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Sika Affirms 2026 Outlook as Subdued Market, Currency Headwinds Weigh on Quarterly Sales

Sika (SIKA.SW) on Tuesday upheld its 2026 guidance even as first-quarter sales in Swiss francs declined 7% year over year due to foreign-currency impacts in a subdued global construction market.Net sales of the Swiss specialty chemicals group reached 2.49 billion francs in the three months ended March 31, down from 2.68 billion francs a year ago. Sales beat the FactSet-compiled consensus estimate of 2.45 billion francs.In local currencies, sales edged up 0.9% thanks to market share gains across all regions. Sales growth in Europe, the Middle East, and Africa accelerated to 3.6% from 0.7% as construction activity gained pace after the winter months. However, sales in the Americas fell 0.8% after a 4.9% rise in the 2025 first quarter, owing to winter storms and economic uncertainty. Asia-Pacific also declined 2.2% due to a double-digit drop in the Chinese construction business.While Sika flagged muted global market conditions in 2026, including a low single-digit percentage decline, it expects a gradual improvement in momentum for the construction industry after a softer first half. As such, the company maintained its expectations for sales to increase between 1% and 4% in local currencies in 2026, in line with its target of outperforming the market by 3% to 6%. Sika also confirmed its medium-term strategic targets for "sustainable, profitable" growth under the Strategy 2028.Additionally, Sika made targeted structural adjustments in China and implemented operational improvements in other markets as part of its Fast Forward program, through which it is on course to deliver 80 million francs of savings in 2026 and 150 million francs to 200 million francs annually at full run rate by 2028."We are accelerating our investment in product innovation and improving our customer value proposition," Chief Executive Officer Thomas Hasler said. "We are watchful on the impact of events in the Middle East. We expect global market conditions to remain muted in 2026 and we are acting preemptively."

$SIKA.SW

US Markets160d ago

Nasdaq Extends Rally to 9th Day as Tech Stocks Jump

The Nasdaq Composite advanced for the ninth straight session on Monday as US equity markets benefited from a jump in technology stocks.The Nasdaq climbed 1.2% to 23,183.7, while the S&P 500 added 1% to 6,886.2. The Dow Jones Industrial Average rose 0.6% to 48,218.3. Barring utilities and consumer staples, all sectors ended in the green, led by tech and financials.Oracle (ORCL) shares surged nearly 13%, the top gainer on the S&P 500. The company said it introduced artificial intelligence-focused updates to its utilities software suite at its customer edge summit, targeting improvements in billing, grid operations, and asset management.ServiceNow (NOW), Dell Technologies (DELL), Salesforce (CRM) and Microsoft (MSFT) were among tech stocks that registered gains.US earnings growth expectations appear to have shrugged off uncertainty around the Iran war, with markets betting on stronger corporate results this year than those projected before the war began, BlackRock Investment Institute said in a note on Monday.BlackRock upgraded its rating on US stocks to overweight from neutral, saying the Middle East conflict will likely drive limited economic damage.Oil prices, which jumped above $100 per barrel earlier on Monday amid a US blockade of maritime traffic around Iran's ports, pared gains, with West Texas Intermediate crude oil last up 1.3% at $97.83. Brent advanced 3.1% to $98.18.The blockade started at 10 am ET Monday. The development came after the US and Iran failed to reach a deal during negotiations in Pakistan over the weekend, fueling concerns over an already fragile ceasefire between Washington and Tehran.US President Donald Trump said Iran called this morning and that "they'd like to work a deal," according to a Reuters report. Despite the failed peace talks, a two-week ceasefire announced last week still holds.Trump's remarks come as Iran has vowed to retaliate following the US blockade, CNN reported. The Iran-controlled strait has been effectively shut since the war began at the end of February.Trump is mulling over limited strikes against Iran following the failed negotiations, The Wall Street Journal reported, citing people familiar with the situation."As the conflict with Iran enters its seventh week, persistent concern about the time it will take to arrive at an effective resolution to the conflict will, however, likely remain for now as a negative overhang for market participants to navigate," said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management.Meanwhile, the Organization of the Petroleum Exporting Countries lowered its second-quarter oil demand forecast due to the Middle East conflict, but maintained its full-year estimates amid expectations for a rebound in the second half.US Treasury yields were lower, with the 10-year rate last down 4.7 basis points at 4.29% and the two-year rate dropping 2.7 basis points to 3.78%.In company news, Goldman Sachs (GS) on Monday posted first-quarter results above market estimates, while Chief Executive David Solomon said a protracted Middle East conflict could pose upside risks to inflation. The lender's shares fell 1.9%, the worst performer on the Dow.JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) are scheduled to release their quarterly results on Tuesday, while Bank of America (BAC) and Morgan Stanley (MS) will announce their results on Wednesday. Outside the banking sector, Johnson & Johnson (JNJ), Netflix (NFLX) and PepsiCo (PEP) are set to release their results this week.In economic news, US existing home sales decreased in March as softening job growth and weaker consumer confidence continued to deter potential buyers, data from the National Association of Realtors showed.Gold was last down 0.4% at $4,766.30 per troy ounce, while silver dropped 1.1% to $75.67 per ounce.

Dow JonesNasdaq CompositeS&P 500$BAC$C$CRM$DELL$GS$JNJ$JPM$MS$MSFT$NFLX$NOW$ORCL$PEP$WFC

US Markets160d ago

US Earnings Growth Expectations Unscathed by Iran War Uncertainty, BlackRock Says

US earnings growth expectations appear to have shrugged off uncertainty around the Iran war, with markets betting on stronger results than those projected before the war began, BlackRock Investment Institute said in a note on Monday.BlackRock upgraded its rating on US stocks to overweight from neutral, saying the Middle East conflict will likely drive limited economic damage.While shipments through the Strait of Hormuz remain disrupted, there are factors backing a call to dial up risk-taking, BlackRock Investment Institute Head Jean Boivin said. Those include stronger earnings growth expectations for 2026.Markets see an 18.7% increase in US corporate earnings this year, higher than levels at the start of the year and before the war started.Tech's valuation premium has come under pressure, but the sector is expected to report earnings growth of 43% in 2026, up from 26% last year, according to the BlackRock report. "These bright spots partly inform our upgrade to US equities," Boivin said."We turn moderately positive risk and like US stocks as a relative preference, seeing them holding up better even if absolute performance disappoints," Boivin said.The breakdown of US-Iran talks could trigger market volatility, but both sides' willingness to negotiate underscores economic incentives to end the conflict, BlackRock Investment Institute said.Washington and Tehran failed to reach a deal during negotiations in Pakistan over the weekend, fueling concerns about the durability of an already fragile ceasefire between the two sides. US military forces began implementing a blockade of maritime traffic entering and exiting Iranian ports at 10 am ET on Monday.

US Markets160d ago

Prolonged Iran War Could Drive Outlook Cuts at US Auto Companies in 2026 Second Half, RBC Says

US automotive companies could lower outlooks in the second half of this year in case of a prolonged Middle East conflict or if the latest oil price shock "adversely" affects consumer confidence, RBC Capital Markets said in a note e-mailed Monday.The US-Israel war with Iran that started at the end of February has sent energy prices surging amid the closure of the Strait of Hormuz, the world's most important chokepoint for crude flows. Oil prices hovered around $100 a barrel intraday Monday as the start of a US blockade of maritime traffic around Iran's ports reportedly became effective.As most auto suppliers typically maintain one to two quarters of inventory, they are likely to be shielded from increasing raw materials costs in the near term, RBC analyst Tom Narayan said in a note to clients, adding that potential cost hikes in the future can be passed along to original equipment manufacturers. Overall, US suppliers have "negligible exposure" to the Middle East, according to the note."Importantly, we think neither OEMs nor suppliers (will) cut guidance in (the first quarter)," Narayan wrote. "That said, if the Iran conflict is prolonged or if higher oil prices adversely impact consumer confidence, we could see guidance cuts in (the second half of 2026)."Last week, a survey by the University of Michigan showed that US consumer sentiment hit the lowest on record this month, reflecting heightened worries about higher prices and the overall economic fallout from the Middle East conflict.Compared with suppliers, US OEMs could face "greater macro sensitivity," considering higher difficulty in passing along commodity inflation costs and a potential delay in the resolution to the US-Mexico-Canada trade pact due to the Iran war, RBC said."In China, the revised subsidy framework and reduction of the EV purchase tax credit could adversely impact mass-market players, where western suppliers remain structurally under-indexed," Narayan said.In the long term, RBC projects Brent crude prices to be around $80 per barrel, with West Texas Intermediate oil seen at $75 a barrel, according to the note."While elevated fuel prices may support (electric vehicle) adoption in Europe, we expect limited mix shift in the US, where government incentives have been the primary demand driver for EV sales," Narayan said.RBC said it likes Autoliv (ALV), Dauch (DCH) and Aptiv (APTV) on a risk/reward basis. The brokerage reduced its price targets on the shares of several companies, including Ford Motor (F), General Motors (GM), Tesla (TSLA), Mobileye Global (MBLY), and Lucid Group (LCID).Earlier this month, Tesla's first-quarter deliveries missed Wall Street's estimates, with Wedbush Securities flagging a challenging demand environment for the EV maker.Price: $12.11, Change: $-0.02, Percent Change: -0.16%

$ALV$APTV$DCH$F$GM$LCID$MBLY$TSLA

US Markets160d ago

Equities Mostly Rise Intraday; Oil Prices Advance Amid Hormuz Blockade

US benchmark equity indexes were mostly higher intraday, while oil prices rose as traders kept an eye on developments in the Middle East amid a Washington blockade of maritime traffic around Iran's ports.The Nasdaq Composite was up 0.6% at 23,049.5 after midday Monday, while the S&P 500 rose 0.4% to 6,844.8. The Dow Jones Industrial Average was little changed at 47,933.5. Among sectors, technology and financials paced the gainers, while utilities saw the biggest drop.West Texas Intermediate crude oil was up 2.5% at $99.06 a barrel, while Brent jumped 4.2% to $99.22.The blockade of maritime traffic entering and exiting Iranian ports was set to start at 10 am ET Monday, according to a statement issued by the US Central Command Sunday. The development came after the US and Iran failed to reach a deal during negotiations in Pakistan over the weekend, fueling concerns over an already fragile ceasefire between Washington and Tehran.US President Donald Trump said in a social media post Monday that 34 ships went through the Strait of Hormuz Sunday.Trump's remarks comes Iran has reportedly vowed to retaliate. The Iran-controlled strait has been effectively shut since the war began at the end of February."The fact the talks happened at all matters," Saxo Bank said in a report Monday. "There is still a chance negotiations restart, especially with some reports suggesting the two sides were not far apart on at least some points."Despite the failed peace talks, a two-week ceasefire announced last week still holds.Trump is mulling over limited strikes against Iran following the failed negotiations, The Wall Street Journal reported, citing people familiar with the situation."While the diplomatic setback is negative, it does not yet signal an automatic return to the worst-case scenario," Saxo said.The Organization of the Petroleum Exporting Countries lowered its second-quarter oil demand forecast due to the Middle East conflict, but maintained its full-year estimates amid expectations for a rebound in the second half.US Treasury yields were lower intraday, with the 10-year rate down 1.6 basis points at 4.30% and the two-year rate dropping two basis points to 3.78%.In company news, Goldman Sachs (GS) posted first-quarter results above market estimates, while Chief Executive David Solomon said a protracted Middle East conflict could pose upside risks to inflation. The lender's shares were down 2.3% intraday, the worst performer on the Dow.Oracle (ORCL) shares surged nearly 12%, the top gainer on the S&P 500. The company said it introduced artificial intelligence-focused updates to its utilities software suite at its customer edge summit, targeting improvements in billing, grid operations, and asset management.In economic news, US existing home sales decreased in March as softening job growth and weaker consumer confidence continued to deter potential buyers, data from the National Association of Realtors showed."We don't see much upside for sales over the next several months," Oxford Economics said in a note. "Given the backup in mortgage rates since the start of the war with Iran, we expect home sales to move sideways before starting to gradually rise at the end of the year."Gold was down 0.7% at $4,755.90 per troy ounce, while silver dropped 1.4% to $75.43 per ounce.

Dow JonesNasdaq CompositeS&P 500$GS$ORCL

US Markets160d ago

UBS Tempers Fed Rate Cut Expectations Amid Inflation Concerns

The Federal Reserve will now likely deliver just one interest rate cut this year instead of two amid the oil price shock from the Middle East conflict, though the risks for the next rate reduction skew toward earlier rather than later, UBS Securities said in a note e-mailed Monday.Energy prices have soared following the US-Israel war with Iran that started at the end of February, with the crucial Strait of Hormuz effectively closed. Oil prices hovered around $100 a barrel intraday Monday as the deadline passed for the start of a US blockade of maritime traffic around Iran's ports."Headed into the oil price shock, we projected two rate cuts this year with risk of one," UBS economists, including Jonathan Pingle, said in a note to clients. "We now expect only one, a (25-basis-point) rate cut at the December (Federal Open Market Committee) meeting."The brokerage said the risks skew toward earlier rather than later for the next rate cut, based on its current assessment of the distribution of risks."Despite our assessment of FOMC dynamics and the labor market pointing to risk of nearer rate cuts, if the economy is not weakening sufficiently, or in time, and core and headline inflation are at or above 3%, there probably won't be much inclination to lower rates among the FOMC participants," the UBS economists wrote. "Evidence of any labor market weakness likely needs to accumulate before eliciting a response, and that takes time."Over the weekend, the US and Iran failed to reach a deal during negotiations in Pakistan, fueling concerns over an already fragile ceasefire between Washington and Tehran announced last week.Last week, minutes from the FOMC's March meeting showed that policymakers emphasized the need to be "nimble" in adjusting interest rates in light of heightened risks to inflation and employment driven by the Middle East conflict.Markets widely expect the Fed to keep interest rates unchanged at its meeting later this month, according to the CME FedWatch tool.For 2027, UBS is looking at two quarter-percentage-point rate cuts, according to the note.

US Markets160d ago

Update: Oil Prices Rise Above $100 as Deadline For US Blockade of Iranian Ports Passes

(Article updated to mention weekend talks in the third paragraph.)Oil prices rose above $100 per barrel on Monday as the deadline passed for the start of a US blockade of maritime traffic around Iran's ports.West Texas Intermediate crude oil was up 5.9% at $102.27 per barrel, having traded as high as $105.62 earlier in the session. Brent crude jumped 6% to $100.95 per barrel, after rising to $103.87 earlier in the day.The blockade of maritime traffic entering and exiting Iranian ports was set to start at 10 am ET on Monday, according to a statement issued by the US Central Command, or CENTCOM, on Sunday. The development came after the US and Iran failed to reach a deal during negotiations in Pakistan over the weekend, fueling concerns over an already fragile ceasefire between Washington and Tehran."The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman," the statement said. "CENTCOM forces will not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports."Iran's Islamic Revolutionary Guard Corps has vowed to retaliate, CNN reported Monday.In a social media post on Sunday, President Donald Trump said that the US navy will block "any and all ships trying to enter, or leave, the Strait of Hormuz," the world's most important chokepoint for crude flows."Once again, high stakes negotiations between the US and Iran deadlocked over Washington's zero uranium enrichment demand, setting the stage for further escalation in the (six)-week war and prolonged supply disruptions in advance of summer driving season," Helima Croft, head of global commodity strategy and Middle East and North Africa research at RBC Capital Markets, said in a report e-mailed toon Monday.Trump is mulling over limited strikes against Iran following the failed peace negotiations, The Wall Street Journal reported, citing people familiar with the situation.Besides uranium enrichment, Iran's control of the Strait of Hormuz was among the sticky issues between the two sides, Tudor Pickering Holt said in a note, citing media reports."The US appears to have rejected Iran's sovereignty claim to Hormuz (including toll collection) while Iran views the Strait's reopening as contingent on a final deal," Tudor Pickering Holt analyst Matt Portillo said in the note sent to.

US Markets160d ago

Fastenal Logs In-Line First-Quarter Results

Fastenal (FAST) on Monday posted first-quarter results in line with market expectations amid improved customer contract signings and industrial production.The industrial and construction supplies distributor's net income rose to $0.30 a share in the March quarter from $0.26 a year earlier, while net sales jumped 12% to $2.20 billion, both matching the consensus on FactSet.The company attributed the higher sales to improved customer contract signings since the first quarter of 2024, as well as "a slight improvement" in industrial production in the first quarter of this year, it said in a statement.The impact of product pricing on net sales during the quarter was a roughly 350 basis points increase versus being "immaterial" a year earlier, Fastenal said."The industrial economy remains somewhat challenging, with US manufactured (purchasing managers' index) averaging around 52.6%, which is an improvement, but still moderate overall," President and Chief Sales Officer Jeff Watts said on an earnings conference call Monday, according to a FactSet transcript. "We really didn't see much of a tailwind."The company's shares were down 7.4% in afternoon trade, bringing its year-to-date gains to roughly 14%.Fastenal's contract sales, which include national multi-site, local and regional, and government customers, accounted for three-fourths of the total revenue and continued to outperform due to incremental sales from customer signings."On pricing, we realized approximately 3.5% year-over-year, and that compares to 3.3% in the fourth quarter, not enough to offset inflation," Chief Financial Officer Max Tunnicliff said on the call. "While our pricing execution progressed during the quarter, we did not move quickly enough, related mostly because of tariffs and some other items."The company signed 6,950 weighted FASTBin and FASTVend devices during the quarter and reiterated its 2026 outlook for signing between 28,000 and 30,000 machine equivalent units.FASTBin allows clients to digitally view inventory, while FASTVend refers to vending machines.Price: $45.54, Change: $-3.63, Percent Change: -7.38%

$FAST

US Markets160d ago

OPEC Lowers Second-Quarter Oil Demand Forecast Due to Iran War

The Organization of the Petroleum Exporting Countries on Monday lowered its second-quarter oil demand forecast due to the Middle East conflict, but maintained its full-year estimates amid expectations for a rebound in the second half.The cartel sees global oil consumption at 105.1 million barrels a day in the ongoing three-month period, it said in its latest monthly market report. Last month, the organization projected demand at 105.6 million barrels per day in the second quarter.The downgrade reflects lower estimates for both the Organization for Economic Co-operation and Development and non-OECD, "driven mainly by slight transitory weakness in oil demand growth, given ongoing developments in Middle East," OPEC said. "However, this weakness is expected to be compensated in the second half of the year."Global consumption totaled 105.7 million barrels a day in the first quarter.US military forces were due to begin implementing a blockade of maritime traffic entering and exiting Iranian ports at 10 am ET on Monday. The development came after US and Iranian delegations failed to reach a deal during negotiations in Pakistan over the weekend, fueling concerns about the durability of an already fragile ceasefire between the two sides.The cartel continues to see global oil consumption increasing by 1.38 million barrels a day in 2026 and by 1.34 million barrels next year.OPEC maintained its global economic growth estimate at 3.1% for 2026, including a 2.2% rate for the US. It still expects growth of 3.2% for the world and 2% for America next year.OPEC expects the US economy to maintain "sound momentum" this year, driven by consumer spending, although inflation dynamics in the near term will need to be "carefully monitored." The cartel anticipates the Federal Reserve to remain on hold through the first half and potentially shift to gradual monetary policy easing in the second half, "with one or two rate cuts seen as possible."On Friday, government data showed that US consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher.The cartel maintained its forecast of an increase in liquids production from countries not participating in the Declaration of Cooperation, or DoC, by 630,000 barrels a day this year. The DoC is the name for OPEC+, which comprises OPEC and non-OPEC allies. Liquid production includes crude oil, condensate and natural gas liquids.West Texas Intermediate crude oil was up 6.1% at $102.48 a barrel in midday trading, while Brent rose 6.8% to $101.67.

US Markets160d ago

Goldman Tops First-Quarter Views; CEO Says Prolonged Iran War Poses Inflation Risks

Goldman Sachs (GS) posted first-quarter results above market estimates, while Chief Executive David Solomon said a protracted Middle East conflict could pose upside risks to inflation.The lender reported earnings of $17.55 a share for the March quarter, climbing from $14.12 a year earlier and topping the FactSet-polled consensus of $16.47. Net revenue advanced 14% to $17.23 billion, exceeding the Street's view for $16.99 billion.Shares of the bank were down 3.6% in Monday trade."As the quarter progressed, the macro environment started to weigh on sentiment (as) volatility increased meaningfully amid concerns around (artificial intelligence-driven) disruption and sectors like software, heightened uncertainty in parts of private credit and the conflict in the Middle East," Chief Executive David Solomon said on an earnings conference call, according to a FactSet transcript.Energy prices have soared in the aftermath of the US-Israel war with Iran that began at the end February. While the US and Iran have agreed to a temporary ceasefire, the two sides were unable to reach a deal during negotiations in Pakistan over the weekend."At this point, the underlying economy still remains relatively robust," Solomon told analysts. "But if the resolution of the conflict drags, that probably will be a headwind in some of these areas, particularly inflation trends."While Solomon forecasts a more constructive regulatory backdrop this year, he said the geopolitical landscape remains "very complex."The US Central Command said Sunday that military forces will begin implementing a blockade of maritime traffic entering and exiting Iranian ports on Monday.Investment banking fees in the first quarter benefited from a boost in completed merger and acquisition volume, though initial public offering "activity slowed a little bit, particularly in March," due to the Middle East conflict, Solomon told analysts.Revenue in Goldman's global banking and markets segment increased 19% year on year to $12.74 billion. Investment banking fees surged 48% amid significantly higher revenue in advisory and equity underwriting. Fixed income, currencies and commodities revenue fell 10%.Revenue in the asset and wealth management segment grew 10% to $4.08 billion, reflecting higher management and other fees, partially offset by lower private banking and lending revenue.Price: $874.94, Change: $-32.86, Percent Change: -3.62%

$GS

US Markets160d ago

GFL Environmental to Buy TSX-Listed Secure Waste for $4.62 Billion

GFL Environmental (GFL) agreed to acquire Secure Waste Infrastructure in a 6.4 billion-Canadian-dollar ($4.63 billion) deal that is expected to boost its waste management operations in Western Canada.GFL will buy the shares of Secure, which operates a waste management platform in Western Canada and North Dakota, at CA$24.75 per share, the companies said Monday. The purchase represents a 23% premium to Secure's average price for 60 trading days through Friday.GFL will pay 20% of the consideration in cash and the remaining in subordinate voting shares.The transaction, which requires Secure shareholders' consent as well as court and regulatory approvals, is anticipated to complete in the second half of this year, according to the joint statement."The acquisition of Secure will provide us with a highly complementary network of permitted waste processing and disposal assets that will densify our footprint in Western Canada, significantly enhance our scale and expand our ability to offer customers a full suite of waste management services," GFL Chief Executive Patrick Dovigi said.Secure's shareholders are expected to own 16% of the combined company, Secure Chairman Mick Dilger said.The company's stock will be delisted from the Toronto Stock Exchange upon completion of the transaction, according to the joint statement. The deal is expected to be immediately accretive to GFL's adjusted free cash flow per share by 12% to 15%, Dovigi said."The transaction increases GFL's float weighted market capitalization which provides greater liquidity and enhances potential for broader future equity index inclusion," Dovigi said.Shares of GFL were down 6.5% in Monday trade."The transaction will combine Secure's hard to replicate infrastructure network with GFL's broader platform, strengthening GFL's ability to capture more waste streams across the value chain," Secure CEO Allen Gransch said.Price: $40.03, Change: $-3.03, Percent Change: -7.04%

$GFL

US Markets160d ago

Somnigroup to Acquire Leggett & Platt in $2.5 Billion Deal

Somnigroup International (SGI) on Monday agreed to acquire bedding and furniture components maker Leggett & Platt (LEG) in an all-stock deal worth about $2.5 billion.Shareholders of Leggett & Platt will receive 0.1455 shares of Somnigroup for each share they own in the company, the firms said in a joint statement. Leggett & Platt investors will own about 9% of the combined company.Leggett & Platt's stock jumped nearly 9% in the most recent premarket activity, while Somnigroup declined 1.7%."Leggett & Platt's strong engineering capabilities, diversified end users and cash-generating financial profile meaningfully enhance our global platform," Somnigroup Chief Executive Scott Thompson said in the statement. Somnigroup anticipates the acquisition to expand its addressable markets in bedding and provide access to non-bedding industries.The transaction, which requires approval from Leggett & Platt's shareholders and clearance from regulators, is expected to complete by the end of the year. Following completion, Leggett & Platt will operate as a separate business unit within Somnigroup and maintain its offices in Carthage, Missouri."This transaction provides Leggett & Platt shareholders with the opportunity to participate in the future growth and value creation of a leading global company on a tax deferred basis," Leggett & Platt CEO Karl Glassman said. Glassman will continue to lead Leggett & Platt after the deal closes and will assist with a transition to a new CEO of the business unit within 12 months of completion.The combined company is expected to operate 175 manufacturing facilities across 36 countries, with a global workforce of more than 36,000 employees.Somnigroup and Leggett & Platt estimate the deal to be accretive to adjusted earnings on a per-share basis before synergies in the first year after completion. The companies also expect a positive impact of $50 million on adjusted earnings before interest, taxes, depreciation, and amortization on an annual run-rate basis.In February, Leggett & Platt reported adjusted EPS of $0.22 for the fourth quarter, up from $0.21 the year before. Sales dropped 11% on a yearly basis to $938.6 million. At the time, the company said it expected adjusted EPS to be in between $1 and $1.20 and sales to be in a range of $3.8 billion to $4 billion for 2026.

$LEG$SGI

US Markets160d ago

New Zealand's Services Sector Stays in Contraction in March

New Zealand's services sector further shrank in March as the impact of the Middle East conflict was felt across business sectors.The BusinessNZ Performance of Services Index dropped to 46.0 from 47.6 in February, according to a Monday press release from BusinessNZ."The services sector in New Zealand is clearly feeling the effects of the conflict in Iran," BusinessNZ Chief Executive Officer Katherine Rich said. "The industries that deal mainly in discretionary spending have been especially impacted, and this is likely to reflect a lack of consumer confidence."The sectors involved in discretionary spending are accommodation, cafes and restaurants, and cultural and recreational services.Travel and airlines are also affected as the U.S.-Iran conflict triggered oil price shocks, especially at the closure of the Strait of Hormuz, the world's most critical oil passageway. Earlier this month, Air New Zealand (NZE:AIR, ASX:AIZ) said it will make minor adjustments to about 4% of its May and June flights due to rising jet fuel costs.All of the five sub-indexes are below the neutral reading of 50, with activities and sales the weakest at 44.6, BNZ said.The war in Iran also widened the pessimism among survey respondents as negative comments grew to 69.1% in March from 56.4% in the previous month. The response indicated that the economy could soon be contracting, BNZ's head of research, Stephen Toplis, said.The war is expected to bring more pressure on inflation, especially as the U.S. and Iran could not reach a deal during the two-week ceasefire. President Donald Trump ordered a blockade at the Strait of Hormuz as talks between the two countries crumbled.Analysts from ANZ expect that the inevitable rise in inflation could prompt three straight interest rate hikes this year. The bank predicts that the Reserve Bank of New Zealand is likely to add 25 basis points in its monetary policy in July, September and October, bringing the official cash rate to 3%.Westpac also expects the RBNZ to add 25 basis points until the OCR reaches 3.5%."We continue to believe that the same shape of the latter part of the interest rate cycle where the OCR rises above our assessment of neutral (which remains at 3.75%), peaking at 4.25% in December 2027 and remaining at 4.25% through 2028 before returning to 3.75% in 2029," Westpac's chief economist for New Zealand, Kelly Eckhold, said.

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US Markets160d ago

Asian Development Bank Tempers APAC GDP Forecasts for 2026

The Middle East outlook and consequent higher oil prices will temper the economic expansion of developing countries in the Asia Pacific in 2026, reported the Asian Development Bank (ADB) late Friday.Economic growth in developing Asia is expected to slow to 5.1% in both 2026 and 2027, down from the previous 5.4% estimate, weighed down by the Persian Gulf conflict and continuing trade uncertainty, said the ADB.The Asian Development Bank (ADB) makes economic projections for developing nations in Asia, focusing on gross domestic product (GDP) growth and inflation outlooks. The ADB forecasts cover 46 nations, including China and India, and all 10 ASEAN members."Higher energy prices will raise production costs and consumer prices, while export growth will normalize following last year's front-loading ahead of US tariff increases," said the ADB. "Solid domestic demand---particularly in South Asia and developing Southeast Asia---will continue to anchor growth."Regional inflation is projected to rise to 3.6% in 2026 and 3.4% in 2027, up from 3% last year, added the ADB.GDP growth in China is projected to decline to 4.6% in 2026 and 4.5% in 2027, down from 5% in 2025, "with continued property market weakness and slower export expansion expected to weigh on activity," said the ADB."In India, growth is forecast to ease to 6.9% this year from 7.6% last year, before rising to 7.3% next year, underpinned by resilient domestic consumption," added the ADB, a Manila-based regional bank that lends on infrastructure and other projects.

^BSE^JKSEFTSE Bursa Malaysia KLCI^NSE^SETShanghai Composite

US Markets161d ago

Stock Futures Down, Oil Rises as US Plans Blockade of Iranian Ports in Strait of Hormuz After Talks Fail

The benchmark US stock measures were pointing lower before the opening bell Monday, while oil prices rose as the US navy plans to begin a blockade of Iranian ports in the crucial Strait of Hormuz after Washington and Tehran failed to reach a conclusive agreement to end their war.The S&P 500 and the Nasdaq declined 0.6% each in premarket activity, while the Dow Jones Industrial Average was off 0.5%. The S&P 500 and the Dow finished Friday's trading session in the red, while the Nasdaq posted its eighth consecutive day of gains.The US Central Command announced Sunday that its forces will begin implementing a blockade of all maritime traffic entering and exiting Iranian ports on Monday at 10 am ET."The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman," according to a statement. "CENTCOM forces will not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports."Earlier on Sunday, President Donald Trump said in a social media post that the US navy will block "any and all ships trying to enter, or leave, the Strait of Hormuz," the world's most important chokepoint for crude flows."I have also instructed our navy to seek and interdict every vessel in international waters that has paid a toll to Iran," according to Trump. "Other countries will be involved with this blockade. Iran will not be allowed to profit off this illegal act of extortion."Trump's statement came after delegations from the US and Iran were unable to reach a deal to end their war during negotiations in Pakistan over the weekend. US Vice President JD Vance, who led the US delegation, said the US didn't receive a firm commitment from Iran to stop its pursuit of nuclear weapons, according to multiple media outlets.Iran's parliamentary speaker Mohammad Bagher Ghalibaf said in a post on X that the US team "failed to gain the trust of the Iranian delegation in this round of negotiations."West Texas Intermediate crude oil jumped 7.8% to $104.05 a barrel before the open, while Brent advanced 7.1% to $101.93.Meanwhile, Trump on Sunday reportedly threatened to implement a 50% tariff on China, following speculation that Beijing is preparing to deliver a shipment of new air defense systems to Iran, according to CNBC. "If we catch them doing that, they get a 50% tariff, which is a staggering - that's a staggering amount," the US leader said.Traders await the latest financial results of Wall Street's biggest banks this week, beginning with Goldman Sachs (GS) on Monday. JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), Morgan Stanley (MS) and Citigroup (C) are all due to post their quarterly earnings later in the week, along with major corporations, including Johnson & Johnson (JNJ), Netflix (NFLX) and PepsiCo (PEP).US consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher, official data showed Friday. Consumer sentiment hit the lowest on record this month, reflecting heightened worries about higher prices and the overall economic fallout from the Middle East conflict, according to a survey by the University of Michigan last week.Treasury yields were trending upwards in premarket action, with the two-year rate rising 1.5 basis points to 3.82% and the 10-year rate inclining 1.6 basis points to 4.33%.Monday's thin economic calendar has the existing home sales report for March at 10 am. Federal Reserve Governor Stephen Miran is scheduled to speak at 6:20 pm.Gold dropped 0.9% to $4,744 per troy ounce pre-bell, while bitcoin decreased 0.5% to $70,791.

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US Markets161d ago

Sanofi, Regeneron's Dupixent Becomes First Targeted Treatment for Pediatric Chronic Spontaneous Urticaria in EU

The European Commission approved Sanofi (SAN.PA) and Regeneron Pharmaceuticals' (RGO.F, REGN.VI) Dupixent as the first targeted therapy for children aged two to 11 years with moderate-to-severe chronic spontaneous urticaria.The authorization extends the existing approval of Dupixent, or dupilumab, in the European Union for chronic spontaneous urticaria, an inflammatory skin condition characterized by "sudden and debilitating hives and recurring itch," according to a Monday release. The previous indication was for patients 12 years and older.The approval was supported by data from the Liberty-Cupid clinical program, which combined an extrapolation of efficacy data in adults from two late-stage studies and pediatric data from the CUPIDKids phase 3 study. CUPIDKids was a single-arm study that evaluated children with chronic spontaneous urticaria between two years old and 11 years old who were still symptomatic even with the use of antihistamines.The trials showed that Dupixent significantly outperformed placebo in reducing hives and itching by the 24-week mark, while also increasing the number of patients achieving a complete response. Across all studies, the safety profile remained consistent with Dupixent's safety results in other skin-related indications."Young children suffering from chronic spontaneous urticaria often experience an unpredictable barrage of unrelenting itch and visible hives during the critical years of their growth and development. As the first and only targeted medicine for young children in the EU with CSU, Dupixent has the potential to become the new standard of care for those who remain symptomatic despite other available treatments," Regeneron President and Chief Scientific Officer George D. Yancopoulos said.The US Food and Drug Administration is currently reviewing a supplemental biologics license application for Dupixent in the US for pediatric patients aged two to 11 years for chronic spontaneous urticaria. The treatment is already approved for the same indication in certain adults and teenagers in the US, Japan, and other countries.Approved in over 60 countries, Dupixent treats various type 2 inflammatory conditions, including asthma, chronic obstructive pulmonary disease, and atopic dermatitis, among others. Sanofi and Regeneron are also evaluating dupilumab in diseases such as chronic pruritus of unknown origin and lichen simplex chronicus.Sanofi's shares were down over 1% in Paris, while Regeneron's stocks listed in Frankfurt and Vienna were marginally higher by Monday midday.

$REGN.VI$RGO.F$SAN.PA

US Markets161d ago

Hexagon AB Expands Into Non-destructive Testing With $1.5 Billion Acquisition of Germany's Waygate Technologies

Hexagon AB (HEXA-B.ST) is poised to build a precision measurement and inspection platform through the acquisition of German non-destructive testing company Waygate Technologies in a definitive deal worth $1.45 billion.Nasdaq-listed energy technology company Baker Hughes will be paid in cash on a debt-free basis for the sale of Waygate's remote visual inspection, ultrasound, radiography, and imaging solutions portfolios, as well as all assets of the business, according to two separate filings on Monday.The target company, which generated revenue of $630 million in 2025, will merge into Hexagon's manufacturing intelligence division, boosting its portfolio while "materially" raising Waygate's margins."The acquisition marks a significant expansion of Hexagon's Manufacturing Intelligence (MI) Business Area into the NDT market - a space Hexagon views as a natural evolution of its core precision measurement capabilities, extending quality assurance from the surface of a component to its interior geometry," Hexagon said. "Alongside the attractive expansionary market opportunity and the strategic fit, the transaction represents a compelling value creation opportunity, with a clear pathway to materially improve Waygate's margins through strategic actions, manufacturing optimisation, China localisation, and revenue synergies across the combined customer base."Additionally, the transaction will mark the Swedish measurement technologies company's entry into the aerospace maintenance, repair, and overhaul market through Waygate's remote visual inspection business. Hexagon MI will gain exposure into recurring asset integrity testing markets, which are powered by fleet utilization and regulatory requirements rather than capital investment cycles.Hexagon anticipates the acquisition will evolve the company into a "leading" global provider of NDT solutions, with the extension of precision measurement to the inside of components from their surface and expanding Hexagon's footprint from the production floor into the MRO market. With the enhanced scale and technology, Hexagon said it will be able to pursue further bolt-on opportunities across adjacent inspection modalities.Closing of the deal is slated for the second half of 2026, subject to customary requirements and regulatory clearances. Hexagon plans to fund the purchase using cash and existing debt.Hexagon shares traded 1% lower in Stockholm at midday on Monday.

$HEXA-B.ST

US Markets161d ago

Indonesian Retail Sales Expected to Strengthen in March

Holiday foot traffic is expected to have boosted retail sales in Indonesia in March, reported Bank Indonesia on Monday.The nation's Real Sales Index (RSI) survey for March, in which respondents estimate sales, rose 2.4% on year, said the central bank.The rise in on-year retail sales is primarily supported by growth of vehicle spare parts and accessories, food, beverages and tobacco, as well as cultural and recreational goods, said Bank Indonesia.On month, surveyed retailers predict sales in March to grow by 9.3% from February, due to the "Ramadan 1447 H and the Eid-ul-Fitr national religious holiday," explained Bank Indonesia.In February, the retail sales index posted annual growth of 6.5% on year, said the central bank.On the inflation front, survey respondents in March expected a build-up of inflationary pressures in the next three months, while pressures in the next six months are expected to remain relatively stable.One reason the national inflation outlook is stable is that the Indonesian national government subsidizes fuel.The Indonesian government has committed to maintaining fuel subsidies through the end of the year, despite large fiscal costs caused by rising oil prices after Iran blocked of the Strait of Hormuz in March, said Minister of Energy and Mineral Resources Bahlil Lahadalia, in early April.

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US Markets163d ago

S&P 500 Snaps 7-Day Winning Streak as Wall Street Logs Back-to-Back Weekly Gains

The S&P 500 retreated Friday following a seven-day advance ahead of upcoming talks between the US and Iran, while Wall Street notched its second consecutive weekly gain.The index slipped 0.1% to 6,816.9, and the Dow Jones Industrial Average shed 0.6% to 47,916.6. The Nasdaq Composite rose 0.4% to 22,902.9, its eight consecutive day of gains.Most sectors ended in the red, led by consumer staples, while tech paced the gainers.This week, the Nasdaq rallied 4.7%, the S&P 500 advanced 3.6%, and the Dow climbed 3%."In another week of high drama, markets ended in a calmer fashion, awaiting this weekend's direct talks between the US and Iran in Islamabad around the 14-day ceasefire," said Douglas Porter, chief economist at BMO, said in a report.The focus shifts to Pakistan, where officials from Washington and Tehran are expected to meet on Saturday. The truce, which Pakistan helped broker, appeared to be holding so far, though there's uncertainty around the outcome of these talks.Fighting between Israel and Iran-backed Hezbollah continued in Lebanon, CNN reported Friday. Iran's parliament speaker, Mohammad Bagher Ghalibaf, said talks will begin only if there is a ceasefire in Lebanon and blocked Iranian assets are released.West Texas Intermediate crude oil was down 2.3% to $95.63 a barrel in Friday late-afternoon trade.In economic news, US consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher, official data showed."The fallout of the US/Israel-Iran war was evident in the March consumer price index," Oxford Economics said in a note.US consumer sentiment hit the lowest on record this month, reflecting heightened worries about higher prices and the overall economic fallout from the Middle East conflict, a survey by the University of Michigan showed.US Treasury yields were higher, with the 10-year rate last up 4.3 basis points at 4.32% and the two-year rate rising 4.1 basis points to 3.81%.In company news, ServiceNow (NOW) shares slumped 7.6%, among the worst performers on the S&P 500.The enterprise software company's competitive advantage may have been eroded amid growing evidence that workflow automation tasks can be automated by harnessing artificial intelligence models, UBS Securities said in a note. The brokerage downgraded its rating on the stock to neutral from buy and slashed its price target to $100 from $170.CoreWeave (CRWV) shares jumped nearly 11% after the AI cloud computing company struck a deal to support the development and deployment of Anthropic's Claude AI models.Major tech names advanced, with Nvidia (NVDA) up 2.6%, the biggest gainer on the Dow, while Super Micro Computer (SMCI) jumped 8.8%, the best performer on the S&P 500. Broadcom (AVGO), Advanced Micro Devices (AMD), and Amazon.com (AMZN) also notched gains.Cloudflare (NET) shares tumbled nearly 14% amid an extended sell-off. The slump offers a buying opportunity, while concerns around Project Glasswing are "overblown" as the cloud-services company is seen benefitting from projected exponential growth in agentic artificial intelligence applications, Oppenheimer said Friday.Project Glasswing is a cross-industry coalition formed to "secure the world's most critical software," Anthropic said in a statement. The alliance, which will be using Anthropic's unreleased Claude Mythos frontier model, includes several big tech names including Amazon Web Services, Broadcom and Nvidia.Gold was down 0.6% at $4,790 per troy ounce, while silver rose 0.1% to $76.48 per ounce.

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US Markets163d ago

Canadian National Railway Volume Data Seen Tracking Ahead of Estimates, BofA Says

Canadian National Railway (CNI) appears to be outperforming volume growth estimates and gaining market share, BofA Securities said in a note.The railroad operator's revenue ton miles, a key freight transportation metric, is tracking "well ahead of the company's flat full-year target, aided by gains in record Canadian grain crop and above target intermodal and auto volumes," BofA analyst Ken Hoexter said in the note sent Thursday.Canadian National is scheduled to release its first-quarter results on April 29.The company's service metrics are also improving, under Chief Operating Officer Patrick Whitehead, who took charge in October, the brokerage added.BofA upgraded its rating on Canadian National's stock to buy from neutral and raised the price objective to $122 from $117.The stock has gained 11% so far this year, with Hoexter pointing to further upside potential."While underlying volume fundamentals may decelerate into (the second quarter) given upfront grain moves, we expect negative yields given mix impacts, the loss of carbon tax revenues nearly a year ago, and fuel surcharge lag impacts," Hoexter said.Price: $110.15, Change: $+0.01, Percent Change: +0.01%

$CNI

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US Markets160d ago

Nasdaq Extends Rally to 9th Day as Tech Stocks Jump

Dow JonesNasdaq CompositeS&P 500$BAC$C$CRM$DELL$GS$JNJ$JPM$MS$MSFT$NFLX$NOW$ORCL$PEP$WFC