As Israel attacks on Lebanon continue, Abbas Araghchi points to announcement that says ceasefire includes Lebanon while JD Vance says US never promised that Middle East ceasefire in serious doubt as Israel assaults Lebanon and Iran blocks oil tankers Will shipping in the strait of Hormuz – and oil prices – return to normal? Independent analysts say they have observed no change in traffic through t...
As Israel attacks on Lebanon continue, Abbas Araghchi points to announcement that says ceasefire includes Lebanon while JD Vance says US never promised that Middle East ceasefire in serious doubt as Israel assaults Lebanon and Iran blocks oil tankers Will shipping in the strait of Hormuz – and oil prices – return to normal? Independent analysts say they have observed no change in traffic through the strait of Hormuz . That’s despite claims from the White House on Wednesday there had been an uptick in the number of ships transiting the strategic waterway since a US-announced ceasefire with Iran. Windward, a maritime intelligence firm that tracks international shipping, said only 11 vessels transited the strait on Wednesday – about the same number from prior days. Iran announced alternative routes for ships travelling through the strait of Hormuz, citing the risk of sea mines in the main zone of the vital waterway. The statement shared instructions for an alternative entry and exit route through the strait. The Trump administration on Wednesday stated Lebanon was not part of the ceasefire deal , with White House press secretary Karoline Leavitt claiming “that has been relayed to all parties”. The US vice-president, JD Vance, also told reporters in Budapest that the US never promised to include Lebanon in the ceasefire , and that Iran may have been under that impression due to a “misunderstanding”. Israel announced on Wednesday it did not consider Lebanon covered by the Iran-US truce. Karoline Leavitt also dismissed “misreporting” that Trump is working from the original 10-point plan put forward by Tehran. She said the 10-point plan presented in public by Iran was “literally thrown in the garbage” by Trump – despite the fact Trump said on Truth Social that the US received a 10-point proposal from Iran that is believed to be a “workable basis on which to negotiate”. Leavitt claimed Iran actually put forward a “more reasonable and entirely different and condensed plan to...
Market Snapshot USD/INR ₹92.58 -0.4% Nifty 50 Index 23,997.35 +3.8% India 10-Year Bond Yield 6.91% -0.13 Spot Gold ($/oz) $4,726.01 +0.1% S&P 500 Futures 6,811.50 -0.2% Market data as of 08:20 AM IST, Apr. 9, 2026, or the previous close for Indian markets. Data is subject to provider delays. Good morning... I’m Savio Shetty in Mumbai, bringing you the latest on markets ahead of the open. The optim...
Market Snapshot USD/INR ₹92.58 -0.4% Nifty 50 Index 23,997.35 +3.8% India 10-Year Bond Yield 6.91% -0.13 Spot Gold ($/oz) $4,726.01 +0.1% S&P 500 Futures 6,811.50 -0.2% Market data as of 08:20 AM IST, Apr. 9, 2026, or the previous close for Indian markets. Data is subject to provider delays. Good morning... I’m Savio Shetty in Mumbai, bringing you the latest on markets ahead of the open. The optimism sparked by the US-Israel ceasefire has already been tempered. Oil has recovered a little after its biggest one-day drop since April 2020, as the Strait of Hormuz remained largely blocked and Israeli attacks on Lebanon have threatened to derail the fragile deal. Early declines in Asian stocks aren’t a welcome signal for the Nifty 50, which on Wednesday logged its longest winning streak since November. The Indian benchmark began rallying before the ceasefire was announced, with the beaten-down IT being one of the key drivers. The sector will be in focus today, with Tata Consultancy Services set to report after the bell. Earnings performance and the durability of the ceasefire deal will determine whether the Nifty’s five-day rally can continue. In today’s newsletter, we write about: The allure of bank stocks for value pickers The advantage for brokers over asset managers The pressure on electronics manufacturers’ earnings But first, let’s take a look at the action in small-caps. Markets Buzz: Small-Caps Climb a Hurdle Looking at the chart below, it’s clear the index has failed to hold above the 50-DMA after several attempts to break out in recent months. Will this time be different? On one of the strongest days for Indian equities in the past year, small-caps fared better than the benchmark. A gauge of smaller firms jumped 4.4% — the most in four years — to close above its 50-day moving average. In contrast, the Nifty 50 and the Nifty Midcap 100 gauges are still below that mark. Smaller firms, often seen as a barometer of market animal spirits, could also get support from ...
格隆汇4月9日｜在美伊宣布达成停火协议后，一个重要问题是，这是否能为油轮提供足够的确定性。金融服务与咨询公司RSM US的首席经济学家乔·布鲁苏埃拉斯表示，未来几天的建立信任措施，对于恢复运输至关重要。需要重新为油轮建立保险机制，这意味着要弄清楚伊朗可能施加的条件，目前这些条件尚不明确。伊朗外长表示，未来两周的安全通行“通过与伊朗武装部队协调并充分考虑技术限制，将是可能的”。而即使不考虑这些“技术限制”具体是什么，战前的供应水平也不是说恢复就能恢复的。ClearView Energy Partners在一份简报中指出，重启关闭的设施和停产油田可能需要数周至数月的时间。经济学家布鲁苏埃拉斯还表示，产油国的多个石油和炼油设施在战争中遭到破坏。预计该地区的生产和炼油能力需要三到六个月才能完全恢复到战前水平。在天然气方面，卡塔尔液化天然气出口基础设施的损坏可能需要数年时间才能完全修复。
Photo: VCG Charitable giving in China fell for a fourth consecutive year in 2024, weighed down by macroeconomic pressures and a severe crisis of public trust following a string of high-profile fraud scandals. The decline underscores mounting challenges for the country’s philanthropic sector, according to the newly released Charity Blue Book: China Charity Development Report (2025).
Photo: VCG Charitable giving in China fell for a fourth consecutive year in 2024, weighed down by macroeconomic pressures and a severe crisis of public trust following a string of high-profile fraud scandals. The decline underscores mounting challenges for the country’s philanthropic sector, according to the newly released Charity Blue Book: China Charity Development Report (2025).
mohd izzuan/iStock via Getty Images Sandisk ( SNDK ) is clearly in an extraordinary pricing-led acceleration phase with rapidly expanding margins, as demand stays strong and supply remains constrained. However, with volume gains appearing only incremental in the near future, the only road ahead to continued earnings growth is through further pricing acceleration beyond Q3 FY2026. There is less dou...
mohd izzuan/iStock via Getty Images Sandisk ( SNDK ) is clearly in an extraordinary pricing-led acceleration phase with rapidly expanding margins, as demand stays strong and supply remains constrained. However, with volume gains appearing only incremental in the near future, the only road ahead to continued earnings growth is through further pricing acceleration beyond Q3 FY2026. There is less doubt now that Q3 FY2026 numbers will come out great and support the upward trajectory in terms of operational numbers. But the forward regime is more likely to be near the steepest part of the pricing curve, making further price increases likely incremental at best for the next 3-4 quarters - not a continuation of the vertical lift in prices we have seen in the past couple of quarters and likely in Q3 (already guided, implied and digested). Sandisk is moving toward smoother multi-year contract structures with customers, which support a more visible, predictable price regime ahead - but less likely to allow for near vertical rises ahead. That plateau base case is well protected from major declines though, by structural factors today like hyperscaler capex, supply discipline and long terms contracts. So, we are not likely talking about a peak followed by a deep trough. But, if EBITDA plateaus beyond Q3 as I expect, or even grows modestly, with more linear gains on the pricing curve (a harder ask from here) alone, the multiple may start digesting the EBITDA strength, leaving little room for the shares to grow significantly further. The overall risk reward is not overwhelmingly signaling a Buy at these levels. The duration of the cycle is strengthened, but cyclicality is not eliminated - giving valuations reasons to cool and allow earnings to grow into them. That is a Hold call for Sandisk today - chasing here is not as obvious as the super strong fundamental trajectory indicates. Valuation Upside Constrained At ~13.5x EV to forward EBITDA, Sandisk's valuations are near peak terr...