モンデリーズの収益見通しは改善傾向にある、とモルガン・スタンレーが指摘

-- モルガン・スタンレーは水曜日のレポートで、モンデリーズ・インターナショナル（MDLZ）は第1四半期に力強いEPSの上振れを記録した後、今後も四半期ベースで改善が続く見込みが高いと述べた。同レポートによると、同社は「質の高い」EPSの上振れを記録し、オーガニック売上高成長率と粗利益率が予想を上回った一方で、「保守的な」見通しを示している。「オーガニック売上高成長率の勢いと下半期におけるカカオ価格の下落開始に支えられ、ファンダメンタルズの四半期ベースでの継続的な改善が見込まれる」とレポートは述べている。同レポートは、これが市場予想を上回る業績上方修正につながると予想しており、株価は多国籍企業と比較して依然として魅力的な水準にあるとしている。「少なくとも、2026年度はリスクがますます軽減されると見ており、これにより、2027年度の収益力に焦点をより完全に移すことができるだろう。2027年度は、カカオ価格の上昇に牽引された利益率とEPSの大幅な改善に向けて見通しが引き続き改善している」とレポートは述べている。モルガン・スタンレーは、目標株価を70ドルから71ドルに引き上げ、投資判断を「オーバーウェイト」に据え置いた。

Price: $61.44, Change: $+2.90, Percent Change: +4.94%

Fed Chair Powell Says He Will Remain as Governor for Period of Time After Chair Term Ends

Federal Reserve Chair Jerome Powell said Wednesday at a press conference that he will remain on the Federal Reserve board for a period of time after his term as chair ends on May 15, noting the recent attacks on the Fed and saying that "the things that have happened really in the last three months I think left me no choice but to stay until I see them through at least that long."An investigation into Powell's actions as chair during the remodeling of headquarters at the Fed was halted by the Department of Justice, but it could be reopened if the Fed's inspector general finds wrongdoing, providing uncertainty."I have said that I will not leave the board until this investigation is well and truly over with transparency and finality and I stand by that," Powell said. "I am encouraged by recent developments, and I am watching the remaining steps in this process carefully."Powell said that his decision to remain on board has nothing to do with political comments, but rather his concern about the recent attack on the Fed by the Trump administration."After my term as chair ends on May 15, I will continue to serve as governor for a period of time to be determined," Powell said. "I plan to keep a low profile as a governor. There is only one chair of the Federal Reserve.""I will leave when I think it's appropriate to do so," he added.At the meeting, the Federal Open Market Committee decided to maintain its target rate at a range of 3.50% to 3.75%, but there were dissents in favor of both a lowering of the policy rate by one member and in favor of eliminating the bias toward easing in the statement by three members.

UAE Pushes for Greater Control Over Oil Output, Limited Near-Term Market Impact, RBC Says

The UAE's decision to leave OPEC is unlikely to disrupt oil markets in the near term, but points to a broader strategic realignment as the Gulf producer seeks greater control over its output policy amid the ongoing Middle East conflict, RBC Capital Markets strategists said in a note on Tuesday.The UAE has for years pushed to monetize investments in expanding crude capacity and promoting its Murban benchmark, a strategy that has at times strained relations within OPEC.RBC analysts said disputes over production baselines, including a July 2021 standoff that delayed an agreement for nearly two weeks, underscored friction between the UAE and other members over output quotas.The analysts said the UAE's departure reflects a continuation of these tensions, as the country has consistently sought higher production targets. A subsequent push in 2023 to revise its baseline led to a complex redistribution of quotas, reducing allocations for some African producers.However, despite the policy shift, the UAE is not expected to significantly increase production beyond levels seen in early 2026 once the conflict subsides.The Gulf state has been operating close to its current capacity, and post-war reconstruction demands are likely to temper any rapid supply increases.UAE authorities, in a statement, said it would continue to bring additional barrels to market "in a gradual and measured manner," aligned with demand and prevailing conditions.RBC analysts said this suggests spare capacity within the global system will remain concentrated in Saudi Arabia for the foreseeable future.The move comes at a critical moment in the regional conflict with Iran, which has heightened concerns over energy security, particularly around the strategically vital Strait of Hormuz.The UAE has been among the most vocal Gulf states opposing any scenario in which Iran maintains influence over the passage, citing repeated drone and missile attacks on its territory.The country's increasingly assertive stance appears to align more closely with Israel than with some Gulf neighbors.RBC analysts expect closer cooperation between Abu Dhabi and Israel on energy security and critical infrastructure once the conflict ends, potentially including joint investments and expanded defense agreements in strategic areas such as the Red Sea.The analyst said the UAE's exit does not signal an imminent fragmentation of OPEC. With no immediate requirement for coordinated production cuts and many member states focused on rebuilding capacity after the conflict, the group is expected to remain broadly intact in the near term.

モンデリーズの収益見通しは改善傾向にある、とモルガン・スタンレーが指摘

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Federal Reserve Chair Jerome Powell said Wednesday at a press conference that he will remain on the Federal Reserve board for a period of time after his term as chair ends on May 15, noting the recent attacks on the Fed and saying that "the things that have happened really in the last three months I think left me no choice but to stay until I see them through at least that long."An investigation into Powell's actions as chair during the remodeling of headquarters at the Fed was halted by the Department of Justice, but it could be reopened if the Fed's inspector general finds wrongdoing, providing uncertainty."I have said that I will not leave the board until this investigation is well and truly over with transparency and finality and I stand by that," Powell said. "I am encouraged by recent developments, and I am watching the remaining steps in this process carefully."Powell said that his decision to remain on board has nothing to do with political comments, but rather his concern about the recent attack on the Fed by the Trump administration."After my term as chair ends on May 15, I will continue to serve as governor for a period of time to be determined," Powell said. "I plan to keep a low profile as a governor. There is only one chair of the Federal Reserve.""I will leave when I think it's appropriate to do so," he added.At the meeting, the Federal Open Market Committee decided to maintain its target rate at a range of 3.50% to 3.75%, but there were dissents in favor of both a lowering of the policy rate by one member and in favor of eliminating the bias toward easing in the statement by three members.

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UAE Pushes for Greater Control Over Oil Output, Limited Near-Term Market Impact, RBC Says
The UAE's decision to leave OPEC is unlikely to disrupt oil markets in the near term, but points to a broader strategic realignment as the Gulf producer seeks greater control over its output policy amid the ongoing Middle East conflict, RBC Capital Markets strategists said in a note on Tuesday.The UAE has for years pushed to monetize investments in expanding crude capacity and promoting its Murban benchmark, a strategy that has at times strained relations within OPEC.RBC analysts said disputes over production baselines, including a July 2021 standoff that delayed an agreement for nearly two weeks, underscored friction between the UAE and other members over output quotas.The analysts said the UAE's departure reflects a continuation of these tensions, as the country has consistently sought higher production targets. A subsequent push in 2023 to revise its baseline led to a complex redistribution of quotas, reducing allocations for some African producers.However, despite the policy shift, the UAE is not expected to significantly increase production beyond levels seen in early 2026 once the conflict subsides.The Gulf state has been operating close to its current capacity, and post-war reconstruction demands are likely to temper any rapid supply increases.UAE authorities, in a statement, said it would continue to bring additional barrels to market "in a gradual and measured manner," aligned with demand and prevailing conditions.RBC analysts said this suggests spare capacity within the global system will remain concentrated in Saudi Arabia for the foreseeable future.The move comes at a critical moment in the regional conflict with Iran, which has heightened concerns over energy security, particularly around the strategically vital Strait of Hormuz.The UAE has been among the most vocal Gulf states opposing any scenario in which Iran maintains influence over the passage, citing repeated drone and missile attacks on its territory.The country's increasingly assertive stance appears to align more closely with Israel than with some Gulf neighbors.RBC analysts expect closer cooperation between Abu Dhabi and Israel on energy security and critical infrastructure once the conflict ends, potentially including joint investments and expanded defense agreements in strategic areas such as the Red Sea.The analyst said the UAE's exit does not signal an imminent fragmentation of OPEC. With no immediate requirement for coordinated production cuts and many member states focused on rebuilding capacity after the conflict, the group is expected to remain broadly intact in the near term.