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Germany's Merz sacks transport minister in broader cabinet shake-up, Bild says
The German Chancellor Friedrich Merz fired Transport Minister Patrick Schnieder on Friday, amid frustration with 'the state of the rail network and crumbling infrastructure in Germany,' according to Bild, as part of a wider cabinet reshuffle. The mass-circulation newspaper reported that Schnieder will be succeeded by Fritz Guentzler. He is a CDU legislator and auditor from Goettingen. Sources in conservative circles were cited. I was unable to reach the Chancellery or Transport Ministry for comment on Friday morning. The shake-up in the cabinet was triggered by Jens Spahn's sudden resignation over a controversy surrounding surrogacy. Bild reported that Merz had grown "increasingly disappointed" by Schnieder’s failure to fix Germany's failing rail system and infrastructure despite an unprecedented budget. Guentzler, an auditor and politician, has served as a Bundestag member since 2013. He is a member in the Finance Committee of parliament. Sources said that on 'Thursday', Health Minister Nina Warken would likely take over Merz’s chancellery. Her predecessor,?Thorsten Free, would replace Spahn in the CDU/CSU group in parliament. Warken would be the first woman in post-war Germany to hold the role of chief of staff. Schnieder - who will take office in May 2025 - was criticized 'in September after he said he did not have enough money for infrastructure and new bridges despite having a large budget. Bild reported.
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India's Youth Leaders to Talk with Government but Continue with Nationwide Protests
A spokesperson for the group stated that leaders of India's youth led "cockroach" will meet with the government to resolve a dispute over national examination papers leaking. However, they will not stop nationwide protests. The announcement came hours after Sonam Wangchuk, an activist who had been on a hunger strike for 26 days, ended it overnight. This raised hopes that both sides were moving towards a breakthrough. Tens of thousands angry youths have congregated in Delhi to demand resignation of the Education Minister over the scandal. The protests are the largest youth challenge that Prime Minister Narendra modi has faced since he took office in 2014. The opposition parties have also echoed these demands, and disrupted this week's monsoon session in parliament. Saurav Das, spokesperson for the CJP, told reporters that talks between government ministers (and leaders of CJP), which calls itself Cockroach Janta Party), would take place at a neutral location. He said: "We hope the government will come with an open-mindedness and listen to the citizens of this country, who have been on the road for so many years." "We will go into greater detail about our demands." We hope the government will?listen to us." Das added that the nationwide protests will continue. He said, "We will not back out." "Because real awakening begins at the grassroots, and that's what we need." PROTESTERS INSIST on the resignation of Education Minister The government has not made any new comments on the talks. However, a senior Minister said that the government is always willing to talk for as long as it takes and will not "stand by prestige". The protests at Jantar Mantar, central Delhi, were led by young men and women. They said that they would insist on Dharmendra Pradhan's resignation to hold him accountable for the mess of the national exams. Sudesh Singh said, "We'll continue to protest until Dharmendra is fired," as thousands of demonstrators chanted slogans. The crowd was slowly growing. "He shouldn't be given another job." "If we stop now, we compromise the future of our kids." CJP protests began as a satire online and only involved a few hundred youths when first launched. It grew in popularity after the leaked question paper of the May medical college entrance exam caused the test to be cancelled, affecting 2 million students. On Monday, tens of thousands marched to parliament against a ban and clashed violently with the police who pushed them away with tear gas and slapped them with canes. On Wednesday night, violence was reported when more than 10,000 people gathered in central Delhi to protest. Analysts say that the rise in popularity of the movement reflects the frustrations of young Indians with issues such as job scarcity and frequent exam leaks. They warn the government to address the crisis. DELHI METRO SHUTS STATIONS, MOBILE INTERNET DISRUPTED Authorities shut down 16 metro stations and mobile internet services in central Delhi on Thursday in an effort to stop the protests. This inconvenienced thousands of people. Delhi Metro Rail Corp. announced that it would shut down 17 stations from early Friday morning until further instruction. This is the third time in a week the system, which is vital to the capital's lifeline, has been closed at such a scale. On Friday morning, mobile internet service in the area was disrupted once again. Journalists reported patchy or no connectivity. Modi announced late Thursday that the federal cabinet would meet on Friday to discuss a draft amending laws to punish those responsible for exam paper leaks. The amendments will be approved by parliament at the earliest possible time. The protesters, however, have rejected this proposal. They say that the system of examination should be improved to prevent leaks from occurring in the first instance. Analysts say that in the past few years, youth-led protests on the streets of Sri Lanka, Bangladesh, and Nepal brought down governments. Modi's government should engage protesters in dialogue and alleviate their fears. They warn that even though national elections will not be held until April 2029 but key states such as?the most populous state, Uttar Pradesh run by Modi’s party, Gujarat, his home-state, and Punjab vote next year, the antigovernment sentiment may have an effect. Invectives, online criticisms, jokes, and memes have also increased in the movement, targeting Modi. Modi is a nationalist with a large following. Analysts say that this shows less fear for Modi because his supporters are quick to defend him, sometimes angrily. Reporting by YP Rajesh; Editing and editing by Raju Gopalakrishnan.
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US arms makers face Europe's push for local control
Customers were more concerned about American suppliers as U.S. defense companies visited Britain's Farnborough Airshow to tap into?Europe's military expenditure boom. European governments demand greater control over defence equipment, more local production, and a larger?share of the industrial benefits. U.S. arm makers have responded by 'expanding their manufacturing in Europe, forming joint-ventures and offering more tailored product. Daniel Tenney is Lockheed Martin’s senior vice-president of global business strategy and development. He said: "We heard loudly that Europeans want greater sovereignty and more localised capabilities." PLEDGES OF LOCALIZATION U.S. firms argue that it's faster and cheaper to purchase proven American systems rather than develop new ones. They also pledge to localise technology and production. Lockheed announced at Farnborough that a Patriot interceptor with a lower cost would be developed in collaboration with European and U.S. Partners. This announcement comes just a few days after Lockheed announced plans to develop an Army Tactical Missile System with Germany's Rheinmetall. Raytheon, RTX’s Raytheon, announced recently that it has partnered with European companies to increase Stinger production. This includes assembling the missiles in The Netherlands. Thomas Laliberty is the president of Raytheon’s land and aerial defence systems. He said that Europeans gain from widely used systems, like the Patriot. The many countries using the Patriot pool their funding to support such features as a database of threats. He said that the collective benefits them a great deal. Other defence-tech companies are also trying to make a move. Anduril has increased its UK workforce, and is establishing local production in Poland of its Barracuda 500M cruise missile. Richard Drake, Anduril UK's General Manager, said that each government has different needs for?localisation. EUROPE?STRIVES TO INDEPENDENCE Some Europeans are concerned that the U.S. may be less willing to or able to supply weapons, parts, or other support, especially if American defense companies have to prioritize U.S. military requirements in other regions. Industry insiders and experts say that Europeans are no longer interested in finished products. They want to have access to the technology necessary to modify, repair and maintain their own equipment. Fabio Dalpan, senior partner of Boston Consulting Group in Milan, said that they want "a significant transfer of IP". The U.S. defense industry is heavily dependent on Europe, but the concern for U.S. firms is if this trend towards increased autonomy will continue. Tom Waldwyn of the International Institute for Strategic Studies in London said that this is "of great concern". Some equipment, like F-35 fighters and Patriot air-defence systems, cannot be quickly replaced by Europe. Sash Tusa is an aerospace and defense analyst with UK-based Agency Partners. He said that in other areas, "European capabilities may be good enough" and in cases where the country has a huge advantage in terms of sovereignty, they may even be cheaper. He added that this includes medium-range missiles for air defence. Analysts say that Europe is progressing in its efforts to wean itself off U.S. technology in certain?areas such as early-warning aircraft. NATO announced a $4.5 billion plan for up to 10 Saab GlobalEye'surveillance aircraft to replace aging AWACS - early warning aircraft. This is a Swedish solution over a rival system from U.S. planemaker Boeing. Europeans, meanwhile, are working on developing new technologies. The British government announced that it would adopt a new unmanned fighter aircraft developed by UK-based BAE Systems as its "operational concepts demonstrator" at the airshow. This is despite the fact that a number of U.S. firms are already developing similar planes, some of which were displayed at Farnborough. Last week, Air Vice-Marshal Jim Beck of the UK Royal Air Force, director of capability, said that Britain's program would have many vendors involved, but it would be "sovereign". "We must have the freedom to use our equipment at our discretion." (Reporting and editing by Joe Brock, Sharon Singleton, Cassell Bryan Low)
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India's benchmarks for stocks have their worst week in the last four months, as crude oil tops $100
Indian shares dropped on Friday as the Middle East crisis intensified, and oil prices rose to $100 per barrel. The'slide in 'IT company Infosys, and airline operator IndiGo, on the back of weaker than expected earnings, further weakened sentiment. By 10:00 a.m. IST the benchmark Nifty 50 index fell 0.95%, while the BSE Sensex dropped 1.03%, to 75,609.4. Both were on track for a fifth consecutive session of?losses. The team has lost between 2.8% and 3.2% in the last week, and is on track to have their worst performance for four months. Donald Trump, the U.S. president, promised a "major punishment" to Iran and its Houthi ally on Thursday. This came after Yemeni fighters attacked two?Saudi?oil tankers in Red Sea. The Middle?East conflict now extends to a?second main shipping chokepoint. India is at risk from higher oil prices, as it is the third largest crude importer/consumer in the world. Higher oil prices can cause inflation, increase the trade deficit, and squeeze growth and corporate margins. Sunny Agrawal is the head of fundamental analysis at SBI Securities. He said that investor sentiment was hurt by a sharp increase in crude oil prices this week. 15 of 16 major sectors posted losses. Small-caps and mid-caps fell by 1.3% and 0.1% respectively. Interglobe Aviation and Infosys both fell by about 2.2% following disappointing June quarter results. Oil marketing companies BPCL HPCL and Indian?Oil each fell by about 2% on the back of rising crude oil prices. Ramco Systems dropped 10% after reporting a quarterly profit decline. Cyient and Suryoday?Bank, which buck the trend, gained 2% and 7.5%, respectively, after posting a rise in their June quarter profits.
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India's benchmark stocks have their worst week in the last four months, as crude oil tops $100
Indian'shares' fell on Friday due to the rise in oil prices, which reached above $100 a barrel as the Middle East crisis intensified. By 9:40 a.m. IST the benchmark Nifty 50 index fell by 0.8% to 23,678, and the BSE Sensex dropped by 0.91%, to 75,700.9, putting both indexes on track for a fifth consecutive session of losses. This week they have lost between 2.7% and 3.1%, which is their worst performance for the last four months. U.S. president Donald?Trump on Thursday promised to "majorly punish" Iran and its Houthi ally after Yemeni 'fighters' attacked two Saudi oil tanks in the Red Sea. This extended the Middle East conflict to a second major shipping chokepoint. The rising oil price poses a major risk to?India as the third largest crude importer and consumer in the world. It will increase inflation, widen the trade deficit, and squeeze growth and corporate margins. Sunny Agrawal is the head of fundamental analysis at SBI Securities. She said, "The fears over Mideast tensions were further amplified by a sharp increase in crude oil prices this week, which hurt investor sentiment." Agrawal said that "Broader?markets are also under pressure. This reflects a cautious risk appetite in investments. Developments around the U.S. Iran Conflict and oil price movements will likely drive market direction over the short term." 15 of the 16 major sectors posted losses. Small-caps and midcaps both fell by 0.8%. After disappointing results for the June quarter, Infosys and Interglobe Aviation both fell by about 1.7%. Oil marketing -companies BPCL HPCL and Indian Oil each fell about 2% on the rise in crude oil prices. Ramco Systems' quarterly profit dropped by?10%. Cyient?and Suryoday Small Finance Bank, which buck the trend, gained 2% ad 7% respectively, after posting a rise in their June quarter profit.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. 74SOFTWARE, a software company, reported a first-half operating profit of EUR43.9 mln ($49.94 mln) on Thursday. The company also raised its revenue growth and margin forecast for the full year. AKWEL On Thursday, the automotive component supplier reported a -18.7% decline in revenue for the first half to EUR415 millions and confirmed its outlook through 2026. ARAMIS GROUP On Thursday, the used car retailer reported a third-quarter revenue totaling EUR 559.2 million. It also confirmed its 2026 goals. ARGAN/WDP: The property companies Argan in Belgium and WDP in the United States announced plans to merge on Thursday. They said that the new company would be worth EUR13billion ($14.8billion). ASSYSTEM On Thursday, the engineering group reported a first-half revenue totaling EUR328.5million and confirmed its 2026 goals. AUBAY On Thursday, the IT consulting firm reported second-quarter revenue of EUR173.6 millions and updated its 2026 target, now aiming to achieve revenues between EUR695-705million versus an earlier range of EUR676-690million, with a full-year profit between 9%-10%. BASSAC, the real estate and construction firm, reported a first-half net profit group share of EUR37 millions on Thursday. BURELLE SA, the automotive component holding company, reported a net profit group share of EUR65 millions for the first half. CARREFOUR, Europe's largest food retailer, reported Thursday better-than expected second-quarter sales. It benefited from improved momentum in France and?a return of expansion in Brazil. CASINO On Thursday, the French retailer announced that the credit committees for all of its bank creditors had given their consent in principle to improving the terms of the term loan B 'creditors security package' and waiving the requirement of a majority of two-thirds of the term loan B creditors to amend the safeguard plan. ECONOCOM Group The digital services company reported a first-half operating profit of EUR22.9 millions on Thursday, and confirmed its 2026 forecast. EXAIL Technologies The French underwater drone manufacturer posted on Thursday a 17% increase in revenue for the second quarter, driven by its Navigation and Maritime Robotics segment. FRANCE/TESLA - France is opposed to the use of Tesla TSLA.O Full Self-Driving Driver Assistance Software (FSD) in its current format on?roads within the European Union, citing safety concerns. GAZTRANSPORT AND TECHNIGAZ On Thursday, the French maritime technology company announced that GTT Marine would equip a fleet of LNG carriers chartered to Petronas using its suite of digital solutions aimed at improving vessel performance. GUERBET GUERBET, the medical imaging company, reported a first-half revenue on Thursday of EUR379.2 millions. The company expects revenue in 2026 to remain stable or even slightly decrease. It has a core earnings margin rate (EBITDA), restated at around 8%. HAVAS HAVAS, the advertising group, announced on Thursday that it had achieved an adjusted operating profit (EBIT) for the first half of EUR150 millions and has confirmed its guidance to 2026. IMMOBILIERE DASSAULT On Thursday, the real estate investment company reported a net result for the first half of EUR118.8 millions. LINEDATA SERVICES On Thursday, the company reported a first-half revenue figure of EUR82.4 Million and stated that it expected a lower profit for half-year results. LISI On Thursday, the fastener maker reported a first-half net income of EUR62.4m attributable shareholders. It also confirmed its 2026 goals. LNA SANTE On Thursday, the healthcare company reported an operating revenue of EUR 465.1 million for June, a result of organic growth of 7.5%, and confirmed their outlook to 2026. NEXITY On Thursday, the real estate company reported a net loss of EUR31million and confirmed their 2026 forecast. PIERRE ET VACACES On Thursday, the tourism company reported a third-quarter revenue totaling EUR487 millions and stated that it expected 2025/2026 EBITDA adjusted to EUR185 million in line with its previous growth predictions. PROXIMUS, the Belgian telecommunications firm, received approval on Thursday from the Belgian Competition Authority to expand and accelerate its Fiberklaar Partnership. ROBERTET, the flavors and fragrances company, reported a net revenue of EUR444m for the first half of this year. It also reaffirmed that it aims to achieve a 5% organic growth per annum at constant exchange rates. The company reported a net result for the end of June of EUR 9.5 million. STEF SA The temperature-controlled logistics provider on Thursday reported second-quarter revenue of EUR1.42 billion. UBISOFT The French video game maker, which has been releasing games since 1995, stuck to its targets after bookings for the first quarter came in slightly higher than expected. They also continued to reduce costs and provided limited details about their future releases. VOLTALIA, a renewable energy company, reported a second-quarter revenue of EUR198m and confirmed an EBITDA 'guidance' of EUR210-230m and n positive net result for 2026. It also revised its 2026 capacity target to 3.6 GW compared to 3.7 GW previously. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones ............... Wall Street Report ..... Nikkei 225............. Tokyo report............ London report ........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
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Indian shares drop as crude reaches $100; Infosys and IndiGo fall on subdued results for Q2
Indian shares?opened?lower on Friday. Pressured?by a rise in Brent crude?to over $100?per barrelas?the Middle?East crisis escalates. A slide in IT company Infosys, and airline operator IndiGo due to weaker than expected earnings further hurt the sentiment. By 9:15 a.m. IST the benchmark Nifty 50 slid 0.85% to 23,666.35, and the BSE Sensex fell?0.89%, to 75,708.19, putting both indices on course to suffer their fifth consecutive session of losses. U.S. president Donald?Trump on Thursday promised "major punishment" against?Iran, and its allied?Houthi fighters after they attacked two Saudi oil tanks in the Red Sea. This extended the Middle East conflict to a new major shipping chokepoint. India's economy, which is the third largest?crude importer/consumer in the world, faces a major risk from higher oil prices. They can exacerbate?inflation and widen?the trade deficit, while also squeezing corporate margins and growth. All 16 major?sectors posted losses. Small-caps and midcaps both fell by 0.6%. After disappointing?June-quarter results, Infosys has lost about 2% and Interglobe Aviation is down about 1.5%. Reporting by Vivek M and Bharathrajeswaran, Editing by Mrigank dhaniwala and Nivedita Bhattacharjee
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Brent is hovering above $100/bbl and set to rise weekly on Middle East escalation
Brent oil prices hovered above $100 per barrel Friday, heading for a fourth week of gains. This was largely due to concerns over disrupted energy flow in the Red Sea as well as fears about escalation of the U.S. and Israeli war against Iran. Brent futures rose 37 cents or 0.37% to $101.06 per barrel at 0330 GMT. The previous session, the price of a barrel had risen 7% over $100 for the first since May after Iran-aligned Houthis claimed they had struck two Saudi oil tanks in the Red Sea. The contract was on track for a 14.6% increase this week. West Texas Intermediate (WTI), futures are little changed, at $91.20 per barrel. This is their highest level since June 11, and they're on track to have an 11.8% increase in a week. ING analysts wrote in a Friday note that "the potential supply disruptions now facing the market are greater than?at any other time during the conflict." Not only has oil flow through the Strait of Hormuz virtually dried up, but there are also clear risks for Saudi oil flowing from the Red Sea. "Further escalated in the Gulf?and fears of an expanding conflict?are putting significant amounts of oil supply on risk." According to Kpler's ship-tracking data, the number of tankers passing through the Strait of Hormuz dropped to one on Thursday – the lowest since May 7. The Bab el-Mandeb shipping route controls access from the Red Sea to the Indian Ocean and is the second-most-important oil channel after the Strait of Hormuz. Donald Trump, the U.S. president, vowed to "hold Iran accountable" for any future attacks. Houthis, who are Iran-aligned, declared on Monday they would impose a naval blockade against Saudi Arabia. Saudi Arabia had diverted its oil through pipelines to avoid Iran's closure of Strait of Hormuz. After an interim ceasefire between Iran and the United States collapsed two week ago, Iran had pressed the Houthis?to close the Bab el-Mandeb portal?to Red Sea if they continued to attack Iranian energy infrastructure. On?Thursday the energy ministry of Kazakhstan said that oil companies had temporarily reduced production following suspected Ukrainian drone attacks which forced the closure of Kazakhstan's main Black Sea Export Terminal. On Tuesday, sources in the industry said that the Caspian Pipeline Consortium had stopped receiving oil from Kazakhstan. They suspended loadings due to attacks on tankers at terminal. About 2% of the world's crude oil is transported via this route. Kazakhstan's Energy Ministry did not specify the extent of production reductions. However, one source claimed that the country's largest field had reduced output by more than 50%.
Russia claims to have struck three Ukrainian ports overnight, striking infrastructure and fuel
Russia announced?on Friday? that its forces had'struck three Ukrainian ports overnight? in a?attack which targeted infrastructure, including loading and unloading areas and fuel reserves which supported Kyiv’s armed forces.
The Russian Defence Ministry claimed that air-launched rockets and strike drones had?hit the ports of Odesa Izmail, and Mykolaiv as part of a campaign of heavy strikes against Ukraine.
In a press release, it said that tanks of fuel and lubricants intended for the Ukrainian army had been damaged in Odesa and that storage and unloading facilities for military cargo had been destroyed in Izmail. The floating dry dock in Izmail was also hit.
The Defence Ministry in Mykolaiv?said that its forces struck a cargo vessel?which was?unloading military shipments.
Could not independently verify the ministry's claims.
The Geneva-based company Allseeds announced earlier this week that it would cease operations in the Odesa area due to a 'intensifying Russian attack on port infrastructure. This is the third such announcement made recently. Andrew Osborn (Reporting)
(source: Reuters)