MCCAIG/iStock via Getty Images By Ewa Manthey , Commodities Strategist | Warren Patterson , Head of Commodities Strategy Energy – Oil climbs on Trump escalation threat Oil prices rose after US President Donald Trump signalled that an escalation of strikes on Iran could come as soon as Tuesday, renewing fears that oil flows through the Strait of Hormuz could remain constrained for longer. Brent tra...
MCCAIG/iStock via Getty Images By Ewa Manthey , Commodities Strategist | Warren Patterson , Head of Commodities Strategy Energy – Oil climbs on Trump escalation threat Oil prices rose after US President Donald Trump signalled that an escalation of strikes on Iran could come as soon as Tuesday, renewing fears that oil flows through the Strait of Hormuz could remain constrained for longer. Brent traded above $111/bbl in Tuesday’s morning session, while WTI was around $116/bbl after it closed at its highest since June 2022. Physical market tightness remains evident, with the NYMEX WTI prompt spread widening to a backwardation of $16.19/bbl, compared with $8.22/bbl at the end of March. “The entire country can be taken out in one night, and that night might be tomorrow night,” Trump said at a press conference on Monday, referring to an ultimatum to Iran set to expire at 8:00pm on Tuesday. He added that free passage of oil through Hormuz must be part of any deal to end the war. Iran has reportedly told mediator Pakistan that it rejected a ceasefire proposal, demanding a permanent end to the war, sanctions relief, reconstruction efforts, and formal guarantees on safe passage through Hormuz. US allies, including Pakistan, Egypt and Turkey, are said to be pushing for a temporary ceasefire of around 45 days, as Trump extended his deadline for Tehran to reopen the strait. Traffic through Hormuz remains heavily reduced. 15 ships transited the strait with Iran’s permission over 24 hours (according to semi‑official Fars News), around 90% below pre‑conflict levels. Iran said on Saturday that Iraq would be exempt from its curbs, while Iraq’s state oil marketer SOMO said vessels carrying Iraqi crude are now able to transit the strait. Meanwhile, OPEC+ raised output targets by 206k b/d in May, a largely symbolic move as the war continues to constrain output and shipments from several key members. The increase marks a continuation of the gradual unwinding of the 1.65 mb/d cuts introdu...
Europe's Climate Policy Forces Industry Into Retreat; Even Its Critics Are Folding Submitted by Thomas Kolbe In the media business, five months is an eternity. And it does indeed seem like an eternity has passed since Christian Kullmann, CEO of the German chemical giant Evonik, sharply criticized European climate policy at the end of October. At the time, Kullmann gave an interview to Süddeutsche ...
Europe's Climate Policy Forces Industry Into Retreat; Even Its Critics Are Folding Submitted by Thomas Kolbe In the media business, five months is an eternity. And it does indeed seem like an eternity has passed since Christian Kullmann, CEO of the German chemical giant Evonik, sharply criticized European climate policy at the end of October. At the time, Kullmann gave an interview to Süddeutsche Zeitung , in which he called—if not for the outright abolition—then at least for a significant weakening of the EU-wide CO₂ emissions trading system, given the dramatic state of the economy. Kullmann rightly pointed out that there is probably no stricter CO₂ regime anywhere in the world than in the EU. And since the climate, as we know, has no borders, he argued it makes little sense to disadvantage domestic cutting-edge technology in this way. He explicitly referred to the costly CO₂ trading system, which drained a staggering €21.4 billion from the German economy last year alone—under the banner of climate policy through this relatively new mechanism. Five months after these remarkable statements—briefly breaking the long-standing silence of German industrial leaders—the question must be asked whether there is anywhere else in the world a comparable project to the EU’s CO₂ regime. With the United States abandoning its policy of artificial energy scarcity, its war on conventional energy production, and heavy-handed regulation of its own industrial base, the EU now stands alone in its ideological campaign against economic rationality. No one else seems willing to join the chorus of Europe’s climate apocalypticism. This European isolationism may elsewhere be perceived as a form of late-stage counter-colonization—a return flow of capital from remorseful Europeans willing to accept self-imposed sacrifice to help other regions get back on their feet. Around the world, this selflessly naive “degrowth suicide” is welcomed, as it delivers not only so-called climate support from Eur...
LG Energy Solution Ltd. reported preliminary first-quarter earnings that missed analyst estimates, as waning electric-vehicle support in key markets like the US weighed on results despite strong demand for energy storage systems. South Korea’s largest battery maker reported an operating loss of 207.8 billion won ($138.1 million) in the three months ended March 31, according to a regulatory filing ...
LG Energy Solution Ltd. reported preliminary first-quarter earnings that missed analyst estimates, as waning electric-vehicle support in key markets like the US weighed on results despite strong demand for energy storage systems. South Korea’s largest battery maker reported an operating loss of 207.8 billion won ($138.1 million) in the three months ended March 31, according to a regulatory filing Tuesday. That fell short of analyst estimates of a 140.5 billion won loss. Excluding US tax credits for advanced manufacturing, the loss would have been 397.5 billion won, the Seoul-based company said. Revenue fell 2.5% to 6.6 trillion won. Final results are due later this month.
European shares dropped as military strikes continued in the Middle East and US President Donald Trump issued new threats ahead of his deadline for a deal with Iran. The Stoxx Europe 600 Index declined 1% at the close in London, after having earlier risen as much as 0.8%. The media sector outperformed with Universal Music Group NV surging 11% after Pershing Square offered to buy the entertainment ...
European shares dropped as military strikes continued in the Middle East and US President Donald Trump issued new threats ahead of his deadline for a deal with Iran. The Stoxx Europe 600 Index declined 1% at the close in London, after having earlier risen as much as 0.8%. The media sector outperformed with Universal Music Group NV surging 11% after Pershing Square offered to buy the entertainment company. Tech was led lower by ASML Holding NV, which fell 4.1% after US lawmakers proposed tighter restrictions on exports of chipmaking tools to China. Trump threatened widespread destruction in Iran in a social media post on Tuesday, framing his 8 p.m. Eastern Time deadline to reach a deal as “one of the most important moments” in global history. The New York Times reported that the Islamic Republic has now stopped negotiations. “Markets simply cannot look further in the future than the next Trump social media post, which makes investors’ life incredibly difficult,” said Joachim Klement , head of strategy at Panmure Liberum. If the deal doesn’t materialize, we could see “a final capitulation leg down in European equity markets, which so far is still missing in this correction,” he added. Meanwhile, investor confidence in the euro-area economy dropped to the lowest in a year due to the Iran war, casting doubt on the region’s nascent recovery. Yet, many traders fear the European Central Bank will have to increase interest rates to counter the inflation threat, with Governing Council member Pierre Wunsch saying several hikes were possible if the war drags on. In other individual stocks, Leonardo SpA fell 8%. Italy is set to name a replacement for the firm’s chief executive officer as soon as this week, according to people familiar with the matter. For more on equity markets: Europe Is Losing an Edge That Was So Hard to Build: Taking Stock M&A Watch Europe: Pershing Square Offer for UMG, Bureau Veritas US Stock Futures Little Changed; Alignment Healthcare Gains You want more...
Panama7 Sanofi’s ( SNY ) lunsekimig met primary and key secondary endpoints in phase 2 respiratory studies in asthma and CRSwNP, the company said on Tuesday. Lunsekimig, a novel bispecific Nanobody VHH, is made of five linked antibody fragments designed to simultaneously block TSLP and IL-13, two separate drivers of inflammation that contribute to tissue damage in asthma and related diseases. In b...
Panama7 Sanofi’s ( SNY ) lunsekimig met primary and key secondary endpoints in phase 2 respiratory studies in asthma and CRSwNP, the company said on Tuesday. Lunsekimig, a novel bispecific Nanobody VHH, is made of five linked antibody fragments designed to simultaneously block TSLP and IL-13, two separate drivers of inflammation that contribute to tissue damage in asthma and related diseases. In both studies, lunsekimig was well tolerated, with an acceptable safety profile, the statement said. “These data are promising and support our belief that the dual-targeting mechanism of lunsekimig may offer a novel treatment option for patients living with respiratory diseases, including asthma,” Houman Ashrafian, executive vice president, head of research & development at Sanofi ( SNY ) said. “Importantly, these findings underscore lunsekimig’s potential to address multiple critical aspects of respiratory disease management through its unique mechanism.” More on Sanofi Dupixent's Impact On Sanofi: A Quantitative Projection Of Its Revenue Need Growing EPS And Dividends? Prescribe Sanofi Sanofi: CEO Leaves With Project Rejuvenation Unfinished, But Stock Undervalued Sanofi replaces CEO Paul Hudson, names Belén Garijo as successor Sanofi anticipates profitable growth to continue over at least five years
Morning, I’m Louise Moon from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. Bill Ackman has made a hefty bid for the world’s largest music company which houses the likes of Taylor Swift, Drake and Sabrina Carpenter. London-listed Pershing Square Holdings offered to buy Universal Music Group for €9.4 billion, in a mix of cash and shares. Ackman’s inves...
Morning, I’m Louise Moon from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. Bill Ackman has made a hefty bid for the world’s largest music company which houses the likes of Taylor Swift, Drake and Sabrina Carpenter. London-listed Pershing Square Holdings offered to buy Universal Music Group for €9.4 billion, in a mix of cash and shares. Ackman’s investment firm already owns about 4.5% of the company. Under the proposal, UMG would merge with a blank-cheque company set up by Ackman and shift its listing from Amsterdam to New York. There could be hurdles ahead. Any takeover would need the approval of major shareholders including French media billionaire Vincent Bollore and China’s Tencent. Some analysts are already predicting resistance. In a statement, Ackman said UMG’s share price has “languished due to a combination of issues that are unrelated to the performance of its music business,” which could be addressed by his deal. UMG shares jumped 24% at the open but are still down 23% this year. Pershing shares fell, while Bollore rose 5%. In the words of Taylor Swift, let’s hope there’s not too much bad blood. What’s your take? Ping me on X , LinkedIn or drop me an email at lmoon13@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond. What We’re Watching WH Smith ’s new executive chairman Leo Quinn (formerly chief of Balfour Beatty) starts today, while Andrew Harrison steps down from the board to resume his role as head of the UK division. The shakeup comes as the retailer tries to recover from a stock slump and CEO resignation over an accounting error that led to an ongoing investigation by the FCA. JPMorgan will build the tallest tower in Canary Wharf, and one of the tallest in Europe, after reaching an agreement with London City Airport over height restrictions, the FT reported. Its new UK headquarters will stand at 265 metres, overtaking Canary Wh...
The S&P 500 index has dropped 3.8% this year through April 2. Investors have had plenty to worry about recently, with the ongoing war in Iran. That's caused oil prices to jump, with the price of Brent crude oil, an international benchmark, increasing about 50% since hostilities broke out at the end of February. The most visible and immediate impact has been on gas prices. With consumers forced to ...
The S&P 500 index has dropped 3.8% this year through April 2. Investors have had plenty to worry about recently, with the ongoing war in Iran. That's caused oil prices to jump, with the price of Brent crude oil, an international benchmark, increasing about 50% since hostilities broke out at the end of February. The most visible and immediate impact has been on gas prices. With consumers forced to shell out more money at the pump, that'll undoubtedly hurt their spending on other items. But the situation presents an opportunity for long-term investors to buy consumer discretionary stocks at better valuations. This S&P 500 company deserves your serious consideration after its stock price dropped this year. Continue reading
The headline S&P Global Spain Services PMI improved to 53.3 in March. That was up from51.9 in February to signal a stronger rate of activity growth. The S&P Global Spain Composite PMI registered 52.4 in March, up from 51.5 in the previous month. "Spain’s service sector expanded at a solid rate in March, with growth picking up on February’s low. However, despite this improvement, when combined with...
The headline S&P Global Spain Services PMI improved to 53.3 in March. That was up from51.9 in February to signal a stronger rate of activity growth. The S&P Global Spain Composite PMI registered 52.4 in March, up from 51.5 in the previous month. "Spain’s service sector expanded at a solid rate in March, with growth picking up on February’s low. However, despite this improvement, when combined with a downturn in manufacturing output in March, Spain’s economy has experienced a weaker growth profile overall in the first quarter of 2026. Expect, therefore, official data on GDP for early 2026 to show a slower rate of expansion than the 0.8% quarterly gain reported for the fourth quarter of 2025." said Paul Smith, Economics Associate Director at S&P Global Market Intelligence. More on Spain EWP: Spain Steadies Itself After A March Correction, Low-Teens P/E EUFN: A Maturing Rally With Room To Run EUFN: Why European Financials Profit-Taking Is Prudent (Downgrade) Spain shuts airspace for U.S. planes involved in Iran attacks ECB officials ready to hike rates if inflation rises too much - report
Crystol Energy CEO Carole Nakhle says US President Donald Trump’s threat to escalate the war against Iran adds more uncertainty and volatility to oil in an “already-stressed market.” She speaks on Bloomberg Television.
Crystol Energy CEO Carole Nakhle says US President Donald Trump’s threat to escalate the war against Iran adds more uncertainty and volatility to oil in an “already-stressed market.” She speaks on Bloomberg Television.