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Middle East Conflict to Drive Oil Demand Contraction This Year, IEA Says

The International Energy Agency on Tuesday forecast global oil demand to turn negative this year due to the Middle East conflict, penciling in the sharpest consumption decline in the second quarter since the COVID-19 pandemic.The agency now forecasts demand to drop by 80,000 barrels a day this year, compared with a 640,000-barrel rise predicted last month.Oil consumption is anticipated to shrink by 1.5 million barrels a day in the second quarter, representing the steepest plunge since COVID-19, the IEA said. Demand is expected to contract by 800,000 barrels per day year over year in March and by 2.3 million barrels this month, the IEA said."Initially, the deepest cuts in oil use have come in the Middle East and Asia Pacific, mainly for naphtha, LPG and jet fuel," according to the IEA report. "However, demand destruction will spread as scarcity and higher prices persist."Energy prices have soared in the aftermath of the US-Israel war with Iran that have curtailed shipments through the crucial Strait of Hormuz. While Washington and Tehran have agreed to a temporary ceasefire, the two sides were unable to reach a deal during negotiations in Pakistan over the weekend.Brent crude declined 4% to $95.40 a barrel in Tuesday trading, while West Texas Intermediate fell 6.7% to $92.42."Resuming flows through the Strait of Hormuz remains the single most important variable in easing the pressure on energy supplies, prices and the global economy," the IEA said. "The prospects for a lasting negotiated settlement to the conflict remain unclear at this stage."On Monday, the Organization of the Petroleum Exporting Countries lowered its second-quarter oil demand forecast, but maintained its full-year estimates amid expectations for a rebound in the second half.The US navy on Monday began a blockade of maritime traffic entering and exiting Iranian ports.Global oil supply plunged by 10.1 million barrels a day to 97 million barrels last month, amid Tehran's attacks on energy infrastructure in the Middle East and restrictions to tanker movements through the strait, according to the agency. In March, it forecast supply to drop by 8 million barrels for the month.Last month, the IEA agreed to release a record 400 million barrels of oil amid concerns around supply disruptions caused by the Middle East conflict.

US Markets115d ago

Wells Fargo First-Quarter Revenue Trails Views; CEO Sees Delayed Oil Price Shock Impact

Wells Fargo's (WFC) first-quarter revenue missed market expectations as Chief Executive Charlie Scharf said there will likely be a lag in the pass-through of higher oil prices.Consolidated sales increased 6% year over year to $21.45 billion, but fell short of the FactSet-polled consensus estimate of $21.79 billion. The lender posted earnings of $1.60 per share for the March quarter, up from $1.39 a year ago and ahead of Wall Street's $1.58 view.Shares of the bank were down 4.9% in Tuesday trade."While markets have been volatile, we still see continued resiliency in the underlying economy and the financial health of the consumers and businesses we serve remains strong, though the impact of higher oil prices will likely take some time to materialize," Scharf said in a statement.Energy prices have soared in the aftermath of the US-Israel war with Iran that has curtailed shipments through the Strait of Hormuz. While the US and Iran have agreed to a temporary ceasefire, the two sides were unable to reach a deal during negotiations in Pakistan over the weekend.JPMorgan Chase (JPM) and Goldman Sachs (GS) have posted first-quarter results above market estimates. Their executives flagged potential macro-level risks, including those stemming from geopolitical tensions, even though they stressed that the underlying economy remained resilient.Wells Fargo's net interest income rose 5% year over year to $12.1 billion, while noninterest income jumped 8% to $9.35 billion.Corporate and investment banking revenue increased 4% to $5.28 billion as gains in investment baking were countered by a decline in the commercial real estate business. Consumer banking and lending revenue increased 7% to $10 billion, while commercial banking added 7%.Price: $82.29, Change: $-4.36, Percent Change: -5.03%

$GS$JPM$WFC

US Markets115d ago

Amazon to Acquire Mobile Satellite Services Operator Globalstar

Amazon.com (AMZN) agreed to buy mobile satellite services operator Globalstar (GSAT) as the e-commerce giant aims to add direct-to-device services to its Leo satellite network, the companies said Tuesday.Globalstar's investors may opt to receive $90 in cash for every share owned, or 0.3210 shares of Amazon with a $90 valuation cap. Total cash elections can't exceed 40% of Globalstar's shares. The total consideration may be adjusted downward by up to $110 million if Globalstar fails to meet certain operational milestones, according to the joint statement.Globalstar had a market capitalization of $9.37 billion as of Monday, according to FactSet data. Its shares were up 9% intraday, while Amazon's rose 2.8%."By combining Globalstar's proven expertise and strong foundation with Amazon's customer-obsession and innovation, customers can expect faster, more reliable service in more places," Panos Panay, senior vice president of devices and services at Amazon, said.Upon completion, Amazon Leo will be able to provide D2D services via its low Earth orbit satellite network and extend cellular coverage beyond the reach of terrestrial networks, the companies said. The plan is to deploy Amazon Leo's own D2D satellite system beginning in 2028."(Amazon) is effectively solving its (Federal Communications Commission) deadline problem by acquiring a functioning satellite operator while also leapfrogging into D2D connectivity, a market SpaceX's Starlink has been targeting," Wedbush Securities analyst Michael Piccolo said in a note e-mailed to.SpaceX is a private company owned by Elon Musk, CEO of Tesla (TSLA).The transaction, which requires regulatory approvals, is anticipated to complete in 2027."The combination with Amazon Leo will advance innovations in digital connectivity that will benefit our customers and advance us toward a more intelligent, continuously connected world," Globalstar Chief Executive Paul Jacobs said.Amazon said that it agreed to provide satellite connectivity for Apple's (AAPL) current and future iPhone and its smartwatch features. Currently, Globalstar provides satellite service that powers iPhone 14 or newer models, as well as Apple Watch Ultra 3."Apple and Amazon have a long and proven track record of working together through Amazon's core infrastructure services, and we look forward to building on that collaboration with Amazon Leo," Greg Joswiak, senior vice president of worldwide product marketing at Apple, said.Price: $246.78, Change: $+6.89, Percent Change: +2.87%

$AAPL$AMZN$GSAT$TSLA

US Markets115d ago

Johnson & Johnson Raises 2026 Outlook Following First-Quarter Beat

Johnson & Johnson (JNJ) lifted its full-year outlook on Tuesday as the healthcare products conglomerate's first-quarter results surpassed Wall Street's expectations.The company now anticipates adjusted earnings of $11.45 to $11.65 per share for 2026, up from its previous projections of $11.43 to $11.63. Sales are set to come in between $100.3 billion and $101.3 billion, compared with the prior guidance of $100 billion to $101 billion.The consensus on FactSet is for non-GAAP EPS of $11.56 and sales of $100.63 billion for the current year."Johnson & Johnson had a strong start to 2026 and is delivering on its promise for a year of accelerated growth and impact," Chief Executive Joaquin Duato said in a statement.Shares of the company edged up 0.5% in Tuesday trade, taking its year-to-date gain to 15.5%.For the first quarter, Johnson & Johnson's adjusted EPS declined to $2.70 from $2.77 last year, but came in ahead of the Street's view for $2.68. Sales improved 9.9% to $24.06 billion, surpassing the average analyst estimate of $23.61 billion.Innovative medicine sales climbed 11% to $15.43 billion. Operational revenue moved 7.4% higher, driven by, among others, the group's oncology products, including blood cancer therapy Darzalex, as well as immunology product Tremfya.Medtech revenue advanced 7.7% to $8.64 billion, buoyed by the firm's electrophysiology products, Abiomed, Shockwave in the cardiovascular portfolio and trauma in orthopaedics, it said.Revenue in the US increased to $13.33 billion from $12.31 billion in the 2025 quarter, while international sales gained 12% to $10.73 billion.Price: $239.20, Change: $+1.37, Percent Change: +0.58%

$JNJ

US Markets115d ago

JPMorgan Beats First-Quarter Estimates; CEO Dimon Warns of 'Increasingly Complex' Risks to Economy

JPMorgan Chase (JPM) reported better-than-expected first-quarter results on Tuesday, while Chief Executive Jamie Dimon said the US economy remained resilient but warned of an "increasingly complex set of risks," including wars and energy price volatility.The banking giant posted earnings of $5.94 a share for the quarter ended March, up from $5.07 the year before, topping the FactSet-polled consensus of $5.45. Consolidated revenue advanced 10% to $49.84 billion, ahead of the Street's view for $49.13 billion.Net interest income inclined 9% on a managed basis to $25.48 billion. Noninterest revenue rose 11% both on reported and managed bases to $24.47 billion and $25.06 billion, respectively."The firm delivered strong results in the first quarter," Dimon said in the earnings release. "Performance was strong across our businesses."Dimon noted that the world's largest economy "remained resilient" in the quarter, "with consumers still earning and spending and businesses still healthy." The resiliency was supported by several tailwinds, including fiscal stimulus and artificial intelligence-driven capital investment, according to the CEO."At the same time, there is an increasingly complex set of risks - such as geopolitical tensions and wars, energy price volatility, trade uncertainty, large global fiscal deficits and elevated asset prices," Dimon added. "While we cannot predict how these risks and uncertainties will ultimately play out, they are significant and they reinforce why we prepare the Firm for a wide range of environments."Energy prices have soared in the aftermath of the US-Israel war with Iran that began at the end of February, curtailing shipments through the crucial Strait of Hormuz. While the US and Iran have agreed to a temporary ceasefire, the two sides were unable to reach a deal during negotiations in Pakistan over the weekend.Earlier in April, Dimon said in a shareholder letter that supply disruptions caused by the Iran war could keep inflation and interest rates higher than expected.Revenue in JPMorgan's commercial and investment banking segment climbed to $23.38 billion from $19.67 billion in the prior-year period. Investment banking fees jumped 28%, buoyed by stronger advisory and equity capital markets activity, according to Dimon. "Payments continued to deliver very strong results, with double digit growth in deposits and fees," the CEO said in the earnings release.Consumer and community banking revenue advanced 7% to $19.57 billion in the quarter, amid gains in banking and wealth management and card services and auto. Corporate revenue dropped 47% to $1.22 billion, while asset and wealth management sales grew 11% to $6.37 billion.Assets under management gained 16% to $4.8 trillion, boosted by higher market levels and continued net inflows, JPMorgan said. The bank's provision for credit losses declined to $2.51 billion from $3.31 billion in the 2025 quarter, including net charge-offs of $2.3 billion.The lender expects net interest income of about $103 billion for full-year 2026, according to an earnings presentation.

$JPM

US Markets115d ago

Stocks Rise Pre-Bell Amid Hopes of Renewed US-Iran Peace Talks; Big Bank Earnings, PPI Data on Deck

US equity futures were trending higher on Tuesday amid media reports that the US and Iran may revive their peace talks, while investors await the latest financial results of some of Wall Street's largest banks and data on wholesale prices.The S&P 500 rose 0.2%, the Dow Jones Industrial Average edged up 0.1% and the Nasdaq added 0.4% in premarket activity. The indexes finished the previous trading session higher, with the Nasdaq recording gains for the ninth consecutive day.The US and Iran are considering holding another round of negotiations before their current two-week ceasefire expires next week, Bloomberg News reported Tuesday, citing people familiar with the matter.President Donald Trump reportedly said Monday that "the right people" have reached out to Washington "and they want to work a deal." Delegations from the US and Iran were unable to reach a deal during negotiations in Pakistan over the weekend.In an interview with Fox News, Vice President JD Vance said it was up to Iran to make the next move on peace talks with the US, according to CNBC. "Whether we have further conversations, whether we ultimately get to a deal, I really think the ball is in the Iranian court, because we put a lot on the table," Vance reportedly said.The US navy on Monday started a blockade of Iranian ports in the crucial Strait of Hormuz.West Texas Intermediate crude oil declined 2.6% to $96.53 a barrel before the opening bell, while Brent decreased 1.2% to $91.88.The International Energy Agency said Tuesday it expects oil demand to fall by 80,000 barrels per day this year as the Middle East war "upends" its global outlook. "Demand destruction will spread as scarcity and higher prices persist," the IEA said.On Monday, the Organization of the Petroleum Exporting Countries lowered its second-quarter oil demand forecast due to the Middle East conflict, but maintained its full-year estimates amid expectations for a rebound in the second half.JPMorgan Chase (JPM), Wells Fargo (WFC) and Citigroup (C) are some of the banking giants scheduled to report their latest quarterly earnings before the bell, along with Johnson & Johnson (JNJ), BlackRock (BLK) and Albertsons (ACI).Goldman Sachs (GS) posted first-quarter results above market estimates on Monday, while Chief Executive David Solomon said a protracted Middle East conflict could pose upside risks to inflation. Bank of America (BAC) and Morgan Stanley (MS) post their results on Wednesday.Last month's producer price index, a measure of wholesale prices, is slated to be released at 8:30 am ET. Last week, government data showed that consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher.Treasury yields were down in premarket action, with the two-year rate retreating 1.9 basis points to 3.76% and the 10-year rate off 1.6 basis points to 4.28%.Federal Reserve Governor Michael Barr is set to speak at 12:45 pm, while Chicago Fed President Austan Goolsbee speaks earlier at 12:15 pm.Shares of Oracle (ORCL) added 4.2% pre-bell after closing the previous trading session up 13% as the company said it introduced artificial intelligence-focused updates to its utilities software suite. Avanos Medical (AVNS) surged 68% after the firm agreed to be acquired by American Industrial Partners affiliates in a deal worth $1.27 billion.Gold inclined 0.8% to $4,804 per troy ounce pre-bell, while bitcoin advanced 2% to $74,609.

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US Markets115d ago

China's Balance of Trade Plunges in March Despite Import Surge

China's balance of trade saw a surplus of $51.13 billion in March, according to data from Customs released Tuesday.The figure was weaker compared with a $213.62 billion surplus in February and missed analsyts' estimates of $107.5 billion during the month, according to a report by Investing.com.In local currency terms, the balance of trade plunged 4.8% year over year, analysts from ING said in a note Tuesday.The plunge in local currency terms could also impact China's GDP data, due for release Thursday, ING said.Exports jumped 2.5% year over year to $321 billion during the month, Customs said. The growth rate missed a forecast of 8.3%, according to Investing.com. It is also slower compared with the 21.8% surge in the January-February period.Exports destined for the U.S. fell 14.6% year over year, but is expected to ease in the coming months, analysts from ING said."With the drag from the US expected to ease-assuming no new tariff shocks, which cannot be fully ruled out-external demand should remain an important driver of growth this year," ING said.Imports soared 27.8% year over year to $269.9 billion during the month, exceeding expectations, and up from a 19.8% rise seen in the January-February period, according to multiple media reports.The surge is attributable to higher technology product prices, which led to "stunning export growth" across the rest of Asia-Pacific, ING analysts said.Chinese semiconductor imports jumped 11% year on year year-to-date by volume and 45% year-to-date by value, according to the analysts.The figure has not taken into account the impact of the Iran war, as crude oil imports increased 8.9% year on year, year-to-date in volume terms but were down 4.7% year to date in value terms, ING said.Higher energy prices could accelerate imports further in the coming months, the bank said.The balance of trade for the quarter reached $264.3 billion.

Shanghai Composite^SZSE

US Markets115d ago

Singapore's Economic Growth Weakens in Q1

Singapore's economy slowed down in the first quarter, largely missing expectations.The gross domestic product grew by 4.6% year on year, lower than the previous quarter's 5.7% increase, according to the Ministry of Trade and Industry on Tuesday.The GDP is way below the 5.9% rise forecasted by economists surveyed by Reuters.On a quarter-on-quarter basis, the GDP shrank by 0.3%, swinging from the 1.3% growth in the fourth quarter of 2025.The MTI said Singapore's economy stayed resilient during the period, but the impact of the Middle East conflict is expected to reflect in the coming quarters.Among sectors, the manufacturing sector climbed 5% year on year during the quarter, weaker than the 11.4% jump in the prior quarter.The construction sector expanded by 9% from a year earlier, higher than the 4.6% rise in the fourth quarter of 2025.As for services sectors, wholesale and retail trade, and transportation and storage collectively rose by 6.7% year on year, an extension from the 6.8% acceleration in the preceding quarter. Information and communications, finance and insurance, and professional services sectors grew 3.9% year on year, higher than the previous quarter's 3.7% growth. Meanwhile, other services, including accommodation and food services, real estate, administrative and support services, rose 2.3% from a year earlier, easing from the 2.9% climb in the previous quarter.Despite the risks of the war in Iran, the Monetary Authority of Singapore kept its GDP growth outlook of between 2% and 4%. The MAS moderately tightened its monetary policy, raising the rate of the Singapore dollar nominal effective exchange rate policy band amid the global oil price hikes and the threat of higher inflation, which is expected to rise to a range of 1.5% and 2.5% from the previous forecast of 1% and 2%.Deepali Bhargava, ING's regional head of research for Asia-Pacific, said it is likely that the pressures related to the rise of oil prices can be offset by demand for artificial intelligence technology, as well as recent fiscal measures."Taken together, these factors underpin our GDP growth forecast of 3.3% year on year, which lies on the stronger side of the MAS's projected range and closer to the upper end of its midpoint," Bhargava said.

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US Markets115d ago

Imperial Brands Shares Fall Amid Middle East Conflict Uncertainty; Fiscal 2026 Outlook Reaffirmed

Imperial Brands (IMB.L) reaffirmed its fiscal 2026 guidance but warned that the uncertainty caused by the ongoing conflict in the Middle East could have an impact on its business in the second half, sending its shares down 7% in Tuesday midday trade.In a same-day trading update, the UK-based tobacco group said it still expects to deliver low-single-digit net revenue growth in tobacco and double-digit growth in next generation products, or NGP, for the full fiscal year. Also reaffirmed were the group adjusted operating profit growth forecast of between 3% and 5% and the projected EPS growth of at least a high-single-digit percentage, all on a constant currency basis."The conflict in the Middle East has resulted in a more uncertain geopolitical and macro environment. Whilst there has been no material business impact to date, the potential future impact during the second half remains uncertain," the company said. "We continue to monitor the situation and will give a further update with our H1 results announcement on 12 May."For the six months ended March 31, Imperial Brands anticipates low-single-digit growth in tobacco and NGP net revenue, supported by robust tobacco pricing and continued momentum in heated tobacco, vape and modern oral products.Group adjusted operating profit for the fiscal first half is projected to come in "slightly" higher year over year, at constant currency, with growth anticipated to accelerate in the latter half, in line with previous guidance.Meanwhile, headwinds related to foreign exchange translation is currently forecast to be between 2% and 2.5% on EPS for the fiscal first half and 0.1% on full-year EPS.Analysts at RBC Capital Markets adopted a negative sentiment on Imperial Brands, noting that the company expects a "modest" decline in market share across its five priority markets during the fiscal first half."This contrasts with flat market share in FY2025 and +48bps over the last five years. We regard this latter point as having been fundamental to Imperial's rehabilitation, and therefore are [nervous] about the loss of share in the latest six months. The statement gives no indication of the likely market share trend in 2H," the research firm said.

$IMB.L

US Markets115d ago

Intertek Group Soars After Strong First-Quarter Results, Launches Review of Potential Business Split

Intertek Group (ITRK.L) shares climbed over 12% higher on Tuesday, buoyed by robust first-quarter trading results and the announcement of a strategic review aimed at potentially separating its energy infrastructure and testing divisions.The British assurance, testing, and certification company is evaluating the potential separation of its Intertek Energy & Infrastructure and Intertek Testing & Assurance. The review aims to determine if separate, specialist entities would drive faster market execution and better long-term shareholder returns.The move, which will be implemented by mid-2027 through either a sale or demerger, is intended to help accelerate the businesses' growth in a "highly attractive and growing" quality assurance sector.RBC Capital Markets held a positive sentiment over the "leftfield" strategic review, as it noted that buyers are "likely to tread carefully" amid a challenging geopolitical landscape."A demerger runs the risk of cost duplications and less liquid entities with a smaller investor audience, but we think many investors will view the prospects for sustained independence as limited given the appetite for consolidation by the biggest global players," RBC said in a quick-take report, adding that investor focus is likely to shift quickly to potential acquirers and whether standalone units could command higher valuation multiples.Intertek also reported an increase in group revenue for the three months ended March 31 at 838.5 million pounds sterling, up 3.7% at actual rates and 6.7% at constant currency. The company's like-for-like revenue came in at 828.3 million pounds, 2.4% higher year-on-year at actual rates and 5.4% at constant exchange rates.Chief Executive Officer André Lacroix said the group made a "strong start" to 2026, driven by Consumer Products, double-digit growth in risk-based assurance within Corporate Assurance, and solid demand across Health and Safety and Industry and Infrastructure. "Operating cash flow and free cash flow were strong which, combined with our strong balance sheet, enables us to continue to invest to seize the exciting growth opportunities ahead," he added.Within this context, Intertek affirmed its full-year 2026 outlook, saying it is "on track" to deliver mid-single digit like-for-like revenue growth on a constant currency basis, sustained margin expansion, and "strong" earnings growth and free cash flow.

$ITRK.L

US Markets115d ago

FedEx Finance Chief to Step Down Upon Freight Operations Spinoff

FedEx (FDX) said its finance chief will step down in early June as the parcel delivery giant completes the spinoff of its freight business into a new publicly listed company.John Dietrich will leave his role as chief financial officer on June 1 and remain with the company until July 31, it said late Monday. Claude Russ, enterprise vice president of finance at FedEx, will serve as interim CFO while the company conducts an internal and external search for a permanent successor to Dietrich.Shares of FedEx edged down 0.6% in Tuesday's most recent premarket activity. The stock has gained 29% so far this year."I want to thank John for his many contributions to the FedEx leadership team over the last several years as we successfully navigated a significant company transformation and delivered on the upcoming spin of our freight business," Chief Executive Raj Subramaniam said in a statement. "As we begin the search for John's successor, I am confident that Claude's wealth of experience will ensure seamless continuity and commitment to advancing our strategy."The separation of FedEx's freight division is expected to complete on June 1.FedEx also reiterated its fiscal 2026 outlook issued in March. At the time, the company expected adjusted earnings to be in a range of $19.30 to $20.10 per share on revenue growth of 6% to 6.5%. The current consensus on FactSet is for non-GAAP EPS of $19.77 and sales of $93.56 billion.The company reaffirmed its targets for 2029 shared at its investor day in February, which included a compound annual growth rate for revenue of 4%.

$FDX

US Markets115d ago

Australian Consumer Confidence Declines in April on War Outlook

Australia's consumer confidence levels "crashed" in March, marking the largest monthly decline since the COVID-19 era and striking low levels not seen since 2023, reported the Westpac-Melbourne Institute on Tuesday.The Westpac-Melbourne Institute Consumer Sentiment Index fell to 80.1 in April from 91.6 in March, as consumers faced fuel bills and higher interest rates, said the Institute.In April, the "spike in fuel prices following the US-Israel war on Iran and a further 25 basis point interest-rate increase (by the Reserve Bank of Australia) are again putting finances under intense pressure," advised the Institute.Readings above 100 on the Australian consumer index point to optimism, while below that level suggest pessimism.In April, Australian fears of job loss rose to a near six-year high, while consumers became much less bullish on the house-price outlook as well, according to the monthly Institute survey.After generally rising since 2022, the Australian consumer sentiment index is back near historical lows, "albeit above the extremes seen at the onset of the (COVID-19) pandemic and during the recessions of the early 1990s and 1980s," said the Westpac-Melbourne Institute.The "time to buy a major household item" sub-index in April fell to 83.3 from 98 in March, another sign of waning consumer confidence.Household outlooks in April also soured. "Near-term expectations for the economy and family finances also deteriorated sharply, suggesting consumers see little prospect for improvement and are bracing for more difficulties," reported the Institute.The Westpac-Melbourne Institute Consumer Sentiment survey polls about 1,200 Australian adult consumers (or households), each month.

ASX 200

US Markets115d ago

Persian Gulf Turmoils Douse Australian Business Confidence in March

Business confidence in Australia "plunged" in March due to the Persian Gulf conflict, echoing the gloom of the 2008-9 Global Financial Crisis, and COVID-19 era, NAB Economics reported on Tuesday."The outbreak of the conflict in the Middle East saw business confidence fall...to negative 29 index points, the second-largest monthly fall in the survey's history," said NAB Economics. "Falls of this magnitude have previously only been seen in the GFC and the onset of COVID."Before March, business confidence index had been flat, at zero.In better news, while Australian confidence declined in March, perceived business conditions were roughly constant according to survey respondents, reported NAB Economics, a part of NAB, the large bank."Meanwhile, business conditions fell only 1 point to 6 index points in March, reflecting the fact that while the global news backdrop has impacted sentiment, it is still early in terms of the flow through to activity," said NAB Economics.However, the category of forward orders fell sharply in March, "erasing gains seen earlier in the year and pointing to rising caution among firms," added NAB Economics.Australian enterprise also reported rising costs of operation. The cost of goods to operate in March rose at a 3% quarterly rate, while labor costs rose at a 1.5% rate, said NAB.In March Australian businesses also reported easing sales and slipping profitability, according to survey results.The NAB Monthly Business Survey contacts about 600 small, medium, and large non-agricultural companies to assess business confidence and conditions, by telephone, each month.

ASX 200

US Markets115d ago

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

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

$SIKA.SW

US Markets116d ago

Nasdaq Extends Rally to 9th Day as Tech Stocks Jump

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

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US Markets116d ago

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

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

US Markets116d ago

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

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

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

US Markets116d ago

Equities Mostly Rise Intraday; Oil Prices Advance Amid Hormuz Blockade

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

Dow JonesNasdaq CompositeS&P 500$GS$ORCL

US Markets116d ago

UBS Tempers Fed Rate Cut Expectations Amid Inflation Concerns

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

US Markets116d ago

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

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

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US Markets116d ago

Nasdaq Extends Rally to 9th Day as Tech Stocks Jump

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