ASX 200 Live Today - Monday, 29th June

Welcome to our live ASX coverage for Monday, June 29. Expect a high volume of posts pre-market and more periodic updates throughout the day. We'll be wrapping the blog up around 2:00 pm AEST. Let us know how we can make it even better.

---

New updates

ASX 200 higher as tech holds gains, defensives rally

[2:00 pm] That's all for today. The ASX 200 is currently up 0.33%, off session highs of 0.66%. Some strong gains for Tech stocks today, but the sector is still down 16% year-to-date, likewise for Telcos, hovering year-to-date lows, down 6%. What's really interesting is the change of character we're seeing for sectors like Healthcare and Staples, both of which have run rather aggressively in recent weeks. Could this be the beginning of a bottom for battered healthcare stocks, and some love for Staples, which have traded pretty much nowhere since 2019?

S&P/ASX 200 sectors (Source: Market Index)

---

Top All Ords gainers and losers

[1:10 pm] Here are the top S&P/All Ords movers at noon.

---

Morgan Stanley says active managers stay defensive with deep bank underweight

[1:08 pm] Morgan Stanley's positioning data shows domestic active managers remain skewed defensively, anchored by a large Financials underweight concentrated in CBA, WBC and NAB.

• Offset is selective rather than broad risk-on, favouring non-bank financials, defensives and energy, with Macquarie the largest single-stock overweight

• ANZ is the only major bank to move from underweight to an average overweight over the past year, while CBA's underweight has narrowed but persists

• In non-bank financials, Macquarie remains the core position, with insurers QBE and Suncorp building in recent months

• Rio Tinto stays preferred over BHP among the large diversified miners, though the gap closed somewhat in May

• Santos has stepped up sharply to a +0.7ppt overweight by May, its largest on record, while WDS has been trimmed back to +0.2ppt from a February peak near +0.5ppt

• May flows added to CBA, WBC, MTS, VNT and ORI, while CSL, WDS, XYZ, TLS and AGL were trimmed, with CSL's -0.25ppt cut the largest single-name move of the month

---

Lithium stocks trend lower, Chinese lithium futures bounce

[12:25 pm] Most lithium names trading slightly lower at noon and down 10-20% in the past week. Chinese lithium futures opened flattish this morning, currently up 2.2% to 152,220 yuan a tonne.

---

China flags AI and EV boom as key challenge for forecasting energy demand

[12:21 pm] China faces greater uncertainty mapping future energy demand as AI, electric vehicles and other emerging sectors reshape consumption, a senior National Energy Administration official says.

• NEA expects average annual power demand growth of approx 600 billion kWh over the next five years, up from 570 billion kWh in the prior five and more than Germany produces in a year

• Director-general Ren Yuzhi singled out AI computing centres and EVs, noting EV charging demand has risen significantly, especially this year

• Cited past forecasting errors, with 2021 estimates of 4.6 billion tonnes coal equivalent by 2025 overshooting to 5.13 billion tonnes as power shortages drove an about-face on coal

• China still targets peaking coal by 2030, requiring clean energy to grow swiftly and flexibly to absorb additional demand

• Planners are weighing relocating energy-intensive industries westward closer to renewables, with the west potentially exporting finished products and computing power rather than coal and electricity

Source: Bloomberg

---

Healthcare stocks continue to bounce

[11:36 am] The S&P/ASX 200 Healthcare Index is now up 16.6% since 3 June and trading comfortably above the 50-day moving average for the first time since last August.

S&P/ASX 200 Healthcare Index (Source: TradingView)

---

Morgan Stanley turns cautious on major banks, flags FY27 earnings downside

[11:02 am] Morgan Stanley has adopted a cautious industry view on the major banks, warning of FY27 earnings risk from a slowing mortgage market, rising competition and weaker credit quality.

• Changes to property-related tax concessions could end Australia's 30-year housing super-cycle, slowing system mortgage growth to approx 3% in FY27 and hitting the economy harder than RBA rate hikes

• Notes auction clearance rates have fallen to COVID lockdown levels, with investors stepping aside, new development sign-offs on hold and price expectations being revised

• Forecasts FY27 impairment charges of just approx 12bp of total loans or approx 34bp of non-housing loans, with underlying loss rates seen rising by year-end

• Sees margins rising in 2H26 but falling in 1H27, with front-book discounts potentially widening for the first time since 2022 as mortgage growth weakens

• Warns the JDO share price reaction highlights the risk of a material de-rating if credit quality disappoints

• Order of preference is ANZ (overweight), then NAB, WBC and CBA (all underweight)

---

RBA says it is better prepared for the next crisis after policy tools review

[11:01 am] RBA Assistant Governor Chris Kent says the bank is better placed to respond to future crises following a review of alternative monetary policy tools, though the cash rate remains its preferred instrument.

• Kent said additional tools can help in extraordinary times but are more complex, carry greater risks and have effects beyond addressing market strains that are likely to be marginal

• The new framework warns a longer-lived bond purchase program likely has a weaker effect in Australia than in peer economies and exposes the RBA's balance sheet to financial risk

• Government bond purchases are seen as most effective as a targeted tool to restore market functioning during periods of stress

Source: Bloomberg

---

Macquarie says FY26 earnings relief not enough without upgrades or rate cuts

[11:00 am] Macquarie's FY26 results preview argues an AI capex-driven earnings boom is underway, but warns that Middle East relief alone will not sustain market outperformance.

• Forecasts EPS growth of 9.6% in FY26 and 11.1% in FY27, with EPS forecasts rising at a 15% clip, about half the US pace

• Resources have become the strongest driver of upgrades since February, a major shift from last year when the sector was the key drag

• AI enablers delivered the best earnings trends in February and could repeat in August, though the stocks are expected to stay volatile

• Flags August as the seasonal peak for conservative guidance and Street EPS cuts, so further downgrades are likely

• Views rates rather than Iran as the bigger risk, warning the market is underpricing the chance of another RBA hike and may be buying downgraded, weak-momentum stocks too early

---

Top ASX 200 gainers and losers

[10:28 am] Growth names and gold miners top the leaderboard, while defensives, real estate names and lithium miners lag.

---

Neuren rallies as CHMP backs DAYBU for EU approval

[10:25 am] Neuren Pharmaceuticals' partner Acadia has secured a positive CHMP opinion recommending EU marketing authorisation for DAYBU (trofinetide) in Rett syndrome.

• CHMP adopted the positive opinion following a re-examination procedure, covering treatment of neurobehavioral symptoms in adults and paediatric patients aged five and older

• If approved, DAYBU would be the first therapy for this indication in the EU, applying across all 27 member states plus Iceland, Liechtenstein and Norway

• European Commission final decision expected in the coming months

• Neuren is entitled to US$35m on first commercial sale in the EU under its worldwide licence with Acadia

• Agreement also includes up to US$170m in sales milestones and tiered royalties ranging from the mid-teens to low-20s percent of net sales

Neuren shares are up 28.3% in early trade but still down ~15% year-to-date.

Company page: Neuren Pharmaceuticals (NEU)

---

Tech stocks open sharply higher

[10:20 am] The S&P/ASX 200 Tech Index is up 4.4% in early trade, with notable gains for Life360 (+11.6%), Xero (+6.5%) and Wisetech (+5.0%). This mirrors a bounce for US-peers, where the iShares Expanded Tech-Software ETF bounced 4.0% overnight, after falling ~21% since 1-Jun (in pretty much a straight line down).

---

ASX 200 higher as tech and miners open higher

[10:16 am] The S&P/ASX 200 is up 0.53% in early trade, as miners stabilise after a six-day losing streak and tech stocks open sharply higher.

S&P/ASX 200 sectors (Source: Market Index)

---

Atlas Arteria chair Debbie Goodin to retire

[9:58 am] Atlas Arteria has announced the retirement of chair Debbie Goodin, with John Wigglesworth stepping in on an interim basis. John Wigglesworth, currently an independent non-executive director and chair of the Audit and Risk Committee, will take over as interim chair upon Goodin's retirement, effective 7 July.

Company page: Atlas Arteria (ALX)

---

Articore CFO Derek Yung buys 1m shares

[9:57 am] Articore Group has disclosed an on-market purchase of 1 million shares by CFO Derek Yung.

The company's latest announcement was its May Q3 update (7-May), which reported marketplace revenue of $63.2m, down 8.5% year-on-year, and reaffirmed FY EBIT guidance of $6-10m vs. ests of $8.5m.

Company page: Articore Group (ATG)

---

Ramelius confirms $300m sale of Edna May gold hub to Forrestania Resources

[9:56 am] Ramelius Resources has confirmed the divestment of its Edna May gold hub to Forrestania Resources for $300 million in cash and shares.

• Total consideration comprises $200m upfront cash and $100m in Forrestania shares

• Completion is conditional on Forrestania securing at least $200m in binding commitments under its proposed equity raising and shareholder approval of the share issuance

• Completion expected in the September quarter, after which Ramelius is set to become a substantial shareholder in Forrestania

• Forrestania is targeting a restart of the Edna May mill in the first half of FY27

• Forrestania intends to fund the $200m cash consideration via a two-tranche placement of approx $300m

Company page: Ramelius Resources (RMS)

---

Karoon restarts Baúna SPS-92 well, lifts FY26 capex guidance and flags fresh buyback

[9:56 am] Karoon Energy has resumed production from its Baúna SPS-92 well and raised full-year capex guidance, while signalling another share buyback.

• SPS-92 is producing at 8,600 bopd, taking total Baúna output to approx 20,500 bopd prior to natural decline, with a further 1,000 to 2,000 bopd uplift expected once PRA-2 is back online

• FY26 total capex guided to $178-202m, up from $150-183m, driven by higher Baúna spend of $89-97m vs. $61-74m prior

• Who Dat capex trimmed to $72-85m from $76-94m, with exploration and appraisal lifted to $14-16m from $9-11m

• Flags materially lower sustaining capital at Baúna over the next few years, with only modest ongoing investment expected excluding new growth projects

• Intends to launch a further on-market buyback of up to 10% of issued capital from July, following completion of the second phase of the $75m program

• Has bought back and cancelled 94.3m shares to date at a cost of approx $97m, an average of $1.57 a share

Company page: Karoon Energy (KAR)

---

Three ASX miners lift resource and reserve estimates across

[9:26 am] Here's a round-up of fresh resource and reserve upgrades from Black Cat Syndicate, Greatland Resources and Metals X.

• Black Cat Syndicate: Combined Trojan and Imperial resources lift to 286koz, with Trojan up 62% to 202koz from 125koz and a new 84koz Imperial resource that is 81% Indicated and open along strike and down dip

• Greatland Resources: Group ore reserve grows 62% to 5.0Moz gold and 196kt copper, led by Telfer up 1.1Moz to 1.8Moz (+150%) and West Dome open pit up 1.1Moz to 1.4Moz (+375%), with a maiden Main Dome underground reserve of 0.2Moz

• Metals X: Renison resource now 21.8Mt at 1.38% tin for 300.3kt contained tin, with Measured and Indicated tin up 7% to 264.1kt and Inferred down 19% to 36.0kt

---

Select Harvests names Kristina Hermanson as new CEO

[9:26 am] Select Harvests has appointed agribusiness executive Kristina Hermanson as its incoming managing director and CEO.

• Hermanson joins from Nuveen Natural Capital, where she was Head of APAC & Africa overseeing approx $3bn in assets across 74 agricultural properties spanning almonds, macadamias and viticulture

• Previously held senior roles at FMC Corporation, Coca-Cola Amatil and Archer Daniels Midland, including close to a decade at ADM in P&L, M&A and integration roles

Company page: Select Harvests (SHV)

---

Champion Iron produces first direct reduction quality iron ore at Bloom Lake

[9:25 am] Champion Iron has produced its first direct reduction quality iron ore from the DRPF project and inked an inaugural offtake agreement.

• Inaugural commercial sale of a Capesize vessel carrying at least 160,000 wet metric tonnes of DR quality iron ore expected in Q3 2026

• DRPF project completed within its $500m budget, with capacity to ramp gradually to commercial production toward the end of the current financial year

• Project upgrades half of Bloom Lake's capacity to DR quality pellet feed grading up to 69% Fe, with combined silica and alumina below 1.2%

• Higher-purity product could attract a considerable pricing premium over the existing 66.2% Fe concentrate

• Company has signed a commercial agreement covering part of near-term capacity and is in talks with several global customers for remaining volumes

Company page: Champion Iron (CIA)

---

Bannerman advances Etango early works with bulk earthworks 92% complete

[9:24 am] Bannerman Energy says construction early works at its Etango Uranium Project in Namibia remain on budget and schedule.

• Contractor workforce on site exceeds 560 personnel, with 1.1 million LTI-free hours achieved to date

• Bulk earthworks approx 92% complete, with focus on the freshwater pond, wet plant terraces and heap leach pad

Company page: Bannerman Energy (BMN)

---

A mixed overnight session for commodities

[9:23 am] Commodities like gold and copper bounced last Friday, while Brent continued to trade towards pre-war levels.

---

EchoIQ readies $100m raise to capitalise on 600% run

[9:14 am] EchoIQ is wall-crossing investors for a $100 million placement priced at $1.45 a share, an 8.8% discount to the last close, according to the AFR.

• Raising comes after a more than 600% share price gain over the past year, lifting the structural heart disease AI group to a market cap above $1bn

• Ord Minnett is lead manager with Morgans as co-manager, the same broker that raised $17.3m for EchoIQ a year ago when its market cap was just $200m

• Follows last week's deal with Pro Medicus, which will take a $10m strategic stake and resell the EchoSolv suite in the US, with an option for a further $10m on EchoSolv HF FDA clearance

• Shares jumped more than 30% on the Pro Medicus news

• Fund manager Plato is short the stock, flagging 13 red flags including four name changes since 2014, large share issuance and negative operating cash flows

Source: AFR

---

ASX 200 stocks making 52-week highs and lows

[9:10 am] Here are the stocks that tagged a 52-week high and low last week.

---

New Zealand dollar braces for weak third quarter on growth headwinds

[9:01 am] The kiwi faces a subdued quarter as a stronger US dollar and the lingering damage from the Iran energy shock weigh on the domestic recovery.

• The kiwi has fallen about 5.8% in June to 56.41 US cents, on track for its biggest monthly drop since 2024

• Westpac forecasts 55 US cents by end-July, while ABN Amro sees it dipping below the November low of around 55.8 cents

• Westpac's Imre Speizer said he remains bearish and would sell a bounce to around 57 cents

• The reversal follows a strong start to the year when traders priced rapid RBNZ hikes, expectations since dialled back

• Local swaps fully price two RBNZ hikes by year-end and a 30% chance of a third, which Commerzbank's Volkmar Baur called too much

Source: Bloomberg

---

Australian inflation seen peaking at 4.25%, below earlier forecast

[8:59 am] Treasurer Jim Chalmers said headline inflation should peak around 4.25% mid-year, lower than previously forecast, as falling oil prices ease price pressures.

• The peak is below Treasury's May budget forecast of 5% through the June quarter

• Budget projections had inflation declining to 2.5% by mid-2027

• Chalmers said lower oil prices and Middle East peace progress accelerated the improvement, stressing the need for the ceasefire to hold

• Headline CPI rose 4% in the latest data, below the 4.3% economists expected

• Trimmed mean inflation rose 3.6%, just above the 3.5% forecast

• Chalmers said underlying inflation was also moving ahead of schedule, with updated Treasury forecasts due mid-year

Source: Bloomberg

---

Sydney auction clearances slump to six-year low as rates and tax changes bite

[8:57 am] Sydney recorded its weakest weekend auction clearance rate in more than six years as higher rates and new property tax reforms weigh on demand.

• Sydney's preliminary clearance rate fell to 47.3%, the lowest since April 2020, with Melbourne at 40.2%, the lowest since September 2021

• The national preliminary rate of 49.2% is likely to settle in the low 40% range once finalised, Cotality's Tim Lawless said

• Auction volumes nationally fell 13.4% year on year

• New property tax reforms passed parliament last week, limiting investor tax breaks on existing housing and raising capital gains taxes

• Sydney house prices fell 2.7% between 31 March and 25 June, with Melbourne down 2.3%, per Bloomberg Economics

• The downturn has wiped A$185 billion ($128 billion) from the two markets' value

• Bloomberg Economics' James McIntyre said a deeper slump could force RBA rate cuts before end-2026

Source: Bloomberg

---

US Prime Day online spending tops US$26bn, beating Adobe estimate

[8:52 am] Online spending across all US retailers reached US$26.4 billion during Amazon's four-day Prime Day, narrowly beating Adobe's US$26.3 billion estimate.

• Total spending rose 9.3% on last year's July event, according to Adobe

• The steepest discounts were in electronics and apparel, both averaging about 24%, similar to last year

• Buy now, pay later features made up 6.6% of all orders

• Numerator said average household spending on Amazon fell 8.3% to US$143 over the four days

• Top sellers included protein shakes, trash bags and cat treats, per Numerator

• PMG said Amazon discounts were shallower than last year

• Amazon said it was pleased with the customer response and earlier called external Prime Day data often inaccurate

Source: Bloomberg

---

Economists pare ECB rate-hike bets as oil unwinds wartime gains

[8:48 am] A sharp fall in oil prices following progress in US-Iran talks has prompted several economists to scale back expectations for further ECB rate increases.

• Oxford Economics no longer expects moves beyond this month's first hike since 2023, citing the energy price drop cutting the inflation spike short

• Chief Germany economist Oliver Rakau said the growth-inflation trade-off now favours a hawkish pause amid weak demand and a softening labour market

• Capital Economics shifted to a "one and done" call, while Nomura and RBC reduced their forecast number of hikes

• Brent erased all its wartime gains, falling below its pre-war close of $72.48 a barrel as Hormuz flows ramped up

• Markets still fully price one quarter-point hike this year, with euro-area inflation at 3.2%

• Executive Board member Isabel Schnabel argued more action is needed and warned the ceasefire was no reason to let down guard, citing still-elevated forward energy prices

• Barclays' Christian Keller said chances are very good the ECB stops at 2.5% after one more hike, with RBC expecting a final hike in September

Source: Bloomberg

---

Goolsbee and Williams flag inflation focus as core PCE hits highest since 2023

[8:46 am] Two Fed officials signalled inflation remains the priority and ruled out near-term rate moves after data showed core PCE at its hottest in 19 months.

• Chicago Fed's Austan Goolsbee said inflation is still trending the wrong way despite some improvement in services prices

• New York Fed's John Williams said he expects inflation to start trending lower but is comfortable with rates at current levels

• Williams sees inflation falling to 3.5% this year from 4.1%, then onto a glide path to 2% by 2028

• Core PCE rose to 3.4% in May, its highest since October 2023, with goods up 0.4% and services up 0.5%

• Energy jumped 6.5% on the goods side, while transportation services accelerated 0.8%

• Goolsbee backed new Chair Kevin Warsh's move to strip forward guidance from FOMC communications

• Markets price about a 30% chance of a hike at the 28-29 July meeting, per CME FedWatch

Source: CNBC, Bloomberg

---

US and Iran agree to halt strikes ahead of Hormuz talks, says Axios

[8:39 am] Washington and Tehran have agreed to stop attacking each other before peace talks resume this week, easing a fragile truce tested by days of tit-for-tat strikes over the Strait of Hormuz.

• US officials told Axios both sides agreed to stand down and that vessels could move freely as negotiations continue

• Talks resuming in Doha will now focus on reopening the strait, through which about a fifth of the world's oil and gas flows, rather than only Iran's nuclear program

• The clashes began Thursday when Iran struck a container ship, prompting US strikes, with further US strikes overnight Saturday after Iran hit a vessel carrying Qatari oil

• Iran's IRGC said it launched missiles and drones at the Ali Al Salem base in Kuwait and the 5th Fleet base in Bahrain, with Kuwait intercepting two missiles and Bahrain reporting a building hit but no fatalities

• Trump warned the US could be "forced to militarily complete the job" if talks fail

• The Joint Maritime Information Center raised the Hormuz threat level to "substantial" and flagged a potential mine area across much of the transit route

• The two sides remain at odds over whether Iran will impose tolls on ships using the strait

Source: Bloomberg, Axios

---

Volkswagen weighs cutting up to 100,000 jobs and closing four German plants

[8:34 am] CEO Oliver Blume is preparing a deeper restructuring that would double planned job cuts and shutter factories as the automaker battles tariffs, China weakness and rising competition.

• Plans presented to the management board would lift staff reductions to as many as 100,000, from a current workforce of around 657,000, according to Manager Magazin

• The strategy targets €11 billion (US$12.5 billion) in overhead cost cuts by the end of the decade

• Four German plants would close in the medium term, including an Audi site in Neckarsulm and VW plants in Hanover, Zwickau and Emden

• The plan goes to the supervisory board next month, opening what could be months of tense union negotiations

• Works council and IG Metall vowed to oppose the plans "with all our might"

• Some 28,000 workers have already agreed to leave as part of an existing plan to cut 50,000 roles by 2030

Source: Bloomberg

---

Samsung and SK Hynix poised for record AI spending push

[8:30 am] South Korea's two largest chipmakers are preparing to unveil hundreds of billions of dollars in new investment at a presidential briefing on Monday.

• Samsung Group is set to announce a 1,000 trillion won (US$646 billion) spending package over the next decade, the largest in the country's history, according to Maeil Business Newspaper

• President Lee Jae Myung will host a national briefing on Monday focused on semiconductors, AI data centres and physical AI

• Policy chief Kim Yong-beom said "very unusual" investment figures would be announced on 29 June

• SK Hynix plans a US$29 billion US listing after Chairman Chey Tae-won flagged plans to double capacity over five years

• Both stocks fell more than 9% on Friday amid a broad semiconductor selloff tied to Apple price hikes and the OpenAI IPO delay report

Source: Bloomberg

---

Rising leverage emerges as a growing risk to the US stock rally

[8:24 am] Surging market leverage and an unexpected mid-year spike in equity financing costs are fuelling concern that borrowing could amplify the next selloff.

• Equity financing costs have reached their highest since December 2024, driven by leveraged ETFs, retail margin accounts and hedge fund prime brokerage balances

• CME's S&P 500 adjusted interest rate total return futures have climbed to levels last seen in late 2024

• Kyte's Andy Kent said margin debt is elevated and shadow banking borrowing continues to expand, raising the risk that modest moves become self-reinforcing

• IPO and ADR programmes, including large listings, are tying up bank capital and adding to the funding squeeze

• Investors are increasingly using cross-asset hybrid hedges, with Bank of America citing demand for both equity down rates up and equity down rates down trades

Source: Bloomberg

---

SpaceX set to join Nasdaq 100, opening door to passive inflows

[8:21 am] SpaceX will enter the Nasdaq 100 on 7 July, with JPMorgan estimating the move could draw $4.3 billion in passive buying.

• Nasdaq confirmed SpaceX's inclusion effective 7 July, less than a month after its 12 June debut

• JPMorgan estimated index inclusion could attract US$4.3 billion in passive inflows from ETFs tracking the benchmark

• Nasdaq, alongside FTSE Russell and MSCI, has relaxed entry rules on profitability, post-IPO timing and free float to attract US listings

• SpaceX reported a net loss of $4.9 billion last year and has swung between losses and small profits over three years

• Morningstar's Michael Field said the fast-tracked inclusion reflects strong demand but called the stock overvalued

• S&P Global said this month it would not change its index criteria for SpaceX and will wait at least 12 months before considering S&P 500 entry

Source: Reuters

---

Nasdaq extends losing streak to five sessions as chip stocks tumble

[8:16 am] The Nasdaq fell for a fifth straight session on Friday as investors rotated out of technology and into defensive sectors after a report that OpenAI may delay its IPO.

• Nasdaq Composite fell 0.24% on Friday down 4.6% on the week

• S&P 500 was also down for the week (-1.9%), slipping 0.05% Friday

• Dow eased 0.09% to 51,876.11 but rose 0.6% on the week

• Chip stocks weakened after a New York Times report that OpenAI is weighing a 2027 listing, citing SpaceX's weak post-IPO performance and AI share volatility

• Micron fell more than 6%, Intel shed more than 3% and AMD lost 2%

• JPMorgan traders flagged concerns over the sustainability of AI infrastructure spending given the funding delay

• Healthcare led gains with Eli Lilly up 7%, AbbVie up more than 4% and Johnson & Johnson up almost 4%

Source: CNBC

---

Good morning!

[8:11 am] ASX 200 futures are up 16pts (+0.18%)

The overnight session in a nutshell:

• Wall Street ended a bruising week near flat, the S&P 500 (-0.05%) and Nasdaq (-0.24%) slightly lower, dragged by an AI and chip selloff and a reported OpenAI IPO delay

• US and Iran traded strikes over the weekend, the US hitting Iranian sites twice and Iran attacking Bahrain and Kuwait, reviving war risk as oil sat at multi-month lows

• Sydney posted its weakest weekend home auction clearance rate since 2020 and Volkswagen plans to cut ~100,000 jobs globally or ~15% of its workforce