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Tadawul Shares End Week Subdued; Saudi Arabia's Industrial Production Rises in February

The Tadawul All Share Index closed Thursday muted at 0.04% in the green as investors assessed the latest Saudi Arabian industrial production volumes and business optimism indicator.Official preliminary data from Saudi Arabia's General Authority for Statistics showed that the industrial production index rose 8.9% year over year in February. Month over month, industrial production edged down 0.2%."The index of oil activities in February 2026 increased by 11.5% compared to the same month of the previous year. The index of non-oil activities increased by 2.4%. Based on the month-on-month trend, the index for oil activities decreased by 0.1%, and the index of non-oil activities decreased by 0.4%," the statistics agency added.Meanwhile, the kingdom's business confidence index in March came in at 52.1 points, down from 60.7 in February. The separate confidence indices for the industry, construction and services all fell during the period but remained above 50 points.Zooming out, Israel launched attacks targeting Lebanon's Hezbollah. The strikes sparked concerns about the US-Iran ceasefire breaking down, with Iran warning that a deal would not be reached if Israel continued to bomb Lebanon.Back at home and on the corporate front, International Human Resources Co. (SASE:9545) secured a project to deliver human resources services to Elm Co. (SASE:7203) during the Hajj season. Shares of the human resources consulting company ticked up 3.02%, while the digital services company closed 1.21% lower.

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Alberta, Quebec Unlikely To Separate From Canada But May Drive Volatility In Currency, Bond Markets This Fall, Says Rosenberg Research

The Canadian provinces of Alberta and Quebec could plausibly hold referenda on sovereignty in the next six to 12 months -- with the Alberta referendum now likely to be held mid-October, and the Quebec provincial election possibly in early October, with the separatist Parti Quebecois modestly favored to win, said Rosenberg Research.Neither referendum is likely to receive majority support, as public support remains below 30% on average, noted Rosenberg Research.In addition, the Alberta referendum wouldn't be legally final even if -- hypothetically -- it were to pass, due to statutory and constitutional issues, stated Rosenberg.Quebec and Alberta bond spreads have modestly widened in the last few months, reflecting elevated risks, it added.The 1995 Quebec independence referendum created significant volatility in both federal and Quebec provincial bond spreads, which widened as the referendum date drew closer.These events will create event-driven volatility in fall 2026, and are a bearish pressure on the Canadian dollar (CAD or loonie), according to Rosenberg. The bond market implications net out to be relatively "small" and don't change Rosenberg's bullish call on two-year Canadian bonds.

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US Markets20d ago

Stocks Decline Pre-Bell Amid Uncertainty Over US-Iran Truce; Key Inflation Report on Deck

US equity markets were trending lower before the opening bell Thursday as investors assess uncertainty over the recent two-week ceasefire deal between the US and Iran, and await a key inflation report.The S&P 500 and the Dow Jones Industrial Average declined 0.3% each in premarket activity, while the Nasdaq was off 0.2%. The indexes finished Wednesday's trading in the green, recording their highest close in at least four weeks.In a Wednesday post on X, Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, said the US violated three clauses of Tehran's 10-point ceasefire proposal. The violations include Israel's attacks on Lebanon, the entry of a drone into Iranian airspace and the denial of Tehran's right to enrich uranium, according to Ghalibaf."The deep historical distrust we hold toward the (US) stems from its repeated violations of all forms of commitments - a pattern that has regrettably been repeated once again," Ghalibaf said. "In such situation, a bilateral ceasefire or negotiations is unreasonable."In a late Wednesday post on Truth Social, President Donald Trump said US ships, aircraft and military personnel will "remain in and around Iran" until the "real agreement reached is fully complied with.""It was agreed, a long time ago, and despite all of the fake rhetoric to the contrary - no nuclear weapons and, the Strait of Hormuz will be open and safe," according to Trump.On Tuesday, Trump announced that he agreed to suspend attacks on Iran for a period of two weeks, subject to Tehran agreeing to the complete and safe opening of the strait, the world's most important chokepoint for crude flows. Iranian Foreign Minister Seyed Abbas Araghchi had said in a statement that the country will allow "safe passage" through the strait during the two-week ceasefire through coordination with its armed forces and "with due consideration of technical limitations."Delegations from both countries are scheduled to meet in Islamabad, Pakistan on Friday to negotiate a "conclusive agreement to settle all disputes," Pakistani Prime Minister Shehbaz Sharif said Tuesday.West Texas Intermediate crude oil rose 3.5% to $97.70 a barrel before the open, while Brent increased 3.3% to $97.87."The headlines may calm down first, but the real reset depends on what happens in the days ahead," Charu Chanana, chief investment strategist at Saxo Bank, said in a report Wednesday.The delayed personal income and outlays report for February is scheduled to be released at 8:30 am ET. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric.Minutes from the Federal Reserve's March meeting showed Wednesday that participants emphasized the need for the central bank to be "nimble" in adjusting monetary policy amid heightened macro risks. Most policymakers were concerned that a prolonged war could soften labor market conditions, possibly warranting policy easing, according to the minutes. However, persistent inflation amid higher oil prices could call for rate increases.Markets widely expect the Fed to keep its benchmark lending rate steady at its next policy meeting later in April, according to the CME FedWatch tool.Treasury yields were down in premarket action, with the two-year rate retreating 0.5 basis points to 3.79% and the 10-year rate off 0.4 basis points to 4.29%.Thursday's economic calendar also has the delayed final estimate report for the fourth-quarter gross domestic product at 8:30 am, as well as the weekly jobless claims report.Shares of Constellation Brands (STZ) declined 0.9% pre-bell after the beer and wine company issued a full-year earnings outlook below Wall Street's estimates.Neogen (NEOG), BlackBerry (BB) and Simply Good Foods (SMPL) report their latest financial results before the bell, among others. WD-40 (WDFC) posts its earnings after the markets close.Gold sipped 0.5% to $4,752 per troy ounce, while bitcoin nudged up 0.2% to $71,399.

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US Markets20d ago

Constellation Issues Weak Full-Year Earnings Outlook as Fiscal Fourth-Quarter Results Decline

Constellation Brands (STZ) shares inched lower early Thursday after the beer and wine company provided a full-year earnings outlook below Wall Street's estimates and recorded year-over-year declines in its fiscal fourth-quarter results.The maker of Modelo and Corona anticipates comparable earnings to come in between $11.20 and $11.90 per share for fiscal 2027, it said late Wednesday, while the current consensus on FactSet is for $12.38. In the previous fiscal year, comparable EPS dropped 14% to $11.82 on an annual basis.In April 2025, the company projected EPS to grow by mid-single-digits to low-double-digits for fiscal 2027. Constellation also withdrew its previously issued fiscal 2028 outlook to reflect the current environment, it said.Enterprise organic sales, beer sales and organic sales in the wine and spirits division are all expected to range from a 1% decline to a 1% rise for the ongoing fiscal year, according to Constellation. Company-wide organic sales slid 10% in fiscal 2026."Looking ahead to fiscal 2027, while we are encouraged by the momentum displayed during the fourth quarter across our beer and wine and spirits businesses, we expect the operating environment to remain dynamic given the evolving socioeconomic backdrop and limited near-term visibility," the company said.The stock declined 0.8% in the most recent premarket activity.The company posted adjusted EPS of $1.90 for the three-month period ended Feb. 28, down from $2.63 the year before, but ahead of the Street's view of $1.71. Net sales fell 11% to $1.92 billion, beating the average analyst estimate of $1.88 billion."Despite the dynamic operating environment in fiscal 2026, we remained focused on the factors within our control and executed with discipline," Chief Executive Bill Newlands said in the earnings release. "We expect consumers will continue to navigate a shifting macroeconomic environment, but we remain encouraged by the momentum we saw in the fourth quarter."Beer revenue ticked up 1% to $1.73 billion, buoyed by shipment growth of 1.1% and favorable pricing. The division's depletion rate, or the pace at which units are sold to end consumers, edged up 0.6%, as gains in the Pacifico, Victoria and the Modelo Chelada brands more than offset declines in Modelo Especial and Corona Extra.Sales of wine and spirits tumbled 58% to $194.2 million, amid a 73% plunge in shipment volume. This reflected the impacts of the divestiture of certain wine and spirits brands, strategic pricing actions on certain brands and changes in distributor contract obligations, the company said. The division's depletion rate inclined 8.3%.

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Financial News · Live Terminal

Tadawul Shares End Week Subdued; Saudi Arabia's Industrial Production Rises in February

Alberta, Quebec Unlikely To Separate From Canada But May Drive Volatility In Currency, Bond Markets This Fall, Says Rosenberg Research

Tadawul Shares End Week Subdued; Saudi Arabia's Industrial Production Rises in February

Alberta, Quebec Unlikely To Separate From Canada But May Drive Volatility In Currency, Bond Markets This Fall, Says Rosenberg Research

Afreximbank Backs Dangote's Expansion to Double Refinery Capacity

UAE Equities Close Lower Ahead of Key US Economic Data

Global Markets Return to "Reality" on Fragile Iran War Ceasefire, Says Scotiabank

Stocks Decline Pre-Bell Amid Uncertainty Over US-Iran Truce; Key Inflation Report on Deck

Persian Gulf Uncertainty Damps European Bourses Midday

Middle East Oil, Gas Output Recovery to Take Months Despite Hormuz Ceasefire, Warns Wood Mackenzie

Oil, Ceasefire Views Damp Wall Street Pre-Bell; Asia, Europe Off

Germany's Manufacturing Production Contracts in February on Lower Pharmaceuticals, Electronics Output

Indian Equities Slip on Thursday Amid Rising Middle East Tensions

Canada's Provincial Bond Valuations "Hint" at An Oil Exposure Premium, Says National Bank

Middle East War Dents Japan Consumer Confidence

Japan Machine Tool Orders Jump 28% in March

Market Chatter: QatarEnergy Initiates LNG Production Restart at Ras Laffan Complex

Middle East War Uncertainty Caps Asian Stock Markets

Convatec Launches New Strategy to Hit Upgraded Revenue Targets

Constellation Issues Weak Full-Year Earnings Outlook as Fiscal Fourth-Quarter Results Decline

Canada's Vulnerability Stands Out Among Trade Partners Amid U.S. Tariffs, Says RBC

Commerzbank on Overnight News