Getty Images The AMG GW&K Municipal Bond Fund (Class N) returned 2.08% for the fourth quarter of 2025, compared with 1.75% for its benchmark, the Bloomberg 10-Year Municipal Bond Index. For the 12 months ending December 31, 2025, the Fund returned 5.21% versus 5.92% for the Index. Please note that this Fund has multiple share classes. Market Overview Municipal bonds posted solid results in the fou...
Getty Images The AMG GW&K Municipal Bond Fund (Class N) returned 2.08% for the fourth quarter of 2025, compared with 1.75% for its benchmark, the Bloomberg 10-Year Municipal Bond Index. For the 12 months ending December 31, 2025, the Fund returned 5.21% versus 5.92% for the Index. Please note that this Fund has multiple share classes. Market Overview Municipal bonds posted solid results in the fourth quarter, though gains were unevenly distributed across the curve. The momentum that began with the late third-quarter rally carried over into October, as robust investor appetite easily took down still heavy supply. The market consolidated those gains in November and December as issuance decelerated and demand settled into its usual seasonal pattern. Curve dynamics drove much of the differentiation in returns. Yields inside seven years actually rose for the quarter, while those at the longest end dipped modestly. The strongest segment was the 10- to 15-year area of the curve, which saw rates decline 15-20 basis points, pushing intermediate returns over 5% for the year. Despite the front half flattening, nearly every portion of the curve finished the year meaningfully steeper than where it began, particularly beyond ten years. The broader rate backdrop remained unsettled, with Treasury yields moving in different directions across the curve. Short- and intermediate-term rates declined modestly, while longer-dated yields drifted higher. Inflation readings softened over the period, though the results were clouded by shutdown-related distortions. Labor market data sent mixed signals as unemployment edged higher even as job growth remained uneven. Toward the end of the quarter, gross domestic product (GDP) growth surprised to the upside, highlighting the continued resilience of the economy. The Federal Reserve Board (the Fed) cut rates twice during the quarter but tempered expectations for future moves, flattening the projected policy path and underscoring the lack of consens...
中東局勢｜政府向阿聯酋航空爭取預留機位予滯留港人 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】政府向阿聯酋航空爭取未來數日的航班預留部分機位安排滯留港人回港。 運輸及物流局說，自迪拜機場有限度復飛後，一直與阿聯...
中東局勢｜政府向阿聯酋航空爭取預留機位予滯留港人 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】政府向阿聯酋航空爭取未來數日的航班預留部分機位安排滯留港人回港。 運輸及物流局說，自迪拜機場有限度復飛後，一直與阿聯酋航空保持聯繫，特區政府已爭取周六航班預留部分機位，讓政府直接安排有特別需要的香港人，例如長期病患者、孕婦和幼童盡快回港，未來數日的航班都會爭取機位作同樣安排，並已表達希望加開航班，也繼續與其他航空公司緊密溝通，了解復航計劃，盡力安排滯留香港人離開當地。
European natural gas prices are poised for their biggest weekly gain since the energy crisis as the war in the Middle East continues to cloud the outlook for global flows. Benchmark futures paused their ascent on Friday, while still on track to end the week more than 50% higher. The war in Iran has entered its seventh day with no relief in sight, and disruptions to energy trade have sparked fears ...
European natural gas prices are poised for their biggest weekly gain since the energy crisis as the war in the Middle East continues to cloud the outlook for global flows. Benchmark futures paused their ascent on Friday, while still on track to end the week more than 50% higher. The war in Iran has entered its seventh day with no relief in sight, and disruptions to energy trade have sparked fears over intense competition for supplies and stronger inflationary pressures, particularly in Europe. The region’s gas market is particularly vulnerable as it’s emerging from winter with gas tanks depleted. That means that it will have to buy more seaborne cargoes this summer to refill them, vying with buyers in Asia for a limited pool of supplies if Middle Eastern flows don’t reach global markets. “If you want an extra ship of US gas in Berlin, you have to bid high enough to divert it away from Tokyo,” Bernstein analysts including Irene Himona wrote in a note. Prices are well below the records reached during the energy crisis, currently near €50 a megawatt-hour, compared to an all-time peak above €300 a megawatt-hour. Still, ship traffic in the Strait of Hormuz has ground to a near-complete halt , prompting dozens of fully laden oil and gas tankers to stay hunkered down within the Persian Gulf. The route normally accounting for about a fifth of the world’s LNG supplies. Meanwhile, implied volatility in Europe’s benchmark gas futures — a measure of the cost of the underlying options on the contracts — has more than quadrupled since the start of 2026 and now sits near the highest since summer 2023. Dutch front-month futures, Europe’s gas benchmark, nudged 3.5% lower to € 48.98 a megawatt-hour by 8:36 a.m. in Amsterdam.
卡尼訪日晤高市早苗 雙方同意加強AI及稀土礦產等合作 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】加拿大總理卡尼轉到東京訪問與日本首相高市早苗會晤，雙方同意加強在人工智能及稀土礦產等範疇合作，又歡迎早前加強了兩...
卡尼訪日晤高市早苗 雙方同意加強AI及稀土礦產等合作 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】加拿大總理卡尼轉到東京訪問與日本首相高市早苗會晤，雙方同意加強在人工智能及稀土礦產等範疇合作，又歡迎早前加強了兩國的防務及安全合作。 早在車隊到達前，日本首相高市早苗已在大門等候加拿大總理卡尼。進入首相官邸後，儀仗隊先後奏起雙方國歌，高市隨後陪同卡尼檢閱。日本是卡尼這次出訪最後一站，亦是他去年3月就任以來首次到訪，他早前先後訪問了印度和澳洲，全都是美國推動的美日印澳四方機制成員。 兩人會談約半小時，高市強調兩國共享自由民主等價值，是推動印太自由開放的重要戰略夥伴，又指因應當前國際形勢，雙方合作變成前所未有般必要。雙方又簽署聯合聲明和合作文件，決定建立經濟安保對話機制，重點加強AI人工智能及量子等尖端領域的研發合作，同時確保稀土等重要礦物的供應鏈穩定，亦同意在能源及糧食安全加深合作。又指示建立網絡政策磋商機制，亦會加強情報分享巡邏協調和聯合演習。 卡尼又以日語諺語形容兩國關係，在動盪中變得更堅實。卡尼：「雨打落後地更固，逆境試煉並打磨我們的強度，如今我們一起在更牢固之地邁出第一步。」
Palantir (PLTR 0.39%) has been on fire over the past years, but volatility has been prevalent. The data analytics and artificial intelligence (AI) specialist has generated stock price gains of 1,730% over the past three years, but has fallen by at least 20% at least 10 times. There's more. During the two years between early 2021 and early 2023, Palantir stock plummeted more than 80% -- so it isn't...
Palantir (PLTR 0.39%) has been on fire over the past years, but volatility has been prevalent. The data analytics and artificial intelligence (AI) specialist has generated stock price gains of 1,730% over the past three years, but has fallen by at least 20% at least 10 times. There's more. During the two years between early 2021 and early 2023, Palantir stock plummeted more than 80% -- so it isn't for the squeamish. The stock currently trades for an eye-popping 241 times earnings and 115 times forward earnings (as of this writing), yet one Wall Street analyst calls Palantir "extraordinary." Citi says Palantir stock is a buy Citi analyst Tyler Radke recently made a splash, maintaining a buy rating and raising his price target on Palantir stock to a Street-high $260. For those keeping score at home, this represents potential gains for investors of 70% compared to Thursday's closing price. The analyst cites Palantir's strong results and relentless growth as the basis for his bullish stance. Radke points out that "These revisions mark some of the strongest at scale we've seen in enterprise software." He goes on to say that "Palantir's momentum increasingly stands out in a software market where accelerating growth stories are rare." I think the analyst hit the nail on the head. In the fourth quarter, Palantir's revenue grew 70% year over year, but this belies the underlying strength of the business. The U.S. commercial segment -- which includes the company's Artificial Intelligence Platform (AIP) -- surged 137% year over year and 28% sequentially, representing 36% of Palantir's total revenue. AIP is attracting not only enterprise customers but also government agencies. Equally as impressive is the company's remaining performance obligation (RPO) -- contractually obligated sales not yet included in revenue -- which surged 143% to $4.2 billion, adding $1.6 billion in the fourth quarter alone. This gives the company a solid foundation for future growth. Expand NASDAQ : PLTR...
Key Points Palantir stock has gained 1,720% over the past three years, sending its valuation into orbit. The data analytics and AI company is predicting that its high double-digit growth will continue into next year. One analyst believes Palantir is in a class by itself. 10 stocks we like better than Palantir Technologies › Palantir (NASDAQ: PLTR) has been on fire over the past years, but volatili...
Key Points Palantir stock has gained 1,720% over the past three years, sending its valuation into orbit. The data analytics and AI company is predicting that its high double-digit growth will continue into next year. One analyst believes Palantir is in a class by itself. 10 stocks we like better than Palantir Technologies › Palantir (NASDAQ: PLTR) has been on fire over the past years, but volatility has been prevalent. The data analytics and artificial intelligence (AI) specialist has generated stock price gains of 1,730% over the past three years, but has fallen by at least 20% at least 10 times. There's more. During the two years between early 2021 and early 2023, Palantir stock plummeted more than 80% -- so it isn't for the squeamish. The stock currently trades for an eye-popping 241 times earnings and 115 times forward earnings (as of this writing), yet one Wall Street analyst calls Palantir "extraordinary." Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Citi says Palantir stock is a buy Citi analyst Tyler Radke recently made a splash, maintaining a buy rating and raising his price target on Palantir stock to a Street-high $260. For those keeping score at home, this represents potential gains for investors of 70% compared to Thursday's closing price. The analyst cites Palantir's strong results and relentless growth as the basis for his bullish stance. Radke points out that "These revisions mark some of the strongest at scale we've seen in enterprise software." He goes on to say that "Palantir's momentum increasingly stands out in a software market where accelerating growth stories are rare." I think the analyst hit the nail on the head. In the fourth quarter, Palantir's revenue grew 70% year over year, but this belies the underlying strength of the business. The U.S. commercial segment -- whi...
China’s 15th five-year plan lays out a comprehensive set of quantitative socio-economic development targets, ranging from innovation to food and energy security. To navigate external volatility and sluggish domestic demand, Beijing has built in flexibility by allowing specific economic and innovation metrics to be determined on certain conditions.
China’s 15th five-year plan lays out a comprehensive set of quantitative socio-economic development targets, ranging from innovation to food and energy security. To navigate external volatility and sluggish domestic demand, Beijing has built in flexibility by allowing specific economic and innovation metrics to be determined on certain conditions.
Hugo Kurk/iStock via Getty Images Investment action I had a buy rating for Primoris Services Corporation ( PRIM ) previously, as I saw no fundamental weaknesses in the company. Demand remained strong, and hence, I thought the sell-off was a buying opportunity. I am maintaining a buy rating. Backlog has recovered to >$11.9 billion, Q4 bookings were strong, and the growth setup has gotten better wit...
Hugo Kurk/iStock via Getty Images Investment action I had a buy rating for Primoris Services Corporation ( PRIM ) previously, as I saw no fundamental weaknesses in the company. Demand remained strong, and hence, I thought the sell-off was a buying opportunity. I am maintaining a buy rating. Backlog has recovered to >$11.9 billion, Q4 bookings were strong, and the growth setup has gotten better with gas generation and pipeline both improving. Earnings review PRIM grew Q4 2025 revenue by 6.7% y/y, reaching ~$1.86 billion, with Utilities revenue coming in at ~$698 million and Energy at ~$1.19 billion. The former delivered $73.5 million of gross profit and $43.7 million of EBIT, while the latter delivered $101.5 million of gross profit and $61 million of EBIT. That said, the part that “disappointed” the market, I believe, is that margins moved down y/y. Utilities gross margin was 10.5% (down from 12.1%), while Energy gross margin was 8.5%. Overall gross profit fell by $9.6 million y/y. That led to total EBIT coming in at $77.5 million (down $10.1 million y/y), and the operating margin was 4.2% (it was 5% a year ago). As a result, adj. net income was $59.3 million, down from $61.8 million. The growth story remains solid The demand profile looks much better after this Q4 quarter. It appears I was right that the backlog dropping to $11.1 billion previously was due to timing, not a demand issue. Management said the total backlog ended at more than $11.9 billion and that they booked ~$3 billion of new work in Q4. They also said total MSA (master service agreement) backlog was up >20% y/y. I think these numbers should be strong enough to convince any doubters that demand did not turn weak. Backlog is just one piece of the puzzle. There are multiple other angles that are supporting the bull case. For instance, gas generation is getting bigger. In FY2025, natural gas generation contributed $480 million of revenue, but in 1H 2026, management said they are actively engaged in or ...