Apple's (AAPL) is reportedly considering using AI tech from outside firms to power new version of Siri. Meta CEO Mark Zuckerberg is on an aggressive recruitment drive to poach top AI researchers and engineers. They're both signs of a key shift, Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Tesla (TSLA) is expected to report yet another quarter of declining global deliveries on Wednesday, though disappointing sales are nothing new for investors and analysts following the company. Data for June has brought a mixed message. Sales dropped for a sixth straight month in France, Sweden, Denmark and Italy, but rose in Norway and Spain — an early sign that the revamped Model Y is getting some buyers. Shares of Tesla were edging into the green in premarket before the quarterly data, following a 5% loss on Tuesday as CEO Elon Musk's feud with President Trump flared up again. Yahoo Finance's Pras Subramanian reports: Read more here. Earnings: No notable earnings releases.. Economic data: MBA Mortgage Applications (week ending June 27); ADP employment change (June); S&P Global US services PMI (May final); Challenger job cuts (May) Here are some of the biggest stories you may have missed overnight and early this morning: Apple and Meta are proving it: AI is going corporate Bets on 'Goldilocks' stocks bump up against reality Trump's 35% threat feeds Japan's worst-case tariff fears 'Irrational exuberance' stock gauge sparks fresh bubble worries Opinion: Musk is right about the Trump tax bill's failures Tesla's quarterly deliveries to fall short again Paramount settles Trump's '60 Minutes' suit for $16 million Bessent: Fed could lower interest rates by September Social Security checks slashed for millions this month Shares of Centene (CNC) tumbled over 25% in premarket trading after the healthcare insurer withdrew its financial guidance for 2025, warning that its earnings will fall far short of expectations. The company said late Tuesday that recent data showed that fewer people were enrolling in the Medicaid and Affordable Care Act marketplaces, and those who did enrol were sicker than expected. Those trends went against Centene's assumptions are likely to lead to a shortfall of $1.8 billion in federal payouts, the company said. Centene expects the issue to pull its full-year earnings per shares down by $2.75 a share. Wall Street had previously estimated adjusted EPS of $7.28. Shares of industry peers Elevance Health (ELV) and Oscar Health (OSCR) also struggled, down 4% and 7%, respectively. Here are some top stocks trending on Yahoo Finance in premarket trading: Centene Corporation (CNC) slumped 26% in premarket trading on Wednesday after withdrawing its financial guidance for 2025, warning that earnings will fall short of expectations. Centene is following in the footsteps of fellow insurance group, UnitedHealth (UNH), which pulled its guidance for the year and also replaced its chief executive. This latest news from Centene may add to investor nervousness when it comes to the insurance sector. Wolfspeed (WOLF) stock fell 8% before the bell today after the semiconductor company filed for a Chapter 11 bankruptcy. Intel (INTC) stock fell 1% in premarket trading following the new chief executive's plan to exploring a big change to its contract manufacturing business. If implemented, the new strategy for what Intel calls its "foundry" business would entail no longer marketing certain chipmaking technology, which the company had long developed, to external customers, the people said. If investors are expecting a seasonal lift for Asian equities this summer, they may have to think again. Tariff pressures and macroeconomic concerns have started to dampen sentiment. Bloomberg News reports: Read more here. Markets across the Asia-Pacific region saw mixed trading early morning on Wednesday, with investors eyeing the potential of US interest rate cuts and the fast-approaching July 9 tariff deadline for deals to be struck between the US and major trading partners worldwide. Singapore's benchmark, the Straits Times Index (^STI), gained 0.5% to hit a record high of 4009.15 points as of 00:20 (UTC-4). The move saw the index crossing past the 4000 threshold for the second time on record. Australia and Hong Kong led gains as Australia's S&P/ASX 200 (^AXJO) rose 0.4% and the Hang Seng Index (^HSI) popped 0.7%. Japan saw loss in the country's major gauge as the benchmark Nikkei 225 (^N225) slipped 0.7%. Korea's Kospi (^KS11) cratered 1.2% as Trump ratcheted up pressure on the country to finalize a trade deal. Mainland China's CSI 300 ( hovered near the baseline. Reuters reports:
Yahoo
02-07-2025
- Business
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures wobble with ADP jobs data, trade deals in focus
US stock futures wavered on Wednesday as Wall Street digested more signs of an intensifying labor market slowdown and watched for movement on trade deals and on President Trump's massive tax-and-spending bill. Dow Jones Industrial Average futures (YM=F) hovered around the flatline. Meanwhile, S&P 500 futures (ES=F) lost around 0.1%, keeping a potential new record high in sight. Contracts on the tech-heavy Nasdaq 100 (NQ=F) fell 0.3% after a mixed day for the major gauges. Markets are watching for signs the US will hammer out deals with the likes of the EU and Japan before a pause on Trump's "reciprocal" tariffs lifts on July 9. Trump reiterated on Tuesday that most countries will get a letter with a "take it or leave it" tariff rate. The fear is that historically high tariff rates could push up inflation as businesses pass on costs, which would likely shape the Federal Reserve's thinking on interest rates. Read more: The latest on Trump's tariffs Meanwhile, the labor market showed more signs of a cooldown last month. ADP data showed US private employers unexpectedly cut 33,000 jobs in June, badly missing expectations of around 98,000 jobs added. It was the first month of job losses in the private sector in over two years. The data lays the ground for the release of the June US jobs report on Thursday, also seen as a key factor for the Fed as investors bet an interest-rate cut could land sooner rather than later. Investors are also keeping an eye on developments around Trump's "One Big Beautiful Bill," now headed to the House after clearing the Senate thanks to Vice President JD Vance's tie-breaking vote. Split Republican factions threaten to delay a potential final vote as Trump pushes to sign it by July 4. Private employers unexpectedly cut 33,000 jobs in June, the latest signal of an intensifying slowdown in the US labor market. On Wednesday, data from ADP showed private payrolls fell by 33,000 last month in June, fewer than the 29,000 job gains seen in May and the 98,000 additions expected by economists. This marked the first month of jobs losses in the private sector since March 2023. May's initial reading of 37,000 private payroll additions had been the lowest monthly total since March '23. "Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month," ADP chief economist Nela Richardson said in the release. "Still, the slowdown in hiring has yet to disrupt pay growth." Read more here. Some of the world's most influential stocks are dragging the S&P 500 Index (^GSPC) down. The names Apple (AAPL), Tesla (TSLA) and Alphabet (GOOG, GOOGL) — part of the Mag 7 and synonymous with growth and value seem to be preventing the S&P 500 from reaching further highs. Bloomberg News reports: Read more here. Apple's (AAPL) is reportedly considering using AI tech from outside firms to power new version of Siri. Meta CEO Mark Zuckerberg is on an aggressive recruitment drive to poach top AI researchers and engineers. They're both signs of a key shift, Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Tesla (TSLA) is expected to report yet another quarter of declining global deliveries on Wednesday, though disappointing sales are nothing new for investors and analysts following the company. Data for June has brought a mixed message. Sales dropped for a sixth straight month in France, Sweden, Denmark and Italy, but rose in Norway and Spain — an early sign that the revamped Model Y is getting some buyers. Shares of Tesla were edging into the green in premarket before the quarterly data, following a 5% loss on Tuesday as CEO Elon Musk's feud with President Trump flared up again. Yahoo Finance's Pras Subramanian reports: Read more here. Earnings: No notable earnings releases.. Economic data: MBA Mortgage Applications (week ending June 27); ADP employment change (June); S&P Global US services PMI (May final); Challenger job cuts (May) Here are some of the biggest stories you may have missed overnight and early this morning: Apple and Meta are proving it: AI is going corporate Bets on 'Goldilocks' stocks bump up against reality Trump's 35% threat feeds Japan's worst-case tariff fears 'Irrational exuberance' stock gauge sparks fresh bubble worries Opinion: Musk is right about the Trump tax bill's failures Tesla's quarterly deliveries to fall short again Paramount settles Trump's '60 Minutes' suit for $16 million Bessent: Fed could lower interest rates by September Social Security checks slashed for millions this month Shares of Centene (CNC) tumbled over 25% in premarket trading after the healthcare insurer withdrew its financial guidance for 2025, warning that its earnings will fall far short of expectations. The company said late Tuesday that recent data showed that fewer people were enrolling in the Medicaid and Affordable Care Act marketplaces, and those who did enrol were sicker than expected. Those trends went against Centene's assumptions are likely to lead to a shortfall of $1.8 billion in federal payouts, the company said. Centene expects the issue to pull its full-year earnings per shares down by $2.75 a share. Wall Street had previously estimated adjusted EPS of $7.28. Shares of industry peers Elevance Health (ELV) and Oscar Health (OSCR) also struggled, down 4% and 7%, respectively. Here are some top stocks trending on Yahoo Finance in premarket trading: Centene Corporation (CNC) slumped 26% in premarket trading on Wednesday after withdrawing its financial guidance for 2025, warning that earnings will fall short of expectations. Centene is following in the footsteps of fellow insurance group, UnitedHealth (UNH), which pulled its guidance for the year and also replaced its chief executive. This latest news from Centene may add to investor nervousness when it comes to the insurance sector. Wolfspeed (WOLF) stock fell 8% before the bell today after the semiconductor company filed for a Chapter 11 bankruptcy. Intel (INTC) stock fell 1% in premarket trading following the new chief executive's plan to exploring a big change to its contract manufacturing business. If implemented, the new strategy for what Intel calls its "foundry" business would entail no longer marketing certain chipmaking technology, which the company had long developed, to external customers, the people said. If investors are expecting a seasonal lift for Asian equities this summer, they may have to think again. Tariff pressures and macroeconomic concerns have started to dampen sentiment. Bloomberg News reports: Read more here. Markets across the Asia-Pacific region saw mixed trading early morning on Wednesday, with investors eyeing the potential of US interest rate cuts and the fast-approaching July 9 tariff deadline for deals to be struck between the US and major trading partners worldwide. Singapore's benchmark, the Straits Times Index (^STI), gained 0.5% to hit a record high of 4009.15 points as of 00:20 (UTC-4). The move saw the index crossing past the 4000 threshold for the second time on record. Australia and Hong Kong led gains as Australia's S&P/ASX 200 (^AXJO) rose 0.4% and the Hang Seng Index (^HSI) popped 0.7%. Japan saw loss in the country's major gauge as the benchmark Nikkei 225 (^N225) slipped 0.7%. Korea's Kospi (^KS11) cratered 1.2% as Trump ratcheted up pressure on the country to finalize a trade deal. Mainland China's CSI 300 ( hovered near the baseline. Reuters reports: Private employers unexpectedly cut 33,000 jobs in June, the latest signal of an intensifying slowdown in the US labor market. On Wednesday, data from ADP showed private payrolls fell by 33,000 last month in June, fewer than the 29,000 job gains seen in May and the 98,000 additions expected by economists. This marked the first month of jobs losses in the private sector since March 2023. May's initial reading of 37,000 private payroll additions had been the lowest monthly total since March '23. "Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month," ADP chief economist Nela Richardson said in the release. "Still, the slowdown in hiring has yet to disrupt pay growth." Read more here. Some of the world's most influential stocks are dragging the S&P 500 Index (^GSPC) down. The names Apple (AAPL), Tesla (TSLA) and Alphabet (GOOG, GOOGL) — part of the Mag 7 and synonymous with growth and value seem to be preventing the S&P 500 from reaching further highs. Bloomberg News reports: Read more here. Apple's (AAPL) is reportedly considering using AI tech from outside firms to power new version of Siri. Meta CEO Mark Zuckerberg is on an aggressive recruitment drive to poach top AI researchers and engineers. They're both signs of a key shift, Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Tesla (TSLA) is expected to report yet another quarter of declining global deliveries on Wednesday, though disappointing sales are nothing new for investors and analysts following the company. Data for June has brought a mixed message. Sales dropped for a sixth straight month in France, Sweden, Denmark and Italy, but rose in Norway and Spain — an early sign that the revamped Model Y is getting some buyers. Shares of Tesla were edging into the green in premarket before the quarterly data, following a 5% loss on Tuesday as CEO Elon Musk's feud with President Trump flared up again. Yahoo Finance's Pras Subramanian reports: Read more here. Earnings: No notable earnings releases.. Economic data: MBA Mortgage Applications (week ending June 27); ADP employment change (June); S&P Global US services PMI (May final); Challenger job cuts (May) Here are some of the biggest stories you may have missed overnight and early this morning: Apple and Meta are proving it: AI is going corporate Bets on 'Goldilocks' stocks bump up against reality Trump's 35% threat feeds Japan's worst-case tariff fears 'Irrational exuberance' stock gauge sparks fresh bubble worries Opinion: Musk is right about the Trump tax bill's failures Tesla's quarterly deliveries to fall short again Paramount settles Trump's '60 Minutes' suit for $16 million Bessent: Fed could lower interest rates by September Social Security checks slashed for millions this month Shares of Centene (CNC) tumbled over 25% in premarket trading after the healthcare insurer withdrew its financial guidance for 2025, warning that its earnings will fall far short of expectations. The company said late Tuesday that recent data showed that fewer people were enrolling in the Medicaid and Affordable Care Act marketplaces, and those who did enrol were sicker than expected. Those trends went against Centene's assumptions are likely to lead to a shortfall of $1.8 billion in federal payouts, the company said. Centene expects the issue to pull its full-year earnings per shares down by $2.75 a share. Wall Street had previously estimated adjusted EPS of $7.28. Shares of industry peers Elevance Health (ELV) and Oscar Health (OSCR) also struggled, down 4% and 7%, respectively. Here are some top stocks trending on Yahoo Finance in premarket trading: Centene Corporation (CNC) slumped 26% in premarket trading on Wednesday after withdrawing its financial guidance for 2025, warning that earnings will fall short of expectations. Centene is following in the footsteps of fellow insurance group, UnitedHealth (UNH), which pulled its guidance for the year and also replaced its chief executive. This latest news from Centene may add to investor nervousness when it comes to the insurance sector. Wolfspeed (WOLF) stock fell 8% before the bell today after the semiconductor company filed for a Chapter 11 bankruptcy. Intel (INTC) stock fell 1% in premarket trading following the new chief executive's plan to exploring a big change to its contract manufacturing business. If implemented, the new strategy for what Intel calls its "foundry" business would entail no longer marketing certain chipmaking technology, which the company had long developed, to external customers, the people said. If investors are expecting a seasonal lift for Asian equities this summer, they may have to think again. Tariff pressures and macroeconomic concerns have started to dampen sentiment. Bloomberg News reports: Read more here. Markets across the Asia-Pacific region saw mixed trading early morning on Wednesday, with investors eyeing the potential of US interest rate cuts and the fast-approaching July 9 tariff deadline for deals to be struck between the US and major trading partners worldwide. Singapore's benchmark, the Straits Times Index (^STI), gained 0.5% to hit a record high of 4009.15 points as of 00:20 (UTC-4). The move saw the index crossing past the 4000 threshold for the second time on record. Australia and Hong Kong led gains as Australia's S&P/ASX 200 (^AXJO) rose 0.4% and the Hang Seng Index (^HSI) popped 0.7%. Japan saw loss in the country's major gauge as the benchmark Nikkei 225 (^N225) slipped 0.7%. Korea's Kospi (^KS11) cratered 1.2% as Trump ratcheted up pressure on the country to finalize a trade deal. Mainland China's CSI 300 ( hovered near the baseline. Reuters reports: Sign in to access your portfolio
Wall Street Journal
18-06-2025
- Business
- Wall Street Journal
Bank of Canada to Monitor Signs of Broader Job-Market Weakness
OTTAWA—Bank of Canada officials are tracking labor-market conditions to determine whether job cuts in trade-exposed sectors like manufacturing start spreading in other parts of the economy, Gov. Tiff Macklem said Wednesday. In the event that unfolds, it would signal trade uncertainty and higher tariffs are dampening demand, and may exert downward pressure on inflation, said Macklem, according to prepared remarks set for delivery at a board of trade luncheon in St. John's, Newfoundland.
The Guardian
16-06-2025
- Business
- The Guardian
Metro Bank shares surge on talk of private equity takeover
Metro Bank shares have surged to a two year-high following news of a takeover approach by a London private equity firm that could create uncertainty for customers and staff. It emerged over the weekend that Pollen Street Capital has sounded out Metro Bank bosses over a potential deal, which could take the listed lender off the London Stock Exchange and back into private hands. The rumours have also sparked speculation that Metro Bank would ultimately be merged with another of Pollen's companies, the specialist business lender Shawbrook. The news sent Metro Bank shares up by more than 15% to a high of 130p on Monday. A private equity takeover and potential merger would create further uncertainty for Metro Bank's employees, who have just emerged from a cost-cutting programme that resulted in roughly 1,000 job losses. About 3,000 staff survived the latest round of cuts, which were part of turnaround efforts following the bank's near failure in October 2023. Any further cuts could raise questions about services for Metro's three million customers, including those services offered across Metro's costly branch network. The bank has already cut back on opening hours across its 75 branches, which were originally open seven days a week. While no price has been attached to Pollen's prospective offer, a sale could result in a windfall for some of Metro's shareholders, who saw shares dip to nearly 30p months after the bank was forced into a rescue deal. Metro was the first high street bank to open in the UK in more than 100 years when it was launched by the US billionaire Vernon Hill in 2010. It attracted a wave of customers, and offered dog-friendly branches with seven-day opening. But the bank suffered in the years that followed. Its share price was all but wiped out in 2019 after an accounting error led to the resignation of it top executives and founder. It took a further dive in 2023 when it emerged that the bank would need more cash from investors after it failed to convince regulators that Metro could be trusted to assess its own risks. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion The Colombian billionaire Jaime Gilinski Bacal now holds a 53% stake in the lender as part of the £925m rescue deal in 2023, which was three years after he started building a stake. Metro Bank, Pollen Capital and Shawbrook all declined to comment.
