Thailand’s foreign minister confirmed on Wednesday the deaths of three Thai crew members of a cargo ship struck by Iran while transiting the Strait of Hormuz a month ago. US-Israeli strikes on Iran in late February prompted Tehran to respond by effectively closing the strait, a crucial artery for global oil supplies, and launching attacks on vessels. The Thai-flagged Mayuree Naree was struck on Ma...
Thailand’s foreign minister confirmed on Wednesday the deaths of three Thai crew members of a cargo ship struck by Iran while transiting the Strait of Hormuz a month ago. US-Israeli strikes on Iran in late February prompted Tehran to respond by effectively closing the strait, a crucial artery for global oil supplies, and launching attacks on vessels. The Thai-flagged Mayuree Naree was struck on March 11 while travelling through the Gulf waterway, after departing a port in the United Arab...
As real astronauts vanish behind the moon, games have long tried to evoke the fragile quiet of drifting through space • Don’t get Pushing Buttons delivered to your inbox? Sign up here Last week’s launch of the Artemis II space mission was a stunning spectacle, the 17-storey-high rockets erupting into cacophonous life before wrenching the craft through the Earth’s atmosphere. But the images that ha...
As real astronauts vanish behind the moon, games have long tried to evoke the fragile quiet of drifting through space • Don’t get Pushing Buttons delivered to your inbox? Sign up here Last week’s launch of the Artemis II space mission was a stunning spectacle, the 17-storey-high rockets erupting into cacophonous life before wrenching the craft through the Earth’s atmosphere. But the images that have come since hold just as much impact: the tiny Orion craft and its four-person crew drifting silently through space, further and further from home. In his autobiography, the Apollo astronaut Michael Collins described this feeling perfectly . Left in the command module as Neil Armstrong and Buzz Aldrin touched down on the lunar surface, he wrote: “I am alone now, truly alone, and absolutely isolated from any known life. I am it. If a count were taken, the score would be three billion plus two over on the other side of the moon, and one plus God knows what on this side.” Continue reading...
Russia is earning more from its oil exports than at any time since the early weeks of the Ukraine war, as soaring prices and an uptick in flows raise the value of shipments to the most since June 2022. War in the Middle East has driven global oil prices to multiyear highs and bolstered demand for Moscow’s barrels after Tehran effectively closed the Strait of Hormuz to shipping. That has trapped mo...
Russia is earning more from its oil exports than at any time since the early weeks of the Ukraine war, as soaring prices and an uptick in flows raise the value of shipments to the most since June 2022. War in the Middle East has driven global oil prices to multiyear highs and bolstered demand for Moscow’s barrels after Tehran effectively closed the Strait of Hormuz to shipping. That has trapped more than 12 million barrels a day of Middle Eastern crude exports in the Persian Gulf, and helped to drain Russian volumes stored at sea as refiners scramble for alternative supplies. Still, the Kremlin’s own war chest is being denied the full benefit of elevated prices by the lingering impact of Ukrainian drone strikes on export ports on its Baltic and Black Sea coasts. And a two-week ceasefire in the Iran conflict, announced on Tuesday night, has sent oil prices tumbling. That may cut Moscow’s income if the truce holds and oil is able to flow through Hormuz again. Crude shipments from Ust-Luga on the Baltic remain halted more than a week after drones hit storage tanks at the port, even as activity at nearby Primorsk has picked up. Another attack on Ust-Luga on Monday night came just as crude loading operations were restarting and could prolong the outage. Weekly crude flows from Russia recovered only about one-third of the previous period’s loss and remained below 3 million barrels a day for a second week in the seven days to April 5. Four-week average shipments were little changed, with flows edging up by just 20,000 barrels a day to average 3.35 million. The recent slump in crude flows coincided with a surge in deliveries from tankers previously stranded at sea with Russian cargoes. As a result, the stockpile of Russian crude at sea is draining rapidly, with the amount of oil on tankers falling by about 26 million barrels in the two weeks to April 5. By Sunday, the amount on the water had fallen to 105 million barrels, down from a peak of about 140 million in mid-January...
Delta (DAL) delivered earnings and revenue surprises of +4.92% and +0.86%, respectively, for the quarter ended March 2026. Do the numbers hold clues to what lies ahead for the stock?
Delta (DAL) delivered earnings and revenue surprises of +4.92% and +0.86%, respectively, for the quarter ended March 2026. Do the numbers hold clues to what lies ahead for the stock?
A trade that went from niche to one of the biggest options strategies on Wall Street in recent years posted its worst monthly performance in more than a decade in March, underscoring how the shock of the war in Iran unraveled popular investment approaches. The dispersion trade, which buys options on individual US stocks while selling those on the broader index, suffered a 4.9% loss last month, the...
A trade that went from niche to one of the biggest options strategies on Wall Street in recent years posted its worst monthly performance in more than a decade in March, underscoring how the shock of the war in Iran unraveled popular investment approaches. The dispersion trade, which buys options on individual US stocks while selling those on the broader index, suffered a 4.9% loss last month, the steepest since 2011 in backtested data, an index from JPMorgan Chase & Co. shows. Bank swaps tied to the approach fell 2.6%, according to Premialab, which aggregates industry data. The losses lay bare the strategy’s vulnerability to such a major geopolitical event. As the conflict in Iran escalated, investors rushed to hedge at the index level, driving implied volatility on the S&P 500 sharply higher. At the same time, individual stocks began moving in lockstep — collapsing precisely the divergence between single-name and benchmark volatility that the dispersion trade is designed to harvest. “The recent events had macro consequences on oil, commodities, inflation, rates, rather than micro impacts at the single-stock level,” Luca Valitutti , managing director for exotics and hybrids trading at Citigroup Inc., wrote in an email. “Correlation between single stocks has spiked.” Adding to the discomfort was a sense of whiplash: February had been the best month for dispersion in about four years, according to Premialab. Implied correlation had been near historic lows, making the entry point for the strategy expensive and stirring fears the trade was overcrowded. And more turbulence may yet be in store. Correlations dropped rapidly in recent sessions on hopes for an end to the conflict, before rising again Tuesday. The announcement of a two-week ceasefire triggered a big drop in expected index volatility on Wednesday. Read more: ‘Crowded’ Dispersion Trade Rattled by Spiraling Iran Worries Dispersion was long the sole preserve of specialized hedge funds, but has spread much furthe...
CatEyePerspective/iStock Editorial via Getty Images France is preparing to channel a significant portion of its planned defense buildup into drones and ammunition, reflecting growing concern over global instability and the possibility that the United States could scale back its military role in Europe. A new multi-year budget proposal unveiled to the cabinet on Wednesday outlines an additional €36...
CatEyePerspective/iStock Editorial via Getty Images France is preparing to channel a significant portion of its planned defense buildup into drones and ammunition, reflecting growing concern over global instability and the possibility that the United States could scale back its military role in Europe. A new multi-year budget proposal unveiled to the cabinet on Wednesday outlines an additional €36 billion ($42 billion) in defense spending over five years beginning in 2026. Within that increase, roughly €8.5 billion is allocated to sharply expand ammunition supplies, while €2 billion is set aside for drone capabilities. France increased planned defense spending (Government of France) Defense Minister Catherine Vautrin indicated the proposal reflects a more volatile geopolitical environment. She said the current moment demands a stronger and more resilient defense posture, emphasizing that rapid shifts in global power dynamics require faster and more decisive action. Recent conflicts, including the war in Ukraine and fighting across the Middle East, have highlighted how quickly stockpiles of munitions can be depleted during sustained combat operations. These lessons have prompted European governments to accelerate investments in defense readiness. The urgency has intensified following the return of Donald Trump to the political forefront, as his long-standing “America First” stance has raised concerns among European allies about the durability of US commitments to NATO. In response, nearly all NATO members, with the exception of Spain, have agreed to increase defense expenditures to at least 3.5% of gross domestic product, alongside an additional 1.5% for related areas such as infrastructure and cybersecurity by 2035. Under France’s updated framework, defense spending is projected to reach 2.5% of GDP by 2030. The government also noted that total military outlays will have doubled in nominal terms over the course of President Emmanuel Macron ’s tenure from 2017 throug...
Rooted in colonialism, legislation backed by governments eager for popularity is obstructing real progress for queer minorities Don’t get The Long Wave delivered to your inbox? Sign up here Hello and welcome to The Long Wave. It’s Morgan here, covering for Nesrine this week. There has been a recent rise in anti-LGBTQ legislation across a number of African countries that already have strict sexuali...
Rooted in colonialism, legislation backed by governments eager for popularity is obstructing real progress for queer minorities Don’t get The Long Wave delivered to your inbox? Sign up here Hello and welcome to The Long Wave. It’s Morgan here, covering for Nesrine this week. There has been a recent rise in anti-LGBTQ legislation across a number of African countries that already have strict sexuality laws. I spoke with LGBTQ+ people and activists fighting against the narrative that their identities are an imported “western” creation to better understand the impact of these new laws, why they are happening, and how foreign lobbying groups are pushing for more draconian laws. Continue reading...
Serve Robotics Inc. has unveiled "Maggie," an AI-powered conversational robot, at NVIDIA GTC 2026, marking a significant advancement in the integration of AI into real-world robotics. This development, facilitated through a collaboration with T-Mobile, leverages the company's 5G Advanced and edge computing technologies to enable Maggie to interact with humans in real time. By utilizing T-Mobile's ...
Serve Robotics Inc. has unveiled "Maggie," an AI-powered conversational robot, at NVIDIA GTC 2026, marking a significant advancement in the integration of AI into real-world robotics. This development, facilitated through a collaboration with T-Mobile, leverages the company's 5G Advanced and edge computing technologies to enable Maggie to interact with humans in real time. By utilizing T-Mobile's ultra-low latency network, Maggie can process and respond to inputs instantly, enhancing the...
Starbucks ( SBUX ) officially launched its new Energy Refreshers line this week. The Seattle-based coffee chain introduced handcrafted, barista-made beverages designed to deliver a significantly stronger caffeine kick than its standard menu. Debuting in stores on April 7, the drinks upgrade the company's iconic fruit-and-tea Refreshers with approximately double to triple the caffeine content, alon...
Starbucks ( SBUX ) officially launched its new Energy Refreshers line this week. The Seattle-based coffee chain introduced handcrafted, barista-made beverages designed to deliver a significantly stronger caffeine kick than its standard menu. Debuting in stores on April 7, the drinks upgrade the company's iconic fruit-and-tea Refreshers with approximately double to triple the caffeine content, alongside added B vitamins for sustained energy. Available immediately in core flavors like Strawberry Açaí and Mango Dragonfruit, as well as the new Mango Strawberry, the drinks can be customized with water, lemonade, or coconut milk, positioning them as a versatile, high-energy option for customers seeking a midday boost without switching to coffee. The in-store energy drink expansion by Starbucks ( SBUX ) builds on the foundation laid in 2025 with the introduction of Starbucks Iced Energy, a line of zero-sugar, sparkling canned energy drinks distributed in retail channels like grocery and convenience stores. Those ready-to-drink cans, developed through Starbucks' ( SBUX ) joint venture with PepsiCo ( PEP ), contain 160 mg of plant-based caffeine per serving and come in flavors such as Tropical Peach, Watermelon Twist, and Blueberry Lemonade. Starbucks ( SBUX ) is now executing a dual-channel strategy to compete in both the at-home and on-the-go energy segments simultaneously. With the launches, Starbucks ( SBUX ) is directly targeting both restaurant chains like McDonald's ( MCD ), Dutch Bros ( BROS ), and Dunkin' Donuts and traditional energy giants like Monster Beverage ( MNST ), Celsius Holdings ( CELH ), and Red Bull, positioning its products as a "cleaner," coffee-house alternative that avoids the sugar crash and artificial ingredients associated with conventional energy cans. Shares of Starbucks ( SBUX ) rose 2.7% in premarket trading on Wednesday. More on Starbucks Starbucks: The Financial Brew Sours Starbucks Corporation (SBUX) Shareholder/Analyst Call - Slideshow St...
Julian Emanuel, chief equity and quantitative strategist at Evercore ISI, examines what the two-week ceasefire agreed to by the United States and Iran means for markets and says the bull market that started in October of 2022 still has further to go. (Source: Bloomberg)
Julian Emanuel, chief equity and quantitative strategist at Evercore ISI, examines what the two-week ceasefire agreed to by the United States and Iran means for markets and says the bull market that started in October of 2022 still has further to go. (Source: Bloomberg)
bjdlzx/E+ via Getty Images Investment Thesis I last covered Caterpillar Inc. ( CAT ) in December 2025, and the stock is up a good ~20% since then, versus a slight decline in the S&P 500. I expect this outperformance to continue moving forward. Caterpillar is poised to see good revenue growth given its strong backlog, dealer destocking ending, and secular demand from AI-driven data center and power...
bjdlzx/E+ via Getty Images Investment Thesis I last covered Caterpillar Inc. ( CAT ) in December 2025, and the stock is up a good ~20% since then, versus a slight decline in the S&P 500. I expect this outperformance to continue moving forward. Caterpillar is poised to see good revenue growth given its strong backlog, dealer destocking ending, and secular demand from AI-driven data center and power infrastructure work. In the medium term, a potential cyclical recovery in the construction and mining business should also support revenue growth. The revenue growth should also benefit from price increases and expanding services exposure. On the margin front, the company should benefit from operating leverage on volume growth. Further, pricing discipline and contractual pricing escalators should help to offset cost headwinds. While the stock is trading at a premium to its historical levels, the stronger earnings growth profile justifies a premium. According to consensus expectations, Caterpillar is expected to deliver strong double-digit EPS growth (~20% annual EPS growth) for the next few years. I believe the stock still offers good upside potential from current levels. Hence, I rate it a buy. Recent Financial Performance CAT’s net sales were up 18% Y/Y in Q425, driven by higher sales volumes across all segments. The price realization was neutral in the quarter. Segment-wise, the Construction Industries segment’s sales benefited from higher sales volume across North America. In the Resource Industries segment, sales growth was driven by higher sales volumes and favorable changes in dealer inventories. In the Power & Energy segment, sales benefited from higher price realization, increased volumes, and strong demand across oil and gas and power generation end markets. The company’s adjusted operating margin declined by 270 bps Y/Y to 18.3%, largely due to $1.03 bn in higher manufacturing costs from tariffs. On a segment basis, adjusted operating margin declined in Construc...