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
Media regulator announces commitments by Elon Musk’s platform to crack down on terrorist and hate content Elon Musk’s X platform has promised to block UK access to accounts linked to banned terrorist groups under an agreement with the communications regulator to crack down on terrorist and hate content. X will also review suspected illegal terrorist and hate content within 48 hours and seek expert...
Media regulator announces commitments by Elon Musk’s platform to crack down on terrorist and hate content Elon Musk’s X platform has promised to block UK access to accounts linked to banned terrorist groups under an agreement with the communications regulator to crack down on terrorist and hate content. X will also review suspected illegal terrorist and hate content within 48 hours and seek expert advice on how to handle user reports of such content. Continue reading...