Shares of industrial and transportation companies fell, after mixed factory data.
Orders for durable goods rose 0.7% in May, driven by increases in big-ticket items including cars, computers and military aircraft.
However, the production index of the Texas Manufacturing Outlook Survey decreased to 2.3 in June from 18.8 in May, suggesting that manufacturing output barely expanded over the month.
“China is in a man-made economic contraction,” said strategists at money manager Brandywine Global, in a note to clients.
“Emerging countries are near the breaking point following successive rounds of tightening aimed at controlling inflation. Europe’s growth has been strangled by multi-fold increases in the cost of energy,” they said.
General Electric said Lawrence Culp, the architect of the conglomerate’s plans to split into three public companies, is taking on the additional post of chief executive officer of GE Aviation while remaining chairman and chief executive of the parent company.
GE is in the process of separating into three, the culmination of Mr. Culp’s effort to streamline operations and reinvigorate the company he took over in 2018.
Siemens has agreed to acquire U.S.-based software-as-a-service provider Brightly Software for $1.58 billion, in a deal that would bolster its digital offerings for building management.
Write to Rob Curran at [email protected]
(END) Dow Jones Newswires
06-27-22 1652ET
