\n<\/p>\n
A sense of calm is returning to markets, as news breaks that Tehran has announced that end of its military operations against Israel.<\/strong><\/p>\n Iranian military\u2019s joint command says it is halting its offensive operations after Israel and Iran had exchanged fire, Associated<\/strong> Press<\/strong> report, after Trump asked both sides to \u201cimmediately stop shooting\u201d.<\/p>\n The oil price is rapidly dropping back from its earlier highs \u2013 Brent crude is now up just 1.75% at $94.58 a barrel, having hit $98 earlier today.<\/p>\n European stock markets are shaking off their earlier losses too \u2013 with the pan-European Stoxx 600 index now slightly higher.<\/p>\n Government bond prices are recovering too, which is pulling down the yield (or interest rate) on UK, US and eurozone debt.<\/p>\n Share<\/p>\n Updated at\u00a007.49 EDT<\/p>\n <\/span><\/span><\/p>\n Key events<\/p>\n <\/span><\/span><\/p>\n After a choppy day\u2019s trading, London\u2019s stock market has closed very slightly higher.<\/strong><\/p>\n The FTSE 100<\/strong> share index ended the day up 5 points, or 0.05%, at 10,373 points.<\/p>\n But housebuilders\u2019 shares fell, on concerns that the Middle East conflict will continue to push up borrowing costs.<\/p>\n City traders took some solace from the rally on Wall Street today, where the S&P 500<\/strong> index is up 0.8%. That\u2019s lifting hopes that Friday\u2019s sell-off wasn\u2019t the start of a wider market downturn.<\/p>\n But after South Korea\u2019s KOSPI<\/strong> index slumped by 8% today, tech valuations could still be on shaky ground.<\/p>\n Oil is up about 1.5% today, at $94.56 a barrel, having jumped 5% this morning following the latest attacks between Israel and Iran, before the sides de-escalated.<\/p>\n That\u2019s all for today \u2013 here\u2019s our story on the markets:<\/p>\n And here\u2019s our Middle East liveblog:<\/p>\n Share<\/p>\n Mike Bell, head of market strategy at RBC BlueBay, also argues that stock bargain-hunting has lifted the markets today.<\/strong><\/p>\n He explains, via the FT:<\/p>\n double quotation mark\u201cInvestors have been conditioned over the last 15 years to buy the dip, and there was certainly a big dip in some stocks on Friday.\u201d<\/p>\n Share<\/p>\n US households have grown more worried over their financial situation, according to a Federal Reserve Bank of New York survey.<\/strong><\/p>\n The poll found that the share of Americans who believe things are much worse than they were 12 months ago has hit a nearly four-year high<\/p>\n CNBC has more details:<\/p>\n double quotation markThe share of those seeing their current situation as \u201cmuch worse\u201d than a year ago leaped to 13.3%, up about 2.7 percentage points from April and the highest since July 2022. The total of those seeing either a much or somewhat worse situation from a year ago stood at 43.7%, which the New York Fed said was the highest since January 2023.<\/p>\n Share<\/p>\n The jump on Wall Street today shows some investors have been eager to \u2018buy the dip\u2019.<\/p>\n Joe Mazzola<\/strong>, head trading & derivatives strategist at Charles Schwab<\/strong>, explains:<\/p>\n double quotation mark\u201cStocks scrambled higher early today, seeing some \u201cbuy the dip\u201d action after the chip sector\u2019s 10% plunge made Friday Wall Street\u2019s worst day of the year. The weekend didn\u2019t exactly calm matters, featuring new flare-ups in the Middle East, while inflation data due later this week could reinforce ideas that expensive crude is spilling into the broader economy.\u201d<\/p>\n Share<\/p>\n Britain\u2019s financial regulator has announced it has started civil proceedings against fund manager Neil Woodford.<\/strong><\/p>\n The FCA is accusing Woodford of providing \u201cregulated investment advice and making financial promotions\u201d through the subscription-based platform, www.w4pz.com, without authorisation.<\/p>\n The regulator argues that this activity breaches sections 19 and 21 of the Financial Services and Markets Act 2000.<\/p>\n The FCA is seeking an injunction against Mr Woodford and his W4.0 service \u2013 which is registered in the United Arab Emirates \u2013 to stop them carrying on the \u201cpotentially unlawful activities\u201d.<\/p>\n In August 2025 the FCA banned Woodford from holding senior manager roles and managing funds for retail investors, and fined him \u00a35.89m, over the collapse of his popular equity fund.<\/p>\n If you visit W4.0, the website says:<\/p>\n double quotation markWe exist to explain active investment strategies \u2014 with full transparency \u2014 so you can see what\u2019s inside, why it\u2019s there, and the thinking behind it.<\/p>\n We are not regulated by the FCA or any other regulatory body, and we do not provide financial advice.<\/p>\n Share<\/p>\n European stocks markets are looking brighter than this morning too.<\/strong><\/p>\n Italy\u2019s FTSE<\/strong> Mib<\/strong> is now up 0.7%, while France\u2019s CAC<\/strong> index is flat.<\/p>\n Share<\/p>\n Technology stocks are leading the risers on Wall Street, after Friday\u2019s rout.<\/strong><\/p>\n Chip stocks are hot. Intel<\/strong> are leading the S&P 500<\/strong> risers, up 9.6%, followed by Micron<\/strong> (+8.4%), while AMD<\/strong> have gained 4%.<\/p>\n Share<\/p>\n Wall Street has opened higher, as the US stock market recovers from its worst day in months.<\/strong><\/p>\n The news that Iran and Israel say they have halted attacks on each other, after both nations earlier traded attacks, has calmed nerves on the New York stock exchange.<\/p>\n The S&P 500<\/strong> share index is up 0.95% in early trading \u2013 on Friday it dropped by 2.64%, its worst day since October.<\/p>\n The Nasdaq<\/strong> has jumped by 1.5%, having slumped by 4.2% on Friday.<\/p>\n Share<\/p>\n Updated at\u00a009.47 EDT<\/p>\n Kalyeena Makortoff<\/span><\/p>\n Nationwide has nearly doubled its CEO Debbie Crosbie\u2019s pay packet to \u00a34.7m, a year after the building society pushed through a controversial bonus scheme.<\/strong><\/p>\n The mutual, which is owned by its members, released its annual report today, showing Crosbie<\/strong> was handed \u00a33.2m in bonuses, up from \u00a31.1m a year earlier.<\/p>\n It pushed her overall pay to \u00a34.67m, marking a 87% jump on the \u00a32.49m she earned the previous year.<\/p>\n Meanwhile, eligible staff within the wider 26,890-strong workforce will see their pay rise an average of 3.8% from 1 July.<\/p>\n Commenting on the staff pay bump, Nationwide<\/strong> board member and remuneration committee chair Tracey<\/strong> Graham<\/strong> said:<\/p>\n double quotation mark\u201cThese changes reflect a significant investment in our people, recognising the contribution and commitment of those at the heart of serving our customers and delivering our strategy.\u201d<\/p>\n Crosbie\u2019s<\/strong> bonus hikes follows an overhaul of Nationwide\u2019s bonus scheme, allowing Crosbie<\/strong> to earn up to \u00a37m – up 43% from previous max payout levels – following the takeover of Virgin Money.<\/p>\n The lender controversially failed to give members a binding vote on the matter, with their votes having only been considered on an \u2018advisory\u2019 basis.<\/p>\n Crosbie\u2019s<\/strong> latest pay package also included a salary worth \u00a31.2m (which was hiked another 2.9% in April), topped up by a \u00a3193,000 pension and \u00a350,000 worth of taxable benefits like business travel, medical insurance, a car allowance and personal security.<\/p>\n Nationwide is now asking its members to vote in favour of the pay report at its 13 July AGM, where they will also be asked to weigh in on letting a fellow member into the board room for the first time in 25 years.<\/p>\n Share<\/p>\n Updated at\u00a009.28 EDT<\/p>\n Last Friday\u2019s tech stock sell-off was necessary blowing off of steam in a bull market that required cooling, according to Morgan Stanley strategists.<\/strong><\/p>\n Marketwatch<\/strong> has the details:<\/p>\n double quotation markFriday\u2019s selloff was led by semiconductor and memory stocks, where very strong gains for the year were made vulnerable by crowded investor positioning and the dynamics of levered exchange-traded funds, says [Morgan Stanley\u2019s Mike] Wilson.<\/p>\n Wilson highlights the Philadelphia Stock Exchange Semiconductor Index, which fell 10% on Friday, its biggest one-day drop since 2020.<\/p>\n But \u201cthe starting point matters,\u201d he says. \u201cThe index had risen 96% year to date into the middle of last week and was around 35% above its 50-day moving average, the widest gap in around 25 years. It also had a 9-day relative strength index of 83, underscoring how extended the move had become.\u201d<\/p>\n Share<\/p>\n Wall Street is set to open higher in an hour and a quarter\u2019s time.<\/strong><\/p>\n The Nasdaq<\/strong> futures contract is up 1.25%, while the S&P 500<\/strong> is on track to gain around 0.66%.<\/p>\n Share<\/p>\n A sense of calm is returning to markets, as news breaks that Tehran has announced that end of its military operations against Israel.<\/strong><\/p>\n Iranian military\u2019s joint command says it is halting its offensive operations after Israel and Iran had exchanged fire, Associated<\/strong> Press<\/strong> report, after Trump asked both sides to \u201cimmediately stop shooting\u201d.<\/p>\n The oil price is rapidly dropping back from its earlier highs \u2013 Brent crude is now up just 1.75% at $94.58 a barrel, having hit $98 earlier today.<\/p>\n European stock markets are shaking off their earlier losses too \u2013 with the pan-European Stoxx 600 index now slightly higher.<\/p>\n Government bond prices are recovering too, which is pulling down the yield (or interest rate) on UK, US and eurozone debt.<\/p>\n Share<\/p>\n Updated at\u00a007.49 EDT<\/p>\n After a weak start, the UK\u2019s FTSE 100 share index has now pushed into positive territory.<\/strong><\/p>\n The \u2018Footsie\u2019 is up 22 points, or 0.2%, at 10,390 points.<\/p>\n Traders may be reassured that Donald Trump has demanded Israel and Iran both \u201cimmediately stop shooting\u201d:<\/p>\n Weapons maker BAE<\/strong> Systems<\/strong> is among the top risers, though, up 1.45%\u2026<\/p>\n Share<\/p>\n The GMB union\u2019s annual congress in Blackpool has heard that driverless taxis could cost 300,000 drivers their jobs.<\/strong><\/p>\n The congress agreed to call on the Government to introduce laws to protect taxi and private hire drivers from job losses and reductions in earnings caused by the rollout of driverless vehicles.<\/p>\n Ali Haydor, <\/strong>private hire driver and GMB<\/strong> Congress delegate told the event:<\/p>\n double quotation mark\u201cWe hear a lot from those on the right of politics about people not working and relying on benefits, but replacing human workers will potentially push thousands into unemployment and poverty.<\/p>\n \u201cThe gig economy firms present driverless taxis as progress – they tell us this technology will increase efficiency, reduce costs and benefit society, but progress for whom?<\/p>\n \u201cTechnology will continue to develop, but workers should not be expected to carry all the risks while companies take all the rewards.\u201d<\/p>\n Last month, ministers began inviting bids from operators to run autonomous taxis, buses and private-hire cars in the UK.<\/p>\n Update: UK company Wayve<\/strong> is planning to offer its driverless vehicles to paying passengers in the capital \u201cin the next couple of months\u201d \u2013 The Times have more detaile here.<\/p>\n Share<\/p>\n Updated at\u00a007.23 EDT<\/p>\n Kalyeena Makortoff<\/span><\/p>\n A fresh battle is taking place over the future over the world\u2019s oldest bank: Italy\u2019s Monte dei Paschi di Siena (MPS).<\/strong><\/p>\n Intesa Sanpaolo<\/strong>, which is currently Italy\u2019s largest bank, tabled an unsolicited \u20ac30.6bn bid for its rival on Monday. If successful, that would create the euro zone\u2019s second biggest banking group by market cap, worth \u20ac126bn, behind Spain\u2019s \u20ac155bn Banco<\/strong> Santander<\/strong>.<\/p>\n However, that proposal came hours after Italy\u2019s fourth largest lender, Banco<\/strong> BPM<\/strong>, on Sunday sent a letter to MPS<\/strong> suggesting a merger that would create a \u201cnew national champion\u201d, and the second largest bank in Italy, leapfrogging Unicredit \u2013 with a market cap of around \u20ac50bn.<\/p>\n The tug of war comes two years after MPS<\/strong> returned to private ownership, having been bailed out by the Italian government in 2017 and privatised in 2023\/2024. It has been eyed as a potential takeover target since, but took markets by surprise when it bought and merged with rival Mediobanca in a \u20ac16bn deal last year.<\/p>\n Intesa\u2019s gatecrashing bid could have consequences for the historic MPS<\/strong> brand, which dates back to 1472. Intesa\u2019s bid involves breaking up the bank, selling 635 MPS<\/strong> branches and the MPS brand to insurer Unipol Assicurazioni. Intesa would keep Mediobanca, as well as its 13% stake in insurer Generali.<\/p>\n The hope is that the arrangement would head-off any competition issues.<\/p>\n All eyes are now on MPS bosses\u2019 response, which could ultimately transform Italy\u2019s banking landscape.<\/p>\n Share<\/p>\n Over in Copenhagan, shares in drugmaker Zealand Pharma are down 25% after trial data showed its injectable obesity drug survodutide had worse side effects and higher patient dropout rates than rival treatments.<\/strong><\/p>\n Late-stage data from two studies of the drug, presented last weekend at a medical conference, showed that nearly one in four patients taking the highest 6-milligram dose of survodutide stopped treatment due to side effects, with about one in five dropping out specifically because of gastrointestinal problems.<\/p>\n Share<\/p>\n","protected":false},"excerpt":{"rendered":" Oil falling back and markets recovering after Iran announces ‘end of military operations’ against Israel A sense of calm is returning to markets, as news breaks that Tehran has announced that end of its military operations against Israel. Iranian military\u2019s joint command says it is halting its offensive operations after Israel and Iran had exchanged<\/p>\n","protected":false},"author":1,"featured_media":50162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[1631,303,2772,419,84,214,744,268,2756,1319,7438,1276,2339],"class_list":{"0":"post-50161","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-announces","9":"tag-business","10":"tag-falls","11":"tag-happened","12":"tag-iran","13":"tag-israel","14":"tag-military","15":"tag-oil","16":"tag-operations","17":"tag-price","18":"tag-rallies","19":"tag-street","20":"tag-wall"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/50161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50161"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/50161\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/50162"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Closing post<\/h2>\n
FCA takes legal action against Neil Woodford<\/h2>\n
US tech stocks rebound<\/h2>\n
US stock market opens higher<\/h2>\n
Nationwide CEO’s pay packet almost doubles to \u00a34.7m<\/h2>\n
Analyst: Tech\u2019s record pullback is just a \u2018healthy reset\u2019 for the bull market<\/h2>\n
Oil falling back and markets recovering after Iran announces ‘end of military operations’ against Israel<\/h2>\n
Battle over world’s oldest bank<\/h2>\n