The Putnam BDC Income ETF (NYSE:PBDC) was designed to give yield-hungry investors a one-ticket basket of business development companies. The selection process leans into the largest, most liquid BDCs and ends up overweighting Blue Owl-managed names, a tilt that is starting to look uncomfortable as base rates fall, NAVs slip, and dividend coverage thins out. ... PBDC investors should know their yield depends on four fragile holdings

Welcome to the Brussels Edition. I’m Sam Stolton, EU competition reporter with Bloomberg, bringing you the latest from the EU. Make sure you’re signed up . The US is upping the ante against the European Union over accusations the bloc is stalling ratification of its transatlantic trade deal, with the threat of fresh vehicle tariffs looming large. US Ambassador to the EU Andrew Puzder told Bloomberg this morning that not only would the White House follow through “relatively soon” in imposing a 25% levy on European vehicles, but the US is also prepared to “walk away” from its deal unless EU negotiators ratify the accord with haste. The 25% tariff would mark a significant hike from the 15% ceiling that President Donald Trump and EU Commission President Ursula von der Leyen agreed on at their meeting in Turnberry, Scotland, last July. If followed through, the fresh levies could prompt the EU to impose counter-measures of their own. Puzder’s caution comes on the heels of assurances from EU trade chief Maros Sefcovic to US Trade Representative Jamieson Greer that the US trade accord should be in place by July. But for the US, that timeline is unlikely to wash, according to Puzder. “I don’t know that July would be fast,” Puzder said, adding that Trump is jockeying for “something more rapid, something quicker.” For his part, Greer adopted a similarly hawkish line, saying that EU changes being considered could limit American exports to the bloc. “We didn’t agree to” those tweaks, he told Bloomberg TV after a G-7 meeting in Paris. The broadside adds pressure to EU lawmakers and capitals as they gather for closed-door discussions this evening in Brussels, where they’ll negotiate among themselves over final amendments of the trade deal – including a potential expiration date. While tonight’s meeting is unlikely to lead to wholesale agreement on the trade package, EU negotiators find themselves under intensifying pressure to move quickly. “What the president was saying was, ‘Loo...

alacatr/iStock via Getty Images Good Q1 But Margins Can't Grow Forever Eaton Corporation ( ETN ) delivered a modest beat in Q1 2026 earnings with strong sales growth partly offset by weaker margins in the Electrical Americas segment as the company warned last quarter . Updated full year guidance reflected more of this. Organic sales are now expected to be up 9 - 11% this year, above the 7 - 9% previously forecasted. New segment operating margin guidance of 24.1 - 24.5% is half a percentage point lower. Since my last article, where I reiterated a Buy rating, shares returned around 16%, near the best of its Electrical Equipment industry peers. Seeking Alpha Orders and backlog were up strongly, mainly driven by data center construction in both Electrical segments. In Electrical Americas, startup costs of new capacity impacted margins, while in Electrical Global, sales and margins benefitted from foreign exchange effects with a weaker dollar. High demand in the aerospace market helped drive record sales, margins, and operating profit in that segment, while Mobility continues to lag as Eaton prepares to spin it off by the end of Q1 2027. Eaton outperformed on the M&A front in the quarter. The April 2025 acquisition of Fibrebond, a designer and builder of modular power enclosures for data center, industrial, utility and communications customers, added to Electrical Americas inorganic growth in Q1. In the Aerospace segment, control and sensor provider Ultra PCS was acquired in January. The big deal, though, was the purchase of Boyd Thermal on March 12, well ahead of the midyear target. Boyd provides liquid cooling solutions for data centers, aerospace, and other markets. These three businesses are expected to add $1.78 billion to total Eaton sales in 2026 as measured after the acquisition date. The downside of the M&A is that Eaton nearly doubled its long-term debt, to $18.6 billion at the end of Q1 from $9.9 billion at the start of the year. The company also ended Q1 with...

Kagenmi/iStock via Getty Images According to a global outlook report from BNP Paribas, the economic fallout from the Middle East conflict is expected to weigh on global growth and keep inflationary pressures elevated, even if hostilities ease in the near term. The bank warned that the disruption to energy supply chains and broader geopolitical uncertainty has already caused enough damage to leave a lasting mark on the world economy. BNP Paribas said it now expects “lower GDP growth, higher inflation and more hawkish central banks” than it projected at the beginning of the year, prompting the firm to revise both its growth and inflation forecasts. The report noted that the supply shock tied to the conflict has been “sufficiently extensive and durable to inflict damage on the global economy, even if hostilities were to cease tomorrow.” Despite the more cautious outlook, the bank stopped short of forecasting a global recession. Analysts pointed to strong economic momentum entering 2026, alongside continued investment tied to artificial intelligence and rising defense spending, as factors helping to cushion the slowdown. “Our bottom line is therefore that the war will dent rather than derail the resilience,” BNP Paribas stated, emphasizing that underlying structural drivers continue to support economic activity despite mounting geopolitical pressures. Market Tracking ETFs: ( DIA ), ( DDM ), ( DOG ), ( DXD ), ( SDOW ), ( SPY ), ( VOO ), ( IVV ), ( RSP ), ( SSO ), ( UPRO ), ( SH ), ( SDS ), ( SPXU ), ( QQQ ), ( QQQM ), ( TQQQ ), ( QID ), and ( SQQQ ). Fixed Income ETFs: ( TLT ), ( TLH ), ( IEF ), ( IEI ), ( SHY ), ( SGOV ), ( SCHO ), ( BIL ), ( AGG ), ( BND ), ( VCIT ), ( MUB ), ( MBB ), ( JNK ), ( LQD ), ( HYG ), ( VTIP ), ( TIP ), ( SCHP ), ( STIP ), ( TIPX ), ( SPIP ), ( WIP ), ( GTIP ), ( LQDI ), and ( RINF ). More on markets Yields slide as U.S.-Iran deal hopes spark an oil selloff and boost equities Strait of Hormuz reopening odds jump as U.S.-Iran deal talks advanc...

Tesla (NASDAQ:TSLA) sits below $400 after a sharp slide from December’s $489.88 peak, making the question of what to do here both immediate and contested. Tesla makes electric vehicles, sells energy storage, and is pivoting its valuation entirely onto autonomy and humanoid robotics. The stock now trades on Robotaxi miles, FSD subscriber growth, and Optimus ... Buy, Hold or Sell Tesla Stock Below $400 in May 2026?

据伊朗学生通讯社6日报道，伊朗外交部发言人说，伊朗正在审阅美国提出的方案，总结后将向巴基斯坦方面转达伊朗的意见。(新华社)

格隆汇5月6日｜上海原油连续主力合约日内跌4%，现报640.50元。

Broadcom guidance reveals one signal getting unusual attention thestreet.com

Three men are accused of targeting north London properties linked to Prime Minister Sir Keir Starmer.

cmart7327 Astera Labs' ( ALAB ) stock soared about 7% premarket on Wednesday after first-quarter results and outlook saw bullish reactions from analysts. J.P. Morgan kept its Overweight rating and increased the price target on the stock to $280 from $205. "Astera Labs drove strong results in the Mar-Qtr (better revenue/GM/OPM/EPS) driven by the continued ramp of its Scorpio “P” Series, PCIe [Peripheral Component Interconnect Express] Gen 6 retimers, initial production ramp of Scorpio X series, and the networking connectivity (AEC) Taurus product line as their cloud and hyperscaler customers continue to aggressively build out AI infrastructure. Building off a higher March quarter revenue base, the team guided for 17% Q/Q revenue growth in the June quarter (to $360M versus consensus at $310M), above ours and consensus expectations," said analysts led by Harlan Sur. The analysts noted that the company continues to drive strong shipments of Aries retimers, Scorpio "P" Series switches, and Taurus Active Electrical Cable, or AEC, products. A more significant volume ramp for Scorpio X is expected in the second half of 2026 (the analysts believe Amazon Trainium 3 XPU ramp). On the negatives, the analysts said that gross margins are still expected to come down another 200-300 basis points, or bps, in the second half of the year due to unfavorable stock-keeping units, or SKUs, mix within the Scorpio X product line and higher mix of hardware sales. The analysts added that as inference workload volume surpassed training workloads in the second half of last year, this has created more silicon opportunities as these workloads continue to evolve. Astera is already taking advantage of it (announced a custom CXL controller for KV cache applications), the analysts noted. AI inference is the process of running a trained AI model to produce predictions or conclusions on new, unseen data. "Overall, we believe Astera’s robust and expanding new product pipeline will continue to set a high...

cmart7327 Astera Labs' ( ALAB ) stock soared about 7% premarket on Wednesday after first-quarter results and outlook saw bullish reactions from analysts. J.P. Morgan kept its Overweight rating and increased the price target on the stock to $280 from $205. "Astera Labs drove strong results in the Mar-Qtr (better revenue/GM/OPM/EPS) driven by the continued ramp of its Scorpio “P” Series, PCIe [Peripheral Component Interconnect Express] Gen 6 retimers, initial production ramp of Scorpio X series, and the networking connectivity (AEC) Taurus product line as their cloud and hyperscaler customers continue to aggressively build out AI infrastructure. Building off a higher March quarter revenue base, the team guided for 17% Q/Q revenue growth in the June quarter (to $360M versus consensus at $310M), above ours and consensus expectations," said analysts led by Harlan Sur. The analysts noted that the company continues to drive strong shipments of Aries retimers, Scorpio "P" Series switches, and Taurus Active Electrical Cable, or AEC, products. A more significant volume ramp for Scorpio X is expected in the second half of 2026 (the analysts believe Amazon Trainium 3 XPU ramp). On the negatives, the analysts said that gross margins are still expected to come down another 200-300 basis points, or bps, in the second half of the year due to unfavorable stock-keeping units, or SKUs, mix within the Scorpio X product line and higher mix of hardware sales. The analysts added that as inference workload volume surpassed training workloads in the second half of last year, this has created more silicon opportunities as these workloads continue to evolve. Astera is already taking advantage of it (announced a custom CXL controller for KV cache applications), the analysts noted. AI inference is the process of running a trained AI model to produce predictions or conclusions on new, unseen data. "Overall, we believe Astera’s robust and expanding new product pipeline will continue to set a high...

格隆汇5月6日｜疫苗制造商诺瓦瓦克斯公布，得益于疫苗业务的强劲表现，第一季度营收为1.4亿美元，超过分析师平均预期的7830万美元。公司正持续推进降本增效，目标是将2026年的研发及行政费用合计控制在约3.25亿美元，2027年降至2.25亿美元。

格隆汇5月6日｜据CCTV国际时讯，伊朗法尔斯通讯社5月6日公布了一段“敌方察打一体无人机残骸”画面。消息称，该敌方无人机于当地时间5月5日晚，在霍尔木兹海峡区域被伊朗防空系统击落。

江西省上高县荣炭科技有限公司5日发表声明宣布，自4月7日起，已解除“台独”顽固分子刘世芳亲属颜文群在台湾荣炭科技有限公司及上高县荣炭科技有限公司等大陆子公司的全部职务。(新华社)

A visit by Vietnam’s leader to India is set to enhance New Delhi’s growing influence with Hanoi while allowing the Southeast Asian country to hedge against China in the event of any escalation in maritime disputes. Vietnamese President To Lam’s trip underscores concerns from both countries of being “overly dependent” on any superpower, according to political analysts. Lam arrived in Delhi on Tuesday for a three-day visit, marking his first trip to India since assuming office. The visit coincides...

全球能源市场正经历深刻变革，传统能源出口格局逐渐瓦解，新兴力量不断崛起。 “五一”节期间，国际能源供应、运输和消费端格局出现了重大变化的端倪，相关方为自身核心利益谋求对策并产生关联性博弈或新突破。本文从阿联酋、俄罗斯等相关举措和中方首次动用阻断措施等角度来论证。 阿联酋以退为进 国际局势风平浪静时，阿联酋被认为是投资最安全的港湾和最让西方各地以及新兴工业化地区富翁们向往的生活之都。多年来，迪拜一直出现在中国主流媒体的深度报道中；阿联酋也是上海进博会重要嘉宾国，深得第一财经的关注。 2月美以伊战争爆发，阿联酋突然被卷入。阿联酋的防空系统也算给力，拦下了绝大多数袭击，但架不住基数大还是明显受损，不仅直接造成外籍劳工伤亡，而且机场、港口运营受影响，当地基础设施也被砸坏，民生和经济都遭了殃。除了原油产业，阿联酋环球铝业（EGA）旗下规模最大的金属生产设施在导弹和无人机袭击中遭受了严重破坏，显示出这场战争对该地区的大宗商品产业造成冲击。EGA是中东最大的铝生产商，也是全球市场的主要供应商。由于霍尔木兹海峡实际上已被封锁拉锯，波斯湾地区能源和金属生产商已无法向全球市场常规供应。 法国在3月末举办的七国集团外长会议一度以联合声明的形式要求：“全力压缩冲突的地区影响，阻断经济冲击向外扩散，重点强调要守护地区平民、关键基础设施的安全，同步统筹推进人道主义救援工作。”针对全球能源运输的咽喉要道霍尔木兹海峡，声明更是提出明确要求，呼吁推动这一重要航道实现永久性恢复通航。不过，阿联酋智库的专业评估却是无实质性效果。由于非原油产业的雄心受到严重的压制，阿联酋政府选择独立原油供给。 就在5月1日，阿联酋正式退出了欧佩克；这对国际市场产生重大影响。有经济学家就此评论：对于阿联酋而言，这次美以伊冲突带来的霍尔木兹海峡危机，成了“压死骆驼的最后一根稻草”。阿联酋退出欧佩克，更主要因素是基于原油供给独立性。笔者所在智库的交流记录表明：阿联酋一直在谋求增产，欧佩克给阿联酋的配额是300万~350万桶/日，但实际上阿联酋的产能是480万桶/日。海湾国家中，除沙特可经红海出口石油外，阿联酋也可以靠富查伊拉港出口石油。其合作伙伴有相关产业链明确需求，特别是韩国总统李在明就专门派出特使和阿联酋达成石油协议，力图为韩国原油进口摆脱卡脖子局面。而且越来越多的国家找上阿联酋单独供油，这是阿联酋主动退出欧佩克的原因之一...

anyaberkut/iStock via Getty Images Criteo ( CRTO ) shares fell 7.8% in premarket trading Wednesday, extending a difficult stretch that has seen the stock decline 29% through Tuesday’s close, even after the advertising technology company reported first-quarter results that topped Wall Street expectations. The operator of a global commerce media platform that helps brands, retailers and agencies deliver targeted digital advertising across channels, beat analysts’ estimates for both revenue and earnings. Revenue came in at $425 million, above the consensus estimate of $248.1 million, while adjusted earnings were $0.73 a share, exceeding expectations of $0.56. Still, investors appeared focused on a sharp deterioration in profitability and a weakening outlook. Net income fell to $9 million, or $0.15 a share, from $40 million, or $0.66 a share, a year earlier. The company’s earnings before interest, taxes, depreciation and amortization declined significantly, with that metric dropping to $65 million from $92 million a year earlier. The 30% decline underscored margin pressure tied to lower contribution excluding traffic acquisition costs and increased investment spending. Retail media decline, client pullbacks raise red flags A key source of investor concern may be weakness in Criteo’s ( CRTO ) retail media segment, where revenue and contribution ex-TAC both fell roughly 31% year over year. The company attributed the drop largely to previously disclosed changes with two major clients that switched from managed services to self- service platforms, which created a $27 million headwind in the quarter. Performance media, the company’s larger segment, also showed signs of softness, with revenue declining 2% year over year. The outlook added to the cautious tone. Criteo ( CRTO ) said it expects contribution ex-TAC to decline at a low-single-digit rate for the full year on a constant currency basis, and forecast second-quarter contribution ex-TAC down as much as 11% year over yea...

格隆汇5月6日｜礼来(LLY.US)已启动投资级债券发行，以为其近期一系列收购交易筹集资金。据知情人士透露，礼来计划发行最多八个期限的债券，期限从2年到40年不等。其中期限最长、于2066年到期的债券初步价格指导为较美债收益率高约113个基点。礼来近期正展开大规模收购行动。过去两个月内，公司分别达成了对睡眠药物开发商Centessa Pharmaceuticals Plc最高78亿美元，以及癌症药物开发商Kelonia Therapeutics最高70亿美元的收购交易。这两笔交易均为礼来历史上最昂贵的收购之一。首席执行官Dave Ricks表示，投资者应预期未来还会有更多交易。此次发债也正值礼来公布强劲第一季度业绩之后，公司上调了全年销售和利润预期。

TACO、HALO与REAL共同刻画了当前市场叙事的三个维度。 2026年，全球金融市场呈现出显著的结构性分化特征，资产价格的演绎路径逐步偏离以往的共识主线，转而进入以主题驱动与结构分层为主要特征的模式。其中，TACO（特朗普“认怂经济学”下的短线交易策略）、HALO（AI时代的“重资产避风港”框架）和REAL（针对亚太市场的结构性防御框架）三类投资框架成为讨论热点，也是当前阶段市场理解不确定性与进行资产定价的重要参考。 TACO、HALO与REAL并非孤立存在，而是共同刻画了当前市场叙事的三个维度。一是估值叙事。政策反复抬升风险溢价，对高度依赖未来盈利预期的科技资产估值形成约束。二是稀缺性叙事。人工智能浪潮下资产稀缺性的定义正在发生转移，市场开始重新审视资产的物理属性与替代难度。三是安全性叙事。在地缘政治格局重塑与政策博弈强化的背景下，具备稳定本地网络及监管制度的资产，在尾部风险上升的环境中获得相对定价优势。 进一步而言，市场“时移”之表象，实乃宏观“势易”之映射。一方面，人工智能创造性破坏效应逐步显现，深刻影响既有商业模式与竞争格局。另一方面，通胀中枢上移与高利率环境持续限制企业估值空间，使资产回报对稳定现金流的依赖度提高。与此同时，地缘政治冲突与供应链重构推动全球经济由效率导向转为安全导向，空间与制度约束在资产定价体系中的重要性进一步提升。 时移势易，顺势而为，未来的资产配置或需在“稳”与“进”之间取得动态平衡，以高质量现金流资产构筑核心收益，以具备盈利兑现能力的科技细分赛道捕捉结构性机会，并通过能源以及实物资产强化对通胀与地缘风险的对冲能力，从而在波动中维持组合韧性，在分化中提升配置效率。 从共识主线到结构定价 2026年，全球金融市场呈现出显著的结构性分化特征，资产价格的演绎路径逐步偏离以往的共识主线，转而进入以主题驱动与结构分层为主要特征的模式。从市场表现来看，一方面，资产分化程度显著加剧。宽基指数整体表现平淡，而部分细分领域与主题资产表现则颇为亮眼，市场由指数行情转向结构行情。以人工智能为代表的科技板块为例，资金更倾向于具备明确供需逻辑与盈利兑现能力的细分赛道，存储、光电元件等领域表现相对突出（图1）。 另一方面，市场定价逻辑加速切换。投资者不再简单依赖技术叙事或未来成长进行估值扩张，而是更加关注商业模式的稳健性、盈利兑现的确定性以及潜在的替代风险。在...

格隆汇5月6日｜原油跌逾3%，棕榈油跌2%，乙二醇、纯苯、燃油、低硫燃油、塑料、PTA、沥青、甲醇、聚丙烯、对二甲苯跌逾1%；沪锡、沪银涨逾2%，烧碱、国际铜涨逾1%。

(RTTNews) - United Fire Group Inc (UFCS) will host a conference call at 10:00 AM ET on May 6, 2026, to discuss Q1 26 earnings results.

Wulff Hansen & CO. Trims Position in Intel Corporation $INTC MarketBeat

Nvidia (NVDA) Looks Beyond Chips as Corning (GLW) Deal Targets AI’s Next Big Bottleneck TipRanks