weigh

European shares were little changed on Friday but remained on track for their first weekly decline in five weeks as weakness in technology stocks and renewed tensions between the United States and Iran dampened investor sentiment.

The pan-European STOXX 600 index edged 0.1% lower to 640.28 points by 0849 GMT, with losses in technology companies offsetting gains in most other sectors.

The benchmark index is poised to end a four-week winning streak after investors reassessed lofty valuations in artificial intelligence-related stocks while monitoring escalating geopolitical risks in the Middle East.

Technology stocks remain under pressure

The technology sector fell 1.3% on Friday as investors continued taking profits following months of strong gains driven by enthusiasm for artificial intelligence.

The sector also remained focused on the closely watched U.S. stock market debut of South Korean memory chip maker SK Hynix after its $26.5 billion share sale.

Among European chip-related stocks:

• Soitec fell 3.3%.
• BE Semiconductor Industries declined 1.6%.
• ASML dropped 2.3%.

“The large swings we’re seeing in technology stocks suggest investors remain under stress amid elevated valuations,” said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.

“Attention is now turning to SK Hynix’s U.S. debut, which could help gauge broader appetite for AI-related stocks and influence sentiment across the sector.”

Iran tensions weigh on market sentiment

Investor caution also reflected renewed uncertainty in the Middle East after Iranian forces targeted U.S. military infrastructure in Gulf states following fresh U.S. strikes on Iran.

The latest escalation further weakened the fragile three-week-old ceasefire and renewed concerns over potential disruptions to shipping through the Strait of Hormuz, one of the world’s most important energy trade routes.

Higher oil prices and possible supply disruptions have raised concerns about inflation, particularly in energy-importing Europe, where markets are closely watching the implications for economic growth and European Central Bank policy.

Telecoms and travel outperform

Despite weakness in technology, most sectors in the STOXX 600 traded higher.

Telecommunications stocks led gains, rising 1.4%, after Vodafone surged nearly 11%.

The rally followed an announcement by UAE telecoms group e& that it would sell its stake in Vodafone to the family investment group of French billionaire Xavier Niel.

Travel and leisure stocks gained 0.8%, supported by strength in airline shares.

British budget carrier EasyJet jumped 14% after agreeing in principle to a £5.7 billion ($7.65 billion) takeover approach from Apollo Global.

Steel stocks rally on broker upgrades

European steelmakers outperformed after J.P. Morgan adopted a more positive view of the sector.

The investment bank upgraded ArcelorMittal to “neutral” from “underweight,” lifting its shares 5%.

Austria’s Voestalpine climbed 6%, while Germany’s Salzgitter surged 10.3% after both companies received double upgrades to “overweight.”

Other movers

Wealth manager St. James’s Place was among the session’s biggest losers, falling 8.5% after reports that Sovereign Wealth, one of its largest partner firms, was in talks to join a Swedish wealth management group.

Future outlook

Markets are expected to remain focused on two key drivers in the coming days: whether the renewed U.S.-Iran hostilities escalate further and whether SK Hynix’s U.S. debut reinforces or weakens investor confidence in the AI-driven technology rally.

With geopolitical risks pushing oil prices higher and technology valuations facing increased scrutiny, analysts expect volatility across European equities to remain elevated in the near term.

With information from Reuters.

July 5 (Asia Today) — Samsung Electronics and SK hynix are facing a strategic balancing act as they move ahead with major U.S. semiconductor projects while preparing to invest about 800 trillion won, or $523.7 billion, in a new chip cluster in South Korea.

The two companies announced plans last week to build a semiconductor cluster in South Korea’s southwest, part of a broader government-backed effort to strengthen the country’s position in artificial intelligence chips and advanced memory.

The project is expected to include four new fabrication plants, two each from Samsung and SK hynix. But the plan comes as the companies are also watching possible pressure from the United States, where President Donald Trump has repeatedly used tariffs and investment demands as tools of industrial policy.

In a recent securities filing, SK hynix listed U.S. tariffs and trade restrictions as a business risk.

“If major countries, including the United States, impose or strengthen trade restrictions such as tariffs on imports, including semiconductors, our business performance could deteriorate,” the company said.

The United States has imposed reciprocal tariffs and other import-related charges since 2025. Semiconductors have not been included in some measures, but Trump has previously threatened tariffs of up to 100% on memory chipmakers that do not build factories in the United States.

Samsung and SK hynix already have major U.S. investment plans.

Samsung is building semiconductor facilities in Taylor, Texas. Its U.S. investment plans have been reported at more than $37 billion through 2030, with the Taylor site expected to include advanced foundry production.

SK hynix is investing $3.87 billion in West Lafayette, Ind., to build an advanced packaging and research facility for AI memory. The Indiana plant is expected to support high-bandwidth memory products used in AI accelerators.

The U.S. projects are already large, but they are smaller than the companies’ planned domestic investment. That could draw attention from Washington as the Trump administration seeks more manufacturing commitments from global companies ahead of the U.S. midterm elections.

Industry officials say the more realistic option for Samsung and SK hynix may be to accelerate existing U.S. projects rather than announce entirely new plans, given the size of their commitments in South Korea.

Samsung could further clarify plans for a second Taylor fabrication plant. The company said in April that it was conducting an initial review of the second Taylor fab while holding discussions with global customers.

SK hynix may face closer scrutiny because its U.S. investment is smaller than Samsung’s and because it is preparing to list American depositary receipts on Nasdaq on July 10.

Both companies are highly exposed to the U.S. market. Samsung’s Americas sales accounted for 32.5% of first-quarter revenue, while SK hynix’s Americas sales accounted for 68.8%, according to their quarterly reports.

Funding will be the key question if Washington presses for faster or larger U.S. investment. Both companies have already outlined enormous capital spending plans at home and abroad.

For now, their cash generation remains strong. Brokerage estimates cited by local media project Samsung’s second-quarter operating profit at about 85 trillion won, or $55.6 billion. SK hynix’s second-quarter operating profit is projected at about 65 trillion won, or $42.6 billion.

Analysts say AI-related semiconductor demand remains in an early phase. Kevin Warsh, chairman of the U.S. Federal Reserve, recently compared the AI boom to the first or second inning of a baseball game, saying the technology shift represents a major paradigm change for economic policy and the wider economy.

Industry officials say the semiconductor cycle could last longer than the traditional three to four years because demand for AI data centers, advanced memory and high-performance computing continues to expand.

For Samsung and SK hynix, the challenge is how to satisfy U.S. expectations for local production while also carrying out South Korea’s largest semiconductor investment push.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260705010001617

July 3 (UPI) — The 2026 Nathan’s Famous Fourth of July International Hot Dog Eating Contest introduced this year’s slate of competitors, including 17-time champion Joey Chestnut, at a weigh-in ceremony Friday.

The Friday ceremony at the flagship Nathan’s Famous location in Coney Island, Brooklyn, introduced the 14 men and 10 women who will compete to see who can eat the most hot dogs and buns in 10 minutes at Saturday’s annual Fourth of July contest.

Chestnut, a 17-time champion and the current holder of the coveted Mustard Belt, predicted he will emerge victorious again this year.

“I’m hungry, and I’m going to dominate,” Chestnut, who downed 70.5 hot dogs in last year’s contest, said at the weigh-in.

Miki Sudo, the reigning women’s champion with 11 titles to her name, also predicted a repeat of her 2025 performance, where she finished 33 hot dogs and buns.

“It’s hot, but I’m bringing the heat,” she said. “I was born for this.”

The field of competitors this year features eaters from across the United States, as well as eaters from Britain, Australia and the Czech Republic.

MILWAUKEE — A federal judge on Wednesday considered whether to throw out a jury’s guilty verdict against former Wisconsin Judge Hannah Dugan, who was convicted of felony obstruction for helping an immigrant evade federal officers.

The case was an early test of how the courts would respond to President Trump’s sweeping immigration crackdown.

Dugan had been scheduled to be sentenced on Wednesday, but U.S. District Judge Lynn Adelman postponed the proceedings indefinitely to instead hear arguments about whether to overturn her conviction.

Adelman did not rule from the bench and did not indicate when he might issue a decision. Dugan and attorneys for both sides left the courtroom without commenting to reporters.

Former judge’s attorney points to a Virginia case

Dugan’s attorney Steven Biskupic argued that her conviction was invalid and should be overturned. He said that was necessary because a federal appeals court in April overturned a key Virginia immigration case that the judge and prosecutors had cited in the Dugan case.

Biskupic argued that based on the 4th U.S. Circuit Court of Appeals overturning that ruling, Dugan was improperly convicted, procedurally, under a certain federal law.

“Our primary argument is this was an invalid theory of conviction,” Biskupic said.

In the Virginia case, an immigrant who was in the country illegally was detained by U.S. Immigration and Customs Enforcement agents and later escaped. He was recaptured and indicted on a charge of obstructing a pending immigration proceeding.

The federal appeals court found that the ICE action did not constitute a “pending proceeding,” as is required under the federal obstruction law.

Dugan’s attorneys argue that she should not have been charged because there was no “pending proceeding” against the immigrant in her courtroom being sought by ICE agents, only a warrant filed for his arrest. The filing of a warrant does not constitute a “proceeding” under the law, Biskupic argued.

Prosecutors countered that the facts in the Virginia case are different and don’t apply to Dugan’s. They also argued that other cases support Dugan’s conviction.

“The court should stick with its ruling,” said Richard Frohling, acting U.S. attorney for the eastern district of Wisconsin.

In response to a question from the judge, he contended that the appeals court was wrong to overturn the Virginia case. The judge also quizzed Frohling on what constitutes a proceeding under the law and how long it lasts.

“It could be a couple minutes, it could be a couple years,” Frohling said. “It all depends on the context.”

Dugan’s sentencing was postponed so the court can hear new arguments

Dugan, 67, faces up to five years in prison after a jury convicted her on Dec. 19. But it is unlikely that Dugan would be sentenced to prison. Federal sentencing guidelines generally call for probation for defendants like her who have no criminal history and are convicted of a nonviolent crime.

She resigned from her position as a Milwaukee County circuit judge two weeks after her conviction amid threats of impeachment from Republican state lawmakers. She had been a judge for nine years.

Dugan was present for Wednesday’s arguments but did not speak.

The Trump administration brought the case against Dugan as the president pressed ahead with his sweeping immigration crackdown. Trump’s administration and his allies branded Dugan as an activist judge, while Dugan’s attorneys said she was being unfairly targeted and argued, unsuccessfully, that she was immune from being charged because she was a judge.

Dugan’s case marked the first time that a state judge in Wisconsin went to trial on charges of obstructing immigration agents. She was acquitted of concealing an individual to prevent arrest, a misdemeanor.

Dugan helped an immigrant wanted by ICE agents

On April 18, 2025, immigration officers went to the Milwaukee County courthouse after learning Eduardo Flores-Ruiz had reentered the country illegally and was scheduled to appear before Dugan for a hearing in a state battery case.

Dugan confronted agents outside her courtroom and directed them to the chief judge’s office because she told them their administrative warrant wasn’t sufficient grounds to arrest Flores-Ruiz.

After the agents left, she led Flores-Ruiz and his attorney out a private jury door. Agents spotted Flores-Ruiz in the corridor, followed him outside and arrested him after a foot chase. A week later, FBI agents arrested Dugan in the courthouse, leading her outside in handcuffs.

Flores-Ruiz was deported in November.

Bauer writes for the Associated Press.

NEW YORK — Former Columbia University graduate student Mahmoud Khalil will ask the U.S. Supreme Court to intervene after a federal appeals court on Friday declined to reconsider a decision that put the government a step closer to deporting him, the pro-Palestinian activist’s lawyers said.

Judges on the 3rd U.S. Circuit Court of Appeals in Philadelphia voted 6-5 against having the court’s full complement of judges review the ruling. In January, a three-judge 3rd Circuit panel found that a federal judge in New Jersey who had sided with Khalil and ordered his release last year from immigration detention didn’t have jurisdiction to decide the matter.

The American Civil Liberties Union, which is involved in representing Khalil, said his lawyers will ask the 3rd Circuit for an order preventing the decision from taking effect — and barring Khalil from being detained or deported — while it asks the Supreme Court to take up the case.

An appeal to the high court is expected in the coming months, possibly in late summer.

“Today’s decision is not the final word, and we still strongly believe in our arguments going forward,” ACLU senior counsel Brett Max Kaufman said in a statement.

In its January ruling, the 3rd Circuit found that Khalil’s lawsuit challenging his detention and U.S. District Judge Michael Farbiarz’s subsequent rulings in the case were premature because federal law requires that such challenges first move through the separate immigration court system. That system is part of the Justice Department, not the judicial branch.

The decision didn’t decide the key issue in Khalil’s case: whether the Trump administration’s effort to throw Khalil out of the U.S. over his campus activism and criticism of Israel is unconstitutional.

Judge Cheryl Ann Krause, who had voted for the 3rd Circuit to review the decision, wrote in a dissent that the court was “abdicating our duty to meaningfully review Khalil’s constitutional claims. The Judicial Branch, she wrote, cannot fulfill its role as a check on the other branches of government, “if we write ourselves out of relevance and leave the Executive Branch to check itself.”

Khalil, 31, has also appealed to the 5th U.S. Circuit Court of Appeals in Louisiana, where he was detained, after the Board of Immigration Appeals upheld his removal order.

Through his lawyers, Khalil argued that the immigration judge who issued the order failed to consider relevant evidence and wrongly upheld a charge that he had misrepresented information on his application for legal permanent resident status. That charge, Khalil’s lawyers said, was brought in retaliation for his protest activity.

The immigration judge suggested Khalil could be deported to Algeria, where he maintains citizenship through a distant relative, or Syria, where he was born in a refugee camp to a Palestinian family. Khalil’s lawyers have said he would face mortal danger if forced to return to either country.

An outspoken leader of the pro-Palestinian movement at Columbia, Khalil was arrested in March 2025. He then spent three months detained in a Louisiana immigration jail, missing the birth of his child.

Federal officials have accused Khalil of leading activities “aligned to Hamas,” though they have not presented evidence to support the claim and have not accused him of criminal conduct. They also accused Khalil of failing to disclose information on his green card application.

Khalil has dismissed the allegations as “baseless and ridiculous,” framing his arrest and detention as a “direct consequence of exercising my right to free speech as I advocated for a free Palestine and an end to the genocide in Gaza.”

The government justified the arrest under a seldom-used statute that allows for the expulsion of noncitizens whose beliefs are deemed to pose a threat to U.S. foreign policy interests. In June 2025, Farbiarz ruled that justification would likely be declared unconstitutional and ordered Khalil released.

President Trump’s administration appealed that ruling, arguing the deportation decision should fall to an immigration judge, rather than a federal court. The 3rd Circuit ruled 2-1 in the administration’s favor.

Judge Emil Bove, who was involved in investigating student protesters while a top Justice Department official, did not participate in the 3rd Circuit vote on whether to review the decision. He later issued an order denying a request by Khalil’s lawyers that he step aside from the matter, calling it moot.

Sisak writes for the Associated Press. AP writer Lindsay Whitehurst contributed to this report.

President Trump’s push to redraw the nation’s U.S. House districts received mixed results Tuesday as South Carolina senators defied his desires, but Missouri’s top court upheld a new map that could help Republicans win an additional seat in the November midterm elections.

Rather than waning, a national redistricting battle that began 10 months ago has intensified — inflamed by a recent U.S. Supreme Court ruling that weakened the federal Voting Rights Act and provided grounds for states to try to eliminate voting districts with large minority populations.

Republican lawmakers in Louisiana are wrestling with how politically aggressive to be when redrawing House districts after the U.S. Supreme Court invalidated a majority-Black district as an illegal racial gerrymander.

The ripples of the Louisiana ruling already have led to new U.S. House districts in Tennessee and have extended to Alabama, where Republican Gov. Kay Ivey announced an Aug. 11 special primary for four of the state’s seven congressional districts. That came after the U.S. Supreme Court on Monday overturned an order mandating use of a map with two largely Black districts. The state plans to switch to a map passed in 2023 that has only one majority-Black district.

Republicans think they could gain as many as 14 seats from new House maps enacted so far in Texas, Missouri, North Carolina, Ohio, Florida and Tennessee. Democrats, meanwhile, think they could gain six seats from new maps in California and Utah. The Virginia Supreme Court last week struck down a redistricting effort that could have yielded four more winnable seats for Democrats.

Missouri map splits Kansas City district

Missouri was the second Republican state, after Texas, to redraw its congressional districts at Trump’s urging last year. Since then, numerous other states have joined the redistricting battle.

During arguments earlier Tuesday, attorneys for voters challenging Missouri’s new map focused on changes to a Kansas City-based district long represented by Democratic U.S. Rep. Emanuel Cleaver, who previously was the city’s mayor, the first Black person to hold the post.

The new map takes a compact urban district that covered 20 miles and two counties and stretches it 200 miles over 15 counties, distorting it “into a sprawling behemoth that cuts clear across the state to unite territories that share nothing in common,” said Abha Khanna, an attorney who has represented Democrats in voting and redistricting cases across the country.

A lower court ruled in March that the map as a whole satisfied the compactness requirement, even though the Kansas City district is less compact. No Missouri court has ever struck down a congressional map for not being compact, said attorney John Gore, who defended the districts on behalf of the Republican Party.

A second case heard by the high court centered on whether the new map took effect in December, as asserted by Republican Atty. Gen. Catherine Hanaway and Republican Secretary of State Denny Hoskins, or whether it should have been suspended when referendum signatures were submitted.

To suspend the map before validating the signatures would let activists temporarily undercut laws by submitting boxes of fraudulent signatures, Missouri Solicitor Gen. Lou Capozzi argued.

But to not immediately suspend the map “would dilute the referendum right, if not destroy it altogether,” said attorney Jonathan Hawley, arguing for voters who sued.

Republican officials contend the new districts can be suspended only after Hoskins determines the petition meets constitutional requirements and has enough valid signatures. Hoskins has until Aug. 4, the day of Missouri’s primary elections, to make that determination. The Supreme Court upheld the decision of a state judge in March who agreed with Republicans’ position.

Louisiana hearing leads to death threats

Louisiana state Sen. Jay Morris, a Republican who drafted redistricting bills that would eliminate one or both of the state’s majority-Black districts, told lawmakers Monday that he received death threats after Friday’s contentious hearing in which he told members of the public to “shut up.”

Morris acknowledged the outburst but denied the Louisiana Democratic Party’s assertion — blasted across social media and in a news release — that he also used the derogatory term “boy” toward its executive director, Dadrius Lanus, who is Black.

State Sen. Gary Carter, one of three Black Democrats serving alongside six white Republicans on the Senate committee overseeing redistricting, told the Associated Press on Tuesday that he had withdrawn from the committee “to help restore the decorum and focus that this moment demands” after shouting at Republicans during Friday’s hearing. Carter publicly apologized Monday to Morris and his Senate colleagues for having “lost my temper” and for any remarks that were taken as “personal attacks.”

Carter is the nephew of U.S. Rep. Troy Carter, a Democrat who represents New Orleans and is at risk of losing his seat in the redistricting process. Gary Carter is being replaced on the committee with state Sen. Royce Duplessis, a Democrat representing New Orleans.

South Carolina weighs political risks of redistricting

The Republican push for South Carolina to join the national redistricting battle by redrawing its U.S. House map fizzled Tuesday as an initial vote in the state Senate fell short.

Trump had urged South Carolina to redraw its congressional districts ahead of the November elections in an attempt to help Republicans win another seat in the closely divided chamber. The state House had voted in favor of letting lawmakers return after the regular session ends this week to consider redistricting, and had proposed a new map that could eliminate the state’s only Democratic-held seat.

But the Senate had to give permission to take up redistricting, too.

The 29-17 vote failed, with just two votes short of the two-thirds needed. Five Republicans joined all the Democrats in the chamber to reject the proposal.

Trump said Monday on social media that he was closely watching the redistricting vote, urging South Carolina senators to “be bold and courageous” and to delay the House primaries so new districts can be drawn.

Although Republicans have a supermajority in the chamber, some GOP senators weren’t sure the proposed map would guarantee the party could unseat longtime Democratic U.S. Rep. James E. Clyburn. They also said it could push enough Democrats into other districts to backfire, resulting in a 5-2 or even a 4-3 Republican split.

Republican Senate Majority Leader Shane Massey acknowledged the pressure from Trump, but said he doesn’t like being asked to bend to someone’s will instead of doing what’s best for his state.

“I got too much Southern in my blood,” Massey said. “I’ve got too much resistance in my heritage.”

Lieb, Collins, Brook and Chandler write for the Associated Press. Brook reported from Baton Rouge, La.; Chandler from Montgomery, Ala.; Collins from Columbia; and Lieb from Jefferson City, Mo.