Emerging-market equities and currencies are set for the biggest weekly decline since the height of the pandemic in 2020. The MSCI EM currency gauge has slid about 1.4% this week, while the comparable gauge for EM equities is down more than 6%. Both are on track for their worst week since March 2020 on a closing basis. The surge in oil prices — with Brent futures climbing this week to their highest...
Emerging-market equities and currencies are set for the biggest weekly decline since the height of the pandemic in 2020. The MSCI EM currency gauge has slid about 1.4% this week, while the comparable gauge for EM equities is down more than 6%. Both are on track for their worst week since March 2020 on a closing basis. The surge in oil prices — with Brent futures climbing this week to their highest level since July 2024 — continues to weigh on the outlook for EM currencies. “We have trimmed quite a bit of risk in the last few days but will want to get back into long EM positions on hints of stabilization,” Citigroup analyst including Luis Costa wrote in a note. While there are “initial signs of stabilization of oil prices,” it is too early to assume that oil prices will play out like in 2022 following Russia’s invasion of Ukraine. Haven demand for the greenback has pushed all emerging-market currencies lower versus the dollar this week. Markets are particularly focused on the currencies of net oil importers — predominantly in Asia — as well as the impact on domestic inflation. Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said in a Bloomberg Television interview on Friday that oil reaching $100 per barrel could force monetary policy tightening, as inflation may breach the central bank’s target range. The won on Tuesday suffered its largest single-day loss on a closing basis since 2009, as investors warned about the risk of forced deleveraging and liquidations . Volatility in emerging-market currencies has also surged, with the JPMorgan EM FX volatility index rising above a similar gauge for Group-of-Seven peers this week, following its longest stretch on record below that level. Aside from tensions in the Middle East, investors will be watching the release of US nonfarm payrolls data for clues on the Federal Reserve’s rate trajectory.
Baker Hughes ( BKR ) has executed a massive global capital raise , pricing a dual-currency debt offering totalling approximately $6.5 billion and €3 billion in senior unsecured notes. The multi-tranche issuance of senior unsecured notes spans maturities ranging from 2029 to 2056, with U.S. dollar tranches: five series totaling $6.5B, with interest rates between 4.05% and 5.85%, and Euro tranches: ...
Baker Hughes ( BKR ) has executed a massive global capital raise , pricing a dual-currency debt offering totalling approximately $6.5 billion and €3 billion in senior unsecured notes. The multi-tranche issuance of senior unsecured notes spans maturities ranging from 2029 to 2056, with U.S. dollar tranches: five series totaling $6.5B, with interest rates between 4.05% and 5.85%, and Euro tranches: four series totaling €3B, with coupons ranging from 3.226% to 4.737%. The notes will be issued jointly by Baker Hughes Holdings LLC (BHH LLC) and its co-obligor subsidiary, and are guaranteed by Baker Hughes. The proceeds from these offerings will be used to help pay for the acquisition of Chart Industries, Inc. If the acquisition does not go through, the notes will be subject to special mandatory redemption. The offerings are expected to close on March 11, 2026, pending customary closing conditions. More on Baker Hughes Baker Hughes Company (BKR) Q4 2025 Earnings Call Transcript Baker Hughes: Valuation Is Full Given Oilfield Service Headwinds (Downgrade) Baker Hughes Company 2025 Q4 - Results - Earnings Call Presentation Baker Hughes aims to sell $10B in cross-border bond sale - Bloomberg Vallourec and Baker Hughes forge strategic alliance to scale green hydrogen storage
"Bloomberg: The Asia Trade" brings you everything you need to know to get ahead as the trading day begins in Asia. Bloomberg TV is live from Sydney and Singapore with Haidi Stroud-Watts and Avril Hong, getting insight and analysis from newsmakers and industry leaders on the biggest stories shaping global markets. (Source: Bloomberg)
"Bloomberg: The Asia Trade" brings you everything you need to know to get ahead as the trading day begins in Asia. Bloomberg TV is live from Sydney and Singapore with Haidi Stroud-Watts and Avril Hong, getting insight and analysis from newsmakers and industry leaders on the biggest stories shaping global markets. (Source: Bloomberg)
The Damac Heights real estate development, right, in the Dubai Marina in Dubai, United Arab Emirates, on Friday, Feb. 20, 2026. Bloomberg | Bloomberg | Getty Images The United Arab Emirates is considering cutting off Iranian access to billions of dollars held in the Gulf state, the Wall Street Journal reported Thursday. The move could cripple Tehran's access to foreign currency and global trade ne...
The Damac Heights real estate development, right, in the Dubai Marina in Dubai, United Arab Emirates, on Friday, Feb. 20, 2026. Bloomberg | Bloomberg | Getty Images The United Arab Emirates is considering cutting off Iranian access to billions of dollars held in the Gulf state, the Wall Street Journal reported Thursday. The move could cripple Tehran's access to foreign currency and global trade networks at a moment when its economy has been deteriorating, and the military conflict with U.S. and Israel has piled on more pressure. Emirati authorities have warned Iranian officials that such a move was under consideration, the newspaper said, citing people familiar with the discussions, although no decision on whether, or when, to act has been reached. UAE has long sought to balance its strategic alliance with the U.S. and its neighbor Iran, but Tehran's strikes against the Gulf nation appears to be prompting a rethink in policy. UAE's capital city Dubai has been a crucial financial corridor for Iranian businesses and individuals seeking to bypass Western sanctions, selling oil abroad and channeling the proceeds into military programs and regional proxies, according to U.S.-based think tank Atlantic Council. Shell companies registered across Dubai's sprawling free zones have for years masked the origin of Iranian oil and commodities. Informal currency exchange houses have also moved funds across borders outside the reach of conventional banking oversight. America has been pressing the Gulf country to dismantle those networks. The U.S. Treasury has sanctioned UAE-based entities in recent years, with officials reiterating that enforcement within the UAE has fallen short of the country's stated commitments . As part of its retaliation against the U.S.-Israel joint attack, Iran has targeted more than 1,000 drones and missiles against targets in the UAE, damaging infrastructure including Dubai International airport and the popular Fairmont hotel, as well as residential and t...
This article first appeared on GuruFocus. Release Date: March 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points ESS Tech Inc (NYSE:GWH.WS) secured a $9.9 million contract with the US Air Force Research Laboratory, showcasing the readiness of their American-made iron flow storage for critical defense applications. The compa...
This article first appeared on GuruFocus. Release Date: March 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points ESS Tech Inc (NYSE:GWH.WS) secured a $9.9 million contract with the US Air Force Research Laboratory, showcasing the readiness of their American-made iron flow storage for critical defense applications. The company announced Project New Horizon, a significant partnership with Salt River Project and Google, indicating strong commercial momentum. ESS Tech Inc (NYSE:GWH.WS) improved its financial performance, with a 38% improvement in adjusted EBITDA and a 33% reduction in operating expenses year-over-year. The acquisition of Volt Storage enhances ESS Tech Inc (NYSE:GWH.WS)'s technological capabilities and patent coverage in the iron flow space. The company has a strengthened balance sheet, having closed a $40 million financing transaction and a $15 million registered direct offering, improving its liquidity position. Negative Points Revenue for 2025 was $1.6 million, a significant decrease from $6.3 million in 2024, reflecting a transition away from legacy product lines. Gross loss for the year was $27.7 million, although improved, it still indicates financial challenges. The company anticipates that significant revenue from new projects will not be realized until 2027 and 2028, indicating a delay in revenue generation. ESS Tech Inc (NYSE:GWH.WS) has ongoing capital needs to support its plans for 2027 and beyond, suggesting potential future financial constraints. The departure of the Chief Operating Officer and the interim appointment of a new COO may indicate potential instability in leadership. Q & A Highlights Q: The press release indicates that you're anticipating delivery for key projects to start in 2027. How should we think about the revenue ramp-up associated with these projects? Could we see any revenue in 2026, or is it more likely in 2027? Also, should we anticipate any le...
fcafotodigital/iStock via Getty Images Introduction The last time I covered Archer-Daniels-Midland ( ADM ), I reiterated their Hold rating, highlighting how the investment came with “Too Much Policy Risk For A Low-Margin Dividend King.” Despite some improvements regarding trade and biofuel policies, following an overall expectable year, ADM remains a Hold for me, with a valuation that lacks a suff...
fcafotodigital/iStock via Getty Images Introduction The last time I covered Archer-Daniels-Midland ( ADM ), I reiterated their Hold rating, highlighting how the investment came with “Too Much Policy Risk For A Low-Margin Dividend King.” Despite some improvements regarding trade and biofuel policies, following an overall expectable year, ADM remains a Hold for me, with a valuation that lacks a sufficient margin of safety and near-term macro headwinds that can weaken their balance sheet given the dividend they must pay since they want to remain a Dividend King. Internal Developments Archer-Daniels-Midland IR ADM reported mixed Q4 and 2025 results, beating the market’s Q4 profit expectations but missing on revenue , while the FCF reached a very impressive $4.2 billion despite the headwinds from biofuel policies and tariffs. However, note that we’re talking about a massive beneficial effect from working capital, with a $1.51 billion cash inflow from the shrinking inventories combined with ~$1.06 billion from brokerage customers payables, while their adjusted FCF would reach a much more realistic ~$1.44 billion, which is not amazing for their $32.35 billion market cap, although we’re looking at macro pressure. Still, the company is advancing on their cost savings goal, aiming at improving their efficiency, simplifying the portfolio, and delivering $500 million to $750 million in aggregate cost savings over the next 3 to 5 years, as announced last year. Archer-Daniels-Midland IR ADM’s 2026 guidance sees volatile but growing adjusted EPS, reaching between $3.60 and $4.25 per share, while the adjusted net debt to adjusted EBITDA is expected to increase slightly to ~2.0x, as the company expects to ramp up their CAPEX from ~$1.25 billion in 2025 to a range between $1.3 billion and $1.5 billion, which is more in line with previous years. Archer-Daniels-Midland IR Financially, based on ADM’s latest report , we continue to see one of their main advantages, with a very strong fin...
A drama about a president at the end of his career, La Grazia is the director’s finest film since The Great Beauty. As he reunites with his longtime collaborator, the pair discuss ageing, loyalty and the mysterious energy that has bound them for more than two decades ‘They like to smoke,” says the publicist ahead of my interview with Paolo Sorrentino and Toni Servillo. That’s why the table and cha...
A drama about a president at the end of his career, La Grazia is the director’s finest film since The Great Beauty. As he reunites with his longtime collaborator, the pair discuss ageing, loyalty and the mysterious energy that has bound them for more than two decades ‘They like to smoke,” says the publicist ahead of my interview with Paolo Sorrentino and Toni Servillo. That’s why the table and chairs have been hastily dragged outside. That’s why today’s audience will be conducted alfresco. We’re on the cramped sixth-floor balcony of a Venice hotel, overlooking the sea, beneath a tumult of dark clouds. The publicist points down at my recording device and asks: “Will it pick up what they say, or just the noise of the wind?” They like to smoke – of course they do. The Italian film-maker and his muse are both men of old Europe: rigid and courtly and serenely unreconstructed; dignified at the core and a little rackety around the edges. They’ve made seven pictures together and dearly hope they’ll make an eighth. But who can predict? Even the best-laid plans can come a cropper. Sorrentino and Servillo know that time is finite and that the reassuring old order is slipping into the past. They’ve barely whipped out their cigars before the rain comes in sideways. We survive two minutes on the balcony and trundle back to the table indoors. Continue reading...
Iran-backed militias around the Middle East are intensifying attacks against Israel, the US and their allies, in retaliation for the ongoing joint US-Israeli offensive against Tehran as the war draws in new armed actors, threatening wider chaos and violence. Israel and the US have targeted Iran’s network of militant groups, with Iraq emerging as a key front in this new and often clandestine confro...
Iran-backed militias around the Middle East are intensifying attacks against Israel, the US and their allies, in retaliation for the ongoing joint US-Israeli offensive against Tehran as the war draws in new armed actors, threatening wider chaos and violence. Israel and the US have targeted Iran’s network of militant groups, with Iraq emerging as a key front in this new and often clandestine confrontation. Militia in Iraq have launched dozens of attacks since the war began on Saturday, targeting Israel and US bases in Jordan and Iraq itself. In recent days, they have also targeted the infrastructure of Iranian-Kurdish opposition groups based in the self-governing Kurdish-dominated north of Iraq. Israel and the US are trying to degrade the capabilities of pro-Iranian militias in Iraq with airstrikes and special forces operations on the ground, according to analysts and well-informed former regional intelligence officials. Since the 2003 US-led invasion, Iraq has been a proxy battleground between the US, its allies and Iran, but the country’s current leaders have sought to avoid becoming drawn into this new conflict. The militias are recruited among Iraq’s majority Shia community, and follow orders from senior officers from Iran’s Islamic Revolutionary Guard Corps (IRGC). On Tuesday, in a sign of an intensifying war of proxies across the region, officials in Washington suggested they were considering mobilising the opposition Iranian Kurds, possibly for an invasion of Iran’s north-west region. Several Iran-backed armed factions have claimed attacks on the US base at Erbil airport in Iraq’s north in recent days. Other drones and missiles have been launched from sites in Iran’s western desert at targets in Jordan; while militia in the south fired a missile into Kuwait. On Thursday, the militias issued a joint statement telling European countries not to join the war and threatening their “forces and bases in Iraq and the region”. Iraq’s state-run Iraqi News Agency reporte...
The transformer exploded a few feet from where I was standing. One moment I was on the roof of a restaurant kitchen in Atlanta, cleaning exhaust vents. The next, I was on the ground, my body seizing and burned. Before that day, music had been the centre of my life. My father was a well-known guitarist in Australia and I grew up watching him play. When I was 14 my parents bought me a drum kit for C...
The transformer exploded a few feet from where I was standing. One moment I was on the roof of a restaurant kitchen in Atlanta, cleaning exhaust vents. The next, I was on the ground, my body seizing and burned. Before that day, music had been the centre of my life. My father was a well-known guitarist in Australia and I grew up watching him play. When I was 14 my parents bought me a drum kit for Christmas. I fell in love immediately. By 22, I was playing in two bands – one metal, one reggae – and preparing to audition for the Atlanta Institute of Music. Then I was electrocuted. I woke up in hospital. I had fourth-degree burns down my right arm, all the way to the bone marrow. After four weeks in the burns unit, doctors gave me a choice: spend years attempting to save the arm, or amputate and leave hospital within a week. I chose amputation. It was the right decision but it was still devastating. I had lost my job. I moved back in with my mother and spent day after day watching TV or playing video games with one hand, thinking about everything I might never do again: play the guitar, piano, drums. Even with a standard prosthetic, it felt impossible to imagine holding a drumstick again. After about a month of this routine, I realised I couldn’t keep living like that. My drums were packed away in my mum’s attic. One afternoon, I dragged them out, set them up on the porch and taped a drumstick to my amputated arm. Playing was incredibly painful, but I could still keep a groove. For the first time since the accident, something shifted. I started developing my own drumming prosthetic. The first one was crude – mouldable plastic shaped to hold a drumstick, attached to a standard prosthetic with a rubber band. Another, made with springs and bearings, worked well enough for me to start playing with my reggae band again. Jason Barnes in action – video About a year after the accident, I had recovered enough to re-enrol at the Atlanta Institute of Music. One of my teachers, Eri...