Financial Wire

Sector Update: Financial

-- Financial stocks were lower Friday afternoon, with the NYSE Financial Index decreasing 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) falling 1.2%.

The Philadelphia Housing Index was down 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was little changed.

Bitcoin (BTC-USD) was increasing 1.5% to $72,873, and the yield for 10-year US Treasuries rose 2.6 basis points to nearly 4.32%.

In economic news, US consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher. The consumer price index advanced 0.9% last month, its strongest pace of growth since June 2022, the Bureau of Labor Statistics reported Friday. The latest print met a Bloomberg-polled consensus view. Prices rose 0.3% in February. Annually, inflation grew to 3.3% from February's 2.4% rise, falling short of Wall Street's 3.4% projection.

In corporate news, Fair Isaac (FICO) shares dropped 13% after Barclays cut its price target on the stock to $1,950 from $2,400 while maintaining its overweight rating.

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Oil & Energy

EMEA Oil Update: Crude Gains as US-Iran Talks Signals Offset Hormuz Closure

EMEA crude futures rose in after-hours trading on Thursday as the market weighed signs that the US and Iran may extend a ceasefire amid the blockade of the Strait of Hormuz that has roiled global energy markets.Brent crude futures climbed by 2.46% to $93.52 per barrel, while Murban oil futures were up 0.63% to $101.48/bbl.Saxo Bank strategists said oil has steadied amid signs that the US and Iran may extend a ceasefire and restart talks aimed at ending a war that has choked global supplies of key Arabian Gulf commodities.US and Iranian negotiators are reportedly considering returning to Pakistan for further talks as early as the coming weekend. Pakistani army chief Asim Munir arrived in Tehran on Wednesday for talks to ease tensions in the Middle East and arrange a second round of US-Iran peace negotiations.However, the two sides are reportedly pivoting toward a temporary memorandum to avert renewed hostilities, scaling back ambitions for a comprehensive peace deal after talks in Islamabad ended without a breakthrough.Though US and Iranian mediators have signaled optimism regarding a de-escalation framework and resumption of talks, deep-seated friction over Iran's nuclear program continues to stall a final resolution."The oil market continues to edge lower amid hopes that the US and Iran extend their ceasefire by another 2 weeks, along with a potential resumption in talks to bring an end to the war," ING strategists said in a note on Thursday.The Middle East conflict has caused unprecedented disruption to global energy markets amid the double blockade of the Hormuz, a strategic waterway that typically carries about 20% of the world's oil and liquefied natural gas flows.ING analysts said the physical market is tightening by the day as each passing day without a restart of oil flows via the Strait.The analysts estimate that about 13 million barrels per day have been disrupted, and the figure could rise further with the US blockade.The US Central Command has imposed a blockade to cut off Iranian traffic, while Tehran keeps the strategic waterway closed to most other ships. Kpler strategists said vessel traffic via the Hormuz has increased from last month's unusually low levels, with crossings rising and activity extending across a broader mix of vessel types and cargoes.Meanwhile, US Treasury Secretary Scott Bessent said that Washington will not renew sanctions waivers for some Iranian and Russian oil. On Wednesday, the Treasury's Office of Foreign Assets Control imposed penalties on a number of individuals, firms and vessels linked to Hossein Shamkhani.

Australia

Genius Group Closes $8 Million Registered Direct Offering

Genius Group (GNS) said Thursday it closed its registered direct offering of about 21.6 million ordinary shares, or pre-funded warrants, at $0.37 per share, for gross proceeds of $8 million.The company said it is using $5.5 million of the proceeds to acquire a senior secured convertible promissory note that is being immediately converted into a 9.9% equity stake in Jewel Financial, the sole shareholder of Jewel Bancorp, Bermuda's only dual-licensed digital bank.The proceeds are being used in connection with its previously announced plans to become a permitted payment stablecoin issuer and digital asset service provider, the company said.Additionally, Genius Group will issue 15 million shares at $0.40 per share as further consideration for the acquisition, as per the terms of the note purchase agreement.

$GNS
Asia Markets

Exchange-Traded Funds Mixed, US Equities Rise After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM was softer while IVV gained. Actively traded Invesco QQQ Trust (QQQ) added 0.5%.US equity indexes were higher after midday Thursday after Israel and Lebanon agreed to a 10-day ceasefire, removing an obstacle to diplomacy in works to extend the Iran truce deal.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each gained about 1.6%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) was up 0.9%; iShares US Technology ETF (IYW) rose 0.7%, and iShares Expanded Tech Sector ETF (IGM) added 0.8%.The State Street SPDR S&P Semiconductor (XSD) climbed 2%, and iShares Semiconductor (SOXX) was up 0.9%.FinancialThe State Street Financial Select Sector SPDR (XLF) slipped 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) declined 0.4%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), climbed 0.3%.CommoditiesCrude oil fell 0.8%, and the United States Oil Fund (USO) advanced 3.8%. Natural gas rose 1.3%, and the United States Natural Gas Fund (UNG) added 1.2%.Gold on Comex eased 0.2%, and the State Street SPDR Gold Shares (GLD) fell 0.1%. Silver shed 1.2%, and iShares Silver Trust (SLV) dipped 1%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) gained 0.2%. The Vanguard Consumer Staples ETF (VDC) added 0.1%, and iShares Dow Jones US Consumer Goods (IYK) was 0.2% higher.The State Street Consumer Discretionary Select Sector SPDR (XLY) eased 0.4%. VanEck Retail ETF (RTH) was flat, while the State Street SPDR S&P Retail (XRT) added 0.8%.Health CareThe State Street Health Care Select Sector SPDR (XLV) fell 0.7%, iShares US Healthcare (IYH) declined 0.8%, and Vanguard Health Care ETF (VHT) was 0.7% lower. IShares Biotechnology ETF (IBB) shed 0.9%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) lost 0.5%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) also declined.CryptocurrencyIn midday activity, bitcoin (BTC-USD) fell 0.9%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) slipped 1%, ProShares Ether ETF (EETH) eased 1.7%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was down 0.9%.

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