First Trust STOXX European Select Dividend Income Fund

FDD

Market cap $877M

The 27-nation European Union outlined how it hopes to expand the region's data centers, semiconductors and cloud computing capabilities.

The European Union will develop minimum energy-efficiency standards for data centres, it said on Wednesday, ‌as concerns grow over their rapidly rising power use.

The European Commission proposed new laws on Wednesday to boost domestic cloud, AI and semiconductor industries, aiming to cut reliance on U.S. Big Tech in ​a move that could ratchet up transatlantic tensions.

European automotive, construction, metals, chemicals and transport sectors could lose ​up to 1.3 million jobs ‌this year as a result of a surge in energy prices caused by the U.S.-Iran ​conflict, Labour Commissioner Roxana Minzatu ​said on Wednesday. "Due to the war ⁠in the Middle East, up ​to 1.3 million jobs are at risk ​and we are talking about jobs in energy-intensive industry, particularly," Minzatu told a news ​conference.

Rick Gardner of of RGA Investments says higher defense spending commitments across Europe could support the region's defense stocks, which remain relatively cheaper than U.S. peers. He also sees upside for U.S. LNG exporters, producers and refiners if Europe increasingly looks beyond the Gulf region for energy supplies.

European stocks dipped on Wednesday, as investors weighed U.S. proposals for sweeping new tariffs on 60 countries.

Euro area HICP inflation accelerated to 3.2% YoY in May, the highest since September 2023, driven by energy and services price pressures. Core inflation rose sharply to 2.5% YoY, exceeding consensus, with services inflation hitting a 7-month high at 3.5% YoY.

Inflation rose to 3.2% in May, a fourth-straight increase and the highest level since September 2023.

European natural-gas prices fell after President Trump said talks with Iran were continuing, though losses were limited by uncertainty about whether they'll reach an agreement.

Investors are awaiting data that will shed further light on the economic impact of the U.S.-Iran war.