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FINWIRES

Research Alert: An Earnings Beat For First Citizens But Net Interest Income Remains Weak

-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

FCNC.A posted Q1 2026 operating EPS of $44.86 vs. $37.79 a year ago, $5.63 above the consensus, while adjusted revenue of $2.14B was flat Y/Y but down 5% Q/Q. Net interest income fell 6% Q/Q to $1.621B with the net interest margin compressing 11bps to 3.09%, disappointing as both metrics declined faster than peers. Credit performance continued improving following Q3 supply chain finance issues, with net charge-offs declining 9bps Q/Q to 0.30%. Management lowered full-year 2026 net charge-off guidance by 5bps to 30-40bps. Balance sheet momentum accelerated with deposits surging $9.3B (+5.7% Q/Q) to $170.84B, due to Commercial Bank growth of $5.7B from SVB Commercial and Global Fund Banking. Loan growth of $762M (+0.5% Q/Q) was led by $1.35B expansion in capital call lines, reflecting improving innovation economy conditions. Aggressive capital deployment continued with $900M in share repurchases (4.0% of outstanding shares) and $2.5B Purchase Money Note prepayment.

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Mining & Metals

Update: Gold Steadies Early Along With the Dollar and Yields

(Updates prices.)Gold prices were lower midafternoon on Thursday, remaining rangebound amid concerns high oil prices will push up inflation and force hikes to interest rates.Gold for June delivery was last seen down US$34.00 to US$4,719.00 per ounce.Gold has traded within a US$200 range since the start of the month despite the geopolitical turmoil that followed the Feb.28 start to the war on Iran. While the metal has a reputation as a store of value in turbulent times, traders have instead turned to bonds and the dollar to fend off the threat of higher interest rates as surging oil prices push inflation higher, keeping the metal rangebound."After a deep decline in March, April has been about stabilization for gold. While we get the sense that investors remain tactical, the tone of our conversations has been one of optimism. The all-time highs looked to many in the institutional space as overstretched, speculative, and perhaps overleveraged. After the decline and weakness last month, the view is that gold is closer to its fundamentals (i.e., macro-drivers plus uncertainty) than previously," Christopher Louney, a gold and natural gas strategist at RBC Capital Markets, wrote.The dollar rose, with the ICE dollar index last seen up 0.32 points to 98.91. Treasury yields also rose, with the yield on the U.S. two-year note last seen at 3.848%, up 4.2 basis points, while the 10-year note was paying 4.344%, up 3.7 points.

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Australia

Venture Global Closes $750 Million Notes Offering

Venture Global (VG) said Thursday its subsidiary Venture Global Calcasieu Pass closed a $750 million offering of 6% senior secured notes due 2036.Net proceeds, together with cash on hand and hedge termination proceeds, will be used to prepay its outstanding term loans and cover offering-related fees and expenses, according to a statement.Shares of Venture Global were up more than 3% in Thursday trading.

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Australia

Apple, Amazon Among Companies Asking GHGP to Make Some Proposed Scope 2 Updates Optional

Apple (AAPL), Amazon.com (AMZN) and over 60 other companies have requested the Greenhouse Gas Protocol, or GHGP, to make some proposed updates to Scope 2 emissions reporting rules optional, according to their joint statement on Wednesday.As the GHGP reviews feedback on its proposed updates, the companies asked that hourly- and strict-deliverability-matching in the market based method be made optional, rather than mandatory, the document showed.The companies are concerned that the proposed revisions could result in limited benefits to carbon accounting accuracy, slow down private sector's clean energy efforts, discourage voluntary clean energy procurement, and increase electricity prices for individuals and companies, according to the statement.Price: $272.76, Change: $-0.41, Percent Change: -0.15%

$AAPL$AMZN