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Exchange-Traded Funds Lower as US Equities Fall After Midday

Broad Market IndicatorsBroad-market exchange-traded fund IWM and IVV declined. Actively traded Invesco QQQ Trust (QQQ) edged up 0.1%.US equity indexes traded lower after midday Wednesday as crude oil futures and government bond yields jumped amid concern that Iran's blockade will be extended to force Tehran into a peace deal.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each added about 1.8%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) was up 0.2%; iShares US Technology ETF (IYW) fell 0.2%, and iShares Expanded Tech Sector ETF (IGM) rose fractionally.The State Street SPDR S&P Semiconductor (XSD) climbed up 3.6%, and iShares Semiconductor (SOXX) was up 1.5%.FinancialThe State Street Financial Select Sector SPDR (XLF) eased 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) declined 0.2%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), gained 0.1%.CommoditiesCrude oil rose 6.9%, and the United States Oil Fund (USO) gained 6.9%. Natural gas was down 1.7%, and the United States Natural Gas Fund (UNG) fell 1.8%.Gold on Comex slipped 1%, and the State Street SPDR Gold Shares (GLD) fell 1.1%. Silver declined 1.5%, and iShares Silver Trust (SLV) was down 2.1%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) eased 0.1%. The Vanguard Consumer Staples ETF (VDC) edged lower, and iShares Dow Jones US Consumer Goods (IYK) was 0.1% higher.The State Street Consumer Discretionary Select Sector SPDR (XLY) dipped 0.4%. VanEck Retail ETF (RTH) eased 0.2%, and the State Street SPDR S&P Retail (XRT) was down 0.7%.Health CareThe State Street Health Care Select Sector SPDR (XLV) shed 0.7%, iShares US Healthcare (IYH) fell 0.6%, and Vanguard Health Care ETF (VHT) was 0.7% lower. IShares Biotechnology ETF (IBB) slipped 1.6%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) lost 0.8%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) were also lower.CryptocurrencyIn midday activity, bitcoin (BTC-USD) fell 0.7%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) dipped 0.8%, ProShares Ether ETF (EETH) lost 1.1%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was up 0.2%.

$^DJI$^EEM$^EXI$^FAS$^FAZ$^GLD$^IBB$^IGM$^IGV$^IPK$^IVV$^IWM$^IXIC$^IYE$^IYH$^IYJ$^IYK$^IYW$^PMR$^QQQ$^RTH$^SOXX$^SPX$^SPY$^UNG$^USO$^VDC$^VHT$^VIS$^XLE$^XLF$^XLI$^XLK$^XLP$^XLV$^XRT$^XSD$BETH$BITO$EETH

Asia Markets9d ago

US Equity Indexes Fall Amid Surge in Crude Oil, Treasury Yields as Iran Peace Deal Proves Elusive

US equity indexes traded lower after midday on Wednesday as crude oil futures and government bond yields jumped amid concern that Iran's blockade will be extended to force Tehran into a peace deal.Index heavyweights Alphabet (GOOG, GOOGL), Amazon.com (AMZN), Meta Platforms (META), and Microsoft (MSFT) will report quarterly earnings after the bell, adding to frayed nerves as investors await the latest read on the hyperscalers' capital expenditure plans.The Dow Jones Industrial Average fell 0.6% to 48,853.3, with the S&P 500 down 0.2% to 7,121.9 and the Nasdaq Composite 0.4% lower at 24,572.2. All sectors except energy fell, with materials and industrials leading the decliners intraday.President Donald Trump has instructed aides to prepare for an extended blockade of Iran, US officials told The Wall Street Journal. In recent meetings, including a Monday discussion in the Situation Room, Trump opted to continue squeezing Iran's economy and oil exports by preventing shipping to and from its ports, the WSJ said.Trump assessed with his aides that the other options open to him -- resume bombing or walk away from the conflict -- carried more risk than maintaining the country's blockade, the officials told the WSJ."Iran can't get their act together. They don't know how to sign a non-nuclear deal. They'd better get smart soon!" Trump said in a Wednesday Truth Social post.Meanwhile, West Texas Intermediate crude oil futures jumped 6.7% to $106.70, and Brent crude futures surged 6.8% to $118.87 amid concern that Trump's policy will prolong disruption in the Strait of Hormuz, the chokepoint for 20% of global crude oil flows.In precious metals, gold futures dropped 0.7% to $4,575.00, and silver futures slumped 2% to $72.30, as higher crude oil prices raised inflation concerns. Most US Treasury yields rose, with the 10-year up 4.6 basis points to 4.40%, the highest in about a month. The two-year jumped seven basis points to 3.91%.The Federal Reserve's Federal Open Market Committee will make its latest policy announcement at 2 pm ET, followed by a press conference by Fed Chair Jerome Powell. The panel is certain to leave interest rates unchanged at the current target rate of 3.5% to 3.75%, according to the CME's FedWatch tool.If the Iran war lasts longer, Central banks that haven't adopted more explicit tightening biases, such as the Fed, and/or where inflation has been running above target, also such as the Fed, may be seen behind the curve, according to a Macquarie note. "We would then expect to see a more hawkish tone and action emerge by May."In economic news, US March housing starts jumped almost 11% to a 1.502 million annual rate from a 1.356 million pace in February, above the 1.38 million rate expected in a Bloomberg-compiled survey.Building permits plunged nearly 11% to a 1.372 million rate in March, below the 1.39 million rate expected and following the 1.538 million rate reported in February.

$^DJI$^IXIC$^SPX$AMZN$GOOG$GOOGL$META$MSFT

Asia Markets9d ago

Swiss Blue-chip Index Extends Losses; UBS Shares Up

Swiss stocks extended their losing streak at Wednesday's close, with the Swiss Market Index down 0.88%, as investors assessed fresh corporate and economic data releases while awaiting the US Federal Reserve's monetary policy decision.The Fed is widely expected to leave its key interest rate unchanged in the 3.5% to 3.75% range later today."Nothing much is expected from this meeting. The March dots showed the Committee median vote leaned toward one cut this year and one more next year. That's unlikely to be settled for a long while yet. [US Fed Chair] Powell is unlikely to be comfortable with teeing up such a move before his successor takes over and he faces eleven other voting FOMC members that are more worried about inflation at the moment," Scotiabank Economics said. "Our forecast remains for one cut by late year and another in early 2027 which would drop the fed funds upper limit rate to 3.25% and hence still on the boundary between restrictive and neutral."Back home, data from UBS & CFA Society Switzerland showed that the country's economic sentiment index increased to -30.3 points in April from -35 points in March.On the corporate front, Sandoz Group's (SDZ.SW) net sales increased to $2.76 billion in the first quarter from the year-ago $2.48 billion, bolstered by an 18% growth in constant-currency net sales at its biosimilars segment. For 2026, the Swiss pharmaceutical major reaffirmed its guidance of a mid-to-high single-digit percentage growth in net sales at constant currency. The stock closed the session 2.23% lower.On the flip side, UBS Group (UBSG.SW) gained 3.22% at closing as it delivered a year-over-year surge in first-quarter net profit attributable to shareholders to $3.04 billion from $1.69 billion. Total revenue also climbed over the period to $14.24 billion from $12.56 billion, mainly driven by double-digit growth in the Swiss banking group's core franchises."We delivered excellent financial results and remain on track to deliver on our financial objectives for 2026 ... Having now successfully transferred all client accounts in Switzerland, we achieved another crucial milestone in one of the most complex integrations in banking history. We are confident in substantially completing the integration by year-end, positioning us for further sustainable growth," Chief Executive Officer Sergio Ermotti said. "On the topic of Swiss capital requirements, we will continue to engage constructively and contribute to fact-based deliberations. These developments do not, and will not, change who we are as a firm."

$^SSMI$SDZ.SW$UBSG.SW

Asia Markets9d ago

DAX Index Declines as German Inflation Jumps

Local equities were closed lower on Wednesday, as the market weighed Germany's latest inflation figures against the anticipated US Federal Reserve interest rate decision due later in the day.Amid a busy day for economic and corporate updates, the blue-chip DAX index closed the session 0.27% in the red.Preliminary data from Destatis showed German annual inflation accelerated to 2.9% in April from the previous 2.7%, behind the market forecast of 3%. The core inflation rate, which excludes food and energy prices, declined to 2.3% from 2.5% a month ago."Turning to the ECB, German inflation data adds to the evidence of increasing stagflationary pressures ahead of tomorrow's policy meeting. As much as the rise in actual inflation and inflation expectations will fuel the rate hike debate, growing signs of adverse growth effects will make aggressive rate hikes less straightforward," ING noted.Meanwhile, the ifo Institute said that German companies are accelerating their headcount reductions in response to persistent global instability, noting the layoffs are affecting nearly every industry sector. The ifo Employment Barometer fell to 91.3 points in April 2026, down from 93.4 points a month ago, hitting the lowest level since May 2020.On the corporate side, adidas (ADS.F) soared to the top of the DAX, climbing 8.35%, after outperforming first-quarter expectations and sticking to its full-year targets. The German sportswear giant posted a 14% increase in currency-neutral revenue to 6.59 billion euros, surpassing the consensus of 9% growth, and expects a high-single-digit currency-neutral sales jump for 2026, corresponding to 2 billion euros in absolute terms."Overall, a good print with the only major question likely to be the relative weakness of footwear in the mix and how much of the beat came from World Cup products. In our view, this is a strong performance with adidas winning in a number of important categories. Trading on 15x the stock was not pricing in a FY upgrade at this stage and we see this as likely to be enough to see a positive reaction today," Deutsche Bank Research wrote.On the other hand, Mercedes-Benz Group (MBG.F) reported a 5% decline in first-quarter revenue to 31.60 billion euros, with a sharp sales slump in China eclipsing rising demand for electric vehicles and growth across US and European markets. The German automaker was down 0.56% at closing.

$^DAX$ADS.F$MBG.F

Asia Markets9d ago

UK Shares Fall as Earnings Pour In, Geopolitical Tensions Rise

British shares retreated on Wednesday, with the FTSE 100 closing 1.16% lower, as investors weighed corporate earnings and geopolitical developments, including reports of US preparations for a prolonged naval blockade in the Strait of Hormuz.GSK (GSK.L), down 5.42%, was the second-worst performer on the blue-chip index. The drugmaker confirmed its 2026 growth guidance and logged a rise in first-quarter attributable profit to 1.74 billion pounds sterling from 1.62 billion pounds a year ago, in line with the FactSet-compiled consensus estimate."GSK has made a strong start to 2026, with good performance from our key growth drivers. Alongside operational delivery, we are focused on execution and accelerating R&D," Chief Executive Officer Luke Miels said.Haleon (HLN.L) also upheld its 2026 growth outlook while first-quarter revenue inched up year over year to 2.86 billion pounds from 2.85 billion pounds amid a weak cold and flu season. The consumer healthcare company's shares were down 3.08% in the closing trade."Q1 top-line growth performance came in line with expectations, albeit a volume decline was softer-than-expected (versus Visible Alpha consensus). Consistent with Reckitt, a weak cold & flu season affected its performance across regions while consumption in Europe remained soft and growth in [Latin America] slowed," RBC Capital Markets said.Meanwhile, energy distributor DCC (DCC.L) confirmed it received indicative cash proposals from a consortium comprising US investment companies Energy Capital Partners and KKR, sending its shares 9.29% higher. The consortium has until June 10 to make a firm offer for the group.On the regulatory front, British communications services watchdog Ofcom launched an inquiry into BT Group (BT-A.L) for potentially failing to comply with its requirements tied to information requests issued to its entities. The regulator said the move does not imply any findings at this stage and that it will review the available evidence before deciding whether enforcement action is warranted. The company's shares lost 1.16% at close.

$^FTSE$BT-A.L$DCC.L$GSK.L$HLN.L

Asia Markets9d ago

European Stocks Head Lower in Wednesday Trading; Strait of Hormuz Stalemate Continues

The European stock markets were tracking lower Wednesday as a stalemate over the reopening of the Strait of Hormuz continues, and a slew of major European companies report quarterly earnings.The Stoxx Europe was down 0.7%, Germany's DAX was declining 0.3%, the FTSE 100 was falling 1.2%, France's CAC was off 0.6%, and the Swiss Market Index dropped 1%.In corporate news, UBS Group reported Q1 earnings Wednesday of $0.94 per diluted share, up from $0.51 a year earlier. Analysts polled by FactSet expected $0.80.Total revenue for the quarter was $14.24 billion, up from $12.56 billion a year earlier.UBS expects Q2 net interest income for global wealth management and personal & corporate banking to be "broadly flat" compared with Q1, it said.Shares of the Swiss Bank were up 3.6% in Zurich.Deutsche Bank reported Q1 earnings Wednesday of 1.06 euros ($1.24) per diluted share, up from 0.99 euro a year earlier. Five analysts polled by FactSet expected 1 euro.Net revenue for the quarter, expressed as the sum of net interest income and total noninterest income, was 8.67 billion euros, compared with 8.52 billion euros a year earlier. Analysts surveyed by FactSet expected 8.54 billion euros.Shares of the German bank were falling close to 2% in Frankfurt.Lloyds Banking Group reported Q1 earnings Wednesday of 0.024 British pounds ($0.03) per diluted share, up from 0.017 pounds a year earlier.Net income for the quarter ended March 31 was 4.79 billion pounds, up from 4.39 billion pounds a year earlier. Analysts surveyed by FactSet expected 4.89 billion pounds.Shares of the British bank were down 1.4% in London.TotalEnergies reported Wednesday Q1 adjusted earnings of $2.45 per diluted share, up from $1.83 per share a year earlier. Analysts polled by FactSet expected $2.16 per share.Revenue for the quarter was $54.16 billion, up from $52.25 billion a year earlier. Analysts surveyed by FactSet expected $44.58 billion.Shares of the French oil and gas company edged marginally lower in Paris.Banco Santander reported Q1 earnings Wednesday of 0.36 euro ($0.42) per share, up from 0.21 euro a year earlier. Analysts polled by FactSet expected 0.27 euro.Revenue for the quarter ended March 31 was 15.14 billion euros, up from 14.58 billion euros a year earlier. Analysts surveyed by FactSet expected 15.04 billion euros.For 2026, the bank expects higher profits and affirmed its previous guidance of mid-single-digit revenue growth.Shares of the Spanish lender were rising 1.1% in Madrid.GSK reported Q1 core earnings Wednesday of about 0.47 British pound ($0.63) per share, up from about 0.45 pound a year earlier. Analysts polled by FactSet expected 0.43 pound.Sales for the quarter ended Dec. 31 were 7.63 billion pounds, up from 7.52 billion pounds a year earlier. Analysts surveyed by FactSet expected 7.63 billion pounds.For 2026, the pharmaceutical company expects core EPS to increase 7% to 9% and sales to increase 3% to 5%.The company said it declared a quarterly dividend of 0.17 pounds per share, payable July 9 to holders on record of May 15.Shares of GSK were losing 6.3% in London.

Asia Markets9d ago

European Equities Traded in the US as American Depositary Receipts Lower in Wednesday Trading

European equities traded in the US as American depositary receipts were lower late Wednesday morning, declining 0.45% to 1,779.46 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by telecommunications firm Nokia (NOK) and medical device maker EDAP (EDAP), which rose 6.1% and 3.8% respectively. They were followed by petroleum refiner Equinor (EQNR) and Banco Santander (SAN), which were up 2.7% and 1% respectively.The decliners from continental Europe were led by biopharmaceutical company Cellectis (CLLS) and healthcare tech firm Royal Philips (PHG), which fell 6.1% and 5.6% respectively. They were followed by internet browser company Opera (OPRA) and semiconductor company Sequans Communications (SQNS), which lost 3.2% and 3.1% respectively.The gainers from the UK were led by communications company WPP (WPP) and software firm Endava (DAVA), which advanced 2.7% and 1.2% respectively. They were followed by oil and gas company Shell (SHEL) and educational publisher Pearson (PSO), which increased 1% and 0.7% respectively.The decliners from the UK and Ireland were led by Akari Therapeutics (AKTX) and pharmaceutical company GSK (GSK), which fell 8% and 7% respectively. They were followed by Silence Therapeutics (SLN) and Mereo BioPharma Group (MREO), which were down 5.8% and 5.5% respectively.

$AKTX$CLLS$DAVA$EDAP$EQNR$GSK$MREO$NOK$OPRA$PHG$PSO$SAN$SHEL$SLN$SQNS$WPP

Asia Markets10d ago

US Equity Futures Largely Flat Pre-Bell as Traders Await Tech Earnings, Fed Rate Decision

US equity futures were largely flat pre-bell Wednesday as traders anticipated the financial results from four of the "Magnificent Seven" and the Federal Reserve's latest policy announcement.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were down 0.1% and Nasdaq futures were 0.2% higher.Slated to report quarterly earnings after-market today are Alphabet (GOOG, GOOGL), Microsoft (MSFT), Amazon (AMZN), and Meta Platforms (META), among others.The Federal Open Market Committee is widely expected to maintain the target range for its federal funds rate at 3.50% to 3.75% at its meeting today. Federal Reserve Chairman Jerome Powell is due to leave his post before the next committee meeting in June but has said he will remain until his named replacement, Kevin Warsh, is confirmed.The committee's statement following the meeting is due for release at 2 pm ET, with Fed Chair Powell's press conference scheduled to begin at 2:30 pm ET.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.8% at $108.34 per barrel and US West Texas Intermediate crude 4% higher at $103.93 per barrel.Durable goods new orders rose 0.8% in March after a 1.2% decrease in the prior month, compared with expectations for a 0.5% gain in a survey of analysts compiled by Bloomberg.Housing starts rose to an annual rate of 1.502 million in March, exceeding expectations for 1.38 million and above the 1.356 million pace in the prior month.The US advance international trade in goods deficit widened to $87.87 billion in March from $83.49 billion in the previous month, compared with expectations for $88 billion.In other world markets, Japan's Nikkei closed 1% lower, Hong Kong's Hang Seng ended 1.7% higher, and China's Shanghai Composite finished 0.7% higher. Meanwhile, the UK's FTSE 100 was down 1%, and Germany's DAX index was flat in Europe's early afternoon session.In equities, Seagate Technology (STX) shares were up 16% after the company posted fiscal Q3 non-GAAP earnings and revenue that beat analysts' estimates, in addition to issuing a better-than-expected fiscal Q4 outlook. NXP Semiconductors (NXPI) stock was up 21% after the company reported fiscal Q1 non-GAAP earnings and revenue that surpassed analysts' consensus and also setting higher-than-expected fiscal Q2 guidance. Visa (V) shares were up 5.7% after the company posted a fiscal Q2 adjusted earnings and revenue beat.On the losing side, Robinhood Markets (HOOD) shares dropped 12% after the company reported Q1 earnings and revenue that fell short of analysts' consensus. Booking (BKNG) and Deutsche Bank (DB) saw their stock decline 4.8% and 3.1%, respectively, despite posting higher Q1 adjusted earnings and revenue.

$^DJI$^IXIC$^SPX$AMZN$BKNG$DB$GOOG$GOOGL$HOOD$META$MSFT$NXPI$STX$V

Asia Markets10d ago

Tadawul Shares Tick Up on Fed Day; Americana Restaurants International Ticks Up

The Tadawul All Share Index extended its rally, ending Wednesday 0.52% higher, ahead of the highly anticipated monetary policy for the US later in the day."Looking ahead to today, the main highlight will be the Federal Reserve's latest policy decision. They're widely expected to keep rates on hold, so the focus will be on their forward guidance for what they're thinking about future policy. Our US economists think the key question is whether they formally adopt two-sided language about the policy outlook in the statement, and whether Chair Powell indicates a more balanced risk assessment in the press conference. Their base case is that the Fed will wait until June for meaningful changes in guidance, but the risk is that communications skew hawkish," Deutsche Bank Research said in a note.Aside from the US Fed decision, which is only a few hours away from being announced. Market watchers are looking into the United Arab Emirates' decision to pull out of the Organisation of the Petroleum Exporting Countries and the wider OPEC+, in which Saudi Arabia is the de facto leader on Friday.Following a comprehensive review, the Middle Eastern nation's move was attributed to its national interest, as well as its need for flexibility in adapting to market trends.Back at home, Americana Restaurants International (SASE:6015), Modern Mills for Food Products (SASE:2284), and Arabian Pipes Co. (SASE:2200) released their financial statements for the three months ended March 31. The first two stocks reported higher net profit and revenue, while Arabian Pipes logged lower results for the first quarter.Americana Restaurants and Arabian Pipes closed 9.63% and 4.12% higher, respectively. Modern Mills, however, ticked down 0.89%.Meanwhile, Horizon Food Co. (SASE:9564) shares dropped 12.28% as it entered into a two-year, renewable contract to deliver food products to KSH3 Establishment.

$^TASI$SASE:2200$SASE:2284$SASE:6015$SASE:9564

Asia Markets10d ago

Emirati Shares in Green as UAE Exits OPEC; Fertiglobe Surges on Upbeat Q1 Earnings

Stock trading in the United Arab Emirates ended Wednesday higher as the FTSE ADX General Index was up 0.668%, while the DFM General Index was little changed at 0.059% in the green.Dominating headlines, the UAE decided to exit the Organisation of the Petroleum Exporting Countries and the wider OPEC+ on Friday following a comprehensive review of its production policy and existing and future capacity."OPEC and OPEC+ have only ever been as strong as the members' willingness to hold barrels back from the market, and the UAE was one of those. Losing a member with 4.8 million barrels per day of capacity, and the ambition to produce more, takes a real tool out of the group's hands," Rystad Energy head of geopolitical analysis Jorge Leon commented. "While near-term effects may be muted given ongoing disruption in the Strait of Hormuz and broader geopolitical uncertainty, the longer-term implications are more consequential."Turning to corporate news, Fertiglobe (ADX:FERTIGLB) logged a first-quarter attributable profit and revenue growth of 173% and 32%, respectively. Its shares closed the session 10.32% in the green.Dubai-listed Tecom Group (DFM:TECOM) closed the session 1.20% higher after reporting an increased profit and revenue for the first quarter, backed by higher occupancy rates across its commercial and industrial assets and strategic investments.Across the pond, markets will await the release of the US Federal Reserve's interest rate verdict later in the day, and as widely expected, the federal funds rate will be kept steady in the 3.50% to 3.75% range. The Federal Open Market Committee meeting is also expected to be Fed Chair Jerome Powell's final meeting, with US President Donald Trump's nominee Kevin Warsh expected to replace him."There is a good chance the Fed will signal it's still too early to conclude the inflation-growth trade-off and related monetary policy implications. However, the latest signs from the Middle East are not encouraging. While Powell's signals may be taken with some caution, given that this should be his last press conference, the risks are that he errs on the hawkish side," ING said.

$^DFMGI$^FADGI$ADX:FERTIGLB$DFM:TECOM

Asia Markets10d ago

US Equity Indexes Retreat as Sell-Off in Semiconductors Coincides With Surge in Crude Oil

US equity indexes declined on Tuesday as a slide in semiconductors hit technology, while worsening Middle East geopolitics boosted crude oil prices.The Nasdaq Composite dropped 0.9% to 24,663.80, and the S&P 500 slid 0.5% to 7,138.80, retreating from recent record highs as the so-called artificial intelligence-trade wobbled. The Dow Jones Industrial Average slipped by almost 0.1% to 49,141.93.Microsoft-backed (MSFT) OpenAI recently missed its own targets for new users and revenue, The Wall Street Journal reported late Monday, citing people familiar with the matter. Chief Financial Officer Sarah Friar expressed concern that OpenAI may not be able to pay for future computing contracts if sales fail to grow fast enough, the news report said, citing the people.Among companies with a market capitalization of more than $200 billion, the worst performers were largely semiconductor names, including Arm Holdings (ARM), Applied Materials (AMAT), Arista Networks (ANET), Broadcom (AVGO), and Oracle (ORCL), according to data compiled by Finviz.Meanwhile, the United Arab Emirates will leave the Organization of the Petroleum Exporting Countries and its more expanded version, OPEC+, effective May 1, the Emirates News Agency reported.This comes as Iran's latest proposal to end the war in the Middle East has left US President Donald Trump unhappy with the offer, leaving the deadly conflict in a continuing state of deadlock, Reuters reported Tuesday, citing an unnamed US official.Iran's offer included a reopening of the Strait of Hormuz in return for lifting the US blockade of Tehran's ports and deferring talks over its nuclear program. This comes as weekend talks expected to be held in Pakistan between Iran and the US failed to materialize."Alarm bells will ring loudly if the [Strait of Hormuz] doesn't reopen during May," Bjarne Schieldrop, chief analyst of commodities at SEB Research, said in a note. "Spot crude and product prices will trade higher and higher. And if a decent reopening doesn't take place before June/July, then the risk is significant for a real crisis where the world may be forced to reduce its oil consumption closer to the level of availability."West Texas Intermediate crude oil futures jumped 3.7% to $99.96, and Brent crude futures advanced 2.7% to $111.16.In precious metals, gold futures dropped 1.8% to $4,608.7, and silver futures slumped 2.6% to $73.05, as higher crude oil prices raised inflation concerns.Most US Treasury yields rose, with the 10-year steady at 4.34% and the two-year climbed 2.3 basis points to 3.83%.In economic news, the Conference Board's measure of consumer confidence rose to 92.8 in April from an upwardly revised 92.2 reading in March, compared with a decrease to 89.0 expected in a Bloomberg-compiled poll. The survey was conducted from April 1 to April 22, which included the temporary two-week Iran ceasefire.The Richmond Fed's monthly manufacturing index rose to 3 in April from 0 in March, above expectations for 1 in a Bloomberg-compiled survey.The Case-Shiller National Home Price Index rose by 0.3% in February before seasonal adjustment, following a 0.2% decrease in January.

$^DJI$^IXIC$^SPX$AMAT$ANET$ARM$AVGO$MSFT$ORCL

Asia Markets10d ago

Exchange-Traded Funds Lower, US Equities Mixed After Midday

Broad Market IndicatorsBroad-market exchange-traded fund IWM and IVV declined. Actively traded Invesco QQQ Trust (QQQ) fell 1.4%.US equity indexes were mixed after midday Tuesday, with the S&P 500 and the Nasdaq Composite falling amid sharply lower semiconductor shares and rising crude oil futures.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each added about 1.8%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) was down 2.4%; iShares US Technology ETF (IYW) fell 2%, and iShares Expanded Tech Sector ETF (IGM) lost 2.3%.The State Street SPDR S&P Semiconductor (XSD) declined 4.9%, and iShares Semiconductor (SOXX) was down 4.4%.FinancialThe State Street Financial Select Sector SPDR (XLF) added 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) climbed up 1.1%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), declined 1.1%.CommoditiesCrude oil rose 3.5%, and the United States Oil Fund (USO) gained 3%. Natural gas was up 0.2%, and the United States Natural Gas Fund (UNG) fell 0.6%.Gold on Comex slipped 2.1%, and the State Street SPDR Gold Shares (GLD) fell 1.9%. Silver declined 2.6%, and iShares Silver Trust (SLV) was down 2.9%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) rose 1.2%. The Vanguard Consumer Staples ETF (VDC) added 1.2%, and iShares Dow Jones US Consumer Goods (IYK) was 2% higher.The State Street Consumer Discretionary Select Sector SPDR (XLY) dipped 0.5%. VanEck Retail ETF (RTH) eased 0.1%, and the State Street SPDR S&P Retail (XRT) was down 0.6%.Health CareThe State Street Health Care Select Sector SPDR (XLV) added 0.1%, iShares US Healthcare (IYH) eased 0.1%, and Vanguard Health Care ETF (VHT) was 0.2% lower. IShares Biotechnology ETF (IBB) slipped 0.6%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) lost 1.3%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) were also lower.CryptocurrencyIn midday activity, bitcoin (BTC-USD) fell 1.2%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) dipped 1%, ProShares Ether ETF (EETH) lost 0.3%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was down 1%.

Asia Markets10d ago

Semiconductor Sell-Off Pushes S&P 500, Nasdaq Lower in Midday Trading

US equity indexes were mixed in Tuesday's midday trading, with the S&P 500 and the Nasdaq Composite sliding, as slumping semiconductor shares sent technology lower and worsening Middle East geopolitics lifted crude oil futures.The Nasdaq Composite dropped 1.3% to 24,564.5, and the S&P 500 slid 0.8% to 7,120.7. The Dow Jones Industrial Average, home mostly to old economy shares, climbed 0.1% to 49,190.3.Industrials and materials were among the three worst performers, while energy and consumer staples led the gainers intraday.Microsoft-backed (MSFT) OpenAI recently missed its own targets for new users and revenue, The Wall Street Journal reported late Monday, citing people familiar with the matter. Chief Financial Officer Sarah Friar expressed concern that OpenAI may not be able to pay for future computing contracts if sales fail to grow fast enough, the news report said, citing the people.Among companies with a market capitalization of more than $200 billion, the worst performers were largely semiconductor names, including Arm Holdings (ARM), Applied Materials (AMAT), Lam Research (LRCX), Arista Networks (ANET), and Advanced Micro Devices (AMD), according to data compiled by Finviz.Meanwhile, the United Arab Emirates will leave the Organization of the Petroleum Exporting Countries and its more expanded version, OPEC+, effective May 1, the Emirates News Agency reported.This comes as Iran's latest proposal to end the war in the Middle East has still not won President Donald Trump's backing, leaving the deadly conflict in a continuing state of deadlock, Reuters said in a Tuesday report, citing an unnamed US official.West Texas Intermediate crude oil futures jumped 3.6% to $99.80, and Brent crude futures advanced 2.6% to $111.08."Oil extended its rally ... amid no signs of progress toward reopening the Strait of Hormuz, where US and Iranian blockades have reduced daily transits to near zero," Saxo Bank said in a note. "Warnings over the severity of the global supply squeeze continue to intensify, with tightness in refined fuel markets already pushing diesel and jet fuel prices toward USD200 per barrel."In precious metals, gold futures dropped 2.5% to $4,575.1, and silver futures slumped 3.7% to $72.30, as higher crude oil prices raised inflation concerns. Most US Treasury yields rose, with the 10-year up 3.4 basis points to 4.37% and the two-year climbing 4.1 basis points to 3.85%.In economic news, the Conference Board's measure of consumer confidence rose to 92.8 in April from an upwardly revised 92.2 in March, compared with the 89.0 print expected in a Bloomberg-compiled survey. The poll for preliminary results was conducted from April 1 to April 22, which included the temporary two-week ceasefire in the Iran war."Consumer appraisals of current and expected business conditions declined moderately compared to last month," said Dana Peterson, Chief Economist at The Conference Board. "This was offset by modest improvements in consumers' perceptions of the labor market, both current and expected, as well as income expectations, which were slightly more optimistic in April."The Richmond Fed's monthly manufacturing index rose to 3 in April from 0 in March, above expectations for 1 in a Bloomberg-compiled poll. Other regional manufacturing data already released have suggested expansion, except for the Dallas Fed's measure.

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Asia Markets10d ago

European Equities Mostly Lower in Tuesday Trading; BP Shares Rise After Q1 Results

European stock markets closed mostly lower in Tuesday trading with the Stoxx 600 down 0.4%, Germany's DAX shedding 0.2%, the FTSE 100 rising 0.1%, France's CAC decreasing 0.5%, and the Swiss Market Index easing 0.1%.In economic news, continental consumers in March expected inflation in the next 12 months to log at 4%, up from the 2.5% rate in February, the European Central Bank said.In corporate news, BP reported Q1 underlying replacement cost profit Tuesday of $1.24 per American depositary share, up from $0.53 a year earlier. Sales and other operating revenue for the quarter totaled $52.26 billion, up from $46.91 billion a year earlier. Analysts polled by FactSet expected $49.4 billion. BP shares rose 1.1% in London.Novartis reported Q1 core earnings Tuesday of $1.99 per share, down from $2.28 a year earlier. Analysts polled by FactSet expected $2.19. Net sales for the quarter ended March 31 were $13.11 billion, down from $13.23 billion a year earlier. Analysts surveyed by FactSet expected $14.14 billion. Novartis shares added 0.6% in Switzerland.Barclays has reserved 228 million British pounds ($307.9 million) in Q1 to cover the collapse of specialty lender MFS, Bloomberg reported Tuesday. The bank said in a regulatory filing that its Q1 credit impairment charges increased to 823 million pounds, up from 643 million pounds a year earlier, in an increase "primarily driven by a single name charge of 228 million pounds." Barclays shares shed 0.2% in London.HSBC said Tuesday it has expanded its fund administration capabilities in Saudi Arabia to include private assets. The bank said it now provides fund administration for clients investing in both traditional and private assets. HSBC said it currently services more than $165 billion in private assets across multiple fund jurisdictions. Its shares rose 0.9% in London.

Asia Markets10d ago

Swiss Market Index Remains in Red; SIG Group Shares Rise

The Swiss Market Index remained in negative territory on Tuesday, closing 0.13% lower, as investors mull over a barrage of corporate earnings releases amid a quiet day of local economic news.Pharmaceutical major Novartis (NOVN.SW), packaging company SIG Group (SIGN.SW), machinery industry company Bucher Industries (BUCN.SW), and biopharmaceutical group Idorsia (IDIA.SW) were among Switzerland-listed companies that published financial results.SIG Group saw its shares jump 12.82% as it reported a year-over-year surge in first-quarter net income to 67.3 million euros from 15.6 million euros, mainly driven by unrealized gains from polymer derivatives and aluminum. The Switzerland-based packaging company's total revenue, on the other hand, declined to 714.3 million euros from 745.9 million euros. For 2026, the group maintained its guidance of total revenue growth within the 0% to 2% range at constant currency and constant resin.Meanwhile, Berenberg cut its price target for Barry Callebaut (BARN.SW) to 1,268 francs from 1,487 francs, with the stock's hold rating unchanged, following the Swiss chocolate and cocoa products group's fiscal 2026 EBIT guidance downgrade amid a disruption in cocoa bean prices."The company is now guiding to a mid-teen decrease in EBIT, which reflects considerably less optimistic expectations relative to guidance reiterated as part of its Q1 2026 results, which estimated low- to mid-single-digit growth in EBIT. While volume guidance was upgraded slightly, we expect subdued volume trends to persist until there is a meaningful inflection in downstream chocolate sales," the research firm said. Barry Callebaut was up 1.53%.Elsewhere and in economic news, the European Central Bank's latest Consumer Expectations Survey showed that median expectations for inflation in the next 12 months rose to 4% in March from 2.5% a month before. The estimate for the next three years also increased to 3% from 2.5%, while the expectation for five years ahead ticked up to 2.4% from 2.3%.

$^SSMI$BARN.SW$BUCN.SW$IDIA.SW$NOVN.SW$SIGN.SW

Asia Markets10d ago

German Shares Slip; Qiagen Tumbles on Outlook Downgrade

The German blue-chip DAX was down 0.27% on Tuesday, as investors assess the ongoing diplomatic stalemate between the US and Iran alongside the latest round of corporate earnings and trading updates.Qiagen (QIA.F) was DAX's worst performer, falling 10.76%, after lowering its full-year 2026 net sales outlook to between 1% and 2% growth at constant exchange rates, down from its earlier target of at least 5%. The molecular testing company also projects a 2% decline in net sales from last year's $534 million.Concurrently, Bayer's (BAYN.F) shares retreated by 4.01%, after Bloomberg News reported the US Supreme Court signaled a split opinion on how to handle ongoing Roundup lawsuits. Despite the market's reaction, mwb Research characterized the hearing of Monsanto v. Durnell as "broadly neutral to slightly constructive," viewing it as another part of the German life sciences company's broader strategy to contain its Roundup litigation liabilities."While oral arguments provided no decisive read through and justices appeared divided, Supreme Court pre-emption remains a credible catalyst alongside the pending USD 7.25bn settlement, both of which improve visibility around Bayer's largest structural overhang. A favorable ruling would not eliminate all litigation immediately, but it would strengthen Bayer's legal position, reducing future cash uncertainty and supporting sentiment around the Crop Science business. With the market still over-discounting prolonged litigation drag, we reiterate our BUY rating and unchanged [price target] of EUR 52.00, as we continue to see scope for multiple re-rating," mwb said.In economic news, consumer inflation expectations in the euro area rose. Based on the latest monthly European Central Bank Consumer Expectations Survey, median expectations for inflation for the next 12 months and the next three years increased in March to 4% and 3%, respectively, from 2.5% a month ago. Meanwhile, the forecast for the next five years ticked up to 2.4% from 2.3% in February."Ahead of Thursday's ECB meeting, this morning's data provides more evidence that the war in the Middle East and the rise in energy prices are not only posing an inflationary shock but rather a stagflationary shock for the eurozone economy. As much as the rise in inflation expectations will fuel the rate hike debate, growing signs of adverse growth effects will make aggressive rate hikes less straightforward. Even though the ECB's primary policy goal is price stability, it's hard to see that it would really want to fight an exogenous supply shock at the cost of worsening an economic downturn," ING wrote.Speaking of the Middle East conflict, Iran's latest proposal to sideline talks about its nuclear program until the end of hostilities goes against US President Donald Trump's demands, Reuters reported, citing an unnamed US official. Trump is reportedly "unhappy" with the new terms from Tehran, insisting that nuclear issues be addressed from the outset, the news publication added.

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Asia Markets10d ago

British Equities Rise as Earnings Season Kicks Off; BP Posts Bumper Profit

London's FTSE 100 closed 0.11% higher on Tuesday as investors examined the first batch of first-quarter earnings from corporate heavyweights.Oil major BP (BP.L) gained 1.12% after profit attributable to shareholders for the three months ended March 31 surged year over year to $3.84 billion from $687 million, thanks to higher margins and oil trading contribution."BP reported strong numbers this morning, with a 20% beat vs. market expectations at the net income level (7% ahead of RBCe)," RBC Capital Markets said. "Looking divisionally, the star of the show was the downstream, with BP reporting higher refining & trading numbers, well in excess of consensus and ~$200m ahead of our estimates for the quarter, supported by exceptional oil trading results."Coca-Cola Europacific Partners (CCEP.L) rose 1.89% after reporting fiscal first-quarter revenue of 5 billion euros, up from 4.69 billion euros a year earlier. The bottling company also reaffirmed its fiscal 2026 guidance, projecting revenue growth of 3% to 4% and operating profit growth of 7%."Whilst the consumer environment remains challenging and the full impact of the situation in the Middle East is uncertain, we are resilient," Coca-Cola Europacific Partners Chief Executive Officer Damian Gammell said.On the economic front, the UK's shop price inflation edged down to 1% year over year in April from 1.2% in March, the British Retail Consortium said. The consensus estimate for the month was 1.5%. BRC Chief Executive Helen Dickinson attributed the increase to discounts offered by retailers on certain Easter goods to encourage spending."Increased fuel prices are already leading to higher inflation, and we can expect a similar impact in the food and non-food supply chains in the months to come," said consumer intelligence firm NIQ's head of retailer and business insight, Mike Watkins. "However, retailers will look to hold back any price increases as long as possible as alongside fragile consumer confidence, accelerating inflation is likely to negatively affect consumer spending."

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Asia Markets10d ago

European Equities Traded in the US as American Depositary Receipts Decline Tuesday

European equities traded in the US as American depositary receipts were lower on Tuesday morning, down 0.3% to 1,784.71 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by technology company Opera (OPRA) and telecoms, information technology, and consumer electronics corporation Nokia (NOK), which climbed 7.8% and 1.4% respectively.They were followed by pharmaceutical giant Novo Nordisk (NVO), which added 1%.The decliners from continental Europe were led by semiconductor companies Sequans Communications (SQNS) and ASML (ASML), which fell 6.2% and 4.7% respectively.They were followed by solar energy technology company Turbo Energy (TURB), which shed 3.7%.From the UK and Ireland, the gainers were led by clinical-stage biopharmaceutical company Autolus Therapeutics (AUTL), which rose 3.2%, followed by oil and gas companies Shell (SHEL) and BP (BP), which advanced 1.3% and 1.1% respectively.The decliners from the UK and Ireland were led by semiconductor company Arm (ARM) and budget airline Ryanair (RYAAY), which dropped 8.9% and 2.4% respectively.

$ARM$ASML$AUTL$BP$NOK$NVO$OPRA$RYAAY$SHEL$SQNS$TURB

Asia Markets10d ago

Asian Equities Traded in the US as American Depositary Receipts Lower in Tuesday Trading

Asian equities traded in the US as American depositary receipts were declining on Tuesday morning, down 1.4% to 2,747.76 on the S&P Asia 50 ADR Index.From North Asia, the gainers were led by medical services platform PomDoctor (POM) and steel manufacturer Posco (PKX), which climbed 12% and 7.3% respectively.They were followed by consumer tech company Smart Share Global (EM) and banking holding company Mizuho Financial Group (MFG), which rose 4.3% and 2.2% respectively.The decliners from North Asia were led by technology and healthcare company VisionSys AI (VSA) and Internet and data center service provider VNET Group (VNET), which dropped 26% and 6.1% respectively.They were followed by cloud service provider Kingsoft Cloud (KC), which shed 6%.From South Asia, the gainers were led by pharmaceutical company Dr Reddy's Laboratories (RDY), which increased 0.8%.The decliners from South Asia were led by Sify Technologies (SIFY), which fell 2%, followed by telecoms Telkom Indonesia (TLK) and PLDT (PHI), which were down 1.5% and 1.6%, respectively.

$EM$INFY$KC$MFG$PHI$PKX$POM$RDY$SIFY$TLK$VNET$VSA

Asia Markets11d ago

Tadawul Shares Close Higher; Saudi Arabia to Host GCC Summit for Iran-US War Discussions

Saudi Exchange-traded shares closed Tuesday higher, with the Tadawul All Share Index 0.10% in the green as investors assessed the latest updates of the Iran-US conflict.A US official said that President Donald Trump was "unhappy" with Iran's proposal, which recommended shelving the nuclear discussions until the blockade issue in the Strait of Hormuz is resolved."The Wall Street Journal have reported overnight that Trump and his officials are sceptical of Iran's offer (that we mentioned yesterday) to reopen the Strait of Hormuz while leaving nuclear negotiations for later. The WSJ report suggested that the White House is likely to offer Tehran a counterproposal in the coming days. Earlier yesterday, White House Press Secretary Leavitt said that Trump had discussed Iran's proposal with his national security officials on Monday morning and maintained 'red lines' on any deal to end the war," Deutsche Bank Research said in a note.Further to this, Saudi Arabia will hold a summit with the leaders of the Gulf Cooperation Council in Jeddah. The talks will focus on forming a response to Iran's attacks in the regions.On the corporate front, Saudi Ground Services Co. (SASE:4031) secured a five-year contract to deliver passenger boarding bridge services at the King Khalid International Airport in Riyadh. Shares of the passenger and aircraft ground-handling services company closed 0.06% higher.Meanwhile, the kingdom is expected to cut the Asia-bound prices per barrel for its flagship Arab Light crude in June by $5 to $12 per barrel, Reuters reported, citing a survey of Asian refining sources. The reported move was attributed to the cooling demand for crude.

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Asia Markets10d ago

Semiconductor Sell-Off Pushes S&P 500, Nasdaq Lower in Midday Trading

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