Key Takeaways
- Nvidia (NVDA) CEO Jensen Huang confirmed collaboration with Xiaomi ((/stock/1810)) on AI and self-driving software, causing Xiaomi's shares to rise over 1% in Hong Kong.
- Bayer (BAYN) has received EU approval for Nubeqa (darolutamide) for patients with metastatic hormone-sensitive prostate cancer (mHSPC), expanding treatment options.
- Iron ore futures reached multi-month highs amid warnings about a large dam, signaling potential supply disruptions.
- UK profit warnings hit a record high, primarily attributed to ongoing geopolitical issues, according to EY (EY.com).
- China's rare-earth magnet exports saw a significant 158% surge following a recent trade agreement.
In significant market developments, Nvidia (NVDA) CEO Jensen Huang announced a collaboration with Xiaomi ((/stock/1810)) on artificial intelligence and self-driving software, a move that boosted Xiaomi's shares by over 1% in Hong Kong trading. This partnership underscores the increasing integration of AI technologies into various sectors, particularly in the automotive industry.
On the healthcare front, Bayer (BAYN) secured EU approval for its prostate cancer treatment, Nubeqa (darolutamide), for patients with metastatic hormone-sensitive prostate cancer (mHSPC). This approval, based on positive results from the Phase III ARANOTE trial, provides a new treatment option that can be used with or without chemotherapy, offering greater flexibility for physicians.
Commodity markets saw iron ore futures climb to multi-month highs today. This surge follows a warning regarding a large dam, which has raised concerns about potential disruptions to supply.
Meanwhile, the UK is grappling with economic headwinds as profit warnings reached a record high, largely driven by persistent geopolitical issues. This assessment comes from EY (EY.com), highlighting the significant impact of global instability on corporate performance.
Further economic data revealed that Switzerland's M3 Money Supply increased by 4.3% year-over-year in June, up from the previous 3.5%. This indicates a notable expansion in the country's broad money supply.
In trade news, China's rare-earth magnet exports experienced a substantial 158% increase following the implementation of a new trade agreement. This surge reflects the growing demand for these critical materials and the impact of favorable trade policies.
Among European equities, Deutsche Bank (DB) has shifted its outlook, reiterating a "Neutral" stance on European stocks compared to their US counterparts. Individual stock movers included Boliden (BOL), which rose 4.5% after an upgrade from Berenberg, and Galp (GALP), up 2.4% on upgraded EBITDA and OFC expectations. Vivendi (VIV) also saw a 2.1% gain following an upgrade from Kepler. Conversely, Sixt (SIX2) shares dropped 8.5% amid reports that the EU may mandate car rental companies to purchase only electric vehicles from 2030. Stellantis (STLA) also faced a decline of 2.8%, reportedly due to an anticipated net loss of USD 2.7 billion.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.