Dilok Klaisataporn/iStock via Getty Images By Chris Turner , Global Head of Markets and Regional Head of Research for UK & CEE "Nearing time to take bold steps" Having pushed up to a high of 160.70 in Asia, USD/JPY has fallen sharply in Europe on comments from Japan's Finance Minister, Satsuki Katayama, that "we are nearing the time to take bold action on FX." This is being read as signalling that...
Dilok Klaisataporn/iStock via Getty Images By Chris Turner , Global Head of Markets and Regional Head of Research for UK & CEE "Nearing time to take bold steps" Having pushed up to a high of 160.70 in Asia, USD/JPY has fallen sharply in Europe on comments from Japan's Finance Minister, Satsuki Katayama, that "we are nearing the time to take bold action on FX." This is being read as signalling that intervention is imminent. Katayama also made a particular reference to watching markets while "you are on holiday" – a blunt warning to Europe not to go home short yen this long May Day weekend. The Bank of Japan has some history of intervening on market holidays. The market is taking notice because when the BoJ does sell FX to protect the yen, it largely does so in size. Its last round of intervention to sell USD/JPY back in 2024 started with around $35bn sold in a single day. Intervention proved effective that summer (and totalled around $100bn), largely because investors were heavily short yen and Japanese authorities correctly guessed that the Federal Reserve would be cutting rates later in the year, which it did in September. For intervention to be effective, it needs to be consistent with monetary policy. This time around, speculators are not as short yen as they were in 2024, and there is declining certainty on the path for Fed rates as global central bankers struggle to deal with this year’s energy shock. Japanese FX intervention and USD/JPY Unilateral or joint intervention will be key Our base case would be that BoJ FX intervention in the current environment can at best put a lid on USD/JPY in the 162/165 area rather than turn the trend. Taking into account high energy prices and Japan running substantially negative real interest rates, plus the dollar being in demand, Tokyo cannot expect a sustained drop in USD/JPY. The wild card, however, would be whether the US Treasury gets involved. Back in late January, we witnessed the very strange development of the Fed ch...
Russia Says UAE's 'OPECxit' Won't Spark Immediate Price War Russian Deputy Prime Minister Alexander Novak, quoted by the Russian news agency Interfax, downplayed fears that the UAE's planned OPEC exit will trigger an immediate oil price war and race to the bottom. "In the current situation, what kind of price war can there be when there is a shortage in the market?" Novak said, adding with the Str...
Russia Says UAE's 'OPECxit' Won't Spark Immediate Price War Russian Deputy Prime Minister Alexander Novak, quoted by the Russian news agency Interfax, downplayed fears that the UAE's planned OPEC exit will trigger an immediate oil price war and race to the bottom. "In the current situation, what kind of price war can there be when there is a shortage in the market?" Novak said, adding with the Strait of Hormuz remaining all but closed, "a huge amount of oil isn't reaching the market today, and demand is significantly higher than supply." Novak said Russia and Saudi Arabia have yet to discuss the UAE's decision to leave OPEC, effective Friday. He reiterated that Moscow has no plans to leave the OPEC+ alliance. Novak's core message is that the global market is supply-starved as the U.S.-Iran war chokes energy flows through the Hormuz waterway. Large volumes of crude remain physically constrained, keeping global demand above available supply and limiting Abu Dhabi's ability to flood the market in the near term. However, once Washington and Tehran strike a peace deal and reopen the Hormuz chokepoint, that's where Abu Dhabi will be able to ramp up production outside OPEC's quota system. That would inject a fresh wave of supply worldwide , weaken the oil cartel's ability to set a proper price floor, and raise downside risk for Brent once Gulf flows normalize. JPMorgan analyst Ian Mitchell told clients earlier this week: The UAE has announced it will leave OPEC. Flat crude prices will remain driven by the situation in the Strait of Hormuz, but this development will likely mean medium-term prices are lower than they would have been otherwise, though there are many moving parts." Mitchell added: "Better too early than too late when it comes to taking profits on EU oil equity longs." We agree with Mitchell's assessment: Once the war is over there will be an oil pumpathon free for all. https://t.co/xcm6jH7cWL — zerohedge (@zerohedge) April 28, 2026 UBS analyst Henri Patricot t...
Defiant Mojtaba Khamenei: Gulf's Future Will Be "Without US Presence," Vows To Protect Nuclear Program At All Costs Summary Not giving up nuclear program : Iran will "guard" its "advanced technologies" like it does its own borders, Mojtaba Khamenei said in a written speech read aloud by state TV . It will “secure the Persian Gulf region and dismantle the hostile enemy’s exploitation of this waterw...
Defiant Mojtaba Khamenei: Gulf's Future Will Be "Without US Presence," Vows To Protect Nuclear Program At All Costs Summary Not giving up nuclear program : Iran will "guard" its "advanced technologies" like it does its own borders, Mojtaba Khamenei said in a written speech read aloud by state TV . It will “secure the Persian Gulf region and dismantle the hostile enemy’s exploitation of this waterway." US military t eases cutting-edge, not yet tested in battle, hypersonic missiles for Mideast region as CENTCOM head set to brief Trump on further military options at White House . Brent crude for June delivery reached as much as $126 a barrel in trading on Thursday, before easing to $114 - as oil prices have surge to their highest levels since 2022 as Trump mulls a military-enforced Iran blockade extension. US x Iran permanent peace deal by June 30, 2026? Yes 34% · No 67% View full market & trade on Polymarket * * * Khamenei: Protect Nuclear Program, Gulf Region Will Have Future Without America Ayatollah Mojtaba Khamenei has never released video or voice messages, and he's still not been seen or even photographed since the war's start, and is believed to be severely injured and recovering. State TV on Thursday read aloud his written speech, which struck a defiant tone, declaring that the only place Americans belonged in the Persian Gulf is "at the bottom of its waters" and that a "new chapter" was being written for the whole region. State media cited security as the reason for having to read aloud his statement. Khamenei says Iran will closely guard and protect its nuclear and missile capabilities , a clear and direct rejection of President Trump's demand to hand over enriched uranium as the basis for a deal. Iranians will cling to the country's nuclear and missile capabilities "as their national capital and will guard them like water, land and air borders," Khamenei said. "By God’s help and power, the bright future of the Persian Gulf region will be a future without Am...
Integer Holdings ( ITGR ) announced on Thursday that its board has started a strategic review to explore options like a potential sale, merger, or business combination, or continuing its current standalone plan to unlock more shareholder value. The company said there is no fixed timeline, and there is no guarantee any deal will happen. Management added that the company has built a solid position i...
Integer Holdings ( ITGR ) announced on Thursday that its board has started a strategic review to explore options like a potential sale, merger, or business combination, or continuing its current standalone plan to unlock more shareholder value. The company said there is no fixed timeline, and there is no guarantee any deal will happen. Management added that the company has built a solid position in the medical device manufacturing space, but it is now open to outside interest and strategic opportunities. Separately, in Q1 FY26 results , ITGR reported revenue of $440M, up 0.6% YoY, beating estimates by $14M with a non-GAAP EPS of $1.20, ahead of the $0.01 consensus estimate, and will hold an earnings call today at 8 a.m. CT / 9 a.m. ET to discuss results further. The stock is trading slightly lower at ~$83 in the premarket hours. Source: Press Release More on Integer Holdings Integer Holdings Corporation (ITGR) Presents at 47th Annual Raymond James Institutional Investor Conference - Slideshow Integer Holdings Corporation 2025 Q4 - Results - Earnings Call Presentation Integer Holdings Corporation (ITGR) Q4 2025 Earnings Call Transcript Integer Holdings Q1 2026 Earnings Preview Integer outlines 2026 organic sales growth of flat to 3% amid headwinds from three new products
Brent oil rallied to a four-year high after Axios reported that US President Donald Trump will receive a briefing on new military options for action in Iran, signaling the potential for fresh escalation in the Middle East. The global benchmark surged as much as 7.1% before paring gains to trade near $122. Warren Patterson, Head of Commodities Strategy at ING Joined Stephen Carroll and Caroline Hep...
Brent oil rallied to a four-year high after Axios reported that US President Donald Trump will receive a briefing on new military options for action in Iran, signaling the potential for fresh escalation in the Middle East. The global benchmark surged as much as 7.1% before paring gains to trade near $122. Warren Patterson, Head of Commodities Strategy at ING Joined Stephen Carroll and Caroline Hepker on Bloomberg Radio To discuss. He says the market is losing confidence in a swift resolution and is increasingly pricing in a prolonged disruption to oil flows through the Strait of Hormuz. (Source: Bloomberg)
BW Offshore已与挪威国家石油公司就加拿大纽芬兰与拉布拉多省近海的Bay du Nord开发项目签署前端工程与设计协议。 该协议是在BW Offshore被选为该浮式生产储卸装置的首选投标方之后达成的，标志着项目在2027年可能的最终投资决定之前进入下一阶段。 前端工程设计阶段预计将持续至2026年底，重点推进FPSO设计、敲定执行计划和交付时间表，以及推进商业和合同层面的协调，包括分包商...
BW Offshore已与挪威国家石油公司就加拿大纽芬兰与拉布拉多省近海的Bay du Nord开发项目签署前端工程与设计协议。 该协议是在BW Offshore被选为该浮式生产储卸装置的首选投标方之后达成的，标志着项目在2027年可能的最终投资决定之前进入下一阶段。 前端工程设计阶段预计将持续至2026年底，重点推进FPSO设计、敲定执行计划和交付时间表，以及推进商业和合同层面的协调，包括分包商和供应商的选择。 该公司表示，还将根据现有协议制定本地化计划。 BW Offshore首席执行官Marco Beenen表示：“签署前端工程设计协议对Bay du Nord项目来说是重要一步。BW Offshore对Bay du Nord开发项目感到非常兴奋并全力投入，将与挪威国家石油公司和当地利益相关者密切合作推进项目。” BW Offshore已在圣约翰斯设立当地办事处，并任命了一位本地福利经理，以支持在前端工程设计阶段与挪威国家石油公司、当局和区域供应链的对接。 Bay du Nord是加拿大首个深水石油项目，由挪威国家石油公司运营，BP为合作伙伴，初期阶段估计可采轻质原油约4亿桶。该发现位于水深约1170米的海域。后续发现位于邻近的EL1156勘探许可证区域内，水深约650米，可作为联合项目开发中的潜在回接项目。 2023年5月，由于市场环境变化及随后的高成本通胀，挪威国家石油公司及其合作伙伴BP决定将Bay du Nord开发项目推迟至多三年。挪威国家石油公司当时表示，将利用推迟的时间优化项目，并继续积极推动Bay du Nord走向成功开发。 责任编辑：张俊 SF065
StockPlanets/E+ via Getty Images Since my first coverage of Stride ( LRN ), the stock has been rising 17%. My initial thesis was that Stride's growth depends on enrolling new customers and the ability to provide a service that retains them. Switching schools is extremely costly and difficult for a child, so if Stride can somewhat satisfy their customers, the likelihood of them staying with Stride ...
StockPlanets/E+ via Getty Images Since my first coverage of Stride ( LRN ), the stock has been rising 17%. My initial thesis was that Stride's growth depends on enrolling new customers and the ability to provide a service that retains them. Switching schools is extremely costly and difficult for a child, so if Stride can somewhat satisfy their customers, the likelihood of them staying with Stride is very high. In the past, this flawless execution has not always taken place, as many customers and teachers expressed being unhappy with Stride's operations. Since demand for an alternative to traditional schools is high, Stride could easily compensate for high fluctuations with even greater demand. However, I do not believe this method will last in the long run, as soon as a new player that truly satisfies customer needs enters the market. Stock performance since last article (seekingalpha.com) On the occasion of the Q3 filings, which were released earlier this week, I want to share whether this thesis is still applicable and what has changed since the earnings reveal. Q3 Results The third quarter results were in line with guidance, as 9M revenue grew to $1.88 billion, up 7.4%. This increase in revenue mostly comes from enrollment growth in the Career Learning segment, which increased by 11.4 thousand students, up 11.6% from last year. Revenue per enrollment increased by $70, or 2.9%, further supporting revenue growth to 15.9% from Career Learning alone. However, this growth was offset by a decrease in General Education and Adult Education enrollments, down 5% and 31%, respectively. Q3 Earnings Presentation The decrease in General Education enrollments is partly due to new students not being accepted this late in the school year, closing the gates slightly earlier than last year. Nevertheless, this indicates that high fluctuation is usually offset through new enrollments, which supports my idea shared in my initial article. CEO James Ryu did not reveal any further detail...
A new partnership between CoastalPay, a payment services provider, and Resolve Pay, a B2B payments platform, is enhancing the e-commerce landscape by offering embedded net terms and installment financing to merchants. This collaboration allows CoastalPay merchants to extend flexible payment options—such as 30, 60, and 90-day net terms—at checkout without incurring credit risk or managing collectio...
A new partnership between CoastalPay, a payment services provider, and Resolve Pay, a B2B payments platform, is enhancing the e-commerce landscape by offering embedded net terms and installment financing to merchants. This collaboration allows CoastalPay merchants to extend flexible payment options—such as 30, 60, and 90-day net terms—at checkout without incurring credit risk or managing collections. By leveraging Resolve's AI-powered credit infrastructure, merchants can receive up to 100% of...
Neste Oyj press release ( NTOIY ): Q1 GAAP EPS of € 0.69. Revenue of € 5.16B. More on Neste Oyj Neste Oyj 2026 Q1 - Results - Earnings Call Presentation Neste Oyj (NTOIY) Q1 2026 Earnings Call Transcript Neste: I'm Out, The Upside Is Too Speculative (Rating Downgrade) Petróleo Brasileiro is the top Quant rated foreign stock amid global market volatility Neste upgraded at Barclays, seeing further u...
Neste Oyj press release ( NTOIY ): Q1 GAAP EPS of € 0.69. Revenue of € 5.16B. More on Neste Oyj Neste Oyj 2026 Q1 - Results - Earnings Call Presentation Neste Oyj (NTOIY) Q1 2026 Earnings Call Transcript Neste: I'm Out, The Upside Is Too Speculative (Rating Downgrade) Petróleo Brasileiro is the top Quant rated foreign stock amid global market volatility Neste upgraded at Barclays, seeing further upside momentum
European Union flags flutter on the day European Central Bank (ECB) President Christine Lagarde speaks to reporters following the Governing Council's monetary policy meeting in Frankfurt, Germany September 12, 2024. Jana Rodenbusch | Reuters The European Central Bank kept interest rates on hold at its April meeting, despite a surge in inflation in the euro zone since the war in Iran began. The ECB...
European Union flags flutter on the day European Central Bank (ECB) President Christine Lagarde speaks to reporters following the Governing Council's monetary policy meeting in Frankfurt, Germany September 12, 2024. Jana Rodenbusch | Reuters The European Central Bank kept interest rates on hold at its April meeting, despite a surge in inflation in the euro zone since the war in Iran began. The ECB's governing council opted to hold its benchmark deposit facility rate at 2% on Thursday. In a statement, the bank said that while its previous assessment of the inflation outlook was largely unchanged, "the upside risks to inflation and the downside risks to growth have intensified." It said its Governing Council remained committed to setting monetary policy to ensure that inflation stabilizes at the 2% target in the medium term. Acknowledging that the war in the Middle East had led to a sharp increase in energy prices, pushing up inflation and weighing on economic sentiment, the ECB noted that "the implications of the war for medium-term inflation and economic activity will depend on the intensity and duration of the energy price shock and the scale of its indirect and second-round effects." "The longer the war continues and the longer energy prices remain high, the stronger is the likely impact on broader inflation and the economy," the bank stressed. It said it would closely monitor the situation and take a data-dependent and meeting-by-meeting approach to determining its monetary policy stance. Policymakers would not pre-commit to a particular rate path, it emphasized. The euro was trading almost 0.2% higher against the dollar after the move, at $1.17. Euro zone bond yields fell slightly, with the interest rate on the 10-year German bund down 3 basis points to 3.0580%, and its French equivalent 4 basis points lower, at 3.7135%. The ECB's decision came after flash data out Thursday showed inflation in the euro zone jumped to 3% in April, driven largely by a rise in ener...
Universal Music Group press release ( UMGNF ): Q1 Revenue of €2.9B. Adjusted EBITDA of €636 million declined 3.8% year-over-year, and increased 3.9% in constant currency driven by revenue growth, while Adjusted EBITDA margin decreased 0.9pp to 21.9%, primarily due to the consolidation of Downtown. More on Universal Music Group Universal Music Group N.V. (UNVGY) Q1 2026 Earnings Call Transcript Uni...
Universal Music Group press release ( UMGNF ): Q1 Revenue of €2.9B. Adjusted EBITDA of €636 million declined 3.8% year-over-year, and increased 3.9% in constant currency driven by revenue growth, while Adjusted EBITDA margin decreased 0.9pp to 21.9%, primarily due to the consolidation of Downtown. More on Universal Music Group Universal Music Group N.V. (UNVGY) Q1 2026 Earnings Call Transcript Universal Music Group N.V. 2026 Q1 - Results - Earnings Call Presentation Universal Music Group: What Bill Ackman's Takeover Means For Investors (Rating Downgrade) Universal Music Group launches first-ever €500M share buyback program Historical earnings data for Universal Music Group
Julien Viry/iStock Editorial via Getty Images I'm still bullish about Yum China Holdings, Inc. ( YUMC ). YUMC's 1Q2026 financial metrics topped expectations. The company is also progressing well towards the goals set at its earlier investment event. The January 2, 2026, initiation piece highlighted my constructive view of its revenues, profitability, and capital distributions. Strongest Q1 Operati...
Julien Viry/iStock Editorial via Getty Images I'm still bullish about Yum China Holdings, Inc. ( YUMC ). YUMC's 1Q2026 financial metrics topped expectations. The company is also progressing well towards the goals set at its earlier investment event. The January 2, 2026, initiation piece highlighted my constructive view of its revenues, profitability, and capital distributions. Strongest Q1 Operating Income To Date The group issued an 8-K filing disclosing its latest financials on Apr. 29 morning. YUMC's top line was 9.7% higher YoY at $3,271M for Jan-Mar '26, or 1.4% above the sell-side's forecast. During the same timeframe, its bottom line of $0.87/share also represented a 1.9% beat and 5.8% rise. The firm registered a recent three-month EBIT amounting to $447M. That's equivalent to a more substantial 2.9% outperformance versus consensus. This also marks a historic first-quarter peak. I believe that YUMC's good showing was driven by network expansion, the pivot towards franchising, and a tighter ship. The company added over 600 point-of-sales in 1Q2026. This is equivalent to a faster-than-anticipated one-third of its full-year goal. The implied year-on-year increase in outlets is an impressive 12.6%. My early-Jan write-up cited "a firmer footing in Tier 3/4 markets" as a critical lever. I was proven right with its KFC brand establishing a fresh presence in 300+ Chinese cities in the past 12-month period. Also, the share of its new shops run by franchisees improved 6ppts YoY to 42% for the first three months of 2026. In absolute terms, there were about 700 non-owned restaurant openings between 1Q25 and 1Q26. It's reasonable for me to assume that YUMC's partner-led model has a higher-margin profile without committing to capital expenditures. Its 1Q2026 EBIT-to-sales widened by 704bps sequentially and 28bps year-on-year to 13.67% too. I'm encouraged that it has found different ways to become leaner. At its analyst briefing , the enterprise emphasized the need to "opti...
aprott/iStock via Getty Images By Lynn Song , Chief Economist, Greater China Taiwan's growth beats all forecasts again 1Q26 GDP growth accelerated to 13.69% YoY, up from 12.65% YoY in 4Q25, bucking expectations for a slight moderation of growth. This rate of growth beat the entire range of forecasts once again. Unsurprisingly, external demand continued to be the main driver of growth, contributing...
aprott/iStock via Getty Images By Lynn Song , Chief Economist, Greater China Taiwan's growth beats all forecasts again 1Q26 GDP growth accelerated to 13.69% YoY, up from 12.65% YoY in 4Q25, bucking expectations for a slight moderation of growth. This rate of growth beat the entire range of forecasts once again. Unsurprisingly, external demand continued to be the main driver of growth, contributing 9.62pp to growth. While this came in a little lower than 4Q25's 11.9pp contribution, it nonetheless remains the clear primary driver of Taiwan's economic growth in the first quarter. The direct contribution from exports was little changed at 24.01pp, but higher imports at 14.39pp cut into the growth contribution somewhat. We believe there is a strong case for this momentum to carry forward into the second quarter, given the continued strength of recent export orders data, which suggests that export demand will remain strong in the months ahead. This year, Taiwan has benefited from rising tech product prices as the AI boom continues. As a producer of the most advanced chips, Taiwan has been able to maintain strong pricing power despite rising input costs. This price effect, combined with robust demand volumes, has helped push Taiwan’s economic performance consistently above market forecasts. On the domestic demand side, we saw a solid 4.07pp contribution from domestic demand, supported by private final consumption rising to 2.23pp, the highest since 1Q24. This comes on the back of recently accelerating retail sales growth. Decent performance in government spending (0.46) and gross capital formation (1.38) also supported domestic demand in the first quarter. Strong start to the year adds upside risk (again) to our forecasts We recently upgraded our Taiwan 2026 full-year forecast to 8.2% YoY on the back of consistently outperforming exports, in what we wrote was a risky forecast upgrade amid the Iran War uncertainty. Higher energy prices haven't had much impact so far on the ...
InterDigital press release ( IDCC ): Q1 Non-GAAP EPS of $2.57 beats by $0.05 . Revenue of $205.4M (-2.4% Y/Y) beats by $8.5M . Annualized recurring revenue increased 13% year-over-year from $502.9 million to $567.2 million Smartphone ARR increased 18% year-over-year to an all-time high of $491.8 million Company reaffirms full year 2026 guidance: (in millions, except per share data) Q2 2026 Full Ye...
InterDigital press release ( IDCC ): Q1 Non-GAAP EPS of $2.57 beats by $0.05 . Revenue of $205.4M (-2.4% Y/Y) beats by $8.5M . Annualized recurring revenue increased 13% year-over-year from $502.9 million to $567.2 million Smartphone ARR increased 18% year-over-year to an all-time high of $491.8 million Company reaffirms full year 2026 guidance: (in millions, except per share data) Q2 2026 Full Year 2026 Revenue $139 - $143 vs. $159.88M consensus $675 - $775 vs. $704.70M consensus Adjusted EBITDA 1 $67 - $73 $381 - $477 Diluted EPS $0.80 - $0.97 $5.77 - $8.51 Non-GAAP EPS 3 $1.41 - $1.60 vs. $2.13 consensus $8.74 - $11.84 vs. $9.85 consensus Click to enlarge More on InterDigital InterDigital: Good Results Already Priced In InterDigital, Inc. 2025 Q4 - Results - Earnings Call Presentation InterDigital, Inc. (IDCC) Q4 2025 Earnings Call Transcript InterDigital Q1 2026 Earnings Preview InterDigital renews license agreement with Sony