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Singapore's Private Sector Growth Accelerates in April Amid Record Demand

Singapore's private sector growth surged to its second-highest level since July 2022, driven by a record influx of new business.The headline seasonally adjusted S&P Global Singapore Purchasing Managers' Index (PMI) rose to 57.9 in April from 56.7 in March, according to a report released Tuesday."The Singaporean private sector gained speed in April, with stronger growth in output and a record influx of new business signaled," S&P Global Market Intelligence economist Eleanor Dennison said. "April's demand injection meant that input requirements were greater and this triggered a record increase in buying activity."New business accelerated due to a pick-up in domestic demand, offsetting the slowdown in export sales.Ongoing tensions in the Middle East, which disrupted global oil supply, particularly in March, drove up prices and affected international demand for Singapore businesses.Escalating oil prices also intensified cost pressures for local businesses, prompting most firms to pass the burden onto consumers by raising prices, according to S&P.Companies reported accumulating backlogs as many trimmed jobs due to cost pressures."At a time of severely elevated inflationary pressures, firms therefore looked to cut costs where they could, which materialised as a reduction in employment levels," said Dennison.Despite a drop in headcounts, business sentiment remained upbeat, with Singaporean companies' growth expectations currently at "their brightest on record," Dennison added.Meanwhile, Singapore's retail sector remained resilient. Despite fluctuating fuel prices, strong vehicle sales continued to boost retail activity. Data from Statistics Singapore on Tuesday revealed a 4.8% year-over-year increase in retail sales in March, boosted by a 12.9% surge in motor vehicle and parts sales.Singapore's first-quarter performance points to "resilient" consumer activity, supported by labor market conditions and tourism, Chua Han Teng, senior economist with Singapore-based DBS Bank said in a recent note, as per Singapore-based The Straits Times.

^STI

US Markets95d ago

Advanced Micro Devices Beats First-Quarter Views Amid AI Infrastructure Demand

Advanced Micro Devices (AMD) reported stronger-than-expected first-quarter results as demand for artificial intelligence infrastructure pushed data center revenue higher year-on-year.Adjusted earnings per share rose to $1.37 from $0.96 a year earlier, compared with the $1.29 consensus on FactSet. Revenue climbed 38% to $10.25 billion, above the $9.90 billion modeled by analysts.The chipmaker's stock was up 4.7% in extended trading. AMD shares have surged 66% year to date."We delivered an outstanding first quarter, driven by accelerating demand for AI infrastructure, with data center now the primary driver of our revenue and earnings growth," Chief Executive Lisa Su said in a statement. "We are seeing strong momentum as inferencing and agentic AI drive increasing demand for high-performance (central processing units) and accelerators."Data center revenue gained 57% to $5.78 billion, driven by AMD EPYC processors and Instinct graphics processing units. The client and gaming division advanced 23% to $3.61 billion."Looking ahead, we expect server growth to accelerate meaningfully as we scale supply to meet demand," Su said. "Customer engagement around MI450 Series and Helios is strengthening, with leading customer forecasts exceeding our initial expectations and a growing pipeline of large-scale deployments providing us with increasing visibility into our growth trajectory."AMD expects second-quarter revenue of $11.2 billion, plus or minus $300 million. The consensus is for $10.54 billion.Wedbush Securities expected AMD to log a first-quarter beat amid CPU demand strength and a stronger-than-expected PC supply chain.The brokerage raised its price target on AMD's stock to $400 from $290, and upgraded 2026 and 2027 financial estimates."We not only see upside for AMD's server CPU numbers (assuming supply chain availability), but we also are more confident overall in AMD's ability to grow faster, a result we reflect in both an uptick to our forecasts around future AMD sales for both GPUs and CPUs post (the second quarter)," Wedbush analysts, including Matt Bryson, said Monday.

$AMD

US Markets95d ago

Nasdaq, S&P 500 Hit Fresh Peaks as Oil Retreats

The Nasdaq Composite and the S&P 500 advanced to new highs on Tuesday as oil prices pulled back, while traders digested a fresh batch of corporate earnings reports.The Nasdaq rose 1% to 25,326.1, while the S&P 500 climbed 0.8% to 7,259.2, both marking their highest finish ever. The Dow Jones Industrial Average advanced 0.7% to 49,298.3.All sectors ended in the green, led by materials followed by technology. Intel (INTC), Micron Technology (MU), Apple (AAPL), and Cisco Systems (CSCO) were among the tech names that logged gains on Tuesday.West Texas Intermediate crude fell 3.4% to $102.81 per barrel in afternoon trading, while Brent shed 3.6% to $110.31.US Defense Secretary Pete Hegseth reportedly said that the ceasefire agreement with Iran remained intact despite renewed tensions in the Gulf region.The comment came a day after Tehran fired missiles and drones at the United Arab Emirates, reigniting concerns about the fragile ceasefire between the US and Iran.The US military destroyed six Iranian boats in the Strait of Hormuz on Monday after Tehran attacked US Navy ships and commercial vessels, CNN reported, citing Admiral Brad Cooper, the head of the US Central Command. A senior Iranian military official reportedly disputed that claim.US Treasury yields were lower, with the 10-year rate down 2.1 basis points at 4.42% and the two-year rate falling 1.6 basis points to 3.95%.In company news, Pinterest (PINS) shares jumped 6.8%. The image-sharing platform company posted better-than-expected first-quarter results late Monday and forecast up to 16% revenue growth year over year for the ongoing three-month period.Shopify (SHOP) on Tuesday issued a second-quarter revenue outlook that implied a sequential slowdown in annual growth. The stock slid nearly 16%.PayPal (PYPL) shares slumped 7.8% after the payments company said it was targeting at least $1.5 billion in cost cuts over the next few years, while it maintained its full-year earnings outlook.Palantir Technologies (PLTR) shares dropped 6.9%, despite the software maker raising its 2026 revenue outlook and first-quarter results topping Wall Street's expectations.In economic news, two surveys released Tuesday painted a mixed picture of the US services sector in April, with Institute for Supply Management data showing a deceleration in growth and an S&P Global (SPGI) report indicating a return to expansion."The services sector continues to expand, but the sharp cooling in new orders alongside still-subdued employment momentum suggests growth may be becoming less durable," TD Economics Senior Economist Vikram Rai said in a note.On Friday, ISM and S&P surveys showed that the US manufacturing sector saw continued growth in April, though inflationary pressures intensified amid disruptions caused by the Middle East conflict.New-home sales in the US grew past Wall Street's estimates for March, driven by a demand surge in the Northeast region, government data showed.Gold rose 0.8% to $4,568.70 per troy ounce, while silver lost 0.3 % to $73.30 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$CSCO$INTC$MU$PINS$PLTR$PLYPL$SHOP$SPGI

US Markets95d ago

March Trade Deficit Widens as Imports Outpace Record Exports

The US trade deficit grew in March as imports outpaced record-high exports, government data showed Tuesday.The goods and services deficit widened 4.4% sequentially to $60.31 billion in March on a seasonally adjusted basis, the Census Bureau and the Bureau of Economic Analysis said. The consensus was for a deficit of $61 billion in a Bloomberg-compiled survey.Exports increased 2% to $320.86 billion in March -- the highest on record -- with the goods component also reaching an all-time high, according to the official data. Imports jumped 2.3% to $381.17 billion."March's trade data point to solid underlying domestic demand," BMO Capital Markets Senior Economist Priscilla Thiagamoorthy said in a note. "Still, that strength is pulling in imports fast enough to widen the trade gap."The strength in exports was concentrated in energy-related goods amid the US-Israel war with Iran instead of "sturdy, broad-based" global demand, Thiagamoorthy said. Autos were a "key" driver of imports growth, while consumer goods and capital goods also logged strong gains, she said.The Iran war, which started at the end of February, sent energy prices surging amid the closure of the Strait of Hormuz, the world's most important chokepoint for crude flows. US Defense Secretary Pete Hegseth reportedly said Tuesday a recent ceasefire with Iran remains intact.The US ran a $20.6 billion deficit in goods trade with Taiwan in March, compared with a $21.12 billion gap the month prior, official data showed. The deficit with China grew to $14.01 billion from $13.09 billion. The goods trade deficit with the European Union swelled to $9.24 billion from February's $5.09 billion. The shortfall with Vietnam grew to $19.24 billion from $16.55 billion.In the year through March, the goods and services deficit dropped 55% year over year, according to the report.

US Markets95d ago

SEC Proposes Abandoning Quarterly Reporting Schedule For Listed Companies

The US Securities and Exchange Commission said Tuesday that it proposed rule amendments that would abandon the quarterly reporting schedule for public companies.If adopted, the SEC proposals would give companies the option to switch to semiannual reporting from the current practice of filing financials on a quarterly basis, the regulator said.In that case, companies would file one semiannual report and one annual report for each fiscal year. Currently, all companies are required to file three quarterly reports and one annual report each year."Public companies have an obligation under the federal securities laws to provide information that is material to investors," SEC Chairman Paul Atkins in a statement. "Yet, the rigidity of the SEC's rules has prevented companies and their investors from determining for themselves the interim reporting frequency that best serves their business needs and investors."US President Donald Trump in September floated the idea of replacing the quarterly reporting schedule with semiannual reporting."This will save money, and allow managers to focus on properly running their companies," Trump wrote on Truth Social at the time.The flexibility in determining a company's reporting cadence "might reduce some of the burdens of being a public company and potentially influence a company's decision to become or remain public," Atkins said.The SEC is seeking public comment on potentially eliminating the quarterly reporting requirement."Today's proposal is just the first step of the larger, comprehensive effort to review and reshape the current SEC rules governing public companies with respect to their ongoing reporting obligations and their ability to raise capital in the public markets," Atkins said.

US Markets95d ago

March Job Openings Fall, Hiring Rises; Oxford Economics Says Data Point to 'Stable' Labor Market

US job openings fell slightly in March, while hiring rose, according to latest official data, which Oxford Economics said indicates the labor market continued to be "stable" at the start of the year.Vacancies decreased to 6.87 million in March from 6.92 million the month prior, the Bureau of Labor Statistics reported Tuesday. The consensus was for a 6.85 million level in a survey compiled by Bloomberg.Private job openings dropped to 6.14 million from 6.2 million sequentially in March. Vacancies tumbled by 318,000 in professional and business services, and by 41,000 in other services, according to the report."It's too soon to see the negative spillover effects from the US/Israel war with Iran, but the March JOLTS report suggested the labor market remained stable at the start of the year," Oxford Economics Senior US Economist Matthew Martin said in remarks e-mailed to.Hiring increased to 5.55 million in March from 4.9 million the month before, while the hiring rate rose to 3.5% from 3.1%, official data showed. Separations jumped to 5.38 million from 5.02 million, while layoffs rose to 1.87 million from 1.71 million.The Iran war, which started at the end of February, sent energy prices soaring amid the closure of the Strait of Hormuz, the world's most important chokepoint for crude flows. US Defense Secretary Pete Hegseth reportedly said Tuesday a recent ceasefire agreement with Iran remains intact.Elevated oil prices threaten to lower aggregate demand by "crimping" real incomes, likely prompting businesses to pull back on hiring intentions, Martin said. "Still, the tenuous ceasefire likely limits the worst-case scenarios to the outcome of the war.""For the Federal Reserve, this will mean a balancing act between the risks of a supply-side shock to energy prices bleeding into core measures of inflation and the downside risks to the labor market," Martin wrote, adding that Oxford doesn't expect the central bank to deliver another interest rate cut until December.Official data are expected to show Friday that the US economy added 73,000 nonfarm jobs in April, compared with a 178,000 increase reported for the previous month, according to a Bloomberg-compiled consensus.

US Markets95d ago

Equities Rise Intraday as Hegseth Says US-Iran Ceasefire Still Holds

US benchmark equity indexes were higher intraday as oil prices fell after Defense Secretary Pete Hegseth said the ceasefire agreement with Iran remains intact.The Nasdaq Composite was up 1% at 25,307.8 after midday Tuesday, while the S&P 500 rose 0.9% to 7,262.2. The Dow Jones Industrial Average advanced 0.7% to 49,283. Barring financials and communication services, all sectors were in the green, led by materials.West Texas Intermediate crude was down 4.4% at $101.73 per barrel in afternoon trading, while Brent fell 4% to $109.91."The ceasefire is not over," Hegseth said in a press briefing at the Pentagon, according to a CNBC report.The comment came a day after Tehran fired missiles and drones at the United Arab Emirates, reigniting concerns about an already fragile ceasefire between the US and Iran.The US military destroyed six Iranian boats in the Strait of Hormuz on Monday after Tehran attacked US Navy ships and commercial vessels, CNN reported, citing Admiral Brad Cooper, the head of the US Central Command. A senior Iranian military official reportedly disputed that claim.US Treasury yields were lower intraday, with the 10-year rate down 2.9 basis points at 4.41% and the two-year rate falling 2.6 basis points to 3.94%.In company news, Pinterest (PINS) shares were advancing by 9.1% in Tuesday afternoon trading. The image-sharing platform company posted better-than-expected first-quarter results late Monday and forecast up to 16% revenue growth year over year for the ongoing three-month period.Shopify (SHOP) on Tuesday issued a second-quarter revenue outlook that implied a sequential slowdown in annual growth. The stock was down 15%.PayPal (PYPL) shares were down 9.1% intraday, the third-worst performer on the S&P 500. The payments company said it was targeting at least $1.5 billion in cost cuts over the next few years, while it maintained its full-year earnings outlook.Palantir Technologies (PLTR) shares were down 6.6% intraday, among the worst performers on the S&P 500, despite the software maker raising its 2026 revenue outlook and first-quarter results topping Wall Street's expectations.Advanced Micro Devices (AMD) and Arista Networks (ANET) are expected to announce their earnings after the markets close.In economic news, two surveys released Tuesday painted a mixed picture of the US services sector in April, with Institute for Supply Management data showing a deceleration in growth and an S&P Global (SPGI) report indicating a return to expansion."The services sector continues to expand, but the sharp cooling in new orders alongside still-subdued employment momentum suggests growth may be becoming less durable," TD Economics Senior Economist Vikram Rai said in a note.On Friday, ISM and S&P surveys showed that the US manufacturing sector saw continued growth in April, though inflationary pressures intensified amid disruptions caused by the Middle East conflict.New-home sales in the US grew past Wall Street's estimates for March, driven by a demand surge in the Northeast region, government data showed.Gold rose 0.7% to $4,566.70 per troy ounce, while silver advanced 0.4 % to $73.82 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMD$ANET$PINS$PLTR$PLYPL$SHOP$SPGI

US Markets95d ago

ISM Services Survey Shows Growth Deceleration; S&P Data Indicate Return to Expansion

Two surveys released Tuesday painted a mixed picture of the US services sector in April, with Institute for Supply Management data showing a deceleration in growth and an S&P Global (SPGI) report indicating a return to expansion.The ISM's purchasing managers' index fell to 53.6 last month from 54 in March. The consensus was for a 53.7 print in a survey compiled by Bloomberg. A reading above 50 indicates the services sector economy is generally expanding.The business activity index rose to 55.9 in April from 53.9 the month before, while the gauge for new orders decreased to 53.5 from 60.6. The employment measure increased to 48 from 45.2, but remained in contraction territory for a second consecutive month, the ISM survey showed."The services sector continues to expand, but the sharp cooling in new orders alongside still-subdued employment momentum suggests growth may be becoming less durable," TD Economics Senior Economist Vikram Rai said in a note.The price index was unchanged at 70.7, staying at its highest level since October 2022, according to the ISM survey."With prices holding at their highest level since late 2022, today's report reinforces concerns that services sector inflation remains sticky," Rai said. "Combined with resilient activity levels, this supports the case for the (Federal Reserve) to remain patient, particularly as energy, freight, and labor costs continue to feed through to prices."Last week, the Fed kept its benchmark lending rate steady for a third straight meeting, saying the Middle East conflict is fueling uncertainty around the US economic outlook.Separately, S&P Global said Tuesday its services PMI gauge rose to 51 in April from 49.8 the month prior, though growth was "well below" the series average.New business intakes fell for the first time in two years, as the Middle East war and inflation weighed on demand. Employment increased "slightly," while confidence in the outlook improved, according to the data provider."A further increase in input cost inflation reflected not just higher fuel prices but a widening spread of goods and services rising in price, as well as higher wages, which will feed through to consumer price inflation in the coming months," S&P Global Market Intelligence Chief Business Economist Chris Williamson said. "The scale of the price rises will put pressure on the Fed to prevent higher inflation becoming entrenched."On Friday, ISM and S&P surveys showed that the US manufacturing sector saw continued growth in April, though inflationary pressures intensified amid disruptions caused by the Middle East conflict.Price: $423.13, Change: $-1.62, Percent Change: -0.38%

$SPGI

US Markets95d ago

Coinbase to Cut 14% of Workforce in AI-Driven Restructuring

Coinbase Global (COIN) is reducing its global workforce by 14%, citing the need to cut costs amid market volatility and how artificial intelligence has optimized its operations.The planned restructuring will affect about 700 employees, with the execution expected to be substantially complete in the second quarter, the cryptocurrency exchange said Tuesday in a filing with the US Securities and Exchange Commission.Coinbase is "well-capitalized" and has diversified revenue streams, Chief Executive Brian Armstrong said in a memo to employees that was shared on social media platform X. "Crypto is also on the verge of the next wave of adoption, with stablecoins, prediction markets, tokenization, and more taking off."However, the company's business is still volatile from quarter to quarter, Armstrong said."While we've managed through that cyclicality many times before and come out stronger on the other side, we're currently in a down market and need to adjust our cost structure now so that we emerge from this period leaner, faster, and more efficient for our next phase of growth," he said.The CEO also spoke about how AI has helped speed up Coinbase's operations in recent months."Over the past year, I've watched engineers use AI to ship in days what used to take a team weeks," he said. "The pace of what's possible with a small, focused team has changed dramatically, and it's accelerating every day."Coinbase projects roughly $50 million to $60 million in restructuring expenses, mainly related to employee severance and other termination benefits and which will be recognized substantially in the ongoing quarter, the filing showed.The company's shares were down 3.8% in Tuesday afternoon trade, bringing its year-to-date losses to roughly 14%."AI is bringing a profound shift in how companies operate, and we're reshaping Coinbase to lead in this new era," Armstrong said. "This is a new way of working, and we need to leverage AI across every facet of our jobs."Coinbase is scheduled to report first-quarter financial results Thursday.Price: $197.31, Change: $-5.68, Percent Change: -2.80%

$COIN

US Markets95d ago

March New-Home Sales Top Estimates Amid Northeast Demand Surge

New-home sales in the US grew past Wall Street's estimates for March, driven by a demand surge in the Northeast region, government data showed.Single-family home sales rose 7.4% sequentially to a seasonally adjusted annual rate of 682,000 units in March, the Census Bureau and the Department of Housing and Urban Development said Tuesday. The Bloomberg-polled consensus was for a print of 652,000.The report contained initial estimates for February, showing 635,000 units sold, according to official data.Sequentially, new-home sales surged by 80% in the Northeast region in March and grew 11% in the South. The Midwest and West regions logged single-digit declines.The median price of new houses sold in March dropped 5.3% month on month to $387,400, while the average sales price decreased 3.4% to $503,100.Inventory of new houses for sale edged down 0.4% month on month to 481,000 units at the end of March. That represents a supply of 8.5 months at the current sales rate, down from 9.1-month supply in February, according to official data.US housing starts unexpectedly jumped in March amid strength in both single-unit and multi-family projects, a separate government report showed Wednesday. Pending home sales increased more than expected in March despite higher mortgage rates, according to data from the National Association of Realtors published last month.

US Markets95d ago

PayPal Targets More Than $1.5 Billion in Cost Cuts; Payments Firm Maintains Earnings Outlook

PayPal (PYPL) said it was targeting at least $1.5 billion in cost cuts over the next few years, while the payments company maintained its full-year earnings outlook.Last week, PayPal said it would reorganize into three businesses to streamline its operations. Those units are checkout solutions and PayPal, consumer financial services and Venmo, and payment services and crypto."We are realigning the organization to sharpen strategic focus, eliminate duplications, and remove layers," Chief Financial Officer Jamie Miller said during an earnings call on Tuesday, according to a FactSet transcript. "In parallel, we will be accelerating efforts to deploy (artificial intelligence) and automation across our operations and technology platform."These initiatives, combined, will drive at least $1.5 billion in gross savings over the next two to three years, Chief Executive Enrique Lores told analysts."Looking ahead, we expect to deploy these cost savings to reinvest in growth and respond to business headwinds, improving our overall financial profile over time," Miller said. "During 2026 and into 2027, we will be transitioning teams, establishing new ways of working and building systems and processes to run the business."PayPal continues to expect its 2026 non-GAAP earnings to be down low-single digits to "slightly positive," compared to last years' $5.31 tally. The FactSet-polled consensus is for $5.31.The stock plunged 8.7% intraday Tuesday, and is down 21% since the start of the year.For the ongoing quarter, the company expects non-GAAP EPS to decline by a high-single digit, or approximately 9%, from $1.40 a year earlier. Analysts are looking for $1.34.The company's non-GAAP earnings increased to $1.34 in the first quarter from $1.33 a year earlier, compared with Wall Street's $1.27 view. Net revenue improved 7% to $8.35 billion, ahead of the Street's view for $8.05 billion.Price: $46.06, Change: $-4.33, Percent Change: -8.59%

$PYPL

US Markets95d ago

Pfizer Tops First-Quarter Estimates, Reaffirms Full-Year Outlook

Pfizer's (PFE) first-quarter results surpassed analysts' estimates as robust demand across its key brands offset weakening sales of its COVID-19 products, and the company reaffirmed its full-year outlook.Adjusted per-share earnings fell to $0.75 from $0.92 a year earlier, exceeding the FactSet consensus of $0.72. Revenue rose 5% to $14.45 billion, while analysts expected $13.84 billion.The pharmaceutical giant continues to expect full-year adjusted EPS of $2.80 to $3 on revenue of $59.5 billion to $62.5 billion. Analysts project non-GAAP EPS of $2.96 on sales of $61.38 billion. Pfizer reported non-GAAP EPS of $3.22 on sales of $62.58 billion in 2025."Excluding COVID products, the underlying business delivered approximately 7% operational revenue growth, reflecting solid demand across key brands and continued strong commercial execution," Chief Financial Officer David Denton said in prepared remarks on an earnings conference call.First-quarter earnings also exceeded Pfizer's expectations, with Denton attributing the performance to cost management.Revenue in Pfizer's biopharma segment rose 5% to $14.16 billion, with increases in oncology, specialty care, and hospital and biosimilars offsetting the decline in primary care."We saw solid contributions across our product portfolio, primarily driven by Padcev, Eliquis, Nurtec, Lorbrena and the Vyndaqel family -- each reflecting focused execution in our key therapeutic areas," Denton said.Pfizer shares eased 0.3% in Tuesday trading. The stock has gained 5.7% this year.CEO Albert Bourla said Pfizer's growth profile and cash flow outlook after 2028 have improved due to two "significant" legal developments."Our recent settlement agreements resolving infringement of patents related to Vyndamax have the potential to change the growth profile of the company significantly post 2028," Bourla said, referring to Pfizer's heart medication. "This gives us greater confidence that, starting in 2029, we will enter a five-year period of high single-digit revenue (compound annual growth rate)."The recent Belgian court ruling on Comirnaty contracts in the EU is seen as a positive for future EPS and cash flow, Bourla said.Price: $26.23, Change: $-0.07, Percent Change: -0.29%

$PFE

US Markets95d ago

Shopify Sees Sequential Slowdown in Revenue Growth; Stock Tumbles

Shopify (SHOP) on Tuesday issued a second-quarter revenue outlook that implied a sequential slowdown in annual growth.The Canada-based e-commerce platform anticipates revenue to grow at a high-twenties percentage rate on a yearly basis in the ongoing quarter. The current consensus on FactSet is for $3.42 billion. In the first quarter, revenue jumped 34% to $3.17 billion, topping the Street's view for $3.11 billion.The second-quarter guidance assumes about a half point of foreign-exchange tailwinds, compared with a forex benefit of more than two points in the first quarter, Chief Financial Officer Jeff Hoffmeister said during an earnings call, according to a FactSet transcript.Shares of the company fell 8.1% in Tuesday trade, taking its year-to-date loss to 27%.Gross profit dollars are pegged to increase by a mid-twenties percentage rate for the current quarter."The differential in the revenue versus gross profit growth rates is driven by the continued mix shift between the growth rates of merchant solutions and subscription solutions, which is expected to narrow compared to 2025 and the continued strength of payments," Hoffmeister said.For the March quarter, Shopify's adjusted earnings rose to $0.36 a share from $0.25 the year before. It posted a $0.45 loss on a GAAP basis. Gross profit improved 32% to $1.55 billion.Subscription solutions revenue added 21% to $750 million in the first quarter, while merchant solutions climbed 39% to $2.42 billion. Gross merchandise volume, which represents the total dollar value of orders facilitated through the Shopify platform, advanced 35% to $100.74 billion."(The first quarter) continued the momentum of an outstanding 2025," Hoffmeister said on the call. "Strength was broad across merchant sizes, channels and geographies."Price: $118.78, Change: $-8.77, Percent Change: -6.88%

$SHOP

US Markets95d ago

Bullish to Acquire Equiniti From Siris in $4.2 Billion Deal

Bullish (BLSH) on Tuesday agreed to acquire transfer agent Equiniti from private equity firm Siris in an all-stock deal worth about $4.2 billion as the digital asset platform aims to build infrastructure for tokenized securities.The transaction comprises $1.85 billion of Equiniti's debt and about $2.35 billion in Bullish shares, priced at $38.48 apiece, the crypto exchange said in a statement. Bullish shares gained 1.9% in the most recent premarket activity.The deal is expected to combine Bullish's blockchain infrastructure with Equiniti's transfer agency services to create a global transfer agent platform to support tokenized securities."Tokenization is a once-in-a-generation shift in how capital markets operate," Bullish Chief Executive Tom Farley said. "Broad adoption at institutional scale requires three things: end-to-end tokenization services, a single, unified ledger and a broad base of blue-chip issuer relationships, at scale.""This combination delivers all three and I believe it uniquely positions us to lead the transition to tokenized securities," Farley added.The transaction, which requires approval from regulators, is expected to complete in January. Following completion, Equiniti will operate under the Bullish umbrella alongside Bullish Exchange and CoinDesk.On a pro-forma basis, the combined company is expected to generate roughly $1.3 billion in adjusted revenue and more than $500 million in earnings before interest, taxes, depreciation and amortization less capital expenditure in 2026. Bullish estimates the deal to grow revenue annually by 6% to 8% from 2027 through 2029, including 20% revenue gains from tokenization and blockchain services.The deal "strengthens our ability to support clients as markets evolve, while maintaining the stability, service, and trust they expect from Equiniti," Equiniti CEO Dan Kramer said. Kramer will continue to be responsible for the firm's daily operations and client relationships.Siris, which first purchased Equiniti in 2021, will receive two board seats as part of the transaction. The firm will also have a call option to acquire non-core Equiniti business lines.

$BLSH

US Markets95d ago

Stocks Rise Pre-Bell as Investors Await More Earnings, Monitor Middle East Developments

US equity futures were trending higher on Tuesday as traders await a fresh batch of corporate earnings and monitor developments in the Middle East.The S&P 500 and the Dow Jones Industrial Average rose 0.3% each in premarket activity, while the Nasdaq added 0.6%. The indexes finished the previous trading session lower.Shopify (SHOP), Pfizer (PFE), Duke Energy (DUK), KKR (KKR), Ferrari (RACE), American Electric Power (AEP), Transdigm (TDG), PayPal (PYPL) and Rockwell Automation (ROK) report their latest financial results before the bell, among others.Advanced Micro Devices (AMD), Arista Networks (ANET) and Strategy (MSTR) are expected to announce their earnings after the markets close.Shares of Palantir Technologies (PLTR) fell 3.3% pre-bell even though the software maker raised its full-year revenue outlook and reported first-quarter results above Wall Street's expectations. Pinterest (PINS) jumped 17% as the image-sharing platform company recorded better-than-expected first-quarter results.Investors were watching developments in the Middle East closely after a day of heightened tensions in the Strait of Hormuz. The US military destroyed six Iranian boats on Monday in the strait after Tehran attacked US Navy ships and commercial vessels, CNN reported, citing Admiral Brad Cooper, the head of the US Central Command. A senior Iranian military official reportedly disputed that claim.Iran fired missiles and drones at the United Arab Emirates, the UAE's Defense Ministry said in a post on X.President Donald Trump told Fox News on Monday that Iran will be "blown off the face of the Earth" if they attack US vessels that support his initiative to escort commercial ships through the Strait of Hormuz.West Texas Intermediate crude oil declined 2.2% to $104.09 a barrel before the opening bell, while Brent decreased 1.4% to $112.79."Absent a reopening of the strait within the next several weeks, the global oil market, in our view, is likely to enter a period of explicit demand rationing within the current quarter," Wells Fargo Investment Institute Chief Investment Officer Darrell Cronk said Monday.Tuesday's economic calendar has the international trade in goods and services report for March at 8:30 am ET, followed by the purchasing managers' index composite final report from S&P Global (SPGI) for April at 9:45 am.New home sales reports for February and March are expected to be out at 10 am, along with the Institute for Supply Management's services index for the previous month. The Job Openings and Labor Turnover Survey for March also posts at 10 am.Federal Reserve Vice Chair for Supervision Michelle Bowman is slated to speak at 10 am, while Fed Governor Michael Barr speaks at 12:30 pm.New York Fed President John Williams said Monday that the Middle East conflict could keep inflation elevated for some time.Treasury yields were down in premarket action, with the two-year rate retreating 2.8 basis points to 3.93% and the 10-year rate off 2.2 basis points to 4.42%.Gold inclined 0.7% to $4,563 per troy ounce, while bitcoin advanced 1% to $80,756.

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US Markets95d ago

Pinterest Beats First-Quarter Estimates, Sees Up to 16% Revenue Growth in Second Quarter

Pinterest (PINS) shares jumped early Tuesday as the image-sharing platform company posted better-than-expected first-quarter results and forecast up to 16% revenue growth year over year for the ongoing three-month period.For the March quarter, Pinterest's revenue climbed 18% year over year to $1.01 billion, it said late Monday, ahead of the Street's view for $967.2 million. The company expects revenue to come in between $1.13 billion and $1.15 billion for the ongoing quarter, representing annual growth of 14% to 16%. The current consensus on FactSet is for $1.14 billion. The stock spiked 16% in the most recent premarket activity.Adjusted earnings increased to $0.27 a share in the first quarter from $0.23 last year, which was the average analyst estimate on FactSet.Overall ad impressions grew 24% in the March quarter, but decelerated versus recent quarters primarily due to the lapping of the initial ramp of monetization in previously under-monetized markets, including from resellers in the rest of the world, "which had contributed to outsized impression growth the prior year," Chief Financial Officer Julia Donnelly said during an earnings call, according to a FactSet transcript.Ad pricing declined 5% on a yearly basis, but improved sequentially compared with recent quarters, mainly boosted by a higher relative mix of US and Canada ad impressions, Donnelly said on the call.Revenue in the US and Canada inclined 13% to $750 million, buoyed by retail and emerging verticals, including financial services, according to Donnelly. Revenue in Europe rose 27% to $186 million, driven by retail, while the rest of the world logged a 59% surge in revenue.The platform's monthly active users increased 11% to 631 million. Average revenue per user improved 6% from the prior-year quarter.Adjusted earnings before interest, taxes, depreciation and amortization came in at $206.5 million versus $171.6 million a year ago. For the ongoing quarter, adjusted EBITDA is pegged at $256 million to $276 million."As we continue building an (artificial intelligence)-powered ads platform that delivers performance for advertisers, we remain focused on ensuring monetization more fully reflects the strength of our engagement," Chief Executive Bill Ready said in the earnings release.

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US Markets95d ago

Swiss Inflation Hits Highest Level Since December 2024 Amid Rising Fuel Prices

Switzerland's annual inflation rate rose for the second consecutive month in April 2026 and hit its highest level since December 2024 as tensions in the Middle East keep energy prices elevated.The Swiss consumer price index climbed 0.6% year over year in April following a 0.3% rise in March, data from the country's Federal Statistical Office showed Tuesday. On a monthly basis, consumer prices edged up 0.3%, against March's 0.2% gain and the consensus estimate of a 0.4% rise.Excluding volatile items such as fresh and seasonal products, energy, and fuel, annual inflation ticked down to 0.3% from 0.4%. Month over month, core inflation showed zero growth.The FSO mainly attributed the month-over-month increase to rising prices for petrol, diesel and heating oil, as well as higher prices for air transport and international package holidays. On the other hand, prices for hotels and supplementary accommodation decreased during the month, along with prices for car rental and car sharing.In its March monetary policy assessment, the Swiss National Bank (SNBN.SW) left its key rate unchanged at 0%, citing the "virtually unchanged" inflationary pressure over the medium term. The SNB, however, noted that the outlook for the country's economy has become "considerably more uncertain" as a result of the Middle East conflict."With the rise in energy prices due to the escalation in the Middle East, inflation is likely to increase more strongly in the coming quarters. As a result, the conditional inflation forecast in the short term is higher than in December [2025]. In the medium term, it is slightly lower due to the stronger Swiss franc," the central bank said at the time. "Given the conflict in the Middle East, the SNB's willingness to intervene in the foreign exchange market has increased. The SNB thereby counters a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland."The Swiss central bank's next monetary policy assessment is set for June 18.

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US Markets95d ago

Singapore Retail Sales Gain in March Driven by Auto and Tech Demand

Boosted by vehicle sales, Singapore retail activity logged a strong performance in March, as reported by Statistics Singapore on Tuesday.The city-state's retail sales grew 4.8% year on year in March and rose a seasonally adjusted 3.7% from the preceding month, reported officials.Motor vehicle and part sales in March in Singapore grew by 12.9% on year in March, and expanded by 6.1% on month.Computer and telecommunications equipment sales increased by 11.9% on year in March, and by 6.2% from February, added Statistics Singapore.In contrast, Singapore, food and alcohol sales fell by 6% on year and by 5.1% from the previous month, according to official figures.Also lagging a bit were furniture and household equipment sales, off 1.9% on year in March, though up 0.2% from February.Singapore's first-quarter performance points to "resilient" consumer activity, supported by labor market conditions and tourism, said Chua Han Teng, senior economist with Singapore-based DBS Bank, reported the Singapore-based The Straits Times.Nevertheless, the city-state's retail outlook is "clouded by heightened global economic uncertainty stemming from the Middle East conflict," with consumer spending likely to turn more cautious as inflation weighs on purchasing power and labor market conditions soften, added the DBS economist.

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US Markets95d ago

Indonesia Economy Expands By 5.61% on Year in First Quarter

Boosted in part by government outlays, Indonesia's gross domestic product (GDP) expanded by 5.61% on year in the first quarter, reported the Central Statistics Agency on Tuesday.Southeast Asia's largest economy logged the biggest annual expansion since 2022, but some experts warned the growth could lag in coming seasons as the national government tempers outlays, and as higher energy bills sap businesses and consumers.Government outlays rose 21.8% on year in the first quarter as Jakarta ramped up flagship social-welfare programs, including a free-meal scheme and village cooperative funding, to spur household consumption.The national government also spent briskly during the first quarter to support outlays during the fasting month of Ramadan, and the Eid al-Fitr holiday, when many businesses are closed.Despite challenges, the Indonesian economy may still grow by a relatively robust 5% for the full 2026 year, said economists with Maybank (Malayan Banking Berhad), which is Malaysia's largest bank.Headwinds to Indonesian economic growth are likely to intensify in the second quarter, with exports hampered by cost pressures on international trade, said Brian Lee and Hak Bin Chua, analysts at Maybank, reported the Singapore-based The Business Times.Higher fuel prices and a weakening Indonesian currency, the rupiah, are likely to push up import bills going forward, added the analysts.There are also concerns that Indonesian national government is engaged in unsustainable spending."A team of economists from the Macroeconomic, Finance and Political Economy Research Group at University of Indonesia noted that the government is continuing to roll out fiscally costly flagship programs, including a nationwide free-meal initiative," reported The Business Times.Concerns over fiscal outlays and government borrowing have also unsettled financial markets, including negative comments from credit-rating agencies Moody's and S&P Global Ratings, noted The Business Times.In Mid-April, S&P Global assigned a "BBB/A-2" rating to Indonesian bonds, with BBB- being the lowest rating for an "investment grade" government bond.If Indonesia national debt levels continue to rise, the BBB rating could be lowered, said S&P Global.

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US Markets95d ago

Australia's Central Bank Raises Key Rate Again in Near-Unanimous Vote

Stubborn inflation and sharply higher fuel prices pushed Australia's central bank to raise its cash rate by another 25 basis points to 4.35% on Tuesday, marking its third increase to borrowing costs this year.Inflation was "already too high before the Middle East conflict" and will likely remain above the 2% to 3% target range for longer due to the recent surge in fuel and related commodity prices, the Reserve Bank of Australia said.The rate decision was in line with market expectations and followed the previous week's headline consumer price index reading of 4.6% for the 12 months to March, a jump up from the 3.7% annual rate in February."Higher fuel prices are adding to inflation and there are indications that this is likely to have second-round effects on prices for goods and services more broadly," the central bank said. It expects the unemployment rate "to increase a bit" alongside a slowdown in household and business spending this year.Tuesday's decision was almost unanimous, as eight policymakers voted for the hike and only one voted to leave the rate unchanged at 4.1%. The previous policy meeting in March was more closely contested, with five votes for an increase and four to hold the rate steady.Under its baseline forecast, which assumes a quick resolution to the Middle East conflict and a decline in fuel prices, the central bank expects the domestic economy's growth to ⁠slow to 1.3% by the close of the year. However, it also warned of plausible scenarios where inflation is higher and activity lower than expected.Speaking at a press conference following the policy meeting, central bank Governor Michele Bullock said the effects of the US-Iran conflict will linger through the year even if it is resolved quickly. She added that the resulting oil shock will worsen the country's housing crisis.ANZ said the tone of the central bank's post-meeting statement was more hawkish than it expected."While the post-meeting statement did note that the board has 'raised the cash rate three times,' there was not the clear opening to a pause in June that we expected," ANZ said.

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US Markets95d ago

Equities Rise Intraday as Hegseth Says US-Iran Ceasefire Still Holds

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