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Canterra Minerals Begins Phase 2 Diamond Drill Program Targeting Lundberg Deposit in Newfoundland

Canterra Minerals (CTM.V) on Wednesday said it launched an 8,000-meter Phase 2 diamond-drilling program in the Buchans district of Newfoundland.Buchans hosts a substantial and growing resource base and Canterra's 2026 program will focus on advancing the Lundberg deposit as the district's anchor resource, a statement said.Results from the Phase 2 program are expected to contribute to Canterra's maiden mineral resource estimate for the Lundberg deposit, which is slated for the fourth quarter.The company's shares were last seen down C$0.005, or 3.2%, to C$0.15 on the TSX Venture Exchange.Price: $0.15, Change: $-0.01, Percent Change: -3.23%

$CTM.V

Asia Markets29d ago

CH Closer

Swiss Market Index Slips Back into Red; Barry Callebaut Shares DownSwiss equities fell back into negative territory on Wednesday, reflecting cautious investor sentiment as geopolitical tensions between the US and Iran re-escalated.Joining a regional retreat in Europe, the Swiss Market Index was down XX% at closing.The NATO summit in Turkey continued into its second and final day, with US President Donald Trump saying the interim ceasefire agreement with Iran was "over" after the latter carried out airstrikes on US bases in Bahrain and Kuwait. Trump also made fresh threats to take control of Greenland and cut trade ties with Spain.On the macroeconomic front, the International Monetary Fund lowered its 2026 global growth forecast to 3% in its July World Economic Outlook report, down by 0.1 percentage point from its previous projection, mainly reflecting the effects of the Middle East war. For 2027, the expected global growth was increased by 0.2 percentage points to 3.4%.Back home, the Swiss Confederation sold two series of bonds worth 360 million francs in a reopening at an auction, with settlement set for July 22, 2026. The 2.25% and 2.50% bonds are due June 2031 and March 2036, respectively.Over to corporates, Deutsche Bank Research lowered its price target for Barry Callebaut (BARN.SW) to 960 francs from 1,000 francs, with a sell rating on the stock, noting the stock is priced for mid single-digit plus volume/mix growth. On Wednesday's close, the Swiss chocolate and cocoa products group's shares lost XX%."However, US employment in chocolate and confectionery manufacturing is declining and there is no recovery in European production. Production now, should be for peak season consumption later in the year," the research firm said. "We believe mix gains from a higher number of smaller users of gourmet/speciality product really drove the upside in the Barry model in the 2010's and we find it difficult to believe that the medium term operating environment will match that. However, the stock is priced for the same mix benefits."Meanwhile, RBC Capital Markets expects Galderma Group (GALD.SW) to post an 18% sales growth at constant currency in the second quarter, moderating from a 26% increase in the prior three-month period, when it releases its latest financial results on July 23. The dermatology company's stock was down XX% at the end of the trading session."We make minor changes to our near-term estimates, but we lift our PT to CHF 175 (from CHF 155) on higher long-term Nemluvio and margin assumptions. However, we maintain Sector Perform as we believe its valuation premium (34x 27E P/E) reflects the strong growth trajectory, trading in line with higher-valued consumer peers (premium to biopharma) on a growth-adj. basis," according to RBC analysts.

^SSMI$BARN.SW$GALD.SW

Wire29d ago

Cycurion Declines Reverse Stock Split; Shares Down

Cycurion (CYCU) said Wednesday that it will not implement a 7-for-1 reverse stock split, noting that it would not be in the best interest of its shareholders at this time.The company said that while another split "might create a brief optical improvement," it would be followed by renewed pressure that could push the stock back down.Additionally, Cycurion said that its stock has been the target of trading activity inconsistent with fair and orderly markets.The company said it intends to pursue parties responsible for improper trading and market manipulation, adding that it is in contact with Nasdaq regarding such trading activity.Shares of the company were down 10.9% in Wednesday's trading.Price: $0.47, Change: $-0.06, Percent Change: -11.51%

$CYCU

Oil & Energy29d ago

Strait of Hormuz Risks Deepen as Tanker Traffic Stops, Oil Volatility May Persist, Rystad Energy Says

US-Iran tensions sent Brent near $79 per barrel as risks in the Strait of Hormuz and stalled tanker traffic heightened fears of prolonged oil market disruption, Rystad Energy said in a note on Wednesday."Tanker traffic through the Strait of Hormuz has essentially stopped, which tells you more about risk perception right now than any statement from Washington or Tehran," Rystad's Head of Geopolitical Analysis, Jorge Leon, said.He added that Brent climbed to its highest level since June 19 as markets rapidly priced in renewed conflict.Reported attacks on commercial vessels in the Strait of Hormuz triggered fresh US retaliatory strikes overnight, while President Donald Trump declared the ceasefire over, raising fresh doubts about the conflict's trajectory, Rystad said.As security concerns intensified, shipping activity through the Strait of Hormuz slowed sharply, with vessel movements dropping from about 20 on July 6 to 11 on July 7, while traffic appeared to stop entirely on Wednesday, Rystad said."The real test comes after 9 July, once the mourning period ends and both sides show whether there is still an appetite for a diplomatic off-ramp," Leon added.The latest military exchanges have cast further doubt on whether the 60-day ceasefire can still lead to a lasting peace agreement, while increasingly fragile conditions threaten further diplomatic talks, Rystad said.Oil price swings will likely remain elevated in the near term as markets weigh higher insurance costs, vessel safety concerns, shipping delays and the potential for additional retaliation, even if physical supply disruptions remain limited, Rystad said.If both sides adopt a tougher stance after July 9, geopolitical risk premiums could climb further, Rystad said.Peak summer demand for road and aviation fuels could further magnify the market's response to any supply disruption.

Commodities29d ago

Update: Weekly US Crude Inventories Rise by 3 Million Barrels, EIA Says

(Updates with additional details.)US commercial crude oil inventories increased by 3 million barrels to 411.4 mmbbls in the week ended July 3, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 6% below the five-year average for this time of year, the EIA said.The increase exceeds Investing.com's estimate of a 1.90-mmbbl draw for the week ending July 3.US Strategic Petroleum Reserve inventories dropped to 319.5 mmbbls for the week ended July 3, down from 325.7 mmbbls a week ago, marking a weekly decline of 6.2 mmbbls, EIA data showed.Crude oil input to refineries decreased by 173,000 barrels per day from the previous week to average about 17 million b/d in the week ending July 3. Crude oil production rose by 50,000 b/d to 13.9 mmb/d.Commercial crude imports decreased by 351,000 b/d to average about 5.6 mmb/d. Total motor gasoline stockpiles decreased by 1.9 mmb/d from last week to 212.1 mmbbls, and distillate stocks decreased by 5 mmb/d to 103.6 mmbbls, the agency said.

Wire29d ago

Alibaba's Cloud Growth Momentum Likely to Sustain in the Upcoming Quarters, Morgan Stanley Says

Alibaba's (BABA) cloud growth momentum is likely to sustain in the upcoming quarters and margin to remain intact as artificial intelligence-related revenue continues to grow at triple digits, Morgan Stanley said in a Wednesday research report.Cloud margin expansion is driven by price hikes and rising model-as-a-service revenue mix, and is on track to deliver long-term target of 20%, analysts wrote.Customer management revenue is growing in line with the industry, and costs related to Qwen model training is likely to be sizable alongside the token surge, according to the note.The brokerage said it reiterated its overweight rating on the stock and adjusted its price target to $180 per share from $190.Price: $108.18, Change: $+10.04, Percent Change: +10.23%

$BABA

Wire29d ago

Lemonade's Share Rally Leaves Limited Upside Without New Catalysts, Morgan Stanley Says

Lemonade's (LMND) recent share price rally has largely priced in the company's growth and earnings outlook, leaving limited room for additional upside without new catalysts, Morgan Stanley said in a Wednesday note.The brokerage said the insurer's technology-driven growth and underwriting momentum leave it well positioned to achieve net income profitability by the end of 2027, while forecasting gross written premium growth of about 35% in 2026 and 30% in 2027.Lemonade's ability to compete in a softening auto insurance market while maintaining operating leverage and advancing toward profitability will be key to its long-term growth, the report added.Morgan Stanley downgraded the stock to equal weight from overweight with a price target of $75.Lemonade shares were down 9% in Wednesday trading.Price: $70.56, Change: $-7.03, Percent Change: -9.06%

$LMND

Mining & Metals29d ago

Goldsky Resources to Assess Viability of Cobalt Recovery For Rajapalot Project in Finland

Goldsky Resources (GSKR.V) is investigating the viability of recovering cobalt from its Rajapalot project in Finland.The company has signed a memorandum of understanding with Ocean Partners, which specializes in project development and offtake arrangements, to assess the technical and economic feasibility of recovering cobalt. The MOU will also consider potential commercial arrangements for cobalt concentrate production, marketing and offtake.Costs relating to the phase 1 development will be allocated between the two parties, a statement said."Our Rajapalot project has a strategic cobalt component that enables us to potentially qualify as a critical metal producer as defined by the EU's Critical Raw Materials Act. This will be an important advantage for us from the perspective of permitting the Rajapalot Project into production," said CEO Russell Bradford.Price: $3.12, Change: $-0.06, Percent Change: -1.89%

$GSKR.V

Wire29d ago

Honeywell Aerospace's Competitive Edge Lies in Its 'Develop Once, Deploy Everywhere' R&D Model, Morgan Stanley Says

Honeywell Aerospace's (HONA) competitive advantage lies in its "develop once, deploy everywhere" R&D model, allowing it to take common technologies like precision navigation and auxiliary power units and deploy them across commercial air transport, business aviation, defense, space and emerging platforms, Morgan Stanley said in a Wednesday note.This attribute improves R&D returns by providing high 20s% EBITDA margins, shortens product introduction cycles and increases the addressable market per technology platform, according to the note.When compared to peers, Honeywell Aerospace's revenue and EBIT compound annual growth rates between 2025 and 2028 are largely toward the low end of peers, the analysts said, adding that its EBITDA margins are the third highest among the peers, following TransDigm (TDG) and Howmet Aerospace (HWM).Morgan Stanley further noted Honeywell Aerospace's "standalone structure potentially provides greater flexibility to invest, reposition the portfolio, and pursue initiatives that could support improved long-term growth and margin performance."Morgan Stanley initiated coverage of the company's stock with an equal-weight rating and a $255 price target.Price: $230.27, Change: $-7.88, Percent Change: -3.31%

$HONA$HWM$TDG

Commodities29d ago

Update: US Weekly Ethanol Production Dropped, EIA Says

(Updates with additional details.)US weekly ethanol production dropped slightly, according to the US Energy Information Administration report on Wednesday.For the week ending July 3, US ethanol production averaged 1.09 million barrels per day, below last week's 1.12 mmb/d and almost unchanged from last year's levels.The four-week average output at 1.10 mmb/d was above 1.09 mmb/d a year ago.Midwest ethanol production averaged 1.03 mmb/d, down from 1.05 mmb/d the previous week. Four-week average output at 1.04 mmb/d, compared with 1.03 mmb/d a year ago.Domestic ethanol inventories ended the week at 23.9 million barrels, down from 24.7 mmbbls a week ago and from 24 mmbbls a year ago.

Wire29d ago

Truist Financial's CEO Transition Plan Presents Increased Risks, BofA Says

Truist Financial's (TFC) appointment of Mike Lyons as its new chief executive officer increases risk, BofA Securities analysts said in a Wednesday note.Analysts said that while Lyons has a strong operating background, the external hire is an implicit acknowledgment that nearly seven years after the merger of BB&T and SunTrust, the company's strategy is falling short.BofA said that these uncertainties, combined with a tougher rate backdrop, mean the stock will likely struggle to outperform until investors gain confidence that Lyons can close the profitability gap relative to peers."Lyons will want to give the independent strategy a shot for a few years," analysts said. "In the meantime, the risk of franchise attrition is not immaterial given a fiercely competitive Southeast banking landscape."BofA downgraded the stock's rating to neutral from buy, with a $56 price target.Price: $50.05, Change: $-1.32, Percent Change: -2.56%

$TFC

Mining & Metals29d ago

Metallis Resources Begins 2026 Field Season at Greyhound Project, Idaho

Metallis Resources (MTS.V) has begun 2026 field season at its Greyhound Project in central Idaho, it said Wednesday.Exploration crews have arrived at the project and initial field activities include road and access route maintenance, establishing camp facilities and site visits to priority exploration targets and to verify drill pad locations, said the company.The 2026 exploration program, which will include diamond drilling, geological mapping, trenching, and geochemical sampling, is expected to help the company understand the Greyhound Shear Zone, refine existing drill targets, and identify additional mineralized structures for future exploration, it added.Drilling is expected to begin once mobilization activities and final target verification are complete and initial drilling will focus on the Rufus Zone, said Metallis."We are particularly excited to return to the Rufus Zone, where last year's drilling significantly improved our understanding of the scale and mineralized potential of the system," said VP of Exploration Dave Nuttall. "Our objective this season is to better define the structural controls on mineralization and further evaluate the continuity of higher-grade shoots within the broader shear zone."The company's shares were last seen down C$0.005 to C$0.13 on the TSX Venture Exchange.Price: $0.13, Change: $-0.01, Percent Change: -3.70%

$MTS.V

Commodities29d ago

Weekly US Crude Inventories Rise by 3 Million Barrels, EIA Says

US commercial crude oil inventories increased by 3 million barrels to 411.4 mmbbls in the week ended July 3, the Energy Information Administration said in its weekly report on Wednesday.Crude inventories are now about 6% below the five-year average for this time of year, the EIA said.The increase exceeds Investing.com's estimate of a 1.90-mmbbl draw for the week ending July 3.

Wire29d ago

Barclays Adjusts Phillips 66 Price Target to $183 From $177

Phillips 66 (PSX) has an average rating of overweight and mean price target of $196.53, according to analysts polled by FactSet.Price: $186.73, Change: $+7.89, Percent Change: +4.41%

$PSX

Asia Markets29d ago

Asian Equities Traded in the US as American Depositary Receipts Higher in Wednesday Trading

Asian equities traded in the US as American depositary receipts were higher Wednesday morning, rising 0.79% to 2,898.28 on the S&P Asia 50 ADR Index.From North Asia, the gainers were led by automotive marketplace Token Cat (TC) and tech company Alibaba Group (BABA), which surged 25% and 9.8% respectively. They were followed by internet and data center services provider VNET Group (VNET) and tech company Baidu (BIDU), which rose 5.1% and 4.5% respectively.The decliners from North Asia were led by online game developer The9 (NCTY), which fell 3.2%. It was followed by AMTD Digital (HKD) and polysilicon manufacturer Daqo New Energy (DQ), which were down 2.6% and 2.5% respectively.From South Asia, the gainers were led by Canaan (CAN) and Sify Technologies (SIFY), which rose 11% and 2.7% respectively.The decliners from South Asia were led by fintech firm Trident Digital Tech (TDTH) and HDFC Bank (HDB), which dropped 27% and 2.4% respectively. They were followed by ICICI Bank (IBN) and Infosys (INFY), which lost 2.2% and 1.3% respectively.

$BABA$BIDU$CANM$DQ$HDB$HKD$IBN$INFY$NCTY$SIFY$TC$TDTH$VNET

Sectors29d ago

US Total Crude Oil Stocks Decline in Week Ended July 3

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.2 million barrels in the week ended July 3 following a decrease of 9.3 million barrels in the previous week.Excluding inventories in the SPR, commercial crude oil stocks rose by 3.0 million barrels after a 3.8-million-barrel decline in the previous week, compared with a 1.9-million-barrel drop expected in a survey compiled by Bloomberg as of 7:45 am ET.Stocks in the SPR fell by 6.2 million in the week after falling by 5.5 million in the previous week.Overall crude oil stocks were down 0.4% from the previous week and down 11.8% from a year earlier. Crude oil inventories are about 6% below the five-year average for this time of the year.Gasoline stocks declined by 1.9 million barrels, compared with the 1.7 million barrel decrease expected. Gasoline stocks were down 0.9% from the previous week, and down 7.6% from a year earlier.Distillate stocks plunged by 5.0 million barrels in the current week, compared with an expected increase of 1.1 million barrels. Distillate stocks were down 4.6% from the previous week but were still 0.8% higher than in the same week a year ago.Refineries operated at 95.8% of their capacity, below 96.6% in the previous week.

US Markets29d ago

Oil Prices Climb as Trump Warns of More Attacks on Iran

Crude oil prices rose more than 5% Wednesday as President Donald Trump threatened additional strikes against Iran tonight, saying the ceasefire with Tehran was over.West Texas Intermediate climbed 5.3% to $74.19 a barrel, while Brent gained 5.8% to $78.43.The US struck Iran on Tuesday after Tehran attacked three tankers that crossed the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps hit US military targets across Bahrain and Kuwait in retaliation to Washington's attacks, CNN reported.The US will likely hit Iran again tonight, Trump said Wednesday at a North Atlantic Treaty Organization summit in Turkey.Trump said the peace deal with Iran is "over.""To me, I think it's over," he said at the summit. "I don't want to deal with them."Last month, the US and Iran agreed to a memorandum of understanding to end their war and reopen the Strait of Hormuz. The deal allowed a 60-day period for both countries to iron out a final long-term deal and tackle issues such as Iran's nuclear program."The escalation threatens fragile negotiations aimed at securing a permanent peace, with both sides accusing the other of violating the ceasefire," Saxo Bank said in a report Wednesday. "Brent has moved back above $76, potentially triggering further short covering among hedge funds."The US Treasury Department said Tuesday that it withdrew a waiver that allowed Iran to sell oil.A peace deal between the US and Iran is a key risk to watch in the second half of 2026 as energy prices may determine inflation expectations, Oxford Economics Chief Global Economist Ryan Sweet said in remarks emailed to."If the peace deal breaks, and it's too early to tell, it won't just raise oil prices; it would also increase pressure on (artificial intelligence) supply chains in Asia, force central banks to be hawkish, tighten financial conditions, and could shift the outcome of the US midterms," Sweet said. "The cascade runs fast."

Commodities29d ago

US Weekly Ethanol Production Dropped, EIA Says

US weekly ethanol production dropped slightly, according to the US Energy Information Administration report on Wednesday.For the week ending July 3, US ethanol production averaged 1.09 million barrels per day, below last week's 1.12 mmb/d and almost unchanged from last year's levels.The four-week average output at 1.10 mmb/d was above 1.09 mmb/d a year ago.

Wire29d ago

Citigroup Adjusts EOG Resources Price Target to $141 From $147

EOG Resources (EOG) has an average rating of overweight and mean price target of $159.50, according to analysts polled by FactSet.Price: $137.61, Change: $+3.07, Percent Change: +2.28%

$EOG

Wire29d ago

MAIA Biotechnology Says Ateganosine Shows 90.5% Disease Control Rate in Phase 2 Expansion Trial

MAIA Biotechnology (MAIA) said Wednesday initial efficacy data from its phase 2 part C expansion trial of ateganosine showed a 90.5% interim disease control rate in patients with advanced non-small cell lung cancer.The company said 21 patients received ateganosine followed by Regeneron Pharmaceuticals' (REGN) Libtayo in 21-day treatment cycles.MAIA added that the initial efficacy results were consistent with the results of the part A and part B studies, despite the part C trial enrolling a more heavily pre-treated patient population.MAIA Biotechnology shares were down 2.4% in Wednesday trading.Price: $1.44, Change: $-0.03, Percent Change: -2.11%

$MAIA$REGN

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Asia Markets29d ago

CH Closer

^SSMI$BARN.SW$GALD.SW