Stock Market Update June 17th, 2024

Global Markets

USAWall Street's performance was mixed today, reflecting cautious sentiment among investors who awaited further economic data releases and comments from Federal Reserve officials for insights into the future direction of monetary policy. The major indices showed varied movements as market participants weighed potential impacts of economic indicators on Federal Reserve decisions.EuropeEuropean shares traded lower as concerns over economic growth persisted. Investors there remained watchful of developments in both domestic economies and global markets, which influenced trading sentiment.JapanIn Asia, Japan's Nikkei index fell below the psychologically significant 38,000 mark for the first time this month. This decline came amid ongoing apprehensions about economic growth prospects, both domestically and internationally. Market participants in Japan closely monitored government policies and external economic conditions that could affect market stability.CanadaIn Canada, the main stock index experienced losses driven by declining gold prices, which negatively impacted mining shares. The broader market sentiment in Canada was also influenced by global economic trends and commodity price movements.On the currency front, the U.S. dollar maintained its position, showing stability against a basket of major currencies. This stability reflected ongoing market assessments of economic data and geopolitical developments impacting currency markets globally.Oil prices exhibited minimal changes during the trading session, with prices holding steady. Market participants continued to assess supply-demand dynamics and geopolitical factors affecting global oil markets, contributing to the relatively unchanged price levels observed.

Corporate Stock News:

• Adidas Investigation in China:
  • Adidas is investigating allegations of large-scale bribery in China after receiving a whistleblower complaint accusing senior staff of embezzling millions of euros.
• Novo Nordisk CEO Testimony:
  • Novo Nordisk CEO Lars Jorgensen has agreed to testify voluntarily before the Senate Committee on Health, Education, Labor, and Pensions about U.S. prices for weight loss drugs Ozempic and Wegovy (
• Sabadell and BBVA Deal Delay:
  • Sabadell has postponed the sale of its retailers' payments business to Nexi due to a hostile takeover bid by BBVA (sources familiar with the matter).
• Primo Water and BlueTriton Merger:
  • Primo Water Corp and BlueTriton Brands will merge in an all-stock deal. Primo Water's shareholders will own 43% of the combined company, with BlueTriton owning 57%. The new firm will have dual headquarters in Tampa, Florida and Stamford, Connecticut (company announcement).
• Alphabet, Amazon, Microsoft Cybersecurity Scheme Concerns:
  • Industry groups across Europe warned against discrimination in a proposed EU cybersecurity certification scheme for cloud services. Discussions between the European Commission, ENISA, and EU countries are ongoing
• Amazon's Patent Infringement Verdict:
  • Amazon must pay nearly $122 million for infringing on another company's rights related to internet advertising technology, according to a Texas federal jury
• AstraZeneca's Imfinzi Approval:
  • AstraZeneca's Imfinzi combined with chemotherapy has been approved by the U.S. FDA for treating certain types of endometrial cancer
• Autodesk and Starboard Value:
  • Activist investor Starboard Value has bought a $500 million stake in Autodesk and is pushing for operational changes, including improvements to margins and board composition
• BHP Group's Spence Mine Agreement:
  • The union representing workers at BHP Group's Spence copper mine in Chile accepted a contract proposal, averting a potential strike
• Carlyle Group's Cogentrix Sale Exploration:
  • Carlyle Group is exploring a sale of Cogentrix, a power producer, which could value the company at $3 billion to $4 billion
• Cisco's Cybersecurity Centre in Taiwan:
  • Cisco plans to establish a cybersecurity centre in Taiwan as part of its Digital Acceleration Plan 3.0, focusing on cybersecurity training and collaboration with the government
• Discover and Visa Settlement:
  • Discover Financial Services' unit Pulse Network settled a lawsuit against Visa over alleged obstruction of competition in the debit card network services market
• GameStop Annual Meeting Buzz:
  • GameStop's annual meeting is generating significant interest among retail investors after a previous meeting was adjourned due to technical issues
• Merit Medical Systems' FDA Recall:
  • Merit Medical Systems initiated a recall for unapproved plastic syringes supplied by China-based Jiangsu Shenli Medical Production, following FDA recommendations
• Rio Tinto's Serbian Lithium Mine Approval:Serbian President Aleksandar Vucic is likely to approve Rio Tinto's development of Europe's largest lithium mine at the Jadar site, pending new guarantees from the company and the EU