Financial Wire - Financial News

Middle East War Uncertainty Caps Asian Stock Markets

Asian stock markets largely fell back Thursday, as traders looked for clarity on the status of the Strait of Hormuz and the Persian Gulf war.Hong Kong, Shanghai, and Tokyo finished in the red, while other regional exchanges were mixed.In Japan, the Nikkei 225 opened evenly but declined in trading, finishing off 0.7% as traders booked profits after Wednesday's rally following reports of a Middle East ceasefire.The benchmark Nikkei 225 fell 413.10 to 55,895.32, as losing issues outnumbered gainers 169 to 54.Leading the upside was Yokogawa Electric, up 4.1%, while retail conglomerate Aeon declined 8.2%.In economic news, Japan's seasonally adjusted Consumer Confidence Index declined to 33.3 in March, down from 39.7 in February, reported the Cabinet Office.Japan's machine tool orders jumped by 28.1% year-on-year in March, driven by a 40.4% surge in offshore demand, reported the Japan Machine Tool Builders Association.In Hong Kong, the Hang Seng Index opened lower and could not recover, closing down 0.5% on ebbing optimism regarding Middle East negotiations.The broad gauge Hang Seng fell 140.62 to 25,752.40 as losing issues outnumbered gainers 53 to 36. The Hang Seng TECH Index lost 2.1% on the day, while the Mainland Properties Index fell 0.3%.Leading the upside was aluminum producer China Hongqiao, gaining 5.2%, while property company Longfor declined 5.6%.On the mainland, the Shanghai Composite fell 0.7% to 3,966.17.On the other regional exchanges, the South Korean KOSPI fell 1.6%; the Taiwan TWSE rose 0.3%; the Australian ASX 200 gained 0.2%; the Singapore Straits Times Index fell 0.4%, and the Thai Set inclined 0.3%. In late trading in Mumbai, the Sensex was down 1.2%.The MSCI All Country Asia Pacific Index fell 0.9% on the day.

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Convatec Launches New Strategy to Hit Upgraded Revenue Targets

Convatec Group (CTEC.L) on Thursday detailed its new strategic plan to help achieve its aims of fast-tracking "sustainable and profitable" growth and reaching recently upgraded midterm revenue goals.In a same-day release, the medical products and technologies company said its Accelerate strategy marks the next stage of its growth ambitions and builds on its FISBE framework, which stands for focus, innovation, simplify, build, and execute.The new strategy is structured around four pillars, including customer-focused growth, the use of its innovation pipeline and artificial intelligence technology to address patient needs, as well as culture, purpose and performance. The fourth strategic cornerstone, execution excellence, is focused on rapid, "right first time, on-time on-budget" delivery and shortened innovation cycle timelines to streamline operations, improve productivity and meet its goals."Convatec delivers innovative medical solutions to improve the lives of millions of people living with chronic conditions. The opportunity for future growth is substantial. Our Accelerate strategy is how we will deliver the next chapter of Convatec's exciting story," Chief Executive Officer Jonny Mason said.The group's medium-term outlook now targets an annual organic revenue growth of between 6% and 8%, up from the prior 5% to 7% range. Convatec projects its infusion care unit to grow by double digits, as it expects mid-to-high single-digit growth for its advanced wound care, ostomy care, and continence care divisions.Additionally, the group guided to an adjusted operating margin of between 24% and 26% by 2027, compared with 22.3% in 2025. It also expects "sustainable" double-digit adjusted annual EPS growth and a double-digit free cash flow to equity compound annual growth rate.The London-listed stock was nearly 3% in the red by Thursday midday trade.

$CTEC.L

US Markets10d ago

Constellation Issues Weak Full-Year Earnings Outlook as Fiscal Fourth-Quarter Results Decline

Constellation Brands (STZ) shares inched lower early Thursday after the beer and wine company provided a full-year earnings outlook below Wall Street's estimates and recorded year-over-year declines in its fiscal fourth-quarter results.The maker of Modelo and Corona anticipates comparable earnings to come in between $11.20 and $11.90 per share for fiscal 2027, it said late Wednesday, while the current consensus on FactSet is for $12.38. In the previous fiscal year, comparable EPS dropped 14% to $11.82 on an annual basis.In April 2025, the company projected EPS to grow by mid-single-digits to low-double-digits for fiscal 2027. Constellation also withdrew its previously issued fiscal 2028 outlook to reflect the current environment, it said.Enterprise organic sales, beer sales and organic sales in the wine and spirits division are all expected to range from a 1% decline to a 1% rise for the ongoing fiscal year, according to Constellation. Company-wide organic sales slid 10% in fiscal 2026."Looking ahead to fiscal 2027, while we are encouraged by the momentum displayed during the fourth quarter across our beer and wine and spirits businesses, we expect the operating environment to remain dynamic given the evolving socioeconomic backdrop and limited near-term visibility," the company said.The stock declined 0.8% in the most recent premarket activity.The company posted adjusted EPS of $1.90 for the three-month period ended Feb. 28, down from $2.63 the year before, but ahead of the Street's view of $1.71. Net sales fell 11% to $1.92 billion, beating the average analyst estimate of $1.88 billion."Despite the dynamic operating environment in fiscal 2026, we remained focused on the factors within our control and executed with discipline," Chief Executive Bill Newlands said in the earnings release. "We expect consumers will continue to navigate a shifting macroeconomic environment, but we remain encouraged by the momentum we saw in the fourth quarter."Beer revenue ticked up 1% to $1.73 billion, buoyed by shipment growth of 1.1% and favorable pricing. The division's depletion rate, or the pace at which units are sold to end consumers, edged up 0.6%, as gains in the Pacifico, Victoria and the Modelo Chelada brands more than offset declines in Modelo Especial and Corona Extra.Sales of wine and spirits tumbled 58% to $194.2 million, amid a 73% plunge in shipment volume. This reflected the impacts of the divestiture of certain wine and spirits brands, strategic pricing actions on certain brands and changes in distributor contract obligations, the company said. The division's depletion rate inclined 8.3%.

$STZ

US Markets11d ago

Equities Mark Best Finish in At Least 4 Weeks Following US-Iran Truce

Equities on Wall Street rallied Wednesday, driving key indexes to their highest close in at least four weeks, as oil prices slid following a two-week ceasefire between the US and Iran.The Dow Jones Industrial Average increased 2.9% to 47,909.9, the highest close since March 5, while the Nasdaq Composite jumped 2.8% to 22,635, its best finish since March 11.The S&P 500 advanced 2.5% to 6,782.8, marking the highest closing level since March 9.Barring energy's 3.7% decline, all sectors ended in the green, led by industrials' 3.8% advance.West Texas Intermediate crude oil was last down nearly 15% at $96.44 a barrel, while Brent futures tumbled about 12% to $96.40 -- though both benchmarks remained well above pre-conflict levels.US President Donald Trump, who had set an 8 pm ET, Tuesday, deadline for Tehran to fully reopen the Strait of Hormuz, agreed to suspend planned attacks on Iran for two weeks upon Pakistan's request. Tehran said it would allow "safe passage" through the key trading route, subject to coordination with Iranian authorities.However, reports about ceasefire violations signified the possible fragile nature of the pact.Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, accused the US of violating the ceasefire agreement.The White House said Iran assured that ships are transiting the Strait of Hormuz, despite reports that Tehran had again closed the waterway because of Israel's attacks on Lebanon, CNN reported.Separately, Kuwait and the United Arab Emirates reportedly said they were targeted with Iranian drones and missiles."The headlines may calm down first, but the real reset depends on what happens in the days ahead," Charu Chanana, chief investment strategist at Saxo Bank, said in a report.US Treasury yields were down, with the 10-year rate falling 5 basis points at 4.3% and the two-year rate dropping 4.1 basis points at 3.79%.Minutes from the Federal Reserve's March meeting showed that participants emphasized the need for the central bank to be "nimble" in adjusting monetary policy amid heightened macro risks."The vast majority of participants judged that upside risks to inflation and downside risks to employment were elevated, and the majority of participants noted that these risks had increased with developments in the Middle East," the minutes showed.Most policymakers were concerned that a prolonged war could soften labor market conditions, possibly warranting policy easing, according to the minutes. However, persistent inflation amid higher oil prices could call for rate increases."The conflicting viewpoints point to a period of policy stability," Sal Guatieri, senior economist at BMO Capital Markets, said in a report. "The Fed is on hold until it has greater clarity on the direction of the Iran war and its effects on the economy and inflation."Airline and cruise operator stocks jumped, with Carnival (CCL) up 11%, among the top gainers on the S&P 500. United Airlines (UAL) surged 7.8%. Southwest Airlines (LUV) and American Airlines (AAL) were also up, along with Norwegian Cruise Line (NCLH) and Royal Caribbean Cruises (RCL).In company news, Meta Platforms (META) shares jumped 6.5% after the tech giant unveiled its Muse Spark artificial intelligence model.Delta Air Lines (DAL) logged better-than-expected first-quarter results amid robust corporate and leisure demand. The air carrier's shares rose 3.8%.Exxon Mobil (XOM) expects its global oil-equivalent output to take a hit in the first quarter due to production disruptions caused by the Middle East conflict. Shares of the US oil giant fell 4.7%, while smaller rival Chevron (CVX) slumped 4.3%, the steepest decline on the Dow.Gold was last up 1.4% at $4,750.70 per troy ounce, while silver gained 3.4% to $74.44 per ounce.

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Financial News

Middle East War Uncertainty Caps Asian Stock Markets

Convatec Launches New Strategy to Hit Upgraded Revenue Targets

Middle East War Uncertainty Caps Asian Stock Markets

Convatec Launches New Strategy to Hit Upgraded Revenue Targets

Constellation Issues Weak Full-Year Earnings Outlook as Fiscal Fourth-Quarter Results Decline

Canada's Vulnerability Stands Out Among Trade Partners Amid U.S. Tariffs, Says RBC

Commerzbank on Overnight News

Malaysian Shares Ended Lower, Mirroring Regional Losses; M N C Wireless' Shares Plunge 23%

US 10-Year Treasury Yield Falls to 4.29% Pre-Bell; 2-Year Rate Leans Lower to 3.79%

US Treasury Yields Mixed Ahead of Fed's Preferred Inflation Data as Lebanon Pounding Risks Iran Truce

European Council Calls for Swift Progress to Lasting US-Iran Peace, Protect Civilians, Restore Energy Normalcy

Singapore Shares Retreat, Track Regional Losses as Markets Asses Fragile US-Iran Ceasefire

Strait of Hormuz Flow to Remain Constrained for Weeks Despite Ceasefire, Says Sparta

Hong Kong Stocks Fall As US-Iran Ceasefire On Thin Ice; Two Firms File For IPO

Malaysian Industrial Production Mixed in March

EMEA Natural Gas Update: Futures Rise Over 2% as Middle East Ceasefire Turns Fragile

Libya's Ghadames Basin Yields New Gas, Condensate Discovery

South Korean Shares Close Lower amid Israel's Beirut Attack, US-Iran Ceasefire Under Strain

RBC Capital Markets Raises Commodity Price Outlook for 2026-28

RBC Lifts Oil, Gas Forecasts Amid Enormous Middle East Supply Shock

EMEA Oil Update: Prices Bounce as Middle East Truce Hopes Fade

Equities Mark Best Finish in At Least 4 Weeks Following US-Iran Truce