Dow Jones futures jumped, oil prices dived. President Trump agreed to halt Iran attacks for two weeks. Iran reportedly agreed to open the Strait of Hormuz.
Dow Jones futures jumped, oil prices dived. President Trump agreed to halt Iran attacks for two weeks. Iran reportedly agreed to open the Strait of Hormuz.
HOT TOPICS U.S. agrees to ceasefire with Iran U.S. President Donald Trump said Tuesday evening on social media that he agreed to a two-week ceasefire with Iran. The agreement followed a request from Pakistan’s Prime Minister Shehbaz Sharif and army chief Asim Munir, and is conditioned on Iran fully, immediately and safely opening the Strait of Hormuz. CATL hires Zijin Mining founder
HOT TOPICS U.S. agrees to ceasefire with Iran U.S. President Donald Trump said Tuesday evening on social media that he agreed to a two-week ceasefire with Iran. The agreement followed a request from Pakistan’s Prime Minister Shehbaz Sharif and army chief Asim Munir, and is conditioned on Iran fully, immediately and safely opening the Strait of Hormuz. CATL hires Zijin Mining founder
RiverNorthPhotography/iStock Unreleased via Getty Images Thesis T. Rowe Price Group, Inc. ( TROW ) saw accelerating institutional outflows in Q4 2025, due to which it missed earnings expectations. Assets under management (AUM) growth over the past 3 years has been purely market-driven due to continuous outflows. Effective fee rate (EFR) compression and my expectation of the retirement-based soluti...
RiverNorthPhotography/iStock Unreleased via Getty Images Thesis T. Rowe Price Group, Inc. ( TROW ) saw accelerating institutional outflows in Q4 2025, due to which it missed earnings expectations. Assets under management (AUM) growth over the past 3 years has been purely market-driven due to continuous outflows. Effective fee rate (EFR) compression and my expectation of the retirement-based solutions offered by the target date franchise (TDF) to become a negative for net flows over the next decade combine for a flattish growth outlook. The company's strongest suit is its dividends, which are well covered and growing . However, the margin of safety is shrinking due to free cash flow growth stagnating. All of these factors lead me to give TROW a Hold rating, with a target price of $101.71. About the Company TROW is an asset management company that provides investment advisory services to both institutional and retail clients. The company's AUM stood at $1.80 trillion as of February 2026. TROW's AUM is primarily concentrated in equity, followed by multi-asset, fixed income, and alternatives. The firm is known for its active management approach, which has provided strong returns historically; however, the higher EFR commanded by this model is proving to be a headwind. TROW's TDF is among the industry's largest actively managed solutions and has partially helped reduce net outflows. The company is considered a dividend aristocrat, having consistently raised its dividend for almost the past 40 years. The quarterly dividend stands at $1.30/share, up 2.4% from the previous year. Net Outflows Are Becoming Increasingly Structural TROW has seen cumulative outflows of $272 billion since 2021. The firm's AUM growth for the past 3 years has been driven only by the market appreciation of its investments, masking continuous outflows. This is especially true for equity investments, which are the primary source of net outflows . Given that equity strategies tend to carry relatively h...
ILC Critical Minerals ( ILHMF ) announced a non-brokered private placement to offer up to 50M common shares at C$0.02 each, aiming to raise up to C$1M. The offering does not include any warrants. The company plans to use $500K (50%) of the proceeds for exploration on the Raleigh Lake and Wolf Ridge Projects, $275K (27.5%) for general working capital, and $225K (22.5%) for management and director f...
ILC Critical Minerals ( ILHMF ) announced a non-brokered private placement to offer up to 50M common shares at C$0.02 each, aiming to raise up to C$1M. The offering does not include any warrants. The company plans to use $500K (50%) of the proceeds for exploration on the Raleigh Lake and Wolf Ridge Projects, $275K (27.5%) for general working capital, and $225K (22.5%) for management and director fees. Payments for Investor Relations activities, if any, will be less than 10% of the gross proceeds and will be reported to the TSX Venture Exchange. The closing of the offering depends on acceptance by the TSXV. All securities issued will have a four-month hold period under Canadian laws. The company may pay finders fees on part of the placement as allowed by TSXV policies. Furthermore, the company is withdrawing the C$2.5M private placement of shares announced on February 3, 2026. This placement was initially intended to fund the Lepidico Option for purchasing 100% of Lepidico (Mauritius) Ltd., which controlled 80% of the Karibib project in Namibia. Following the non-exercise of the option, due to delays in TSXV approval, the company reassessed its financing needs. Additionally, the C$510K loan to Lepidico (Canada) Inc. has been fully repaid. More on ILC Critical Minerals Ltd. International Lithium announces name change to ‘ILC Critical Minerals’ Financial information for ILC Critical Minerals Ltd.
France plans to direct a large share of its push to boost defense spending toward drones and munitions as it races to adapt to heightened threats and the risk of the US withdrawing military capabilities from Europe. A revised multi-year spending bill presented to cabinet on Wednesday aims to deliver President Emmanuel Macron ’s pledge of an additional €36 billion ($42 billion) in outlays over five...
France plans to direct a large share of its push to boost defense spending toward drones and munitions as it races to adapt to heightened threats and the risk of the US withdrawing military capabilities from Europe. A revised multi-year spending bill presented to cabinet on Wednesday aims to deliver President Emmanuel Macron ’s pledge of an additional €36 billion ($42 billion) in outlays over five years starting in 2026. Of that increase, €8.5 billion is earmarked for a 54% increase in munitions spending and €2 billion for drones. “We are living in a time of profound change that calls for a toughening of our model,” Defense Minister Catherine Vautrin said in a presentation of the bill. “The deep and abrupt shift in international balances now compels us to move faster and act more forcefully.” Conflicts in Ukraine and the Middle East have underscored how quickly munitions are exhausted during high-intensity combat, pushing European governments to invest more. The shift gained new urgency following the reelection of Donald Trump , whose “America First” rhetoric has fueled fears that Washington may withdraw from NATO or weaken its security guarantees for the continent. All NATO members except Spain have agreed to raise their spending to at least 3.5% of gross domestic product on core defense and an extra 1.5% on defense related spending such as infrastructure and cybersecurity by 2035. Under France’s revised defense budget, spending would reach 2.5% of GDP in 2030. It said outlays will have doubled in nominal terms during Macron’s decade in power from 2017 to 2027. While the plan extends through 2030, its execution faces political hurdles as Macron’s successor could draft a new framework to adjust the spending trajectory. The next French presidential election is expected to take place in April 2027. “It is now up to Parliament to debate this ambition, to enrich it, to amend it, and to vote on it,” Vautrin said. France to Boost Nuclear Arsenal With US Commitments in Dou...
Swatch Group AG recommended its shareholders vote against US activist investor Steven Wood ’s bid to join the Swiss watchmaker’s board. Wood, founder of Greenwood Investors, has said change is needed at Swatch, in particular to loosen the founding Hayek family’s grip over the company. He is pushing to be nominated as the representative of bearer shareholders on the board at the annual general meet...
Swatch Group AG recommended its shareholders vote against US activist investor Steven Wood ’s bid to join the Swiss watchmaker’s board. Wood, founder of Greenwood Investors, has said change is needed at Swatch, in particular to loosen the founding Hayek family’s grip over the company. He is pushing to be nominated as the representative of bearer shareholders on the board at the annual general meeting in May. But Swatch said Wood is not suitable as a representative of bearer shareholders, given only about 4% of what’s held by GreenWood Builders Fund IV is this type of stock. Instead, the board proposed Andreas Rickenbacher to continue to represent bearer shareholders, according to its AGM agenda dated April 2. Read More: Swiss Watch Giant Gets Bullish as Activist Pushes for Change It’s the latest attempt by Swatch to fend off Wood’s bid to overhaul the company’s governance. Last year, Swatch over-rode his board election citing “important reasons” including his US citizenship. Wood countered that rejection was illegal, and filed a lawsuit against Swatch. In its agenda, Swatch called Wood’s allegations “baseless and damaging,” and said it would not work with somebody who had taken legal action against it. It also restated previous positions including the “reputational risks” of Wood being on the board of Italian defense company Leonardo Spa . “It is important to the group that its board members are Swiss citizens or have their primary residence in Switzerland,” Swatch said. Wood’s campaign comes amid a challenging market for Swiss watchmakers, with the war in the Middle East following soon after months of disruption caused by US tariffs — all while the sluggish demand in China weighs on the sector.
A cargo ship sails through the Arabian Gulf toward the Strait of Hormuz on March 27, 2026. Photo: VCG A small but growing number of ships are making it through the Strait of Hormuz, offering a fragile sign of recovery in one of the world’s most critical energy chokepoints even as the U.S.-Israel-Iran conflict drags on and traffic remains far below normal. The Global Vivian, a Vietnamese-owned liqu...
A cargo ship sails through the Arabian Gulf toward the Strait of Hormuz on March 27, 2026. Photo: VCG A small but growing number of ships are making it through the Strait of Hormuz, offering a fragile sign of recovery in one of the world’s most critical energy chokepoints even as the U.S.-Israel-Iran conflict drags on and traffic remains far below normal. The Global Vivian, a Vietnamese-owned liquefied petroleum gas (LPG) tanker, exited the Persian Gulf through the “safe corridor” established by Iran on April 7, making Vietnam the second Southeast Asian country after Thailand to have a vessel successfully navigate the restricted waterway.
TennesseePhotographer/iStock Editorial via Getty Images Broadstone Net Lease, Inc. ( BNL ), is in focus today. I last covered the REIT in February 2025, where I communicated a bullish view on the basis of a perceived departure between the REIT's fundamentals and the market's assessment thereof. The REIT has delivered a total return of ~26% since then. However, market circumstances have changed mat...
TennesseePhotographer/iStock Editorial via Getty Images Broadstone Net Lease, Inc. ( BNL ), is in focus today. I last covered the REIT in February 2025, where I communicated a bullish view on the basis of a perceived departure between the REIT's fundamentals and the market's assessment thereof. The REIT has delivered a total return of ~26% since then. However, market circumstances have changed materially. In addition, BNL is set to be included in the S&P 600 small-cap index, altering its systematic risk profile. Considering the latest developments, here's what I think about Broadstone's prospects. Index Inclusion Broadstone Net Lease is set to join the S&P 600 small-cap index on April 9th, 2026, in effect replacing DigitalOcean Holdings ( DOCN ). The decision was announced on April 6th, and Broadstone has gained by ~2% ever since , presenting a clear standout as the market experienced mixed results between Monday and Tuesday's trading. Figure 1: S&P Global For those unfamiliar with the S&P 600 small-cap index. The index has an adjusted-float market-cap weighted methodology with peripheral requirements such as constituents having a market cap between $1.2 billion and $8 billion, maintaining a 10% public float, and positive earnings in their most recent quarter and the past four consecutive quarters combined. In addition, constituents must meet certain liquidity requirements, including a required 250,000 shares or more to be traded in each of the past six months. What could Broadstone's inclusion in the index mean for its market value? The argument is dynamic, but let's start by assessing the topic matter passively. A Passive Argument First, index inclusion will expose Broadstone to a higher amount of passive flow through index fund commitments. Observing State Street® SPDR® Portfolio S&P 600™ Small Cap ETF's ( SPSM ) returns in figure 2 illustrates smooth long-run returns of the index. Broadstone might benefit from the phenomenon if 1) index returns resume momentum a...
June S&P 500 E-Mini futures (ESM26) are trending up +2.82% this morning as oil prices fell the most in years after the U.S. and Iran agreed to a two-week ceasefire, boosting investors’ appetite for risk.
June S&P 500 E-Mini futures (ESM26) are trending up +2.82% this morning as oil prices fell the most in years after the U.S. and Iran agreed to a two-week ceasefire, boosting investors’ appetite for risk.