The chancellor's criticism follows a report that the conflict will hit the UK harder than other big economies.

总部位于英国的海事分析公司温沃德15日发布报告说，美国对所有进出伊朗港口的船舶实施封锁后，一艘悬挂伊朗国旗的登陆艇14日从伊朗阿巴斯港出发，穿过霍尔木兹海峡进入阿曼湾，明确突破美国封锁。 报告还说，14日至15日间，一艘空载、虚假悬挂船旗、受美国制裁的超大型油轮被观测到通过伊朗领海驶入霍尔木兹海峡。该船可能通过沿着海岸线航行以降低暴露风险。温沃德同样认为这是一次突破封锁的航行。 报告指出，尽管美军对伊朗港口的封锁已开始实时影响船舶行为，但尚未完全阻止船舶通过霍尔木兹海峡及其周边海域的航行。据温沃德统计，14日霍尔木兹海峡过境交通仍然活跃，但交通流量的平衡已急剧向出境方向转变，共有19艘船舶通过这一海峡。其中，驶入5艘，驶出14艘；7艘悬挂伊朗船旗。驶入船舶包括两艘油轮、三艘货船，驶出船舶包括两艘油轮、一艘散货船、11艘其他货船。 美军中央司令部14日在社交媒体上说，超过1万名美国海军、海军陆战队和空军人员，十余艘军舰和数十架飞机正在执行封锁进出伊朗港口船舶的任务。（新华社）

Keir Starmer can’t be blamed for the crisis in the Middle East, but he has to reassure people that he is prepared for its long-term consequences Public reassurance is one of the first duties of the government in difficult times. The early months of the Covid pandemic offer a case study in how to get this wrong. Boris Johnson was paralysed by indecision and denial of the severity of what was unfolding. Panic-buying cleared supermarket shelves of essential goods. Sir Keir Starmer is unlike Mr Johnson in temperament and work ethic, but he too is struggling to get ahead of events in a global crisis. It isn’t easy when the origin of turbulence is a superpower gone rogue. Donald Trump’s impulsive actions can’t be anticipated with epidemiological precision like a virus. Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here . Continue reading...

JBSS 10-Q及美國證券交易委員會申報文件 Yahoo 財經

Science rarely produces identical outcomes. Mistaking this for failure turns caution into an excuse for inaction A new set of studies out this month suggests that as many as half of all results published in reputable journals in the social sciences can’t be replicated by independent analysis. This is part of a long-running problem across many research fields – most visibly in the social sciences and psychology , though concerns have also been raised in areas of biomedical research . The latest work is a seven-year project called Systematizing Confidence in Open Research and Evidence (Score), which has now published three studies looking at 3,900 social science papers. It found that newer papers, and those published in journals requiring extensive sharing of underlying data, were more likely to be reproduced. Separately, medical research faces its own constraints: differing patient caseloads and limited sample sizes mean that, in practice, it can resemble the social sciences more than laboratory physics. Clearly, policymakers should be cautious of any claims that don’t have a wide and robust base of evidence. Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here . Continue reading...

Earnings Call Insights: Bank of America (BAC) Q1 2026 Management View "Bank of America delivered strong first quarter 2026 results. Revenue grew 7% year-over-year to $30.3 billion. Earnings per share were up 25% year-over-year to $1.11 per share." (Chairman & CEO Brian Moynihan) "Net interest income performed better than expected. On an FTE basis, net interest income was $15.9 billion, up 9% year-over-year." (Chairman & CEO Moynihan) "We reported noninterest expense of $18.5 billion in the first quarter, which was in line with the roughly 4% year-over-year increase we discussed on our last quarterly earnings call." (Chairman & CEO Moynihan) "Headcount, we are down about 1,070 people from year-end 2025 through attrition, and we'll continue to drive that." (Chairman & CEO Moynihan) "This quarter, we paid $2 billion in common dividends and we bought back $7.2 billion of common shares." (Executive VP & CFO Alastair Borthwick) "Deposits increased to more than $2 trillion" and "the CET1 capital ratio declined 14 basis points to 11.2%." (Executive VP & CFO Borthwick) Outlook "Given our outperformance against expectations of NII in Q1 and based on the most recent interest rate curve, which has now shifted from 2 rate cuts expected to having none currently, we're raising our full year NII growth guidance range for 2026 versus 2025 to be up 6% to 8%." (Executive VP & CFO Borthwick) "Looking ahead, we continue to expect more than 200 basis points of positive operating leverage for the year, consistent with our prior guidance." (Executive VP & CFO Borthwick) "We expect an effective tax rate of just a little more than 20%." (Executive VP & CFO Borthwick) Financial Results "Revenue grew 7% year-over-year to $30.3 billion" and "Earnings per share were up 25% year-over-year to $1.11 per share." (Chairman & CEO Brian Moynihan) "In the first quarter, net interest income on a fully taxable equivalent basis was $15.9 billion." (Executive VP & CFO Alastair Borthwick) "Net charge-offs we...

Shares of the electric-vehicle maker were up 7.4% in midday trading at $391.20, while the was up 0.4%. The gain comes as TD Cowen analyst Itay Michaeli lowered his price target to $490 from $519. CEO Elon Musk appears to be one of the reasons for the stock’s jump.

Earnings Call Insights: ASML Holding N.V. (ASML) Q1 2026 Management view "In the first quarter of 2026, total net sales were EUR 8.8 billion" (Executive VP, CFO & Member of the Management Board R.J.M. Dassen), and "gross margin for the quarter was at the high end of our guidance at 53%" while "net income in Q1 was EUR 2.8 billion... resulting in earnings per share of EUR 7.15." "Our Q1 free cash flow was negative EUR 2.6 billion, largely driven by the timing of down payments" (Executive VP, CFO & Member of the Management Board Dassen), while the quarter ended with "cash, cash equivalents and short-term investments... EUR 8.4 billion." "The growth outlook for the semiconductor industry continues to solidify, driven primarily by AI-related infrastructure investment" (President, CEO and Chair of the Board of Management Christophe Fouquet), adding that "for the foreseeable future, demand will continue to outpace supply" and that customers are "aggressively add[ing] capacity." "We are executing on an output plan of at least 60 low-NA EUV system" (President, CEO and Chair of the Board of Management Fouquet) and said ASML is "raising low-NA EUV capacity to at least 80 systems next year" alongside scaling deep UV and applications. Outlook "We expect Q2 total net sales to be between EUR 8.4 billion and EUR 9 billion" (Executive VP, CFO & Member of the Management Board Dassen), with "installed base management sales... around EUR 2.5 billion" and "gross margin for Q2... between 51% and 52% (sic) [53%]." "We are... updating our 2026 guidance, both narrowing and increasing the expected revenue range to between EUR 36 billion and EUR 40 billion" (President, CEO and Chair of the Board of Management Fouquet), while "maintaining our expectation of a gross margin between 51% and 53%, with revenue weighted to the second half of the year." Compared with the prior quarter’s full-year view of "between EUR 34 billion and EUR 39 billion" revenue and "gross margin between 51% and 53%" (Exec...

The U.S. Food and Drug Administration (FDA) on Wednesday convened a group of independent advisors to recommend whether to allow compounding pharmacies to manufacture certain peptides. The peptides facing review by the FDA’s pharmacy compounding advisory committee were among as many as 14 such products that the agency removed in 2023 from a list of drugs that compounding pharmacies are allowed to manufacture. Seven peptides will be the focus of the meetings scheduled for July 23 and 24, while another five will be reviewed at a future meeting to be held before the end of February 2027. Peptides are chains of amino acids that help perform vital biological functions such as collagen formation and inflammation. They are gaining popularity partly due to online influencers who promote them, citing their medical benefits despite limited data on their effectiveness and safety. In a podcast with Joe Rogan, Health Secretary ​Robert F. ​Kennedy Jr. stated in February that he is pushing for the FDA to reverse the restrictions on peptides. RFK Jr. added that he is a " big fan of peptides " and has personally used them to heal injuries with " really good effect ." Potentially relevant tickers: Eli Lilly ( LLY ), Novo Nordisk ( NVO ), Hims & Hers Health ( HIMS ), Harrow ( HROW ), Peptidream ( PPTDF ), PolyPeptide Group ( PLYGF ) More on Hims & Hers Health, Eli Lilly, etc. Novo Nordisk's Weight Loss Doesn't Mean To Load Up Hims & Hers: Bargain EBITDA Multiples As GLP-1 Drama Passes Novo Nordisk: Intense Competition Within The GLP-1 Duopoly Lilly required by FDA to run post-marketing studies on obesity pill Eli Lilly to boost oncology pipeline with CrossBridge Bio buyout

The United Nations is ready to set up a corridor to allow fertilizer to move freely through the Strait of Hormuz and reach farmers for the planting season — but doing so hinges on a political agreement to go forward, according to a top UN official. “The UN is ready — we have the teams identified, we have the system prepared, we have the technical design of the mechanism. We just need a political and diplomatic solution that allows us to start,” Jorge Moreira da Silva , who is overseeing the initiative, said in an interview. Talks with UN member states are underway in a bid to reach an international agreement, da Silva said. He didn’t share who was involved but said he’s having “extensive conversations with countries in the region, not only those that are more direct affected and involved in the conflict, but also globally.” The Hormuz strait has remained effectively shut since the war began. Iran was initially responsible for the halt and the US followed with its own blockade of ships leaving or entering Iranian ports on Monday. Negotiators from the two countries held ceasefire talks in Pakistan last weekend but were unable to reach a deal on ending the conflict. The intensifying standoff has revived the push to open a safe shipping route for fertilizer and other goods to prevent a humanitarian crisis. With the Strait of Hormuz effectively shut, shipments of fertilizer have ground to a halt — leaving farmers without the inputs needed to secure plentiful harvests and countries already exposed to hunger even more vulnerable. The Middle East is a vital supplier of nutrients to grow staples like corn, wheat and rice, and a key source of ingredients for their production elsewhere. The International Rescue Committee , which has urged the creation of a “sustained humanitarian corridor’ to allow life-saving aid to transit the strait, said the constraint on liquefied natural gas and cooking gas as well as fertilizer is unfolding into a “food security timebomb,” in a statemen...

New Bird I feel like, if you ran a big technology company, and you were looking to expand your artificial intelligence capabilities and needed to rent access to graphics processing units, and a GPU-as-a-service/AI-cloud company came to pitch you, and you said “so tell me a little bit about your company,” and the company said “well two weeks ago we were a sneaker company but we have since pivoted to AI,” you might say “huh, thanks but no thanks, we’re going to go with someone with a bit more AI experience and, you know, an actual data center.” Maybe that’s wrong; maybe the sneaker guys are great at AI. But you might worry. But! If you said “so tell me a little bit about your company,” and the company said “well two weeks ago we were a sneaker company called Allbirds, but we have pivoted to AI,” your reaction might be different. Because, in this hypothetical, you run a big technology company, and you probably spent years wearing Allbirds . “I used to love Allbirds,” you might say; “high five!” And then you might sign a long-term cloud hosting agreement with Former Allbirds, because like many tech executives you have a nostalgic fondness for their brand. I don’t think this is that likely, but worth a shot : Allbirds Inc., the once-buzzy maker of wool sneakers valued at more than $4 billion in its heyday, announced a new business plan just days before it planned to close down for good: AI computing infrastructure. And in a market that’s reacted in knee-jerk fashion to just about anything related to artificial intelligence, it did just that — sending Allbirds stock up as much as 461% after the opening bell. The response underscores the intensity of the speculative mania around AI, which has fueled stampedes into would-be winners and panicked rushes away from any industry that seems poised to be hit by the competitive threat. Of course there are two levels of analysis here. One is, sure, Allbirds is pivoting its business to AI compute infrastructure. That seems like a com...

peepo/E+ via Getty Images Warsh Confirmation Pending Fed Chair Nominee Kevin Warsh is supposed to assume his new position when current Fed Chair Jay Powell’s term expires on May 15 th , one month from today. There’s a small matter that needs to take place first, though, and that is Warsh is required to be confirmed by the full Senate. There are two parts to the confirmation. First, Warsh must be confirmed for a seat on the Board of Governors, which comes with a 14-year term, and separately, he must be confirmed as Chair, which is for a 4-year period. Procedurally, Warsh must file the necessary Office of Government Ethics paperwork with the Senate Banking Committee, clearing the way for a confirmation hearing before the Committee. These documents include a financial disclosure form and an ethics agreement. That step was completed on Monday. With that box checked, the hearing date was set for next Tuesday, April 21 st . The hearing is public, where Senators will question the nominee on critical issues such as his qualifications and his views on interest rates, inflation, the role of the Fed, and Fed independence. Warsh’s Views On The Fed We have a precursor to Warsh’s thinking from an Opinion Article he published in the Wall Street Journal in November, while he was in the middle of the interview process for the Fed Chair position. In “The Federal Reserve’s Broken Leadership” Warsh highlighted four key points: AI will be a significant disinflationary force in the coming years. The Fed’s bloated balance sheet can be reduced significantly. The Fed’s regulatory failures led to the banking crisis of 2023. The Fed has wasted 10 years trying to work on global bank regulations, known as the Basel Accords, while they should be focusing on what works for the U.S. banking industry and letting the world follow us. It is clear Warsh wants to take the Fed in a new direction. The Fed’s Bloated Balance Sheet Of the issues Warsh highlighted, the Fed’s bloated balance sheet has gotten ...

Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB) has expanded its partnership with Broadcom Inc (NASDAQ:AVGO, XETRA:1YD) in a multi-year agreement that will run through 2029 and include an initial commitment to deploy more than 1 gigawatt of custom silicon capacity, as the social media giant...

Meta, Broadcom strike multi-year AI chip deal Yahoo! Finance Canada

美国财长贝森特：乐观预计凯文·沃什将（在参议院确认的情况下）“及时”出任美联储主席。

KMT 10-Q及美國證券交易委員會申報文件 Yahoo 財經

deepblue4you/iStock via Getty Images Earlier in the year, I had issued a Buy call on QuantumScape ( QS ) based on its progress toward building a scalable manufacturing blueprint, materially reducing its core commercialization risk. I also found it priced like an early-stage pilot. Clearly, the milestone-based de-risking framework I had adopted back then has not played out the way I expected so far, with QuantumScape down by ~35% since my Buy call. While that kind of a pullback is not uncommon for an early stage bet, it still requires a review to see whether the call can be improved or changed, especially in light of the Q4 2025 earnings update that followed. The Q4 commentary broadly indicates that QuantumScape has moved ahead operationally. It has now integrated its Cobra process (higher production efficiency), installed the Eagle manufacturing line (scaling blueprint ready) and expanded OEM partnerships (customer interest increasing). Early customer billing momentum also looks good. The significant correction in share prices despite operational progress points to something else at work - something that was ignored by my de-risking framework in January. And that seems to be the market conditions. The current markets are less willing to pay for long duration growth assumptions, and this is being seen not only in early stage bets but even in the case of more established AI and tech companies. Which means my risk-based framework, while a decent gauge of progress, does not account for market conditions. We need a more complete framework. One of the simplest ways to address extrinsic factors beyond company-specific fundamentals and progress is a pair trade. Solid Power ( SLDP ) becomes a natural pair as both companies operate in the EV batteries market and are at a broadly similar stage. To support my market condition-led correction assumption, both have declined almost similarly since the time of my QuantumScape Buy call too. Data by YCharts Historically too, Solid Pow...

Ever since the Iran war started on Feb. 28, the news has been full of alarming headlines, dire predictions, and tragic stories of human suffering. The price of oil had spiked to over $110 a barrel, the Federal Reserve has paused interest rate cuts due to worries about higher inflation, and the world is facing uncertainty about when (or if) the Strait of Hormuz will be open to economically vital shipments of oil and gas anytime soon. But despite this geopolitical crisis, the stock market has been surprisingly resilient. The S&P 500 index is up about 1.8% year to date and has gained about 10% since March 30. The rest of the world is doing even better -- the Vanguard Total International Stock Index Fund ETF (NASDAQ: VXUS) is up 9.8% year to date. ^SPX data by YCharts . Continue reading

美国财长贝森特：我们很快就会看到汽油价格达到每加仑3美元。

It was an audacious bet by JPMorgan Chase & Co . and Mitsubishi UFJ Financial Group : Taking on a record-shattering $38 billion loan package backing new Oracle Corp. data center projects in Texas and Wisconsin. That was back in August. Months later — and after more than two dozen banks and other investors joined to share the risk — they’re nearly done, according to people familiar with the matter. Some of the lenders are still looking to offload less than $1 billion, said one of the people, who asked not to be identified because the information is private. For the banks involved, it’s a relief that they managed to push through the largest debt deal of its kind on record to finance new US data centers in the midst of geopolitical turmoil and a surge in the perceived credit risk of Oracle. Others, though, see the lengths the lenders had to go — tapping investors far and wide — as a cautionary sign that after some $275 billion of hyperscaler and data-center project borrowing since last year, the appetite to continue financing parts of the artificial intelligence buildout is waning. Lenders have been hard at work to wrap up billions more in funding for data centers tied to Oracle as part of its massive Stargate AI infrastructure contract with OpenAI, that originally envisaged investments of up to $500 billion over four years. That’s an ask that has grown more challenging as the tech giant — which has been running on negative free cash flow — saw the cost of insuring its debt against default soaring in recent months, creating concentrated risk across financial institutions. “There will be a flight to quality, but I don’t think this is about AI demand slowing - it’s about reality catching up to ambition,” said Sean McDevitt, a partner at consulting management firm Arthur D. Little, who focuses on data centers. “Demand is still there, execution is now the challenge.” Read More: AI’s $3 Trillion Build-Out Spurs Debt Boom and Creates New Risk Oracle has pushed the limits of ...

标普500指数日内上涨0.5%报7003.8点，创下盘中历史新高。

标普500指数目前涨0.5%，报7003.82点，突破1月28日所创盘中历史最高位7002.28点。 道指仍然跌146点、跌幅0.3%，纳指涨246点、涨幅1%，纳斯达克100指数涨0.7%，半导体指数跌1.2%，银行指数涨0.8%，罗素2000指数跌0.2%。

primeimages/E+ via Getty Images Q1 2026 Stock Market Update Market Returns (%) Q1 2026 2025 U.S. Large Caps -4.33 17.88 U.S. Mid Caps 1.29 10.60 U.S. Small Caps 0.89 12.81 International Developed Markets -1.24 31.22 Emerging Markets -0.17 33.57 Intermediate Term Bonds -0.02 6.97 Click to enlarge Source: Morningstar Direct. Please see last page for index definitions. Topsy-Turvy It's hard to write a letter these days. Any attempt to prepare thoughts in advance risks quickly being obsolesced (we hope this letter is still relevant when you read it!). Topsy-turvy is the best way to describe the first quarter of 2026. The year started on a decent note with gains in January. However, renewed tariff concerns, waning enthusiasm for AI-related stocks and war in Iran ultimately became headwinds. The S&P 500 ® Index finished the quarter down 4.33% while the Russell 2000 ® Index finished up 0.89% (having been up 9.54% at one point). We initially witnessed a rotation within the market. Technology stocks and names linked to artificial intelligence (AI), which were so popular for much of last year, began to see declines. In fact, technology was one of the worst performing sectors this quarter (down 9%). Two potential risks that we discussed at year end started to manifest themselves. Number one was the potential for AI to fuel disruption among the large technology incumbents. This was on full display in Q1, with the various AI participants forming a circular firing squad of sorts. Many prior “winners” became “losers” for fear of disruption and/or loss of leadership status. This disruption narrative was most acute in the software space. The second risk we previously highlighted was the potential for investors to question the massive capital expenditures going into computing power for AI. Indeed, investors started to wince as tech behemoths dramatically increased spending plans while having uncertain paybacks. Meanwhile, investors started to look for value elsewhere. Cyclical, value...

Accel announced on Tuesday that it raised $5 billion in fresh capital to back late-stage companies building AI.