Richard Drury/DigitalVision via Getty Images By Benjamin Schroeder , Senior Rates Strategist; Michiel Tukker , Senior UK & Eurozone Rates Strategist; and Padhraic Garvey, CFA , Regional Head of Research, Americas US curve flattens on front end scare factor Earlier Wednesday, the US 10yr yield had gapped higher and hit 4.4%. Actually, the whole curve gapped up. The holdout in the Strait of Hormuz w...
Richard Drury/DigitalVision via Getty Images By Benjamin Schroeder , Senior Rates Strategist; Michiel Tukker , Senior UK & Eurozone Rates Strategist; and Padhraic Garvey, CFA , Regional Head of Research, Americas US curve flattens on front end scare factor Earlier Wednesday, the US 10yr yield had gapped higher and hit 4.4%. Actually, the whole curve gapped up. The holdout in the Strait of Hormuz was the catalyst. Some duration selling makes a lot of sense here, where we are in “nowhere land” on a resolution to the war. Extrapolate this, and we could sail back up to the 4.5% area that we hit a few weeks ago. Some of this was echoed in the decision of three Fed members to step away from the underlying easing bias that had dominated policy changes since the wider rate-cutting process began. For these three members, that journey is at an end. The main follow-through from the FOMC outcome is a consolidation at 4.4% for the 10yr, and a further rise in the 2yr to above 3.9% – a flatter curve. More to come, at least for as long as the hold-off in the Strait continues, and the prognosis there is for the status quo to be in an uncomfortable place. Between March and April, the implementation notes that accompany the FOMC statement are operationally unchanged, but the tone shifts from active reserve support to maintenance – suggesting the plumbing has calmed enough for the NY Fed Desk to stand down, even as policy stays on hold. Last week the NY Fed cut T-bill buying from US$40bn to US$25bn per month, pointing in the same direction, and indicative of some comfort over the plumbing of the system. The missing piece here is the ongoing elevation in the effective funds rate. It remains at 3.64%, a mere 1bp below the rate on reserves at 3.65% (unchanged). It used to be 7bp below (September 2025). The Fed, ideally, would prefer to get it back there. But no big stress here. In all probability, the effective funds rate will be coaxed down as bank reserves slowly rebuild in line with on...
Iran War Cost $25 Billion in First 2 Months, Pentagon Says Authored by Ryan Morgan via The Epoch Times, Combat operations against Iran have cost the U.S. military about $25 billion in two months, a top Pentagon accounting official told House Armed Services Committee members on April 29. The Wednesday hearing marked the first time Secretary of War Pete Hegseth and Chairman of the Joint Chiefs of St...
Iran War Cost $25 Billion in First 2 Months, Pentagon Says Authored by Ryan Morgan via The Epoch Times, Combat operations against Iran have cost the U.S. military about $25 billion in two months, a top Pentagon accounting official told House Armed Services Committee members on April 29. The Wednesday hearing marked the first time Secretary of War Pete Hegseth and Chairman of the Joint Chiefs of Staff Gen. Dan Caine have testified publicly to Congress since U.S. and Israeli forces commenced attacks on Iran on Feb. 28. U.S. and Iranian forces exchanged fire for about five and a half weeks before the parties entered into a ceasefire agreement on April 8. Rep. Adam Smith (D-Wash.), the ranking member on the committee, asked the Pentagon to account for the costs of U.S. munitions expended as well as for equipment destroyed in the course of the fighting. Jules Hurst, the acting War Department comptroller, estimated those costs at about $25 billion. Hurst said munitions accounted for most of it, but said he also factored in operations and maintenance and equipment replacement costs. Hurst joined Hegseth and Caine at the hearing, as Congress weighs military funding requests for fiscal year 2027. The Trump administration has been working on submitting a supplemental funding request to Congress to cover the war’s costs, but has yet to finalize it or settle on an exact figure. “We will formulate a supplemental through the White House that will come to Congress once we have a full assessment of the cost of the conflict,” Hurst said. The Pentagon is already seeking a $1.5 trillion military and defense spending budget for fiscal year 2027. The request amounts to a 42 percent increase over fiscal year 2026 military spending, which totaled approximately $1.03 trillion. Among other items, the Trump administration’s 2027 military budget request seeks $52.9 billion to boost procurement for 12 weapons systems that the Pentagon has classified as critical munitions. In March, President D...
Australia’s high-level inquiry into antisemitism pointed to inconsistencies in policing for high-risk events, backed firearms reforms and called for a review of joint counter-terrorism teams following the country’s worst terrorist attack in December. The interim report, released Thursday, found no evidence that existing laws prevented authorities from acting to stop the assault, nor that agencies ...
Australia’s high-level inquiry into antisemitism pointed to inconsistencies in policing for high-risk events, backed firearms reforms and called for a review of joint counter-terrorism teams following the country’s worst terrorist attack in December. The interim report, released Thursday, found no evidence that existing laws prevented authorities from acting to stop the assault, nor that agencies lacked the powers or frameworks that might have altered the outcome. That shifts the focus toward operational improvements rather than legislative overhaul — a notable finding given calls for tougher security laws following the attack that left 15 dead at a Hanukkah celebration at Sydney’s Bondi Beach. The commission, led by former High Court justice Virginia Bell, set out a series of recommendations aimed at strengthening coordination across Australia’s fragmented counter-terrorism system, according to the interim report. Chief among them is a proposal to make the national counter-terrorism coordinator a full-time role, reflecting concerns the position has become overstretched as threats grow more complex. The inquiry, established in January to examine both antisemitism and the circumstances surrounding the attack, also called for a review of joint counter-terrorism teams — the backbone of intelligence-sharing between federal and state agencies — citing scope to improve leadership structures, integration and data access. Kneejerk Responses Won’t Stop the Next Bondi: David Fickling In Australia, a Royal Commission is the highest form of inquiry on matters of public importance. It has the power to summon witnesses to appear before it and to request individuals or organizations produce documents as evidence. Such inquiries are only established in rare and exceptional circumstances and can take years to conclude. Prime Minister Anthony Albanese previously announced tougher hate speech laws targeting those who promote violence or racial vilification, new aggravated offenses, an...
Shares of NXP Semiconductors (NASDAQ: NXPI) spiked on Wednesday after the chipmaker reported solid growth across its major business lines. Image source: Getty Images. NXP's revenue climbed 12% year over year to $3.18 billion in the first quarter ended March 29. Continue reading
Shares of NXP Semiconductors (NASDAQ: NXPI) spiked on Wednesday after the chipmaker reported solid growth across its major business lines. Image source: Getty Images. NXP's revenue climbed 12% year over year to $3.18 billion in the first quarter ended March 29. Continue reading
In this article ETERNAL-IN SWIGGY-IN TM MARUTI-IN 7269.T-JP HYUNDAI-IN MAHM-IN TMCV-IN RNO-FR BYDDF KIMTF KIMTF HMC TCS-IN USB Follow your favorite stocks CREATE FREE ACCOUNT This report is from this week's "Inside India" newsletter, which brings you timely, insightful news and market commentary on the emerging powerhouse — Subscribe today Hello, this is Priyanka Salve, writing to you from Singapo...
In this article ETERNAL-IN SWIGGY-IN TM MARUTI-IN 7269.T-JP HYUNDAI-IN MAHM-IN TMCV-IN RNO-FR BYDDF KIMTF KIMTF HMC TCS-IN USB Follow your favorite stocks CREATE FREE ACCOUNT This report is from this week's "Inside India" newsletter, which brings you timely, insightful news and market commentary on the emerging powerhouse — Subscribe today Hello, this is Priyanka Salve, writing to you from Singapore. Welcome to the latest edition of " Inside India " — your one-stop destination for stories and developments from the world's fastest growing large economy. Over the past two decades, India's IT sector has been driving a consumption boom that has in many ways anchored the India growth story. But as AI forces IT companies to shift away from volume hiring, it exposes a critical gap that risks hampering economic growth: a lack of quality jobs. Read on! Any thoughts on today's newsletter? Share them with the team. The big story Few global events have dented India's fabled growth story. Even as the conflict in the Middle East disrupts global supply chains, the IMF earlier this month reaffirmed its forecast that India will remain the fastest-growing large economy in 2026. But last week, global equity research firm Bernstein wrote an open letter to Indian Prime Minister Narendra Modi, warning of a deepening employment crisis in the country, especially as artificial intelligence threatens quality jobs in the information technology sector. Those jobs with relatively high wages and productivity have had spillover effects across real estate, education, and services, making white-collar employment a key pillar of the country's economic growth. For the past two decades, 10 million to 15 million Indians working in IT services and the business process outsourcing industry have anchored the "aspirational middle class—buying homes, taking flights, driving consumption," Bernstein said. "Gen AI now challenges that template." India's IT sector used to outcompete global peers as the vast tale...
Earnings Call Insights: UMB Financial Corporation (UMBF) Q1 2026 Management View Chairman & CEO J. Kemper framed Q1 as performance “well ahead of expectations,” citing “10.8% linked quarter annualized loan growth,” “$2.3 billion in gross production,” and “continued momentum in our fee businesses with strong contributions from Corporate Trust, Investment banking and fund services.” Chairman & CEO J...
Earnings Call Insights: UMB Financial Corporation (UMBF) Q1 2026 Management View Chairman & CEO J. Kemper framed Q1 as performance “well ahead of expectations,” citing “10.8% linked quarter annualized loan growth,” “$2.3 billion in gross production,” and “continued momentum in our fee businesses with strong contributions from Corporate Trust, Investment banking and fund services.” Chairman & CEO J. Kemper addressed private credit headlines directly, saying, “we have negligible exposure to the private credit industry,” and disclosed total NDFI lending exposure of “$2.6 billion or just 6.6% of total loans,” with “approximately $300 million or less than 1% of the loans” in subscription lines. Chairman & CEO J. Kemper detailed fee exposure to private credit funds, stating, “Approximately $43 billion of our more than $565 billion in assets under administration is related to private credit,” and that related annual fee income “totaled approximately $13 million or just 1.6% of annualized first quarter fee income.” Chairman & CEO J. Kemper highlighted capital actions and profitability, saying the March 31 CET1 ratio was “11.16%,” the board “approved an increased share repurchase authorization,” and UMB “opportunistically repurchased approximately 178,000 shares in March,” alongside “positive operating leverage of 6.4%” and an “operating efficiency ratio of 47.6%.” Executive VP & CFO Ram Shankar said Q1 included “$51 million in net interest income from purchase accounting adjustments,” including “$15.1 million…related to accelerated accretion,” and added, “projected contractual accretion…is estimated at approximately $71 million for the remainder of 2026 and $79 million for 2027.” Outlook Executive VP & CFO Ram Shankar said, “we would expect second quarter operating expense to be in line with the current consensus expectations of $383 million,” attributing the increase to “additional salary day” and “our merit cycle that went into effect in April.” Executive VP & CFO Shankar...
Earnings Call Insights: C.H. Robinson (CHRW) Q1 2026 Management View "The first quarter of 2026 was another example of this, and our adjusted earnings per share increased 15% year-over-year despite a significant increase in truckload spot market costs," said (President, CEO & Director David Bozeman). "This enabled us to optimize our adjusted gross profit per truckload shipment and maintain our NAS...
Earnings Call Insights: C.H. Robinson (CHRW) Q1 2026 Management View "The first quarter of 2026 was another example of this, and our adjusted earnings per share increased 15% year-over-year despite a significant increase in truckload spot market costs," said (President, CEO & Director David Bozeman). "This enabled us to optimize our adjusted gross profit per truckload shipment and maintain our NAST gross margin percentage despite having to absorb the elevated cost of capacity." "Additionally, we gained market share in our NAST business for the 12th consecutive quarter," said (CEO Bozeman). "We're highly confident in our ability to continue executing on all of our strategic initiatives... and we reaffirm our 2026 operating income target that we raised in October of last year," he added, while describing "Lean AI" as "our unique disciplined approach to AI innovation." "As a result, our mix of contractual truckload volume increased from approximately 65% in Q1 last year to approximately 70% this year," said (President of North American Surface Transportation Michael Castagnetto). "Combined with targeted repricing... we were able to offset the pressure of our contractual margins and maintain our NAST gross margin at 14.6% in Q1." "Through another quarter of disciplined execution... our Q1 total revenue and AGP declined approximately 1% and 2% year-over-year, respectively," said (Chief Financial Officer Damon Lee). "We continue to expect that our 2026 personnel expenses will be in the range of $1.25 billion to $1.35 billion" and "our 2026 SG&A expenses" will be "in the range of $540 million to $590 million." Outlook Management did not provide quarterly EPS or revenue guidance in the prepared remarks; the call reiterated multi-item full-year framework, including: "we reaffirm our 2026 operating income target that we raised in October of last year," said (CFO Lee). "Truckload spot rates are expected to remain elevated, and we're now expecting a 17% year-over-year increase ...
SASKATOON, Saskatchewan, April 29, 2026 (GLOBE NEWSWIRE) -- PHARMACORP RX INC. (“ PharmaCorp ” or the “ Corporation ”) (TSXV: PCRX) a Canadian pharmacy acquisition and ownership platform for pharmacist-led community pharmacy ownership, today reported its financial results for fourth quarter and year ended December 31, 2025.
SASKATOON, Saskatchewan, April 29, 2026 (GLOBE NEWSWIRE) -- PHARMACORP RX INC. (“ PharmaCorp ” or the “ Corporation ”) (TSXV: PCRX) a Canadian pharmacy acquisition and ownership platform for pharmacist-led community pharmacy ownership, today reported its financial results for fourth quarter and year ended December 31, 2025.
Sarvam AI co-founder Pratyush Kumarf speaks to Bloomberg’s Menaka Doshi in Mumbai about India's opportunity in the AI space and the support the Indian government can provide to enable a level playing field. (Source: Bloomberg)
Sarvam AI co-founder Pratyush Kumarf speaks to Bloomberg’s Menaka Doshi in Mumbai about India's opportunity in the AI space and the support the Indian government can provide to enable a level playing field. (Source: Bloomberg)
标普全球评级(S&P Global Ratings)对人寿保险公司的私募信贷敞口进行了压力测试,结果令人鼓舞。该公司表示,人寿保险公司具有“韧性”,并已做好充分准备,能够抵御私募信贷领域的压力。该领域近几个月来一直承压。 这家评级公司进行了一系列压力测试并得出结论,即使在该研究设想的最糟糕情境下,也只有两家保险公司可能被下调评级,约一半保险公司的信用评级将面临“中度压力”;在这种最糟糕情境下,垃圾...
标普全球评级(S&P Global Ratings)对人寿保险公司的私募信贷敞口进行了压力测试,结果令人鼓舞。该公司表示,人寿保险公司具有“韧性”,并已做好充分准备,能够抵御私募信贷领域的压力。该领域近几个月来一直承压。 这家评级公司进行了一系列压力测试并得出结论,即使在该研究设想的最糟糕情境下,也只有两家保险公司可能被下调评级,约一半保险公司的信用评级将面临“中度压力”;在这种最糟糕情境下,垃圾级债务的违约率大约是2008年和2009年水平的两倍。 这些测试侧重于保险公司持有的非公开发行、非公开评级的债务,如企业贷款和结构化非抵押融资债券。标普在其评估中做出了几个值得注意的假设。 标普假设,在发生违约时,支撑保险公司所持资产的潜在债务将损失65%至70%的价值。标普称这一假设“本质上是保守的”。 责任编辑:王永生