Panuwat Dangsungnoen The Federal Reserve may need to raise interest rates due to the Iran war-driven surge in energy prices, Pimco's CIO Dan Ivascyn told the Financial Times , warning that cuts would be counterproductive. "We'll want to see measured responses [from central banks] or even, if necessary, potentially a tightening of policy," he told FT on the sidelines of the Milken Institute confere...
Panuwat Dangsungnoen The Federal Reserve may need to raise interest rates due to the Iran war-driven surge in energy prices, Pimco's CIO Dan Ivascyn told the Financial Times , warning that cuts would be counterproductive. "We'll want to see measured responses [from central banks] or even, if necessary, potentially a tightening of policy," he told FT on the sidelines of the Milken Institute conference in California. Ivascyn said the U.S. is "further away from that, but you are going to see more tightening as it looks today in Europe, the UK and maybe even Japan, and I wouldn't take it completely off the table for the U.S. either." Rate cuts in the U.S. "would be counterproductive… given the inflation dynamic and the uncertainty around inflation expectations," Ivascyn said, adding that monetary easing "very well could lead to higher intermediate long-term rates." Franklin Templeton CEO Jenny Johnson also warned that it'd be difficult for the Fed to cut rates and "inflation is going to be harder to keep control of." The more hawkish remarks come as the core PCE index, the Fed's preferred inflation gauge , in March reached the highest level since 2023. While the Fed left rates unchanged last month for the third time, the decision had the most number of dissents among its policymakers since 1992. Meanwhile, Pimco's Ivascyn said Kevin Warsh, President Trump's Fed chair nominee, "will certainly try to narrow the Fed's scope, likely reduce the amount of communication associated with the Fed process in general." But "Warsh will be sufficiently independent in the areas that the market cares about… the setting of rate policy, the management of the balance sheet," Ivascyn added. Franklin's Johnson said Warsh "is going to care about his long-term legacy, which goes beyond the Trump administration" and the Fed "is still independent." More on the Fed What Might The Fed Do After April's Red Hot Inflation Report The Warsh Fed Vs. Interest Rates, Inflation And Federal Debt Goldman fo...
Getty Images Perhaps this is anecdotal, the product of results-oriented thinking, or simply the result of bad stock picking, but I've had a rough go of it lately with "special situation" type of investments. The latest such example is Forward Air ( FWRD ) , a stock that I first covered last August . At the time, the stock appeared to have a fantastic short-term setup. The logistics company seemed ...
Getty Images Perhaps this is anecdotal, the product of results-oriented thinking, or simply the result of bad stock picking, but I've had a rough go of it lately with "special situation" type of investments. The latest such example is Forward Air ( FWRD ) , a stock that I first covered last August . At the time, the stock appeared to have a fantastic short-term setup. The logistics company seemed weeks away from announcing that it was getting acquired, at a moderate premium that on an annualized basis would produce strong returns. Alas, such an announcement never transpired. Weeks became months, but as management vaguely indicated the sale process was still unfolding, why sell? That was my unfortunate take at the time. Data by YCharts Flash forward to now. Not only is a full-on sale of Forward Air no longer on the table. In a span of weeks, the company has lost a major customer, and the tech giant's latest diversification move has resulted in a total "disruption" of Forward Air's underlying business. In light of the stock's latest drop, I'm accepting my losses, and planning my exit. Recap of the Busted Bull Case In case you haven't read my original piece on Forward Air, here's a brief overview of the company and the nutshell of my bull case for the stock. Based in Greenville, Tennessee, Forward Air is an asset-light logistics company as well as a provider of less-than-truckload freight services. In 2024, Forward Air diversified to contract logistics via its purchase of Omni Logistics for $2.1 billion. Pretty soon, it was clear that Forward Air overpaid. To make matters worse, the transaction added significant debt to the company's balance sheet. Due to this ill-timed acquisition, Forward Air shares tanked, falling over 90%. Not too long after that, a bevy of activist investors, most notably Ancora and ClearBridge Investments, stepped in to push for Forward Air's sale. In hindsight, that was the time to smartly make this a special situation investment. The shareholde...
(RTTNews) - Samsung Securities Co.,Ltd. (016360.KS), a South Korean financial investment and securities firm, on Monday reported higher net income in the first quarter of the full year 2026 compared with the previous year.
(RTTNews) - Samsung Securities Co.,Ltd. (016360.KS), a South Korean financial investment and securities firm, on Monday reported higher net income in the first quarter of the full year 2026 compared with the previous year.
Rolls-Royce is planning to sell euro-denominated debt for the first time since 2020 as it seeks to buffer its business against the impact of the Middle East war. The aerospace and defense supplier has hired banks for a dual-tranche sale of bonds maturing in five and 10 years, according to a person with knowledge of the deal, who asked not to be identified as the information is private. The company...
Rolls-Royce is planning to sell euro-denominated debt for the first time since 2020 as it seeks to buffer its business against the impact of the Middle East war. The aerospace and defense supplier has hired banks for a dual-tranche sale of bonds maturing in five and 10 years, according to a person with knowledge of the deal, who asked not to be identified as the information is private. The company will hold investor calls on Monday, with proceeds from the sale to be used for “general corporate purposes.” Rolls-Royce said in a trading update last month it expected “to fully mitigate the current financial impact of the disruption to our business” caused by the conflict, and will take necessary steps to buffer against the disruption. Its full-year 2026 guidance for £4 billion ($5.4 billion) to £4.2 billion of underlying operating profit and £3.6 billion to £3.8 billion of free cash flow remained unchanged. The company’s defense business has made a strong start to the year, with more than a 20% year-on-year increase in original equipment deliveries, while its AE 3007 engine powered the first flight of the US Navy’s MQ-25 autonomous refueling aircraft in April. Rolls-Royce hasn’t issued debt in Europe’s public market since October 2020, when Rolls-Royce Plc priced a triple-tranche deal spanning euro, sterling and dollar currencies. The euro notes from that offering matured in February, data compiled by Bloomberg show. In 2024, a unit of the company raised about $700 million through a private bond offering. BNP Paribas SA, Credit Agricole CIB, Goldman Sachs International, Lloyds Banking Group Plc, Banco Santander SA and Societe Generale SA are arranging the planned debt sale for Rolls-Royce Holdings Plc, the person said. Issuer Profile Debt distribution: RR/ LN Equity DDIS Capital structure: RR/ LN Equity CAST Related securities: RR/ LN Equity RELS Ratings history: RR/ LN Equity CRPR This story was produced with the assistance of Bloomberg Automation
KanawatTH Stock futures inched lower Monday while oil prices rose after Israeli PM Benjamin Netanyahu warned the Iran conflict "isn't over," reigniting fears of intensified Middle East tensions disrupting global energy supplies. Here are some of Monday's biggest stock movers: Biggest stock gainers Moderna ( MRNA ) +8% - Shares extended gains following Friday’s 12% rally after the company disclosed...
KanawatTH Stock futures inched lower Monday while oil prices rose after Israeli PM Benjamin Netanyahu warned the Iran conflict "isn't over," reigniting fears of intensified Middle East tensions disrupting global energy supplies. Here are some of Monday's biggest stock movers: Biggest stock gainers Moderna ( MRNA ) +8% - Shares extended gains following Friday’s 12% rally after the company disclosed that it is conducting early-stage research on vaccines targeting hantaviruses. Interest in the virus has increased following an outbreak aboard the MV Hondius cruise ship that reportedly killed three people and infected several others. Moderna said its hantavirus research, being conducted with the U.S. Army Medical Research Institute of Infectious Diseases and Korea University College of Medicine, began before the recent outbreak and is part of its broader effort to develop countermeasures for emerging infectious diseases. Lumentum Holdings ( LITE ) +4% - Shares rose after Nasdaq Global Indexes announced the company will join the Nasdaq-100 Index, replacing CoStar Group, Inc. later this month. The change will take effect before the market opens on May 18, 2026. The Nasdaq-100, tracked by over 200 investment products with more than $600B in assets under management, views the addition as significant. Biggest stock losers The Wendy's Company ( WEN ) -3% - Shares fell after JPMorgan Chase & Co. downgraded the stock to Underweight from Neutral, citing continued sales declines that could delay a recovery in the second half of the year. Analyst Rahul Krotthapalli said the lack of permanent leadership reflects an ongoing pursuit of strategic alternatives and pointed out the need for greater urgency around capital and resource allocation priorities. JPMorgan also set a $6 price target, implying about 18% downside from the prior close. More on related stocks: The Wendy's Company 2026 Q1 - Results - Earnings Call Presentation The Wendy's Company (WEN) Q1 2026 Earnings Call Transcript...
Getty Images By Warren Patterson, Head of Commodities Strategy and Ewa Manthey, Commodities Strategist Energy prices jumped this morning after the US rejected Iran’s latest peace plan proposal Energy - China’s energy imports fall in April The oil market remains heavily headline-driven, with prices surging after President Trump rejected Iran’s latest peace plan proposal. One would expect the market...
Getty Images By Warren Patterson, Head of Commodities Strategy and Ewa Manthey, Commodities Strategist Energy prices jumped this morning after the US rejected Iran’s latest peace plan proposal Energy - China’s energy imports fall in April The oil market remains heavily headline-driven, with prices surging after President Trump rejected Iran’s latest peace plan proposal. One would expect the market to become increasingly fatigued by the deluge of headlines and the back-and-forth. However, oil prices remain highly sensitive to noise around Iran, highlighting the significance of the ongoing supply disruptions in the Persian Gulf. While optimism for an imminent deal is fading, there remains a glimmer of hope that talks between Trump and Chinese President Xi later this week could yield positive results on Iran. The hope is that China can use its influence over Iran to push it closer towards a peace deal. Clearly, this is easier said than done. The latest trade data from China for April highlight the impact of the Iran war on the country’s energy imports. China’s crude oil imports in April fell 20% year-on-year to 9.4m b/d. This is the lowest level since July 2022, when the country was under a significant Covid-related lockdown. Meanwhile, natural gas imports in the month also fell 13% YoY. These imports include both pipeline gas and LNG. Clearly, it’s the latter that has come under pressure. The latest positioning data shows that speculators decreased their net long in ICE Brent by 9,000 lots over the last reporting week to 374,205 lots as of last Tuesday. This move was dominated by fresh shorts entering the market. Given the market's move lower since last Tuesday, this net long has likely been further reduced. In the LNG market, Qatar has shipped its first cargo of LNG through the Strait of Hormuz since the war, with the vessel currently bound for Pakistan. Pakistan has been playing a central role in negotiating a peace deal between the US and Iran. Meanwhile, there are...