FT : Reformist Pezeshkian wins Iran’s presidential election

Reformist Pezeshkian wins Iran’s presidential election
Successor to Raisi seeks to ease social restrictions and re-engage with west to secure sanctions relief

Reformist candidate Masoud Pezeshkian has won Iran’s presidential election after pledging to re-engage with the west to secure sanctions relief and to relax social restrictions in the Islamic republic.

The former health minister secured 16.3mn votes in Friday’s run-off, defeating hardliner Saeed Jalili who garnered 13.5mn votes, according to the interior ministry.

Pezeshkian’s success is a remarkable turnaround for the reformist camp, which has spent years in the political wilderness. It was bolstered by an increase in turnout which was officially put at 49.8 per cent, compared with a record low of 40 per cent in the first round.

Reformist politicians hailed the result on social media while Pezeshkian supporters staged street celebrations in several cities.

Iran is now set to have its first reformist president in two decades, with the republic at a critical juncture, but Pezeshkian inherits massive challenges. The low turnout underscored the deep sense of disillusionment felt by many Iranians towards their leaders, both reformists and hardliners, and who are loath to be seen to be legitimising the theocratic system through the ballot box.

The republic faces simmering social and economic pressures at home and heightened tensions with the west, fuelled by the Israel-Hamas war and Tehran’s continued expansion of its nuclear programme. The ruling establishment is also preparing for the eventual succession to Ayatollah Ali Khamenei, the 85-year-old supreme leader.

Khamenei is the republic’s ultimate decision maker over key domestic and foreign affairs. But the president does have influence and can affect the tone and approach of government policies at home and overseas. He heads key state bodies, appoints ministers and manages the economy.

During the campaign Pezeshkian, 69 and a cardiac surgeon, said he would seek to negotiate with the west to end the long stand-off over Iran’s expansion of its nuclear programme, arguing that sanctions relief was crucial to reviving the economy and rein in inflation.

He also suggested he would take a softer stance on social affairs, including restrictions on internet use and enforcement of wearing the hijab. This has been a dominant domestic issue since anti-regime protests swept across the republic after 22-year-old Mahsa Amini died in police custody in 2022 after being arrested for not properly covering her head.

However, he is considered predictable and not someone who will seek to rock the boat. Throughout the campaign, Pezeshkian emphasised his religious beliefs and reiterated that he would follow Khamenei’s guidelines.

“He will not touch the political aspects [of life], but the social and economic aspects of life will be better and he will support Khamenei to change from confrontation to competition,” said Saeed Laylaz, a reformist analyst.

Any push for reforms is likely to face stiff resistance from hardliners who have controlled the levers of the state since cleric Ebrahim Raisi was elected president in 2021. Raisi died in a helicopter crash in May, triggering the election.

Hardliners control the parliament, which approves ministers’ appointments and legislation, while the elite Revolutionary Guards and other powerful entities hold significant sway over domestic and foreign policy.

Improving relations with the west will also face challenges, with the US in an election year and major western powers angered by Iran’s continued nuclear advances, its sale of armed drones to Russia and human rights abuses. The west will also be sceptical that Pezeshkian’s victory will bring meaningful change.

“The conditions [regarding the nuclear crisis] will be very similar to where we are now. It is the unelected elements of the regime who control the nuclear programme and decisions on whether to agree in negotiations,” said a western official. “We have seen time and time again that Iran’s elected officials have to do what they are told.”

Even those who voted for Pezeshkian are aware of the limited influence he will have. “He’s the only person who can give us what we want. He will have the power to do things, but with others he will make a small difference,” said Ali, a 23-year-old mechanical engineer.

WWD : The Wilde Members Club to Open in Milan

The Wilde Members Club to Open in Milan
The brainchild of founder and chairman Gary Landesberg, the first location under this name will be unveiled in October in a villa that previously belonged to Santo Versace.

MILAN — A villa that previously belonged to Santo Versace and his family on a quiet, leafy street in central Milan is being turned into the first The Wilde members club location.

The brainchild of founder and chairman Gary Landesberg, it is scheduled to open in October under the creative direction of Alasdhair Willis and designed by architect Fabrizio Casiraghi. The quality of the team reflects Landesberg’s experience, since the entrepreneur has long been a major investor in both the leisure and hospitality sectors in the U.K. and Europe. He was previously executive chairman and shareholder of The Arts Club for a decade, leading the repositioning of the London-based club as well as the opening of The Arts Club Dubai.

After The Wilde in Milan, there are plans to open in London, New York and Los Angeles, each with a site-specific art collection.

In an interview in Milan, Landesberg explained that he felt the Italian city was lacking a good private member’s club. “Milan is a very international city, with great culture, food and significance in the fashion industry” and that finding the right building was key to secure the first outpost for the new project.

Cue the Villa Del Platano, built between 1953 and 1954 by architects Carlo De Carli and Antonio Carminati, located in a strategic positioning on the luxury street Via dei Giardini in the artsy Brera district, a few steps away from Via Montenapoleone, not far from the Giorgio Armani headquarters, and looking onto the adjacent park belonging to Palazzo Borromeo d’Adda.

“It’s an amazing street. Obviously, we’ve got residents nearby and we have to be very mindful of what’s going on in the area. But as a location, it’s fantastic. Because you’re right in the center, but you don’t feel like you’re on a busy street. It’s quite special,” Landesberg said.

“Finding the right place is maybe the hardest thing. It has to have its own entrance because you’ve got to have a sense of arrival. You can’t be a member of a club and go through an office reception. And we need outside space, which is imperative for me. The truth is today since COVID-19, the world’s changed. Even if the weather is a little inclement, people want to be outside.”

Villa Del Platano, whose interiors cover more than 21,600 square feet, is in fact surrounded by a lush garden.

Landesberg said the villa has been restored with energy efficient practices such as LED lighting, low-flow water fixtures and energy efficient appliances to reduce resource consumption, waste reduction and recycling programs.

He praised Casiraghi for being “very respectful with the building,” which has “a bit of an Art Deco” feel. “His design is very elegant but he doesn’t over-design. He doesn’t make it too busy. And I think he’s done a really nice job,” the entrepreneur said.

Casiraghi has worked over the years for French architect Dominique Perrault and at Dimorestudio, renovated the famed Drouant restaurant in Paris and curated the concept of the Cassio bar in Hong Kong as well as the Ftelia Beach Club in Mykonos, among other projects.

Together with dining concepts, members and their guests will have access to artistic and cultural experiences and programs. Dining ranges from The Club Room, which is expected to include weekly DJs, live music, theatrical performances, cabaret and more; brunch and aperitivo in The Garden; Arturo’s with a wide range of cigars; The Library, for breakfast and all day dining menu in a space for quiet reading and work or a casual lunch and also expected to stage live music, performances, talks, readings and more; Nina, a Latin American restaurant, bar and counter with Japanese influence, expected to program weekly DJs playing Latin American music and a guest chef, and Ava on the third floor and Ava Rooftop, on the fourth floor, offering seasonal Mediterranean dining. Each floor will be marked by a different color.

“It’s a cliché, but clubs should feel like your home. Even if you want to come and sit and just have a coffee or you want to have a drink or just hang out because you want to go read a document or the news. You know, that’s what a club should be. I mean, the food’s important and so is the experience.

“I don’t think we should offer fitness or sports because there are specialists out there and will people going to a club, having a lovely bite of dinner or lunch in a nice suit or lovely dress, want to see people walking around in gym clothes?”

Fees range from 2,000 to 3,500 euros a year and members, starting from under-40, should be “across the spectrum, whether it’s fashion, business, finance and real estate. The doors are not closed to anyone from any industry but you’ve got to be recommended,” said Landesberg, adding that the demand has been strong. “The idea is to start with a good base of founding members that really can represent the kind of people that will be part of the community we want to build.”

Asked about the name, he said he believes “clubs should embrace old school service hospitality. And it should feel special, but you’ve got to bring it into the new world as well. You know, we have digital, everything is moving forward. So it was a collision of kind of two worlds. And that was the challenge, how the old and the new could come together. And then [Willis] came up with The Wilde, because it was a bit of a nod to Oscar Wilde, but the wild is where everything comes together, whether humans, animals, everything.”

>>> US Close Dow +0.17% S&P +0.54% Nasdaq +0.90% Russell -0.49%

Closing Stock Market Summary
The S&P 500 (+0.5%) and Nasdaq Composite (+0.9%) set fresh all-time highs today due to solid gains in the mega cap space. There was a negative bias under the index surface, though, following the June Employment Situation Report.

The report went the market's way in terms of rate cut expectations, but also stoked some concerns about lower earnings growth in the event that softening labor market conditions translates into lower consumer spending.

Private sector payrolls were up just 136,000, average hourly earnings growth decelerated to 3.9% (from 4.1%) on a year-over-year basis, the unemployment rate pushed up to 4.1% from 4.0%, and persons unemployed for 27 weeks or more accounted for 22.2% of the unemployed versus 20.7% in May, suggesting it has gotten harder to find a new job quickly.

Treasury yields turned lower in response to the jobs report, reflecting increased rate cut expectations. The drop in rates did not translate into support for equities due to the worries about earnings growth. The 10-yr note yield declined eight basis points to 4.27% and the 2-yr note yield fell 12 basis points to 4.60%.

Rate cut expectations moved up in response to the data. The likelihood of a 25-basis points rate cut at the September FOMC meeting moved to 76.3% from 64.1% one week ago, according to the CME FedWatch Tool.

Many stocks participated in downside moves, but names with a high exposure to discretionary spending experienced increased selling compared to other stocks.

Homebuilders, entertainment-related names, and cruise line shares are some of the weakest performing stocks in the S&P 500 consumer discretionary sector (+0.5%).

The sector still closed higher today thanks to gains Amazon.com (AMZN 200.00, +2.41, +1.2%) and Tesla (TSLA 251.52, +5.13, +2.1%). The underperformance of some discretionary-related names was a manifestation of concerns about lower earnings growth prospects that were stirred by this morning's data.

  • Nasdaq Composite: +22.3% YTD
  • S&P 500: +16.7% YTD
  • Dow Jones Industrial Average: +4.5% YTD
  • S&P Midcap 400: +4.1% YTD
  • Russell 2000: -0.02% YTD

Reviewing today's economic data:
  • June Nonfarm Payrolls 206K (consensus 185K); Prior was revised to 218K from 272K; June Nonfarm Private Payrolls 136K (consensus 160K); Prior was revised to 193K from 229K; June Avg. Hourly Earnings 0.3% (consensus 0.3%); Prior 0.4%; June Unemployment Rate 4.1% (consensus 4.0%); Prior 4.0%; June Average Workweek 34.3 (consensus 34.3); Prior 34.3
    • The key takeaway from the report is that labor market conditions are softening, which will provide the Fed some cover to cut rates in September if it so chooses.

Looking ahead, Monday's economic lineup is limited to the May Consumer Credit report (consensus $9.5 bln; prior $6.4 bln) at 15:00 ET.

>>> Weekly Market Update

Weekly Market Update: Political developments draw focus as data continue to show ‘cooling but not cool’ economy

Former President Trump’s campaign got another boost from the US Supreme Court this week, which decided his various immunity claims were either valid or needed further deliberation in the lower courts, virtually assuring none of the pending trials against him will go forward before the election. US Treasury yields continued backing up as the odds of him regaining the White House remained much higher in wake of Biden’s poor debate showing. Speculation continued to swirl that pressure was mounting for Biden to step aside, with betting markets beginning to favor VP Harris as his replacement. Also, the UK election was a drubbing for the Torries as expected, with Keir Starmer set to lead the first Labour government since Tony Blair lost to the Conservatives in 2007. Finally, heading into the second round of the French election, polls indicate that Le Pen's National Party is projected to win 190-240 seats, much less than 289 seats needed for an absolute majority.

Eurozone core CPI remained sticky and was addressed in depth by key central bankers meeting in Portugal. Fed Chair Powell reiterated that the labor market was cooling as expected before Jolts jobs openings data unexpectedly rose in May, but April was revised lower. Stocks continued to make fresh all-time highs after decidedly weak ISM services data. New orders contracted for only the second time since the pandemic and business activity contracted for the first time since 2020. Also Non-farm payroll growth remained strong in June, but wages moderated and the unemployment ticked up to 4.1%, a level not seen since late 2021. Those readings were just the latest in a series of US economic markers indicating the Fed's restrictive stance is finally starting to put real downward pressure on the economy. Following surprise, large weekly drawdowns in EIA energy inventories, WTI crude prices stayed near a 2-month high and remains the one glaring indicator that is not cooperating with what the Fed wants to see to pull the trigger on rate cuts. After the jobs data on Friday, Fed fund futures were fully pricing in two rate cuts, for September and December. For the week, the S&P gained 2%, the DJIA added 0.7%, and the Nasdaq surged 3.5% on the backs of Apple, Alphabet, Meta, and Microsoft all reaching fresh record highs.

In corporate news this week, auto manufacturer reported monthly and quarterly results, some new questions were raised about the GLP-1 weight loss drugs, and M&A was sparking up among retailers. Tesla reminded the market that it is the king of EVs, producing 411K units and selling more than expected, far eclipsing 24K units sold by Ford, which proudly declared it’s the No. 2 EV-brand, even as its F-series truck sales sagged. Novo Nordisk shares were dented by a study that suggested a potential link between Ozempic and Wegovy and a serious eye condition. Macy’s led brick and mortar retailers higher on Friday after a report said Arkhouse and Bridgade had boosted their offer for the department store chain by more than 3%, to $24.80/share. Meanwhile, reports circulated that the owner of Saks Fifth Ave is near a deal to purchase Neiman Marcus Group for ~$2.65B, with Amazon expected to take a minority interest in the combined company. And finally, Boeing managed to reach an agreement to reintegrate Spirit Aerosystems that it hopes can meet antitrust guidelines, giving away some assets to rival Airbus for a song.


MON 07-01
DTN Weather's Sam Lillo: Hurricane Beryl intensified from a tropical depression to a 105kt (120mph) category-3 in 42 hours on June 30th, and 115kt (130mph) category-4 in 48 hours [**Note: The earliest date in history such a fast intensification into category-3 was achieved was early Sept]
(DE) GERMANY JUN FINAL MANUFACTURING PMI: 43.5 V 43.4E (confirms 24th straight contraction); Destocking of inputs and finished goods gathers pace
(IT) ITALY JUN MANUFACTURING PMI: 45.7 V 44.3E (3rd straight contraction); The rate of input price inflation the strongest for one-and-a-half years
(US) NHC update on Hurricane Beryl: Potentially a catastrophic Category 5 Hurricane in the Eastern Caribbean; Now officially the first Cat 5 Hurricane in the Atlantic [**Note: the earliest Category 5 hurricane known on record in the Atlantic basin; last time Atlantic Hurricane season saw Cat 5 Hurricane in July was Hurricane Emily on July 16th, 2005]
(US) Atlanta Fed GDPNow: Cuts Q2 GDP forecast to 1.7% from 2.2%
(US) JUN ISM MANUFACTURING: 48.5 V 49.1E; PRICES PAID: 52.1 V 55.4E
(US) JUN FINAL S&P MANUFACTURING PMI: 51.6 V 51.7E
(US) Tier1 analysts: Demand for Air Cargo remained "extremely, unseasonally strong" in June with double digit growth supported by surging tech shipments, eCommerce demand and the Red Sea
(US) Redfin: Less than half (47% v 60% y/y) of newly constructed apartments that were completed in Q4 2023 were rented within three months
(US) SUPREME COURT PARTIALLY BACKS TRUMP'S IMMUNITY CLAIM; Vote 6-3; Mixed ruling will potentially further delay any federal trial
000660.KR Reportedly plans to invest KRW103T (~$74.8B) through 2028, with ~80%, or KRW82T, will be allocated to investing in high-bandwidth memory (HBM) chips - press (update)
AIR.FR Reportedly June deliveries ~67 v 50 m/m; YTD deliveries ~320 (Note: FY24 guidance of 770) – press
MAERSKB.DK CEO: Higher rates we are seeing now are of a temporary nature; Coming months will be challenging for carriers and businesses alike as Red Sea situation stretches into Q3 2024
SPR Boeing confirms to purchase Spirit AeroSystems for $37.25/shr in all stock deal (30% premium to last close); Also Spirit to continue to negotiate in good faith to enter into definitive agreements for Airbus to acquire certain Spirit assets that serve Airbus programs, concurrently with the closing of Spirit's acquisition by Boeing

TUES 07-02
(EU) EURO ZONE JUN ADVANCE CPI ESTIMATE Y/Y: 2.5% V 2.5%E; CPI CORE Y/Y: 2.9% V 2.8%E
(PH) Philippines Foreign Ministry: Philippines and China re-commit to de-escalate tensions
(US) Fed Chair Powell: Labor market is still strong; Have made quite a bit of progress toward getting inflation back toward target - Sintra Forum
(US) Judge in NY case postpones Trump's sentencing to Sept 18th
(US) June preliminary NA Class 8 Net Orders 13.1K, -33% m/m - FTRintel.com
(US) Reportedly Democratic National Committee is considering formally nominating Joe Biden as early as mid-July to ensure that the president is on Nov ballots (update) [**Note: Ohio law requires the party’s candidates to be determined by Aug 7th; Democratic National Convention on Aug 19-22nd]
NVO (US) Pres Biden: Calls on Novo Nordisk to cut Ozempic and Wegovy prices - press
TSLA Reports Q2 deliveries 444K v 441Ke, 386.8K q/q, (466.1K y/y); production 411K vehicles, +2% y/y
M Reportedly Arkhouse and Bridgade increase offer 3.3% from $24/shr to $24.80/shr - WSJ

WED 07-03
(NZ) New Zealand sells total NZ$494M vs. NZ$500M indicated in 2031, 2034 and 2041 bonds
(IL) Axios' reporter Barak Ravid: Qatar and Egypt conveyed to the Israeli negotiations team Hamas' updated response to the proposal for a hostage and ceasefire deal, the Mossad says in a statement. The Mossad said Israel is studying the response and will give its answer to the mediators
(IT) ITALY JUN SERVICES PMI: 53.7 V 53.8E (6th straight expansion)
(US) Atlanta Fed GDPNow: Cuts Q2 GDP forecast to 1.5% from 1.7%
(US) BOFA INSTITUTE: WEEK-TO-JUNE 29TH TOTAL CARD SPENDING +1.4% Y/Y V +0.7% AVERAGE IN MAY
(US) Democrat Governors upon meeting Pres Biden: "We have Biden's back" – press
(US) MAY FACTORY ORDERS: -0.5% V 0.2%E
(US) MAY FINAL DURABLE GOODS ORDERS: 0.1% V 0.1%E; DURABLES (EX-TRANSPORTATION): -0.1% V -0.1%E
(US) FOMC MAY MINUTES: Some officials said need to be ready to respond to unexpected weakness; Several members said might need to raise rates if inflation persists
(US) INITIAL JOBLESS CLAIMS: 238K V 235KE; CONTINUING CLAIMS: 1.858M V 1.840ME (highest since early March; 9th straight week of rise)
(US) JUN FINAL S&P SERVICES PMI: 55.3 V 55.1E
(US) JUN ISM SERVICES INDEX: 48.8 V 52.7E; First business activity contraction since May 2020
(US) JUN ADP EMPLOYMENT CHANGE: +150K V +165KE; Notes June would have been a downbeat month without rebound in hiring in leisure and hospitality
(US) Reportedly several current and former officials and others who encountered Pres Biden behind closed doors in weeks and months before debates noticed that he increasingly appeared confused or listless, or would lose the thread of conversations; The lapses seemed to be growing more frequent, more pronounced and more worrisome – NYT
(US) VP HARRIS SAID TO BE THE TOP ALTERNATIVE TO REPLACE US PRES BIDEN IF HE DECIDES NOT TO CONTINUE HIS REELECTION CAMPAIGN - PRESS CITING SEVEN SENIOR SOURCES AT THE BIDEN CAMPAIGN
(US) Reportedly Pres Biden told a confidant that he is considering whether to stay in the race – NYT
AMZN Reportedly Saks Fifth Ave owner is close to a deal to purchase Neiman Marcus Group for ~$2.65B with Amazon set to take a minority interest in the combined company; Merger will be known as Saks Global - WSJ
NVO Potential link between Ozempic and Wegovy and a serious eye condition revealed in new study - NY Post
HLAG.DE CEO: Seeing solid global shipping demand in an uncertain environment, noting spot rates have risen in the last 2 months
RHM.DE Italy said to be planning €20B order from Rheinmetall for >550 tanks - press (would be record order by >5.5x)
STO.AU Reportedly Aramco and Adnoc are considering bids for Santos in the early stages of evaluating the company - press

THRS 07-04
BTC/USD Bitcoin -5% to $55,000, to levels not seen since Feb; ETH -8%
(CN) China seen to have higher bond volatility as PBOC intervenes in bond market; PBOC started to borrow medium and long-term notes from lenders - Chinese press
(IL) Israel’s military killed a senior Hezbollah commander in an airstrike in south Lebanon – press
(UK) ACCORDING TO UK EXIT POLLS, LABOUR IS SEEN WINNING 410 SEATS IN THE 650 SEAT PARLIAMENT; INDICATIONS OF BLAIR-LIKE LABOUR LANDSLIDE MAJORITY, NOT LABOUR ‘SUPERMAJORITY’ - PRESS [**Note: UK voter turnout estimated below 60% v 67% in 2019 (lowest in 20 years)]
(US) US Pres Biden: "I'm not going anywhere" - remark made during U.S. Independence Day festivities at the White House
(US) Citi Early-July Economic Surprise Index drops to -47.5 v -28.1 prior (lowest since Aug 2022); Bloomberg Economic Surprise Index at -0.563 (lowest since early 2016)
005930.KR Reports prelim Q2 (KRW) Op 10.4T v 8.6Te (+1,452% y/y), Rev 74.0T v 73.6Te (+23% y/y)
066570.KR Reports prelim Q2 (KRW) Op 1.20T v 997.5Be; Rev 21.7T v 21.3Te y/y
TTN Research Alert: Percentage of ISM Services respondents expecting higher new orders at lowest since GFC; “Mel Rule” recession indicator was triggered mid-spring; Goldman Sachs sees US jobs market at a potential inflection point, while, on average, NASDAQ-100 tends to peak in July more than during any other month due to gradual increase in volatility and strongest period of summer rally usually lasts until mid-July
AIXA.DE Reports prelim Q2 order intake €176M v €134Me; Cuts FY24 Rev and EBIT margin guidance, cites current market developments and the planned exchange rate; Q2 prelim EBIT €13.0M v €44.6M y/y, Rev €132M v €173.5M y/y; Notes momentum in SiC and GaN power continues
Ocean Demand remains strong, but slightly decreased compared to previous weeks; Equipment shortages and port congestion in Asia are improving but still can’t fully support current demand, with blank sailings expected in July and August - Flexport
TSLA Reportedly India does not expect Tesla to move forward with an investment in the country any time soon after executives at Tesla stopped contacting them; Indian govt said to be given to understand that Tesla has capital issues - press

FRI 07-05
(CA) CANADA JUN NET CHANGE IN EMPLOYMENT: -1.4K V +25.0KE; UNEMPLOYMENT RATE: 6.4% V 6.3%E
(DE) Germany Chancellor Scholz: Confirms supplementary budget for 2024; Also to sign off on 2025 budget plan at next meeting on July 17th - news conf comments
TTN Research Alert: In June, persons unemployed 15 weeks or longer, as a percent of US civilian labor force, rose to the highest % this year; Share of persons unemployed 15 weeks or longer v those unemployed for less than 5 weeks reached highest since pandemic
(RU) Russia Pres Putin on July 4th said "I take Trump's plan to end the war with Ukraine very seriously although Trump has not detailed how exactly he's going to do that; We support the idea and have no doubt that he says it sincerely" (update)
(RU) Russia Pres Putin to Hungary PM Orban: I know you arrived to Moscow to discuss nuances about Ukraine; Asks Orban to talk of position of European partners [*Note: first official trip to Russia and meeting with Putin by any EU leader since the start of the full-scale invasion more than two years ago]
(TR) Turkey bill authorizes wealth fund to issue special bonds – press
(UR) Hungary PM Orban confirms he has landed in Moscow to meet with Russia Pres Putin - X post [*Note: first official trip to Russia and meeting with Putin by any EU leader since the start of the full-scale invasion more than two years ago]
(UR) Hungary PM Orban reportedly to visit Moscow today, July 5th to meet with Russia Pres Putin - press [*Note: first official trip to Russia and meeting with Putin by any EU leader since the start of the full-scale invasion more than two years ago]
(US) Reportedly Sen Mark Warner (D-VA) is working to gather a group of Democratic senators to ask Biden to exit the race - press
(US) JUN AVERAGE HOURLY EARNINGS M/M: 0.3% V 0.3%E; Y/Y: 3.9% V 3.9%E
(US) JUN UNEMPLOYMENT RATE: 4.1% V 4.0%E (highest since end-2021; second straight increase)
(US) JUN CHANGE IN NONFARM PAYROLLS: +206K V +190KE; Two-Month Payroll Net Revision -111K v -15K prior
(US) NYT: Growing number of rental properties, especially in the South and Southwest, are in financial distress; Owners of some rental buildings are starting to struggle because of rising interest rates and waning demand in some once booming Sun Belt cities (update)
7203.JP Concludes investigation into certification issues; Notes it did Not find any new issues over last 10 years
SHEL.UK Reports prelim Q2 integrated gas production 940-980K bpd; Sees up to $2B in impairments in Q2 related to a delayed biofuels plant under construction in the Netherlands and its chemicals facility in Singapore

>>> US Gapping down

Gapping down
News:
  • HUT -8.8% (Q2 operations update)
  • WULF -7.7% (June 2024 production update)
  • NIO -2.3% ( Steven Wei Feng has tendered his resignation as the Chief Financial Officer of NIO for personal and family reasons, effective July 5)
  • MTTR -1.6% (Matterport and CoStar Group (CSGP) each received 'Second Request' from the FTC in connection with the FTC's review of the transaction)
  • RIVN -1.2% (Chief Accounting Officer Jeffrey Baker notified the Company of his decision to resign effective July 27, 2024 to pursue another opportunity)