-- 金曜正午、欧州株式市場は、依然として閉鎖されているホルムズ海峡、ペルシャ湾の混乱、そして世界的な原油価格の上昇をトレーダーが懸念する中、小幅安で推移した。 欧州市場では、ハイテク株とエネルギー株が上昇を牽引した一方、銀行株は出遅れた。 欧州主要株価指数であるStoxx Europe 600指数は、取引時間中盤で0.3%安となった。 北海ブレント原油先物(期近)は、0.1%高の1バレル105.15ドルとなった。 投資家は、ウォール街の先物市場の変動の激しい上昇と、アジア市場の前日終値の不安定な上昇にも注目した。 経済ニュースでは、ドイツの景況感指数が4月に84.4となり、3月の86.3から低下した。これは、新型コロナウイルス感染症のパンデミック中の2020年5月以来の最低水準となる、とドイツ経済研究所(Ifo)が発表した。 ストックス欧州600テクノロジー指数は1.4%上昇した一方、ストックス欧州600銀行指数は1.6%下落した。 ストックス欧州600石油・ガス指数は1.2%上昇し、ストックス欧州600食品・飲料指数は1.6%上昇した。 欧州REIT指数であるREITEは0.5%下落した。 各国の主要株価指数では、ドイツのDAX指数は0.3%上昇したが、ロンドンのFTSE100指数は0.2%下落した。パリのCAC40指数は0.3%下落し、スペインのIBEX35指数は0.7%下落した。 ドイツ10年国債の利回りは上昇し、3.01%付近となった。 ユーロ・ストックス50指数の変動性指数は2.1%上昇し23.78となり、今後30日間の欧州株式市場の変動性が平均を上回ることを示唆しており、これはネガティブな兆候である。20を上回る数値は市場の不安定化を、20を下回る数値は市場の落ち着きを示唆する。
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Fortescue Faces Pressure From Iron Bridge Weakness, Green Energy Shift, Jefferies Says
Fortescue (ASX:FMG) reported softer quarterly performance alongside ongoing challenges at Iron Bridge and increased spending on non-core green energy projects, raising concerns over returns and valuation, Jefferies said in an April 24 note.The company reported a softer quarter due to seasonal and weather impacts, with solid performance from its Pilbara hematite operations offset by ongoing underperformance at the Iron Bridge magnetite project, which continues to face throughput and margin challenges and may struggle to justify its value.Jefferies noted that the company's $680 million investment in green energy capacity for third-party customers, such as industrial users and data centers, represents a strategic shift, but views it as non-core capital allocation that may justify a higher discount rate for its mining business until clearer returns emerge.The equity research firm said that the company's Pilbara system is nearing port capacity constraints, a "good problem" that may allow higher-margin hematite production to displace costlier Iron Bridge volumes, as the company reviews its portfolio, trims Iron Bridge output, and keeps overall shipment guidance broadly unchanged.The research firm added that the company remains financially solid with $4.2 billion in cash despite dividends and capital expenditure outflows and is expected to return to a net cash position longer term, but highlighted Iron Bridge uncertainty and higher green energy spending as risks, including a potential write-down, supporting a cautious outlook.Jefferies maintained an underperform rating on Fortescue and reduced the price target to AU$16.50 from AU$17.50.
Research Alert: CFRA Keeps Hold Opinion On Shares Of Otis Worldwide Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target to $90 from $100 following Q1 earnings, valuing OTIS shares at 19.6x our 2027 EPS outlook of $4.58 (down from $4.70; 2026 EPS view updated to $4.18 from $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.
Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
The Tadawul All Share Index closed Sunday 0.11% higher as investors assessed the latest updates regarding the conflict in the Middle East.US President Donald Trump said on his Truth Social account that the Pakistani trip for his envoys, Steve Witkoff and Jared Kushner, was canceled. The announcement dimmed the hopes for peace talks between Iran and the US to happen any time soon.Further to this, Israel launched an attack in Lebanon on April 25. The strikes, which targeted Hezbollah, resulted in four casualties and facility damage in Southern Lebanon.Back at home, Rabigh Refining and Petrochemical (SASE:2380), d/b/a Petro Rabigh, and Thob Al Aseel (SASE:4012) posted their financial results for the three months ended March 31. Petro Rabigh emerged from a loss in the first quarter, while Thob Al Aseel logged a higher net profit and revenue."The reason for net profit reported during the current quarter compared to a net loss recorded in the same quarter of last year was primarily attributable to improved product margins resulting from stronger refined product pricing and higher sales volumes," Petro Rabigh said in its report.Petro Rabigh rose 10% at closing, while Thob Al Aseel ticked down 1.59%.Meanwhile, the local calendar will be mostly empty except for the kingdom's preliminary figures for its GDP growth rate for the first quarter and the M3 money supply and private bank lending data for March on Thursday.