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Singapore's Q2 Growth Exceeds Forecast as AI Demand Boosts Manufacturing

Singapore's economy grew 5.7% year over year in the second quarter, easing from 6.3% in the previous three months, according to advance estimates released by the Ministry of Trade and Industry on Tuesday.The reading surpassed the consensus forecast of a 5.5% increase, as tracked by Investing.com.On a seasonally adjusted quarterly basis, gross domestic product expanded 1.1% in the second quarter, extending the 1.3% growth recorded in the first quarter.The goods-producing industries grew 10.4% from a year earlier, led by a 12.2% expansion in manufacturing, while construction growth slowed to 6.2% from 12.9% in the previous quarter.Manufacturing growth accelerated from 8.0% in the first quarter, driven by stronger output in the electronics and precision engineering clusters amid robust artificial intelligence-related demand for semiconductors and semiconductor manufacturing equipment.The ministry said manufacturing growth was "largely driven by output increases in the electronics and precision engineering clusters on account of strong AI-related demand for semiconductors and semiconductor manufacturing equipment."The chemicals and biomedical manufacturing clusters contracted, with the chemicals segment affected by feedstock disruptions linked to the Middle East conflict.The stronger-than-expected economic growth comes as economists expect the Monetary Authority of Singapore to keep monetary policy unchanged at its next meeting later this month after May core inflation held steady at 1.4%, despite higher prices stemming from the Middle East conflict.The MAS tightened policy in April and raised its 2026 core inflation forecast to 1.5% to 2.5% from 1% to 2%.Singapore's central bank is scheduled to announce its next policy decision by July 31.In May, the Ministry of Trade and Industry maintained Singapore's 2026 GDP growth forecast at 2% to 4%, citing resilient AI-related demand despite rising downside risks from the U.S.-Israel-Iran conflict.The ministry said strong demand for AI-related semiconductors, semiconductor manufacturing equipment and digital solutions should continue to support the electronics, precision engineering and information and communications sectors.However, it warned that higher energy costs and weaker global demand could weigh on the chemicals, fuels, and transportation industries.

^STI

US Markets28d ago

Genesis Minerals, Vault Minerals Agree to AU$12.6 Billion Merger After Genesis Outbids Regis

Australian gold producers Genesis Minerals (ASX:GMD) and Vault Minerals (ASX:VAU) have agreed to merge, creating Australia's third-largest gold producer with a pro-forma market capitalization of AU$12.6 billion, the companies announced Tuesday.Under the scheme of arrangement, Vault shareholders will receive 0.7629 new Genesis shares plus AU$0.475 in cash for each Vault share held, implying a value of AU$5.274 per share based on prices at the time the offer was announced.Genesis shareholders will own about 59.8% of the combined group, with Vault holders owning the remaining 40.2%.The deal caps a bidding war for Vault. In May, Vault and Regis Resources (ASX:RRL) announced their own proposed merger, potentially creating a AU$10.7 billion combined company.Last week, Genesis made a rival bid, which Vault described as a "superior proposal." Vault's board ultimately backed the Genesis terms instead, as it represented a 14.5% premium to the Regis offer price of AU$4.61.Vault will pay Regis a break fee of about AU$50.7 million after walking away from their agreement.The combined Genesis-Vault group will produce an estimated 600,000 to 700,000 ounces of gold annually, all from Western Australian operations, with 33.6 million ounces of mineral resources and 9.4 million ounces of ore reserves.The companies expect about AU$2 billion in potential post-tax synergies over 10 years, including AU$1.5 billion from combining operations in the Leonora and Bardoc-Mount Monger areas.Vault Chairman Russell Clark was named non-executive chairman of the merged entity, while Genesis' Executive Chair Raleigh Finlayson was appointed managing director.Genesis CEO Matt Nixon will serve as CEO of the group, while Genesis CFO Morgan Ball will also retain his position.The merged group's board will comprise four Genesis directors and three members from Vault.The transaction is subject to shareholder and court approvals and is expected to be completed by November.Vault's shares will be delisted from the Australian Securities Exchange after the deal's completion.

ASX:GMDASX:VAU

US Markets28d ago

Update: Nasdaq Snaps 3-Day Winning Streak as Oil Jumps Amid US-Iran Tensions

(Updates with market moves at the end of the day.)Equities on Wall Street fell Monday, snapping a three-day winning streak for the technology-heavy Nasdaq Composite, as oil prices rallied amid a re-escalation in the US-Iran conflict.The Nasdaq shed 1.6% to close at 25,873.2, while the S&P 500 lost 0.8% to 7,515.8. The Dow Jones Industrial Average dropped 0.3% to 52,498.6. Among sectors, tech saw the steepest decline, down 2.1%, while energy led the gainers with a 3.2% advance.West Texas Intermediate crude was up 8.8% at $77.72 a barrel in Monday late-afternoon trade, while Brent gained 9.2% to $82.97.The US and Iran continued to exchange airstrikes over the weekend, with Tehran targeting American military facilities across Middle Eastern countries, news outlets reported. Iran's Islamic Revolutionary Guard Corps reportedly said it closed the crucial Strait of Hormuz until further notice, though the US military disputed the claim.The strait is open and will remain so "with or without Iran," President Donald Trump said in a social media post Monday, adding that the US was reinstating a blockade of Iranian shipping through the narrow waterway.Hostilities between the US and Iran resumed recently, weeks after they signed a memorandum of understanding to end their war that began at the end of February. The Strait of Hormuz is the world's most important chokepoint for crude flows."Clearly, the risk is that this escalates to levels seen early in the war, where neighboring countries and their energy infrastructure are also targeted," ING Bank said in a report. "Escalation has slowed vessels transiting the strait to a trickle, renewing concerns over oil supply tightness through the third quarter."The Organization of the Petroleum Exporting Countries on Monday reduced its global oil demand growth outlook for this year while upgrading its projection for 2027.US Treasury yields were higher, with the two-year rate up 6.1 basis points at 4.27% and the 10-year rate rising 4.5 basis points to 4.61%.Official data on Tuesday are expected to show that the consumer price index dropped 0.1% in June on a sequential basis and rose 3.8% annually, according to a Bloomberg-compiled consensus. Wall Street is projecting core CPI, which excludes volatile items such as food and energy, to rise 0.2% month over month and 2.9% annually.The Federal Reserve may have to consider raising interest rates if inflation remains high, Fed Governor Christopher Waller said Monday."If we get another hot reading on core inflation this week, then the (Federal Open Market Committee) will need to consider tightening monetary policy in the near term," Waller said in a speech in New York. "We are at a crossroads for policy, and the appropriate action will depend on incoming data."There's a 59% likelihood that the Fed will keep its monetary policy unchanged later this month, down from 74% a week ago, according to the CME FedWatch tool. The odds of a 25-basis-point rate increase moved to 41% on Monday from about 26% a week earlier.The S&P 500 is heading into the second-quarter reporting cycle with consensus earnings growth projections at their highest in recent quarters, Oppenheimer Asset Management said Monday in a report.US banking giants JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC), Morgan Stanley (MS), and Citigroup (C) are expected to report their quarterly results later this week. Johnson & Johnson (JNJ), UnitedHealth (UNH) and Netflix (NFLX), among others, also report this week.First Hawaiian (FHB) agreed to acquire TriCo Bancshares (TCBK) in an all-stock deal to create one of the largest banks headquartered in the western US, with combined assets of about $34 billion. First Hawaiian shares fell 3.3%, while TriCo jumped 12%.Gold fell 2.6% to $4,005.10 per troy ounce, while silver lost 3.9% to $57.83 per ounce.

Dow JonesNasdaq CompositeS&P 500$BAC$C$FHB$GS$JNJ$JPM$MS$NFLX$TCBK$UNH$WFC

US Markets28d ago

Bank Stocks 'An Island of Stability' as Financial Institutions Set to Release Earnings

Wall Street banks and smaller competitors remain attractive investment opportunities as financial institutions are set to report earnings this week, according to analysts at BofA Securities and KBW."Our conversations indicate a long bias toward bank stocks that have emerged as an island of stability in a financials sector where stocks have been rocked by fears due to (artificial intelligence) disruption risks, and the adoption of digital assets," Ebrahim Poonawala, head of North American banks research at BofA, said in a note to clients.Long-only investors and portfolio managers are looking for proof that earnings momentum will continue into 2027, he said. That would make the group a "reliable play" as investors move away from chip stocks, Poonawala said.Bank stocks so far this year have performed better than the broader market. The KBW Nasdaq Bank Index is up about 14% so far this year, compared with a 10% gain in the S&P 500 Index."While this has pushed relative multiples higher, relative valuations remain well-below long-term averages," KBW banking analyst Christopher McGratty said in a July 8 note to clients.Banking giants JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC) and Citigroup (C) are expected to release quarterly results before markets open in the US on Tuesday. Morgan Stanley (MS) reports Wednesday, followed by US Bancorp (USB) on Thursday.BofA's Poonawala said a key question for bank profitability is how firms are performing on net interest income -- the difference between the money a bank generates from interest-bearing assets such as loans and securities and the interest it pays out to depositors and lenders."Investors appear increasingly willing to tolerate modest margin pressure if banks can deliver improving NII," he said. "The key debate is whether management teams can offset deposit competition with asset repricing, loan growth, fee growth and operating leverage."Poonawala's favorite names in the banking sector are Citi, Morgan Stanley, State Street (STT), PNC Financial Services (PNC), Huntington Bancshares (HBAN) and US Bancorp. He categorized M&T Bank (MTB), Regions Financial (RF) and Fifth Third Bancorp (FITB) as "crowded relative shorts," according to the note.Investors are looking for JPMorgan, the largest US bank by assets, to guide on net interest income and trends in capital markets, he said.If JPMorgan raises its NII guidance excluding markets and says there's no incremental increase in its expense outlook, it "could trigger sustained stock outperformance," Poonawala said.KBW said it is sticking with its view that so-called universal banks -- Wells Fargo, Citi, Morgan Stanley, Bank of America, JPMorgan and Goldman Sachs -- will continue to benefit from "multi-year structural tailwinds for capital markets and capital return."Stocks that KBW recommends investors hold overweight positions in include Morgan Stanley, PNC, Popular (BPOP), Flagstar Bank (FLG) and Hancock Whitney (HWC).KBW no longer expects the Federal Reserve to cut interest rates this year and believes the year will end with a Fed funds rate of 3.75%. The yield on the 10-year Treasury bond is expected to be 4.4% through the end of 2027, up from a previous estimate of 4.2%, KBW said. Gross-domestic product growth should come in at 2.1% this year and 2% next year, with unemployment between 4.3% and 4.5%, KBW predicted."A higher-for-longer interest rate outlook is firmly entrenched in market expectations," McGratty said in his research note.Another buoyant factor for banks was IPO volumes and mergers and acquisitions, he said."Investment banking results for (the second quarter) are expected to be strong with pockets of M&A advisory fees expected to aid top-line results, though equity underwriting is expected to be the story of (the quarter), with the bulge brackets set to benefit the most following elevated issuance from mega-deals pricing during the quarter," McGratty said.Deals in the quarter included SpaceX's (SPCX) record IPO in June.Matthew Leising

$BAC$BPOP$C$FITB$GS$HBAN$HWC$JPM$MS$MTB$PNC$RF$SPCX$STT$USB$WFC

US Markets28d ago

S&P 500 Heads Into Second-Quarter Earnings Season With Elevated Growth Targets, Oppenheimer Says

The S&P 500 is heading into the second-quarter reporting cycle with consensus earnings growth projections at their highest in recent quarters, Oppenheimer Asset Management said Monday in a report.Major banks including JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Goldman Sachs (GS) and Wells Fargo (WFC) are scheduled to release results on Tuesday.FactSet expects S&P 500 earnings growth of 23.6% from a year earlier, the report said. In the first quarter, earnings rose 27.9% overall on revenue growth of 11.7%."We're expecting overall good results for S&P 500 earnings as fundamentals -- economic, corporate and consumer -- in our view appear conducive for continued growth," Oppenheimer said.Favored sectors include information technology, communications services, industrials, financials and consumer discretionary, the report said.The S&P 500 and Nasdaq Composite posted a second straight weekly gain on Friday."We remain positive on stocks particularly in the US but also from a global perspective," Oppenheimer said.Oil prices jumped Monday after President Donald Trump said the US was reinstating a blockade of Iranian shipping in the Strait of Hormuz.

$BAC$C$GS$JPM$WFC

US Markets28d ago

Paramount, Warner Bros. Face Multistate Lawsuit Seeking to Block Merger

Paramount Skydance's (PSKY) proposed acquisition of fellow media and entertainment giant Warner Bros. Discovery (WBD) is facing a multistate lawsuit in the US alleging that the roughly $110 billion deal would lessen competition in several areas.Earlier this year, Paramount entered into an agreement to buy Warner Bros. after streaming giant Netflix (NFLX) withdrew from its proposed deal to purchase the HBO Max owner.A coalition of 12 state attorneys general filed the lawsuit in the US District Court for the Northern District of California, led by California Attorney General Rob Bonta, seeking to block the deal. The complaint alleges that the transaction violates the Clayton Act, which holds that mergers that may significantly reduce or tend to create a monopoly are illegal.The deal seeks to combine two of Hollywood's five major film distributors and two of the five major basic cable channel owners. In the US alone, the merged entity would control almost one-third of theatrical motion pictures and one-third of basic cable programming, according to the lawsuit."The unlawful merger of these two entertainment behemoths would lead to higher prices, lower quality, and less content for film and television, harming movie theaters, basic cable distributors, and ultimately, audiences on every sofa and movie theater seat in the US," Bonta said in a statement Monday.The lawsuit includes the attorneys general of Arizona, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, and Washington.Paramount vowed to "vigorously defend" the transaction against what it termed a "fundamentally flawed application of the antitrust laws" designed to block a combination meant to better compete with dominant platforms like Netflix, a Paramount spokesperson said in a statement.Competition and foreign direct investment regulators across 24 global jurisdictions have already cleared the deal, according to the statement.Warner Bros. didn't immediately respond to' request for comment.Paramount shares were up 2.2% in Monday late-afternoon trade, while Warner Bros. gained 2.4%. Netflix was 1% higher.The European Commission is reviewing the deal and has set a July 22 provisional deadline for its decision.Price: $9.63, Change: $+0.22, Percent Change: +2.28%

$NFLX$PSKY$WBD

US Markets28d ago

Equities Fall Intraday, Oil Soars as Trump Reinstates Iranian Shipping Blockade in Hormuz

US benchmark equity indexes were lower intraday, while oil prices jumped as President Donald Trump said Washington was reinstating a blockade of Iranian shipping through the Strait of Hormuz amid rising tensions in the Middle East.The Nasdaq Composite was down 1.3% at 25,939.2 after midday Monday, while the S&P 500 fell 0.7% to 7,526.4. The Dow Jones Industrial Average shed 0.3% to 52,507. Among sectors, technology saw the steepest decline, while energy paced the gainers.West Texas Intermediate crude was up 7.4% at $76.72 a barrel, while Brent gained 7.5% to $81.76.The US and Iran continued to exchange airstrikes over the weekend, with Tehran targeting American military facilities across several Middle Eastern countries, news outlets reported. Iran's Islamic Revolutionary Guard Corps reportedly said it closed the crucial Strait of Hormuz until further notice, though the US military disputed the claim.The strait is open and will remain so "with or without Iran," Trump said in a social media post Monday, adding that the US was reinstating a blockade of Iranian shipping through the narrow waterway."The USA will be, from this point forward, known as 'the guardian of the Hormuz strait,' but as such, and as a matter of fairness, will be reimbursed, at the rate of 20% on all cargo shipped," Trump said.Hostilities between the US and Iran resumed recently, weeks after they signed a memorandum of understanding to end their war. The Strait of Hormuz is the world's most important chokepoint for crude flows.The growing US-Iran conflict threatens to derail the recovery of global oil inventories and further diminishes the chances of a diplomatic breakthrough, Saxo Bank said in a note.The Organization of the Petroleum Exporting Countries on Monday reduced its global oil demand growth outlook for this year while upgrading its projection for 2027.US Treasury yields were higher intraday, with the two-year rate up 5.7 basis points at 4.27% and the 10-year rate rising 4.5 basis points to 4.61%.In company news, First Hawaiian (FHB) agreed to acquire TriCo Bancshares (TCBK) in an all-stock deal to create one of the largest banks headquartered in the western US, with combined assets of about $34 billion. First Hawaiian shares were down 4%, while TriCo jumped 11%.US banking giants JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC), Morgan Stanley (MS), and Citigroup (C) are expected to report their latest quarterly financial results later this week, along with other major corporations, including Johnson & Johnson (JNJ), UnitedHealth (UNH) and Netflix (NFLX).Gold fell 2.7% to $4,004.80 per troy ounce, while silver lost 3.7% to $57.92 per ounce.

Dow JonesNasdaq CompositeS&P 500$BAC$C$FHB$GS$JNJ$JPM$MS$NFLX$TCBK$UNH$WFC

US Markets28d ago

Inflation Likely Turned Negative in June Amid Lower Energy Prices, Goldman, UBS Say

US consumer inflation likely turned negative in June on a monthly basis as energy prices pulled back, Goldman Sachs and UBS Securities said.Oil and gasoline prices have retreated as the US and Iran agreed to an interim peace deal in June. However, crude prices, which posted gains last week amid escalating US-Iran tensions, rallied on Monday as President Donald Trump reinstated the US blockade of Iranian ports.Goldman Sachs projects the consumer price index to fall 0.1% month over month for June, reflecting lower energy prices. Core inflation likely rose 0.17% and 2.76% annually, the brokerage said in a weekly update emailed toon Monday.Official data on Tuesday are expected to show that the headline CPI dropped 0.1% in June on a sequential basis and rose 3.8% annually, according to a Bloomberg-compiled consensus. Wall Street is projecting core CPI, which excludes volatile items such as food and energy, to rise 0.2% month over month and 2.9% annually.Earlier this month, Federal Reserve Chair Kevin Warsh said that inflation risks had eased. The Fed kept its policy rate steady last month for the fourth consecutive meeting following a series of rate cuts last year.UBS expects a negative 0.25% print for June's headline CPI, which it said would be the steepest one-month decline since April 2020. On an annual basis, UBS anticipates headline inflation easing to 3.7% from 4.2% in May, which was the fastest pace of price growth since April 2023.Gasoline and other energy commodities will likely subtract 0.42 percentage points from the monthly headline CPI change, UBS economists wrote in a note last week.There's a 59% likelihood that the Fed will keep its monetary policy unchanged later this month, down from 74% a week ago, according to the CME FedWatch tool. The odds of a 25-basis-point rate increase moved to 41% on Monday from about 26% a week earlier.

US Markets28d ago

Oil Jumps as Trump Says US to Reinstate Blockade of Iranian Shipping in Hormuz

Oil prices were rising Monday as President Donald Trump said the US was reinstating a blockade of Iranian shipping in the Strait of Hormuz amid growing tensions in the Middle East.West Texas Intermediate crude was up 7.4% at $76.72 a barrel in afternoon trade, while Brent gained 7.5% to $81.75.The US and Iran continued to exchange airstrikes over the weekend, with Tehran targeting American military facilities across several Middle Eastern countries, news outlets reported. Hostilities between the two countries resumed recently, weeks after they signed a memorandum of understanding to end their war.Iran's Islamic Revolutionary Guard Corps reportedly said it closed the crucial Strait of Hormuz until further notice, though the US military disputed the claim. The narrow waterway is the world's most important chokepoint for crude flows.The strait is open and will remain so "with or without Iran," Trump said Monday."We are reinstating the Iranian blockade, so named because it is only stopping Iran's ships or customers from entering or leaving," Trump said in a social media post. "All other countries will have fair and open use of the strait.""The USA will be, from this point forward, known as 'the guardian of the Hormuz strait,' but as such, and as a matter of fairness, will be reimbursed, at the rate of 20% on all cargo shipped," Trump wrote.The growing US-Iran conflict threatens to derail the recovery of global oil inventories and further diminishes the chances of a diplomatic breakthrough, Saxo Bank said Monday."Even so, the relatively modest premium between front-month and deferred futures suggests the physical crude market remains orderly for now," the firm said in a note. "The main focus continues to be refined products, where already tight market conditions -- recently exacerbated by Russia's diesel export ban -- are adding to inflationary pressures."On Monday, the Organization of the Petroleum Exporting Countries reduced its global oil demand growth outlook for this year while upgrading its projection for 2027. Last week, the International Energy Agency projected a smaller decline in global oil demand in 2026 amid signs of a rebound in consumption as crude flows improve.

US Markets28d ago

Papa John's CFO Departure Suggests Sharp Turnaround Not Imminent, BofA Says

Papa John's International's (PZZA) chief financial officer's departure likely suggests a sharp operational turnaround is unlikely in the near term at the pizza chain, BofA Securities said in a note Monday.Last month, Papa John's appointed Chris Collins as interim finance chief, replacing Ravi Thanawala, who will take on the CFO role at apparel retailer American Eagle Outfitters (AEO)."We think it's unlikely (Thanawala) would have left his post after less than three years if he believed a sharp turnaround were imminent," BofA analysts Sara Senatore and Grace Nguyen said.The brokerage downgraded its rating on Papa John's stock to underperform from neutral and decreased the price target on the company's shares to $34 from $42.Papa John's global comparable sales fell 4% in the first quarter, driven by weakness in North America. In May, the company set its full-year global system-wide restaurant sales outlook at flat to down low single-digits, with North American comparable sales projected to decline 2% to 4%."The disruption that comes with management turnover -- particularly at a time when Papa John's is trying to execute a turnaround -- may translate into less earnings predictability," Senatore and Nguyen said.BofA said competitive intensity in the pizza segment has risen, allowing larger operators such as Domino's Pizza (DPZ) to achieve lower costs and better unit economics, particularly in challenging operating environments."We believe the pizza segment's competitive intensity stepped up further in (second quarter) and high frequency data suggest Papa John's sales growth was largely unchanged through the quarter, despite a Toy Story 5 tie-in launched in late May," Senatore and Nguyen added.Papa John's is scheduled to report second-quarter results Aug. 6.The brokerage now projects Papa John's North American same-store sales to decline 6.7% for the second quarter, compared with a 6.4% drop previously expected.For 2026, BofA lowered its revenue forecast to $1.88 billion from $1.89 billion and cut the earnings-per-share projection to $1.65 from $1.87.Papa John's stock dropped 0.6% in Monday trade, and has fallen nearly 14% this year.Price: $33.12, Change: $-0.37, Percent Change: -1.10%

$PZZA

US Markets28d ago

OPEC Lowers 2026 Global Oil Demand Outlook, Raises 2027 Estimate

The Organization of the Petroleum Exporting Countries reduced its global oil demand growth outlook for this year while upgrading its projection for 2027.The cartel now expects oil consumption to rise by 780,000 barrels a day in 2026, it said in its latest monthly market report Monday. Last month, OPEC estimated demand to increase by 970,000 barrels. For next year, the cartel now expects world oil demand to rise by 1.94 million barrels a day, compared with its prior forecast of a 1.73-million-barrel gain.West Texas Intermediate crude oil was up 5.1% at $75.8 a barrel in afternoon trade, while Brent gained 5.3% to $80.03 following renewed hostilities in the Middle East between the US and Iran.Earlier this month, OPEC and its allies -- dubbed as OPEC+ -- agreed to further increase output targets by 188,000 barrels a day from August.Last week, the International Energy Agency projected a smaller decline in global oil demand in 2026 amid signs of a rebound in consumption as crude flows improve.OPEC on Monday held its global economic growth forecasts steady at 3.1% for 2026 and 3.2% for 2027. US gross domestic product is still seen rising 2.2% and 2% in 2026 and 2027, respectively, with the cartel saying the world's largest economy has "continued to show solid growth momentum.""Potential moderations in geopolitical tensions may provide some upside for global growth in (the second half of 2026) if energy markets and trade flows stabilize further, although uncertainties remain," OPEC said. "Moreover, fiscal and structural measures in several key economies have so far helped to counterbalance downside risks in (the first half of 2026), supporting domestic demand and investment."The cartel now forecasts liquids production from countries not participating in the Declaration of Cooperation, or DoC, to rise by 640,000 barrels a day this year, versus its prior estimate of 630,000 barrels.The DoC is the name for OPEC+, which comprises OPEC and non-OPEC allies. Liquid production includes crude oil, condensate and natural gas liquids.

US Markets28d ago

Delta's Reaffirmed Full-Year Outlook Shows Earnings Resiliency, Sets Airline Up for Strong 2027, Deutsche Bank Says

Delta Air Lines' (DAL) decision to reiterate its full-year outlook despite incurring an estimated $3.5 billion fuel headwind signifies its earnings resiliency and sets up the air carrier for a strong 2027, Deutsche Bank said in a client note emailed Monday.The company last week reported better-than-expected second-quarter results amid robust demand and maintained its full-year outlook for per-share adjusted earnings of $6.50 to $7.50 and free cash flow of $3 billion to $4 billion.In the earnings release, Chief Executive Ed Bastian mentioned Delta incurred its "highest quarterly fuel expense" in the airline's history. Fuel price surged 75% to $3.93 per gallon on an adjusted basis, pushing fuel expenses 77% higher annually to $4.41 billion in the second quarter. The company anticipates an all-in fuel price of about $3.15 per gallon in the current quarter.Crude oil prices soared in the aftermath of the Middle East war, but retreated last month as the US and Iran agreed to a memorandum of understanding in June. However, recent renewed tensions between the two countries have seen prices resume their volatility.Deutsche was "pleasantly surprised" by Delta reaffirming its outlook, especially taking into account what the brokerage estimates will be a fuel cost headwind of about $3.5 billion. "The reaffirmed outlook underscores the company's earnings resiliency and sets up for what could be a very strong 2027," analyst Michael Linenberg wrote in the note."The affirmation of our full year outlook from the start of the year and ability to grow earnings despite a nearly $4 billion increase in fuel cost reinforces that Delta's durability continues to improve relative to prior cycles and to the industry," Chief Financial Officer Erik Snell said during a Friday earnings call, according to a FactSet transcript.The air carrier recorded adjusted operating cash flow of $4.1 billion and free cash flow of $1.4 billion through the first half of the year, after reinvesting around $2.6 billion in the business, according to the brokerage.Delta continued to strengthen its balance sheet with adjusted net debt of $13.6 billion at the end of the second quarter, down $709 million from the end of last year, while liquidity stood at $7.7 billion, Deutsche said. The airline also announced a 15% hike in its quarterly dividend on Friday."We continue to view this combination of durable free cash flow generation, improving leverage, growing shareholder returns and disciplined capital allocation as supportive of sustained (return on investment capital) above cost of capital," according to Linenberg.Deutsche reiterated its buy rating on Delta's stock with a 12-month price target of $105.Price: $86.40, Change: $-1.00, Percent Change: -1.14%

$DAL

US Markets28d ago

Netflix' Ad Revenue Set to Double This Year Despite Engagement Concerns, Wedbush Says

Netflix (NFLX) remains on track to roughly double its advertising revenue this year even as US engagement appears to have flattened out, Wedbush Securities said Monday in note.The brokerage reiterated its outperform rating on the stock, with a price target of $118, ahead of the streaming giant's second-quarter results due out on Thursday.Wedbush projects revenue of $12.58 billion, largely in line with consensus estimates, and earnings per share of $0.78, just shy of Wall Street's $0.79 view."Higher ad load, better targeting after bringing the ad stack in-house, and live-sports pricing power are set to roughly double ad revenue in 2026 toward ($3 billion)," Wedbush analyst Alicia Reese wrote.Netflix's first-quarter results rose year-on-year in April, buoyed by stronger-than-projected membership growth, higher pricing and increased ad revenue.But Wedbush pointed to certain bearish arguments, including US engagement plateauing and a drop in cost per thousand impressions."Premium CPMs are stepping down as supply grows, but not because advertisers are pulling back," Reese wrote. "The ad business is quietly doing more work than that (headline) CPM decline suggests."The stock has plunged roughly 40% since the release of first-quarter results, which coincided with the announcement on chairman Reed Hastings' departure from the board, Reese said.Wedbush' $118 price target "reflects our view that the advertising ramp outweighs the engagement debate," the analyst said.Price: $74.91, Change: $+1.54, Percent Change: +2.10%

$NFLX

US Markets28d ago

First Hawaiian to Buy TriCo Bancshares in All-Stock Deal

First Hawaiian (FHB) agreed to acquire TriCo Bancshares (TCBK) in an all-stock deal to create one of the largest banks headquartered in the western US, with combined assets of about $34 billion.Shareholders of TriCo will receive 2.095 of First Hawaiian shares for each share held, representing a consideration of $63.12 based on First Hawaiian's closing share price as of Friday, the companies said in a joint statement Monday.First Hawaiian is the parent company of First Hawaiian Bank, while TriCo Bancshares controls Tri Counties Bank.First Hawaiian's stock dropped 6.1% in Monday trade, while TriCo jumped 9.1%.The combined company will become the sixth-largest bank based in the Western US by assets and benefit from new markets. The deal is expected to boost the combined bank's earnings."This partnership creates a broader platform for long-term growth," First Hawaiian Chief Executive Bob Harrison said in the statement.The transaction, which requires approval from both banks' shareholders and clearance from regulators is expected to complete by the end of the year. Following completion, First Hawaiian's investors are anticipated to own 65% of the combined company, while TriCo's stockholders will hold the remaining 35% stake."We are excited for our employees and shareholders to participate in the future of the combined company, and we look forward to working closely with Bob and the First Hawaiian team," said TriCo CEO Rick Smith.The lenders don't expect to shut down any branches related to the deal.In the same statement, First Hawaiian said it expects preliminary second-quarter earnings of $0.60 per share, up from $0.55 in the prior quarter. The current consensus on FactSet is for EPS of $0.58. The bank plans to release its full results on July 24.In April, TriCo reported net income of $1.04 a share for the first quarter, up from $0.80 in the first quarter of 2025.

$FHB$TCBK

US Markets28d ago

Equity Futures Down Amid Middle East Tensions; Key Earnings on Deck

The benchmark US equity measures were pointing lower before the opening bell Monday amid rising tensions in the Middle East, as markets awaited key inflation data and some major corporate earnings due later this week.The S&P 500 declined 0.4% and the Nasdaq was off 1.2% in premarket activity, while the Dow Jones Industrial Average lost 0.1%. The three main indexes closed higher Friday.The US and Iran continued to exchange airstrikes over the weekend, news outlets reported.On Sunday, the US Central Command said it completed a new wave of strikes against Tehran at multiple locations, after conducting attacks a day earlier in response to the country targeting another commercial ship transiting through the Strait of Hormuz.Iran responded by targeting US military facilities in Jordan, Kuwait, Bahrain, Qatar and Oman, according to local state media. Iran's Islamic Revolutionary Guard Corps also reportedly said it closed the strait until further notice, though the US military disputed the claim."The Strait of Hormuz is open to all vessels seeking to lawfully transit the international waterway," CENTCOM said on the X platform. "Iran does not control the strait."West Texas Intermediate crude oil was up 3.4% at $73.81 a barrel before the open, while Brent gained 3.3% to $78.50.With no major economic data scheduled for Monday, traders await the official US consumer price index for June, scheduled for Tuesday, followed by data on wholesale prices and retail sales for the same month on Wednesday and Thursday, respectively.Federal Reserve Vice Chair for Supervision Michelle Bowman is scheduled to speak at 5:25 am ET Monday, while Fed Governor Christopher Waller speaks at 12:30 pm. Fed Chair Kevin Warsh's testimony is due later in the week.US Treasury yields were mixed in premarket action Monday, with the 10-year rate little changed at 4.57% and the two-year rate rising one basis point to 4.22%.Banking giants JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC), Morgan Stanley (MS), Citigroup (C) are all expected to release their latest financial results later this week, along with other major corporations, including Johnson & Johnson (JNJ), UnitedHealth (UNH) and Netflix (NFLX).Taiwan Semiconductor Manufacturing's (TSM) US-listed shares were up 0.1% pre-bell. Micron Technology (MU) fell 5.6%, while Nvidia (NVDA) decreased 1.7%.Gold dipped 0.9% to $4,075 per troy ounce, while bitcoin dropped nearly 2% to $62,893.

Dow JonesNasdaq CompositeS&P 500$BAC$C$GS$JNJ$JPM$MS$MU$NFLX$NVDA$TSM$UNH$WFC

US Markets28d ago

GSK Says Jemperli Poised to Transform Rectal Cancer Care After Positive Interim Trial Results

GSK (GSK.L) said Monday that the phase 2 Azur-1 trial of Jemperli, or dostarlimab, achieved its primary objective, showing the treatment could allow certain rectal cancer patients to avoid or delay surgery, chemotherapy and radiation."The AZUR-1 results support the potential for dostarlimab to transform treatment for [stage II/III mismatch repair deficient/microsatellite instability-high] locally advanced rectal cancer. For many patients today, rectal cancer treatment comes with the tolerability burden and lasting impacts from chemotherapy, radiation and surgery. These data demonstrate that some patients may be able to avoid those interventions while remaining free of detectable signs of cancer," said Hesham Abdullah, senior vice president, global head of oncology, research & development at GSK.The single-arm study met its main endpoint, demonstrating "meaningful and sustained clinical complete response rate at 12 months." Additionally, the immunotherapy's safety and tolerability matched the manageable profile observed previously across other solid tumors.The British drugmaker intends to submit the Azur-1 data to international regulatory bodies for review, with comprehensive findings slated for presentation at an upcoming scientific conference. GSK noted that the US Food and Drug Administration granted both breakthrough therapy and fast track designations for this indication.Annually, rectal cancer accounts for 730,000 new bowel cancer cases globally, according to the company. The dMMR/MSI-H subtype is present in 5% to 10% of these patients.GSK's London-listed stock was marginally higher during Monday midday trade.

$GSK.L

US Markets28d ago

Akzo Nobel Stands by Axalta Merger as Nippon Paint Bids EUR7.5 Billion for Decorative Paints Unit

Japanese paint maker Nippon Paint Holdings on Monday confirmed it has offered 7.5 billion euros to acquire AkzoNobel's (AKZA.AS) decorative paints business, about a month after withdrawing its bid with US-based Sherwin-Williams to buy the entire company.The Dutch paint and coatings group said the same day that it has received "multiple conditional and non-binding proposals" from Nippon Paint for its decorative paints business, while adding that the latest offer "significantly" undervalues the business unit.AkzoNobel said its management and supervisory boards continue to back the company's planned merger of equals with US-based paint manufacturer Axalta Coating Systems, citing the proposed transaction's "compelling strategic rationale" and expected benefits.Announced in November 2025, the merger would create a global coatings company with an enterprise value of $25 billion and revenue of $17 billion. Subject to shareholders' approvals and regulatory clearances, the transaction is expected to close in late 2026 or early 2027."The combined business will have a highly attractive financial profile, industry-leading innovation capabilities and a balanced global footprint spanning over 160 countries to bring global capabilities to local customers," the companies said at the time, noting that the merger is expected to deliver $600 million in run-rate synergies.AkzoNobel in May rejected a 73-euro-per-share takeover offer from Nippon Paint and Sherwin-Williams. Under the bid's terms, Nippon Paint would have retained AkzoNobel's decorative paints and industrial coatings businesses, while the automotive, marine and powder coatings divisions would go to Sherwin-Williams.AkzoNobel's stock was up 2% in early trading in Amsterdam.

$AKZA.AS

US Markets28d ago

Regis Walks Away From Vault Bid, Clearing Path for AU$5.6 Billion Genesis Deal

Regis Resources (ASX:RRL) will not submit a counterproposal for Vault Minerals (ASX:VAU), paving the way for Genesis Minerals (ASX:GMD) to move ahead with its takeover offer for the gold producer.Genesis' binding proposal values Vault at about AU$5.6 billion, offering 0.7629 Genesis shares and AU$0.475 in cash for each Vault share.The offer was determined by Vault's board to be superior to Regis' earlier merger proposal, under which Vault shareholders would have received 0.6947 Regis shares for each Vault share.Genesis said the combination would create an Australian gold producer with a pro forma market capitalization of AU$12.6 billion, annual production of 600,000 to 700,000 ounces, and about AU$2 billion in estimated post-tax synergies.Regis said its board decided not to match Genesis' proposal because it did not meet the company's return and value requirements for acquisitions."The terms that would be required to match the Genesis Proposal do not meet the value and return thresholds that Regis applies to all growth opportunities," the company said."Maintaining this discipline is fundamental to how Regis creates long-term value for shareholders," it added.Following Regis' decision, Vault announced plans to terminate its scheme implementation deed with Regis and sign a definitive agreement with Genesis, following the expiration of Regis' matching rights period on Friday, July 10.Genesis said the terms of its proposal remain unchanged and will stay open until the deadline. If Vault accepts the offer, Genesis said it will release a further announcement.Regis said it expects to receive a break fee of about AU$50.7 million upon Vault's termination of the agreement.The company added that it remains in a strong financial position, supported by a debt-free balance sheet with AU$1.2 billion in cash and bullion, strong free cash flow generation, and a pipeline of organic growth opportunities, including the McPhillamys gold project.

ASX:GMDASX:RRLASX:VAU

US Markets28d ago

Singapore Exchange Logs 18-Year High Securities Daily Average Value

Singapore Exchange (SGX:S68) saw a record securities daily average value in the full fiscal year as derivatives and securities products grew in double digits in June, according to a Monday filing by the exchange.Full-year turnover jumped 35% to SG$455.7 billion, while the securities daily average value also rose 35% year over year to SG$1.8 billion, the highest in 18 years.For June alone, securities market turnover increased 72% year over year to SG$44.6 billion in June, while the securities' daily average value also jumped 72% to SG$2.1 billion.The volume of traded derivatives increased 31% year over year to 34.3 million contracts during the month. For the whole financial year, total volume rose 15% year over year to 363.5 million contracts.The exchange also gained access to Japanese equities through the SGX Micro Nikkei 225 Index Futures.SGX also saw an all-time high month-end open interest in India during the month of 297,572 lots, and Chinese equities saw a record half-yearly daily average volume of 529,130 lots.

SGX:S68

US Markets29d ago

New Zealand's Services Sector Returns to Growth After Six-Month Contraction

New Zealand's services sector expanded in June after six months of contraction, as supplier deliveries and new orders returned to growth.The BusinessNZ Performance of Services Index rose to 50.6 in June from 48 in May, just above the 50-point mark which separates expansion and contraction.Supplier deliveries and new orders were the only two sub-indices with readings above 50, at 51.2 and 53, respectively, while sales, employment, and inventories remained below 50 at 49.3, 48.8, and 49.9, respectively."A return to sustained growth depends on consumer confidence rebuilding, and that is unlikely while cost-of-living pressures remain this prominent," said BusinessNZ's CEO, Katherine Rich.Rich said that the recovery is tentative, unlike the strong bounce seen in the manufacturing sector in June, as households are still focusing their spending on fuel, food, and other essentials.BusinessNZ's report noted that the employment indicator has now been "worryingly" in contraction for 31 consecutive months, which is a substantial headwind to employment growth as services employ many more people than manufacturers.BusinessNZ's head of research, Stephen Toplis, said that while the June result is "hardly a spectacular number," it confirms that the trend in growth before the oil shock is resuming.The BusinessNZ Performance of Composite Index, combining both manufacturing and services, had a "solid lift" in June, rising to 51.2 from 48.4 in May on a Gross Domestic Product-weighted basis and increased to 53.6 from 49.9 on a free-weighted basis.

^NZ50

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US Markets28d ago

Bank Stocks 'An Island of Stability' as Financial Institutions Set to Release Earnings

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