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Italy has been hit by a preliminary European Union warning over its restrictions on UniCredit SpA’s planned takeover of Banco BPM SpA.

In a legal move that sets up a clash between Brussels and Rome, EU officials accused Giorgia Meloni’s government of potentially violating the bloc’s law in imposing national conditions on the deal.

The Brussels-based European Commission said that Italy’s application of its so-called golden power “may contravene” EU merger rules and “lacks sufficient reasoning.” The EU’s executive arm also said the government’s stance seems “incompatible with other provisions of EU law, including on the free movement of capital and on prudential oversight by the European Central Bank.”

China faces significant challenges advancing its semiconductor lithography, a key hurdle for its drive toward technological self-sufficiency and superiority in the trade war with the US.

Shanghai Micro Electronics Equipment Group Co., the country’s leading provider of such technology, has been able to carve out only a 4% share of the market for older-generation lithography, according to the Center for Security and Emerging Technology. The DC-based independent think tank is often consulted by various US government agencies.

The CSET researchers found Chinese firms “have made notable gains in equipment used in fabrication,” including achieving parity with Japan in one particular segment of that business. But chipmaking gear maker SMEE is still far behind advanced lithography leader ASML Holding NV and its smaller Japanese peer Nikon Corp.

Autodesk Inc. is no longer pursuing an acquisition of PTC Inc., people familiar with the matter said, which would have ranked as one of the year’s largest deals.

The software provider has decided to shelve its work on a potential cash-and-stock deal for PTC, according to the people, who asked not to be identified discussing confidential information. Shares in Autodesk have fallen more than 10% since July 8, the day before Bloomberg News reported it was considering an acquisition of PTC.

Autodesk shares closed at $280.39 in New York on Friday, giving it a market value of about $60 billion. PTC has a market capitalisation of $23.2 billion.

South Africa’s president suspended the nation’s police minister and announced a commission of inquiry to probe accusations that he sabotaged an investigation into political assassinations.

Cyril Ramaphosa placed Senzo Mchunu on special leave and appointed Firoz Cachalia, a university professor and former provincial minister of community safety in Gauteng, as acting minister.

The president has been under intense pressure to act after the explosive allegations on July 6 highlighted concerns that the nation, which suffers from chronic crime, has yet to root out corruption among senior officials that has stunted its investment and economic growth.

China’s economy likely expanded just above the government’s full-year growth target in the second quarter, easing pressure on Beijing to roll out additional stimulus in the near term.

Official figures due Tuesday are expected to show gross domestic product rose 5.1% year-on-year in the quarter ended June, according to a Bloomberg survey. While slower than the first quarter, it would still put first-half growth at 5.3%, comfortably above Beijing’s annual target of around 5%, the survey shows.

The economy got a boost from strong exports, helped by a trade truce with the US in mid-May that lowered tariffs on Chinese goods to around 55% from a peak of 145%, as well as ongoing fiscal support aimed at shoring up domestic demand.

South Africa’s president suspended the nation’s police minister and announced a commission of inquiry to probe accusations that he sabotaged an investigation into political assassinations.

Cyril Ramaphosa placed Senzo Mchunu on special leave and appointed Firoz Cachalia, a university professor and former provincial minister of community safety in Gauteng, as acting minister.

The president has been under intense pressure to act after the explosive allegations on July 6 highlighted concerns that the nation, which suffers from chronic crime, has yet to root out corruption among senior officials that has stunted its investment and economic growth.

Tesla Inc. will stand trial over claims that the company is partly to blame for a fatal 2019 crash in Florida that occurred when the Autopilot system in a Model S allegedly failed to detect a parked SUV.

Family members of the woman killed in the crash, Tesla engineers and auto-safety experts are expected to provide testimony in a federal courtroom in Miami during the jury trial, which starts Monday and is set to last three weeks.

Only a handful of Tesla crash cases have gone to trial. The electric vehicle maker has struck confidential accords to resolve several cases that blamed defective technology for deadly accidents.

CityFibre Holdings Ltd. reached an agreement with existing lenders and shareholders to inject another £2.3 billion ($3.1 billion) to expand the company’s footprint as the UK’s crowded market for alternative network providers heads for a reckoning.

The funds include about £500 million in equity from existing shareholders including, Goldman Sachs, Antin Infrastructure Partners, Mubadala Investment Co. and Interogo Holding, the company said Monday, confirming a previous Bloomberg report.

CityFibre also secured £960 million in debt and a new “accordion” facility, which will let the company tap an additional £800 million under certain conditions.

CityFibre is already the largest, and Chief Executive Officer Greg Mesch said he’s looking for deals to consolidate the crowded industry of UK “alt-nets,” a group of fiber optic providers set on challenging incumbent BT Group Plc’s Openreach business.

Banks are looking to sell $2.25 billion of term loans and $2 billion equivalent of bonds for Boots, to help finance its acquisition by US private equity firm Sycamore Partners, according to people familiar with the matter.

The long-anticipated sale of the leveraged loans for the UK pharmacy chain launched on Monday and comprises a $1 billion term loan B denominated in euros, $750 million in dollars and $500 million in sterling.

Simultaneously, banks have started marketing senior secured bonds in euros, sterling and dollars as well. They will look to raise $750 million-equivalent each from the euro and sterling tranches and $500 million from the dollar sale.

The deals are part of a larger financing package that will also include private credit facilities to support the takeover of Walgreens Boots Alliance Inc., one of the largest leveraged buyouts since the global financial crisis.

Kenvue Inc. said Chief Executive Officer Thibaut Mongon will leave the company and that the maker of Neutrogena and Listerine brands is undertaking a strategic review.

Current board director Kirk Perry will take over as interim CEO, effective immediately. Shares in Kenvue rose 2% in premarket trading in New York.

Bitcoin breached $120,000 for the first time, with investor optimism increasing almost daily after it emerged from a narrow trading range that had left sceptics wondering whether the original cryptocurrency would regain the record-breaking momentum seen at the start of the year.

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President Donald Trump on Sunday (July 13) said Washington would send Patriot air defence systems to Kyiv and hinted at new sanctions on Russia, once again voicing displeasure with Russian leader Vladimir Putin over Moscow’s war in Ukraine.

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“It is important to note that investors are already pricing in rate cut expectations,” noted Linh Tran, market analyst at XS.com. “If the data points to stronger-than-expected inflationary pressures or a tight labor market, the Fed may be forced to delay rate cuts — potentially triggering a valuation shock for equity markets.”

Late on Sunday, Trump repeated his criticism of Powell and said if the Fed chair stepped down, that would be a “good thing.” Deutsche Bank AG strategist George Saravelos said the potential dismissal of Powell is a major and underpriced risk that could trigger a selloff in the US dollar and Treasuries.

Tesla Inc. shareholders will vote on whether to invest in Elon Musk’s xAI, the billionaire said, after the Wall Street Journal reported that SpaceX agreed to pump $2 billion into the artificial intelligence startup.

Musk made the statement in response to an account on X that said the carmaker must be able to invest in xAI to be fair to Tesla retail investors.

“It’s not up to me. If it was up to me, Tesla would have invested in xAI long ago,” Musk replied. He didn’t say when the carmaker will have a shareholder vote or offer other details, beyond saying in a separate post that he didn’t support a merger of the companies.

Donald Trump’s proposed 30% tariff on European Union goods is “effectively prohibitive” to transatlantic trade and could warrant retaliation, the bloc’s chief negotiator said.

Briefing reporters in Brussels on Monday before a gathering of trade ministers, Maros Sefcovic warned that counter measures may be on the table as an option to strike back against the US president’s levies.

“The current uncertainty caused by unjustified tariffs cannot persist indefinitely,” he said. “Therefore we must prepare for all outcomes, including — if necessary — well- considered, proportionate counter measures to restore the balance in our transatlantic relationship.”

US President Donald Trump attacked the car trade imbalance between the US and Japan again on Sunday, days ahead of a scheduled visit by Treasury Secretary Scott Bessent to the Asian country that could apply further pressure to the minority government.

“They sell us millions and millions of cars a year. We sell them no cars because they won’t accept our cars. And they won’t accept much of our agriculture either,” Trump told reporters in Washington.

Trump announced last week that he will raise across-the-board tariffs on Japan to 25% on Aug. 1, after months of negotiations between Japan’s top negotiator Ryosei Akazawa and Trump’s aides yielded little progress.

European natural gas extended gains, with traders watching demand from key buyers in Asia where extreme heat is boosting cooling needs.

Benchmark futures headed for a sixth session of advances, the longest winning streak in more than a year. Liquefied natural gas purchases increased in parts of North Asia amid hot weather, with a fuel shipment diverting away from Europe recently. That means the continent needs to pay up to keep supply coming and to stockpile enough fuel ahead of winter.

With underground storage sites around 63% full, Europe’s inventories are still on the low end for the time of year, while hot weather is boosting air conditioning needs in many parts of the region.

Bitcoin breached $120,000 for the first time, with investor enthusiasm showing few signs of dimming as the US House of Representatives prepares to consider key industry legislation during its “Crypto Week” starting Monday.

The cryptocurrency bellwether rose as much 3.4% to $123,205 as of 9:10 a.m. in London as digital assets staged a broad advance. Ether, the second-largest token, also gained, along with a host of smaller coins. The crypto gains came as stock markets across Europe retreated.

After surging on the election of Donald Trump to a second US presidential term, Bitcoin had settled into a pattern of fluctuating on either side of $100,000 for several months. Concern about Trump’s political and economic policies had helped to temper optimism over the pro-crypto agenda of his administration. Now with other risk assets such as US stocks back around record highs, Bitcoin has also resumed its push higher.

“It is important to note that investors are already pricing in rate cut expectations,” noted Linh Tran, market analyst at XS.com. “If the data points to stronger-than-expected inflationary pressures or a tight labor market, the Fed may be forced to delay rate cuts — potentially triggering a valuation shock for equity markets.”

Late on Sunday, Trump repeated his criticism of Powell and said if the Fed chair stepped down, that would be a “good thing.” Deutsche Bank AG strategist George Saravelos said the potential dismissal of Powell is a major and underpriced risk that could trigger a selloff in the US dollar and Treasuries.

There has been a resurgence of interest in China by sovereign wealth funds, with most now expecting to allocate more money to ride the country’s tech-fueled rebound, according to Invesco Ltd.

The world’s second largest economy has become a high or moderate priority for 59% of sovereign wealth funds surveyed in Invesco’s recent Global Sovereign Asset Management Study, up from 44% last year. The survey covered 83 SWFs and 58 central banks, which collectively manage around $27 trillion.

“Investors are becoming increasingly convinced of China’s innovative leadership in major technology segments and don’t want to be left behind,” said Martin Franc, chief executive officer of Asia ex Japan at the asset manager.

Oil steadied after President Donald Trump escalated the trade war, with threats of 30% tariffs on goods from the European Union and Mexico hurting appetite for risk and the outlook for energy demand.

Global benchmark Brent was little changed above $70 a barrel, after rising 3% last week, while West Texas Intermediate was above $68. US equity-index futures dropped after the latest tariff threats, which followed US trade measures against nations from Canada to Brazil and Algeria last week.

At the same time, investors were on alert for a “major statement” from Trump on Russia later Monday that may see him address the war in Ukraine and US sanctions policy. Ahead of that, the president told reporters in the US on Sunday that Washington would send Kyiv more weapons.

Japanese long-term bonds extended their declines on Monday, pushing yields higher to within sight of a record. Concerns about fiscal spending are swirling ahead of the nation’s upper house election, where polls suggest a struggle for the ruling coalition.

The 30-year bond yield climbed 12.5 basis points to 3.165% nearing the record high of 3.185% last seen in May. Yields on the 20-year rose as much as 12 basis points to 2.620%, the highest since 2000, while the 40-year surged 17 basis points to 3.495%. The 10-year bond yields advanced 7 basis points to 1.57%.

Focus has intensified on the upper house election taking place on July 20, with several local Japanese media polls pointing to the possibility the ruling bloc may lose its majority. Politicians have wooed voters with promises of more government spending and tax cuts, which would increase the nation’s debt load.

South Korea’s equity benchmark may rise more than 50% from its current level over a two-year period should corporate governance reforms gain momentum, according to JPMorgan Chase & Co.

Korea remains a key overweight market in Asia and among emerging markets, strategists led by Mixo Das wrote in a note on Friday. The Kospi Index, which has gained 32% so far this year to near a record high, could reach around 5,000, they said. That compares with Friday’s close of around 3,176.

The bullish outlook comes after JPMorgan raised Korean stocks to overweight from neutral last month, citing President Lee Jae Myung’s aim to unlock “the next phase of governance reforms” and his pledge to lift the Kospi to 5,000 during his five-year term. Lee also wants to tackle the so-called Korea discount, a long-standing grievance among global investors on a valuation gap compared to regional peers such as Japan and Taiwan.

China’s exports of rare earths in June climbed to their highest since 2009, according to official data, indicating a push by global buyers to get hold of the materials used to make powerful magnets.

The rare-earths sector has been in turmoil since early April, when dominant supplier China launched export controls amid a deepening trade stand-off with the US. That’s weighed most heavily on supplies of so-called permanent magnets, which are not covered by the customs data figures released on Monday.

Exports of rare earths, in mineral or metal form, climbed to 7,742 tons, up 60% from a year earlier. That could include some material to be used by the few magnet manufacturers outside China, who are seeing a wave of demand as the global auto industry grapples with a shortage.

Silver reached a new 14-year peak, boosted by bets it will be hit by US tariffs while also benefiting from sustained demand for gold — the more expensive precious metal.

Spot silver rose as much as 1.6% in Asian trading, following last week’s 4% increase that pushed it to the highest since 2011. The implied cost of borrowing the precious metal for one month spiked to above 6%, compared with its typical rate of nearly zero, indicating heightened market tightness.

Meanwhile, the spread between London spot and September futures contracts in New York remains unusually wide, similar to the start of the year when worries about tariffs triggered a surge of gold and silver shipments from London to the US, driving prices higher.

China’s export growth accelerated for the first time since March, driven by a reduction in US tariffs and robust demand from key overseas markets.

Exports rose 5.8% in June from a year earlier to $325 billion, coming in above the 5% growth forecast by economists in a Bloomberg survey. Imports rose 1.1% for their first growth since February, resulting in a trade surplus of $115 billion last month, according to data from the General Administration of Customs on Monday.

China’s booming exports have been a key driver of the economy in the first half of 2025, giving companies a boost as domestic demand remains weak. But that support might fade in the second half if global trade tensions start to escalate.

Bitcoin reached $120,000 for the first time, with investor optimism increasing almost daily after it emerged from a narrow trading range that had left skeptics wondering whether the original cryptocurrency would regain the record-breaking momentum seen at the start of the year.

After surging on the election of Donald Trump to a second US presidential term, Bitcoin had settled into a pattern of fluctuating on either side of $100,000 for several months.

Concern about Trump’s political and economic policies had helped to temper optimism over the pro-crypto agenda of his administration. Now with other risk assets such as stocks back around record highs, Bitcoin has also resumed its push higher.

Iron ore held its biggest weekly gain since January, with traders looking ahead to the release of data in China that may show the economy of the world’s biggest metals consuming nation expanded more than 5% in the second quarter.

Futures of the steel-making staple rose as high as $99.90 a ton early Monday, after surging 3.6% last week. China’s economy potentially expanded just above the government’s full-year growth target, government figures are expected to show Tuesday.

While that would be a positive demand signal, it also could mean policymakers would be less likely to offer up more stimulus in an upcoming meeting of senior leaders.

The EU is preparing to step up its engagement with other countries hit by Donald Trump’s tariffs following a slew of new threats to the bloc and other US trading partners, according to people familiar with the matter.

The contacts with nations including Canada and Japan could include the potential for coordination, said the people, who spoke on condition of anonymity to discuss private deliberations.

The move comes as talks between the EU and the US have dragged on and continue to be stuck on several issues, including cars and tariff rates on agriculture.NewsLive TVMarketPopular CategoriesCalculatorsTrending NowLet's Connect with CNBCTV 18Network 18 Group :©TV18 Broadcast Limited. All rights reserved.