-- 主要市場指標 主要市場ETFであるIWMとIVVは下落した。アクティブ運用型のインベスコQQQトラスト(QQQ)は0.2%下落した。 中東における地政学的リスクの高まりと、テスラ(TSLA)の今年の設備投資見通しが前年同期比で3倍に上方修正されたことを受け、木曜日の正午の取引で米国株価指数は下落した。 エネルギー iShares US Energy ETF(IYE)とState Street Energy Select Sector SPDR(XLE)はそれぞれ約0.3%上昇した。 テクノロジー State Street Technology Select Sector SPDR ETF(XLK)は0.7%下落した。iShares US Technology ETF(IYW)とiShares Expanded Tech Sector ETF(IGM)はそれぞれ約0.6%下落した。 ステート・ストリートSPDR S&P半導体(XSD)は3%上昇、iシェアーズ半導体(SOXX)は2.7%上昇しました。 金融 ステート・ストリート・フィナンシャル・セレクト・セクターSPDR(XLF)は0.7%下落しました。ディレクシオン・デイリー・フィナンシャル・ブル3Xシェアーズ(FAS)は2.8%下落、その弱気版であるディレクシオン・デイリー・フィナンシャル・ベア3Xシェアーズ(FAZ)は2.8%上昇しました。 商品 原油は1.1%上昇、ユナイテッド・ステイツ・オイル・ファンド(USO)は1.5%上昇しました。天然ガスは1.0%上昇、ユナイテッド・ステイツ・ナチュラル・ガス・ファンド(UNG)は4.5%下落しました。 COMEXの金は0.2%下落、ステート・ストリートSPDRゴールド・シェアーズ(GLD)も0.2%下落しました。銀価格は2.2%下落し、iShares Silver Trust(SLV)は1.7%下落しました。 消費財 State Street Consumer Staples Select Sector SPDR(XLP)は1.6%上昇しました。Vanguard Consumer Staples ETF(VDC)は1.4%上昇し、iShares Dow Jones US Consumer Goods(IYK)は1.7%上昇しました。 State Street Consumer Discretionary Select Sector SPDR(XLY)は0.2%下落しました。VanEck Retail ETF(RTH)は0.3%上昇しましたが、State Street SPDR S&P Retail(XRT)は0.9%下落しました。 ヘルスケア State Street Health Care Select Sector SPDR(XLV)は0.3%下落し、iShares US Healthcare(IYH)は0.5%下落、Vanguard Health Care ETF(VHT)は0.5%下落しました。 iSharesバイオテクノロジーETF(IBB)は1.1%下落した。 産業セクター ステート・ストリート・インダストリアル・セレクト・セクターSPDR(XLI)は2.1%上昇した。バンガード・インダストリアル・インデックス・ファンド(VIS)とiShares米国インダストリアル(IYJ)も上昇した。 暗号資産 正午の取引では、ビットコイン(BTC/USD)は0.9%下落した。暗号資産ETFでは、プロシェアーズ・ビットコインETF(BITO)が0.7%、プロシェアーズ・イーサリアムETF(EETH)が2.8%、プロシェアーズ・ビットコイン&イーサリアム時価総額加重ETF(BETH)が1.1%それぞれ下落した。
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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.
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.