Nomura Holdings Inc. cemented a second straight year of record profit even after fourth-quarter results missed analysts’ expectations. Net income rose 2.7% from a year earlier to ¥73.9 billion ($463 million) in the three months ended March 31, the Tokyo-based company said Friday. That missed the ¥98.9 billion average of four analyst estimates compiled by Bloomberg News. Full-year profit hit an all...
Nomura Holdings Inc. cemented a second straight year of record profit even after fourth-quarter results missed analysts’ expectations. Net income rose 2.7% from a year earlier to ¥73.9 billion ($463 million) in the three months ended March 31, the Tokyo-based company said Friday. That missed the ¥98.9 billion average of four analyst estimates compiled by Bloomberg News. Full-year profit hit an all-time high of ¥362.1 billion. Japan’s biggest brokerage has been benefiting from volatile global markets and a boom in investing and dealmaking at home. The coming quarters may provide a test for Chief Executive Officer Kentaro Okuda as the Middle East conflict puts a strain on the global economy, while signs of stress in the $1.8 trillion private credit market cloud his push into alternative assets. Markets in Japan have seen a turnaround in recent years as inflation returns and companies take steps to boost value for shareholders. Mergers and acquisitions in the country hit a record high last quarter, according to data compiled by Bloomberg, and the Nikkei 225 Stock Average is trading at a record after recouping losses since the Iran war began.
designer491/iStock via Getty Images Our own Jeff Malec went solo on the Derivative last week, dishing on all sorts of topics from ski races to conferences. But one topic caught our eye in particular: talking bonds. And particularly bonds in times of war. Last month, when the U.S. began military strikes on Iran, markets delivered a reminder that the old playbooks do not always apply. Equities sold ...
designer491/iStock via Getty Images Our own Jeff Malec went solo on the Derivative last week, dishing on all sorts of topics from ski races to conferences. But one topic caught our eye in particular: talking bonds. And particularly bonds in times of war. Last month, when the U.S. began military strikes on Iran, markets delivered a reminder that the old playbooks do not always apply. Equities sold off. Oil surged higher. And U.S. Treasuries, historically one of the market’s go-to safe havens during geopolitical stress, declined as yields moved sharply upward. In a moment where many expected a classic “risk-off” response, bonds instead participated in the volatility. The 10-year Treasury yield moved from roughly 4.0% toward 4.3%, after already pressing near 4.5% earlier in the year before retracing. The prevailing interpretation was straightforward: higher oil prices could revive inflation pressures, prompting markets to quickly reprice future interest rates. That may be logical on paper. In real time, however, watching bonds sell off while missiles were in the air for an Iran war many had thought would be a prelude to World War III was a striking departure from conventional expectations. A Historically Difficult Period for Bonds But this episode was not an outlier. It was simply the latest chapter in what has become one of the most challenging stretches for fixed-income investors in decades. Across a few bond ETF proxies, the damage is easy to spot: For investors accustomed to bonds serving as ballast, this has been a painful adjustment. Why This Matters for Managed Futures But this isn’t just a story of bonds not going up (rates down). Here in our alternative investment world, heavy in trend following, global macro, and managed futures, it’s more that they haven’t been going anywhere. Bonds have historically been one of the most important return drivers for managed futures and trend-following strategies. Review many of the strongest CTA periods, from the late 1980s ...
EU Finally Unblocks €90 Loan For Ukraine, Weighted Toward Military Spending Ukraine has hailed the long awaited approval and release of a whopping a €90 billion loan by the European Union, which belatedly happened Thursday after months of negotiations. "The European support loan for Ukraine has been unblocked - €90 billion over two years," Ukrainian President Volodymyr Zelensky wrote on X. Europea...
EU Finally Unblocks €90 Loan For Ukraine, Weighted Toward Military Spending Ukraine has hailed the long awaited approval and release of a whopping a €90 billion loan by the European Union, which belatedly happened Thursday after months of negotiations. "The European support loan for Ukraine has been unblocked - €90 billion over two years," Ukrainian President Volodymyr Zelensky wrote on X. European Union photo "For us this is important, and it will strengthen, of course, our army, Ukrainian forces, and allow us to boost production of air defense systems and work more to protect our energy system for the winter. Together we will solve many issues of protecting lives. And of course, we will keep working to push Russia to real diplomacy to end this war ," he said. Hungary and Slovakia, which had blocked the package, did not object before the 3 p.m. deadline, clearing final approval. This after a major Hungarian election wherein PM Viktor Orban suffered defeat, and rapid political transition is underway. These countries lifted their vetoes after oil flows through the Druzhba pipeline finally resumed Thursday following earlier damage from Russian strikes. The timing interestingly corresponded with Hungarian opposition leader Péter Magyar cinching victory in a historic election. European Commission President Ursula von der Leyen welcomed the decision while traveling to Cyprus for talks with European leaders on the Middle East-driven energy crisis. "While Russia doubles down on its aggression, we are doubling down on our support to the brave Ukrainian nation enabling Ukraine to defend itself," von der Leyen wrote on X. The loan is heavily weighted toward military spending, and the NY Times says that it signifies that Kiev's Western backers see peace as being very far away. And additionally, this was unleashed by Brussels : The latest EU sanctions against Russia – the 20th round since the invasion – blacklist Russian banks and energy companies , as well as entities in the U...
Too much investment in AI being criticized? Analysts argue Microsoft (MSFT.US) has been unjustly undervalued, with potential for a 26% stock rebound. 富途牛牛
Too much investment in AI being criticized? Analysts argue Microsoft (MSFT.US) has been unjustly undervalued, with potential for a 26% stock rebound. 富途牛牛
“Bloomberg: The China Show” is your definitive source for news and analysis on the world's second-biggest economy. From politics and policy to tech and trends, David Ingles and Yvonne Man give global investors unique insight, delivering in-depth discussions with the newsmakers who matter. (Source: Bloomberg)
“Bloomberg: The China Show” is your definitive source for news and analysis on the world's second-biggest economy. From politics and policy to tech and trends, David Ingles and Yvonne Man give global investors unique insight, delivering in-depth discussions with the newsmakers who matter. (Source: Bloomberg)
(RTTNews) - Yara (YAR.OL) reported that its first quarter net income attributable to shareholders of the parent increased to $326 million from $294 million, prior year. Basic earnings per share was $1.28 compared to $1.15. EBITDA excluding special items was $896 million compared
(RTTNews) - Yara (YAR.OL) reported that its first quarter net income attributable to shareholders of the parent increased to $326 million from $294 million, prior year. Basic earnings per share was $1.28 compared to $1.15. EBITDA excluding special items was $896 million compared
格隆汇4月24日｜安联投资多元资产首席投资总监Gregor MA Hirt预期，尽管早前市场一度认为日本央行4月加息机会甚高，但他相信，日本央行将判断经济增长所面对的风险，尤其是潜在的供应链中断风险，目前已超越其在应对通胀压力方面可能滞后于形势的风险，因此预期日本4月将会维持利率不变。安联投资维持对日本股票的正面看法，尽管日本对能源进口依赖甚高，但随市场焦点重新回到基本面增长动力，尤其是人工智能(...
格隆汇4月24日｜安联投资多元资产首席投资总监Gregor MA Hirt预期，尽管早前市场一度认为日本央行4月加息机会甚高，但他相信，日本央行将判断经济增长所面对的风险，尤其是潜在的供应链中断风险，目前已超越其在应对通胀压力方面可能滞后于形势的风险，因此预期日本4月将会维持利率不变。安联投资维持对日本股票的正面看法，尽管日本对能源进口依赖甚高，但随市场焦点重新回到基本面增长动力，尤其是人工智能(AI)及半导体相关主题加速发展，日本股市的投资前景仍然具吸引力。惟目前仍缺乏推动日元持续反弹的直接催化剂，日元的上行空间料仍然有限。
The multiple investigations into xAI’s ( X.AI ) creation and dissemination of sexually abusive imagery may lead the company to lose access to certain markets, parent company SpaceX ( SPACE ) warned in a prospectus reviewed by Reuters . In a section on risk factors, the S-1 regulatory filing said a number of agencies around the world were “actively investigating and making inquiries relating to s...
The multiple investigations into xAI’s ( X.AI ) creation and dissemination of sexually abusive imagery may lead the company to lose access to certain markets, parent company SpaceX ( SPACE ) warned in a prospectus reviewed by Reuters . In a section on risk factors, the S-1 regulatory filing said a number of agencies around the world were “actively investigating and making inquiries relating to social media or the use of AI” in relation to advertising, consumer protection and the distribution of harmful content, among other matters. The news comes after SpaceX hosted analysts at its Colossus supercomputer in Memphis, Tennessee, on Thursday, gearing up for its $1.75T IPO expected this summer. U.S. securities law requires companies to disclose such risk factors, alerting investors to potential pitfalls while also helping protect companies against future legal liability. The disclosures do not necessarily mean each listed outcome is expected to occur, the report added. One challenge the Elon Musk-led company highlighted was that it faced “allegations that our AI products were used to create nonconsensual explicit images or content representing children in sexualized contexts," the S-1 document said. Such regulatory inquiries could expose SpaceX to lawsuits, liability and government action – “including loss of access to certain markets, which has occurred in the past,” the document stated. The report said it was not clear whether potential regulatory action could prevent SpaceX as a whole from accessing certain markets or just its subsidiary, xAI, specifically. More on SpaceX, Tesla, etc. Tesla's Terafab Dream Tesla Q1 Earnings Review: Joining The CapEx Race Tesla Q1: Trading On Belief, Not Results Tesla after earnings: What do technicals now signal for shares? SpaceX IPO pitch is said to bet less on rockets, more on $28.5T in AI
Caocao Inc, the ride-hailing arm of Chinese automaker Geely Holding Group, plans to deploy thousands of robotaxis globally next year, its CEO said on Friday, setting up a potential rivalry with Tesla's Cybercab. Large-scale delivery and deployment of the Geely-made purpose-built robotaxi Eva Cab is expected in 2028 before the fleet expands to 100,000 by 2030, Caocao CEO Gong Xin told Reuters du...
Caocao Inc, the ride-hailing arm of Chinese automaker Geely Holding Group, plans to deploy thousands of robotaxis globally next year, its CEO said on Friday, setting up a potential rivalry with Tesla's Cybercab. Large-scale delivery and deployment of the Geely-made purpose-built robotaxi Eva Cab is expected in 2028 before the fleet expands to 100,000 by 2030, Caocao CEO Gong Xin told Reuters during the Beijing auto show. The Eva Cab will initially be put on the roads of Abu Dhabi, Hong Kong and five mainland Chinese cities next year, he said, adding that production, delivery and deployment would be almost simultaneous.
ENI press release ( E ): Q1 GAAP EPS of €0.04. Revenue of €20.06B (+4.5% Y/Y). Production 1.80M BOE/D (est 1.78M). Adj. Oper Profit €2.42B (est. €2.84B). Boosts 2026 Share Buyback To €2.8B. Confirms 2026 Outlook: Specifically our segmental guidance is providing: FY’26 underlying oil & gas production growth expected at 3-4%. FY’26 GGP adjusted proforma EBIT guided at around €1.3 bln, up 30% from th...
ENI press release ( E ): Q1 GAAP EPS of €0.04. Revenue of €20.06B (+4.5% Y/Y). Production 1.80M BOE/D (est 1.78M). Adj. Oper Profit €2.42B (est. €2.84B). Boosts 2026 Share Buyback To €2.8B. Confirms 2026 Outlook: Specifically our segmental guidance is providing: FY’26 underlying oil & gas production growth expected at 3-4%. FY’26 GGP adjusted proforma EBIT guided at around €1.3 bln, up 30% from the initial forecast. Enilive and Plenitude: FY proforma adjusted EBITDA respectively of around €1.1 bln and €1.3 bln. End of year installed renewable capacity at 6.5 GW (Plenitude @100%); biorefinery capacity at 2.1 MTPA plus 2 MTPA under construction (net Enilive). On the financial side, we expect: At a revised Brent scenario of 83 $/bbl, SERM refining margin at 8 $/bbl, TTF gas price at 50 €/MWh, at an exchange rate EUR/USD of 1.15, adjusted CFFO to amount to €13.8 bln representing an underlying improvement vs Group’s sensitivities (€0.11 bln and €0.09 bln per each one-dollar change in the Brent price and SERM margin respectively; €0.03 bln for each one-euro per MWh change in the spot price of European gas). Gross capex and net capex confirmed at €7 bln and €5 bln, respectively. Gearing at the lower end of the 10-15% guided range. Shareholders’ returns: Confirmed the planned 2026 dividend of €1.1 per share (up 5% vs. 2025). More on ENI Eni Returned Over 100% Since My Buy Call: Here Is How Much Upside Is Left Eni S.p.A. (E) Analyst/Investor Day - Slideshow Eni S.p.A. (E) Analyst/Investor Day Transcript Eni, Repsol plan to start exporting Venezuelan gas by 2031 - Bloomberg Eni makes major gas discovery offshore Indonesia
Burger King in Japan is tempting franchisees of rival fast-food brands like McDonald’s and Mos Burger by offering them 40 million yen (US$250,000) cashback to jump ship. The offer, under its franchise switching plan, is on the table until 3pm on September 30, according to a statement by the chain issued on Wednesday. Applicants must have been in business for at least three years, submit financial ...
Burger King in Japan is tempting franchisees of rival fast-food brands like McDonald’s and Mos Burger by offering them 40 million yen (US$250,000) cashback to jump ship. The offer, under its franchise switching plan, is on the table until 3pm on September 30, according to a statement by the chain issued on Wednesday. Applicants must have been in business for at least three years, submit financial statements for the past three financial years and identify a general manager for the converted...