<div id="readability-page-1"><div> MARKET WRAPS Watch For: EU GDP; France industrial production index; no major corporate trading updates expected Opening Call: European stock futures traded broadly lower in tandem with broad declines in Asian stock benchmarks; the dollar strengthened slightly; Treasury yields were little changed; while oil futures gained and gold fell. Equities: Stock futures in Europe were broadly lower early Friday, undermined by cooling artificial intelligence trade and a renewed Israel-Lebanon ceasefire showing signs of strain. The ceasefire came under pressure within hours of its agreement, as Israeli forces and Hezbollah militants exchanged fire on Thursday. The fighting between Israel and Hezbollah in Lebanon has become a major sticking point in the U.S.-Iran peace talks. Tehran views the Lebanon conflict as a violation of the existing ceasefire between the two nations, which could threaten to derail the broader negotiations. &#34;Tehran-backed Hezbollah rejected a U.S.-brokered truce in Lebanon, complicating [the] peace effort,&#34; CIMB Treasury and Markets Research analysts said. Artificial intelligence whipsawed tech stocks on Wall Street on Thursday. Tech laggards were led by chip maker Broadcom, which tumbled after a solid earnings report. Investors wanted a better forecast from the company. With earnings season coming to an end, the U.S. jobs report for May due Friday will be a key data point watched by investors. Forex: The dollar was slightly stronger ahead of the U.S. non-farm payrolls report due later in the day. &#34;If tonight's [non-farm payrolls] increase strongly, the USD can lift,&#34; CBA's Samara Hammoud said. &#34;There is also a good chance the [U.S.] unemployment rate falls,&#34; the international economist and currency strategist said. StoneX's Matt Simpson noted that the nonfarm payrolls report &#34;has surprised to the upside over the past two months.&#34; Also, &#34;with ISM surveys improving and only a marginal rise in the prices paid component of the services PMI, job growth could continue to support the Fed's higher-for-longer narrative and even reignite discussion around rate hikes,&#34; he added. Bonds: Treasury yields were little changed amid renewed hopes of a resolution to the Middle East conflict and ahead of U.S. payrolls. Economists surveyed by WSJ expect May job creation to slow to 80,000 from 115,000, with unemployment steady at 4.3%. An upward surprise will likely fuel bets on a Fed hike, while a larger decline would support a more dovish stance. Energy: Oil edged higher amid mixed Middle East developments. On the one hand, &#34;Israel and Lebanon announced a ceasefire, raising hopes that one of Iran's key conditions for a deal with the U.S. had been met,&#34; ANZ Research analysts said. On the other hand, however, &#34;there are few signs that the two sides are getting any closer,&#34; the analysts say. President Trump said negotiations were in the final stages, but Iran's Foreign Minister Araghchi said negotiations had stalled, the analysts noted. Metals: Gold fell as expectations for higher U.S. interest rates continue to weigh, CITIC Futures analysts said. Hopes for U.S.-Iran talks have also reduced safe-haven demand, they said. -- Base metals fell. Markets could be unwinding a portion of technically driven gains, Sucden Financial analysts said, noting that a firmer dollar could have prompted profit-taking. The complex could also be weighed by renewed escalation of fighting in the Middle East, said ANZ Research analysts. -- Iron ore futures were lower. Supply from Australia has increased in recent weeks, which has pushed global supply levels higher, Nanhua Futures analysts said. However, overall demand remains well-supported, suggesting limited downside for iron ore prices, they added. TODAY'S TOP HEADLINES The Anything-Goes Era in Private-Credit Lending Is Coming to an End The era of anything goes in private-credit underwriting is coming to an end. Private-credit firms are tightening their lending standards, increasing interest rates and other fees they charge on new loans, restraining how much debt they give borrowers and closing loopholes that allow financing to be taken out against borrowers' assets. The IPO Market Is So Hot a 140-Year-Old Silver Mine Just Went Public IPO-crazed investors have gobbled up stock offerings from a data-center buyer, AI provider, chip maker, automotive-software developer and geothermal power producer. The latest bonanza surrounds a historic silver mine in Idaho that hasn't been fully operational for a quarter century. Billionaire Thomas S. Kaplan-who made his fortune in natural gas and precious metals and his name as an art collector with an affinity for Rembrandt-plans to restart the Sunshine mine, once America's most prolific source of silver. Iran Ratchets Up Pressure on Trump With Kuwait Airport Attack Kuwait had just reopened its war-damaged international airport when a drone smashed into Terminal 1 on Wednesday, an attack that demonstrated Iran's willingness to ratchet up the escalation ladder to counter a crippling U.S. economic blockade. The strike came after the U.S. military had disabled a ship it said was heading to an Iranian port. Iran denied hitting the airport, but video footage released Thursday by Kuwait's civil aviation authorities showed what looked like an Iranian Shahed drone slamming into the roof and erupting in a ball of fire. Renewed Israel-Lebanon Ceasefire Is Already Under Strain Israel and Lebanon's renewed ceasefire came under pressure within hours of its agreement, as Israel and Hezbollah militants exchanged fire on Thursday and both sides cast doubt on the extent of their participation in the agreement. The deal, hammered out this week in talks among Lebanese, Israeli and U.S. officials, is contingent on Hezbollah halting attacks on Israeli forces and withdrawing fighters from heavily contested southern Lebanon, the U.S. State Department said. Apple's Plan for AI Dominance Rests on Fixing Its Much-Maligned Chatbot Siri is one of the dumbest chatbots on the market. Apple hopes a reboot can power its AI comeback. When Apple stages its annual developer conference next week, the big reveal is expected to be a modern version of Siri that will look more like ChatGPT. Gone will be the old version, which has been so limited for so long that many people, if they ever use it, do so only for basic functions like setting timers. Anthropic Urges Global Pause in AI Development, Flags 'Self-Improvement' Risk Anthropic is calling for top artificial intelligence labs to weigh slowing the pace of development, suggesting that AI systems are advancing so rapidly that they may soon be able to improve themselves without human intervention in ways that could pose significant societal risks. The ability to slow global AI development would &#34;likely be a good thing, &#34; the company said Thursday in a blog post that disclosed internal data documenting how quickly its most advanced models are improving. Write to singaporeeditors@dowjones.com Expected Major Events for Friday 06:00/SWE: 1Q Balance of Payments 06:00/NOR: Apr Industrial Production Index 06:00/UK: May Halifax House Price Index 06:00/ROM: 1Q GDP 06:30/HUN: Apr Preliminary Industrial Production 06:45/FRA: Apr Industrial production index 06:45/FRA: Apr Foreign trade 06:45/FRA: Apr Balance of payments 07:00/TUR: May PPI 07:00/TUR: May CPI 07:00/CZE: Apr Retail trade 07:00/AUT: May Wholesale Price Index 07:00/SVK: 1Q GDP 07:00/SWI: May SNB foreign currency reserves 08:00/ITA: Apr Retail Sales 08:00/BUL: 1Q GDP - preliminary data 08:30/UK: 1Q Bank of England external business statistics 09:00/GRE: 1Q Provisional GDP 09:00/EU: 1Q GDP and Main Aggregates Estimate 09:00/EU: 1Q Employment 09:00/LUX: 1Q GDP All times in GMT. Powered by Onclusive and Dow Jones. Write to us at newsletters@dowjones.com We offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox. If you would like to sign up, please go to https://newsplus.wsj.com/subscriptions. This article is a text version of a Wall Street Journal newsletter published earlier today. <pre></pre> (END) Dow Jones Newswires June 05, 2026 00:14 ET (04:14 GMT)Copyright (c) 2026 Dow Jones &amp; Company, Inc.</div></div>

European stock futures fell due to cooling AI trade and a fragile Israel-Lebanon ceasefire. The dollar strengthened ahead of the U.S. jobs report, while Treasury yields remained stable. Oil edged higher on mixed Middle East developments, but gold and base metals declined amid rate hike expectations and profit-taking. Meanwhile, private-credit lending standards are tightening, and IPO activity remains robust.

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EMEA Morning Briefing: Cooling AI Trade, Fragile Ceasefire Weigh