-- 摩根士丹利週四在一份報告中指出，芝加哥商品交易所集團（CME）在當前市場環境下處於最佳地位，近期市場波動緩解了競爭壓力，促使交易者轉向流動性最強的市場。 報告稱，圍繞通膨和利率的討論可能會使2026年日均交易量增長超過9%，2027年增長超過8%，超過過去五年6%的增長速度。 報告也指出，隨著各國政府財政赤字擴大、供應鏈持續不穩定以及能源市場不斷變化，CME的交易活動也可能更加活躍。 摩根士丹利特別提到CME的事件型合約成長迅速，自去年12月推出以來，已吸引了15萬個新帳戶，交易量約為2.15億筆。此外，CME還計劃於5月29日推出全天候加密貨幣交易。 不過，報告指出，第一季每份合約的殖利率低於預期可能會對獲利造成壓力。摩根士丹利將芝加哥商品交易所 (CME) 2027 年每股收益預期下調了 2.5%。 摩根士丹利將 CME 股票的目標價從 362 美元下調至 353 美元，但維持「增持」評級。
Price: $282.56, Change: $-3.15, Percent Change: -1.10%
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.
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.
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.