-- 水曜日の早朝、米ドルは主要貿易相手国通貨に対して下落した。これは、午前10時（東部時間）に発表される2月の州別失業率データと、午前10時30分（東部時間）に発表される週間原油在庫データに先立つ動きだった。 水曜日の早い時間帯には、住宅ローン銀行協会（MBA）が、中東の停戦合意を受けて住宅ローン金利が低下し、4月17日までの週の住宅ローン申請件数が急増したと発表した。 水曜日の外国為替市場の動向を簡単にまとめると以下の通り。 ユーロ／米ドルは、火曜日の米国市場終値1.1726から1.1753まで上昇したが、火曜日の午前同時刻には1.1760を下回っていた。欧州中央銀行（ECB）政策委員会のフィリップ・レーン委員は午前9時15分（東部時間）に講演を行い、続いて午前10時（東部時間）にユーロ圏の4月消費者信頼感指数、午後1時30分（東部時間）にクリスティーヌ・ラガルドECB総裁が講演を行う予定だ。次回の欧州中央銀行（ECB）会合は4月30日に予定されています。 英ポンド／米ドル（GBP/USD）は、火曜日の米国市場終値1.3482から1.3517に上昇し、火曜日の午前には1.3510まで上昇しました。水曜日に発表されたデータによると、英国の3月の消費者物価指数は予想を上回り、前年同月比の伸び率は上昇しましたが、コア物価の伸びは鈍化しました。次回のイングランド銀行（BOE）会合は4月30日に予定されています。 米ドル／円（USD/JPY）は、火曜日の米国市場終値159.6204から159.2427に下落しましたが、火曜日の午前には159.2184の水準を上回りました。昨夜発表されたデータによると、日本の3月の貿易黒字は大幅に拡大しました。次回の日本銀行（JPY）会合は4月27～28日に予定されています。 米ドル／カナダドル（USD/CAD）は、火曜日の米国市場終値1.3662から1.3656に下落し、火曜日の午前には1.3659まで下落しました。カナダの3月の新築住宅価格データは、東部標準時午前8時30分に発表される予定です。次回のカナダ銀行の金融政策決定会合は4月29日に予定されています。
Related Articles
Asia
Suncorp Group Sees Improved Earnings Stability Under New Reinsurance Structure, Jefferies Says
Suncorp Group (ASX:SUN) will benefit from reduced earnings volatility and improved capital efficiency following its new five-year aggregate reinsurance program, though growth forecasts have been modestly revised lower, Jefferies said in an April 24 note.Jefferies noted that the new reinsurance program, starting June 30, provides AU$800 million in annual catastrophe protection and up to AU$2.4 billion over five years, capping natural hazard costs at budgeted levels in about 90% of scenarios and reducing earnings volatility from extreme weather.The equity research firm said that the company's revised framework raises its fiscal 2027 natural hazard allowance to AU$1.85 billion and ties it to exposure growth following a AU$453 million first-half 2026 overrun, with the impact broadly neutral.The research firm stated that, despite differing economics from its peers, the company's underlying insurance trading ratio outlook remains steady at 10% to 12% at the top end of its range, with reported earnings expected to better reflect underlying performance as catastrophe volatility eases.The research firm slightly revised its forecasts, cutting gross written premium growth to about 3% from 3.8% due to foreign exchange effects in New Zealand and updating investment income and valuation assumptions, with earnings estimates adjusted within a range of negative 3% to 1% over the forecast period.Jefferies maintained a hold rating on Suncorp Group and raised the price target to AU$17.70 from AU$16.50.
$ASX:SUN
Asia
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.
$ASX:FMG
Research
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.
$OTIS