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Corporate Earnings, Middle East Outlook Roil Wall Street Pre-Bell; Asia Up, Europe Off

Wall Street futures pointed marginally lower pre-bell Wednesday as traders digested the earnings season and awaited possibly renewed Tehran-Washington peace negotiations.President Donald Trump's naval blockade of the Strait of Hormuz appeared to be hold.In the futures, the S&P 500, the Nasdaq, and the Dow Jones were all marginally lower pre-bell.West Texas Intermediate crude oil traded 1.8% higher at $92.89.Asian exchanges traded mostly higher overnight on Middle East prospects while European bourses edged lower midday on the continent, with luxury retail stocks slipping.Bank of America (BAC) shares were up 1.2% pre-bell after the company reported higher Q1 earnings and revenue.PNC Financial Services (PNC) stock was 0.7% lower after the company posted Q1 revenue that trailed analyst estimates.Morgan Stanley (MS) and Progressive Corp. (PGR) are among companies reporting earnings pre-bell.On the economic calendar, mortgage applications rose by 1.8% in the week ended April 10 as lower mortgage rates lifted refinancing activity which was partially offset by a small decline in new home applications, according to Mortgage Bankers Association data released Wednesday.The Empire State Manufacturing Index for April is due at 8:30 am, along with the March import and export prices bulletin.The NAHB Housing Market Index for April posts at 10 am, followed by the weekly EIA petroleum status report at 10:30 am.Federal Reserve Governor Michael Barr and Vice Chair Michelle Bowman are slated to speak on Wednesday.The Federal Reserve's Beige Book, a compendium of business and economic reports from the 12 regional Fed branches, will post at 2 pm.In premarket activity, Bitcoin traded at $73,954, and 10-year US Treasuries offered 4.26%. Spot gold commanded $4,795 an ounce.

Dow JonesNasdaq CompositeS&P 500

Research146d ago

China Merchants Initiates JOYY at Buy

JOYY, Inc. Sponsored ADR Class A (JOYY) has an average rating of buy and mean price target of $79.57, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$JOYY

Mining & Metals146d ago

BRP Plunges 23% in U.S. Pre-Market as it Suspends Fiscal 2027 Guidance as New U.S. Tariffs Bite

BRP (DOO.TO), down 23% on last look in U.S. pre-market trading, Wednesday said it is suspending its full-year fiscal 2027 guidance.The suspension follows the U.S. imposing new tariffs on steel, aluminum and copper imports, which would mean a 25% tariff on BRP snowmobiles and most of its off road vehicles (ORV) models, the company said.The new tariffs replace the previous 50% tariff on applicable metal content only. BRP estimates the potential incremental tariff cost to be over $500 million for the rest of the year, before any mitigation measures that could partially offset these impacts."Like many manufacturers, we are operating in a highly volatile and unpredictable tariff environment that continues to create uncertainty across the market," said chief executive Denis Le Vot. "Despite the material burden of these tariff changes, we expect that, with our solid balance sheet, the agility of our teams and the strong start of the year, we will be able to manage our business through this challenge and continue to push BRP forward."BRP shares were last seen down US$17.99, to US$60.46, in New York trading.

$DOO.TO

Mining & Metals146d ago

Earnings Flash (AVNT.TO) Avant Brands Reported Q1 Net Revs $7.1M, Down 18% YoY; Says "Capitalizing On Its Current Momentum To Drive Further Value in Fiscal 2026"

$AVNT.TO

Asia146d ago

Marusan Securities' Profit Rose 11% in Fiscal 2025

Marusan Securities' (TYO:8613) profit attributable to owners of the parent rose 11% to 5.01 billion yen for the fiscal year 2025, from 4.52 billion yen a year earlier, according to its preliminary financial results.The securities investment company's earnings per share increased to 75.66 yen from 68.40 yen a year ago, according to a Tokyo bourse filing on Wednesday.Operating revenue jumped 15% to 21.7 billion yen for the full year ended March 31, from 18.9 billion yen in the prior year.In a separate disclosure, Marusan plans to pay a final dividend of 38 yen per share for the year, consisting of a 23-yen ordinary dividend and a 15-yen special dividend.This brings the total annual dividend to 70 yen per share, up from 60 yen per share in the previous fiscal year.The company intends to continue paying special dividends through fiscal 2027, with amounts gradually decreasing from 30 yen annually to 10 yen annually by the final year.

TYO:8613

Asia146d ago

Sunwill Precising Plastic Appoints CFO

Guangdong Sunwill Precising Plastic (SHE:002676) appointed Fu Wenping as chief financial officer to succeed Yi Yu, who resigned.Fu previously served as financial controller of Changhong International Holdings (Hong Kong), according to a Wednesday filing with the Shenzhen bourse.Shares of the plastic air-conditioning fan blades producer closed 2% lower Wednesday.

SHE:002676

Research146d ago

Raymond James Initiates John Marshall Bancorp at Strong Buy With $24 Price Target

$JMSB

Mining & Metals146d ago

Silver Mountain Resources Provides Update on Reliquias Mine as Works Toward Restart

Silver Mountain Resources (AGMR.TO) on Wednesday provided an update on development progress at the Reliquias mine in Peru as it transitions to production.The company said it is fully funded for the planned restart with a treasury position of over US$30 million, reducing execution risk as the mine advances toward commercial production.Over 3,000 meters of underground linear development have been completed, supporting mine readiness for the commencement of operations.All major plant equipment have been delivered to site following refurbishment, with installation in progress.About 12,000 tonnes of ore have been stockpiled, supporting the planned commencement of operations.The tailings storage facility and ancillary infrastructure, including power lines and water treatment facilities, are now fully operational.Silver Mountain's infill drilling program at Reliquias is progressing as planned, supporting mineral resource conversion and near-term mine planning. Meanwhile, brownfield exploration activities at the Caudalosa mine are also advancing according to plan.The restart of operations at Reliquias remains on track for the third quarter of 2026.

$AGMR.TO

Asia146d ago

Sinoseal to Set Up Sichuan, China Unit

Sinoseal (SHE:300470) will establish a subsidiary named Sinoseal International with 50 million yuan in registered capital.The Sichuan-based entity will focus on seal manufacturing, mechanical parts, equipment sales and import/export services, according to a Wednesday filing with the Shenzhen bourse.Shares of the mechanical seal solution provider closed 5% lower Wednesday.

SHE:300470

Mining & Metals146d ago

Aurora Cannabis Says Buy Expands Its EU GMP Capacity to "Serve Growing High Margin International Markets"

$ACB.TO$HMMJ.TO

Mining & Metals146d ago

- -Aurora Cannabis Makes "Accretive" Acquisition of Safari Flower Company

$ACB.TO$HMMJ.TO

Mining & Metals146d ago

Constellation Software Says Its Vela Operating Group Agrees to Buy Majority Interest in Derbysoft

Constellation Software (CSU.TO) announced overnight Tuesday that Juniper Group, an operating group of Vela Software, has entered into a definitive agreement to buy a majority interest in Derbysoft Holdings, the ultimate parent company of DerbySoft Inc. Terms of the deal were not given.The company said key executive team members will retain a minority stake in Derbysoft and will enter into a shareholders' agreement with Juniper Group to manage the governance of Derbysoft going forward.Shares of the company closed down 3% to $2,515.75 on Tuesday on the Toronto Stock Exchange.

$CSU.TO

Asia146d ago

Market Chatter: World Bank Hints at Up to $100 Billion to Aid War-Impacted Economies

The World Bank could mobilize between $80 billion and $100 billion over the next 15 months to support countries impacted by the Middle East conflict, Reuters reported Wednesday, citing President Ajay Banga.The package, which exceeds the deployment during COVID-19, would include $20 billion to $25 billion in near-term support through a crisis response window, alongside $30 billion to $40 billion from reallocating existing programs within about six months. Additional resources could be tapped from the bank's balance sheet if the conflict persists, reportedly.IMF Managing Director Kristalina Georgieva said the outlook depends on how long the conflict continues, and urged governments to use targeted support instead of broad energy subsidies to manage higher costs, the news agency said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^HNX^HOSE^JKSEFTSE Bursa Malaysia KLCI^PSE^SET

International146d ago

MBA US Mortgage Applications Rebound in Week Ended April 10; Refinancings Up, New Purchases Lower

Mortgage applications rose by 1.8% in the week ended April 10 as lower mortgage rates lifted refinancing activity which was partially offset by a small decline in new home applications, according to Mortgage Bankers Association data released Wednesday.This follows a 0.8% decrease in overall activity in the week ended April 3.Applications for refinancing loans rose by 5%, while new purchase applications fell by a seasonally adjusted 1%.The average contract interest rate for 30-year fixed mortgages with loan balances of $832,750 or less fell to 6.42% from 6.51% in the previous week."This dip in rates helped to support an increase in conventional refinance applications, which had declined for five consecutive weeks," said Joel Kan, MBA's vice president and deputy chief economist. "Purchase activity remained subdued as potential homebuyers remained hesitant given the current economic uncertainty, which kept purchase applications below last year's level for the second consecutive week."

Asia146d ago

Yoshimura Food's Profit Plunges 51% in Fiscal 2025

Yoshimura Food's (TYO:2884) profit attributable to owners of the parent plunged 51% to 918 million yen in the fiscal year 2025 from 1.86 billion yen a year earlier.The food producer's basic earnings per share declined to 38.50 yen from 78.13 yen a year ago, according to a Tokyo bourse filing on Wednesday.Net sales slipped 1.1% to 57.5 billion yen in the year ended Feb. 28 from 58.1 billion yen in the prior year.For the fiscal year 2026, the company expects attributable profit of 1.4 billion yen, basic EPS of 58.64 yen, and net sales of 57.5 billion yen.Yoshimura Food does not plan to pay any dividends for the current year.

TYO:2884

Mining & Metals146d ago

Talisker Reporting Mustang Underground Face Sample Results

$TSK.TO

Equities146d ago

Goldman Sachs Adjusts Price Target on EQT to $65 From $68, Maintains Buy Rating

EQT (EQT) has an average rating of overweight and mean price target of $69.31, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$EQT

Research146d ago

Mizuho Initiates Climb Bio at Outperform With $18 Price Target

Climb Bio (CLYM) has an average rating of buy and mean price target of $15.58, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$CLYM

Oil & Energy146d ago

Iran War Triggers Energy Reconfiguration as Europe Turns to US Crude, Asia Absorbs Fuel Surplus, Wood Mackenzie Says

The supply crisis triggered by the Iran war has resulted in an unprecedented global energy reconfiguration, as Europe turns to North American crude to replace missing Middle Eastern supply while also exporting surplus gasoline and fuel oil to Asia, Wood Mackenzie said on Tuesday.By early March, Middle East crude flows fell 60% to 5.9 million b/d, down from 18.7 million barrels per day in early February, after conflict erupted between the US and Israel and Iran, leading to the effective closure of the vital Strait of Hormuz.The disruption forced Europe to import record volumes of North American crude and refined products. It simultaneously shipped excess gasoline and fuel oil to Asia."This is not a temporary disruption but a structural shift in global energy flows," said Javier Solis, analyst at Wood Mackenzie's Maritime Team. "Europe's diesel deficit and gasoline surplus, combined with Asia's role as the balancing valve, represent a moving landscape in which pricing and flows remain tightly linked to political decisions rather than purely commercial signals."Imports from the US and Canada have enabled European refineries to maintain throughput, especially for gasoline and fuel oil, even as diesel tightness persists with prices hovering above 2 euros per liter due to premium US imports and compounding Hormuz-related crude disruption."Europe's diesel market faces a structural deficit driven by multiple factors. The redirection of 3.6 million metric tonnes of Middle East Gulf and Indian distillates eastward removed traditional westbound supply. Baltic diesel exports collapsed 76.7%, eliminating another key source," Wood Mackenzie analysts said.European diesel premiums are expected to remain elevated through H2 2026 due to structural supply constraints, while gasoline oversupply is likely to persist with refiners in the continent facing ongoing margin pressure, they said.Europe's exports of unleaded motor spirit jumped 79.7% week-on-week east of Suez to 591,685 MT, especially to Pakistan and South Africa. At the same time, exports of fuel oil have also accelerated with Singapore accounting for 336,260 MT of European supply, with Ain Sukhna, Houston and Rotterdam also absorbing part of the flows.Meanwhile, Asia has emerged as the release outlet for surplus supply absorbing excess gasoline and fuel oil from Europe and record North America crude volumes. US crude flows to Asia were similar to Europe's at 1.41 million bpd over the same period, with India and East Asia accounting for most of the volume."East Asia emerged as the largest destination for Canadian West Coast crude exports. Asian markets retain regional distillates internally, consolidating MEG and Indian gasoil eastward rather than allowing traditional westbound flows," analysts said.

International146d ago

MBA US Mortgage Applications Rise 1.8% in Week Ended April 10 After 0.8% Decrease in Prior Week

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Oil & Energy146d ago