Iuliia Antonova/iStock via Getty Images By Warren Patterson , Head of Commodities Strategy | Ewa Manthey , Commodities Strategist Energy - Duration of disruptions key for energy markets The oil market pared some of its initial gains yesterday, with Brent settling 7.26% higher on the day after initially trading as much as 13.6% higher. The market continues to digest the risk of escalation in the Middle East. While there are concerns about oil flows through the Strait of Hormuz, a greater risk to the market would be Iran targeting additional energy infrastructure in the region. This could lead to more prolonged outages. Oil price movements have been fairly modest, given the amount of supply at risk and uncertainty about how long disruptions could persist. Part of the explanation: the market had already been pricing in a fairly large risk premium in the lead-up to these attacks. Also, the market appears to be pricing in a relatively short-lived disruption to oil flows through the Strait of Hormuz, which the large surplus markets expect this year should be able to absorb. Clearly, supply disruptions leave significant tightness in the prompt market, as reflected in timespreads. The 12-month ICE Brent is surging from less than US$5/bbl to a little over US$9.50/bbl backwardation. The May/Jun spread surged towards a US$1.60/bbl backwardation. Secretary of State Marco Rubio said that the US will announce plans on Tuesday to mitigate higher energy costs. At the same time, though, there have been reports that the US has no immediate plan to release oil from its strategic petroleum reserve. The longer the Middle East disruptions last, the more likely we are to see coordinated emergency releases from several countries. The middle distillate market saw significant strength. The ICE gasoil market settled almost 18% higher yesterday, while the gasoil crack surged above $36/bbl. At risk is 6m b/d of refined product flows through the Strait of Hormuz. Disruptions in crude oil flows a...

騰訊控股(00700)出現大手賣出3.37萬股，成交價$514.5，涉資1.734千萬 AASTOCKS.com

小米集團－Ｗ(01810)出現大手賣出23.82萬股，成交價$31.8，涉資757.476萬 AASTOCKS.com

Micron Technology (MU) has officially inaugurated its high-tech semiconductor assembly and test facility in Sanand, Gujarat, marking a watershed moment for India’s burgeoning electronics manufacturing sector. The ISO 9001:2015-certified site has transitioned from construction to active commercial production, signaling the arrival of large-scale semiconductor backend operations in the South Asian nation. Investment and Infrastructure Scale The project represents a massive collaborative financial commitment, totaling approximately $2.75 billion. This investment is a joint effort between Micron and its various government partners, supported by the Indian central government’s Modified Assembly, Testing, Marking, and Packaging (ATMP) scheme. The physical scale of the Sanand plant is equally impressive. Once the first phase reaches full operational capacity, the facility will boast over 500,000 square feet of cleanroom space. Remarkably, this makes it one of the largest single-floor assembly and test cleanrooms in the world. This infrastructure is designed to process advanced DRAM and NAND wafers—sourced from Micron’s extensive global manufacturing network—and transform them into finished, market-ready memory and storage solutions. Powering the AI Revolution The timing of the opening is strategic. As the global demand for memory and storage products continues to skyrocket, largely catalyzed by the rapid expansion of Artificial Intelligence (AI) and high-performance computing, the Sanand facility will serve as a critical node in Micron’s global supply chain. To mark the ceremonial start of operations, Micron delivered its first shipment of India-made memory modules to Dell Technologies (DELL). These components are destined for laptops manufactured within India, specifically for the domestic market, highlighting a localized “closed-loop” manufacturing success story. Production Roadmap and Economic Impact Micron has set ambitious scaling targets for the new site: 2026: Expec...

本港多個旅行團仍滯留中東的迪拜，有滯留港人指，市面已大致平靜。 本台昨日訪問過的楊先生，仍滯留迪拜、未知歸期，不過他指市面已大致回復平靜。 滯留迪拜港人楊雲峰說：「第一晚很多爆炸聲，之後前晚是第二晚，已沒太多爆炸聲，昨晚已沒有、真的好太平。逛街看到旅客也好，可能市民也好，都已寬容了很多。便利店、餐廳及商場，我想九成以上都仍營業。」 他與一行20多人，在馬會組織下來到迪拜參與賽事，指已將相關個人資料，交予中國駐當地領使館，不過暫時未有安排。 楊雲峰表示：「現在訊息都幾混亂，我知有新聞指阿布扎比，會補償因滯留的酒店及餐飲費用，但我在迪拜的職員就指，沒收到消息、因迪拜不包括，唯一知道是(酒店價錢)加了一倍。」 縱橫遊指滯留迪拜的旅客，預計本周可陸續回到香港，又指當地政府將負責酒店費用，不過仍未公布申請渠道。 金怡假期就指，原定要經中東轉機的南美洲及埃及等旅行團，已安排轉飛歐洲或內地回港。不過因此產生的額外費用，或要由旅客自行承擔。 保險業界指，戰爭不受旅遊保險保障。 香港保險業聯會行政總裁劉佩玲指：「所有旅遊保都有『一般除外責任』，意思是在這些情況下，旅遊保提供不到保障，戰爭是其一，因如此大型事件不是商業保險可處理。機場關閉是因該地方戰爭影響，亦間接因戰爭而令旅程遲緩，都是因戰爭引起的因素風險，所以旅遊保都是不賠。」 她建議旅客尋求航空公司，處理更改或取消機票的退款。

Justin Paget/DigitalVision via Getty Images Investment overview I wrote about Amrize AG ( AMRZ ) previously with a buy rating, as the underlying demand drivers remain intact and the developments (cost savings initiatives working and new capacity) make the story much more attractive. I believe the equity story has improved. Commercial demand is showing up more clearly, especially in data centers and other project-driven work. At the same time, ASPIRE is already delivering savings, and new capacity is starting to come online. I reiterate a buy rating. 4Q25 earnings AMRZ reported Q4 2025 revenue of ~$2.84 billion, down 0.4% y/y. That may not look exciting on the surface, but the mix tells a different story. Building Materials revenue was $2.16 billion, up 3.9%, while Building Envelope revenue was $678 million, down 11.8%. Clearly, Building Materials did better. Cement volumes were up 3.6%, and aggregates volumes were also up 3%. Pricing-wise, aggregate pricing on a freight-adjusted constant-currency basis went up 3.8%, while cement pricing fell 0.8%. Building Envelope was the weaker segment here. Revenue fell 11.8%, and management said softer residential roofing demand was the main reason. That said, it was not weak across every line item. Commercial re-roofing revenue was up, and management said commercial new construction tied to data centers remained robust. It also pointed to early recovery in warehousing, distribution, and logistics. Margins and profits followed the same pattern. Building Materials adj. EBITDA was $705 million, up 4.9% y/y, and adj. EBITDA margin improved 60 bps to 32.6%. Building Envelope adj. EBITDA was $130 million, down 23.5%, with the decline driven by softer residential roofing demand and an $8 million increase in warranty provisions, partly offset by better commercial roofing margins from repair and refurbishment work. At the consolidated level, adj. EBITDA was $779 million, down 1.5% year over year. Commercial demand now showing up in the ...

Intel Corporation INTC has gained 100.6% over the past year compared with the industry’s growth of 51.6%. It has outperformed compared to the Zacks Computer & Technology sector and the S&P 500. Image Source: Zacks Investment Research The company has outperformed its peer, NVIDIA Corporation NVDA, but underperformed Advanced Micro Devices AMD. AMD has surged 103.8%, while NVIDIA has gained 55.3% during this period. INTC Gains from AI-Related Demand, Product Innovation Intel is benefiting from solid demand in the Data Center and AI group. The company reported the fastest sequential growth in the data center business this quarter. It reported revenues of $4.7 billion, up 15% sequentially, with an operating margin of 26.4%. The growth is primarily driven by Xeon server CPUs, which are Granite Rapids, Emerald Rapids and Sapphire Rapids. Per a report from Grand View Research, the AI infrastructure market was valued at $223.45 billion in 2024 and is expected to witness a compound annual growth rate of 30.4% by 2030. Intel, with its robust portfolio, is expected to gain from this market trend. AI clusters require massive interconnect bandwidth. High networking demand in the AI buildouts is driving growth in the custom Application-Specific Integrated Circuit (ASIC) business. The company is gaining solid traction in the hyperscaler business. Its ASIC business grew more than 50% in 2025, 26% sequentially and reached an annualized revenue run rate greater than $1 billion in the fourth quarter. Diversification beyond the Xeon business is a positive. Its Client Computing Group is also benefiting from healthy traction in the AI pc market. AI PC shipments grew 16% year over year in the fourth quarter. Intel AI chips are now powering more than 200 notebook designs. The AI PC market is expected to grow substantially in the upcoming quarters, backed by rapid digital transformation initiatives across sectors. Intel’s leading-edge Core Ultra Series 3 processors are expected to gain from...

文章提及标的 铂金 -- 广期所铂主力合约大跌8%，报572.05元/克。

arlutz73/iStock Editorial via Getty Images Shares of Lincoln National ( LNC ) have been a poor performer over the past year, losing about 9% of their value. While the company has made tremendous progress in turning around results, optimism in its own turnaround has been overwhelmed by fears around private credit losses. I last covered Lincoln in November when I upgraded the stock to a “ B uy.” While shares initially rallied, private credit fears have reversed this, leaving shares 16% lower, a very disappointing performance. With updated financials and growing credit fears, now is a good time to revisit LNC. I view the pullback as an opportunity. Seeking Alpha Private credit fears have dominated the landscape so far in 2026, so it is worth starting there when looking at Lincoln. First, last year, the company reached a deal to sell a 9.9% stake to Bain Capital, and as part of this agreement , Bain will manage a $20 billion portion of its investment account. This allocation is primarily focused on private credit and alternatives. Lincoln, in part, reached this agreement because its stand-alone private credit origination capacity was comparatively weak, and enhancing yields is essential to compete in the RILA (registered index-linked annuity) market against PE-backed firms. The fact there is now so much fear about potential losses in private asset classes should make the fact that LNC has less exposure a positive attribute. In fact, now may be an ideal time to grow exposure to the segment as lenders are positioned to demand much better terms than just 12 months ago, which should be a positive for its growing commitment to Bain. However, this sell-off on credit loss fears has been fairly indiscriminate, leaving LNC vulnerable to a downdraft. Beyond this, its portfolio is very high-quality, and 97% of its portfolio is investment grade. During the quarter, Lincoln deployed new funds at 5.3%, 65bps above its portfolio yield. I expect new investments to remain accretive to b...

当地时间3月3日，总台记者从伊朗方面了解到，有五名伊朗伊斯兰革命卫队成员在美以对伊朗布什尔省的袭击中遇难。（央视新闻）

中东向海运几近停摆，空运受限，物流中段导致跨境电商补货受阻 【财新网】 美以伊冲突导致中东进口物流暂时性瘫痪，3月正直中东斋月、跨境电商旺季，跨境电商补货受阻。 “中东的斋月类似美国的‘黑五’、是消费旺季，公司也按照惯例，在斋月前提前向中东海外仓补充了充足的库存”，一名在亚马逊、中东本土电商平台Noon跨境卖家向财新表示，目前战争尚未对其产生即时性影响，其在各平台的销售、履约仍在正常进行中。但是他也补充，如果战事持续超过一个月，补货通道被长期切断后，卖家的断货风险将大幅上升，直接影响店铺运营。

格隆汇3月3日｜乌克兰总理表示，该国已获得国际货币基金组织新设延期融资机制下的首笔15亿美元贷款。

今年是雷洁琼先生逝世15周年。她在燕南园先后住过的地方有一个共同特点，都是中式建筑、中式院落，正如她一生喜欢穿素雅的中式对襟上衣 雷洁琼（1905—2011） 今年是被誉为“民主教授”“巾帼先贤”的雷洁琼先生（1905—2011）逝世15周年。她是从燕京大学走出来的一位著名社会学家、教育家与卓越的社会活动家。 雷洁琼先生曾位居副国级：她是中国民主促进会创始人之一，曾连任第七届、第八届、第九届民进中央主席；曾任第六届全国政协副主席（1986.3—1988.3）；第七届、第八届全国人大常委会副委员长（1988.3—1998.3）。 面对这些职位与头衔，雷洁琼先生多次表示：“说到底，我只是一名老教师，我最喜欢当的还是教书匠。”她说：“从1931年进燕京大学社会学系教书算起，我60年没有离开过讲台。”直到2001年，她96岁时，将在北京大学社会学系指导的最后一名博士生带至毕业，才结束了长达70余年的教学生涯。

【有線新聞】伊朗警告會攻擊任何試圖通過霍爾木茲海峽的船隻，日本和南韓均提醒船舶避免進入海峽。在北京，外交部敦促各方維護航道安全，稱中國將採取必要措施保障自身能源安全。 霍爾木茲海峽附近近日接連有油輪受襲，伊朗革命衛隊官員強調霍爾木茲海峽已關閉，任何駛經的船隻將被攻擊，又警告會襲擊輸油管，揚言油價未來數日會飆升至每桶200美元，指美國負擔數萬億元美元債務並依賴中東石油，但他們會連一滴石油也無法得到。 全球約五分一的石油和天然氣均要通過霍爾木茲海峽輸出。摩根大通的分析指出，如果海峽完全封鎖，石油將難以出口，導致中東產油國缺乏地方儲存滯留產量，屆時維持生產約25日後便會被迫停產。美國國務卿魯比奧表示早已預料會出現能源問題，華府即日起會分階段推出應對措施，強調這正是要摧毀伊朗海軍的原因，避免對方控制海峽。 日本逾九成石油入口是通過霍爾木茲海峽輸送，首相高市早苗表示將盡全力確保原油供應穩定。內閣官房長官木原稔表示國內石油儲備可用254天，液化天然氣則有約三周的庫存，霍爾木茲海峽的現況亦尚未構成「存亡危機事態」。前首相安倍晉三政府2015年制訂安保法時，便曾把霍爾木茲海峽被水雷封鎖作為「存亡危機事態」的設想事例，可以行使集體自衛權、展開掃雷行動。 在約七成原油入口均依賴中東的南韓，估計約有210日石油儲備，當局已指示船隻前往安全區域避險，禁止駛入霍爾木茲海峽，並與海運業界啟動緊急應對體系。 在北京，外交部回應彭博社有關中國施壓伊朗不要封鎖海峽的報道，指各方都有責任確保能源供應穩定暢通，敦促各方立即停止軍事行動。

Thales profits boosted by defence business, avionics Reuters

Key Points Despite a recent pullback, Bitcoin is still up nearly 15% for the year. On a relative basis, Bitcoin is outperforming every other top cryptocurrency. Institutional investors are increasingly embracing Bitcoin as "digital gold." 10 stocks we like better than Bitcoin › After a promising start to the year, the crypto market is now in a deep funk. There's no other way to describe its recent performance. Of the top 50 cryptocurrencies by market cap, only a handful are in the green over the past 30 days. Everywhere else, there is a sea of red. But don't despair. There's one top cryptocurrency that's still worth buying. In fact, it is likely to outperform the broader market over both the short term and the long term. Yes, I'm talking about Bitcoin (CRYPTO: BTC). Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Bitcoin vs. altcoins Let's start by surveying the recent carnage in the crypto market. Over the past 30 days, Bitcoin is down nearly 10%, and some are now concerned that the world's most popular cryptocurrency might dip below the $100,000 mark. But if you zoom out, an entirely different picture emerges. Major altcoins are down anywhere from 15% to 30% across the board. Ethereum, for example, is down 15%. Solana is down 20%, XRP is down 25%, and Cardano is down 30%. And don't even think about investing in meme coins right now. Shiba Inu is down 25%, Dogecoin is down 30%, and Pepe is down 40%. Against that backdrop, Bitcoin's performance over the past 30 days becomes much less disappointing. It's hard to call Bitcoin a "store of value" right now, given its recent decline. But it is definitely holding up better than other top cryptocurrencies. For the year, Bitcoin is still up nearly 15%. The debasement trade One reason why Bitcoin is holding up better than major altcoins is something called the "debasement trade." This trade is currently the newest obsession on Wall Street:...

Thai court issued arrest warrants for a foreign businessman and his wife accused of investment fraud and money laundering, with one victim allegedly conned out of more than US$30 million, police said. Thailand’s Central Investigation Bureau (CIB) accused Ben Smith, also identified in news reports as South African Benjamin Mauerberger, and his wife, Cattaliya Beevor, of “cross-border investment fraud” dating back to 2016, according to a statement from the bureau on Monday. Media reports have previously linked Smith to transnational scam operations in Cambodia , part of a multibillion-dollar illicit industry that has ballooned in the region. Advertisement Thai Prime Minister Anutin Charnvirakul – who told reporters in December that he knew Smith “but was not close” to him – said on Monday that the warrants were in line with the government’s policy of cracking down on scammers and money launderers “regardless of who they are”. Ben Smith, also known as Benjamin Mauerberger, is accused of cross-border investment fraud dating back to 2016. Photo: Handout A criminal court issued the arrest warrants on fraud and money laundering charges on Thursday. Advertisement Smith, 47, and Beevor, 40, were accused of deceiving an unnamed foreign victim into investing in stocks, real estate, a private jet and energy businesses, building credibility until the victim “believed the schemes and transferred more than one billion baht (US$31.8 million)”, the investigation bureau said.

加拿大自然资源（CNQ）部3月2日宣布，加拿大与格陵兰岛签署关于关键矿产与能源（850101）合作的联合意向声明，加强双方在北极地区的经济合作。双方表示，加拿大2月6日在格陵兰岛首府努克设立领事馆后，双边关系日益紧密，此次双方签署联合意向声明是基于合作和互惠的原则。(新华社)

格隆汇3月3日丨越南VN指数跌幅扩大至1%，报1,827.53点。

格隆汇3月3日｜据伊朗学生通讯社，伊朗负责选举最高领袖的专家会议成员表示，选出哈梅内伊的继任者不会用时很久。

格隆汇3月3日｜沪深两市成交额连续第2个交易日突破2.5万亿，较上一日此时缩量超200亿。

Editor's note: Seeking Alpha is proud to welcome Joseph Minton as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access. Click here to find out more » Nemes Laszlo/iStock via Getty Images Getting diagnosed with an autoimmune disease called Ulcerative Colitis, a form of IBD, was a harsh reality check for me. I was told the disease was chronic and that I would have to take medicine for the rest of my life. And it’s true, I still see 60 more years of medicine ahead, but maybe now science offers the autoimmune disease patient a possible cure. Yes, a cure for once-thought-incurable diseases. A one-and-done treatment, no more lifelong infusions and prolonged side effects from regular dosing. CAR-T cell therapy proudly boasts the possibility of drug-free remission, and Kyverna Therapeutics ( KYTX ) leads the charge. It almost sounds too good to be true for a group of over 50 million Americans who fight daily with their autoimmune diseases. The State of CAR-T CAR-T treatment is associated with the oncology sector. Think lymphoma, leukemia, and myeloma. When researchers were first studying the possibility of taking a patient’s T-cells outside of their body for programming, the obvious next step was to program the T-cells to destroy B-cells, as B-cells cause certain cancers like B-cell lymphomas and leukemias. The risk was that these T-cells would work so well that they would annihilate all of the B-cells, good ones too, similar to the risks that chemo presents. Fortunately, scientists knew that B-cells can regenerate from bodily stem cells in a matter of weeks, and with that knowledge in hand, the FDA approved the first CAR-T therapies in 2017 for blood cancers. Miracles were worked in patients thought to have no options. Today, the CAR-T market has blossomed to $4.6-8.9B and is projected to reach $15-44B by 2030. Researchers t...

Broadcom Inc. (NASDAQ:AVGO) is one of the stocks in focus this week under Jim Cramer’s game plan. Cramer highlighted the hurdles faced by the stock, as he remarked: After the close, Broadcom reports… $1.5 trillion company makes semis and software, really doesn’t get enough attention given its size. Now, some of the chips are sold to Alphabet, which is a big buyer. That said, Broadcom needs to get new clients. Right now, it’s caught in the software decline stemming from AI fears. I think the decline’s wrong. You don’t get to $1.5 trillion for doing nothing, right? But you know what? This is one of those that’s just too hard to own right now, and I know that, and I sensed that today when we had our monthly meeting. A stock market graph. Photo by energepic.com Broadcom Inc. (NASDAQ:AVGO) supplies semiconductor devices and infrastructure software, including networking, connectivity, and storage solutions. The company’s products are used for applications in data centers, telecommunications, broadband, smartphones, industrial systems, and AI networking. During the February 3 episode, a caller asked if it was a good time to invest in the company’s stock, and Cramer replied: Okay, I’m [of] two minds on Broadcom. It’s not a good time to get into it, but it’s a great company. So what are we going to do? We’re going to let it come down. It did bounce today. We’re going to hope that Hock Tan does a buyback. He’s got the earnings. I’m going to throw in, let me throw in NVIDIA… This company is a winner in this environment, not a loser. And I will be right. Just going to take a little while. While we acknowledge the potential of AVGO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Y...