Laurence Berger/iStock Editorial via Getty Images By James Smith , Developed Markets Economist, UK Political drama is once again driving up UK borrowing costs Financial markets have responded to renewed UK political turmoil by ramping up bets on Bank of England tightening. We warned that what ultimately became disastrous local elections for the ruling Labour Party left markets exposed to a sell-of...
Laurence Berger/iStock Editorial via Getty Images By James Smith , Developed Markets Economist, UK Political drama is once again driving up UK borrowing costs Financial markets have responded to renewed UK political turmoil by ramping up bets on Bank of England tightening. We warned that what ultimately became disastrous local elections for the ruling Labour Party left markets exposed to a sell-off amid renewed leadership speculation. Almost three rate hikes are priced before year-end, almost identical to what’s expected from the European Central Bank. We remain unconvinced. We’re now forecasting one rate hike from the BoE in June, but only narrowly. At April’s meeting, officials made clear that simply not cutting rates – something the Bank would likely have done at least twice this year absent the Iran war – already amounted to de facto tightening. With energy prices not far from today’s levels, the prevailing view inside the Bank felt somewhere between a prolonged hold and a one-and-done rate hike. We're nudging towards the latter, largely because our own energy assumptions are more aggressive than the low and central scenarios officials were considering late last month. Even so, the case for a multi‑hike cycle looks thin. Though Prime Minister Keir Starmer is fighting on, investors are increasingly pricing in a leadership contest that leaves Labour shifting left, loosening fiscal rules and increasing borrowing. In theory, that could argue for higher interest rates. In practice, memories of the 2022 mini‑budget crisis remain raw, and any leadership hopeful will be under intense pressure to rule out dramatic fiscal changes. Even if they don’t, meaningful policy shifts are unlikely before the Autumn Budget, probably in November. The Bank of England cannot respond to fiscal changes that have not been formally announced, meaning leadership speculation is unlikely to matter for monetary policy before the fourth quarter – if at all. UK interest rate expectations have ri...
COM & O/iStock Editorial via Getty Images The Wall Street Journal called it an investor trap. We have owned it for eight years. Here is why we disagree. In late April 2026, Meta Platforms ( META ) reported its strongest quarter of revenue growth since 2021. Revenue grew 33% year over year. Operating margins expanded to 41%. The company generated $56 billion in revenue in a single quarter — almost ...
COM & O/iStock Editorial via Getty Images The Wall Street Journal called it an investor trap. We have owned it for eight years. Here is why we disagree. In late April 2026, Meta Platforms ( META ) reported its strongest quarter of revenue growth since 2021. Revenue grew 33% year over year. Operating margins expanded to 41%. The company generated $56 billion in revenue in a single quarter — almost the entire annual revenue of Goldman Sachs ( GS ). Meanwhile, the founder had relocated his desk into the company’s AI lab and was coding daily alongside his researchers. Meta’s stock fell 8% the day after earnings while Google ( GOOGL ) — growing at half the speed — rose 10% on the same day. The Wall Street Journal called the stock an investor trap. As long-term owners of Meta with real capital at stake, we reached a very different conclusion. We have owned Meta since 2018. At the depth of the 2022 drawdown — when the stock had fallen 75% and the narrative was at the maximum point of pessimism — we published a piece asking whether a $750 billion decline in Meta’s market cap made sense . We argued it didn’t. Meta’s stock subsequently recovered more than 6x from those lows and became the biggest position in our portfolio. Today we believe the market is making the same mistake again. Not identical — the circumstances are different, the fears are different, and the business is actually significantly stronger. But the core error is the same. The market is reading the cost and missing the compounding. And I think the evidence today is even more compelling than it was in 2022. The Business Underneath the Noise There is a version of the Meta story that gets almost no attention because it is not dramatic enough for financial media. It goes like this. Since going public in 2012, Meta has grown revenue every single year without exception. From $3.7 billion in 2011 to $201 billion in 2025. That is a 33% compound annual growth rate sustained over fourteen years across multiple technolo...
DataEye研究院正式发布2026年4月海外微短剧百强榜。 2026年4月份，海外短剧月度百强热剧总热值达 3.83亿 ，环比3月增长了1.17%，其中热值破千万的海外短剧有5部，与3月份持平，热值超500万但不足1千万的海外短剧有12部，较3月份减少2部，其余83部海外短剧热值均处在150万至500万之间。 具体来看，DramaShorts平台《The Billionaire Sex Addi...
DataEye研究院正式发布2026年4月海外微短剧百强榜。 2026年4月份，海外短剧月度百强热剧总热值达 3.83亿 ，环比3月增长了1.17%，其中热值破千万的海外短剧有5部，与3月份持平，热值超500万但不足1千万的海外短剧有12部，较3月份减少2部，其余83部海外短剧热值均处在150万至500万之间。 具体来看，DramaShorts平台《The Billionaire Sex Addict and His Therapist》继续蝉联榜首，热值2215.5万；Kuku TV平台《The BA***DS of Boardroom》和My Drama平台《Mr Denver》位列第二、三位，热值分别为1493.7万和1465.0万。 值得注意的是，本期榜单TOP3中，第二、三位均与3月份不同，但《The Billionaire Sex Addict and His Therapist》依旧稳居榜首，尽管该剧4月份热值出现微弱下滑，但仍是榜单中唯一一部突破2000万热值的海外短剧。同时，本期榜单TOP3作品均为情感题材，再度展现出“情感+”题材在海外市场的统治力。 题材方面，总体来看情感标签表现突出 ，占比达70%，逆袭、都市、复仇、黑帮紧随其后，占比分别为22%、20%、13%和11%，此外还有伦理、萌宝、重生、古装等标签上榜。 另外，值得特别说明的一点是，在AI技术加持下， 西幻题材短剧在2026年首次实现了规模化爆发。 以希腊神话为背景、海神波塞冬之子作为主角的AI仿真人剧《One Move God Mode》6个语言版本进入本期百强榜，在榜各版本累计热值超1600万；《My Dad Is Poseidon》《My Secret Serpent Mate》两部西幻题材AI仿真人新剧也进入本期百强榜。 译制剧方面， 榜单中译制剧数量仅4部，环比3月减少了13部，其中热值最高的是《万里江山入我怀》译制剧《Ruling Over All I See》，热值501.6万。 译制剧数量的大幅缩水，改变了3月份“多语言多版本并行模式”，上期《我凭一把屠刀问鼎江湖》和《被分手当天，我闪婚了真千金》均有5个不同版本同时在榜，两部剧多版本累计热值均远超1000万，本期4部译制剧均只有1个版本在榜。 新剧方面， 本期共7部新剧上榜，较上期增加了4部，其中第30位的《The ...
American Homes 4 Rent ( AMH ) declares $0.33/share quarterly dividend, in line with previous. Forward yield 4.21% Payable June 30; for shareholders of record June 15; ex-div June 15. See AMH Dividend Scorecard, Yield Chart, & Dividend Growth. More on American Homes 4 Rent American Homes 4 Rent (AMH) Q1 2026 Earnings Call Transcript Ban On Corporate Home Buying? No Sweat For American Homes 4 Rent A...
American Homes 4 Rent ( AMH ) declares $0.33/share quarterly dividend, in line with previous. Forward yield 4.21% Payable June 30; for shareholders of record June 15; ex-div June 15. See AMH Dividend Scorecard, Yield Chart, & Dividend Growth. More on American Homes 4 Rent American Homes 4 Rent (AMH) Q1 2026 Earnings Call Transcript Ban On Corporate Home Buying? No Sweat For American Homes 4 Rent American Homes 4 Rent: Reaction Overdone (Initiate At Buy) AMH signals 2026 renewals around 3% while keeping guidance unchanged American Homes 4 Rent FFO of $0.48 beats by $0.01, revenue of $472.02M beats by $1.46M
Robert Way/iStock Editorial via Getty Images Britain’s Competition and Markets Authority, or CMA, said on Friday that Getty Images’s ( GETY ) proposed $3.7B merger with Shutterstock ( SSTK ) can proceed if the latter divests its editorial business to a suitable buyer approved by the regulator.Getty Images stock jumped more than 7% before the opening bell. The watchdog, citing its independent inqui...
Robert Way/iStock Editorial via Getty Images Britain’s Competition and Markets Authority, or CMA, said on Friday that Getty Images’s ( GETY ) proposed $3.7B merger with Shutterstock ( SSTK ) can proceed if the latter divests its editorial business to a suitable buyer approved by the regulator.Getty Images stock jumped more than 7% before the opening bell. The watchdog, citing its independent inquiry group's finding, said the deal did not raise competition concerns in the global market for stock content but found the merger would lessen competition in the supply of editorial content to UK media outlets. The CMA said Shutterstock’s editorial operations, which include the Shutterstock Editorial, Backgrid, and Splash brands, are among the few meaningful alternatives to Getty in supplying news, sports, and entertainment imagery in Britain. The loss of competition could reduce choice and lead to higher prices for UK publishers and broadcasters, potentially affecting consumers relying on editorial coverage. "Editorial images, which cover everything from red carpet and celebrity images to pictures and videos of sports or major breaking news events, are used every day by media outlets, publishers, and filmmakers to bring stories to life for UK audiences. Any loss of competition could be strongly felt by these customers," said Margot Daly, chair of the independent inquiry group. Getty and Shutterstock had earlier proposed selling Shutterstock’s global editorial business during the regulator’s phase 1 review, describing the unit as “peripheral to Shutterstock’s core operations." More on Getty Images Holdings Getty Images Holdings, Inc. (GETY) Q1 2026 Earnings Call Transcript Getty Images Holdings, Inc. (GETY) Q4 2025 Earnings Call Transcript Getty Images forecasts $948M-$988M 2026 revenue while awaiting U.K. CMA merger decision in June Getty Images Holdings GAAP EPS of -$0.02 misses by $0.04, revenue of $226.57M misses by $12.24M Seeking Alpha’s Quant Rating on Getty Images Ho...
Even before the Iran war, Fidelity International portfolio manager Mike Riddell was skeptical of the view that global price pressures were subsiding. His contrarian bet — that inflation was set to rise — is now paying off handsomely. Months ago, he bought inflation swaps in the US and UK, essentially protection against hotter-than-forecast inflation. That’s because he saw inflation as a potent ris...
Even before the Iran war, Fidelity International portfolio manager Mike Riddell was skeptical of the view that global price pressures were subsiding. His contrarian bet — that inflation was set to rise — is now paying off handsomely. Months ago, he bought inflation swaps in the US and UK, essentially protection against hotter-than-forecast inflation. That’s because he saw inflation as a potent risk that bond markets — and most of his peers — were underpricing even before the Iran war sent oil prices soaring past $100 a barrel. That bet has helped returns on his two Strategic Bond Funds to surpassed more than 90% of peers, data compiled by Bloomberg show. “There was absolutely no risk of a Middle East conflict priced into rates, given the multiple cuts that global investors were expecting,” Riddell said in an interview. “We positioned the fund to be long inflation, short rates short credit risk, short risk assets.” He continues to holds the inflation swaps, though he’s trimmed the positions slightly. Read: Global Bond Selloff Worsens as Rising Oil Prices Spook Investors It’s proved to be the right call from Riddell and his team, which includes Ravin Seeneevassen and Tim Foster . Soaring oil prices since the war have fed into inflation expectations and whipsawed global bond markets, while money markets have reversed gear to price rate hikes across much of the developed world. That’s resulted in losses for any investor who was positioned for lower rates. As of Friday, swaps markets are pricing at least two rate increases in the UK by year-end, a dramatic pivot from having bet on two cuts less than three months ago. For the Federal Reserve, pricing for any cut has been wiped out in favor of a hike in a year’s time, while the European Central Bank is expected to deliver three increases this year, starting next month. Those expectations have lifted two-year US Treasury yields to the highest in more than a year, while German and UK equivalents have also soared. Borrowing c...
Sigma Lithium press release ( SGML ): Q1 sales volume in 1Q26 was 23,000 tonnes of both low grade and high grade lithium oxide concentrate, calculated on an equivalent basis for 5% Li2O content. The realized price for high-grade lithium oxide in 1Q26 was US$1,790 per tonne SC5 (US$2,150 SC6), which compares with 3Q25, the last quarter before the Company's restructuring of mining operations, with U...
Sigma Lithium press release ( SGML ): Q1 sales volume in 1Q26 was 23,000 tonnes of both low grade and high grade lithium oxide concentrate, calculated on an equivalent basis for 5% Li2O content. The realized price for high-grade lithium oxide in 1Q26 was US$1,790 per tonne SC5 (US$2,150 SC6), which compares with 3Q25, the last quarter before the Company's restructuring of mining operations, with US$630 per tonne SC5 (US$756 SC6). Revenue of $42M (-11.9% Y/Y) beats by $1.54M, from the sale of 23,000t of lithium oxide concentrate equivalent. In 1Q26, Sigma Lithium achieved the highest profitability in the Company's history, posting record margins, with gross margin of 61%, EBITDA margin of 39% and net margin of 26%. More on Sigma Lithium Why Sigma Lithium Remains The One Stock I'm Most Confident In Sigma Lithium: Out Of The Fire (Upgrade To Hold From Sell) Sigma Lithium: Turning Into A Cash Machine Sigma Lithium Q1 2026 Earnings Preview Sigma Lithium fined by Brazil inspectors for using banned waste pile
Exchange Income ( EIF:CA ) declares CAD 0.23/share monthly dividend , in line with previous. Payable June 15; for shareholders of record May 29; ex-div May 29. See EIF:CA Dividend Scorecard, Yield Chart, & Dividend Growth. More on Exchange Income Exchange Income Corporation (EIF:CA) Shareholder/Analyst Call Prepared Remarks Transcript Exchange Income Corporation (EIF:CA) Q1 2026 Earnings Call Tran...
Exchange Income ( EIF:CA ) declares CAD 0.23/share monthly dividend , in line with previous. Payable June 15; for shareholders of record May 29; ex-div May 29. See EIF:CA Dividend Scorecard, Yield Chart, & Dividend Growth. More on Exchange Income Exchange Income Corporation (EIF:CA) Shareholder/Analyst Call Prepared Remarks Transcript Exchange Income Corporation (EIF:CA) Q1 2026 Earnings Call Transcript Exchange Income: Sold Off Some Months Ago Due To Valuation (Rating Downgrade) Exchange Income prices inaugural $600M investment-grade senior unsecured notes Historical earnings data for Exchange Income
MicroStockHub/iStock via Getty Images By Peter Vanden Houte , Chief Economist, Belgium, Luxembourg, Eurozone Subdued growth in the first quarter… According to provisional data, the eurozone grew by a disappointing 0.1% in the first quarter, though the erratic Irish GDP data shaved off nearly 0.1pp from the growth rate. Meanwhile, the first hard data for March shows that the quarter ended on a weak...
MicroStockHub/iStock via Getty Images By Peter Vanden Houte , Chief Economist, Belgium, Luxembourg, Eurozone Subdued growth in the first quarter… According to provisional data, the eurozone grew by a disappointing 0.1% in the first quarter, though the erratic Irish GDP data shaved off nearly 0.1pp from the growth rate. Meanwhile, the first hard data for March shows that the quarter ended on a weak note, hardly surprising given the events in the Middle East. Retail sales fell 0.1% in March, after a 0.3% decline in February. In the ECB’s bank lending survey, banks reported a slight net decrease in loan demand for firms in the first quarter of 2026, mainly driven by a decrease in demand for fixed investment. …and the second started on a weak footing Survey indicators for April show a further loss of momentum, with the PMI below the neutral threshold of 50, indicating a contraction in private‑sector activity. This weakness was primarily driven by services, while manufacturing remained somewhat more resilient, albeit partly supported by inventory building rather than underlying demand. The fear of supply chain disruption has pushed industrial companies to increase their stock of crucial inputs, which has generated more activity in the intermediate goods-producing sectors. But this is likely to bring only temporary growth support. We continue to expect eurozone GDP to come close to a standstill in the second quarter and only begin to recover gradually after the summer. We have therefore kept our growth forecast unchanged at 0.7% for 2026 and 1.3% for 2027. Inflation expectations are rising Source: LSEG Datastream Inflation hits 3% The flash estimate for April showed headline HICP inflation rising to 3.0% year‑on‑year, up from 2.6% in March. This increase was largely driven by a sharp acceleration in energy prices. Core inflation eased marginally to 2.2%, though the timing of the Easter holidays might have distorted the figure. Selling price expectations have surged both i...
ACIDmit/iStock via Getty Images My positive outlook on Arcutis Biotherapeutics ( ARQT ) is based on more than how fast ZORYVE's sales are rising. While that is now an obvious part of Arcutis' story, what is more intriguing is its transition from a "one-product" launch in the dermatology space to a highly specialized commercial engine for generating revenue by repeatedly monetizing one (well-unders...
ACIDmit/iStock via Getty Images My positive outlook on Arcutis Biotherapeutics ( ARQT ) is based on more than how fast ZORYVE's sales are rising. While that is now an obvious part of Arcutis' story, what is more intriguing is its transition from a "one-product" launch in the dermatology space to a highly specialized commercial engine for generating revenue by repeatedly monetizing one (well-understood) mechanism across several different inflammatory skin disease states, multiple formulations, and multiple age groups of patients and physician channels. Arcutis, however, is building its pipeline atop a family of products which are already commercial, already reimbursed, and are now beginning to self-fund the next stage of growth. It is easy to see why investors would be hesitant regarding Arcutis because it is not optically cheap and is still transitioning through GAAP losses. However, I think that these characteristics can cause the quality of the franchise to be understated when viewed through the lens of GAAP financials. The company has moved past the "will dermatologists write prescriptions for this?" phase of development, and into the much more meaningful "how large can the topical non-steroidal class become?" phase. This distinction matters greatly, since while ZORYVE is certainly trying to compete for share within branded topical therapies, it is simultaneously working to change the treatment structure in chronic dermatology, moving away from repeated topical corticosteroid cycling toward the use of steroid-free long-term maintenance therapy. Latest Financials Arcutis reported Q1 2026 net revenues for its ZORYVE product of $105.4 million. That represents an increase of 65% year over year. Net revenues declined 17% sequentially from Q4 2025. investors.arcutis.com More important than the sequential decline is that Arcutis reiterated their expectations of achieving net product revenue of $480 million to $495 million for 2026. There were four products generating re...
Gautam Adani may finally be nearing the end of his US legal troubles. Adani and his nephew Sagar have agreed to pay $18 million to settle SEC allegations, while the DOJ is moving to drop parallel fraud charges. (Source: Bloomberg)
Gautam Adani may finally be nearing the end of his US legal troubles. Adani and his nephew Sagar have agreed to pay $18 million to settle SEC allegations, while the DOJ is moving to drop parallel fraud charges. (Source: Bloomberg)
S&P 500 Index futures fall 1% as of 7:48 a.m. in New York amid a broad global selloff in bonds. Nasdaq 100 futures are down 1.3% Dow Jones Industrial Average futures are down 0.6% The MSCI World Index is down 0.4% Here are some of the biggest US movers before the bell: Magnificent Seven stocks: Microsoft (MSFT) rises 0.7% after Pershing Square Chief Executive Officer Bill Ackman said he’s taken a ...
S&P 500 Index futures fall 1% as of 7:48 a.m. in New York amid a broad global selloff in bonds. Nasdaq 100 futures are down 1.3% Dow Jones Industrial Average futures are down 0.6% The MSCI World Index is down 0.4% Here are some of the biggest US movers before the bell: Magnificent Seven stocks: Microsoft (MSFT) rises 0.7% after Pershing Square Chief Executive Officer Bill Ackman said he’s taken a new stake in the company. Alphabet (GOOGL) -1.6%, Amazon (AMZN) -1.5%, Apple (AAPL) -1.2%, Nvidia (NVDA) -2%, Meta Platforms (META) -0.7%, Tesla (TSLA) -1.9% Dexcom (DXCM) rises 3% after the diabetes device maker gave long-term growth outlook at its investor day that impressed analysts. Separately, activist investor Elliott Investment Management took a stake in the company and struck a settlement that will put two independent directors on the board. Dlocal (DLO) falls 8% after the emerging markets payment services provider reported first-quarter results that missed expectations in terms of net income and earnings. Figma (FIG) rises 10% after the creative software platform reported first-quarter results that beat expectations and raised its full-year forecast. Analysts said the report eased concerns about AI-related disruption. Gemini Space Station (GEMI) gains 21% after the fintech firm announced that Winklevoss Capital Fund has made a $100 million strategic investment in the company, at a price of $14 per share. Globant (GLOB) climbs 5% after the IT services company reported first-quarter results that beat expectations. Magnum Ice Cream (MICC) US-listed shares rise 12% after Reuters reported that private equity firms including Blackstone and Clayton Dubilier & Rice are exploring potential bids for the company. NU Holdings Ltd. (NU) falls 3% after the Brazil-based financial institution reported the cost of credit climbing 72% in the first quarter from the same period a year earlier. Papa John’s (PZZA) gains 6% after Reuters reported investment firm Irth Capital is working w...