$6 billion agreement adds to growing pipeline

The U.S. and Israel's war with Iran has been a substantial source of market volatility since it kicked off at the end of February. In response to the conflict, Iran moved to close the Strait of Hormuz -- a shipping channel through which between 20% and 25% of global oil shipments are estimated to pass through. Citadel CEO Ken Griffin recently weighed in on the potential implications of the Strait of Hormuz remaining closed for a sustained period of time, and his comments are eye-catching. Citadel is widely held to be the most successful hedge fund in history, so many investors take note when Ken Griffin makes investment moves or weighs in with market commentary. Speaking yesterday, Griffin said that the world is looking at a global recession if the Strait of Hormuz remains closed for the next six to 12 months. If the shipping channel remains closed for that duration, Griffin believes that a global recession is unavoidable -- and he's likely correct. Image source: Getty Images. Continue reading

富国银行 （WFC）股价承压，此前该行公布的一季度业绩在主要收入来源方面均未达预期，这可能引发外界对其增长复苏步伐的新疑问。净利息收入总计121亿美元，低于近123亿美元的预期，而非利息收入达到93.5亿美元，低于95亿美元的共识预期。市场反应迅速，该股在纽约时间下午12：02下跌4.8%，盘中一度下跌7.3%，创下一年来最大单日跌幅，使该股在2026年迄今的跌幅扩大至12%。 在总体数字背后，本季度反映出该行仍在重新调整其盈利结构。虽然贷款和存款余额有所增加，但较低的利率对浮动利率资产构成压力，推动净息差下降至2.47%。管理层表示，利润率进一步压缩可能持续至第二季度，部分原因是资产负债表中投向市场业务的配置增加以及计息存款占比上升。与此同时，高管们表示，与回购协议活动扩大相关的利润率压力可能随着年度的推进开始缓解并趋于温和，将当前动态描述为持续战略转型的一部分。 更广泛的局面让投资者在近期的盈利压力与管理层不变的长期定位之间进行权衡。富国银行披露其对非银行金融机构的贷款为2102亿美元，其中对私人信贷公司的贷款为362亿美元——这一领域持续吸引投资者关注，尽管高管表示他们对相关风险仍然感到放心。信贷质量保持稳定，净核销额为11亿美元，贷款损失拨备增长22%至11.4亿美元。交易收入增长38%至13.5亿美元，而投资咨询费和经纪佣金在较高的市场估值和客户活动的支持下增长10%至34.9亿美元。在2026年指引保持不变且利润率压力仍是焦点的情况下，盈利能力改善的路径可能比一些投资者此前预期的更为渐进。 责任编辑：张俊 SF065

LME金属期货收盘涨跌不一。伦铝收涨1.17%，报3626美元； 伦铜收跌0.18%，报13272美元； 伦镍收涨0.11%，报18230美元； 伦铅收涨1.50%，报1963.5美元； 伦锡收跌1.93%，报49505美元； 伦锌收涨1.68%，报3396美元。

Nvidia, AMD Could Ride An 80% Earnings Explosion - Advanced Micro Devices (NASDAQ:AMD), Broadcom (NASDAQ Benzinga

The International Monetary Fund and World Bank are historically beacons of free trade, capitalism and financial market wisdom. But at their spring meetings, the emerging theme has a contrarian vibe: Investors are underestimating the economic damage from the Iran war. Across public panels, private dinners and other meetings on the sidelines of this week’s events in Washington, the growing consensus is that the impact of the conflict on the global economy is likely to get significantly worse before it gets better — even if a lasting peace is negotiated soon. The world is witnessing more than just another shock, according to government officials and other participants who spoke in the opening days of the talks. What’s likely to take root, they caution, is structural change involving higher costs, longer trade routes and a denser cloud of geopolitical uncertainty that will mean a world with a slower growth potential. “What we are seeing is the tip of the iceberg,” Ali bin Ahmed Al Kuwari , the Qatari finance minister, said at the IMF on Wednesday as US equities flirted with record highs and oil prices stayed below $100 a barrel. Al Kuwari, whose economy has suffered heavy damage to its liquefied natural gas exports, laid out a one- to two-month scenario where the current energy price shock shifts into shortages for some governments that “won’t have enough energy to light up their countries.” A food crisis stemming from a fertilizer crunch won’t be far behind, he warned. Qatar, he reminded the audience, is the source of almost one-third of the world’s helium, which is needed to make semiconductors. “You’ll see huge economic impact as a result of this war,” Al Kuwari said. “It’s not going to be far away.” Trump administration officials have called for calm and restraint, especially from central bankers adopting a wait-and-see approach to the need for interest rate increases to counter inflation pressures. The short-term pain now will be worth the benefit longer term of en...

【有線新聞】國務院宣布免去戴建業的澳門經濟財政司司長職務。 戴建業於2024年12月出任經濟財政司司長，他早前以個人原因向澳門行政長官岑浩輝請辭，國務院根據岑浩輝的建議免去戴建業的職務。戴建業在請辭聲明中感謝岑浩輝給予信任和支持，岑浩輝充分肯定戴建業的工作，又說他率領團隊推動經濟財政範疇工作取得新進展，澳門政府正跟進接任人的提名工作，岑浩輝將暫時行使經濟財政司司長一切職權，會適時提請新任命。

MSFT Sees Surge in Video Game Hardware Sales Ahead of Price Hikes GuruFocus

Source: Bloomberg, 0:00

Key PointsWhen researching pharma companies, investors might start by reviewing the drug pipeline.

Microsoft Stock Rallies as AI Optimism Reignites Wall Street

U.S. Vice President JD Vance, right, speaks during a news conference after meeting with representatives from Pakistan and Iran, as U.S. President Donald Trump's son-in-law Jared Kushner, left, and U.S. Special Envoy to the Middle East Steve Witkoff watch, in Islamabad, April 12, 2026. Jacquelyn Martin | AFP | Getty Images The U.S. and Iran will likely return to Pakistan next week for a second round of peace negotiations, two senior Pakistani officials told MS NOW on Wednesday. The latest sign of the countries' continuing efforts to reach a diplomatic end to the war came from officials who are involved in finalizing decisions with the U.S. and Iranian teams, but did not want to be named because of sensitivities around negotiations, MS NOW reported. The step toward resuming the stalled peace talks came as tensions in the Persian Gulf continued to rise, further imperiling a shaky two-week ceasefire between the U.S. and Iran. Oil tanker traffic through the Strait of Hormuz remains at a trickle as Iran continues to pose threats to passing vessels and the U.S. enforces a retaliatory blockade of Iranian ports. President Donald Trump , who said last week that the ceasefire agreement was subject to the strait being fully reopened, had complained about the lack of activity in the vital shipping route prior to announcing the blockade . On Wednesday, Iranian state news outlet Fars reported that Tehran was suspending all petrochemical exports until further notice. U.S. Vice President JD Vance, left, speaks with Pakistani Prime Minister Shehbaz Sharif ahead of their meeting on Iran amid the US-Iran peace talks in Islamabad, April 11, 2026. Jacquelyn Martin | AFP | Getty Images Still, the White House said Wednesday it is optimistic about a possible peace agreement coming into view. "Discussions are being had," and "we feel good about the prospects of a deal," press secretary Karoline Leavitt told reporters at a White House briefing, while cautioning that the next round of in-perso...

Source: Bloomberg, 32:53

Live Nation-Ticketmaster is an illegal monopolist, a Manhattan jury ruled, according to Bloomberg . The verdict, reached after several days of deliberation, leaves the live entertainment giant open to a potential breakup - which was the stated goal of the lawsuit back when it was filed by the Biden administration's Department of Justice. Such an outcome would go far beyond the settlement that the Trump administration's DOJ reached with Live Nation one week into trial. Still, Judge Arun Subramanian could opt for lesser remedies than a breakup, and any outcome will likely be the subject of appeals. The trial spanned about six weeks, includin … Read the full story at The Verge.

Rigetti Stock Rises as Nvidia AI Push Fuels Quantum Optimism

Nemetschek（NEMKY）正通过其与Thoma Bravo达成协议收购重型建筑系统专家公司（HCSS），进一步深入基础设施软件领域。该交易对这家总部位于美国的供应商的估值超过20亿欧元。该交易与此前的报道相符，隐含的估值倍数略高于HCSS预期2025年EBITDA的20倍，并将把该业务与Bluebeam和GoCanvas一同并入Nemetschek的Build部门。管理层将此举视为向其所认为具有韧性且不断增长的重型土木建筑市场的扩张，交易预计于今年下半年完成。 交易结构保留了Thoma Bravo的参与，该公司将持有Build部门28%的股份。首席执行官Yves Padrines指出，Nemetschek已追踪HCSS多年，并选择现在采取行动，这表明否则该资产可能稍后通过一个竞争更激烈、可能出价更高的过程被出售。随着时间的推移，Nemetschek可能会考虑买断剩余股份、在美国上市少数股权，或允许Thoma Bravo退出给另一位投资者，不过目前这种合作关系被定位为支持进一步创造价值的一种方式。HCSS成立于1986年，拥有550多名员工，服务于北美超过4000家客户公司，去年收入约为2.15亿美元，EBITDA利润率约为40%。 股价对这一公告反应温和，一度下跌4.6%，法兰克福午盘交易中下跌3.9%，意味着市值约为66亿欧元。尽管如此，对于关注软件领域持久性的投资者而言，这一战略角度可能值得关注，因为正如包括彭博智能的Niraj Patel在内的一些分析师所认为的那样，专注于建筑的平台因其专有数据优势而相对不受更广泛人工智能压力的影响。HCSS在美国交通部市场中的地位——据报道，其客户在全美50个地区赢得了75%的工程——可能进一步增强Nemetschek对基础设施支出的敞口，并可能支持一个更广泛、更集成的Build平台。 责任编辑：张俊 SF065

Lucy Lambriex/DigitalVision via Getty Images Sylvamo Corporation ( SLVM ) is currently undergoing a transitional year with significant capital reinvestments in bolstering operations, positioning itself for a robust turnaround in eFY27. While eFY26 may turn out to be a challenging year for Sylvamo given the market dynamics and potential power constraints that may impact its European operations, I believe looking beyond the fiscal year can present a compelling investment opportunity, particularly when considering the shares’ robust 4.20% dividend yield and 5.43x EV/aEBITDA trading premium. Given the fundamental value of Sylvamo, I am recommending SLVM shares with a Buy rating with a price target of $50.70/share at 3.85x eFY27 EV/aEBITDA. Sylvamo Operational Update Corporate Filings 2025 was a pivotal year for Sylvamo following a leadership change paired with capital reinvestment in operations to deliver more durable growth for the coming years. Sylvamo is entering eFY26 with improving economics across Europe, with paper price increases setting the stage for a recovery, while Latin America entered the fiscal year with weaker seasonality. Overall, Sylvamo should realize improved paper prices across its geographies in the near term, potentially creating modest tailwinds at the top line. Looking at expected volume sales, European volumes are expected to improve, offset by the exit of the Riverdale agreement in North America, resulting in an expected -4.6% decline in total volume sales for eFY26. Accordingly, North America will be importing 80,000 tons of paper from European operations to partially offset the 190,000 fewer tons produced in the U.S. as a result of the exit of the Riverdale agreement and Eastover outage, which is expected to have a -$20mm impact on both European and North American adjusted EBITDA due to tariffs and freight costs as well as lower sales volumes. In the fiscal year, Sylvamo invested $224mm across its manufacturing network, including initial inv...

According to an SEC filing dated April 15, 2026, QSM Asset Management Ltd established a new stake in Robert Half by acquiring 202,846 shares during the first quarter. The estimated transaction value was $5.37 million, calculated using the average quarterly closing price. Robert Half provides staffing and risk consulting services for organizations worldwide. QSM Asset Management's decision to open a fresh position in Robert Half stands out mainly because of the stock's recent rough stretch. Shares have fallen nearly 40% over the past year, weighed down by a sluggish labor market that has hurt demand for staffing services broadly. The temporary staffing industry in particular has faced a difficult environment as companies have grown more cautious about hiring, pulling back on contract workers before cutting permanent headcount. Continue reading

黎巴嫩真主党政治委员会副主席马哈茂德·卡迈提15日在接受黎巴嫩新电视台采访时表示，黎真主党同意停火，但不接受2024年黎以签订停火协议后，黎方履约而以方逃避责任的局面重演。（新华社）

Lawmaker flags risks tied to Slurm control

Key points: Lumen Technologies has shed assets and cut debt after it narrowly skirted bankruptcy. The company is focused now on shifting toward high-growth businesses such as AI networking and cloud services. Its fiber network is a key advantage. Lumen plans to layer a digital services platform over it to provide customers the ability to process high volumes of data on demand with minimal delays and unparalleled speed. Lumen is a story for patient investors. It could take a few years for its transformation to play out, but once successful, growth will go from linear to exponental. For many years, Lumen Technologies was preparing for a reality that hadn't quite arrived. It invested billions to build out a massive fiber optic network. The capital spending cut into profits and weighed on its stock price until it was measured in pennies. The debt it accrued nearly sank it, but Lumen survived while others like WorldCom didn't. The advent of artificial intelligence, with its voracious demand for computing power, puts Lumen in a sweet spot. The company hopes to leverage its fiber optic network and layer a digital services platform over it. Pitched as a "network-as-a-service," the highly scalable offering will provide customers flexibility and speed on demand as they link AI data centers to consumers and businesses. A deal Lumen announced Wednesday with AWS Interconnect highlights how its last-mile and metro network infrastructure can make connecting businesses to the cloud much faster and simpler, turning a process that once took weeks and multiple providers into a quick, automated setup completed in minutes. Shares spiked more than 10% in afternoon trading. A new management team and refreshed board of directors that is guiding Lumen as it stabilizes its finances and pivots toward high-growth areas like AI networking, cloud infrastructure, network security and other business services. Lumen sold its consumer business to AT & T earlier this year, which enabled it to pay dow...

德国媒体公司Ströer SE可能再次出现私有化收购动向，而此次的财务组合更为强大。据知情人士透露，I Squared Capital已重新与 黑石 公司联手，就收购该公司核心广告业务进行可能的报价。近期与Ströer的谈判聚焦于一项将户外广告与数字内容相结合的业务，这表明即便市场对德国经济的整体情绪仍保持谨慎，该资产仍可能吸引战略兴趣。 背景已发生变化，这可能对交易的经济性产生影响。I Squared此前在1月份因难以获得足够的投资者支持而放弃了其早期尝试，但自那以后，Ströer的市值已降至约20亿欧元，可能重置了预期。股市对这一重燃的兴趣反应迅速，该股周一盘中一度上涨9.4%，创下六个月来最大涨幅，随后在法兰克福市场收涨约3%。这一走势可能表明，即使交易可见性仍然有限，投资者已开始计入更高的交易可能性。 估值和结构现在看起来是关键变量。包括联席首席执行官Udo Mueller在内的管理层，仅对户外广告业务的要价可能就达到35亿欧元或更高，这可能与买家的预期产生差距。与此同时，该财团尚未确定是仅收购该业务单元还是可能收购整个公司，这既带来了灵活性，也带来了不确定性。正在进行的领导层过渡——包括联席首席执行官Christian Schmalz的合同不会延续到2028年之后，以及首席财务官Henning Gieseke考虑离职——可能会增加复杂性，这意味着交易的执行可能既取决于财务条款，也取决于内部的一致性。 责任编辑：张俊 SF065

Live cattle futures are down 45 to 90 cents at midday. Cash trade has been quiet so far this week, as last week was $246-249 in the South and $249-250 in the north. The Thursday morning Fed Cattle Exchange online auction showed no sales on the 1,222 head, with bids...

Cotton is rallying on Wednesday with contracts up 90 to 125 points at midday. The US dollar index is $0.063 lower at $97.845. Crude oil is up 55 cents on the day. The Seam showed 5,245 bales sold on 4/14 at an average of 72.10 cents/lb. The Cotlook A Index...

Lean hog futures are trading with 40 to 70 cent losses at midday, with April up 22 cents as it expires today. USDA’s national base hog price was reported at $92.20 on Wednesday morning, up $1.94 from the day prior. The CME Lean Hog Index was back up 6 cents...

Corn futures are trading with 7 to 8 ¼ cent gains in the front months on Wednesday. The CmdtyView national average Cash Corn price is up 8 1/2 cents at $4.14 1/2. Some premium may be going in the market as rain is expected over the next week in the...

Soybeans are in rally mode, with contracts 10 to 12 cents higher so far. The cmdtyView national average Cash Bean price is up 11 cents at $10.91 1/4. Soymeal futures are $2.70 to $3.30 high on the day, with Soy Oil futures up 100 to 110 points. NOPA data from...

The wheat complex is reverting from early weakness to post marginal midday gains. Chicago SRW futures are fractionally to 2 cents higher. KC HRW futures is showing 1 to 3 cent gains at midday. MPLS spring wheat is fractionally higher. The next 7 days are expected to remain dry from...

watch now VIDEO 4:02 04:02 Oil flows through Hormuz remain quite low, says Goldman Sachs' Daan Struyven Squawk on the Street The Middle East war has damaged as much as $58 billion worth of energy infrastructure, according to an estimate published by consulting firm Rystad Energy on Wednesday. Iran has attacked the oil and gas infrastructure of its Gulf Arab neighbors including production facilities, refineries and pipelines among other targets. Israel has bombed natural gas and petrochemical facilities in Iran. More than 80 energy facilities have been attacked in all since the U.S. and Israel launched the war on Iran on Feb. 28, said Fatih Birol, executive director of the International Energy Agency. More than a third of those are severely damaged, Birol said. "This is one of the most critical issues and different than the past — many of the facilities are badly damaged," the IEA chief said Monday at an Atlantic Council event in Washington, D.C. It could take as long as two years to repair facilities and restore oil-and-gas production to pre-war levels, he said. At a minimum, the repair bill for any damage is at least $34 billion, Rystad estimated. The extent of the damage is still not clear at some facilities, the firm said. The final bill will depend on whether the damage to those assets is more limited or structural. At the same time, the amount of equipment needed for the repair work will stress global energy supply chains, said Karan Satwani, a senior analyst for supply chain research at Rystad. Iran's infrastructure has absorbed the biggest hit, with repair costs potentially coming in at $19 billion, Rystad estimates. Qatar also faces steep costs after Iran struck its key liquified natural gas (LNG) facility. Attacks on energy facilities escalated after Israel bombed Iran's South Pars natural gas complex on March 18. Iran retaliated by attacking the world's largest LNG facility in Qatar, damaging two production lines responsible for 17% of the small Gulf state...

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