German factory orders slump
Manufacturing orders in Germany tumbled 1.4% month on month in May, statistics office Destatis stated Friday, well below the expectations of a 0.1% decline forecast in a Reuters poll of analysts. Orders were up 5.3% year on year.
The monthly fall was primarily due to a 17.7% drop in computer, electronic and optical products, an area that received several large orders in April.
— Jenni Reid
Air France-KLM to take majority stake in SAS
Airline group Air France-KLM states it is initiating proceedings to take a majority stake in Scandinavia’s SAS, upping its holdings in the company to 60.5% from just under 20%.
Air France-KLM hopes to close the deal in the second half of next year.
The relocate “brings not just stability but will also allow for deeper industrial integration,” SAS CEO Anko van der Werff stated in a statement.
Air France-KLM.
Gloomy start for European stocks ahead
Good morning from London.
European markets across the U.K., France and Germany are heading for a negative start on Friday, according to IG data.
That follows a higher close on Thursday, with global equities boosted by a much stronger than expected U.S. jobs report. Officially, Wall Street is on a break for the 4 July holiday today.
However, investors are sure to be checking their phones for updates after U.S. President Donald Trump’s flagship megabill passed in Congress. A host of alters lie ahead, including to taxes, social spconcludeing and energy policy.
Speaker of the Houtilize Mike Johnson (R-LA) (C) signs the One Big Beautiful Bill Act during an enrollment ceremony with fellow Republicans in the Rayburn Room at the U.S. Capitol on July 03, 2025 in Washington, DC.
Chip Somodevilla | Getty Images News | Getty Images
We’re meanwhile nearing Trump’s July 9 deadline for tariff nereceivediations, which could see duties on key trading partners such as the European Union spike unless a deal is reached. Trump has stated the U.S. will launch sconcludeing letters to countries setting out their tariff rates on exports to the U.S., with 10 to 12 nations set to receive theirs today.
Treasury Secretary Scott Bessent notified Bloomberg he expects around 100 countries will face a 10% levy, the baseline of the so-called ‘reciprocal’ tariffs.
The EU meanwhile states it is closing in on a “framework” trade deal, but that a full agreement will be impossible to reach by July 9.
— Jenni Reid, Matt Ward-Perkins
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