BRUSSELS (dpa-AFX) - Swiss stocks declined sharply on Tuesday, in line with markets across Europe, as worries about growth and inflation outweighed optimism about U.S. debt ceiling deal.

The benchmark SMI ended with a loss of 151.79 points or 1.33% at 11,282.45, the day's low.

Nestle ended 3.3% down. The Swiss food group said has hired Anna Manz, the finance chief at the London Stock Exchange Group, as its new chief financial officer.

Credit Suisse, Novartis and UBS Group ended lower by 2.37%, 2.13% and 1.87%, respectively.

Logitech declined 1.51% and Sonova drifted down 1.3%. Roche Holding, Alcon, Givaudan, Lonza Group, Holcim and Sika lost 0.8 to 1%.

Swiss Re, Richemont and Zurich Insurance Group gained 0.68%, 0.47% and 0.4%, respectively.

In the Mid Price Index, Barry Callebaut declined more than 2.5%. Lindt & Spruengli, Galenica Sante, Georg Fischer, DocMorris and Julius Baer lost 1 to 1.7%.

Bachem Holding rallied more than 2%. Dufry, VAT Group, AMS, Swatch Group, Temenos Group, Baloise Holding and Flughafen Zurich gained 1 to 1.7%.

Data from the State Secretariat for Economic Affairs, or SECO, showed the Swiss economy rebounded at a faster-than-expected pace at the start of the year on robust domestic demand.

Gross domestic product grew 0.3% sequentially in the first quarter after stagnating in the fourth quarter of 2022. The rate also exceeded economists' forecast of 0.1% expansion. On a yearly basis, economic growth slowed marginally to 0.6% from 0.7%. In March, the Swiss National Bank had projected the economy to grow around 1 percent this year.

The outlook for the economy continued to darken, a survey data from the Zurich-based KOF Swiss Economic Institute showed. The KOF Economic Barometer fell to 90.2 in May from revised 96.4 in April. The indicator declined for the second straight month.

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BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks closed notably lower on Tuesday as investors stayed cautious, awaiting the passage of the U.S. debt ceiling deal before June 5.

Reports that a group of Republican lawmakers on the party's hard right said Monday they would oppose the deal reached by Biden and McCarthy over the weekend weighed on sentiment.

A drop in eurozone economic sentiment, hawkish Fed expectations and concerns around China's economic recovery also kept investors nervous.

Energy stocks tumbled as crude oil prices fell sharply.

The pan European Stoxx 600 ended 0.92% down. The U.K.'s FTSE 100 dropped 1.38%, Germany's DAX ended lower by 0.27% and France's CAC 40 fell 1.29%, while Switzerland's SMI ended 1.33% down.

Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Greece, Ireland, Netherlands, Poland, Portugal and Russia closed weak.

Finland, Norway, Spain and Sweden ended with modest losses, while Iceland and Turkiye closed higher.

In the UK market, Ocado Group, Rolls-Royce Holdings, Shell, Unilever, Johnson Matthey, Diageo, British American Tobacco, Haleon, Astrazeneca, Anglo American Plc, Vodafone Group, BP, Imperial Brands and Croda International lost 2 to 4%.

Frasers Group climbed about 2.7%. B&M European Value Retail surged 2.15%. Hargreavs Lansdown, JD Sports Fashion, Whitbread, ABRDN, St. James's Place, Segro, BT Group, Centrica, Endeavour Mining and Kingfisher gained 1 to 2%.

In Paris, Credit Agricole plunged more than 10%. Societe Generale tumbled nearly 6% and Sanofi ended 4.7% down.

TotalEnergies, Capgemini, Pernod Ricard, Danone, Teleperformance, WorldLine, Carrefour, BNP Paribas, ArcelorMittal, Bouygues and Alstom lost 1 to 3.4%.

STMicroElectronics, Dassault Systemes, Unibail Rodamco and Engie gained 1 to 1.2%.

In the German market, Fresenius fell 2.7%. Beiersdorf ended 2.2% down, while Henkel, Bayer, Covestro, Symrise, BASF and Fresenius Medical Care lost 1.5 to 2%.

Commerzbank, Fresenius Medical Care, MTU Aero Engines, Sartorius and Volkswagen also ended notably lower.

Puma, Deutsche Post, Infineon, Siemens Energy and E.ON gained 1 to 1.7%.

In economic news, euro area economic sentiment deteriorated to the lowest in six months in May reflecting lower confidence in industry, services and retail trade, adding to concerns over growth prospects.

The economic sentiment index fell to 96.5 from 99.0 in April, survey results from the European Commission showed. This was the lowest reading since November and also below economists' forecast of 98.9.

Eurozone bank lending growth weakened further in April reflecting the transmission of the European Central Bank's tight monetary policy and signaled weak economic growth.

Data published by the ECB showed that credit to euro area residents grew at a slower pace of 1.5% in April from a year ago, while credit to general government dropped 0.9%.

Data from the State Secretariat for Economic Affairs, or SECO, showed the Swiss economy rebounded at a faster-than-expected pace at the start of the year on robust domestic demand.

Gross domestic product grew 0.3% sequentially in the first quarter after stagnating in the fourth quarter of 2022. The rate also exceeded economists' forecast of 0.1% expansion. GDP, adjusted for sports events, logged a quarterly growth of 0.5% after posting a nil growth.

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WASHINGTON (dpa-AFX) - After an initial move to the upside, stocks have given back ground over the course of the trading session on Monday. The major averages have pulled back well off their highs of the session and are currently turning in a mixed performance.

The Nasdaq remains up 91.28 points or 0.7 percent at 13,066.97 after reaching its best intraday level in nine months. The S&P 500 is also up 8.96 points or 0.2 percent at 4,214.41, but the Dow is down 111.87 points or 0.3 percent at 32,981.47.

The initial strength on Wall Street came following news President Joe Biden and House Speaker Kevin McCarthy, R-Calif., reached an agreement in principle to raise the debt ceiling and avoid a potentially disastrous default by the U.S. government.

Biden called the deal an 'an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone.'

'The agreement represents a compromise, which means not everyone gets what they want. That's the responsibility of governing,' Biden said.

He added, 'And, this agreement is good news for the American people, because it prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost.'

Meanwhile, McCarthy accused Biden of wasting time by refusing to negotiate for months but said they have reached an agreement that is 'worth of the American people.'

McCarthy claimed the debt limit agreement 'stops Democrats' reckless spending, claws back unspent COVID funds, and blocks Biden's new tax schemes.'

A source familiar with the negotiations told CNN the agreement in principle will raise the debt ceiling for two years and keep non-defense spending roughly flat for fiscal 2024 and increase it by 1 percent in fiscal year.

The deal also reportedly includes White House concessions on work requirements for people receiving food stamps.

The source told CNN the agreement reached phases in food stamp time limits on people up to age 54 that will then sunset in 2030, while also exempting veterans and the homeless from these limits.

Biden said negotiating teams will finalize the legislative text over the next day and urged both the House and Senate to pass the agreement 'right away.'

The agreement is likely to face opposition from some Republicans who were seeking bigger spending cuts, potentially prolonging the process of passing the bill.

McCarthy told reporters Saturday evening that he expects the GOP-controlled House to vote on the agreement on Wednesday.

The last-minute agreement comes as lawmakers purportedly face a June 5 deadline, when Treasury Secretary Janet Yellen has warned the U.S. will no longer be able to pay its bills.

Buying interest has waned over the course of the session, however, as traders look ahead to the monthly jobs report on Friday amid concerns about further interest rate hikes.

Sector New

Oil service stocks have shown a substantial move to the downside on the day, dragging the Philadelphia Oil Service Index down by 2.6 percent.

The weakness in the sector comes amid a steep drop by the price of crude oil, with crude for July delivery plunging $2.76 to $69.91 a barrel.

Significant weakness is also visible among steel stocks, as reflected by the 2.2 percent slump by the NYSE Arca Steel Index.

Tobacco, oil producer and gold stocks are also seeing considerable weakness, while networking, semiconductor and computer hardware stocks have shown strong moves to the upside.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan's Nikkei 225 Index rose by 0.3 percent, while China's Shanghai Composite Index inched up by 0.1 percent.

Meanwhile, most European stocks have moved lower on the day. While German DAX Index has bucked the downtrend and inched up by 0.1 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are both down by 1.0 percent.

In the bond market, treasuries have shown a strong move back to the upside following recent weakness. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 8.9 basis points at 3.721 percent.

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WASHINGTON (dpa-AFX) - After moving sharply higher to close out the previous week, stocks are likely to see further upside in early trading on Tuesday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.7 percent.

Stocks are likely to benefit from news President Joe Biden and House Speaker Kevin McCarthy, R-Calif., reached an agreement in principle to raise the debt ceiling and avoid a potentially disastrous default by the U.S. government.

Biden called the deal an 'an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone.'

'The agreement represents a compromise, which means not everyone gets what they want. That's the responsibility of governing,' Biden said.

He added, 'And, this agreement is good news for the American people, because it prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost.'

Meanwhile, McCarthy accused Biden of wasting time by refusing to negotiate for months but said they have reached an agreement that is 'worth of the American people.'

McCarthy claimed the debt limit agreement 'stops Democrats' reckless spending, claws back unspent COVID funds, and blocks Biden's new tax schemes.'

A source familiar with the negotiations told CNN the agreement in principle will raise the debt ceiling for two years and keep non-defense spending roughly flat for fiscal 2024 and increase it by 1 percent in fiscal year.

The deal also reportedly includes White House concessions on work requirements for people receiving food stamps.

The source told CNN the agreement reached phases in food stamp time limits on people up to age 54 that will then sunset in 2030, while also exempting veterans and the homeless from these limits.

Biden said negotiating teams will finalize the legislative text over the next day and urged both the House and Senate to pass the agreement 'right away.'

The agreement is likely to face opposition from some Republicans who were seeking bigger spending cuts, potentially prolonging the process of passing the bill.

McCarthy told reporters Saturday evening that he expects the GOP-controlled House to vote on the agreement on Wednesday.

The last-minute agreement comes as lawmakers purportedly face a June 5 deadline, when Treasury Secretary Janet Yellen has warned the U.S. will no longer be able to pay its bills.

Stocks moved sharply higher over the course of the trading day on Friday, extending the rebound seen during Thursday's session. With the continued upward move, the Nasdaq and the S&P 500 reached their best closing levels in nine months.

The major averages moved roughly sideways going into the close, holding on to strong gains. The Nasdaq spiked 277.59 points or 2.2 percent to 12,975.69, the S&P 500 surged 54.17 points or 1.3 percent to 4,205.45 and the Dow jumped 328.69 points or 1.0 percent to 33,093.34.

The jump by the Dow came after the blue chip index bucked Thursday's uptrend and edged down to its lowest closing level in almost two months.

The major averages turned in a mixed performance for the week. While the Dow slumped by 1.0 percent, the S&P 500 rose by 0.3 percent and the tech-heavy Nasdaq soared by 2.5 percent.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan's Nikkei 225 Index rose by 0.3 percent, while China's Shanghai Composite Index inched up by 0.1 percent.

The major European markets have also turned mixed on the day. While the German DAX Index is up by 0.5 percent, the French CAC 40 Index is down by 0.4 percent and the U.K.'s FTSE 100 Index is down by 0.5 percent.

In commodities trading, crude oil futures are falling $0.73 to $71.94 a barrel after climbing $0.84 to $72.67 a barrel last Friday. Meanwhile, after inching up $0.80 to $1,963.10 an ounce in the previous session, gold futures are rising $16.80 to $1,979.90 an ounce.

On the currency front, the U.S. dollar is trading at 139.77 yen versus the 140.45 yen it fetched on Monday. Against the euro, the dollar is trading at $1.0736 compared to yesterday's $1.0708.

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BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The House Price Index or HPI for March, Consumer Confidence for May as well as Dallas Fed Manufacturing Survey for March are the major announcements on Tuesday.

Early signs from the U.S. Futures Index suggest that Wall Street might open broadly up.

Asian shares were mostly higher, and European shares are trading lower.

As of 7.35 am ET, the Dow futures were down 9.00 points, the S&P 500 futures were adding 23.25 points and the Nasdaq 100 futures were progressing 189.50 points.

The U.S. major averages finished at strong gains on Friday. The Nasdaq spiked 277.59 points or 2.2 percent to 12,975.69, the S&P 500 surged 54.17 points or 1.3 percent to 4,205.45 and the Dow jumped 328.69 points or 1.0 percent to 33,093.34.

On the economic front, the Case-Shiller Home Price Index for March will be published at 9.00 am ET. The consensus is for a decline of 0.1 percent, while it was up 0.1 percent in the prior month.

The Federal Housing Finance Agency's House Price Index or HPI for March will be released at 9.00 am ET. The consensus is for growth of 0.3 percent, while it was up 0.5 percent in the prior month.

The Conference Board's Consumer Confidence for May will be issued at 10.00 am ET. The consensus is 100.0 while it was up 101.3 in April.

Dallas Fed Manufacturing Survey for March will be revealed at 10.30 am ET. The consensus is negative 19.5, while it was down 23.4 in the prior month.

Asian stocks ended mixed on Tuesday. Chinese shares hit a five-month low. The benchmark Shanghai Composite closed up 2.76 points at 3,224.21. Hong Kong's Hang Seng index reversed early losses to end 0.24 percent higher at 18,595.78.

Japanese shares eked out modest gains, with the Nikkei average edging up 0.30 percent to close at 31,328.16. The broader Topix index finished marginally lower at 2,159.22.

Australian markets ended a choppy session slightly lower. The benchmark S&P/ASX 200 slipped 0.11 percent to 7,209.30.

The broader All Ordinaries index closed 0.11 percent lower at 7,387.30. ahead of April inflation data due on Wednesday.

European shares are trading mostly lower. CAC 40 of France is down 26.64 points or 0.36 percent. DAX of Germany is gaining 100.96 points or 0.64 percent. FTSE 100 of England is down 37.77 points or 0.49 percent. Swiss Market Index is sliding 64.27 points or 0.56 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.37 percent.

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BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks were mixed on Tuesday as investors waited for the passage of the U.S. debt ceiling deal before June 5.

Hawkish Fed expectations and concerns around China's economic recovery also kept investors nervous.

The dollar traded higher and U.S. Treasury yields fell after Republican South Dakota Representative Dusty Johnson downplayed the conservative opposition to the debt ceiling deal.

In economic releases, Eurozone economic sentiment fell more than expected in May after four months of general stagnation in sentiment, data from the European Commission showed.

The corresponding indicator fell to 96.5 from a downwardly revised 99.0 in April.

The pan European STOXX 600 was up 0.2 percent at 461.59 after closing 0.1 percent lower on Monday.

The German DAX rose half a percent while France's CAC 40 was down 0.1 percent. The U.K.'s FTSE 100 slipped 0.3 percent as trading resumed after a long holiday weekend.

Nestle declined 1.5 percent. The Swiss food group said has hired Anna Manz, the finance chief at the London Stock Exchange Group, as its new chief financial officer.

Unilever fell 1.5 percent. The consumer goods giant announced that its Chief Financial Officer Graeme Pitkethly would leave by the end of May 2024.

Bunzl, the specialist international distribution and services Group, fell about 1 percent after it agreed to acquire a safety business in Brazil and Spain.

Energy services group Hunting Plc jumped 17 percent after increasing its earnings guidance and securing a $91 million contract.

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BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. stocks started the week on a cautious note as investors waited for the passage of the U.S. debt ceiling deal before June 5.

Hawkish Fed expectations and concerns around China's economic recovery also kept investors nervous.

The benchmark FTSE 100 was down 15 points, or 0.20 percent, at 7,612 as trading resumed after a holiday weekend.

Bunzl, the specialist international distribution and services Group, fell about 1 percent after it agreed to acquire a safety business in Brazil and Spain.

Energy services group Hunting Plc jumped 17 percent after increasing its earnings guidance and securing a $91 million contract.

Unilever fell 1.5 percent. The consumer goods giant announced that its Chief Financial Officer Graeme Pitkethly would leave by the end of May 2024.

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BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks traded lower on Tuesday amid growing doubts about the strength of China's post-Covid recovery and signs of increasing tensions between Washington and Beijing.

China reportedly declined a U.S. invitation for a meeting between U.S. defense secretary Lloyd Austin and Chinese defense minister Li Shangfu at a forum in Singapore later this week.

Investors were also focused on the latest U.S. debt ceiling developments after a handful of Republican lawmakers said they would oppose a deal to raise the United States' $31.4 trillion debt ceiling.

The benchmark CAC 40 was down 27 points, or 0.4 percent, at 7,276 after declining 0.2 percent the previous day.

Among the prominent decliners, Danone and Pernod Ricard and TotalEnergies were down around 1 percent each.

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BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German stocks were slightly higher on Tuesday after Republican South Dakota Representative Dusty Johnson downplayed the conservative opposition to the debt ceiling deal.

Voting on the bill is set to start later this week in the House and the Senate.

In economic releases, Euro zone consumer confidence and economic sentiment data for May will be released later in the session.

The benchmark DAX was up 37 points, or 0.2 percent, at 15,989 after falling 0.2 percent in the previous session.

Daimler Truck Holding gained 1 percent. The German firm and Japan's Toyota Motor have signed a non-binding memorandum of Understanding to combine the businesses of Mitsubishi Fuso Truck and Bus Corp. or MFTBC and Hino Motors, Ltd.

Real estate firm Aroundtown SA jumped 6 percent after unveiling its first-quarter results in line with guidance.

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CANBERA (dpa-AFX) - Asian stocks ended mixed on Tuesday, as concerns that China's economic recovery is losing steam and signs of rising tensions between Washington and Beijing offset investor optimism over the agreement of a deal to raise the U.S. debt ceiling and avert default in the world's largest economy.

Investors were also wary that proposed spending cuts in the debt ceiling deal could weigh on U.S. economic growth. Voting on the bill is set to start later this week in the House and the Senate.

The dollar held near a two-month high, and gold struggled for direction near two-month lows while oil gave up earlier gains amid uncertainty over the outcome of upcoming OPEC+ policy meeting.

Chinese shares hit five-month low before recovering losses to finish marginally higher for the day.

The benchmark Shanghai Composite closed up 2.76 points at 3,224.21 after China reportedly declined a U.S. invitation for a meeting between U.S. defense secretary Lloyd Austin and Chinese defense minister Li Shangfu at a forum in Singapore later this week.

Hong Kong's Hang Seng index reversed early losses to end 0.24 percent higher at 18,595.78.

Japanese shares eked out modest gains, with the Nikkei average edging up 0.30 percent to close at 31,328.16. The broader Topix index finished marginally lower at 2,159.22 as caution prevailed ahead of U.S. jobs and manufacturing data due later in the week. Honda Motor, Nissan and Advantest rose 1-2 percent.

Seoul stocks rallied as traders returned to their desks after a long holiday weekend. The Kospi average climbed 1.04 percent to 2,585.52 as U.S. default worries eased.

An artificial intelligence boom continued to drive gains for chip stocks, with Samsung Electronics and SK Hynix rising 2.8 percent and 1 percent, respectively.

Automaker Hyundai Motor fell 2.4 percent and its affiliate Kia lost 2.1 percent.

Australian markets ended a choppy session slightly lower, dragged down by financials. The benchmark S&P/ASX 200 slipped 0.11 percent to 7,209.30 after a handful of Republican lawmakers said they would oppose a deal to raise the United States' $31.4 trillion debt ceiling.

The broader All Ordinaries index closed 0.11 percent lower at 7,387.30. ahead pf April inflation data due on Wednesday.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index dropped 0.48 percent to 11,878.71.

U.S. stocks were closed on Monday for the Memorial Day holiday.

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WASHINGTON (dpa-AFX) - Tesla Inc. (TSLA) CEO Elon Musk initiates a crucial China visit by meeting with the country's foreign minister in Beijing. This visit marks his return to Tesla's primary manufacturing center after a three-year absence.

Following China's decision to reopen its borders and revise its zero-COVID policy in December, several prominent CEOs from top U.S. companies have been visiting the country. In March, Tim Cook of Apple (AAPL) paid a visit, and this week, Jamie Dimon from JP Morgan (JPM) and Laxman Narasimhan from Starbucks (SBUX) are also in China. This trend continues with Musk's current trip to the country.

Musk had a meeting with Chinese foreign minister Qin Gang shortly after his arrival in Beijing. Qin assured Musk that China is dedicated to enhancing the business environment for investors, including Tesla. He used a driving metaphor to describe the China-U.S. relationship, emphasizing the need to apply brakes when necessary, avoid risky behavior, and skillfully accelerate to promote mutually beneficial cooperation.

Musk expressed his willingness to expand Tesla's operations in China and voiced his opposition to the idea of separating the U.S. and China economies. He described the two countries as 'conjoined twins,' highlighting their interconnectedness and interdependence. After the United States, China holds the position of being Tesla's second-largest market.

Following his arrival in China, Elon Musk, who is also the owner of Twitter, maintained a low profile on the platform. Twitter is banned in China but can be accessed by some users through a virtual private network (VPN). Musk also refrained from posting on his official Weibo account, which is a popular social media platform in China.

During his trip, Elon Musk is anticipated to meet with various high-ranking Chinese officials and visit Tesla's manufacturing plant in Shanghai, as per Reuters' report on Monday. However, the specific individuals he would meet and the topics to be discussed remain unclear. According to a source familiar with the matter, a meeting with Zeng Yuqun, Chairman of CATL (300750.SZ), a major Chinese battery supplier for Tesla, is also scheduled to take place in Beijing.

Tesla is facing growing competition from Chinese-made electric vehicles, and there are concerns regarding the expansion plans for its Shanghai plant, which serves as its primary production hub.

Some analysts view China's electric vehicle market, the largest in the world, as a highly profitable opportunity for Tesla and therefore expect the company to prioritize the expansion of its presence in China. Tesla's Shanghai plant is the central hub for the company's global production.

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CAMDEN (dpa-AFX) - Campbell Soup Company (CPB), a canned soup products company, said on Tuesday that it has sold Emerald nuts business to Flagstone Foods, a snacks maker. The financial terms of the deal have not been disclosed.

'The transaction is expected to be dilutive to earnings per share by approximately $0.01 in fiscal 2024, reflecting the timing of a transition service agreement and cost actions,' the company said in a statement.

CPB added that it does not expect the transaction to have a material impact on its fiscal 2023 financial results.

For the nine-month period to April 30, the Emerald business has posted net sales of and $46 million.

For the fiscal 2022, Emerald business had generated net sales of $66 million.

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LONDON (dpa-AFX) - BioLight Life Sciences Ltd. announced Tuesday it has signed a research collaboration agreement with Alexion Pharmaceuticals, Inc. (ALXN), a subsidiary of AstraZeneca plc (AZN, AZN.L), focusing on exploring a groundbreaking technology that utilizes natural tears for the potential diagnosis of retinal diseases.

The study, financed by Alexion and BioLight, will evaluate a screening technique that analyzes components of the tear film, an outer eye surface fluid layer. The Technology was licensed from Harvard University and will be utilized to analyze tear samples.

The study will be conducted at the Tel Aviv Medical Center and led by Prof. Anat Loewenstein, Chair of the Ophthalmology department.

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WASHINGTON (dpa-AFX) - Diebold Nixdorf, Incorporated (DBD) has entered into a restructuring support agreement with certain of its key financial stakeholders to effectuate a debt restructuring transaction. The company expects the restructuring to significantly reduce debt and leverage levels and provide substantial additional liquidity.

The restructuring support agreement contemplates the effectuation of a deleveraging transaction through, among other things: a pre-packaged chapter 11 plan of reorganization to be filed by the company and certain of its subsidiaries; a scheme of arrangement to be filed by Diebold Nixdorf Dutch Holding B.V. and certain of the subsidiaries contemporaneously with the commencement by Dutch Issuer of voluntary scheme proceedings; and recognition of such scheme of arrangement pursuant to a case commenced under chapter 15 of the U.S. Bankruptcy Code by Diebold Nixdorf Dutch Holding. The restructuring support agreement provides that the debtors will seek approval of a $1.25 billion debtor-in-possession term loan credit facility as part of the chapter 11 cases.

The company's outstanding common shares would be cancelled pursuant to the restructuring transactions. The company expects the restructuring transactions to be consummated in the third quarter of 2023.

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LONDON (dpa-AFX) - Hochschild Mining Plc (HOC.L), a British bullion minor, said on Tuesday that its Chief Executive Officer Ignacio Bustamante is resigning with a view to joining another company in London. The resignation is effective August 26.

Subsequently, the miner has appointed its current Chief Operating Officer, Eduardo Landin, as new CEO.

The company's present Director of Technical Services, Rodrigo Nunes, will be the new chief operating officer.

Bustamante will continue to serve on the Board as a Non-Executive Director, representing Hochschild's largest shareholder, Pelham Investment Corporation, which is controlled by Eduardo Hochschild.

Looking ahead, the company has reaffirmed its 2023 production guidance that it previously provided on May 10.

For 2023, the miner still expects to report production of 301,000-314,000 gold equivalent ounces and 25 million-26 million silver equivalent ounces.

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LONDON (dpa-AFX) - Nestle SA (NSRGY.PK, NSTR.L) said Tuesday that its Executive Vice President and Chief Financial Officer, Francois-Xavier Roger, has decided to step down and to pursue new professional challenges.

Anna Manz, currently Chief Financial Officer and a member of the Board for the London Stock Exchange Group, will join Nestle as Chief Financial Officer as soon as she is released from her present duties. At that time, she will also become a member of the Executive Board of Nestle as an Executive Vice President, the Swiss food and beverage giant said in a statement.

Nestle noted that Francois-Xavier Roger will remain in his role until his successor's arrival.

Prior to LSEG, Anna served as CFO and Executive Director at Johnson Matthey. Before that, she spent 17 years at Diageo in a number of senior roles, including Chief Strategy Director, CFO of Asia Pacific and Group Treasurer.

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LONDON (dpa-AFX) - Edinburgh Investment Trust plc (EDIN.L) Tuesday reported a return of 43.02 million pounds on ordinary activities before tax for the full year, lower than 141.58 million pounds in the previous year, due to lower gains on investments.

Return after tax declined to 42.24 million pounds or 25p per share from 140.92 million pounds or 81.88p per share last year.

Gains on investments held at fair value decreased to 6.02 million pounds from 101.82 million pounds in the previous year.

Net asset value-debt at fair value- per share was 713.75p as on March 31, 2023, compared with 686.69p a year ago.

The company's Board has recommended a final dividend of 6.7p per share.

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JERUSALEM (dpa-AFX) - Guy Carpenter, a business of insurance company- Marsh & McLennan Companies Inc (MMC), said on Tuesday that it is acquiring Re Solutions, an Israeli reinsurance broker. Financial terms of the transaction, expected to be closed later this quarter, have not been disclosed.

Dean Klisura, CEO of Guy Carpenter, said: 'The combination of Re Solutions' well-established Israel operations and respected team together with Guy Carpenter's global solutions and services, will bring significantly enhanced benefits to clients across Israel. This transaction, which is driven by our ambitions to invest in Israel...'

Since 2011, Re Solutions has been Guy Carpenter's correspondent broker in Israel.

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LONDON (dpa-AFX) - Hunting Plc (HTG.L), a British energy services group, Tuesday said it has revised upward its fiscal 2023 EBITDA view, benefited by a new, significant Oil Country Tubular Goods or OCTG contract from Cairn Oil and Gas, Vedanta Limited.

The company said its Asia Pacific operating segment has won the OCTG contract that management estimates to be worth up to $91 million for Cairn Oil and Gas' operations in Rajasthan, India.

The contract is for an estimated 100 wells and is to extend up to three years. The OCTG will be supplied with Hunting's proprietary SEAL-LOCK XDTM premium connection.

The latest order is the largest single order received for the company's OCTG and premium connections.

With this order, Hunting's sales order book now is around $575 million, which represents a material increase since the year-end.

Based on the timing of the first deliveries of this order, the company now expects fiscal 2023 EBITDA to be in the range of $92 million to $94 million. The outlook represents a further increase from its previous guidance issued at its 2022 full year results in March 2023.

Further, the year-end guidance for cash and bank remains unchanged.

Jim Johnson, Chief Executive, said, 'US market activity remains stable and with the orders received for China, Guyana, Brazil and now India, Hunting continues to see a strong growth profile given our standing and recognition with major energy companies, coupled with the strong international market sentiment being reported in many regions.'

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BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Bunzl plc (BZLFY.PK, BNZL.L) has agreed to acquire a safety business in Brazil and a safety business in Spain. Bunzl agreed to acquire Leal Equipamentos de Proteção, a specialised safety distributor in Brazil, which complements the Group's portfolio of safety businesses in Brazil. Bunzl also acquired Irudek, a distributor of safety and personal protective equipment, specialising in fall protection equipment in Spain.

Bunzl noted that the Group has now announced 200 acquisitions since 2004, driving approximately two thirds of revenue growth over the last 10 years.

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MADRID (dpa-AFX) - Spain's consumer price inflation eased unexpectedly in May to the lowest level in nearly two years, mainly due to a fall in fuel prices, flash estimates from the statistical office INE showed Tuesday.

The consumer price index, or CPI, climbed at a slower pace of 3.2 percent year-over-year in May after a 4.1 percent increase in April. Meanwhile, economists had expected inflation to rise to 4.4 percent.

The latest rate was the lowest since July 2021, when prices had risen 2.9 percent.

This development is mainly due to the decrease in fuel prices, which increased in May of the previous year, the agency said.

The slowdown in inflation was also influenced by lower prices of food and non-alcoholic beverages compared to last year.

Excluding non-processed food and energy prices, core inflation eased for the third successive month to 6.1 percent from 6.6 percent in April.  

On a monthly basis, overall consumer prices edged down 0.1 percent in May, reversing a 0.6 percent increase in the previous month. Economists had forecast a 0.1 percent increase.

ING economist Wouter Thierie said service sector inflation remains stubbornly high for now, though it is expected to start cooling structurally for the first time, especially after the summer months.

'We forecast an average inflation rate of 3.9 percent for all of 2023,' Thirrie said.

'The expected slowdown in inflation can be attributed to lower energy prices and cooling food inflation, which will also dampen the pass-through effect of these components to the prices of other goods and services.'

EU harmonized inflation moderated to 2.9 percent in May from 3.8 percent a month ago. The expected increase was 3.5 percent.

Month-on-month, the HICP dropped 0.2 percent, while prices were forecast to rise by 0.2 percent.

'Inflation in the euro-zone as a whole should eventually follow a similar path, but we would not jump to any conclusions about the rate for May, data for which are due on Thursday,' Andrew Kenningham, a chief economist at Capital Economics, said.

Separate official data showed that Spanish retail sales growth eased to 5.5 percent in April from 9.9 percent in March.

Sales of non-food products grew by 14.3 percent annually in April, and those of food goods rose by 1.6 percent. Meanwhile, sales at service stations showed a decline of 4.8 percent.

Compared to the previous month, retail sales advanced 0.9 percent in April versus a 0.7 percent gain in the prior month.

In a separate report, ING economist Thierie said tourism will be a key driver of growth in Spain this year with household consumption declining and expected interest rate hikes dampening investment dynamics.

'Our forecast is for growth of 1.9 percent for Spain, surpassing the eurozone's expected growth rate of 0.5 percent,' the economist added.

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WASHINGTON (dpa-AFX) - Consumer confidence in the U.S. saw a modest decrease from an upwardly revised level in the month of May, according to a report released by the Conference Board on Tuesday.

The Conference Board said its consumer confidence index edged down to 102.3 in May from an upwardly revised 103.7 in April.

Economists had expected the consumer confidence index to slip to 100.0 from the 101.3 originally reported for the previous month.

'Consumer confidence declined in May as consumers' view of current conditions became somewhat less upbeat while their expectations remained gloomy,' said Ataman Ozyildirim, Senior Director, Economics at The Conference Board.

He added, 'While consumer confidence has fallen across all age and income categories over the past three months, May's decline reflects a particularly notable worsening in the outlook among consumers over 55 years of age.'

The report said the present situation index decreased to 148.6 in May from 151.8 in April, while the expectations index dipped to 71.5 from 71.7.

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SOFIA (dpa-AFX) - Belgium's consumer price inflation continued its downward trend in May to reach its lowest level in just over one-and-a-half years amid a slowdown in prices in a broad number of categories, figures from the statistical office showed on Tuesday.

The consumer price index climbed 5.20 percent year-over-year in May, slower than the 5.60 percent rise in April.

Moreover, the latest inflation was the strongest since October 2021, when prices had grown 4.16 percent.

Food inflation eased to 15.51 percent in May from 16.64 percent in the prior month.

Data showed that motor fuels, electricity, bread and cereals, and domestic heating oil have had a decreasing effect on the index.

Excluding energy and unprocessed food, core inflation rose to 8.70 percent from 8.28 percent in April.

Inflation based on the health index stood at 5.90 percent in May, down from 5.95 percent in the prior month.

On a monthly basis, consumer prices edged up 0.38 percent in June.

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BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Eurozone bank lending growth weakened further in April reflecting the transmission of the European Central Bank's tight monetary policy and signaled weak economic growth.

Data published by the ECB on Tuesday showed that credit to euro area residents grew at a slower pace of 1.5 percent in April from a year ago, while credit to general government dropped 0.9 percent.

Adjusted loans to the private sector logged a slower growth of 3.3 percent after March's 3.9 percent rise. Among the borrowing sectors, the annual growth in loans to households slowed to 2.5 percent from 2.9 percent.

Likewise, the growth in loans to non-financial corporations eased to 4.6 percent from 5.2 percent a month ago.

'April's weak monetary data adds to a sluggish economic outlook for the rest of 2023 and provides an argument for the doves at the European Central Bank's coming meetings,' ING economist Bert Colijn said.

The central bank had raised its benchmark rates by a quarter-point early this month. ECB Chief Christine Lagarde signaled more rate hikes ahead. Nonetheless, the bank slowed the pace of policy tightening from a half-a-point hike in March.

The ECB's bank lending survey also suggested that lenders plan to tighten their credit standards in the second quarter. Banks also expect fall in demand for loans from firms and households.

ECB data showed that the broad monetary aggregate M3 growth slowed to 1.9 percent in April from 2.5 percent in March. This was the weakest growth since June 2014. Economists had forecast the annual growth to ease to moderately to 2.1 percent.

At the same time, the M1 narrow measure that comprises currency in circulation and overnight deposits registered a record 5.2 percent decline, following a 4.2 percent drop in March. The decline was largely due to the fall in overnight deposits.

In the three months to April, M3 growth averaged 2.4 percent.

Capital Economics' economist Jack Allen-Reynolds said the latest money and credit data indicates that the decline in bank deposits in recent months is due to rising interest rates rather than worries about the banks' stability.

Lending is likely to remain extremely weak as the ECB continues raising interest rates, the economist added.

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BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Adding to concerns over growth prospects, euro area economic sentiment deteriorated to the lowest in six months in May reflecting lower confidence in industry, services and retail trade.

The economic sentiment index fell to 96.5 from 99.0 in April, survey results from the European Commission showed Tuesday. This was the lowest reading since November and also below economists' forecast of 98.9.

The overall fall in the economic confidence was due to the deterioration in confidence in industry, construction, services and, particularly, retail trade. Meanwhile, the consumer confidence continued to recover, albeit at a slower pace.

The industrial confidence index declined to -5.2 from -2.8 a month ago. This was the fourth consecutive fall and the index hit the lowest since November 2020.

The deterioration in managers' production expectations and their assessments of the current level of overall order books contributed to the decline. The stocks of finished products were increasingly assessed as too large.

The services sentiment indicator slid to 7.0 from 9.9, while the score was forecast to improve 10.2. The weakness reflects less upbeat views on both past and expected demand and also their assessment of the past business situation.

By contrast, the consumer confidence index rose slightly to -17.4 in May from -17.5 in the previous month. The score came in line with the flash estimate.

The mild improvement in consumer sentiment was driven by consumers' improved appraisals of their households' past and future financial situation, as well as the expected general economic situation.

Meanwhile, the retail trade confidence registered a sharp drop as managers' assessment of their expected and past business situation declined and stocks were assessed to be too large or above normal. The corresponding index plunged to -5.3 from -0.9.

At 0.2, the construction confidence index dropped from 0.9 points a month ago. The index continued to move sideways as managers' assessment of order books edged up slightly, while employment expectations were down marginally.

The currency bloc likely registered a negative growth over the winter, ING economist Bert Colijn said. The survey unfortunately does not suggest that a vibrant recovery is underway, the economist observed.

Weak growth and a falling inflation outlook both add to expectations the peak in the interest rates is getting near, Colijn added.

The survey showed that selling price expectations dropped further in industry, services, retail trade and, to a lesser extent, in construction.

The employment expectations indicator fell to 104.7 in May from 107.5 in the previous month. The score eased due to less optimistic employment plans among services and industry managers.

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PRAG (dpa-AFX) - The Czech Republic's economic activity showed no variations in the first quarter, revised from a slight expansion reported initially, the latest figures from the statistical office showed on Tuesday.

Gross domestic product remained flat in the March quarter, following a 0.4 percent fall in the fourth quarter. In the initial estimate, the rate of increase was 0.1 percent.

The economy stagnated after two consecutive quarters of decline.

On the expenditure side, household consumption fell 1.2 percent over the quarter due to lower purchases of non-durable goods and services amid elevated inflation levels in the country.

Gross fixed capital formation decreased by 1.8 percent, while general government expenditure showed an increase of 1.9 percent.

On a yearly basis, GDP contracted 0.4 percent in the March quarter versus a 0.3 percent rise in the December quarter.

Further, this was the first contraction since the second quarter of 2022. The rate of decline was 0.2 percent in the previous estimate.

The annual GDP decrease was mainly influenced by lower final consumption expenditure by households and a decrease in inventories, whereas external demand had a positive influence, the agency said.

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BRUSSELS (dpa-AFX) - The Swiss economy rebounded at a faster-than-expected pace at the start of the year on robust domestic demand, government data showed on Tuesday.

Gross domestic product grew 0.3 percent sequentially in the first quarter after stagnating in the fourth quarter of 2022, the State Secretariat for Economic Affairs, or SECO, reported. The rate also exceeded economists' forecast of 0.1 percent expansion.

GDP, adjusted for sports events, logged a quarterly growth of 0.5 percent after posting a nil growth.

The expenditure-side of GDP showed that private consumption, investment and exports were the major drivers of growth.

Private spending registered a faster increase of 0.6 percent following a 0.2 percent rise a quarter ago. There was significant increase in consumer spending on services, such as mobility and tourism.

At the same time, government consumption remained flat after a 0.1 percent drop.

The quarterly growth in equipment and software investment improved to 2.6 percent from 0.1 percent, driven by higher investment in research and development. Meanwhile, construction investment was down 0.1 percent.

Exports of goods surged 4.0 percent, while shipment of services decreased 5.5 percent. At the same time, imports of goods moved up 5.4 percent and that of services gained 1.4 percent.

Overall, the contribution of foreign trade to GDP growth was slightly negative, data showed.

On a yearly basis, economic growth slowed marginally to 0.6 percent from 0.7 percent. The rate came in line with expectations.

In March, the Swiss National Bank had projected the economy to grow around 1 percent this year.

The outlook for the economy continued to darken, a survey data from the Zurich-based KOF Swiss Economic Institute showed Tuesday. The KOF Economic Barometer fell to 90.2 in May from revised 96.4 in April. The indicator declined for the second straight month.

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AMSTERDAM (dpa-AFX) - Confidence among manufacturers in the Netherlands weakened for the second straight month in May to the lowest level in more than two years, data from the Central Bureau of Statistics showed on Tuesday.

The producer sentiment index dropped to 2.1 in May from 3.0 in April. Further, this was the lowest reading since February 2021, when it was 0.1.

Entrepreneurs were particularly less positive about the order book. A less positive outlook was also expressed for the next three months' production.

There was a more negative assessment of finished product stocks.

In May, producer confidence declined in most industrial sectors. Entrepreneurs in the wood and building materials industry were the most negative.

Producers in the electrical engineering and machinery industries were the most optimistic, as in previous months.

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STOCKHOLM (dpa-AFX) - Sweden's economy expanded more than initially estimated in the March quarter after contracting in the previous quarter, preliminary figures from Statistics Sweden showed on Tuesday.

Gross domestic product advanced 0.6 percent sequentially in the March quarter, reversing a 0.5 percent fall in the December quarter. The latest rate of growth was revised up from a 0.2 percent rise reported initially on April 27.

According to the agency, the improvement was primarily explained by a rise in inventories and a rapid expansion in exports of commodities.

General government spending increased by 0.5 percent over the quarter, while gross fixed capital formation also expanded by 0.5 percent, driven mostly by higher investments in machinery, equipment, and  weapon systems.

Data showed that changes in inventories contributed to GDP growth by 0.6 percentage points. Both exports and imports climbed by 1.2 percent and 0.7 percent, respectively.

At the same time, household final consumption posted a decline of 1.2 percent due to decreased expenditure on transport, non-resident household consumption, and food consumption.

On a yearly basis, the economy rebounded 0.8 percent in the first quarter after a 0.4 percent decline in the preceding three-month period. In the flash report, the rate of expansion was 0.3 percent.

Separate official data showed that the country's trade deficit narrowed to SEK 2.7 billion in April from SEK 3.6 billion in the corresponding month last year as exports grew faster than imports. In March, the trade balance showed a surplus of SEK 8.5 billion.

In April, exports were 4.0 percent higher compared to last year, and imports rose by 0.3 percent.

Trade in goods with countries outside the EU resulted in a surplus of SEK 18.6 billion, while EU trade showed a deficit of SEK 21.3 billion.

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TOKYO (dpa-AFX) - Japan's unemployment rate declined in April, data from the Ministry of Internal Affairs and Communications showed on Tuesday.

The unemployment rate dropped to a seasonally adjusted 2.6 percent in April from 2.8 percent in the previous month. The rate was seen falling to 2.7 percent.

The number of workers increased 140,000 from the last year to 67.41 million. This was the ninth consecutive increase. Meanwhile, the number of unemployed rose by 20,000 annually to 1.9 million.

The jobs-to-applicants ratio came in at 1.32 in April, in line with expectations.

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