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Equities Fall Intraday, Oil Jumps Amid Uncertainty Around US-Iran Talks

US benchmark equity indexes were lower intraday, while oil prices rose amid uncertainty around the prospects of a fresh round of negotiations between Washington and Iran.The S&P 500 was down 0.4% at 7,084.3 after midday Tuesday, while the Nasdaq Composite fell 0.3% to 24,337.3. The Dow Jones Industrial Average shed 0.2% to 49,339.2. Barring energy and consumer discretionary, all sectors were in the red, led by real estate.West Texas Intermediate crude oil was up 4.7% at $93.80 per barrel, while Brent rose 4.2% to $99.52.The blockade of the crucial Strait of Hormuz by the US has contributed to the ongoing uncertainty around a second round of discussions between Washington and Iran, as the deadline for a recently announced ceasefire looms, CNN reported Tuesday, citing sources. US Vice President JD Vance, who was expected to leave for Pakistan earlier in the day, was still in Washington for meetings, unnamed sources told the news outlet.The US is "going to end up with a great deal" with Iran to end the war, CNBC reported, citing President Donald Trump. He reportedly doesn't expect to extend the ceasefire due to expire Wednesday.US Treasury yields were higher intraday, with the 10-year rate up 4.4 basis points at 4.29% and the two-year rate rising 6.3 basis point to 3.78%.In economic news, US retail sales last month logged the largest rise since March 2025 amid a surge in spending at gasoline stations as the Middle East conflict boosted energy prices, official data showed."We expected that the headline (figure) would be gaudy due to the increase in gas prices and a pickup in unit auto sales, but the strength in other categories was surprising," Jefferies said in a note. "There is no evidence here that higher gasoline prices have motivated the consumer to tighten the belt elsewhere just yet."US pending home sales increased more than expected in March despite higher mortgage rates, data from the National Association of Realtors showed."Contract signings rose in March despite higher mortgage rates, pointing to pent-up housing demand," NAR Chief Economist Lawrence Yun said. "A greater supply of inventory will help translate that demand into more home sales."In company news, Apple (AAPL) shares were down 2.6%, among the worst performers on the Dow. The iPhone maker said late Monday that Tim Cook will step down as chief executive and become executive chairman, with hardware engineering veteran John Ternus set to succeed him as CEO.Tractor Supply (TSCO) shares tumbled nearly 11% intraday Tuesday, the steepest decline on the S&P 500. The retailer logged first-quarter results that missed Wall Street's projections amid a below-average performance of its companion animal product business.UnitedHealth Group (UNH) raised its full-year earnings outlook, as the health insurance giant recorded an unexpected annual increase in its first-quarter results. The company's shares were up 8.9%, the biggest gainer on the S&P 500 and the Dow.D.R. Horton's (DHI) fiscal second-quarter results came in better than expected, though the homebuilder tempered its full-year revenue outlook. The company's shares jumped 7.2%, among the best performers on the S&P 500.Gold was down 2.1% at $4,730 per troy ounce, while silver dropped 4.1% to $76.74 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$DHI$TSCO$UNH

US Markets63d ago

March Pending Home Sales Rise Despite Higher Mortgage Rates

US pending home sales increased more than expected last month despite higher mortgage rates, data from the National Association of Realtors showed Tuesday.The forward-looking indicator of home sales based on contract signings increased 1.5% month over month in March. Analysts expected a 0.5% gain, according to a survey compiled by Bloomberg."Contract signings rose in March despite higher mortgage rates, pointing to pent-up housing demand," NAR Chief Economist Lawrence Yun said. "A greater supply of inventory will help translate that demand into more home sales."The average 30-year fixed mortgage rate was 6.3% in the week ended April 16, down from a nearly seven-month high two weeks earlier, Freddie Mac data showed."Demand sensitivity to mortgage rates is greatest among first-time buyers, particularly younger buyers," Yun said. "As a result, boosting supply and new-home construction should focus on smaller, more affordable homes."Sequentially, pending home sales increased in the Northeast and South, while the Midwest and West saw declines.On Monday, Redfin said US home sellers exceeded buyers by an estimated 43% in March, a near-record percentage.

US Markets63d ago

Retail Sales See Biggest Increase Since March 2025 Amid War-Driven Surge in Gasoline Receipts

US retail sales last month logged the largest rise since March 2025 amid a surge in spending at gasoline station as the Middle East conflict boosted prices, official data showed Tuesday.Retail sales rose 1.7% sequentially in March, following a revised 0.7% gain in the month prior and marking the biggest increase since March 2025, the Census Bureau reported. The consensus was for a 1.4% increase in a Bloomberg-compiled poll.Sales at gas stations jumped roughly 16% last month, while furniture and home furnishing stores saw a 2.2% rise, with most other categories also logging gains, according to government data."We expected that the headline (figure) would be gaudy due to the increase in gas prices and a pickup in unit auto sales, but the strength in other categories was surprising," Jefferies Chief US Economist Thomas Simons said in a note to clients. "There is no evidence here that higher gasoline prices have motivated the consumer to tighten the belt elsewhere just yet."Energy prices have soared following the US-Israel war with Iran that started at the end of February amid the closure of the Strait of Hormuz, the world's most important chokepoint for crude flows.US retail gasoline prices averaged $4.022 per gallon Tuesday, compared with $3.153 a year ago, according to data from AAA, a travel organization that tracks fuel prices in the country.It's not clear when US Vice President JD Vance will leave for Pakistan ahead of a potential second round of negotiations with Iran, as the deadline for a previously announced ceasefire looms, CNN reported Tuesday, citing sources. Tehran has yet to confirm attendance in negotiations, the news outlet reported, citing Pakistani mediators."Our base case is that the ceasefire will not be extended, but also that the expiration of the ceasefire will force rapid progress towards a durable end to the fighting and a normalization of the flow of goods through the Strait of Hormuz," Simons said. "If this is correct, gas prices will gradually drift lower throughout the remainder of the year, providing some tailwinds to consumer spending and overall economic growth."Retail sales without the motor vehicle and gas components were up 0.6% in March, topping Wall Street's views for a 0.3% increase, official data showed.

US Markets63d ago

RTX, Northrop Beat First-Quarter Views Amid Broad-Based Revenue Gains

RTX (RTX) and Northrop Grumman (NOC) on Tuesday reported stronger-than-expected first-quarter results, driven by revenue gains across different businesses.Aerospace and defense company RTX's adjusted earnings increased to $1.78 per share from $1.47 a year earlier, while beating the FactSet-polled consensus of $1.51. Net sales jumped 9% to $22.08 billion, ahead of Wall Street's view for $21.46 billion."RTX delivered a very strong start to 2026 with organic sales and adjusted operating profit growth across all three segments," RTX Chief Executive Chris Calio said in a statement.Sales for the engine segment, Pratt & Whitney, rose 11% to $8.17 billion, while RTX's Raytheon defense solutions division grew 10% to $6.95 billion. Collins Aerospace revenue increased 5% to $7.60 billion.Separately, Northrop Grumman reported first-quarter EPS of $6.14, up from $3.32 a year earlier and higher than the Street's $6.05 view. Sales increased to $9.88 billion from $9.47 billion, above the $9.75 billion projected by analysts. Northrop's aeronautics, defense and mission system businesses all logged revenue gains year-over-year."Northrop Grumman delivered strong first-quarter results, with continued robust bookings, mid-single-digit organic sales growth, and solid operating performance, underscoring our ability to deliver in today's unprecedented global demand environment," CEO Kathy Warden said.RTX lifted its 2026 adjusted sales outlook to between $92.5 billion and $93.5 billion from $92 billion to $93 billion previously expected. Adjusted EPS is pegged at $6.70 to $6.90, up from an earlier guidance of $6.60 to $6.80. Analysts expect $93.58 billion in full-year revenue and $6.85 in adjusted EPS."Given our first-quarter performance and the strength we're seeing in our defense business, we are increasing adjusted sales and EPS in our full-year outlook," Calio said.Northrop maintained its sales and adjusted EPS guidance for the full year. The company expects revenue in the range of $43.5 billion to $44 billion and earnings of $27.40 to $27.90. Wall Street anticipates the company reporting $43.94 billion in revenue this year and $27.97 in adjusted EPS.Shares of RTX declined 4% in Tuesday trading, while those of Northrop were down 5.6%.Price: $188.23, Change: $-7.57, Percent Change: -3.86%

$NOC$RTX

US Markets63d ago

D.R. Horton Tops Second-Quarter Views, Tempers Revenue Expectations

D.R. Horton's (DHI) fiscal second-quarter results came in better than expected, although the homebuilder tempered its full-year revenue outlook.The company's net income per share dropped to $2.24 for the quarter ended March 31 from $2.58 a year earlier, but surpassed the FactSet-polled consensus of $2.13. Revenue fell to $7.56 billion from $7.73 billion, while analysts expected $7.55 billion.The stock was up 7.7% intraday Tuesday, and has gained about 15% since the start of the year."New home demand remains impacted by affordability constraints and cautious consumer sentiment," Chief Executive Paul Romanowski said during an earnings call, according to a FactSet transcript. "However, our tenured teams continue to respond to current market conditions with discipline."The company reduced its unsold inventory by 35% from a year ago, Romanowski said. D.R. Horton had 38,200 homes in inventory at the end of March, of which 22,900 were unsold.The company is now projecting fiscal 2026 revenue in the range of $33.5 billion to $34.5 billion, with the top end revised from $35 billion. The Street's estimate indicates $33.29 billion. The company now expects 86,000 to 87,500 homes closed for the ongoing fiscal year, trimming the upper end from 88,000 units."We expect our sales incentives to remain elevated in fiscal 2026, with incentive levels dependent on demand, mortgage interest rates and other market conditions," Executive Chairman David Auld said in a statement.The company's homebuilding revenue dropped 2% to $7.06 billion in the second quarter, while the number of homes closed rose 1% to 19,486 units. Net sales orders jumped 11% to 24,992 homes with an order value of $9.2 billion.For the ongoing quarter, D.R. Horton expects revenue between $8.8 billion and $9.3 billion, Jessica Hansen, senior vice president of communications and people, told analysts on the call. Analysts are looking for third-quarter revenue of $8.95 billion."We recognize the current volatility and uncertainty in the broader economy, and we will continue to adjust to market conditions with discipline as we focus on enhancing the long-term value of D.R. Horton," Romanowski said.Price: $165.63, Change: $+12.29, Percent Change: +8.01%

$DHI

US Markets63d ago

3M Tops First-Quarter Earnings Views; Maintains Full-Year Outlook

3M (MMM) reported first-quarter earnings above market estimates on Tuesday, although sales fell short of expectations, as the industrial conglomerate maintained its full-year outlook.The company posted adjusted earnings of $2.14 per share for the March quarter, up from $1.88 a year ago and ahead of the FactSet-polled consensus of $1.98. Adjusted sales improved 3.9% to $6 billion, just shy of the Street's view for $6.01 billion.3M's shares increased 2.5% in Tuesday trade, reducing its year-to-date loss to 3.1%.The company continues to project adjusted EPS between $8.50 and $8.70 for 2026 on adjusted sales growth of about 4%. The Street is looking for non-GAAP EPS of $8.65 and sales of $25.1 billion."We had a good start to the year, and despite operating in a volatile environment, we remain confident in achieving our 2026 guidance while staying committed to our long-term strategy," Chief Executive William Brown said in a statement.Revenue in the safety and industrial segment rose to $2.93 billion in the first quarter from $2.75 billion in the prior-year period, while transportation and electronics increased to $1.85 billion from $1.82 billion. Consumer sales ticked up to $1.13 billion from $1.12 billion.The company recorded sales growth in China and Europe, the Middle East and Africa, while revenue fell in the Americas.Price: $157.16, Change: $+5.71, Percent Change: +3.77%

$MMM

US Markets63d ago

UnitedHealth Lifts 2026 Earnings Outlook as First-Quarter Results Unexpectedly Rise

UnitedHealth Group (UNH) raised its full-year earnings outlook on Tuesday as the health insurance giant recorded an unexpected annual increase in its first-quarter results.The company now anticipates adjusted earnings of more than $18.25 per share for 2026, up from its previous guidance of over $17.75. The current consensus on FactSet is for non-GAAP EPS of $17.86.The stock jumped 7.8% in the most recent premarket activity.The company posted adjusted EPS of $7.23 for the March quarter, up from $7.20 the year before, defying the Street's view for a decline to $6.58. Revenue climbed to $111.72 billion from $109.58 billion, compared with the average analyst estimate for a decrease to $109.43 billion.Revenue in the UnitedHealthcare segment, which provides health care benefits, including those covered under Medicare and Medicaid, grew to $86.27 billion from $84.62 billion in the prior-year quarter. The division served 49.1 million people in the quarter, compared with 49.8 million at the end of 2025.The Optum business, which serves the global health care marketplace, saw sales move down to $63.75 billion from $63.89 billion. Within the segment, Optum Insight and Optum Rx recorded revenue gains, while Optum Health decreased to $24.11 billion from $24.84 billion.UnitedHealth said its medical care ratio, which is used to measure medical costs as a percentage of premium revenue, declined to 83.9% from 84.8% in the prior-year period, driven by robust medical cost management and favorable reserve development, partially offset by "consistently elevated utilization and unit cost trends." A lower ratio generally signifies higher profitability.Earlier in the month, the Centers for Medicare and Medicaid Services finalized a proposal to raise payments to Medicare insurers by 2.48% on average next year."Overall, results were strong, as (UnitedHealth) appears poised to return to its consistent beat-and-raise ways," Oppenheimer said in a note. "We expect the stock to be strong on this release, which should also support the group."

$UNH

US Markets63d ago

Stocks Rise Pre-Bell as Traders Weigh Uncertainty Over US-Iran Talks

US equity futures were pointing higher on Tuesday as traders monitor uncertainty over a potential fresh round of talks between the US and Iran and await the latest batch of corporate earnings.The S&P 500 and the Dow Jones Industrial Average rose 0.2% each in premarket activity, while the Nasdaq added 0.3%. The S&P 500 and the Nasdaq finished the previous trading session lower, with the latter snapping a 13-day winning streak, while the Dow was little changed.President Donald Trump said Vice President JD Vance is ready to leave for Pakistan for a second round of peace talks with Iran, according to a Bloomberg report. Iran, however, hasn't publicly confirmed if any representative from its side will participate in the latest proposed negotiations."We do not accept negotiations under the shadow of threats, and in the past two weeks, we have prepared to reveal new cards on the battlefield," Iranian Parliament Speaker Mohammad Bagher Ghalibaf said in a Monday post on X. Iran's President Masoud Pezeshkian said in a social media post that the country still has "deep historical mistrust" towards the US government's conduct.Trump said Monday that the US is not likely to extend its current ceasefire with Iran if a deal isn't agreed, Bloomberg News reported. The ceasefire is set to expire "Wednesday evening Washington time," Trump reportedly said."I'm not going to be rushed into making a bad deal," Trump said in a phone interview, according to Bloomberg. "We've got all the time in the world."The US-Iran ceasefire may be extended by up to two weeks, though it will take much longer to hammer out a complete peace agreement, Macquarie Group said in a note on Monday.West Texas Intermediate crude oil declined 1.2% to $88.55 a barrel before the opening bell, while Brent decreased 0.9% to $86.68."Oil prices are being whipsawed by developments in the Middle East once again, with what appears to be de-escalation quickly turning to re-escalation," ING Bank said in a Monday report.Treasury yields were moving upwards in premarket action, with the two-year rate gaining 2.1 basis points to 3.74% and the 10-year rate edging 0.6 basis points higher to 4.26%.GE Aerospace (GE), UnitedHealth (UNH), Danaher (DHR), Northrop Grumman (NOC), 3M (MMM), D.R. Horton (DHI), Tractor Supply (TSCO) and Genuine Parts (GPC) are scheduled to report their latest financial results before the bell, among others.Shares of Amazon.com (AMZN) inclined 2.7% pre-bell after the e-commerce giant said it will invest $5 billion in artificial intelligence startup Anthropic and up to another $20 billion in the future if certain commercial milestones are met.Apple (AAPL) nudged 0.3% lower after the iPhone maker announced that Tim Cook will step down as chief executive and become executive chairman, with hardware engineering veteran John Ternus set to succeed him as CEO. Alaska Air (ALK) fell 2.9% after reporting its latest quarterly results.Tuesday's economic calendar has the retail sales report for March at 8:30 am ET, followed by the pending home sales index for the same month at 10 am.Federal Reserve Chair nominee Kevin Warsh's hearing before the Senate Banking committee is slated for 10 am. Fed Governor Christopher Waller is expected to speak at 2:30 pm.Gold slipped 0.6% to $4,801 per troy ounce, while bitcoin traded up 0.4% at $76,575.

Dow JonesNasdaq CompositeS&P 500$AAPL$ALK$AMZN$DHI$DHR$GE$GPC$MMM$NOC$TSCO$UNH

US Markets63d ago

Thales Sticks to 2026 Financial Targets as Defense Orders Surge Amid Middle East Conflict

Thales (HO.PA) reaffirmed all of its 2026 financial targets as it recorded a surge in order intake at its defense business during the first three months of the year amid the ongoing conflict in the Middle East.The France-headquartered aerospace and defense group on Tuesday reported a year-over-year increase in first-quarter total sales to 5.32 billion euros from 4.96 billion euros, above the FactSet-compiled consensus estimate of 5.23 billion euros. The defense and aerospace businesses contributed 3.05 billion euros and 1.38 billion euros in sales, respectively, while the cyber and digital division logged sales of 859 million euros.Total orders also climbed over the period to 4.65 billion euros from 3.78 billion euros, largely driven by a 75% organic growth in order intake at the group's defense segment to 2.24 billion euros. Order intake in the aerospace business was up 1% organically to 1.52 billion euros, while that in the cyber and digital segment declined 1% to 857 million euros.Geographically, order intake in mature markets jumped 31% organically, supported by double-digit organic growth in France and the rest of Europe. Emerging markets also rose 10% organically, with a notable 185% organic growth in orders in the near and Middle East region."Thales's Q1 2026 release this morning revealed another strong performance in the Defence business, which was offset by another weak performance in Cyber. Group revenue increased by 9.7% organic - ahead of the company's 6-7% organic sales guidance - due to 14.3% growth in Defence," analysts at Berenberg said in a flash note. "Cyber declined organically, and the company guides to a gradual and positive recovery in this business unit during 2026."Thales continues to expect organic sales growth in the 6% to 7% range for full-year 2026, equivalent to annual sales of between 23.3 billion euros and 23.6 billion euros."The fundamentals supporting the Group's businesses are robust, bolstered by structurally favorable trends that provide strong visibility for the Group's growth trajectory. Furthermore, Thales remains attentive to the evolution of the global geopolitical situation and its potential short- and medium-term effects," the company said in a statement.As of Tuesday midday, the group's shares were trading almost 4% lower in Paris.

$HO.PA

US Markets63d ago

Apple CEO Tim Cook to Step Down; Longtime Hardware Engineering Executive Named Successor

Apple (AAPL) announced that Tim Cook will step down as chief executive of the iPhone maker and become executive chairman, with hardware engineering veteran John Ternus set to succeed him as CEO.Cook, who has served in the top role at the technology giant since 2011, will transition to executive chairman, effective Sept. 1, Apple said late Monday. Ternus, who currently works as the company's senior vice president of hardware engineering, will take over from Cook on the same date.Arthur Levinson, who has been Apple's nonexecutive chairman for the past 15 years, will become its lead independent director at the beginning of September, according to the company."On behalf of the entire board of directors, we are incredibly grateful for (Cook's) countless contributions to Apple and the world, and we are thrilled he will now be executive chairman," Levinson said in a statement. "We believe John is the best possible leader to succeed Tim."Ternus joined Apple's product design team in 2001 and became vice president of hardware engineering in 2013. He became part of the executive team in his current role in 2021."I am profoundly grateful for this opportunity to carry Apple's mission forward," according to Ternus. "I am filled with optimism about what we can achieve in the years to come."In a separate statement, Apple said Johny Srouji, who most recently served as senior vice president of hardware technologies, will become chief hardware officer and take on an expanded role leading hardware engineering.Apple's stock decreased 0.5% in Tuesday's most recent premarket activity. It has gained about 37% over the past 12 months.Investors are likely to have a mixed view on Cook stepping down as CEO, with the company undergoing a major transition on its artificial intelligence strategy, Wedbush Securities said in a Monday client note. "While there were rumors of Cook leaving as CEO, investors will for now have more questions than answers around the timing and what this means for the broader Apple strategy," Wedbush analysts, including Daniel Ives, said.The brokerage believes Ternus will face pressure to produce immediate success, especially on the AI front, with all eyes on Apple's product roadmap and AI strategy at the Worldwide Developers conference later this year. Wedbush maintained its outperform rating and $350 price target on Apple's stock.In January, Apple reported fiscal first-quarter results above Wall Street's estimates on the back of strong iPhone demand. During a conference call with analysts at the time, Chief Financial Officer Kevan Parekh said the company expected overall revenue to grow by 13% to 16% on a yearly basis for the second quarter, reflecting its "best estimates of constrained iPhone supply."

$AAPL

US Markets63d ago

Associated British Foods to Spin-off Primark as Fiscal First-half Profits Fall

Associated British Foods (ABF.L) on Tuesday confirmed plans to separate its retail and food operations, while reporting lower fiscal first-half earnings, weighed by headwinds including weakness in its sugar business.Following a November 2025 review, the food processing and retailing company intends to split its fast-fashion retail business, Primark, from its FoodCo business via a dividend demerger expected to be completed by the end of 2027. While both entities are expected to be FTSE 100 constituents, the food business will keep the ABF name, with current shareholders receiving stakes in both companies.The transition is expected to incur 75 million pounds sterling in one-off separation costs, with dis-synergies projected to come in below 45 million pounds. Following the split, ABF Chief Executive George Weston will lead FoodCo as CEO, while Eoin Tonge will take the helm at Primark.Bernstein viewed the as-expected Primark demerger as a sound strategic move. "This is a good decision in the long-term, but which will not create short-term value on our estimates... Overall, we expect the shares to be weak today despite the good decision to split the business, given the weak underlying performance of the business," the research firm said.Shares were almost 3% down in Tuesday midday trading in London.Highlighting these underlying struggles, ABF's attributable profit for the 24 weeks ended Feb. 28, 2026, stood at 445 million pounds, against the 520 million pounds in the 24 weeks ended March 1, 2025. Group revenue fell to 9.47 billion pounds, in line at actual currency but down 2% at constant exchange rates, as ABF absorbed higher upfront costs and sustained its investment in future scaling.Retail sales were up 2% on "good execution" of new store openings, alongside improved like-for-like sales and Primark market share in the UK. These gains were offset by a combination of weak European consumer confidence, reduced demand for US oils and bakery ingredients, and a decline in European sugar prices.ABF held its lowered fiscal full-year guidance steady except in sugar, where it now anticipates a full-year loss. While the group views current Middle East cost pressures as manageable, it cautioned that a protracted conflict could dampen discretionary spending, posing a risk to Primark's sales trajectory."We knew the first half of this financial year was going to be challenging and that's borne out in our financial results. However, we still expect improved Group performance in the second half," Weston said. "Our Grocery and Ingredients businesses performed as we had expected them to, with our US businesses impacted by weak consumer demand. Our international Grocery brands delivered good sales growth and are positioned for a stronger profit performance in the second half. In Sugar, the results were below our expectations and given the current market conditions, we are more cautious on the outlook."

$ABF.L

US Markets63d ago

New Zealand's March-Quarter Inflation Beats Expectations

New Zealand's annual consumer inflation increased 3.1% in the March quarter, according to data from Stats NZ released Tuesday.Annual inflation for the quarter surpassed the 2.9% consensus forecast, according to Trading Economics. Westpac NZ Senior Economist Satish Ranchhod also forecast a 2.8% rise.The figure was unchanged from the 3.1% increase in the 12 months to the December 2025 quarter, the department said.The result also exceeded the Reserve Bank of New Zealand's (RBNZ) updated forecast from its April policy update for 3% annual inflation, Westpac NZ's Ranchhod said.The figures also point to a higher headline inflation forecast by RBNZ Governor Anna Breman in a speech back in March.Electricity prices surged 12.5%, equivalent to more than 10% of the increase, Stats NZ's Prices and Deflators Spokesperson Nicola Growden said.This is the third straight quarter of electric power being the biggest contributor to annual inflation, according to Growden.Local authority rates and payments jumped 8.8% in the March quarter, contributing 8.7% to the inflation increase.Meat and poultry prices grew 8.6% during the quarter and contributed 6.4% to the annual inflation rise.Rent went up 1.2%, with prices comprising 4.6% of the total inflation rise, and gasoline prices edged up 1.1%, equivalent to a 1.3% contribution to inflation, Stats NZ said.Quarterly inflation jumped 0.9% in the March 2026 quarter compared with the December 2025 quarter, according to the department."Petrol is the third-largest expense item for New Zealand households after rent and construction," Growden said in a statement.Gasoline prices comprised 3.5% of typical household spending, according to Stats NZ, citing the 2024 CPI reweight which used household spending data.Pharmaceutical products increased 17.7% during the quarter due to a rise in prescription charges, the Stats NZ report said.Looking ahead, Westpac and the Reserve Bank of New Zealand expect inflation to peak to 4.3% in the June quarter before returning to 3.9% at the end of the year."Today's result suggests upside risk to those forecasts," Ranchhod said in his analysis.In June, oil prices, as well as related transportation and other costs, could weigh on inflation figures, Ranchhod said.

^NZ50

US Markets63d ago

PNB Housing Finance Q4 Profit Rises 19% on Year

Boosted by a growing loan portfolio of better-performing assets, India's PNB Housing Finance reported a solid rise in fourth-quarter profits on year, the lender reported Wednesday.In the fourth period, PNB Housing Finance's loan portfolio grew by 15.3% on year to 87,373 crore, while net profits after tax grew by 19.2% to 656 crore, as a larger pool of assets, but a smaller amount of sour loans, boosted the home-loan giant's bottom line."We delivered a healthy expansion in our retail loan portfolio along withsustaining robust asset quality and profitability," said Ajai Shukla, CEO and managing director, in a prepared statement. "The continued focus on disciplined collections and portfolio management resulted in GNPA (gross non-performing assets) improving to sub-1% levels."The New Delhi-based PNB Housing Finance is a subsidiary of Punjab National Bank. The specialized lender primarily provides housing loans, often to first-time buyers, but also lends on other property-types, and holds a license to accept public deposits.In the fourth quarter, PNB Housing's deposits grew to 18,055 crore, up a relatively modest 2.3% on year. The housing lender also boosted its borrowing from institutional lenders to 43,543 crore in the fourth period, up 22.5% on year.PNB Housing's total expenses in the fourth quarter fell to 1,317 crore, off marginally from 1,325 crore in the year ago period, largely due to fewer write-offs or expenses associated with non-performing loans.For the full fiscal year 2026, PNB Housing reported net profit of 2291 crore, up 18% on year.PNB Housing shares traded up 8.1% following the lender's earnings release.

^BSE^NSEBOM:540173NSE:PNBHOUSING

US Markets63d ago

Wanhua Chemical Aims Global Expansion Despite 2025 Profit Drop

Wanhua Chemical Group (SHA:600309) seeks continuous international expansion despite its 2025 profit declining amid geopolitical tensions and more challenges brought by the Iran war.The chemical company's net profit attributable to shareholders fell 3.9% year on year to 12.5 billion yuan, or 3.99 yuan per share. The attributable shares a year earlier was approximately 13 billion yuan, or 4.15 yuan per share, according to the company's 2025 earnings report published Tuesday on the Shanghai bourse.Operating revenue rose 12% to 203.2 billion yuan from 182.1 billion yuan.In its earnings report statement, Wanhua said the Chinese petrochemical industry remained stable in 2025 despite facing external challenges, such as persistently low prices, as well as the tariff hikes and trade frictions with the U.S."Through continuous investment in technological innovation, ongoing expansion of its global footprint, and the deepening of an excellent operational system, the company has maintained rapid development," the company said in its earnings report statement.Wanhua is a major producer of methylene diphenyl diisocyanate or MDI, a chemical used in the production of polyurethane products. Polyurethane is widely used in various industries such as chemicals, textiles, building materials and transportation.In 2025, the company earned revenue of 19.3 billion yuan from the sales of polyurethane. About 1.7 million tons of polyurethane were sold, according to another bourse filing from the company.Wanhua generated 20.5 billion yuan from the sale of petrochemical and 10.3 billion yuan from selling fine chemicals and new materials.The petrochemical industry faces more challenges this year, especially with the ongoing Middle East war, which has brought oil price shocks globally. The global oil supply became even more suppressed as Iran initiated the closure of the Strait of Hormuz. However, analysts believe that China has ample supply to weather the crisis.China imported 5.4 million barrels per day during the first quarter, but it reportedly has secret reserves that may likely replace imports through the Strait of Hormuz for seven months, according to an April 1 article on Reuters.China is also looking at focusing on other energy sources, such as renewable energy, which could gain more demand amid the oil crisis."The response of consumers and businesses across developed and developing markets to the current surge in energy prices will almost surely be an acceleration in demand for renewable energy products and electric vehicles, which China is globally dominant in and has ample spare capacity to produce and ship," Elliot Clarke, Westpac's head of international economics, said.

SHA:600309

US Markets63d ago

Commerzbank Rejects UniCredit's Transformation Plan With Combination for Being 'Hostile, Misleading'

UniCredit (UCG.MI) on Monday presented a transformation plan for Commerzbank (CBK.F), outlining potential benefits of their merger, which the German lender dismissed as continued "hostile tactics and misleading characterisation."UniCredit, which holds 26.04% of Commerzbank's voting rights through shares and 3.31% through instruments, pitched a new Unlocked approach to refocus Commerzbank on its core markets of Germany and Poland instead of the lender's "aggressive and riskier" international expansion under its Momentum plan. The suitor said the new approach will prioritize the German Mittelstand and families, raise investments in the frontline, technology and the adoption of artificial intelligence, while targeting efficiencies in non-core international network, senior overheads, operations, and more.Under Unlocked, Commerzbank could reach a net profit of 5.1 billion euros by 2028, above the consensus of 4.5 billion euros under the German bank's Momentum strategy, UniCredit said, adding that Commerzbank is "ill-prepared" to compete with the US and fintech entrants in Germany, while being overly focused on short-term delivery and partly relying on favorable interest-rate conditions and non-core international growth to offset higher-than-target operating expenses in 2025.UniCredit also countered Commerzbank's remarks that its takeover offer provided no adequate premium, arguing that consensus forecasts imply an over 5% stronger performance after a combination compared with the Momentum strategy. It added that Commerzbank has declined further premium discussions and engagement on deal details.Commerzbank rejected those assertions, saying the offer still excludes a "market-standard" premium and describing the transformation proposal as a "speculative attempt to dismantle" its business model following what it called more than 18 months of unsolicited stake-building by UniCredit."What UniCredit described today is not a convincing combination case. It is an attempted restructuring proposal by a direct competitor, cutting into the core value chain of the German Mittelstand regarding its international business and trade finance. It comprises a compression of Commerzbank's cost base modelled on HypoVereinsbank, and a reorientation away from the Mittelstand franchise that defines the Bank's competitive position. At the same time, UniCredit has not revealed any substantive new details on its actual combination plan -- be it actual levers, cost-to-achieve or timeline. This has been repeatedly requested by Commerzbank and been denied to date," Commerzbank argued.The lender added that any potential combination benefits would likely take "a couple of years," with implementation possibly starting between 2029 and 2030, and said it will present updated targets and its 2030 strategy alongside first-quarter results on May 8.

$CBK.F$UCG.MI

US Markets64d ago

Nasdaq, S&P 500 Fall From Record Highs Amid Iran War Uncertainty; Oil Jumps

The Nasdaq Composite and the S&P 500 fell from record highs, while oil prices climbed as traders tracked an apparent re-escalation in the Middle East conflict.The Nasdaq dropped 0.3% to 24,404.4 after a 13-day winning streak that propelled the index to fresh peaks. The S&P 500 declined 0.2% to 7,109.1. The Dow Jones Industrial Average was little changed at 49,442.6.Six of the 11 sectors were in the green, led by materials, while communication services saw the steepest drop.West Texas Intermediate crude oil was last up 5.6% at $88.58 per barrel, while Brent advanced 5.1% to $94.98.Iran took back control of the Strait of Hormuz on Saturday after opening the waterway to commercial vessels on Friday. The US and Iran have accused each other of violating a two-week ceasefire announced April 7.The US Navy on Sunday seized an Iranian-flagged vessel that tried to move past a naval blockade, President Donald Trump said in a Truth Social post."Oil prices are being whipsawed by developments in the Middle East once again, with what appears to be de-escalation quickly turning to re-escalation," ING Bank said in a report.The US is sending its negotiating team to Pakistan for a second round of peace talks, and while Iran has publicly said it doesn't plan to participate, Bloomberg News reported that Iran will be sending its delegation to Islamabad.The ceasefire with Iran ends "Wednesday evening Washington time," Trump told Bloomberg News. He said it's "highly unlikely" he would extend the two-week truce.The US-Iran ceasefire may be extended by up to two weeks, though it will take much longer to hammer out a complete peace agreement, Macquarie Group said in a note on Monday.US Treasury yields were mixed, with the 10-year rate little changed at 4.26% and the two-year rate rising 1.7 basis point to 3.73%.Some 46 S&P 500 companies have so far reported their latest quarterly financial results in the current cycle, with earnings and sales up around 32% and 13% year over year, respectively, Oppenheimer Asset Management said in a report. Ahead of the reporting season, FactSet put expected earnings growth at 12.6% from a year earlier, according to the brokerage."It's too early to draw conclusions about first-quarter results, but the quarter appears to be off to a good start," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said.About 94 S&P 500 companies are scheduled to release their quarterly financials this week, according the brokerage. Those include Tesla (TSLA), Intel (INTC), IBM (IBM), Texas Instruments (TXN), Philip Morris International (PM), Procter & Gamble (PG), GE Aerospace (GE), UnitedHealth Group (UNH), and RTX (RTX).In company news, QXO (QXO) has agreed to acquire insulation products company TopBuild (BLD) in a cash-and-stock deal worth roughly $17 billion, the companies said Sunday. QXO shares fell 3.1%, while TopBuild surged 19%.Sila Realty Trust (SILA) agreed to be acquired and taken private by certain affiliates of Blue Owl Capital's (OWL) real estate unit in an all-cash deal worth roughly $2.4 billion. Sila Realty shares jumped 19%, while Blue Owl rose 0.4%.Gold was last down 1% at $4,832.10 per troy ounce, while silver dropped 2.5% to $79.81 per ounce.

Dow JonesNasdaq CompositeS&P 500$BLD$GE$IBM$INTC$OWL$PG$PM$QXO$RTX$SILA$TSLA$TXN$UNH

US Markets64d ago

Wedbush Lifts 2026 Box Office Outlook Following Strong First-Quarter Performance, Wedbush Says

Wedbush Securities on Monday raised the North American box office forecast for 2026, citing strong first-quarter growth and summer releases.The brokerage expects box office proceeds to rise 13% annually to $9.8 billion this year, up from 10% previously projected. First-quarter collections grew 25% year over year to $1.8 billion.CinemaCon, a trade show for the motion picture theater industry, was conducted in Las Vegas last week. The event showed strong studio slates and a focus on lengthening theatrical windows, Wedbush said."All of the studios came out this year with more confidence than last year," Wedbush analysts, including Alicia Reese, said.The deal between Warner Bros. Discovery (WBD) and Paramount Skydance (PSKY) dominated the event, with Paramount Chief Executive David Ellison promising a 45-day exclusive theatrical window upon deal completion and an output increase to 30 titles per year, Reese said.Theater operators have been demanding a 45-day minimum, Reuters reported last week. Movies staying in theaters longer drives more favorable economics across theatrical and streaming, according to the Wedbush note.Comcast's (CMCSA) Universal said it planned to extend the exclusive theatrical window to 45 days by 2027, compared with its current 17-day window that is seen moving to 35 days in 2026, Reese said.The summer slate, especially in the third quarter, "is shaping up very nicely," Reese said.Last week, B. Riley Securities raised its 2026 box office projections to $9.55 billion from $9.40 following a better-than-expected first quarter.Wedbush upgraded its 2027 box office growth estimate to 5% from 4%, at $10.2 billion.However, if the combined Paramount-Warner Bros. company cuts theatrical output, there could be some downside risk to the 2027 estimate, Reese said."That said, our current estimate does not anticipate that the combined studio reaching the company's stated goal of 30 total titles," Reese said.

$CMCSA$PSKY$WBD

US Markets64d ago

Most Softline Retailers Poised to Meet or Top Quarterly Earnings Views, UBS Says

Most US softline retailers are expected to report upcoming quarterly earnings either in line or above Wall Street's estimates, while consumer spending could rise notably if the Middle East conflict ends soon, UBS Securities said Monday.A survey conducted by the brokerage during the first two weeks of this month showed that consumer spending intentions remained "good," particularly for apparel and footwear despite headwinds from the US-Israel war with Iran that started at the end of February, UBS analysts, including Jay Sole said in a note to clients."We believe the market is overestimating the negative impact of high oil prices on softline company margins," UBS said. "We see most softline companies either meeting or beating (first-quarter) expectations during this upcoming earnings season."The war, which has impacted several Middle East countries, has sent energy prices soaring amid the closure of the Strait of Hormuz, the world's most important chokepoint for crude flows.US retail gasoline prices averaged $4.042 per gallon Monday, compared with $3.151 a year ago, according to data from AAA, a travel organization that tracks fuel prices in the country."US consumers' view of the economy has been somewhat impacted (month on month) by the Middle East conflict and rising gas prices," the UBS analysts said Monday. "Yet, the data show potential for a strong pop in US consumer spending if the Middle East conflict ends soon and gas prices return to pre-conflict levels. This is a main reason we remain bullish."On Holding (ONON), Deckers Outdoor (DECK), Gildan Activewear (GIL), Burlington Stores (BURL), Levi Strauss (LEVI), Ralph Lauren (RL), and TJX (TJX) are among the softline stocks that UBS said it likes and rates as buy. The brokerage said it likes these stocks over several big names such as Nike (NKE) and Lululemon Athletica (LULU), according to the note."We believe the market is significantly underestimating the potential for (artificial intelligence) to positively impact softline companies' sales and margins," the analysts said.On Saturday, Iran took back control the Strait of Hormuz after temporarily opening the waterway to commercial vessels Friday. The US and Iran have accused each other of violating a two-week ceasefire announced April 7, leaving the situation in the Middle East in limbo.Price: $37.24, Change: $+0.29, Percent Change: +0.78%

$BURL$DECK$GIL$LEVI$LULU$NKE$ONON$RL$TJX

US Markets64d ago

US-Iran Ceasefire Likely to be Extended, Macquarie Says

The US-Iran ceasefire may be extended by up to two weeks, though it will take much longer to hammer out a complete peace agreement, Macquarie Group said in a note on Monday.Iran took back control the Strait of Hormuz on Saturday after opening the waterway to commercial vessels on Friday. The US and Iran have accused each other of violating a two-week ceasefire announced April 7.The US Navy on Sunday seized an Iranian-flagged vessel that tried to move past a naval blockade, President Donald Trump said in a Truth Social post.The US is sending negotiators to Pakistan for a second round of peace talks, though Iran said it doesn't plan to participate in those negotiations. Trump told Bloomberg News Monday he's unlikely to extend the ceasefire and that the Strait of Hormuz would stay blockaded until a deal is reached."At the very least, the current two-week ceasefire may be extended this week for another one or two weeks," Thierry Wizman, global foreign exchange and rates strategist at Macquarie, said. "But a fully-formed peace agreement will take much longer."The peace process is likely to be "long and jagged," based on historical precedents set by other similar deals, Wizman said."We don't expect that this process will be any different, and it may last several weeks, if not months, before the final contours are inked and agreed to," he said.Financial markets were largely stable this morning, suggesting traders continued to bet on the prospect of reaching "a permanent deal within a multi-week timeframe," Wizman said.

US Markets64d ago

Equities Drop Intraday, Oil Rebounds Amid US-Iran Re-Escalation Fears

US benchmark equity indexes were lower intraday, while oil prices rebounded sharply amid continued uncertainty around the Middle East conflict.The Nasdaq Composite was down 0.5% at 24,340.9 after midday Monday, while the S&P 500 fell 0.4% to 7,100.7. Both indexes closed at new record-highs in the previous session. The Dow Jones Industrial Average lost 0.2% to 49,374.1 intraday Monday.Among sectors, communication services saw the biggest drop, while energy paced the gainers.West Texas Intermediate crude oil was up 6% at $88.90 per barrel, while Brent rose 5.5% to $95.32.On Friday, oil prices plunged as Iran declared that the Strait of Hormuz was open, a key US demand. Tehran, however, took back control of the waterway Saturday. Both sides have accused each other of violating a two-week ceasefire that is due to expire soon.The US Navy on Sunday seized an Iranian-flagged vessel that tried to move past a naval blockade, President Donald Trump said in a Truth Social post."Oil prices are being whipsawed by developments in the Middle East once again, with what appears to be de-escalation quickly turning to re-escalation," ING Bank said in a report.The US is sending negotiators to Pakistan for a second round of peace talks, but Iran said it doesn't plan to participate in those negotiations.The ceasefire with Iran ends "Wednesday evening Washington time," CNN reported, citing Trump, who said it's "highly unlikely" he would extend it if the parties are unable to reach a deal before then.US Treasury yields were higher intraday, with the 10-year rate up one basis point at 4.25% and the two-year rate rising 2.1 basis point to 3.72%.In company news, QXO (QXO) has agreed to acquire insulation products company TopBuild (BLD) in a cash-and-stock deal worth roughly $17 billion, the companies said Sunday. QXO shares were down 5.8% intraday Monday, while TopBuild surged 18%.Sila Realty Trust (SILA) agreed to be acquired and taken private by certain affiliates of Blue Owl Capital's (OWL) real estate unit in an all-cash deal worth roughly $2.4 billion. Sila Realty shares jumped 19%, while Blue Owl rose 0.5%.Some 46 S&P 500 companies have so far reported their latest quarterly financial results in the current cycle, with earnings and sales up around 32% and 13% year over year, respectively, Oppenheimer Asset Management said in a report. Ahead of the reporting season, FactSet put expected earnings growth at 12.6% from a year earlier, according to the brokerage."It's too early to draw conclusions about first-quarter results, but the quarter appears to be off to a good start," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said.About 94 S&P 500 companies are scheduled to release their quarterly financials this week, according the brokerage. Those include Tesla (TSLA), Intel (INTC), IBM (IBM), Texas Instruments (TXN), Philip Morris International (PM), Procter & Gamble (PG), GE Aerospace (GE), UnitedHealth Group (UNH), and RTX (RTX).Gold was down 1% at $4,829.40 per troy ounce, while silver dropped 2.1% to $80.16 per ounce.

Dow JonesNasdaq CompositeS&P 500$BLD$GE$IBM$INTC$OWL$PG$PM$QXO$RTX$SILA$TSLA$TXN$UNH

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US Markets63d ago

Stocks Rise Pre-Bell as Traders Weigh Uncertainty Over US-Iran Talks

Dow JonesNasdaq CompositeS&P 500$AAPL$ALK$AMZN$DHI$DHR$GE$GPC$MMM$NOC$TSCO$UNH