Shares of telecommunications companies rose as traders bet the sector would benefit from a "supercycle" of iPhone upgrades and increased economic security.
Japanese telecom firm SoftBank Group's attempt to arrange a marriage between U.S. satellite startup OneWeb and debt-laden rival Intelsat SA collapsed after Intelsat bondholders failed to back the deal.
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OneWeb, which is 20%-owned by SoftBank, in February said it would buy Intelsat, combining two different types of satellite fleets to offer low-cost options world-wide.
(-By Rob Curran, email@example.com)
(END) Dow Jones Newswires
June 01, 2017 16:39 ET (20:39 GMT)