Azimut, the Italian fund manager, has seen the value of its initial public offering hit by uncertainty over the group's future fee income.

Merrill Lynch and UBM, the Italian investment bank, are leading the flotation, which values the company at around €645m ($779m) compared with earlier estimates of between €750m and €1bn. The issue represents a 75% free float and shares are due to start trading in Milan on July 7.

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The pact imposes a baseline tariff of 15% on the U.S.’s biggest trading partner.

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The lender forecast total income excluding notable items to exceed $21.61 billion as loan growth and structural hedges continue to mitigate the impact of interest-rate cuts.

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The leaders of America’s chip giants cheered the president’s artificial intelligence orders, which could help boost the domestic semiconductor industry.

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CME Group’s second-quarter earnings and revenue rose sharply as the derivatives-exchange operator benefited from a surge in trading activity due to market volatility.

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The Italian bank lifted earnings and shareholder-distributions guidance after reporting better-than-expected profit, looking to turn the page on its aborted takeover bid for its smaller peer.

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U.S. stock futures pointed to a flat open after a mixed session on Wall Street Monday, while international equity markets were also mixed so far Tuesday as earnings season sweeps into full gear.

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The lender reported a sharp decline in net profit due to a one-off hit related to the sale of its Brazilian subsidiary and an increase in loan loss allowances.

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