Heavy rains and colder-than-usual weather in Russia have resulted in the worst start to spring planting in many years, risking lower wheat harvests in the world’s top exporter of the grain. Some 1.3 million hectares of spring wheat were planted in the country’s southern region as of last week, less than half of what was planted at the same time last year, according to agriculture ministry estimate...
Heavy rains and colder-than-usual weather in Russia have resulted in the worst start to spring planting in many years, risking lower wheat harvests in the world’s top exporter of the grain. Some 1.3 million hectares of spring wheat were planted in the country’s southern region as of last week, less than half of what was planted at the same time last year, according to agriculture ministry estimates obtained from two local traders. They asked not to be identified because they aren’t authorized to speak to the media. The crop, which is planted through early June and harvested from August to October, accounts for almost a third of Russia’s wheat output. The slump comes at a time when the US crop is also at risk from a prolonged drought, while high energy and fertilizer costs are piling on pressure on farmers elsewhere. Overall, the Russian spring wheat area — which includes the Central region and Siberia — is set to drop by about 5% to 10.5 million hectares for the 2026-27 season, the lowest in two decades, according to preliminary estimates from Moscow-based consultancy IKAR. Many farmers have been switching to more lucrative oilseeds, according to the organization. “We have huge problems with sowing of our spring wheat and spring barley,” IKAR director, Dmitry Rylko , said at a presentation at the GrainCom conference in Geneva this week. “In some sites we have never ever, for the last 25 years, had such a delay.” While the extent of the damage is yet to be fully assessed, a serious delay would hit harvests and exports, he added. Russia’s Agriculture Ministry doesn’t disclose the pace of plantings on a regular basis and did not respond to an email and phone calls seeking comment. In April, the ministry had acknowledged that the sowing campaign had been delayed due to unusual weather conditions, but said that late sowing could allow for a large harvest. Last month, temperatures were 3-7C below normal across most of the western parts of the country, according to the Rus...
(RTTNews) - New York manufacturing activity grew strongly in the month of May, the Federal Reserve Bank of New York said in a report released on Friday.
(RTTNews) - New York manufacturing activity grew strongly in the month of May, the Federal Reserve Bank of New York said in a report released on Friday.
DKosig/E+ via Getty Images We find ourselves in one of the most marked contradictions of our era: inflation is growing with the increase in energy prices thanks to the conflict in Iran, bonds are raising yields, yet gold isn't growing? For many, a contradiction. A contradiction that is generating off-scale losses to this ETF: Strategy Shares Gold Enhanced Yield ETF ( GOLY ). Yet until before the G...
DKosig/E+ via Getty Images We find ourselves in one of the most marked contradictions of our era: inflation is growing with the increase in energy prices thanks to the conflict in Iran, bonds are raising yields, yet gold isn't growing? For many, a contradiction. A contradiction that is generating off-scale losses to this ETF: Strategy Shares Gold Enhanced Yield ETF ( GOLY ). Yet until before the GLD crashes, GOLY seemed to be revolutionizing the concept of "investing in gold" by proposing an exposure to gold, and a distribution today for SA above 9%. And it's true... in the short term this context is lethal for GOLY due to its structure, but I also think that precisely this context, in the long term, opens up very different scenarios. What is GOLY? GOLY is not a passive ETF that tracks an index, it's discretionary active management and from January 2025, from passive (Strategy Shares Gold-Hedged Bond ETF that tracked an index) to active (Strategy Shares Gold Enhanced Yield ETF with complex strategy) so all the historical performance pre-January 5, 2025 is NOT representative of the current strategy. GOLY: 1Y performance (Seeking Alpha) Performance that depends on a synthetic component towards gold, via Total Return Swaps (TRS) OTC, not physical gold ; to which is added put options on futures on which a monthly distribution structure is created (also through ROC) with a monthly distribution target not lower than 5%. The benchmark is the Bloomberg U.S. Aggregate Bond Index, but it's a fictitious reference because in my opinion pure bond benchmark is inappropriate for a fund with 100% notional gold exposure + leverage. And to do it, there's an Expense Ratio of 0.79% (unified fee). Distributions The yield is higher than the target, today equal to 9.03%, categorized by SA as "A"; growing, also thanks to the sustained growth of gold in the recent period. With a 30 day SEC yield slightly above 3%, due precisely to the layer of bonds that functions as the base for GOLY's str...
Marco Bello/Getty Images News Strategy ( MSTR ) is set to repurchase ~$1.50B of its outstanding 0% convertible senior notes due 2029 for an estimated cash price of ~$1.38B. Shares were 2.39% lower to $182.50 during pre-market trading on Friday. The cash repurchase price is in part based on the daily volume-weighted average price per share of Strategy's class A shares. The buybacks will be funded u...
Marco Bello/Getty Images News Strategy ( MSTR ) is set to repurchase ~$1.50B of its outstanding 0% convertible senior notes due 2029 for an estimated cash price of ~$1.38B. Shares were 2.39% lower to $182.50 during pre-market trading on Friday. The cash repurchase price is in part based on the daily volume-weighted average price per share of Strategy's class A shares. The buybacks will be funded using available cash reserves, proceeds from sales of securities under its at-the-market offering program, and/or proceeds from the sale of bitcoin. The repurchases are expected to settle on or about May 19. Following the cancellation of the repurchased notes, ~$1.50B aggregate principal amount of the 2029 notes will remain outstanding. More on Strategy Strategy: Rare Asymmetric Bet In A Stretched Market (Rating Upgrade) Strategy Inc (MSTR) Q1 2026 Earnings Call Transcript Strategy May Start Selling Bitcoin Trump discloses $220M in trades tied to U.S. companies in Q1 Twenty One Capital sees lowest short interest in April among mid-mega cap firms
RichLegg/E+ via Getty Images The Supreme Court’s decision in Montgomery vs. Caribe Transport II, which now leaves freight brokers exposed to accident liabilities, is expected to lead to increased insurance coverage and has the potential to squeeze out smaller brokers with more precarious financials. But for C.H. Robinson Worldwide ( CHRW ), which served as a third party in the case, the direct fin...
RichLegg/E+ via Getty Images The Supreme Court’s decision in Montgomery vs. Caribe Transport II, which now leaves freight brokers exposed to accident liabilities, is expected to lead to increased insurance coverage and has the potential to squeeze out smaller brokers with more precarious financials. But for C.H. Robinson Worldwide ( CHRW ), which served as a third party in the case, the direct financial impact is expected to be modest. Citi Research analyst Ariel Rosa believes large brokers with “strong financial footing” are best positioned to absorb these adjustments. Led by CHRW’s better-than-expected Q1 results, which included improved margins on ongoing technology and efficiency progress, Rosa upgrades the stock to Buy from Hold with a $199 price target, representing 25% upside to Thursday’s closing price, suggesting that the sell-off from its February peak presents a buying opportunity. In his note to clients, Rosa takes a deeper dive into the SCOTUS decision, viewing it as a short-term hiccup to CHRW’s operations. But a longer-term look at the additional complexity and broker liability associated with the decision appears likely to advantage asset-based carriers as shippers seek reliable partners and larger brokers, as steeper insurance costs could push non-compliant brokers and carriers out of the industry. The higher insurance costs will also pressure freight rates, while enhanced safety measures will create a larger moat in the industry, making it more difficult for new entrants. “C.H. Robinson Worldwide has been executing at a high level in recent quarters, with its Lean AI adoption driving efficiency. We look for earnings to scale as the freight cycle inflection drives contractual rate increases as operating leverage drives upsides,” Rosa says in his note to clients. After shedding more than 2% on the heels of the SCOTUS ruling, C.H. Robinson Worldwide ( CHRW ) shares are up 1.6% into Friday’s open. More on C.H. Robinson Worldwide C.H. Robinson Worldwide...
A Chinese-made tiger’s head bag carried by Elon Musk’s young son in Beijing has prompted a wave of interest online. Musk’s six-year-old son X Æ A-Xii, dressed in a Chinese style silk jacket, was pictured carrying the brown shoulder bag with a tiger’s face when he visited the Great Hall of the People with his father in Beijing. The photo quickly went viral on Chinese social media. The Tesla boss wa...
A Chinese-made tiger’s head bag carried by Elon Musk’s young son in Beijing has prompted a wave of interest online. Musk’s six-year-old son X Æ A-Xii, dressed in a Chinese style silk jacket, was pictured carrying the brown shoulder bag with a tiger’s face when he visited the Great Hall of the People with his father in Beijing. The photo quickly went viral on Chinese social media. The Tesla boss was part of a delegation accompanying US President Donald Trump on his visit to Beijing, which ended...
Collections from Hong Kong’s M+ museum will be exhibited in Paris alongside those from Centre Pompidou in France under a five-year deal signed by the two institutions, which also covers research and talent exchange. The memorandum of understanding for a multi-year strategic partnership was signed on Friday by Suhanya Raffel, M+ director, and Laurent Le Bon, Centre Pompidou’s president, at the Hong...
Collections from Hong Kong’s M+ museum will be exhibited in Paris alongside those from Centre Pompidou in France under a five-year deal signed by the two institutions, which also covers research and talent exchange. The memorandum of understanding for a multi-year strategic partnership was signed on Friday by Suhanya Raffel, M+ director, and Laurent Le Bon, Centre Pompidou’s president, at the Hong Kong institution. French Consul General Christile Drulhe witnessed the ceremony. “This is the first...
josefkubes/iStock Editorial via Getty Images In the most recent quarter, 3M ( MMM ) managed to beat analyst estimates on the bottomline, reported revenue in-line with expectations, and reaffirmed its full year guidance for 2026. Despite the performance that looks appealing first sight, I do not believe that it justifies a buy rating for the stock right now. In many segments, the FX tailwinds mask ...
josefkubes/iStock Editorial via Getty Images In the most recent quarter, 3M ( MMM ) managed to beat analyst estimates on the bottomline, reported revenue in-line with expectations, and reaffirmed its full year guidance for 2026. Despite the performance that looks appealing first sight, I do not believe that it justifies a buy rating for the stock right now. In many segments, the FX tailwinds mask the organic revenue decline, the low consumer confidence keeps hurting the demand, and the large stake in Solventum ( SOLV ) keeps having a meaningful impact on the P&L. For these reasons, I believe that caution is warranted, when considering an investment in 3M. Q1 Performance Let us first look at the Q1 performance, and let me point out a couple of things that make these results less attractive to me. True that revenue growth appears significant YoY, that orders also increase double-digit and that the operating margin expanded, but when we look at the EPS, what we can see is that the growth is only partially a result of operational growth and productivity. Non-operational factors, like FX or benefits from tax timing play a significant role. These are factors that the firm cannot influence, and therefore we should not assume that going forward the benefit will be the same. Q1 performance (3M) If we focus a bit on the sales side of things, let us break down the revenue by segment. In terms of organic revenue, only one segment grew, safety and industrial. Transportation and electronics, and consumer both declined. I believe that the safety and industrial is likely to do well in the near future, as there is strength in the adhesives and tapes, safety and electrical markets. I also expect transport and electronics to improve going forward, as the AI infrastructure buildout could provide structural tailwinds here. Consumer electronics and the consumer segment are likely to lag, however, in my view - as consumer confidence in the United States remains at historic lows. The weakn...
bernie_photo/iStock via Getty Images The Empire State Manufacturing Index jumped to 19.6 in May from 11.0 in April, beating the 7.8 consensus, according to data released by the Federal Reserve Bank of New York. "New York State manufacturing activity grew at its fastest pace in over four years in May," said Richard Deitz, economic research advisor at the New York Fed. "New orders and shipments rose...
bernie_photo/iStock via Getty Images The Empire State Manufacturing Index jumped to 19.6 in May from 11.0 in April, beating the 7.8 consensus, according to data released by the Federal Reserve Bank of New York. "New York State manufacturing activity grew at its fastest pace in over four years in May," said Richard Deitz, economic research advisor at the New York Fed. "New orders and shipments rose strongly, and employment continued to increase. However, the pace of price increases surged while delivery times and supply availability worsened." New orders climbed to 22.7, its highest level in more than four years, from 19.3 in April. Shipments: 18.9 vs. 20.2 prior. Inventories: 9.7 vs. 5.1 prior. Prices paid: 62.6 vs. 51.0 prior. Prices received: 31.8 vs. 21.8 prior. Number of employees: 8.3 vs. 9.8 prior. The report also noted that unfilled orders rose, delivery times increased substantially, and supply availability worsened. Businesses became more optimistic in May. The index for future business conditions rose 14 points to 33.5, with more than 50% of respondents expecting conditions to improve over the next six months, the New York Fed said. More on the US Economy The Stagflation Narrative: What Doomers Get Wrong (Part 2) 6 Key Numbers Highlighting Continued Credit Deterioration U.S. import, export prices jump more than expected in April April U.S. retail sales growth slows from March's spike, as expected
DKosig U.S. President Donald Trump said he did not discuss extending the tariff truce with Chinese President Xi Jinping during their summit in China, even as officials from both sides explored ways to ease trade tensions, according to Bloomberg News. “We didn’t discuss tariffs,” Trump told reporters aboard Air Force One on Friday. “They’re paying substantial tariffs, but we didn’t discuss it." His...
DKosig U.S. President Donald Trump said he did not discuss extending the tariff truce with Chinese President Xi Jinping during their summit in China, even as officials from both sides explored ways to ease trade tensions, according to Bloomberg News. “We didn’t discuss tariffs,” Trump told reporters aboard Air Force One on Friday. “They’re paying substantial tariffs, but we didn’t discuss it." His remarks came after U.S. Trade Representative Jamieson Greer said Washington and Beijing had discussed creating a “Board of Trade” framework that could reduce tariffs on at least $30 billion worth of non-critical goods, Bloomberg reported. The comments dashed expectations that Trump and Xi could announce an extension of last year’s one-year tariff truce, which helped cool a trade war that rattled global markets. Trump said the two leaders discussed “almost everything you can discuss, except for a reduction of tariffs,” including fentanyl-related chemical flows and tensions involving Iran. According to Bloomberg, Trump said Xi agreed that Iran should not be allowed to develop a nuclear weapon and supported reopening the Strait of Hormuz, a key global oil shipping route disrupted by rising tensions in the region. “He said that very strongly; they cannot have a nuclear weapon, and he wants them to open up the strait,” Trump said. However, Trump said he did not directly ask Xi to pressure Tehran, though he suggested China would naturally favor stability given its dependence on Iranian oil imports. The developments were first reported by Bloomberg News. Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion. More on markets Greenback Breaks Higher, Stocks And Bonds Lower The Stagflation Narrative: What Doomers Get Wrong (Part 2) Brace For Stage Two Of The Global Energy Crisis AM Markets Need to Know: Putin to visit China, Walmart and Flipkart, and more 3 things to look...
FREDERICA ABAN/iStock via Getty Images Krishna Mohanraj, CFA Portfolio Manager Matt McLaughlin, CFA, CAIA Portfolio Specialist Market and portfolio review Japanese equities were slightly positive, supported by a weaker yen, expectations for fiscal support and continued corporate governance reform. Those gains were partly offset by persistent inflation and tighter monetary policy expectations. Euro...
FREDERICA ABAN/iStock via Getty Images Krishna Mohanraj, CFA Portfolio Manager Matt McLaughlin, CFA, CAIA Portfolio Specialist Market and portfolio review Japanese equities were slightly positive, supported by a weaker yen, expectations for fiscal support and continued corporate governance reform. Those gains were partly offset by persistent inflation and tighter monetary policy expectations. European equities declined overall, led lower by Germany and France as investors weighed sluggish growth, trade uncertainty and higher energy prices. The UK was a relative bright spot, helped by its commodity exposure and more defensive market mix. Emerging markets were mixed but roughly flat overall (-0.30%), as strong gains in Brazil, South Korea, Taiwan and Mexico were offset by weakness in China and India. Brazil benefited from higher commodity prices, while South Korea and Taiwan were supported by AI-related semiconductor demand. Energy was the strongest sector, rising sharply as conflict in Iran and disruption in the Strait of Hormuz pushed oil prices higher. The move underscored how quickly geopolitical shocks can affect international markets. Information technology was positive overall, but returns were uneven. Semiconductor companies tied to the AI supply chain outperformed, while software and IT services lagged as market performance remained concentrated in hardware and infrastructure-linked areas of the sector. Consumer discretionary was the weakest sector, pressured by higher energy prices, tariff-related cost pressures and softer consumer demand, with weakness most evident in autos, retail and travel-related stocks. Recent market disruption has created both risks and opportunities. We believe the combination of rapid AI-related change and elevated geopolitical uncertainty is increasing dispersion across regions, sectors and companies, creating a favorable backdrop for active management. We remain focused on long-term fundamentals and on identifying businesses whose...
Federal healthcare spending is projected to rise from less than $2 trillion today to more than $3 trillion within a decade, per the Committee for a Responsible Federal Budget. Some reasons for the increase include greater use of GLP-1 drugs for weight loss, increasing cancer diagnoses, costly specialty medicines, increased workforce costs due to shortages, and more people with chronic health probl...
Federal healthcare spending is projected to rise from less than $2 trillion today to more than $3 trillion within a decade, per the Committee for a Responsible Federal Budget. Some reasons for the increase include greater use of GLP-1 drugs for weight loss, increasing cancer diagnoses, costly specialty medicines, increased workforce costs due to shortages, and more people with chronic health problems, such as diabetes. So it makes sense to look to the healthcare field for promising investments. Here are a few to consider. Image source: Getty Images. Continue reading