ASML Holding in charts: Q2 net sales surge 21% Y/Y to €9.33B; gross profit hits €5.04B
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Breaking a six-month record, the investment banking giant capitalizes on a surging wave of global megadeals.
Goldman Sachs said it had advised on more than $1 trillion of announced global mergers and acquisitions so far this year, the fastest any investment bank has reached that milestone in a six-month period, citing data from capital markets data provider Dealogic.
The bank attributed the milestone to a string of marquee mandates, including serving as co-financial adviser to Dominion Energy on its roughly $67 billion sale to rival utility NextEra Energy, announced last month, along with other major transactions.
Goldman reported that its investment banking fees rose 48%, to $2.8 billion in the first quarter. It’s a reflection of the “K-shaped” M&A market, where megadeals are the dominant force, but deal volumes are declining, and mid-market activity is subdued.
Data compiled by PwC revealed that the global M&A market is on track to reach $4 trillion in 2026, a 13% annual increase, with major sales estimated to account for 48% of deal value worldwide, a significant expansion from two years ago.
“Goldman has been the global leader in M&A advisory fees for more than 90 consecutive quarters. The fact that it’s reaping benefits from a moment of megadeal activity simply proves the strength of its franchise,” said Mark Narron, senior director at Fitch Ratings. “However, advisory revenues are generally a small share of total revenues. In 2021, which was Goldman’s record year for advisory, advisory revenues contributed only 10% of total revenues.”
Fitch says it’s difficult to forecast whether Goldman’s advisory revenues will continue to climb, given the cyclical nature of advisory fees and uneven regional M&A trends — with most deal activity still concentrated in the U.S.
Fitch expects M&A activity to be sensitive to market conditions, economic growth, geopolitical events, and interest rates. Global growth is estimated to decelerate to 2.8% this year, according to the latest OECD economic outlook report. Inflationary pressures are rising in advanced and emerging economies due to energy shocks from the Iran conflict. Prices in the G20 economies are expected to climb to 4% in 2026. In a “prolonged disruption” scenario, inflation could rise further, which may prompt hawkish interest rate responses from central banks.
Peter Taberner is a contributing writer based in the U.K.
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TSMC said on Monday that June revenue rose 67.9% year on year to NT$398.27 billion (€10.8bn), bringing the first-half of the year revenue to NT$2.4 trillion (€65.4bn), a 35.6% increase from the same period in 2025.
Based on the company’s monthly revenue disclosures, second-quarter revenue amounted to roughly NT$1.27 trillion, ahead of the NT$1.264 trillion (€34.4bn) consensus forecast from 20 analysts surveyed by LSEG.
Monday’s release covers June revenue and cumulative first-half sales only.
TSMC will publish its full second-quarter earnings on Thursday, including net profit, gross margin, operating margin and updated financial guidance.
At its April earnings presentation, TSMC said it expects full-year 2026 revenue to grow by more than 30% in US dollar terms and projected capital expenditure of between $52 billion (€45.5bn) and $56 billion (€49bn) as it expands manufacturing capacity to meet AI-driven demand.
New fabrication plants are under construction or in preparation in Arizona, Japan and Germany, reflecting both the scale of customer demand and government efforts to strengthen domestic semiconductor manufacturing.
Shares in TSMC rose about 1% following Monday’s revenue update.
Investors will now turn their attention to Thursday’s full earnings report for updates on profitability, margins, full-year guidance and the rollout of the company’s two-nanometre manufacturing technology, which is already attracting strong customer interest.
The company sits at the centre of one of the largest investment cycles in the semiconductor industry’s history.
Many of the world’s leading AI processors, including Nvidia’s GPUs and much of the custom AI silicon designed by Amazon, Google and Microsoft, are manufactured by TSMC in Taiwan.
At the company’s April earnings presentation, CEO Che-Chia Wei described AI demand as “extremely robust”, driven by the shift from chatbots that answer questions to agentic AI systems capable of taking actions.
That transition requires significantly greater computing power, increasing demand for the advanced chips TSMC manufactures.
Advanced technologies, defined as chips produced using process technologies of seven nanometres or smaller, accounted for 74% of wafer revenue in the first quarter.
TSMC’s three-nanometre technology alone contributed 25% of wafer revenue.
Reports have indicated that Nvidia has reserved roughly 60% of TSMC’s advanced chip-packaging capacity for 2026, highlighting continued supply constraints across the AI semiconductor market.
World Cup tourists are coming to L.A. for the soccer, but they’re staying for the $21 smoothies and Double-Doubles.
As the last Los Angeles FIFA World Cup event ended Friday, soccer fans were eating like locals and famous chains from the region were cashing in.
In the weeks that L.A. has hosted the World Cup, international soccer enthusiasts have flocked to big brands from the area, often in large groups wearing their countries’ jerseys.
It is a phenomenon seen at many of the host cities. In Dallas, giant gas station Buc-ee’s is the main attraction. For people visiting New Jersey, deli shops have been a hot ticket. In L.A., the place to be between matches was Erewhon.
Thirsty international sports fans gathered for pictures outside different Erewhons, wandered their aisles smiling, and, of course, picked up pricey smoothies.
While Erewhon would not comment on its business, mobility data company Arity, which uses phone data to track consumers, said Erewhon visits at the outlets around SoFi Stadium were quadruple what they were a week earlier on June 12, the day of the U.S. national soccer team’s opening match there.
Arity looked at what stores people visited within a 10-mile radius of SoFi that day and also found surges in visitors to nearby El Pollo Loco and Trader Joe’s.
Locals have spotted groups of people in Korea jerseys huddled together, trying to decide what to order at In-N-Out.
Some complained on social media that international tourists at Trader Joe’s were buying up all the mini canvas tote bags.
Soon after the Belgium vs. Spain quarterfinal ended Friday, the In-N-Out near SoFi had a long line of soccer fans stretching out the door in bright red and yellow and black jerseys and matching striped hats and scarves.
One of the workers said he had to explain “spread” and “animal style” to foreign football fans.
“I didn’t know this place existed,” a fan from Romania said while waiting in line.
Los Angeles and other cities and states that have hosted the event need the soccer fans to spend money to make the event worth all the time, effort and money it requires.
A rosy 2024 report projected the World Cup could bring more than $800 million to the L.A. region as 180,000 people converge on the area to sleep, eat and spend.
There were early concerns people weren’t turning up for the event because of the high ticket prices and the difficulty of obtaining visas for citizens of some countries.
However, at least for some L.A. hotels, there was a surge of last-minute visitors which pushed up occupancy and room rates.
While sports fans are not in the region to shop, they do make time for it.
World Cup customer spending is also apparent in beer sales. Andrew Heritage, the chief economist at the Beer Institute said beer purchases at entertainment and attractions in L.A. – outside of World Cup spaces – were up around 10% from normal.
“That tells me that fans in the L.A. area have decided to extend their stay and take in all the other things that the area has to offer, rather than just the match itself,” he said.
On social media, the purpose of these shoppers is clear: grab a quick souvenir or local specialty and take a selfie.
The data from Arity suggests that fans are very efficient when they spend at local spots, diving in, getting what they want and getting out as soon as possible, said Jeff Schlitt, a director at the company.
“Normally you’re there for an hour. They’re going to be there for 15, 18 minutes,” he said. “Why is that? Because they were purpose-driven shoppers.”
For some travelers, the more popular American chains aren’t unfamiliar. But some of the native L.A. fare still comes as a surprise.
As one Belgium-Spain matchgoer from the Netherlands stood taking a picture of the In-N-Out sign after the game, he said he’d never had a burger like the one he’d just tried.
“We only have McDonald’s and Burger King,” he said. “It’s way better.”
Brent crude rises above $76 a barrel for the first time in two weeks amid renewed violence in Strait of Hormuz.
Published On 8 Jul 20268 Jul 2026
Oil prices have surged as renewed hostilities between the United States and Iran threaten to derail a fragile ceasefire that had brought some relief to global energy markets.
Brent crude, the main international benchmark, rose as much as 3 percent on Wednesday, reversing a slide that had seen prices return to pre-war levels.
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Brent futures for September stood at $76.07 a barrel as of 04:00 GMT, the highest since June 23.
The jump came after the US launched strikes on Iran and revoked a temporary waiver of sanctions on Iranian oil, following attacks on three commercial vessels in the Strait of Hormuz.
US, Qatari and Saudi officials blamed Iran for the attacks on the vessels.
US Central Command said on X that it had begun “launching a series of powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway”.
Tehran has not directly claimed responsibility for the attacks, but has repeatedly warned vessels against attempting to transit the waterway on routes it has not approved.
Iranian Deputy Foreign Minister Kazem Gharibabadi said earlier that Tehran would take “decisive actions to safeguard its national interests and security” in response to the revocation of the sanctions waiver, describing the move as a “blatant violation” of the memorandum of understanding (MoU) signed by Washington and Tehran on June 17.
Tony Sycamore, a senior market analyst at IG Australia, said the MoU’s language was deliberately vague regarding control of the strait and traffic management.
Disagreement between the US and Iran over whether the strait is an international waterway or partly Iran’s territorial waters was never fully resolved, Sycamore said.
“It remains to be seen whether this morning’s US strikes bring a swift end to the latest escalation or Iran elects to continue flexing its leverage over the Strait with actions that fall short of triggering a broader conflict,” Sycamore said in a note to clients on Wednesday.
“At the very least, it will keep markets on edge and does suggest crude oil prices have based for now.”
The US strikes followed a separate move by the US Treasury Department late on Tuesday to revoke its 60-day waiver on sanctions on Iranian oil.
The Treasury Department last month authorised the sale of Iranian oil until August 21 as part of broader negotiations with Tehran, but transactions will now no longer be allowed after 12:01am EDT (04:01 GMT) on July 17, according to a statement on the department’s website.
The new order also rescinds authorisation for any new transactions, including purchases or loading, after Tuesday.
Saul Kavonic, head of energy research at MST Marquee, said he expects oil prices to remain elevated as hazardous conditions persist in the strait and the release of emergency oil stockpiles wind down.
“Iran fully intends to cement its control over the Strait of Hormuz in the coming weeks, which is unacceptable to the US, many Gulf states and global customers, and could result in passage through the strait remaining below 50 percent of pre-war levels for many months with periodic flare-ups in hostilities,” Kavonic told Al Jazeera.
WASHINGTON — Immigration and Customs Enforcement arrested 10,000 people over a five-day period at the end of June, marking a major push by the agency tasked with carrying out the Trump administration’s mass deportations agenda.
The arrest numbers, obtained from a person familiar with the information who spoke anonymously to discuss data that has not been publicly released, comes after the agency shifted its approach from high-profile arrest sweeps in major American cities to quieter ways to reach President Trump’s deportation goals.
The figures indicate that while the administration is no longer cracking down on individual cities, the arrests continue and are surging.
The total number of arrests during the five-day period starting Friday and ending Tuesday translates to roughly 2,000 arrests per day. It was not clear where the arrests had taken place.
The spike in arrests was first reported by The New York Times.
“Since Day One, DHS law enforcement has been delivering on President Trump’s promise to the American people to arrest and deport criminal illegal aliens including murderers, rapists, pedophiles, gang members, and terrorists,” said the Department of Homeland Security in a statement. “Our message is clear: if you come to our country illegally, we will find you, we will arrest you, and we will deport you.”
The arrests news also comes as the number of people entered into ICE detention facilities climbed in June to roughly 39,000 after hovering near 30,000 per month since February, according to information obtained by the Associated Press.
ICE doesn’t publicly release arrest data, making exact comparisons with previous periods difficult. But according to data provided to UC Berkeley’s Deportation Data Project and analyzed by The Associated Press, 2,000 arrests per day would mark a sharp increase over previous periods.
December had the most ICE arrests since the beginning of the Trump administration, and that month only averaged 1,283 arrests per day nationwide.
In January, at a time when the administration flooded the streets of Minneapolis and surrounding regions with hundreds of immigration enforcement officers, arrests averaged about 1,212 per day across the country.
But that proved to be a turning point in the Trump administration’s mass deportations agenda after two American citizens were killed by immigration officers while protesting the crackdown in Minneapolis.
Border advisor Tom Homan started drawing down the number of officers in Minnesota as the agency stepped back from the flashy surge operations that had been common during the tenure of then-Homeland Security Secretary Kristi Noem.
Operations under Noem, headed by former Border Patrol Chief Gregory Bovino, were marked by frequent clashes between immigration enforcement officers and protesters in footage that was often splashed across the Department’s social media channels.
In February, immigration arrests fell to 1,057 a day, according to information from the Deportation Data Project. The Project sued through the Freedom of Information Act to obtain the ICE arrests data, and it is only current through February.
After Noem was fired, her successor at Homeland Security, Markwayne Mullin, suggested he’d be taking a more low-profile approach to immigration enforcement and he aimed to get the department out of the headlines. But Mullin was expected to adopt Trump’s priorities on immigration.
Santana writes for the Associated Press.
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The EU has allocated import quotas for steel to its trading partners on Tuesday in an attempt to fight growing overcapacity from foreign producers.
The measure comes amid rising tensions between the EU and china China, where most of the global steel surplus originates.
Seeking to shield its market from global overcapacity, EU legislators agreed last April to increase existing tariff-free steel quotas to 18.3 million tonnes per year while doubling tariffs beyond those quotas to 50 percent
The EU’s closest allies, such as the UK, Switzerland and Ukraine, are concerned that their own exports to the EU could be drastically affected by the new measures, and have heavily lobbied the European Commission in recent weeks for preferential access to the EU market.
“We are providing market participants with predictability through clear and transparent quota distribution rules, while applying a fair and objective methodology,” EU Trade Commissioner Maroš Šefčovič said in a statement.
The protectionist move comes as global steel overcapacity is expected to grow to 721 million tonnes by 2027, according to the OECD, a volume that could threaten jobs across the entire EU steel sector.
The EU came under even greater pressure last year when the US imposed 50 percent tariffs on steel imports, rerouting the global surplus to the European market.
“They built a wall around their market, steel was hitting that wall and was coming back to our market in greater numbers,” a senior EU official said. “That is why we introduced a safeguard measure which followed an investigation.”
The EU is also fighting unfair trade practices across the board with 80 other measures already in place, among them anti-dumping duties, most of which target cheap steel imports from China.
Pressed by its closest allies to ease the measures to their benefit, the Commission announced on Tuesday that half of the 18.3 million tonnes allowed to enter its market each year will be allocated to partners bound by free trade agreements with the bloc, including India, Switzerland and the UK.
Many of the countries that have clinched a trade deal with the EU will be allocated country-specific quotas proportionate to the volumes traded with the EU between 2022 and 2024.
A special status has also been granted to Ukraine to support the country while it remains at war and ensure a certain level of exports to the EU.
Denzer Guzman hit a tiebreaking single with two outs in the seventh inning Saturday night that sent the Angels to a 5-2 victory over the Athletics.
The Angels tacked on two insurance runs in the eighth on RBI singles by Oswald Peraza and Logan O’Hoppe.
Angels reliever Ryan Zeferjahn (4-3) struck out two in a scoreless seventh to earn the win and increase his hitless streak to 10 innings, with 19 strikeouts, over his last nine appearances.
Kirby Yates threw a 1-2-3 ninth for his 100th career save and second this season.
Josh Lowe sparked the go-ahead rally with a one-out single off left-hander Geoff Hartlieb (0-1) in the seventh. Lowe stole second and scored for a 3-2 lead when Guzman hit a hard grounder down the line that third baseman Max Muncy couldn’t get his glove on.
Angels right-hander Sam Bachman escaped a bases-loaded, one-out jam in the eighth when he struck out pinch-hitter Carlos Cortes with a 100-mph sinker and got Muncy to fly out.
Angels starter Reid Detmers gave up two runs and four hits in 5⅔ innings, striking out eight and walking three. The left-hander increased his strikeout total to 112, third-most in the majors behind Milwaukee ace Jacob Misiorowski (146) and Toronto right-hander Dylan Cease (128).
A’s starter Jack Perkins gave up two runs and four hits in five innings, striking out five and walking one.
The A’s took a 1-0 lead in the second when Jonah Heim crushed a first-pitch fastball that Detmers left over the heart of the plate. Heim sent a 109-mph drive 445 feet over the left-center field wall for his seventh homer.
The Angels countered with two runs in the fourth, a rally that began with Nolan Schanuel’s walk and Jorge Soler’s single. Wade Meckler struck out, but Jo Adell ripped a two-run triple into the left-field corner for a 2-1 lead.
The A’s tied it in the sixth when Nick Kurtz singled, Lawrence Butler walked and Colby Thomas lined a two-out RBI single to left.
The A’s, already playing without injured shortstop Jacob Wilson and second baseman Zach Gelof, lost Tyler Soderstrom when the left fielder was pulled in the third inning because of left hip soreness.
WASHINGTON — As Janeese Lewis George paves a path to the mayor’s office in Washington, D.C., she’s told voters they could have it all.
Her unapologetically expansive, left-wing agenda includes subsidized or even free childcare, increased down payment assistance for homebuyers and community resources to reduce crime, plus a promise to aggressively confront President Trump’s attempts to reshape the nation’s capital.
“People are tired of hearing what government can’t do. They want to hear what government can do,” Lewis George said in an interview before the city’s primary, where she defeated her Democratic opponents and positioned herself to win the general election in November in a city dominated by Democrats.
Lewis George’s victory signals a break with a quarter-century of centrist governance in Washington, and it puts her in the vanguard of democratic socialists who have ascended in urban politics over the last year. Zohran Mamdani toppled Andrew Cuomo, the scion of a political dynasty, on his way to becoming New York City mayor. Katie Wilson won an upset victory to lead Seattle last fall. And this month, Nithya Raman clinched a spot in the November runoff against Los Angeles Mayor Karen Bass.
All of them are members of the Democratic Socialists of America, or DSA. The political organization has seen its membership ranks swell from a few thousand to more than 100,000 nationwide over the last decade after an influx of younger Americans joined following the presidential bids of Vermont Sen. Bernie Sanders, also a self-described democratic socialist.
There’s little sign of national coordination among the candidates, and it’s unclear whether voters are gravitating toward their promises of improved government services, their vows to fight the Trump administration or their critiques of capitalism.
But from coast to coast, confrontational progressives are advancing in mayoral races. City leaders can draw outsized attention for their successes and failures, and democratic socialists will be under pressure from residents to deliver on their vows for a new kind of governance. Whether that translates to national politics is a next test for their movement.
“They are all channeling a displeasure with a status quo and a serious desire for economic populism that the establishment Democratic Party hasn’t been preaching,” said Eric Stern, a Democratic strategist with Fight Agency, a political consulting firm that strategized Mamdani’s mayoral campaign.
Stern added that Democratic voters appeared more willing to support the most progressive candidate in mayoral races rather than in contests for the U.S. House. Candidates like Mamdani and Raman, Stern said, are “daring voters to dream and fall in love not just with the individual candidates but also the political process as a whole.”
The trend of progressives surging in urban areas may have limits for its broader impact on Democratic politics. Democratic mayors in cities including Atlanta, Houston, Miami and San Francisco won on relatively moderate platforms in recent years.
Progressive have also faced noteworthy challenges. Chicago Mayor Brandon Johnson was endorsed by the city’s DSA chapter during his 2023 mayoral run but has since faced criticism from both moderate and liberal local leaders on issues such as immigration, the local budget and public safety. Recalls and public pressure ousted progressives elected to district attorney offices in multiple jurisdictions over the last five years, when criminal justice reform efforts ran into dissatisfaction over public disorder following the COVID-19 pandemic.
Trump’s hardline immigration and law enforcement tactics have also become a challenge for liberal cities. The president’s agenda poses an especially serious threat to Washington, D.C., because of its status as a federal territory.
“Maybe we take back Washington and run it on a federal basis,” Trump told reporters this month when asked about the potential election of a democratic socialist as the district’s mayor. “We won’t put up with it.”
But progressives hope the current wave of anti-Trump furor in deep blue cities across the country will help buoy the chances of those on the hard left.
“It’s not folks looking for the leftmost option so much as looking for a candidate who’s gonna be on their side,” said Ravi Mangla, speaking for the left-wing Working Families Party. The party often endorses the same candidates as the DSA and is readying to target more mayoral offices in the country’s biggest metropolises this fall and in 2028.
“It’s less about whether you are on the right or on the left so much as whether you are willing to punch up at the powerful,” he added.
Mamdani and Lewis George are both self-described “sewer socialists” who emphasize the need for responsive government services rather than critiques of market economics. The phrase recalls the socialist Gilded Age mayors whom critics derided as too preoccupied with managing public works projects.
The term’s revival is partly a strategic move to align leftist ideas with concerns over affordability and the economy, voters’ top concern in the midterm elections, and shift the public perception of democratic socialists from firebrands who support radical policies to independent-minded public servants.
“This is absolutely a change election and I’m excited to bring the change that people want, which is really putting people first in the city and having the moral clarity and courage to stand up to Trump,” Lewis George said.
While conservatives have used the “socialist” label to attack Democrats as extreme or incompetent, some D.C. voters appeared ambivalent before Tuesday’s primary.
Several lifelong residents said they believed Lewis George was a “fighter” but didn’t think she’d have much of an impact on the local economy, given the city’s status as a federal district.
“I go back and forth on my own labels and whether I am supportive of that movement or not, but I am supportive of making D.C. more affordable,” Owen Fitzgerald, a University of Maryland graduate student, said of his support for democratic socialism.
Fitzgerald voted for Lewis George because she would stand up to Trump and said he’d first learned of her campaign from friends in his neighborhood. But he didn’t know she was a democratic socialist until he saw news reports describing her with the label.
“It sends a cultural message to this administration that the people who are surrounding them in the capital are opposed to their platform, opposed to their political agenda, and I think that it will send a message, both nationally and internationally,” Fitzgerald said.
Brown writes for the Associated Press.
Witnesses say Lebanese citizens have been killed and Israeli soldiers wounded amid a new Israeli offensive in southern Lebanon. Social media video shows rockets and helicopters in the skies above Kfar Tebnit and Ali al-Taher.
Published On 19 Jun 202619 Jun 2026
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Japan’s trade deficit significantly decreased to JPY 378.7 billion in May 2026, down from JPY 662.5 billion a year earlier and performing better than the market’s expected JPY 564.6 billion shortfall, the contraction was driven by exports expanding faster than imports.
Wall Street and Asian markets rally on hopes for an end to the US-Israel war on Iran.
Published On 12 Jun 202612 Jun 2026
Stock markets have surged following US President Donald Trump’s announcement that he called off planned strikes against Iran and a peace deal with Tehran is imminent.
Wall Street’s benchmark S&P500 index finished nearly 1.8 percent higher on Thursday, ending a three-day streak of losses for the biggest single-day gain since April.
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The tech-focused Nasdaq Composite jumped 2.5 percent, while the older, blue-chip Dow Jones Industrial Average gained about 1.9 percent.
The rally continued in the Asia Pacific on Friday, with markets in Japan, South Korea, Taiwan, Hong Kong, and Australia racking up gains.
South Korea’s Kospi, the best-performing major index this year, surged more than 8 percent in morning trading, while Japan’s benchmark Nikkei 225 rose as much as 4 percent.
Taiwan’s TAIEX gained about 2.4 percent, and Australia’s ASX 200 rose about 1.8 percent.
In Hong Kong, the Hang Seng Index was up more than 1 percent.
Brent crude, the primary international benchmark for oil prices, fell about 1 percent to below $89.50 a barrel on hopes for a return to normality in the Strait of Hormuz, which in peacetime carries about one-fifth of global energy supplies.
The market rebound came after Trump on Thursday suggested that a deal to end the war on Iran could be signed as soon as this weekend.
“We just made a great settlement of the war with Iran… subject to finalisation of documents,” Trump told reporters in the Oval Office of the White House.
Iran has not publicly confirmed Trump’s claims, but a Ministry of Foreign Affairs spokesman told reporters a memorandum of understanding with the US is “under consideration”.
“For the rally to be sustained, investors will want to not only see the actual deal being signed, but a complete reopening of the Strait of Hormuz,” Khoon Goh, head of Asia research for ANZ Bank, told Al Jazeera.
“Only then will we see the gains extend.”
Fabien Yip, a market analyst at the online broker IG Group in Sydney, Australia, said the rally reflected a “meaningful easing of geopolitical risk”, as well as anticipation over Friday’s market debut of SpaceX, set to be the largest of its kind in history.
“The broader read on today’s Asian follow-through is that dip-buying interest remains genuine,” Yip told Al Jazeera.
“That matters for how you characterise what’s happened over the past week.
“This looks less like a structural break in the bull market and more like a healthy reset after a rapid, near-straight-line advance, the kind of consolidation that can potentially extend a rally’s longevity.”
US President Donald Trump hailed stronger-than-expected jobs growth before pivoting to Iran, saying negotiations with Tehran “seem to be going quite well”. Trump offered no further details on the talks as he arrived in Wisconsin for an agriculture event.
Published On 5 Jun 20265 Jun 2026
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The Spanish fashion giant behind Zara, Inditex, posted net income of €1.4 billion in the first quarter, up 5.4% year-on-year and ahead of market expectations.
Sales rose 5.8% to €8.7bn, or 8.8% at constant exchange rates, ahead of the roughly 8% analysts had anticipated.
Gross profit rose 6.9% to €5.4bn, helped by an improvement in profit margins, meaning the company kept a larger share of revenue as profit. EBITDA, a measure of underlying earnings, increased 7.3% to €2.6bn.
Inditex shares rose more than 5% on Wednesday after the company reported a strong start to the second quarter, with sales increasing 11.5% between 1 May and 1 June, reassuring investors that the Zara owner remains resilient despite signs of weakening consumer spending.
“Inditex continued its strong momentum with its latest results beating first quarter expectations, and also seen a strong start to the second quarter too, as sales grew more or less in line with the rate the company exited with in the previous quarter,” said Mamta Valechha, consumer discretionary analyst at Quilter Cheviot.
The revenue jump from one of the world’s largest listed clothing retailers points to solid consumer appetite heading into the summer, despite concerns that a more uncertain economic and geopolitical backdrop could weigh on spending in the months ahead.
The results come as businesses around the world face growing uncertainty over the global economy and concerns that consumers may cut back on spending.
Inditex said its wide-ranging supply chain and flexible transport network had helped it keep products flowing to stores around the world despite recent disruptions.
“Ultimately, Inditex continues to have a resilient business model that can withstand significant economic pressures and currency headwinds,” said Mamta Valechha, consumer discretionary analyst at Quilter Cheviot.
Valechha said strong customer demand and the company’s ability to source products close to its key markets had helped it keep collections up to date while limiting the need for discounts. Productivity improvements had also helped protect profitability.
Inditex also said that the current “geopolitical challenges” had an impact on the sales in the Middle East, a region that Barclays estimates accounts for about 5% of its revenue.
The company also warned that ongoing instability in the region could affect its performance in the months ahead.
Inditex faces a number of other challenges, including higher shipping costs and rising prices for raw materials such as cotton and polyester. Currency movements are also expected to weigh on results this year.
Inditex ended the quarter with 5,456 stores and a net cash position of €10.8bn.
The board has proposed a dividend of €1.75 per share for the last fiscal year, comprising an ordinary component of €1.20 and a bonus of €0.55, payable in two instalments in May and November 2026.
Despite the strong start to the year, Inditex left its outlook unchanged. It said it expects sales growth to continue into the second quarter, supported by strong demand for its spring and summer collections and ongoing improvements to its stores and operations.
However, the company said currency fluctuations are likely to reduce sales growth by around 1% over the full year. It also expects to invest about €2.3bn in the business during the current financial year.
Technology stocks led a broad market rally across China and Hong Kong on Tuesday as investors poured into artificial intelligence related companies despite continuing uncertainty surrounding developments in the Middle East.
The strongest gains came from major technology firms including Tencent and Meituan, helping push Hong Kong’s technology index to one of its biggest daily advances in months. The rally reflected growing investor confidence in China’s technology sector, particularly in artificial intelligence, even as markets monitored fragile diplomatic efforts and ceasefire discussions involving regional conflicts.
The performance highlights an increasingly important theme in global markets: investors are weighing geopolitical risks against the powerful growth narrative surrounding artificial intelligence and technology innovation.
Chinese technology stocks have experienced a volatile few years marked by regulatory scrutiny, slowing economic growth, property market challenges, and shifting investor sentiment.
However, the global artificial intelligence boom has provided a fresh catalyst for the sector.
As major technology companies race to develop AI models, digital assistants, and enterprise applications, investors have increasingly focused on firms capable of benefiting from the next phase of technological transformation.
At the same time, geopolitical developments continue to influence market sentiment. Escalating tensions in the Middle East, concerns about energy prices, and broader uncertainty in global financial markets have periodically weighed on risk assets.
Against this backdrop, Tuesday’s rally suggests that technology driven growth expectations remain a dominant force in investor decision making.
Major Chinese and Hong Kong equity indices posted strong gains:
Technology stocks were the primary drivers of the rally.
Tencent shares jumped more than 10 percent following reports that the company is moving closer to launching an artificial intelligence agent integrated into WeChat, China’s largest social media and messaging platform.
Meituan also gained strongly after investors reacted positively to signs that intense competition in China’s food delivery industry may be beginning to ease.
The rally extended beyond technology, with artificial intelligence related shares and non ferrous metal companies also recording significant gains.
The strongest market reaction centered on Tencent.
Reports suggesting that the company is nearing the launch of an AI agent for WeChat generated excitement because of the platform’s enormous user base of approximately 1.4 billion people.
If successfully deployed, such an AI assistant could become one of the largest consumer facing artificial intelligence applications in the world.
The development is significant because AI competition is increasingly shifting from standalone chatbots toward integration within existing digital ecosystems.
Companies that already possess massive user networks may have advantages in scaling AI services rapidly.
WeChat occupies a unique position within China’s digital economy.
The platform combines messaging, payments, shopping, business services, entertainment, and social networking into a single ecosystem.
Integrating AI directly into this environment could significantly enhance user engagement while creating new revenue opportunities through advertising, commerce, and premium services.
Investors appear to be viewing Tencent’s AI ambitions as a potentially transformative growth driver.
Meituan’s rise may appear surprising given its latest quarterly loss.
However, investors focused less on earnings and more on indications that subsidy driven competition in China’s rapid delivery sector is beginning to moderate.
For much of the past year, food delivery companies have engaged in aggressive pricing battles designed to capture market share.
While beneficial for consumers, these strategies have pressured corporate profitability.
Evidence that the competitive environment is stabilizing could improve future earnings prospects across the sector.
Investors often reward companies when they believe industry conditions are becoming more rational.
For Meituan, expectations of reduced subsidy spending may be viewed as a pathway toward stronger margins and improved financial performance.
One of the most important lessons from Tuesday’s rally is that artificial intelligence continues to dominate market thinking.
Despite geopolitical uncertainty, investors remain eager to identify companies positioned to benefit from AI adoption.
This trend is not limited to the United States.
Chinese technology firms are increasingly being evaluated based on their ability to develop competitive AI products, infrastructure, and services.
Another development attracting attention was the announcement that Zhipu AI intends to pursue a domestic stock market listing in Shanghai.
The move highlights growing confidence among Chinese AI firms and demonstrates the sector’s increasing importance within China’s capital markets.
A successful listing could further strengthen investor interest in domestic AI development.
Although technology optimism drove markets higher, geopolitical developments remain a significant source of uncertainty.
Investors continue monitoring negotiations involving the United States, Iran, Israel, and regional actors.
Potential disruptions to energy markets remain a key concern because rising oil prices can increase inflation pressures and slow economic growth globally.
Current market behavior reflects a balancing act.
On one side are geopolitical risks, including conflict, energy market volatility, and diplomatic uncertainty.
On the other side is enthusiasm surrounding technological innovation and artificial intelligence.
Tuesday’s rally suggests that, at least for now, investors believe technology driven growth opportunities outweigh immediate geopolitical concerns.
The significance of Tuesday’s rally extends beyond a single trading session.
It reflects a broader reassessment of China’s technology sector.
For several years, investors viewed Chinese technology companies primarily through the lens of regulatory risk, slowing growth, and geopolitical tensions.
Today, artificial intelligence is changing that narrative.
Investors increasingly see Chinese firms as participants in a global technological transformation rather than merely domestic internet companies.
Tencent’s gains illustrate this shift particularly well.
The market reaction was not driven by short term earnings or cost cutting measures. Instead, it was driven by expectations regarding future technological capabilities and growth potential.
Another important factor is capital flows.
China remains one of the few major emerging markets attracting investment across equities, bonds, and currencies simultaneously. This provides a supportive backdrop for asset prices even when external risks remain elevated.
At the same time, investors should not ignore underlying challenges.
China’s economy continues to face pressures from weak consumer demand, property sector difficulties, and slower growth compared with previous decades.
Artificial intelligence enthusiasm may boost valuations, but sustained market strength will ultimately require broader economic improvement.
Nevertheless, Tuesday’s performance suggests that global investors increasingly view China’s technology sector as a key participant in the AI revolution rather than merely a recovery story.
Technology companies successfully launch new AI products and attract additional investment.
This could drive further gains across China’s technology sector and strengthen market sentiment.
Artificial intelligence enthusiasm remains strong, but broader economic challenges constrain corporate earnings and consumer spending.
Technology stocks continue rising, though at a slower pace.
Escalating tensions in the Middle East or worsening global economic conditions trigger risk aversion.
Investors shift away from growth assets, leading to increased market volatility.
Investors will closely watch Tencent’s progress in launching AI features for WeChat and monitor adoption rates if the product is introduced.
Attention will also focus on upcoming earnings reports, AI related announcements, and developments surrounding Zhipu AI’s planned listing.
Beyond technology, markets will continue evaluating geopolitical developments in the Middle East and their potential impact on energy prices and global investor sentiment.
The interaction between technological optimism and geopolitical uncertainty is likely to remain one of the defining themes for financial markets throughout the coming months.
Tuesday’s rally demonstrates that artificial intelligence remains one of the most powerful forces shaping global investment decisions. Strong gains in Tencent, Meituan, and other technology companies highlight growing confidence in China’s ability to participate in the next phase of AI driven innovation.
While geopolitical risks continue to create uncertainty, investors appear increasingly willing to look beyond short term tensions and focus on long term technological opportunities. Whether this momentum can be sustained will depend not only on AI breakthroughs but also on the broader health of China’s economy and the stability of the global geopolitical environment.
With information from Reuters.
Harare, Zimbabwe – Precious Mvundura woke up with joint pain, a high fever and a pounding headache on a chilly autumn morning in eastern Zimbabwe.
The 37-year-old initially thought it was just the flu. But when the headache persisted for three days, she became worried.
Her five-year-old son had also fallen ill and was sweating heavily.
In early May, the pair sought help from a village health worker in Chishakwe, a rural farming community outside Zimbabwe’s third-largest city, Mutare. Both tested positive for malaria.
“I felt relieved,” Mvundura told Al Jazeera.
“From the moment I took that medication, I started getting better.”
Her son has also recovered and is back in school.
Their ordeal comes as malaria cases and deaths surge across Zimbabwe after US funding cuts disrupted key malaria control programmes.
Shortly after returning to office for a second term in 2025, US President Donald Trump slashed foreign aid funding, including programmes backed by the United States Agency for International Development (USAID). In Zimbabwe, the cuts disrupted tuberculosis, HIV/AIDS and malaria research, prevention and treatment programmes.
Among the affected initiatives were the Zimbabwe Entomological Support Programme in Malaria (ZENTO) at Africa University in Mutare, which provided scientific research to support the country’s National Malaria Control Programme, and the Zimbabwe Assistance Programme in Malaria II (ZAPIM II), which helped strengthen malaria diagnosis, treatment and prevention in high-burden districts.
USAID had disbursed $270m for health and agriculture programmes in Zimbabwe in 2024.
Malaria cases jumped to 65,399 between January and April 2026, up from 36,000 recorded during the same period in 2025 and 17,000 in 2024, according to Zimbabwe’s Ministry of Health National Malaria Control Programme weekly surveillance report.
Deaths have also risen sharply, reaching 174 between January and April 2026, compared with 85 during the same period last year and 34 in 2024.
Mvundura and her son survived because they sought treatment early. In many other cases, the disease has been fatal.
Thomas Chuchu, the health programme lead at Save the Children Zimbabwe, said several malaria elimination activities previously supported by ZAPIM II had been disrupted.
“In practice, elimination has continued through government and other partners, but with weaker operational capacity and slower implementation,” Chuchu told Al Jazeera.
![Zimbabwe’s dependence on donor funding for essential medicines, diagnostic kits and mosquito-control supplies has left the country vulnerable. [Farai Shawn Matiashe/Al Jazeera]](https://i0.wp.com/www.aljazeera.com/wp-content/uploads/2026/05/A-village-health-worker-holding-a-malaria-test-kit-in-Chishakwe-Village-Mutare.-Farai-Shawn-Matiashe_Aljazeera-1779883034.jpg?w=640&ssl=1)
The ZAPIM II programme ran through Zimbabwe’s Ministry of Health system in 11 districts across the provinces of Central and East Mashonaland and the province of Matabeleland North.
Before falling ill, Mvundura said she had not been using mosquito nets or repellents.
“I only started using a mosquito net a friend shared when I fell sick,” she said.
In December 2025, Caroline Mawombedzi was diagnosed with malaria while living in Burma Valley, a farming community about an hour’s drive from Mutare.
She had last contracted the disease in the late 2000s while still a child.
In mid-May, her five-year-old daughter was also diagnosed with malaria by a village health worker in Chishakwe after suffering severe headaches and stomach problems.
Although her daughter received treatment, Mawombedzi said she could not afford preventive measures such as mosquito nets.
“I am unemployed. I cannot afford to buy a mosquito net. We have not been sleeping under a mosquito net for years,” she said.
Virginia Chakandinakira, a village health worker serving Chishakwe, said malaria diagnostic kits and drugs are now in short supply.
“I used to get plenty of malaria test kits and drugs. But in 2025, they did not give me. I referred everyone showing malaria to a nearby Chitakatira clinic,” she said. Chitakatira is a rural settlement about an hour’s drive from Chishakwe.
“I only received test kits and drugs in February. However, the supplies are limited. The authorities told us they were only distributing them to hotspot communities.”
Professor Sungano Mharakurwa, the director of Africa University’s Malaria Institute, said the abrupt withdrawal of US support had worsened the malaria outbreak by affecting the programme.
ZENTO was contributing data from the surveillance of malaria-carrying mosquitoes, which guided strategies employed by the National Malaria Control Programme to control malaria transmission, he said.
The Trump administration’s funding cuts have also effectively put a stop to the US President’s Malaria Initiative (PMI), launched in 2005 by former President George W Bush to control and eliminate malaria worldwide. Mharakurwa said the PMI had played a major role in funding malaria medications, and communities had been left exposed without it.
He said the Malaria Institute later secured funding from the United Methodist Church General Board of Global Ministry, but it fell far short of previous US assistance.
Zimbabwe’s dependence on donor funding for essential medicines, diagnostic kits and mosquito-control supplies has left the country vulnerable.
Itai Rusike, the director of Zimbabwe’s Community Working Group on Health, said the government needed to strengthen domestic health financing to reduce dependence on foreign donors.
“It is risky for a country to depend substantially on external partners, as donors can withdraw financial support anytime should their interests shift,” he said.
Experts say climate change is also driving the spread of malaria and other vector-borne diseases across Africa.
Rising temperatures are allowing malaria to spread into higher-altitude areas, which were once less vulnerable to outbreaks.
Zimbabwe experienced El Niño between 2023 and 2024, a climate phenomenon marked by unusually warm temperatures in the Pacific Ocean, which typically disrupts rainfall patterns across Southern Africa.
Heavy rainfall followed in 2025 and 2026, creating ideal breeding conditions for mosquitoes.
Chuchu, from Save the Children Zimbabwe, said that the current spike in malaria cases was closely linked to the heavy rains during the 2025–2026 season.
“The rains created favourable breeding conditions for mosquitoes, particularly in already endemic provinces such as Mashonaland Central, Manicaland, Mashonaland East and Mashonaland West,” he said.
![Virginia Chakandinakira, a village health worker serving Chishakwe, said malaria diagnostic kits and drugs are now in short supply.. [Farai Shawn Matiashe/Al Jazeera]](https://i0.wp.com/www.aljazeera.com/wp-content/uploads/2026/05/A-villager-holding-malaria-drugs-in-MUtare.-Farai-Shawn-Matiashe_Farai-Shawn-Matiashe-1779883004.jpg?w=640&ssl=1)
“The effect of heavy rains is likely being amplified by weakened prevention systems, including reduced mosquito-net coverage, delayed vector-control activities, reduced community surveillance, and challenges with timely testing and treatment following the discontinuation of ZAPIM,” he added.
Professor Mharakurwa, meanwhile, said that above-normal rainfall required equally strong preparation and resources to contain malaria transmission.
Zimbabwe aims to eliminate malaria by 2030, in line with the target set by the African Union.
Over the years, the government, working with international donors and aid organisations, has relied on indoor residual spraying, mosquito-net distribution, mass testing and public awareness campaigns to contain outbreaks, particularly in rural communities.
Health workers continue to carry out indoor spraying campaigns in malaria-prone areas, while village health educators use community meetings and radio programmes to encourage early testing and treatment. Authorities have also expanded surveillance and rapid-response systems in high-risk districts.
But some of these efforts have weakened following the disruption of donor-funded programmes. Key malaria elimination activities previously supported by ZAPIM II included active case tracking, targeted distribution of long-lasting insecticidal nets and district rapid-response systems.
For years, the government and aid organisations distributed mosquito nets annually to vulnerable communities, such as Chishakwe. But since the US funding cuts, shortages have become increasingly common.
Village health workers say malaria diagnostic kits and treatment drugs are also running low in some rural areas, forcing suspected malaria patients to travel long distances to clinics for testing and treatment.
Health experts warn that unless funding gaps are urgently addressed, Zimbabwe risks losing years of progress made in reducing malaria infections and deaths.
For Mvundura and her son, surviving malaria still feels like escaping death.
“We cheated death,” she said. “It was so bad.”
The New York Knicks scored 18 unanswered points on the way to a 109-93 win against the Cleveland Cavaliers as they took a 2-0 lead in their best-of-seven Eastern Conference final.
The score was tied at 53-53 when the Knicks pulled away at their Madison Square Garden home to take a 71-53 lead on the way to a ninth straight victory.
Josh Hart scored 26 points, including five three-pointers, for the home side as he racked up a career-high tally for a play-off game, while team-mate Jalen Brunson added 19 points and 14 assists.
The Knicks, who last reached the NBA Finals match in 1999 and have not been champions since 1973, also had Mikal Bridges scoring 19 points and Karl-Anthony Towns 18.
“We don’t really care who gets the shine, the shots, the minutes, those kind of things – we’re focused on winning,” Hart said.
“I think everyone is willing to sacrifice their own personal agendas or performance for the betterment of the team. And when you have a group of guys that do that, sky’s the limit.”
Donovan Mitchell scored 26 points for the Cavaliers and James Harden contributed 18 for the visiting side, who went 2-0 down to the Detroit Pistons in the last round before emerging 4-3 series winners.
“This isn’t our first time facing adversity,” Mitchell said. “We’ve been to two game sevens, so being down 2-0, it’s not the biggest challenge.
“It’s right there. So let’s go ahead and take advantage of it.”
Games three and four will take place in Cleveland on Saturday and Monday.
The winners will play either the Oklahoma City Thunder or San Antonio Spurs, whose Western Conference final is tied at 1-1.
France signals possible windfall tax on TotalEnergies amid oil price surge
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Palo Alto continues to surge for the seventh straight session
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THE spring weather has been very up and down so far – but sadly for the week of half-term it looks like rain is on the way.
If you’re considering a family-friendly break this May half-term, there are still plenty of holiday deals in Spain, Turkey and Cyprus.
Follow The Sun’s award-winning travel team on Instagram and Tiktok for top holiday tips and inspiration @thesuntravel.
On the Beach has found that bookings for May half-term are up by as much as 40 per cent in recent weeks as it looks like weather in the UK will be yet another washout – so we’ve Sun Travel has found some of the best deals abroad on offer.
First up is the BLUESEA Los Fiscos in Lanzarote which has a pretty swimming pool and white-washed apartments.
Stays include free Wi-Fi and access to the pool bar – there’s also a children’s playground.
With the all-inclusive package, guests can enjoy the buffet that serves up all three meals and plenty of drinks.
A five-night stay at the BLUESEA Los Fiscos in Lanzarote, Spain, including flights leaving from Manchester on May 27 cost £293pp (based on 2 adults and 2 children).
To make it all-inclusive is an extra £28pp.
Guitart Central Park Aqua Resort in the Costa Brava will be a hit with the kids thanks to its aquapark with two waterslides and splash zone.
To keep them further entertained, the hotel has more activities like football, rugby and tennis.
It has three buffet restaurants, is an 11-minute walk to nearby Cala Banys Beach and has spacious bedrooms.
A five-night half-board stay at the Guitart Central Park Aqua Resort including flights leaving from London Luton on May 26 cost £330pp (based on 2 adults and 2 children).
Miarosa Konakli Garden has it all, comfortable rooms, a pool with waterslides and a plenty of entertainment.
The hotel has its own kids club as well as a playground – and for the whole family to get involved there’s activities like darts, table tennis, card games and watersports.
There’s a main restaurant as well as three bars – including one by the pool.
A four-night all-inclusive stay at the Miarosa Konakli Garden in Antalya, Turkey, including flights leaving from London Gatwick on May 25 cost £368pp (based on 2 adults and 2 children).
Best Los Angeles Hotel has fewer frills than some of the other offers, but it has everything needed for a relaxing half-term break in the sun.
It’s 10-minutes from popular beaches and the nearby town of Salou is known for its shops, bars and restaurants.
The PortAventura Theme Park is around two miles away too for those who fancy a go on thrilling rides.
A seven-night half-board stay at the Best Los Angeles Hotel including flights leaving from Dublin on May 25 cost £320pp (based on 2 adults and 2 children).
When the Spanish sun comes out, MedPlaya Flamingo Oasis in Costa Blanca is where you want to be.
It has a huge lake-style swimming pool to cool off in and is surrounded by sunloungers.
During the evenings, there’s performances at the Piano Bar – or head up to the rooftop bar to watch the sunset.
A seven-night half-board stay at the MedPlaya Flamingo Oasis including flights leaving from Edinburgh on May 25 cost £260pp (based on 2 adults and 2 children).
In Tenerife, families can enjoy a break at the Grand Muthu Golf Plaza Hotel & Spa.
It has a swimming pool and lots of entertainment – for any adults who want to golf, there are two of the island’s most popular courses nearby.
Accommodation is in studios, apartments and junior suites with a balcony or terrace.
A four-night all-inclusive stay at the Grand Muthu Golf Plaza Hotel & Spa including flights leaving from Glasgow on May 25 cost £310pp (based on 2 adults and 2 children).
The Arsi Blue Beach is a great choice for families as it’s steps away from Antalya’s Alanya Beach and has a children’s pool on-site.
Not forgetting the adults, there are also spa treatments and a sauna is available too.
Guests can enjoy meals at the restaurant and make sure to pop into the lounge bar and beach bar too.
A five-night all-inclusive stay at the Arsi Blue Beach in Turkey including flights leaving from Belfast on May 26 starts from £259pp (based on 2 adults and 2 children).
The 4-star Arabella World Hotel sits on Turkey’s sun-drenched southern coast and even has its own private beach.
With swimming pools and slides, dining, wellness and children’s activities too – no one in the family will ever be bored here.
But if that isn’t quite enough, Water Planet Aquapark is around a 10-minute drive away.
A seven-night all-inclusive stay at the Arabella World Hotel including flights leaving from Belfast on May 24 starts from £319pp (based on 2 adults and 2 children).
If you fancy heading further afield, check out the Cosmelenia Hotel Apartments in Ayia Napa.
Small but mighty, it has everything for a family break from its swimming pool to parasol- covered sunbeds, air-conditioned rooms, a restaurant and bar.
Waterworld Waterpark just a short walk away too.
A six-night all-inclusive stay at the Cosmelenia Hotel Apartments including flights leaving from Belfast on May 25 starts from £319pp (based on 2 adults and 2 children).
The Deloix Aqua Center is found in a quiet part of Benidorm and has it all from an aqua centre, children’s water playground and rooftop paddle courts with city views.
It has three outdoor swimming pools, including a lagoon-style pool and one indoor pool for year-round paddling.
There’s a spa, gym and wellness centre as well as an on-site restaurant, café and bar.
A five-night full-board stay at the Deloix Aqua Center Spain including flights leaving from Belfast on May 25 starts from £309pp (based on 2 adults and 2 children).
Prices correct at time of publication.
Felipe Gustavo S Borges/iStock Editorial via Getty Images
Copa Holdings (CPA) demonstrated robust growth in its preliminary passenger traffic for April 2026; it reported a 16.7% Y/Y increase in available seat miles (ASMs) to 2,971.9M, which was precisely matched by a 16.7% surge in revenue passenger miles (RPMs) to 2,579.8M.
