-- 週三，Stifel Canada維持對First Quantum Minerals（FM.TO）股票的「買入」評級，目標價為52.00加元，此前該公司公佈了第一季業績。 第一量子公司公佈的2026年第一季調整後每股收益為-0.18美元，低於我們預期的0.02美元（市場普遍預期為0.03美元）；息稅折舊攤提前利潤（EBITDA）為3.26億美元，高於我們預期的3.16億美元。第一季每股收益受到利息支出增加（影響0.06美元）和所得稅增加（影響0.20美元）的負面影響，而息稅折舊攤銷前利潤包含1.44億美元的對沖損失（剔除對沖損失後的息稅折舊攤銷前利潤為4.7億美元）。第一季銅產量為9.65萬噸，C1現金成本為每磅2.51美元，高於我們預期的8.42萬噸，成本為每磅2.69美元。根據2026年4月7日通過的第27號決議，巴拿馬銅礦（Cobre Panama）的庫存礦石已被授權移除、加工和出口，預計將於2026年第二季度末實現首批銅產出，修訂後的2026年產量指引中還包含了3萬至4萬噸的額外銅儲量。如預期，產量為40.5萬至47.5萬噸（此前為37.5萬至43.5萬噸）。分析師拉爾夫·普羅菲蒂寫道：「2026財年淨影響增量指引將使我們的隱含EBITDA減少1.25億美元，降幅5%，其中包括由於供應鏈和匯率風險導致C1現金成本上升至每磅2.15至2.40美元（此前為每磅1.95至2.20美元），以及由於蓋爾布莫格林金礦黃金轉型時間安排導致黃金產量下降（下降13%至15萬至17.5萬盎司）。 （報告北美、亞洲和歐洲主要銀行及研究機構的股票、大宗商品和經濟研究。研究機構可透過以下連結與我們聯繫：https://www..com/contact-us）
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Sectors
Sector Update: Consumer Stocks Decline Wednesday Afternoon
Consumer stocks traded lower Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) declining 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.3%.In corporate news, Starbucks' (SBUX) fiscal Q2 financial results exceeded Wall Street's views, while the coffee giant raised its full-year outlook on the back of momentum in its turnaround efforts. Its shares jumped past 8%.Wingstop (WING) reduced its 2026 domestic same-store sales outlook and reported weaker-than-expected Q1 revenue. Its shares fell 4.4%.Etsy's (ETSY) Q1 revenue rose more than Wall Street's expectations, helping the online marketplace swing to earnings. Etsy shares climbed 8.6%.
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Sectors
Sector Update: Health Care Stocks Softer in Afternoon Trading
Health care stocks declined Wednesday afternoon, with the NYSE Health Care Index down 0.8% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.9%.The iShares Biotechnology ETF (IBB) fell 2%.In corporate news, AbbVie (ABBV) raised its full-year outlook on Wednesday as the biopharmaceutical company recorded better-than-expected Q1 results, driven by robust revenue growth from its Skyrizi and Rinvoq immunology drugs. Its shares rose 3.4%.AstraZeneca (AZN) will invest 300 million pounds ($404.9 million) in the UK, focusing on its sites in Cambridge and Macclesfield, in a move aimed at boosting the country's life sciences sector, Bloomberg reported. AstraZeneca shares were down 1.2%.KalVista Pharmaceuticals (KALV) and Chiesi Group said Wednesday they have signed an agreement through which Chiesi will buy KalVista for $27 per share in cash, or about $1.9 billion. KalVista shares surged nearly 39%.
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Oil & Energy
EMEA Oil Update: Crude Rallies as US-Iran Standoff Stokes Supply Fears
EMEA crude futures rallied in after-hours trading on Wednesday as a dual blockade in the Strait of Hormuz, and President Trump's hardening Iranian rhetoric stoked fears of a prolonged global energy supply shock.Brent crude futures climbed 7.13% to $119.19 per barrel, while Murban oil futures gained 2.44% to $109.31/bbl."President Trump has instructed aides to prepare for an extended blockade of Iran, targeting the regime's coffers in a high-risk bid to compel Iran to end its nuclear program," Saxo Bank strategists said in a note on Wednesday.Trump reportedly said he will maintain a naval blockade against Iran until Tehran agrees to a nuclear deal, noting that the blockade is somewhat more effective than the bombing. The US President threatened Iran on Wednesday, saying the country "better get smart soon"."Iran can't get their act together. They don't know how to sign a non-nuclear deal. They'd better get smart soon!" Trump said in a post on Truth Social.The second round of US-Iran talks to end the Middle East conflict has stalled in recent days as the two sides refuse to budge in negotiations and Tehran attempts to separate the Hormuz issue from its nuclear program.Soojin Kim, research analyst at MUFG, said crude prices remained elevated as markets focused on stalled US-Iran peace talks and the continued near-closure of the Hormuz.The US naval blockade appears to be putting pressure on Iran, amid reports that the country is running out of crude storage space, which could accelerate production cuts.US Treasury Secretary Scott Bessent said Iran's Kharg Island, the country's primary oil export terminal, is approaching storage capacity, which will likely force the government to reduce crude production and cause damage to Iran's oil infrastructure."Iran is also facing growing storage constraints that could force deeper production cuts, while the US continues tightening sanctions on Chinese refiners linked to Iranian oil," Kim said.Meanwhile, Kim said the ongoing Middle East conflict has already triggered broader regional shifts, including the UAE's decision to leave OPEC next month."The timing of the exit was planned well," ING strategists said, adding that announcing a departure during a period of significant supply disruption limits the market impact.On the supply side, signs of tightening have begun to appear in the US, with the latest data from the Energy Information Administration showing that US crude stocks fell by 6.2 million barrels to 459.5 million barrels in the week ended Apr. 24.