It was a week shaped by two forces that fed directly into each other: A Middle East conflict cycling through another round of brinkmanship, and a fixed-income market delivering its most pointed message yet to the incoming head of the Federal Reserve. Wall Street slid to open the week as Treasury yields surged on fresh inflation concerns and the overnight news from the Gulf landed poorly. Do
The United States and Iran remained divided on key issues as negotiations continued on Thursday, despite officials from both sides reporting limited progress in talks aimed at ending the conflict between Tehran, Washington and Israel. U.S. Secretary of State Marco Rubio told reporters there had been "some good signs" in discussions with Iran, though significant obstacles remained over Tehran’s
Walmart beat revenue estimates last quarter, but shares fell more than 7% after it issued lower-than-expected guidance amid high fuel prices. Revenue was up 7.9% year-over-year to US$177.75 billion, above LSEG-compiled estimates of $174.98 billion. Earnings per share were $0.66, rising from $0.61 and in line with estimates. “Our results reflect our continued focus on delivering across the en
United States housing starts fell in April as rising mortgage rates continue to pressure the housing market. Total privately-owned housing starts were 1,465,000 during the month, per the U.S. Census Bureau. This is 2.8% below March’s 1,507,000, but ahead of Westpac's estimates of a 5.1% drop. “Single-family housing starts in April were at a rate of 930,000; this is 9.0 percent below the revi
IBM shares soared after the United States Government announced it would invest in nine quantum-computing companies, including a new entity majority-owned by the technology giant. The U.S. Department of Commerce said the Government would spend about US$2 billion (A$2.76 billion), of which IBM would receive $1 billion to set up a company to build America's first dedicated quantum chip manufacturi
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The United Arab Emirates’ new oil pipeline bypassing the Strait of Hormuz is almost 50% complete, according to Abu Dhabi state-owned oil company ADNOC. Abu Dhabi said last week that it would fast-track the project’s construction, and is aiming for the pipeline to be operational in 2027. UAE oil exports have been disrupted since Iran began blocking the Strait of Hormuz in February. “Right now
Five tech giants are linking up to launch a ‘Semiconductor Hub’ at the University of California, Los Angeles. The US$125 million venture will see a collaboration between Broadcom, Meta, Applied Materials, GlobalFoundries and Synopsys to create the hub at the School of Engineering. The project will look to improve research across the semiconductor industry, including chip design and equipment
Estee Lauder and Spanish perfumery Puig have ended merger talks that would have created a premium beauty giant better poised to compete with industry leader L’Oreal. Despite this, Estee Lauder shares rose over 10% in extended trading as investors cheered the end of the deal. Analysts warned that the deal could add integration risk, stretch the company's balance sheet and distract management
AMD will invest over US$10 billion (A$14.03 billion) into Taiwan’s artificial intelligence industry, it said today, with the goal of raising its capacity to build advanced chips. The company is working with Taiwan-based semiconductor assembly firms like ASE, SPIL, and PTI to develop its next-generation chips. Taiwan is the home of chip manufacturers, including Taiwan Semiconductor Manufacturing
Ralph Lauren shares surged as its Q4 earnings beat revenue expectations on the back of strong sales in China, as affluent shoppers continue to buy from the high-end apparel brand. Fourth quarter sales for the company were led by Asia, where they grew 31% on a reported basis. The company said this was driven by strong growth in China, driven by exceptional Lunar New Year sales. Ralph Lauren,
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