There is no shortage of investors touting Chinese assets as a haven since the Iran conflict erupted. But Charles Gave and his son Louis-Vincent of Gavekal Research go a step further. They argue that Chinese government bonds are emerging as de facto reserve assets — potentially, at the expense of gold and US Treasuries. You can always count on the duo to say something interesting , even if they’re not always right. Their latest idea is a provocative attempt to explain two recent market moves: The surprising selloff in gold and the resilience of Chinese bonds since the start of the war. The conventional explanation is straightforward. Gold had become overbought and is now correcting as global interest rates rise. China, meanwhile, relies less on oil for energy consumption, meaning its bond market is better insulated from the inflation shock. But the Gaves offer an alternative theory. It goes like this. Over the past few years, the world has been defined by US–China rivalry as the two countries are “actively trying to trip each other’s economies.” In that environment, truly “neutral” investors were reluctant to take sides on financial assets in the two countries. That left gold as the default reserve asset, helping drive it to record highs. Now, they argue, the conflict has unleashed an inflation shock that could actually force the US and China into a more co-operative relationship. They wrote: In an inflationary world, tariffs and the maintenance of a significantly undervalued currency would likely fall by the wayside. Instead of trade wars, we could see trade deals, more solar panels to the US, more freely flowing rare earths, a stronger renminbi. In such a world, the marginal bid would shift away from gold and US Treasuries and toward renminbi and other Asian-currency-denominated assets that offer a yield. Markets, they argue, may already be sniffing out this shift: gold and Treasuries have stumbled, while Chinese bonds have held firm. What underpins the haven statu...

随着油价下跌，美元兑G-10其他货币的涨势周二下午受到限制。有报道称美国计划向中东地区部署约3000名第82空降师士兵后，彭博美元指数一度升至日内高点。同时也传出有关潜在停火的报道。 彭博美元指数涨0.3%，此前盘中一度涨0.5%。 该指数创3月20日以来最佳单日表现。 高盛 表示，如果伊朗战争冲击经济增长，则美元强势将减弱。 高盛的Isabella Rosenberg在报告中写道，尽管市场基本上已将油价冲击视为一种通胀和贸易条件事件，但如果市场转而关注更大的下行增长风险，那么美元兑G-10货币的普涨势头很可能会减弱。 根据ADP Research和斯坦福数字经济实验室的初步估计，截至3月7日的四周，美国私营部门就业人数平均每周增加1万人。 美国3月企业活动增长放缓至近一年来最低水平。周二公布的数据表明，标普全球3月综合产出指数初值下降0.5点至51.4。读数高于50表示扩张。 澳元/美元下跌0.2%，至0.6996，澳大利亚即将公布通胀报告。 期权交易员连续第五天强化澳元看跌预期。 彭博经济研究的James McIntyre表示，澳大利亚2月CPI报告可能显示通胀维持在高于央行2%-3%目标区间的水平。 新西兰元/美元下跌0.3%，至0.5840；新西兰央行行长暗示，决策者不会因中东冲突而急于加息，表示他们准备等待燃油价格飙升的情况过掉，前提是此次中断不会加剧更广泛的通胀压力。 欧元/美元下跌0.1%，至1.1604；随着伊朗战争推 高通 胀，并危及刚刚显现的经济复苏势头，欧元区私营部门活动录得去年5月份以来最慢增速。 美元/日元上涨0.1%，至158.64。 日本首相高市早苗下令全面评估石油相关产品的供应链，以应对伊朗战争冲击。 美元/瑞郎上涨0.3%，至0.7886。 瑞士央行行长Martin Schlegel表示干预外汇市场的准备程度已提高。 责任编辑：李桐

felixmizioznikov/iStock via Getty Images Comstock Resources, Inc. ( CRK ) announced an agreement with NextEra Energy ( NEE ) for electrical generation that will be used by data centers. This agreement reinforces the idea that this energy source will be essentially separate from consumer uses to keep rates from climbing due to data centers. Comstock Resources will supply natural gas from its Western Haynesville acreage. This builds on the idea that the Western Haynesville has as much or more potential than the legacy acreage. The importance of this announcement is hard to overstate because more than once, consumers mentioned that data centers were increasing electricity costs. Yet each time I see an announcement from a company like this one, there is a discussion about how the data center will have essentially its own power source. That has to mean that in at least some cases there is another reason for increasing power costs. Cost Reductions One of the reasons that it is so hard to tell what costs are is that one first has to know where the company is drilling. As management itself noted during the conference call : “Aside from any drilling issues we have, the drilling performance in the Western Haynesville quarter-to-quarter is mainly affected by our vertical depth, temperatures and our lateral lengths.” This issue can cause significant cost variances, as was noted in the examples that followed. This can easily put a significant challenge in the way of determining the full-year costs for modeling. All management has to do to change the average cost is switch drilling sites. But that is only one part of the profitability picture. They are not going to drill a more expensive well if it is not going to make money. This also makes it a bit challenging for the average investor to tell if costs are really declining. Usually that shows up over time in some form. Individual cost reduction efforts alone could easily be offset by drilling choices. This is especially true in ...

Global energy crisis deepens; efforts to plug supply gap fall short, industry executives warn Reuters

Iran’s biggest Gulf Arab neighbors are considering joining the US-Israeli war against Iran, and could be pushed to if Tehran attacks their critical infrastructure, according to several people with knowledge of the situation. The Gulf’s most powerful states, Saudi Arabia and the United Arab Emirates, in particular, are losing patience with Iranian strikes that have already hit ports, energy facilities and airports, said these people, who requested anonymity in order to speak freely. But they would only join the war if Tehran makes good on its threats to attack vital Gulf power and water infrastructure — a high threshold, the people added. Ray Takeyh, Senior Fellow for Middle East Studies at the Council on Foreign Relations, joins Bloomberg Businessweek Daily to discuss. He speaks with Carol Massar and Tim Stenovec. (Source: Bloomberg)

当地时间3月24日，美国政府通过巴基斯坦向伊朗提出一份包含15项条件的结束冲突方案，涵盖核计划、导弹能力及地区问题。据称，美方主要要求包括：拆除现有核能力、承诺不发展核武器、禁止在本土进行铀浓缩、移交约60%高丰度浓缩铀库存、拆除纳坦兹、伊斯法罕及福尔多等核设施，并允许国际原子能机构（IAEA）全面核查等。同时，美方还要求伊朗停止支持地区盟友武装，禁止对其提供资金、指挥及武器支持，并限制弹道导弹项目的规模与射程，仅用于防御用途，同时确保霍尔木兹海峡保持开放。（央视新闻）

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Tajiri Resources ( TAJ:CA ) announced a non-brokered private placement to raise up to C$1.5M. The offering includes up to 8.33M units priced at C$0.18 per unit. Each unit consists of one common share and half a warrant. Each full warrant allows purchase of one share at C$0.40 within 18 months. Proceeds will fund exploration, development, acquisitions, and working capital. More on Tajiri Resources Corp. Financial information for Tajiri Resources Corp.

Meta willfully violated New Mexico law by misleading users about the safety of its products and engaging in an unconscionable trade practice, a jury found. The company will face a $375 million penalty for the violations, awarding the maximum penalty of $5,000 per violation for 37,500 violations across two counts. The jury decided against Meta on every count, though it declined to award a penalty as high as the state sought, which would have been closer to $2 billion. It's a landmark verdict delivered just one day after closing arguments . New Mexico argued that Meta had flouted state law by misleading consumers and facilitating child predato … Read the full story at The Verge.

Forgent Power Solutions ( FPS ) on Tuesday announced a public offering of its Class A common stock. The offer consists of 20.68M shares of Class A common stock being offered by parent entities of the Company controlled by Neos Partners and 9.31M shares of Class A common stock being offered by Forgent. In addition, the selling stockholders and the company intend to grant the underwriters a 30-day option to purchase up to an additional 3.10M shares and 1.39M shares, respectively, of Class A common stock at the public offering price, less underwriting discounts and commissions. Forgent will not receive any proceeds from the sale of shares by the selling stockholders, and the net proceeds Forgent receives from the sale of its shares will be used to redeem interests in an operating subsidiary held by certain existing equity owners controlled by Neos Partners, LP. The operating subsidiary will bear or reimburse the company for all the expenses of the offering. FPS -7.02% after hours to $33.27. Source: Press Release More on Forgent Power Solutions, Inc. Forgent Power Solutions: Does It Have The Power? Forgent Power Solutions Begins IPO Effort As AI Data Center Power Demand Jumps Forgent Power Solutions reports Q2 results; intiates FY26 outlook Wall Street starts coverage of Forgent Power Solutions with mostly bullish ratings

格隆汇3月25日｜英国国防部：主权基地区从未属于塞浦路斯共和国，英方也无计划改变这一现状。

1 Brilliant Growth Stock to Buy Before It Joins Nvidia, Alphabet, and Apple in the $3 Trillion Club The Motley Fool

Lauren James finds the top corner with a spectacular curling effor to get Chelsea back into the game against Arsenal in their Women's Champions League quarter-final.

hapabapa/iStock Editorial via Getty Images About 5 months ago, just before Klarna’s ( KLAR ) IPO, I made a post on LinkedIn briefly talking about why the company should not be viewed as a fintech company (but rather as a bank), the nuances of its multi-class share structure, and what it all means when it comes to the company’s valuation. Most importantly, I claimed that the mid-range IPO price of $36 (at the time of the post, which was revised up by the company to $40 on the IPO day) was substantially higher than what the fundamentals suggested to me at the time. With the stock price finally down (and close to my estimated pre-IPO value), I decided to revisit the valuation and provide more details into my stance on the stock, especially considering a recent pivot in the company’s narrative. The Company’s Shifts in Identify Let us first start with how, over the years, KLAR has changed its company description several times. For example, in early 2020 it had called itself a "Leading Global Payments and Shopping Provider"; then, with the rise of AI, it became an " AI-Powered Global Payments Network and Shopping Assistant " up until February 25, 2025, when it changed to being " the AI-powered payments and commerce network ", before settling on June 18, 2025, on " the global digital bank and flexible payments provider " and keeping that identity ever since. Now that the identity "crisis" seems to have passed, we should finally settle on the narrative that the company is a (digital) bank (and has been since 2017, when it obtained its banking license in Sweden)—but, to the company’s credit, perhaps we should just add that it also has a fintech overlay. The Business Model Before we dive deeper into the peculiarities of being a bank, let us first look at how Klarna generates its revenues. It all starts with three payment options offered by the company to consumers: Pay in Full (instant settlement of the transaction) Pay Later (interest-free, deferred payment in 3-4 installmen...

Key PointsBison Wealth added 450,926 shares of FTGC during the fourth quarter, an estimated $11.72 million trade based on quarterly average pricing.

格隆汇3月25日｜美国政府通过巴基斯坦向伊朗提出一份包含15项条件的结束冲突方案，涵盖核计划、导弹能力及地区问题。据称，美方主要要求包括：拆除现有核能力、承诺不发展核武器、禁止在本土进行铀浓缩、移交约60%高丰度浓缩铀库存、拆除纳坦兹、伊斯法罕及福尔多等核设施，并允许国际原子能机构（IAEA）全面核查等。同时，美方还要求伊朗停止支持地区盟友武装，禁止对其提供资金、指挥及武器支持，并限制弹道导弹项目的规模与射程，仅用于防御用途，同时确保霍尔木兹海峡保持开放。作为交换条件，伊朗可能获得全面解除国际制裁、美国支持其发展民用核项目，以及取消“快速恢复制裁”机制。据了解，美方正考虑推动为期一个月的停火，以便就上述条款展开进一步谈判。该方案由包括贾里德·库什纳和史蒂夫·威特科夫在内的特朗普顾问推动。另据以色列方面24日消息称，美国有意提出为期一个月的停火方案，以便与伊朗讨论一份包含15个要点、旨在结束战争的协议。

Pituk Loonhong/iStock via Getty Images Introduction Back when I first covered Adecoagro ( AGRO ), I highlighted their strong foundation, great management, and very significant interest from Tether, which became their largest shareholder now, as well as their innate relation to oil prices that may not be that obvious since we’re talking about an agriculture company. Following the Profertil deal, Adecoagro is now stronger than ever, with a significant side of the business now coming from fertilizers that can also help deliver synergies, although the current price reflects market fear based on what might turn out to be a very short-lived boost instead of trust in their fundamental improvements, which is why I’m downgrading AGRO to a Sell, currently being in the process of trimming the position. Transformative Deal Secured Adecoagro IR AGRO reported an expectably weak 2025 given the falling commodity prices, although the year was marked by several events such as Tether’s significant stake increase that I mentioned before and the Profertil deal that transformed the business into much more than just a farming/agriculture business. Adecoagro IR The biggest development for the business has been the acquisition of the remaining 50% stake in Profertil (helped by Tether), which made them the largest producer of urea in South America. Keep in mind that this isn’t entirely visible on their financial statements yet, as the remaining sum should be paid in H1 2026, which the CFO summarized during their Q4 Earnings Call : We closed the transaction during mid-December for a total consideration of $1.1 billion for the 90% equity interest. From this amount, $676 million had already been paid by December 31, with the remaining balance to be paid during the first half of 2026. As of today, the outstanding balance is approximately $50 million that will be settled before the end of this month. The transaction was financed through a combination of cash balances in the amount of $400 million...

miljko/iStock via Getty Images Autoliv, Inc. ( ALV ) is an investment that was a favorite of mine many years ago—and I made a good profit on it. That hasn't been the case as of late, however. In 2025, I wrote two articles on the company. While conviction was decent on both, and they both more or less reflected the general market sentiment at the time, they still ended up somewhat worse off than the market. On the basis of this, the investments were failures for the time being. My position in Autoliv isn't large, thankfully, but it's there. In this article, I will be determining the potential upside for Autoliv. Because the fact is, while there may be a material increase in risk factors for Autoliv going forward, the company has not seen this reflected in its earnings or its earnings potential. When this happens, that means that valuation trends and profit trends are diametrically opposed—and this is a situation that I tend to look for. I have previously said that Autoliv at double-digit share price levels is an investment that can be made fairly and safely—and this is a stance that I intend to revisit in this article. While Autoliv isn't a yield monster, its dividend is more than fair (3.5%), and it's well-covered at this time and in the past at less than 40% of its AEPS in payout. If you look at what the company is expected to generate, these forecasts leave little room for doubt—the company seems likely to grow from here. That being said, forecasts are subject to uncertainty, and Autoliv is not a company that often meets its estimates—even if it does, more often than not, post earnings growth and has a long tradition of growing earnings. So what exactly is going on that the company is suddenly dipping? Let's take a look. Autoliv 2025 Results, And Forecasts Into 2026 - Looking Good Despite Share Price Reactions Despite what you see in the share price, the company's performance during the 2025 fiscal year was absolutely solid. A good measure to see if Autoliv has do...

MUENSTERL.BANK STIFTUNSF. (WXIS.BE) 互動股市圖表 Yahoo 財經

↘️ KB Home (KB): The home builder cut its fiscal-year guidance as challenging housing market conditions persist. The stock dropped about 4% in postmarket trading. ↗️ Tesla (TSLA): The electric-vehicle maker recorded its first monthly sales gain in Europe, where it faces intense competition from BYD, in more than a year.

【美方向伊朗提出含“15项条件”的和谈方案】财联社3月25日电，美国政府通过巴基斯坦向伊朗提出一份包含15项条件的结束冲突方案，涵盖核计划、导弹能力及地区问题。据称，美方主要要求包括：伊朗解除现有核能力、承诺不发展核武器、禁止在本土进行铀浓缩、移交约60%高丰度浓缩铀库存、拆除纳坦兹、伊斯法罕及福尔多等核设施，并允许国际原子能机构（IAEA）全面核查等。同时，美方还要求伊朗停止支持地区盟友武装，禁止对其提供资金、指挥及武器支持，并限制弹道导弹的规模与射程，仅用于防御用途，同时确保霍尔木兹海峡保持开放。作为交换条件，伊朗可能获得全面解除国际制裁、美国支持其发展民用核项目，以及取消“快速恢复制裁”机制。据了解，美方正考虑推动为期一个月的停火，以便就上述条款展开进一步谈判。该方案由包括贾里德·库什纳和史蒂夫·威特科夫在内的特朗普顾问推动。 (央视新闻)