Everett Atlas/iStock via Getty Images By Ewa Manthey , Commodities Strategist LME aluminium eased on headlines suggesting President Donald Trump is considering rolling back some levies on aluminium and steel products amid concerns they are hurting US consumers. The White House has signalled adjustments to duties on derivative products, although Treasury Secretary Scott Bessent has since played dow...
Everett Atlas/iStock via Getty Images By Ewa Manthey , Commodities Strategist LME aluminium eased on headlines suggesting President Donald Trump is considering rolling back some levies on aluminium and steel products amid concerns they are hurting US consumers. The White House has signalled adjustments to duties on derivative products, although Treasury Secretary Scott Bessent has since played down the likelihood of a broad rollback, while White House trade adviser Peter Navarro said there is "no basis in fact” for a story that the administration plans to reduce metals tariffs. Fundamentally, the US remains structurally short aluminium, with domestic smelting capacity having declined over the past two decades due to high power costs and global competitive pressures. Earlier this year, EGA and Century Aluminium ( CENX ) announced plans to build the first new US smelter since 1980 - a 750kt/year plant in Oklahoma - but with construction only starting later this year and production not expected until the end of the decade, it does little to change the near-term supply picture. This means the US will continue to rely heavily on imported primary metal regardless of tariff policy. The potential rollback under discussion appears to focus on derivative products rather than primary aluminium, meaning the core levy on metal would remain unchanged. US aluminium prices soar Trump doubled the levies to 50% in June last year and later expanded them to cover derivative products. Since then, aluminium prices in the US have risen faster than global prices, with the US Midwest premium climbing to an all-time high this week - more than double its early-June level when the 50% tariff took effect. But if there was any rollback on the primary metal levies, the premium will be the first to react. Premiums have diverged since tariffs took effect (Source: Platts, Fastmarkets, ING Research) Trade re-routing Tariffs reshaped US aluminium flows - primary imports fell, scrap imports rose (as a ...
primeimages/E+ via Getty Images Market Review With 2026 underway, a few factors are readily apparent across the global fixed income markets: the slow-going bull market remains in the sweet spot; attractive yield levels should continue to accrue into solid returns over the intermediate to longer term; and the unusual geopolitical backdrop and asynchronous central bank cycles should continue to crea...
primeimages/E+ via Getty Images Market Review With 2026 underway, a few factors are readily apparent across the global fixed income markets: the slow-going bull market remains in the sweet spot; attractive yield levels should continue to accrue into solid returns over the intermediate to longer term; and the unusual geopolitical backdrop and asynchronous central bank cycles should continue to create opportunities to add value through active management. Although events like Q1’s tariff unveiling and accompanying market swoon created bumps along the way, the ongoing economic expansion with moderate growth and inflation has kept yields generally high and range bound—an environment where the highest-yielding sectors continued to post the highest returns. Although excess returns from spread products were once again positive in 2025—as they have been throughout the three years of the bull market—they were more muted. Spreads are narrower, and the bulk of the capital gains potential from narrowing spreads is well behind us at this point of the cycle. Thanks to the positive yield curve and a slight drop in yields, Treasuries finally outperformed cash and joined the bull market last year. Two prevailing themes from late 2025—renewed divergence across global monetary policy rates and the repricing of term premia—will likely remain at play within developed market rate complexes with 2026 underway. So, while we expect a smaller return contribution from spread product going forward, long-term fixed income should pick up a tailwind from the yield advantage and roll down benefits provided by the newly positive yield curves. In the U.S., the Fed’s 25 bp rate cut in December carried a dovish tone, leading to a bull steepening along the curve with only slight movement in the 10-year yield. The narrow move on the 10-year underscored its prevailing low-volatility, range-bound conditions throughout 2025. The low-volatility conditions in the U.S. were further amplified by the selloff acr...
Hollywood groups have spoken out against Seedance 2.0 since generated videos like fight scenes between Tom Cruise and Brad Pitt went viral. | Image by Dave Benett / WireImage via Getty TikTok creator ByteDance says that it is working to improve safeguards on its new AI video generator after Disney, Paramount, and Hollywood trade groups accused the tool of violating copyright protections. Concerns ...
Hollywood groups have spoken out against Seedance 2.0 since generated videos like fight scenes between Tom Cruise and Brad Pitt went viral. | Image by Dave Benett / WireImage via Getty TikTok creator ByteDance says that it is working to improve safeguards on its new AI video generator after Disney, Paramount, and Hollywood trade groups accused the tool of violating copyright protections. Concerns were raised after hyperrealistic videos generated by the Seedance 2.0 model went viral last week, with the likeness of actors, such as Tom Cruise and Brad Pitt, and characters from Dragon Ball Z , Family Guy , and Pokémon . "ByteDance respects intellectual property rights and we have heard the concerns regarding Seedance 2.0," a ByteDance spokesperson said in a statement shared by CNBC . "We are taking steps to strengthen current saf … Read the full story at The Verge.
Software stocks have been getting crushed in 2026. Still, three interesting names are signaling that their sell-off may be overdone, announcing buyback boosts.
Software stocks have been getting crushed in 2026. Still, three interesting names are signaling that their sell-off may be overdone, announcing buyback boosts.
In the largest settlement for a Takeovers Code breach in Hong Kong, the Securities and Futures Commission (SFC) has reached an agreement with two wholly owned subsidiaries of Chow Tai Fook Nominee (CTFN) – a company linked to the Henry Cheng Ka-shun family – requiring them to pay up to HK$1.5 billion (US$192 million) to independent shareholders of Giordano International. The agreement with Sino We...
In the largest settlement for a Takeovers Code breach in Hong Kong, the Securities and Futures Commission (SFC) has reached an agreement with two wholly owned subsidiaries of Chow Tai Fook Nominee (CTFN) – a company linked to the Henry Cheng Ka-shun family – requiring them to pay up to HK$1.5 billion (US$192 million) to independent shareholders of Giordano International. The agreement with Sino Wealth International, Giordano’s majority shareholder, and Clear Prosper Global followed an...
CEO Charlie Nunn tells staff that issue ‘created some concern’ but insisted ‘we definitely have listened to it’ Business live – latest updates The boss of Lloyds Banking Group has told staff that it is investigating a controversial decision to use employee bank account data during pay talks with unions last year. In a town hall meeting open to the bank’s 64,000 staff at the start of February, Char...
CEO Charlie Nunn tells staff that issue ‘created some concern’ but insisted ‘we definitely have listened to it’ Business live – latest updates The boss of Lloyds Banking Group has told staff that it is investigating a controversial decision to use employee bank account data during pay talks with unions last year. In a town hall meeting open to the bank’s 64,000 staff at the start of February, Charlie Nunn conceded that the move “obviously has created some concern” but tried to assure workers that “we definitely have listened to it”. Continue reading...
Dragon Claws/iStock via Getty Images Introduction The last time I covered Agnico Eagle Mines ( AEM ), I highlighted their top-tier quality and an even stronger position following the increase in gold prices, capitalizing on the jump seen throughout the year, reiterating their Buy rating. With an exceptional report, updated medium-term guidance, and the achievement of several records, yet still a c...
Dragon Claws/iStock via Getty Images Introduction The last time I covered Agnico Eagle Mines ( AEM ), I highlighted their top-tier quality and an even stronger position following the increase in gold prices, capitalizing on the jump seen throughout the year, reiterating their Buy rating. With an exceptional report, updated medium-term guidance, and the achievement of several records, yet still a conservative valuation given gold's potential and current prices, Agnico remains a very solid option to consider for anyone interested in gold, remaining a Buy despite their surge. Internal Developments Agnico Eagle Mines IR Agnico reported a stellar Q4 and 2025, beating the market's top- and bottom-line estimates with records in virtually everything, balance sheet improvements, and an AISC of only $1,339 per ounce throughout the year, which further proves the company's quality alongside their long mine life and quality. As for the cash flow, we can see a very strong $4.4 billion reported in 2025 (more than twice the $2.14 billion seen in 2024), and that's with an average realized gold price of $3,454 per ounce. As a note, another advantage here is that Agnico doesn't have to worry about older hedges, being able to fully enjoy the rise in gold prices. To get an idea, if we assume a 45% increase in their operating cash flow as a result of a ~$5,000 average gold price and the same CAPEX in 2026, we're talking about a free cash flow of nearly $7.5 billion in 2026, which is not bad at all for a $107.76 billion market cap, especially given their growth potential, but that will ultimately depend on gold prices, of course. Agnico Eagle Mines IR As AEM highlights, this is the strongest position in their history - which makes sense given the price of gold - which fuels their 20% to 30% potential organic growth (and more if we're looking beyond organic) over the next decade, while their reserves also reached a new record alongside the cash flow, which is very solid given their quality...
Visteon (VC) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might help the stock continue moving higher in the near term.
Visteon (VC) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might help the stock continue moving higher in the near term.
The National Highways Authority of India is preparing to launch an initial public offering of its infrastructure investment trust, which could raise as much as 57 billion rupees ($629 million), as soon as next month, according to people familiar with the matter. Raajmarg Infra Investment Trust has started meeting prospective investors and is likely to begin the share sale in the first half of Marc...
The National Highways Authority of India is preparing to launch an initial public offering of its infrastructure investment trust, which could raise as much as 57 billion rupees ($629 million), as soon as next month, according to people familiar with the matter. Raajmarg Infra Investment Trust has started meeting prospective investors and is likely to begin the share sale in the first half of March, the people said, asking not to be identified because the information is private. Deliberations are ongoing and details including the size and timing of the IPO could change, the people said. A spokesperson for Raajmarg didn’t immediately respond to requests for comment. Proceeds from the offering will be used to provide debt or equity funding to the project’s special purpose vehicle, according to IPO prospectus. About 75% of the net issue will be allocated to institutional investors on a proportionate basis, while the remaining 25% will be reserved for non-institutional investors, prospectus showed. India has 29 registered infrastructure trusts, according to SEBI, of which a few including IRB InvIT Fund , India Grid Trust , Powergrid Infrastructure Investment Trust , Indus Infra Trust and Capital Infra Trust are publicly listed. SBI Capital Markets Ltd., Axis Bank Ltd., ICICI Securities Ltd. and Motilal Oswal Investment Advisors Ltd. are advising on the offering, according to the prospectus.
India is hosting a four-day AI Summit this week that will be attended by executives from major AI labs and Big Tech, including OpenAI, Anthropic, Nvidia, Microsoft, Google, and Cloudflare, as well as heads of state.
India is hosting a four-day AI Summit this week that will be attended by executives from major AI labs and Big Tech, including OpenAI, Anthropic, Nvidia, Microsoft, Google, and Cloudflare, as well as heads of state.
India is hosting a four-day AI Summit this week that will be attended by executives from major AI labs and Big Tech, including OpenAI, Anthropic, Nvidia, Microsoft, Google, and Cloudflare, as well as heads of state.
India is hosting a four-day AI Summit this week that will be attended by executives from major AI labs and Big Tech, including OpenAI, Anthropic, Nvidia, Microsoft, Google, and Cloudflare, as well as heads of state.
The rally in South African bonds is set to gain further impetus when Finance Minister Enoch Godongwana unveils his budget later this month, according to analysts at Morgan Stanley. They expect him to deliver continued fiscal consolidation when he presents the budget to lawmakers in Cape Town on Feb. 25, reassuring investors and further compressing the risk premium they demand for holding the natio...
The rally in South African bonds is set to gain further impetus when Finance Minister Enoch Godongwana unveils his budget later this month, according to analysts at Morgan Stanley. They expect him to deliver continued fiscal consolidation when he presents the budget to lawmakers in Cape Town on Feb. 25, reassuring investors and further compressing the risk premium they demand for holding the nation’s sovereign debt. “This could be one of the most bullish budget documents prepared by National Treasury in many a year,” the analysts wrote in a note to clients. They described the possibility of revenue projections being revised higher, putting the country “in a position of dramatically improving fiscal balances.” South African assets have rallied strongly in recent months, with yields on the benchmark 10-year government bond declining more than 300 basis points to around 8% from an April 2025 peak. Part of that’s been an international story, with lower oil and surging gold prices boosting South Africa’s terms of trade. But investors have also warmed to domestic developments, including Godongwana’s endorsement of the central bank’s decision to lower its inflation target to 3%, and evidence from his mid-term budget update in November that he’s serious about controlling public finances. The rand has advanced about 20% against the dollar since April and Morgan Stanley said it remained “constructive” on the currency thanks to its strong link to precious metal prices “with forecasts targeting 15.30 over the coming quarters.” The rand was trading slightly higher at 15.96 per dollar at 11:14 a.m. in London on Monday. Read More: Yields Hit Record Low on Inflation Outlook: Inside South Africa Morgan Stanley expects South Africa’s consolidated budget deficit to narrow to 3.5% of gross domestic product in the year through March 2027 — at the bullish end of market expectations — before declining to 2.6% by 2028-29. The minister projected the 2025-26 budget deficit at 4.7% of GDP in ...