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S&P 500 Companies' Quarterly Profit, Revenue Growth Accelerates, Oppenheimer Says

S&P 500 companies' quarterly earnings and revenue growth accelerated compared with figures from a week ago, Oppenheimer Asset Management said Monday.Some 63% of companies in the benchmark equity index have reported results in the latest cycle, with earnings up 28% from a year earlier and revenue growing 11%. Last week's report by the brokerage showed profit and revenue growth at about 25% and 10%, based on financials reported by 28% of the index constituents.Ahead of the reporting season, FactSet put expected earnings growth at 12.6% from a year earlier, according to Oppenheimer.Of the companies that have reported results so far, 81% have exceeded analyst estimates, Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said.Among sectors, communication services and consumer discretionary outperformed in terms of earnings, with profits up by more than 50% each year over year. Technology led the chart for revenue growth, with a 22% increase, followed by communication services' 16% jump.This will be another busy week for corporate earnings, with Palantir Technologies (PLTR), Advanced Micro Devices (AMD), Disney (DIS), Uber Technologies (UBER) and McDonald's (MCD) due to post their financials.On Friday, the S&P 500 and the Nasdaq Composite reached new all-time closing highs.President Donald Trump has launched "Project Freedom" to escort commercial ships through the Strait of Hormuz. Two US-flagged vessels passed through the strait, the US Central Command said Monday, after denying claims from Iran that a US ship had been hit."Notwithstanding the recent powerful rallies in stocks, challenges remain to finding resolution for the conflict and in our view persist as a potential negative overhang to market performance with news flow from the Middle East, the price of oil, and supply chain disruptions adding to inflation risks near term," Stoltzfus said. "That said, stock prices in the US continue to reflect in our view an appreciation for the fundamentals that matter most for revenue and profit growth."Price: $148.03, Change: $+3.96, Percent Change: +2.75%

$AMD$DIS$MCD$PLTR$UBER

US Markets50d ago

Tyson Foods' Second Quarter Tops Views as Chicken, Prepared Foods Drive Gains

Tyson Foods' (TSN) fiscal second-quarter results surpassed Wall Street's expectations, lifted by price and volume gains in the chicken and prepared foods segments.Sales in the three months ended March 28 increased 4.4% to $13.65 billion from a year earlier, topping the FactSet consensus of $13.63 billion. Adjusted per-share earnings fell to $0.87 from $0.92 a year earlier, still exceeding the Street's $0.78 estimate.Tyson continues to expect sales to increase by 2% to 4% in fiscal 2026. Analysts are looking for sales of $56.51 billion, compared with the previous year's $54.44 billion.The company now anticipates full-year adjusted operating income to be $2.2 billion to $2.4 billion, compared with its previous forecast of $2.1 billion to $2.3 billion.Tyson's stock rose 2.6% in Monday trading. The shares have climbed 11% this year."We see continued evidence that chicken will be a preferred protein in the upcoming year, and we also expect our operational execution and performance to continue at a high level," Chief Financial Officer Curt Calaway said during an earnings call, according to a FactSet transcript."Based on the continuation of tight cattle supply, we expect segment operating income in beef to be a loss between $500 million and $350 million," Calaway said. "This outlook reflects the current view of cattle availability and spread conditions, partially offset by the footprint actions we implemented in the second quarter and the operating discipline we have underway."Chicken sales in the second quarter increased to $4.29 billion from $4.14 billion as the average price rose 1.8%, while volume grew 1.7%. Prepared-food sales advanced to $2.51 billion from $2.4 billion, with the average price increasing 4.4% and volume rising 0.4%.Beef revenue rose to $5.21 billion from almost $5.20 billion, with the average price up 11.5%, while volume decreased by 13%. Pork sales increased to $1.58 billion from $1.24 billion as the average price gained 1.3%, and volume climbed 4.4%.The chicken segment's operating margin improved to 11.8% in the second quarter from 8.9%. Margins for prepared foods edged higher to 13.9% from 13.7%.Beef's operating margin was negative 4.6% compared with negative 4.3% a year earlier, while the pork segment's operating margin improved to 2.6% from negative 14.5%.Price: $65.33, Change: $+1.65, Percent Change: +2.59%

$TSN

US Markets50d ago

American Express Global Business Travel to Be Taken Private by Long Lake in $6.3 Billion Deal

American Express Global Business Travel, which is operated by Global Business Travel (GBTG), on Monday agreed to be acquired and taken private by Long Lake Management in an all-cash deal worth about $6.3 billion.Shareholders of American Express Global Business Travel will receive $9.50 per share in cash, representing a premium of about 60% to the travel software and services company's closing stock price on Friday.Shares of the firm jumped about 58% in Monday trade, taking its year-to-date gain to around 22%."This agreement delivers a compelling outcome for our shareholders, providing them a substantial, certain cash value at an attractive premium," American Express Global Business Travel Chief Executive Paul Abbott said in a statement.The transaction, which requires approval from American Express Global Business Travel's shareholders and clearance from regulators, is expected to complete in the second half. Entities collectively owning 69% of the company's stock, including American Express (AXP), Expedia (EXPE) and BlackRock (BLK), have agreed to vote in favor of the deal.Following completion, American Express Global Business Travel's shares will no long trade publicly."The future of business travel will be defined by (artificial intelligence) and human agents working seamlessly together on behalf of every traveler," according to Long Lake CEO Alex Taubman. "In partnership with Long Lake, Amex GBT will continue to invest heavily in these capabilities."Long Lake intends to finance the acquisition through a combination of equity provided by its existing investors and committed debt financing.Separately, American Express Global Business Travel reported first-quarter net income of $0.10 per share, down from $0.16 the year before. Revenue climbed 35% to $840 million, while four analysts polled by FactSet expected $816 million.The company said it's suspending its financial guidance due to the proposed acquisition by Long Lake.Price: $9.38, Change: $+3.45, Percent Change: +58.09%

$GBTG

US Markets51d ago

Update: GameStop Proposes to Acquire eBay in $55.5 Billion Deal

(Updates to include eBay's statement in the third paragraph)EBay (EBAY) shares rose early Monday after video game retailer GameStop (GME) proposed to acquire the e-commerce company in a cash-and-stock deal worth about $55.5 billion.GameStop, which currently has a 5% stake in eBay, has offered to purchase the company for $125 a share, it said in a Sunday statement. The nonbinding proposal, which is structured as an equal mix of cash and stock, represents a premium of 46% to eBay's closing share price as of Feb. 4, the day GameStop started building up its position in the company.In a statement on Monday, eBay confirmed it received an unsolicited proposal from GameStop and said its board of directors will review the offer. The company said it had no discussions with or outreach from GameStop before receiving the proposal.Ebay's stock climbed 7.4% in the most recent premarket activity, while GameStop declined 2.8%.GameStop plans to fund the cash portion of the potential transaction through a combination of cash and liquid investments on its balance sheet, amounting to about $9.4 billion at the end of January, as well as up to $20 billion in potential financing from TD Securities.In a Sunday letter to eBay Chairman Paul Pressler, GameStop Chief Executive Ryan Cohen said the video game retailer aims to eliminate $2 billion of the e-commerce company's annualized costs within a year of the potential deal's completion, including $1.2 billion in sales and marketing. The cost reductions are expected to increase eBay's per-share earnings from continuing operations to $7.79 from $4.26 in the first year, according to Cohen.Cohen, who also owns roughly 9% of GameStop, proposed to serve as CEO of the combined company. "I will receive no salary, no cash bonuses, and no golden parachute - I will be compensated solely based on the performance of the combined company," he said in the letter.In an interview with The Wall Street Journal, Cohen said he's prepared to pursue a proxy fight and present the proposal directly to shareholders if eBay isn't receptive.Last week, eBay reported first-quarter adjusted EPS from continuing operations of $1.66, up from $1.37 year earlier. Revenue advanced 19% to $3.09 billion. At the time, the company said it expects adjusted EPS from continuing operations to come in between $1.46 and $1.51 and revenue to be in a range of $2.97 billion to $3.03 billion in the second quarter. The current consensus on FactSet is for non-GAAP EPS of $1.51 and sales of $3.01 billion.

$EBAY$GME

US Markets51d ago

Norwegian Cruise Line Lowers 2026 Earnings Outlook Amid Middle East Conflict Headwinds

Norwegian Cruise Line (NCLH) lowered its full-year earnings outlook on Monday amid higher fuel costs and weak consumer demand due to the Middle East conflict, while the cruise operator's first-quarter revenue fell short of market estimates.The company now expects adjusted earnings to come in between $1.45 and $1.79 per share for 2026, down from its previous projection of $2.38. The current consensus on FactSet is for non-GAAP EPS of $2.10. The stock fell 7.3% in the most recent premarket activity.Norwegian Cruise said it's seeing headwinds related to disruptions in the Middle East, including high fuel expense and soft demand trends as customers reevaluate their travel plans, especially for Europe. These headwinds have impacted the company's ability to accelerate bookings after it entered 2026 behind its targeted booking pace.Energy prices have soared as the US-Israel war with Iran curtailed shipments through the crucial Strait of Hormuz. The conflict paused following a recent ceasefire between Washington and Tehran, but a framework for a permanent truce is yet to be reached."As we move through the year, we will continue to manage costs and focus on revenue growth to align resources with the high-growth, high value areas of the business," Chief Executive John Chidsey said in a statement.For the March quarter, the company's revenue inclined 10% to $2.33 billion, but trailed the Street's view for $2.36 billion. Adjusted EPS jumped to $0.23 from $0.10 the year before, topping the average analyst estimate of $0.14.Passenger ticket revenue grew to $1.54 billion from $1.42 billion in the prior-year quarter, while onboard and other sales increased to $788.9 million from $708.9 million. Occupancy improved to 103.8% from 101.5%, while total cruise operating expenses rose to $1.38 billion from $1.3 billion."During the quarter, we acted with urgency to simplify, optimize, and streamline the organization, including executing SG&A savings initiatives totaling $125 million in expected run rate savings," according to Chidsey. "These are long-term structural actions that we believe will help offset near-term pressures and position the business for stronger performance over time."For the ongoing three-month period, Norwegian Cruise anticipates adjusted EPS of $0.38, while the Street is looking for $0.51.

$NCLH

US Markets51d ago

Stocks Mostly Down Pre-Bell as Traders Assess Middle East Developments, Await Fresh Labor Data

The benchmark US stock measures were mostly pointing lower before the opening bell Monday as investors assess the latest developments in the Middle East involving the Strait of Hormuz and await fresh labor market data later in the week.The S&P 500 fell 0.1% and the Dow Jones Industrial Average declined 0.3% in premarket activity, while the Nasdaq was slightly in the green. The S&P 500 and the Nasdaq closed Friday's trading session with new record highs, while the Dow finished in the red.In a social media post on Sunday, President Donald Trump said the US will start guiding some neutral ships "locked up" in the Strait of Hormuz out of the crucial waterway. The initiative, dubbed "Project Freedom," is scheduled to begin on Monday, Trump said."These are ships from areas of the world that are not in any way involved with that which is currently taking place in the Middle East," according to Trump. "If, in any way, this humanitarian process is interfered with, that interference will, unfortunately, have to be dealt with forcefully."US Central Command said Sunday it will provide military support to restore commercial shipping through the strait, including the use of guided-missile destroyers.Iran's Fars news agency said two missiles hit a US warship in the Strait of Hormuz, Reuters reported Monday. US Central Command reportedly said that no US navy ships had been struck.Iran reportedly said Sunday it's reviewing a response from Washington to its latest offer for a peace deal, CNBC reported, citing Iranian state media. Tehran had reportedly sent an updated proposal to the US through Pakistani mediators.West Texas Intermediate crude oil climbed 4.7% to $106.76 a barrel before the open, while Brent advanced 4.8% to $113.37.Investors will be looking ahead to fresh labor market data later this week, beginning with the Job Openings and Labor Turnover Survey for March on Tuesday, followed by the ADP employment report for April on Wednesday. The Challenger Job Cut report and the government's nonfarm payrolls data, both for last month, are scheduled to be released on Thursday and Friday, respectively.Treasury yields were moving higher in premarket action, with the two-year rate inclining 3.9 basis points to 3.93% and the 10-year rate gaining 3 basis points to 4.41%.Federal Reserve Bank of New York President John Williams is slated to speak at 12:50 pm ET.Several major companies are expected to release their latest financial results this week, including Advanced Micro Devices (AMD), Walt Disney (DIS), McDonald's (MCD), Uber Technologies (UBER), Shopify (SHOP) and Pfizer (PFE).Palantir Technologies (PLTR) is set to announce its earnings after the markets close, while Tyson Foods (TSN) posts its results before the bell, among others.Shares of eBay (EBAY) jumped 10% pre-bell after video game retailer GameStop (GME) said it has sent a proposal to acquire the e-commerce company in a deal worth about $55.5 billion. Nebius' (NBIS) US-listed stock increased 2.5%.Gold fell 1.9% to $4,555 per troy ounce, while bitcoin nudged up 0.3% to $79,000.

Dow JonesNasdaq CompositeS&P 500$AMD$DIS$EBAY$GME$MCD$NBIS$PFE$PLTR$SHOP$TSN$UBER

US Markets51d ago

GameStop Proposes to Acquire eBay in $55.5 Billion Deal

EBay (EBAY) shares rose early Monday after video game retailer GameStop (GME) proposed to acquire the e-commerce company in a cash-and-stock deal worth about $55.5 billion.GameStop, which currently has a 5% stake in eBay, has offered to purchase the company for $125 a share, it said in a Sunday statement. The nonbinding proposal, which is structured as an equal mix of cash and stock, represents a premium of 46% to eBay's closing share price as of Feb. 4, the day GameStop started building up its position in the company.Ebay's stock climbed 8.9% in the most recent premarket activity, while GameStop declined 2.9%.GameStop plans to fund the cash portion of the potential transaction through a combination of cash and liquid investments on its balance sheet, amounting to about $9.4 billion at the end of January, as well as up to $20 billion in potential financing from TD Securities.In a Sunday letter to eBay Chairman Paul Pressler, GameStop Chief Executive Ryan Cohen said the video game retailer aims to eliminate $2 billion of the e-commerce company's annualized costs within a year of the potential deal's completion, including $1.2 billion in sales and marketing. The cost reductions are expected to increase eBay's per-share earnings from continuing operations to $7.79 from $4.26 in the first year, according to Cohen.Cohen, who also owns roughly 9% of GameStop, proposed to serve as CEO of the combined company. "I will receive no salary, no cash bonuses, and no golden parachute - I will be compensated solely based on the performance of the combined company," he said in the letter.In an interview with The Wall Street Journal, Cohen said he's prepared to pursue a proxy fight and present the proposal directly to shareholders if eBay isn't receptive.Ebay didn't immediately respond to a request for comment by.Last week, eBay reported first-quarter adjusted EPS from continuing operations of $1.66, up from $1.37 year earlier. Revenue advanced 19% to $3.09 billion. At the time, the company said it expects adjusted EPS from continuing operations to come in between $1.46 and $1.51 and revenue to be in a range of $2.97 billion to $3.03 billion in the second quarter. The current consensus on FactSet is for non-GAAP EPS of $1.51 and sales of $3.01 billion.

$EBAY$GME

US Markets51d ago

Adnoc to Award AED200 Billion in Contracts Until 2028 in Post-OPEC Expansion Drive

State-owned Abu Dhabi National Oil Co., or Adnoc, is looking to spend 200 billion Emirati dirhams in projects for 2026 to 2028, now that the United Arab Emirates' exit from the Organization of the Petroleum Exporting Countries has created room to accelerate investment.Adnoc laid out its plans at a forum with contractors and local manufacturers on Sunday, two days after the UAE officially left OPEC and OPEC+. Some members of the expanded group, including Saudi Arabia and Russia, announced the same day that they would boost production in June by 188,000 barrels of oil per day.The planned project awards form a part of the oil group's five-year capital expenditure plan approved last year and are intended to boost production capacity to meet rising global energy demand.Speaking at another forum held Monday, Sultan Al Jaber, the UAE's minister of industry and advanced technology and Adnoc's managing director and group chief executive officer, said the country's departure from OPEC is part of a broader vision to reshape its economy and not a decision directed against anyone."It serves our national interests and long-term strategic objectives, aligns with our industrial, economic, and developmental ambitions, and gives us greater ability to accelerate investment, expand, and create value," Bloomberg reported Al Jaber as saying.

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US Markets51d ago

Vietnam Manufacturing Pressured in April: PMI Report

Vietnam's manufacturing sector was pressured by declining orders and rising costs in April, reported S&P Global on Monday.The Vietnam manufacturing purchasing managers index (PMI) dropped to a seven-month low of 50.5 in April, down from 51.2 in March, though still marginally pointing at sector health, said S&P Global, citing its monthly survey.Vietnam factory managers reported that "new orders decreased for the first time in eight months" while manufacturers cut payrolls and hours, said S&P Global.Factor managers reported backlogs of work fell for the fourth time in five months during April, and that they they cut purchasing and inventory holdings in the month, advised S&P Global.Not surprisingly, Vietnamese factory managers were less optimistic in April."Concerns around the impacts of the war in the Middle East led to a further waning of optimism among Vietnamese manufacturers. Sentiment dipped to a seven-month low and was weaker than the series average," explained S&P Global.Vietnam's factory output "seems likely" to decline in coming months "unless the price and supply environments improve soon," said S&P Global.The Vietnam manufacturing PMI was compiled by S&P Global from survey sent to 400 manufacturers from April 9 through April 22.

^HNX^HOSE

US Markets51d ago

Indonesia's Manufacturing Activity Shrinks in April

Indonesia's factory activity contracted in April as the Middle East conflict brought pressure on prices and supply, bringing cost inflation to its highest in four years.S&P Global Indonesia Manufacturing Purchasing Managers' Index or PMI dropped to 49.1 from 50.1 in March, according to a press release from the think tank on Monday.The decline in production volumes during the month was the fastest since May 2025. Firms attributed the diminishment of output to increasing raw material prices, supply shortages and a slowdown in customer demand, despite manufacturers reporting a slight uptick in new order intakes.The slowdown in output reflected the impact of the Iran war in various goods, especially in oil and crude. Indonesia's inflation growth weakened to 2.42% in April, according to data from the Central Statistics Agency."Indonesia's manufacturing sector saw intensifying inflationary pressures start to bite in the midst of the war in the Middle East," S&P Global Market Intelligence economist Usamah Bhatti said. "Firms recorded a solid contraction in output in April, with anecdotal evidence largely pointing to the impact of higher raw material prices and supply shortages on production."Indonesia was among the countries that felt the impact of the oil price shock brought by the war in Iran. State-owned oil and gas enterprise Pertamina raised the prices of non-subsidized fuel products in April, such as those from Pertamax Turbo, Dexlite, and Pertamina Dex.As of Monday, the price of Pertamina Dex's oil in Jakarta is 27,900 Indonesian rupiah per liter, while Dexlite's oil price is 26,000 rupiah per liter. Pertamax Turbo's price on gasoline for the city is at 19,900 rupiah per liter, according to Pertamina's webpage.Meanwhile, manufacturers reduced employment at the start of the second quarter to meet production requirements, S&P Global said.Businesses also remained optimistic that production volumes would rise in the next 12 months."A positive sign was a slight uptick in new orders. However, survey evidence suggested that this was often due to clients making advanced purchases ahead of further potential disruption from the conflict," Bhatti said. "Moreover, optimism eased to a five-month low amid uncertainty regarding the length of the war."

^JKSE

US Markets51d ago

Eurozone Manufacturing PMI Hits 47-month High in April as Iran War Triggers Stockpiling

The euro area's manufacturing sector remained in expansion territory in April, bolstered by higher output levels and new orders as the ongoing crisis in the Middle East led to stockpiling.The S&P Global Eurozone Manufacturing PMI reached a 47-month high of 52.2 in April, matching the flash estimate and rising from 51.6 in the previous month, according to final data published Monday.Euro area factories logged an increase in production volumes, marking the strongest level of growth since August 2025. This was supported by growth in new orders, a further improvement in demand conditions, and higher sales on the back of front-loaded purchasing. Overseas demand for new orders also increased for the first month in just over four years."Although the PMI has risen to its highest for nearly four years, the survey is more a cause for alarm than celebration. Production and orders books are being buoyed by the building of safety stocks as a result of widespread concerns over supply shortages and rising prices emanating from the war in the Middle East," said S&P Global Market Intelligence Chief Business Economist Chris Williamson.Business optimism about output growth over the next 12 months weakened further, falling to its lowest level since November 2024."Manufacturers' optimism about the year ahead has sunk to its gloomiest for nearly one-and-a-half years, the war having shattered the growing confidence that had been building earlier in the year," Williamson noted. "Producers are concerned not only that the war will dampen demand, building on existing headwinds such as US tariffs and the Ukraine war, but also that war-related supply shortages will curb production in the months ahead."All eight eurozone countries covered by the survey reported growth in their manufacturing sectors, marking the first time all of their PMI readings stood above the neutral 50 threshold since June 2022. Ireland posted the strongest growth, while Germany, France, Italy, and Spain saw "modest" rates of increase.

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US Markets51d ago

Malaysia's Factory Activity Hits 4-Year High in April as War Uncertainty Triggers Global Stockpiling

Malaysia's manufacturing activity in April hit a four-year high due to stockpiling efforts amid the Iranian conflict.The seasonally adjusted S&P Global Malaysia Manufacturing Purchasing Managers' Index or PMI jumped to 51.6 from 50.7 in March, according to S&P Global's latest release on Monday.Panellists said clients were buying in bulk to build safety stocks as the war in Iran brought uncertainty and hiked oil prices around the globe."As firms looked to protect themselves against intensifying price pressures, purchasing activity increased as firms hoped to raise their stocks of preproduction items," S&P Global Market Intelligence economist Maryam Baluch said. "However, with supply-chain disruption widespread, firms continued to see stocks of inputs fall."While new orders grew domestically, new orders from abroad slowed down for a second straight month due to the ongoing war.Stockpiling also bolstered local production to its strongest since December 2021, boosting employment, S&P Global said.Meanwhile, the ongoing war pushed prices higher, as well as energy and material costs.Manufacturers' business confidence moderated to its weakest in eight months as the Iran war dampened outlook.Malaysia has been resilient despite external factors that shook the global economy. The country's gross domestic product in 2025 rose 5.2% even though global markets were disrupted by U.S. tariffs. However, the Asian Development Bank predicted in its Asian Development Outlook report last month that its GDP will slow down to 4.6% in 2026 and 4.5% in 2027 if the war in Iran is prolonged.On the contrary, ADB's Business Tendency Survey showed the continuation of business optimism throughout this year due to government measures that can help mitigate risks."The sector's performance in the coming months will be partly shaped by how the situation in the Middle East unfolds, but the latest data already highlights steps manufacturers are taking to mitigate some of the impacts," Baluch said.

FTSE Bursa Malaysia KLCI

US Markets51d ago

National Australia Bank's H1 Cash Earnings Miss Estimates on Software Capitalization Charges

National Australia Bank's (ASX:NAB) cash earnings in the half-year through March missed estimates on a one-off charge related to its software capitalization.Australia's largest business lender logged cash earnings of AU$2.64 billion during the six months through March, down 26% from AU$3.58 billion in the year-ago period, according to a Monday press release.Earnings per share shrank to AU$0.861 from AU$1.145 a year earlier.Analysts polled by FactSet forecast earnings of AU$0.97.The bank incurred AU$1.35 billion in technology expenses related to the amortization of software. Cash earnings fell due to changes with the bank's software capitalization policy. NAB recorded a post-tax charge of AU$949 million.NAB's software write-offs are "right in the middle of peers, but admitted they are "far from ideal," Group CEO Andrew Irvine said in an earnings call when an analyst pointed out that the bank had three software write-offs in the past seven years.Sans the charges, cash earnings would have increased 2.3% to AU$3.59 billion from AU$3.58 billion a year earlier.Attributable net profit declined 20% to AU$2.76 billion from AU$3.43 billion a year earlier.Net interest income jumped 2.3% year over year to AU$9.16 billion from AU$8.45 billion.Net interest margin grew 3 basis points to 1.81%, reflective of higher earnings from the deposit-replicating portfolio, combined with lower deposit expenses and deposit mix benefits.Net operating income for the six months ended March 31 edged up 3.1% to AU$10.9 billion from AU$10.3 billion a year earlier.Analysts surveyed by FactSet expected AU$10.96 billion in net operating income.The board declared an interim dividend of AU$0.85 per share, unchanged from the prior corresponding period, payable July 2 to shareholders on record as of May 8.

ASX:NAB

US Markets51d ago

South Korea Factory Sector Strengthens in April: PMI Report

South Korea's manufacturers faced rising costs but also stronger demand in April, reported S&P Global on Monday.The seasonally adjusted South Korea manufacturing purchasing managers index (PMI) logged at 53.6 in April, up from 52.6 in March, and striking further above the 50-mark that separates growth from contraction, said S&P Global, citing its monthly survey.South Korea factory-sector "expansion was the strongest since February 2022," advised S&P Global.Demand for South Korean product rose in April, although some customers may have ordered goods as they were concerned about future supply crunches generated by the Persian Gulf war and the blockades on the Strait of Hormuz, said S&P Global.In fact, South Korean manufacturers reported in April they they were depleting inventories and stockpiles to meet demand, and also experienced rising backlogs of work, reported S&P Global.In addition, factory managers faced rising costs of operation in the April."The rate of input price inflation accelerated substantially on the month and reached a series record high," said S&P Global. "Panelists widely attributed the rise to surging raw material prices, which were exacerbated by delivery delays and supply shortages. Oil and fuel were mentioned in particular as being up in price."The nation's factory managers generally passed costs of operation on to customers, noted S&P Global.Citing Persian Gulf turmoil, South Korean factory manager "confidence was the softest for five months amid concerns that the conflict may be prolonged," reported S&P Global.The South Korea manufacturing PMI was compiled by S&P Global from surveys sent to 400 manufacturers from April 9 though April 22.

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US Markets51d ago

UCB to Buy Candid Therapeutics for Up to $2.2 Billion to Bolster Immunology Portfolio

UCB (UCB.BR) seeks to fortify its immunology portfolio by agreeing to purchase privately held biotechnology company Candid Therapeutics in a deal worth up to $2.2 billion.The Belgian biopharmaceutical company will buy Candid Therapeutics for $2 billion upfront, with an additional payment of up to $200 million contingent on potential future milestones, according to a Sunday release. The deal is expected to close between the end of the second quarter and early third quarter, pending customary closing conditions.The transaction is expected to have "manageable" financial impact and will not necessitate a revision of UCB's 2026 outlook, the company said. UCB maintained its full-year guidance of high single-digit to low double-digit revenue expansion on a constant currency basis.As part of the proposed transaction, UCB will acquire Candid Therapeutics' lead asset, cizutamig, a bispecific antibody targeting B-cell maturation antigen (BCMA) on plasma cells and CD3 on T-cells. The investigational drug is currently undergoing phase 1 development for various autoimmune diseases."This exemplifies the next wave of therapies to treat immune mediated diseases and reflects our commitment to setting new standards to achieve immune reset. We consider cizutamig as a potential transformative asset that complements our existing programs and is poised to redefine treatment expectations for severe, underserved immune-mediated diseases, offering the potential to deliver meaningful improvements in patient outcomes and quality of life," UCB Chief Executive Officer Jean-Christophe Tellier said.UCB's stock was down 1% in Brussels by Monday midday.

$UCB.BR

US Markets51d ago

Philippine Manufacturing Activity Contracts on Middle East War Impact

Philippine manufacturing turned contractionary in April as the war in the Middle East reduced buying activity, new orders, and staffing numbers.S&P Global's Manufacturing Purchasing Managers' Index for the Philippines posted 48.3 in April compared with an expansion of 51.3 in March.A reading of above 50 denotes expansion, while a reading below 50 means a contraction.The indicator fell to negative territory for the first time since November due to a decline in new orders.New export orders plunged to their steepest since the middle of 2020 amid closures of trade routes, which caused shipping halts, causing consumers to hesitate, S&P said.Deteriorating export market demand also dragged down total new sales, S&P Global Market Intelligence economist Maryam Baluch said."The decline in total new sales led Filipino manufacturers to see a stagnation in production levels in April," the debt watcher said in its report.Exporters have also reduced their working days to as short as three days per week from six on a shortage orders in the garment, food, handicrafts and furniture sectors, The Philippine Star reported April 16, citing a survey by the Philippine Exporters Confederation.Staffing levels slipped due to "modest" job cuts during the month, according to S&P.Philippine manufacturers have turned to inventory to keep up with production requirements amid a decline in new orders and an increase in input and shipping prices, S&P said.Despite the shortfalls, business confidence rose to a 17-month high as investors are bullish about a growing client base and improvements in underlying demand trends, the debt watcher said.

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US Markets51d ago

Taiwan's Manufacturing Activity Expands at Fastest Pace Since December 2021, S&P Global Says

Taiwan's manufacturing sector strengthened in April, with the S&P Global Taiwan Manufacturing Purchasing Managers' Index (PMI) rising to 55.3, the highest level since December 2021.The PMI increased from 53.3 in March, signaling a fifth consecutive month of expansion and a sharper improvement in business conditions.The rise was driven by stronger output and new business, with firms citing higher demand as well as efforts to build inventories ahead of expected supply disruptions and price increases linked to the Middle East conflict."The war contributed to the greatest disruption to supply chains since the COVID-19 pandemic and a substantial rise in input costs at the start of Q2," said Annabel Fiddes, Economics Associate Director at S&P Global Market Intelligence.Taiwanese manufacturers reported a sharp increase in new orders, including export demand from the U.S., Europe, mainland China, Japan, and Southeast Asia, with stockpiling activity supporting growth.Purchasing activity rose at one of the fastest rates in nearly four-and-a-half years, although supplier delivery times lengthened at the quickest pace in just over four years, reflecting heightened supply chain strain.Input prices increased at one of the fastest rates since the survey began in 2004, driven by higher raw material and energy costs, while output charges rose at the steepest pace since late 2021 as firms passed on cost pressures."Expenses rose at one of the fastest rates since the survey began 22 years ago amid widespread reports of supplier price hikes, with rising oil prices a key driver of inflation. These higher costs were often passed on to clients, with selling prices also rising at a substantial pace," Fiddes added.Employment declined slightly as firms chose not to replace voluntary leavers, while backlogs of work increased at one of the quickest rates since late 2021.Business confidence remained positive but eased to a three-month low, with firms citing uncertainty linked to the Middle East conflict, according to S&P Global.The strength in manufacturing aligns with broader economic momentum, as Taiwan's gross domestic product expanded 13.7% year-on-year in the first quarter, driven by strong external demand tied to artificial intelligence, according to the Directorate General of Budget, Accounting and Statistics.

Taiwan Weighted

US Markets51d ago

ADB Pledges $70 Billion For Energy, Digital Networks Across APAC as Middle East Conflict Batters Outlook

The Asian Development Bank is committing $70 billion to support new energy and digital infrastructure initiatives across the Asia-Pacific region by 2035.ADB President Masato Kanda announced the pledge on Sunday during the lender's annual meeting in Uzbekistan."Energy and digital access will define the region's future," said Kanda. "These two initiatives build the systems Asia and the Pacific need to grow, compete, and connect. By linking power grids and digital networks across borders, we can lower costs, expand opportunity, and bring reliable power and digital access to hundreds of millions of people."The pledge comes as the ADB sharply downgraded its forecast for the APAC region, citing energy disruptions from the ongoing Middle East conflict.On Wednesday, the ADB slashed its GDP growth outlook for developing Asia and the Pacific to 4.7% in 2026 from the previous 5.1% forecast.Inflation for 2026 is projected to accelerate to 5.2% in 2026 from 3% in 2025, before easing to 4.1% in 2027."Our revised outlook is a significant downward revision for growth and a sharp increase in inflation following a special update to reflect the deepening crisis," Kanda said at the time.The bank's new outlook assumes that oil prices average around $96 a barrel in 2026, well above the $69 per barrel average in January and February before the Middle East conflict. The bank expects oil prices to ease to around $80 per barrel in 2027."We are confronting systemic, long-lasting disruptions to global energy and trade networks, not just temporary volatility. ADB will remain an agile partner in protecting the region's economy; tracking fast-moving risks, and moving with urgency to scale up our support," Kanda added.Diesel prices across several Southeast Asian countries have increased by more than 100% since late February, the ADB said in its updated outlook report.The ADB also noted in its Wednesday report that the energy shock is also affecting fertilizer prices, which it said could add to food inflation, particularly for economies most dependent on Middle East imports.Against that backdrop, the ADB is committing $70 billion to build new energy and digital infrastructure in Asia and the Pacific by 2035.The largest investment, worth $50 billion, will be allocated towards cross-border power infrastructure to unlock renewable energy at scale, the ADB said.The project will focus on transmission and grid integration, including cross-border lines, substations, storage, and grid digitalization, according to the lender.By 2035, the bank aims to integrate about 20 gigawatts of renewable energy across borders, connect 22,000 circuit-kilometers of transmission lines, and cut regional power sector emissions by 15%, while improving energy access for around 200 million people.The remaining $20 billion will fund the Asia-Pacific Digital Highway, targeting digital corridors, data infrastructure, and AI-ready economies.The project aims to bring first-time broadband access to 200 million people and cut connectivity costs in remote and landlocked areas by about 40%.The South Korean government will back a new Center for AI Innovation and Development in Seoul with a $20 million contribution. The center will aim to train about 3 million people in digital and AI-related skills by 2035.Separately on Sunday, the ADB also unveiled a Critical Minerals-to-Manufacturing Financing Partnership Facility designed to help the region move beyond mining into higher-value industries such as processing, manufacturing, and recycling.Japan committed $20 million to the grant window, the UK contributed $1.6 million, and the Korea Eximbank and the Korean Trade Insurance Corporation each signed $500 million memorandums as the facility's first partners.

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US Markets53d ago

Nasdaq, S&P 500 Log Record Finish, Extend Streak of Weekly Gains

The Nasdaq Composite and the S&P 500 reached new peaks on Friday, scoring their fifth consecutive weekly gains.The Nasdaq Composite rose 0.9% to 25,114.4, while the S&P 500 advanced 0.3% to 7,230.1, both notching record closing highs. The Dow Jones Industrial Average lost 0.3% to 49,499.3. Barring technology and consumer discretionary, all sectors ended in the red, led by energy.This week, the Nasdaq gained 1.1%, while the S&P 500 added 0.9%, their fifth weekly rise in a row. The Dow is up 0.6% after last week's 0.4% loss.Apple (AAPL) shares jumped 3.2% on Friday, the second-biggest gainer on the Dow. Late Thursday, the tech giant logged fiscal second-quarter results above Wall Street's estimates as iPhone revenue came in stronger than expected.Apple's fiscal third-quarter revenue guidance was well above the Street's estimates despite supply constraints for Mac models that will likely continue for several months, Wedbush Securities said in a note.Several other tech names advanced, with Oracle (ORCL) up 6.5%, among the top gainers on the S&P 500, while Salesforce (CRM) climbed 4.1%, the best performer on the Dow. Shares of Intel (INTC), Microsoft (MSFT) and Amazon.com (AMZN) also rose.In other company news, Exxon Mobil (XOM) and Chevron (CVX) reported year-over-year declines in their first-quarter earnings amid supply disruptions due to the Middle East war, though the figures came in ahead of the Street's estimates. Exxon shares fell 1%, while Chevron lost 1.4%.West Texas Intermediate crude oil was down 2.7% at $102.20 per barrel in Friday late-afternoon trade, while Brent dropped 1.7% to $108.57. Both benchmarks, however, were on track for their second consecutive weekly advance."Brent crude remains elevated after touching a fresh wartime high late in April, supported by worsening physical tightness and rising concern about outright shortages in some regions," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report. "The near closure of the Strait of Hormuz continues to prolong a disruption that is steadily tightening global energy markets, with flows through one of the world's most important oil arteries still severely restricted."US President Donald Trump said he is displeased with a new peace offer from Iran, CNBC reported Friday.Israel struck the Habbouch town in southern Lebanon, CNN reported, citing Lebanon's health ministry.US Treasury yields were mixed, with the 10-year rate up 1.3 basis points at 4.39% and the two-year rate little changed at 3.88%.In economic news, the US manufacturing sector saw continued growth in April, though inflationary pressures intensified amid disruptions caused by the Middle East conflict, separate surveys by the Institute for Supply Management and S&P Global (SPGI) showed.Three Federal Reserve officials who wanted language changes in the April monetary policy statement said Friday that risks to inflation and employment didn't warrant an inclusion of the so-called easing bias.On Wednesday, regional presidents Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas supported the Fed's decision to keep its benchmark lending rate steady, but opposed including an easing bias in the Federal Open Market Committee statement.Gold was down 0.1% at $4,623.30 per troy ounce, while silver climbed 2.6% to $75.95 per ounce.

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US Markets53d ago

Roblox Growth to Moderate Near Term Due to Age-Check Rollout, UBS Says

Roblox's (RBLX) growth will likely decelerate in the near term amid engagement headwinds tied to a mandatory age-check rollout, UBS Securities said in a Friday client note.The video game platform reported a first-quarter loss late Thursday as bookings fell short of consensus estimates. The company implemented an age-check feature for accessing chat, a move that slowed new user acquisition and hampered growth, Roblox said in a shareholder letter.In addition, management tempered growth expectations for full-year revenue and bookings."We became the first large online gaming platform to introduce age checks to access chat on a global basis," Chief Executive David Baszucki told analysts during an earnings call late Thursday.The stock plunged 18% ahead of market close on Friday, and is down 44% so far this year."We still see Roblox as a beneficiary of secular trends in gaming and expect platform enhancements to support its ability to drive user growth/spend over time," UBS analysts including Christopher Schoell wrote in the note. "That said, we remain neutral given expectations for moderating near-term growth and engagement headwinds from age verification/regulatory shifts."UBS slashed its price target for Roblox shares to $49 from $74.For the second quarter, Roblox guided to 8% to 12% bookings growth, well below Wall Street's 29% estimate, according to the brokerage."We believe platform enhancements/content breadth will support Roblox's ability to drive user growth long-term, particularly in overseas markets where headroom remains," Schoell said. "That said, we see a transition period in the coming quarters with 49% of global users still remaining unverified, (versus) 55% last (quarter)."Price: $45.51, Change: $-9.75, Percent Change: -17.64%

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US Markets51d ago

ADB Pledges $70 Billion For Energy, Digital Networks Across APAC as Middle East Conflict Batters Outlook

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