Ployker/iStock via Getty Images It has been over half a year since I provided an update for Cameco Corporation ( CCJ )( CCO:CA ). Back in early August 2025, I reiterated my sell rating on the uranium producer as guidance for the second half of the year was soft and the stock was trading at a hefty premium. Below, it is shown that my bearish call hasn't aged too well. Today, we'll determine whether...
Ployker/iStock via Getty Images It has been over half a year since I provided an update for Cameco Corporation ( CCJ )( CCO:CA ). Back in early August 2025, I reiterated my sell rating on the uranium producer as guidance for the second half of the year was soft and the stock was trading at a hefty premium. Below, it is shown that my bearish call hasn't aged too well. Today, we'll determine whether this bull run is driven by the fundamentals or whether it is the result of overoptimism regarding the role nuclear power is going to play in the AI revolution. Seeking Alpha Below, it is shown that while the long-term growth story remains quite strong, there seem to be some execution issues. Production and deliveries of uranium are down both for Q4 and for 2025 as a whole, and their decreasing share of global supply indicates they are losing ground. Despite these notable challenges, the forward P/E is at an astonishing premium to the energy sector, so there seems to be a degree of froth in the stock right now. Therefore, I have decided to reiterate my sell rating on Cameco. Long-Term Drivers Cameco 2025 Q4 Presentation Before we go into their production and delivery metrics for Uranium, I believe it should be stated that there are indeed long-term growth drivers that should provide tailwinds for Cameco over time. Beyond just looking at power for AI data centers, you can see on the right that nuclear is probably the best choice for energy we have today. With climate change being top of mind, low emissions are key, and, very importantly, this technology is relatively easy to scale for large output. The main risk of using nuclear power is the bad reputation it gets. No one wants one of these plants near them, as historically there have been radioactive accidents. However, from what I studied in college, nuclear is actually one of the safest sources of energy there is. Therefore, over time, people are likely to realize that nuclear is one of the best bets for sustainable power...
Bank of Korea Governor Rhee Chang Yong warned against excessive movements in the currency market after it sank to its weakest level since the global financial crisis overnight amid Middle East-triggered financial-market volatility. Rhee delayed his departure for an International Monetary Fund event in Bangkok to hold an emergency meeting with central bank and Finance Ministry officials in Seoul to...
Bank of Korea Governor Rhee Chang Yong warned against excessive movements in the currency market after it sank to its weakest level since the global financial crisis overnight amid Middle East-triggered financial-market volatility. Rhee delayed his departure for an International Monetary Fund event in Bangkok to hold an emergency meeting with central bank and Finance Ministry officials in Seoul to assess recent moves in the Korean won, bond yields and other financial-market indicators. The won breached the 1,500 mark against the dollar overnight for the first time since spring 2009. While it regained ground to trade around 1,481 late Wednesday morning, other market measures continued to show sharp moves with the Kospi circuit breaker triggered after an 8% fall. Read more: Panic Sweeps Korean Stocks in Biggest Two-Day Crash Since 2008 “We’re maintaining heightened vigilance and conducting daily reviews and monitoring,” Finance Minister Koo Yun Cheol said in parliament, referring to the won. “The current situation has been largely driven by external shocks, and if those external factors stabilize quickly, conditions could change accordingly.” Authorities agreed to closely monitor whether the currency and bond yields are moving excessively out of line with South Korea’s economic fundamentals, including the country’s current account balance, according to a statement by the BOK. Volatility in key financial-market pricing variables, including the exchange rate, interest rates and stock prices may remain elevated for some time depending on developments in the Middle East, the central bank said after the meeting. Officials agreed to respond in a timely manner, in coordination with the government if necessary, to prevent market sentiment from becoming overly one-sided. The won has been under intense pressure as the conflict in Iran rattled global markets and fueled concerns about higher energy prices for South Korea, which imports almost all of its oil and gas needs. The BOK...
PagerDuty CEO Jennifer Tejada says the current environment requires flexibility from leadership and workers. She discusses her AI optimism and why 98% of PagerDuty developers are using AI coding tools. Tejada speaks with Caroline Hyde at a Bloomberg New Voices event in San Francisco. (Source: Bloomberg)
PagerDuty CEO Jennifer Tejada says the current environment requires flexibility from leadership and workers. She discusses her AI optimism and why 98% of PagerDuty developers are using AI coding tools. Tejada speaks with Caroline Hyde at a Bloomberg New Voices event in San Francisco. (Source: Bloomberg)
Khanchit Khirisutchalual/iStock via Getty Images Overview As interest rates remain elevated, Business Development Companies have struggled to navigate the higher costs of debt. WhiteHorse Finance ( WHF ) is no exception, as the BDC has maintained a downtrend for more than a year now. When I previously covered WHF, I issued a sell rating due to the poor earnings and thin dividend coverage at the ti...
Khanchit Khirisutchalual/iStock via Getty Images Overview As interest rates remain elevated, Business Development Companies have struggled to navigate the higher costs of debt. WhiteHorse Finance ( WHF ) is no exception, as the BDC has maintained a downtrend for more than a year now. When I previously covered WHF, I issued a sell rating due to the poor earnings and thin dividend coverage at the time. Since then, WHF's share price has continued to decline. WHF has just reported its Q4 earnings, so I wanted to reassess the BDC's performance and outlook through the remainder of 2026. Looking at the performance over the last twelve months, we can see that WHF's share price has declined by 44.2%. WHF has struggled to recover any positive momentum over the last year as interest rates remain elevated. Even when including all distributions that were paid out to shareholders, WHF's total return still sits at a loss of 33.9% over the same time frame. WHF now offers investors a starting dividend yield of 16.4%, which may be enticing for investors seeking a high level of income generation. Data by YCharts WHF now trades at a deep discount to NAV valuation due to the challenges the portfolio continues to face. While this may be an attractive opportunity to accumulate shares, I do not believe that WHF is a buy yet. The NAV has seen a slight improvement over the last quarter, but total investment income has declined year over year. So let's start by taking a look at the underlying portfolio strategy and assess the highlights of its last earnings report. Q4 Earnings According to the latest portfolio breakdown , WHF has investments at a total fair value of $578.6M that are spread across a diverse range of debt investments. Unlike traditional equities, WHF doesn't rely on the earnings growth of its positions in order to succeed. Instead, WHF relies on the interest income that is collected from its portfolio of borrowers. This is typically an easier bet to make because it is easier to...
The Iranian war is forcing Chinese policymakers into abrupt shifts on the yuan. Just days after easing a derivatives rule that signaled tolerance for yuan weakness, the People’s Bank of China abruptly reversed course, setting its daily reference rate stronger this week despite the dollar’s surge. The rare suddenness of the pivot, defying expectations for further decline, is aimed at cushioning ris...
The Iranian war is forcing Chinese policymakers into abrupt shifts on the yuan. Just days after easing a derivatives rule that signaled tolerance for yuan weakness, the People’s Bank of China abruptly reversed course, setting its daily reference rate stronger this week despite the dollar’s surge. The rare suddenness of the pivot, defying expectations for further decline, is aimed at cushioning risks from an advancing dollar and spiking oil prices amid Middle East turmoil. The flip highlights renewed depreciation pressures as global markets reel from higher oil prices and investor retreat from emerging market assets. A strong fixing serves as a confidence signal, countering risks from higher energy import costs, shipping disruptions , and capital outflows. By anchoring the exchange rate and containing inflation, Beijing also preserves room to keep policy loose for a fragile economy. “It’s possible that, with potential oil disruptions from the Middle East war, further yuan strengthening is more acceptable than it was last week” to authorities, said Lynn Song , chief Greater China economist at ING Bank NV. “China is the world’s largest oil importer and a stronger yuan could help offset some of the impact from higher oil prices.” The PBOC set Wednesday’s yuan fixing at 6.9124 per dollar, stronger than last week’s pre‑war close. On Tuesday, a 0.2% advance marked the biggest gain since August. The fixing sets the yuan’s trading band, allowing it to move up to 2% on either side. The offshore yuan has fallen about 0.9% against the dollar in three straight sessions this week, retreating from last week’s rapid climb to a 35‑month high that had prompted PBOC concern over the pace of gains. The equity market may have been a secondary factor in the stronger fixing, with the CSI 300 Index down about 2% this week after two straight weeks of gains. Rather than compounding losses across both foreign exchange and equities, “stabilizing the FX side could help blunt the pain,” Song sai...
Malaysia’s palm oil production is set for the steepest monthly decline in more than a year after floods across its major growing state , trimming inventories and likely underpinning higher prices. Output tumbled 16% in February to 1.33 million tons, according to the median of 12 estimates in a Bloomberg poll of plantation executives, traders and analysts. That would be the biggest drop since Janua...
Malaysia’s palm oil production is set for the steepest monthly decline in more than a year after floods across its major growing state , trimming inventories and likely underpinning higher prices. Output tumbled 16% in February to 1.33 million tons, according to the median of 12 estimates in a Bloomberg poll of plantation executives, traders and analysts. That would be the biggest drop since January 2025, and extend production declines for a fourth straight month. Heavy rain and flooding hammered plantations in Malaysia’s Sabah last month, a region that accounts for about a fifth of the country’s output. Even before the wild weather, the nation’s production was expected to decline in February due to seasonal lows and shorter working days due to holidays. Inventories slid 6% from January to 2.65 million tons, according to the survey, a second monthly drop that puts them at the lowest in four months. However, the decline was capped by weaker Malaysian exports — forecast in the poll to have dived 20% on-month to 1.19 million tons. The Malaysian Palm Oil Board is scheduled to publish its monthly figures on March 10. Malaysia’s stockpiles swelled to a seven-year high in December and a further decrease could help underpin higher palm oil prices , which have been pressured by deteriorating export demand and the strong ringgit. Looking ahead, traders are cautious on the demand outlook for vegetable oil as the Iran war raises concerns about trade flows, according to Anilkumar Bagani , head of research at Mumbai-based Sunvin Group. More from the survey: Stockpiles were estimated between 2.48 million and 2.87 million tons, while production was seen between 1.26 million and 1.42 million tons Export forecasts were between 1.1 million tons and 1.28 million tons Imports were seen at 40,000 tons, compared with 32,316 tons in January Local consumption was between 250,000 tons and 450,000 tons Stockpiles 2.65 2.82 1.51 Production 1.33 1.58 1.19 Exports 1.19 1.48 0.996 Imports 0.04 0....
peshkov/iStock via Getty Images Macro shocks are a constant throughout time. The market impact is often dramatic in the short term. Longer term, outcomes vary depending on the level of optimism that was priced in when the shock hits. Coming into 2026, most asset markets were exhibiting excessive optimism -pricing the best of all possible outcomes. Just one example: the S&P 500 came into the year t...
peshkov/iStock via Getty Images Macro shocks are a constant throughout time. The market impact is often dramatic in the short term. Longer term, outcomes vary depending on the level of optimism that was priced in when the shock hits. Coming into 2026, most asset markets were exhibiting excessive optimism -pricing the best of all possible outcomes. Just one example: the S&P 500 came into the year trading at 28x its trailing 4Q 2025 earnings - among the top 4 most euphoric episodes since 1900 (shown below, courtesy of B of A). Historically, periods of sharp mean reversion have always followed. Sentiment tends to be contagious. Other global markets have been less optimistic than US large-cap stocks, but in comparison to delirious, less crazy can look relatively better and still be irrational. Canada’s TSX index has a very small tech sector, and yet, the ‘risk-on’ Canadian stock market leapt with tech-soaked US markets into 2026. The NASDAQ (below in red since 2024) peaked in October 2025, while the TSX (in black) rose into January. Both are selling off today, and although fossil fuels are up sharply, the energy-heavy TSX is down more than broader US markets. While the US dollar is up sharply against the basket of global trading partners, it’s weaker versus Canada’s loonie. The thinking is that higher oil prices may keep the Bank of Canada from further policy easing. It’s a question of how deeply Canada’s economy and stock prices contract. With Canada’s housing market now in its 4th year of mean reversion, the Bank of Canada’s resolve to hold is still to be tested. Periods of rapid leverage expansion often appear like progress until liquidity tightens. Like recent years, in the mid-2000s, structured credit markets grew rapidly outside traditional banking channels, supported by reckless lending and willfully blind underwriting assumptions. Stress began in narrow segments before spreading more broadly in 2007–2010. The NASDAQ (below in red) peaked in October 2007, while t...
Market Snapshot USD/INR ₹91.48 +0.5% Nifty 50 Index 24,865.70 -1.2% India 10-Year Bond Yield 6.67% -0.00 Spot Gold ($/oz) $5,172.51 +1.6% S&P 500 Futures 6,792.75 -0.5% Market data as of 08:19 AM IST, Mar. 4, 2026, or the previous close for Indian markets. Data is subject to provider delays. Good morning... I’m Alex Gabriel Simon, an equities reporter in Mumbai, here with a quick mood check as mar...
Market Snapshot USD/INR ₹91.48 +0.5% Nifty 50 Index 24,865.70 -1.2% India 10-Year Bond Yield 6.67% -0.00 Spot Gold ($/oz) $5,172.51 +1.6% S&P 500 Futures 6,792.75 -0.5% Market data as of 08:19 AM IST, Mar. 4, 2026, or the previous close for Indian markets. Data is subject to provider delays. Good morning... I’m Alex Gabriel Simon, an equities reporter in Mumbai, here with a quick mood check as markets reopen after a public holiday in a world that looks unsettled. The Middle East conflict has intensified, and local markets now have to catch up to a selloff across global assets. Asian stocks slumped more than 3%, as selling in Korean and Taiwanese shares quickened. In normal circumstances, that might have steered flows toward Indian equities . But with global energy prices surging — Brent is trading near $82 a barrel — local stocks are likely to remain under pressure. The tone is already fragile after the Nifty closed below 25,000 on Monday. Unless the index reclaims that level decisively, the underlying bias remains weak. In today’s newsletter, we flag: Rising crude testing the earnings rebound Monsoon deficit fears rattling sentiment The rupee at risk of a deeper slide But first, demand for downside protection is surging. Markets Buzz: Volatility Reawakens The sharp rise in India’s volatility index — the biggest since April — suggests traders didn’t want to return from Tuesday’s holiday unprotected. With global risk assets continuing to sell off while local markets were shut, traders spent Monday’s session loading up on put options, bracing for a sharp leg down at the open. The jump in VIX reflects positioning as much as panic — a sign that participants would rather pay up for insurance than be caught off guard. Three Things to Start Your Day Earnings story takes a backseat as oil surges Investors and strategists had flagged a pickup in earnings this reporting season. But that optimism may be tested if crude stays elevated for longer, squeezing margins across sector...
Please turn on JavaScript to use this feature Please turn on JavaScript to use this feature 8m ago 02.49 GMT Six killed in Israeli strikes south of Beirut Israeli strikes on two towns south of Beirut have killed six people and wounded eight, Lebanon’s health ministry has announced. In a statement, the ministry said that “the Israeli enemy’s attacks on the areas of Aramoun and Saadiyat” killed six ...
Please turn on JavaScript to use this feature Please turn on JavaScript to use this feature 8m ago 02.49 GMT Six killed in Israeli strikes south of Beirut Israeli strikes on two towns south of Beirut have killed six people and wounded eight, Lebanon’s health ministry has announced. In a statement, the ministry said that “the Israeli enemy’s attacks on the areas of Aramoun and Saadiyat” killed six people and wounded eight others “in a preliminary toll”. Aramoun and Saadiyat are both towns outside Hezbollah’s traditional strongholds, according to the AFP news agency. View image in fullscreen Israeli airstrikes hit Beirut's southern suburbs on Tuesday. Photograph: Wael Hamzeh/EPA The regional war sparked by the US and Israel’s attack on Iran spread into Lebanon on Monday after Hezbollah – who have long been aligned with Tehran – launched drones and rockets at Israel. Israeli strikes have killed more than 50 people in Lebanon, according to the government, while the United Nations said that more than 30,000 people have been displaced.