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Marathon Petroleum profits beat estimates due to refining margin increase
Marathon Petroleum beat Wall Street estimates for the first-quarter profits on Tuesday, benefiting from higher refining margins due to a 'tighter supply globally caused by 'the Middle East War. The stock has risen 55% this year, and its?shares? rose 1% in the premarket. The company has also approved a $5 billion additional share repurchase programme, bringing its total authorization up to approximately $8.6 billion. Marathon returned over $1 billion to its shareholders during the third quarter. U.S. refined products exports reached a record in March, as the Iran War and the 'near-closure of Strait of Hormuz' tightened global fuel supply, forcing production cuts abroad and supporting margins for U.S. refining companies, who are less dependent on Middle Eastern crude, and well placed to capture demand through exports. Marathon Petroleum, which is the largest U.S. refiner in terms of volume, said that the refining margin and marketing margin for the first quarter 2026 was $17.74 a barrel, up from $13.38 a barrel last year. The company reported a crude capacity utilization rate of 89% in the first quarter, which resulted in a total throughput (bpd of) 2.9 million. It was 89% utilization and 2.8 million barrels per day (bpd) a year ago. The first-quarter results were offset in part by higher operating costs associated with refinery turnaround activities and derivative losses related to economic hedging. Marathon anticipates a second-quarter throughput of 2,99 million bpd. It also expects to spend $1.5 billion by 2026. Most of that money will go toward projects aimed at improving margins in key refineries. Marathon will also bring its Garyville Jet Flexibility Project online in the first quarter of 2026. This project allows it to convert existing jet fuel into jet fuel with higher value and meet a growing domestic and international demand. According to data compiled and analyzed by LSEG, the Findlay, OH-based refiner posted an adjusted profit of $1.65 for the quarter ending March 31. This was higher than analysts' estimates, which averaged 75 cents.
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Canada's Shopify tops quarterly revenue estimates
Shopify's quarterly revenue surpassed market expectations on Tuesday due to strong demand for its ecommerce services, even as retail businesses struggled with the impact of tariffs and Middle East conflict. Recent?results? from payment giants such as Mastercard and Visa showed that consumer spending held steady in the first three months. After a?slump in January, U.S. Consumer confidence steadied throughout the quarter. It rebounded in 'February, and surprised with a surprising rise in 'March, as perceptions about the labor market improved. The war in Iran is still a concern. Shopify clients, from airlines and consumer goods companies to small and medium-sized businesses, have seen a rise in their operating costs as a result of the Middle East war. U.S. listed shares of Ontario, Canada based company fell about?2% during volatile premarket trading after its second-quarter outlook came in line with expectations. Shopify reported that 'total revenue increased 34% to $3.17 billion in the quarter January-March. According to LSEG data, analysts on average estimated $3.08billion. (Reporting by Deborah Sophia in Bengaluru; Editing by Shilpi Majumdar)
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MORNING BID AMERICAS-Gulf singe, AI binge
What's important in the U.S. and Global Markets Today By Mike Dolan. Editor-at-Large for Finance and Markets Gulf tensions flared up on Monday, as U.S. efforts to guide ships through the Strait of Hormuz were met with resistance by Iran. This included an attack on an oil port in the UAE. Crude prices soared in response to the news, but have since eased slightly as we head into Tuesday. The markets are torn by the geopolitical uncertainty and the dramatic upgrade to U.S. AI spending and earnings forecasts. Below, I'll go into more detail. Listen to the Morning Bid podcast for the latest episode, in which I explain why the markets are still upbeat, despite recent tensions in Gulf. Subscribe to the podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. GULF BINGE, AI SINGE Oil prices rose by around 6% on Monday and major U.S. indices fell as fresh U.S. - Iran exchanges indicated that we may be seeing the return of an hot war. Brent and WTI crude oil settled at $114 per barrel and $106 per barrel, respectively. Reports that a U.S. flagged vehicle carrier was escorted by the U.S. Military out of the Strait pushed crude prices down and helped calm the markets on Tuesday morning. Wall Street futures opened in the green just before the bell rang, and European shares rose on the back of positive earnings. Asian shares dipped in holiday-thinned trade, with Japan and South Korea closed. Investors are hoping that the geopolitical crisis does not escalate any further so they can focus on what is proving to another 'blockbuster' earnings season. The full-year S&P 500 growth forecasts were revised up to 23% from just 18% a month earlier. Morgan Stanley's latest upgrade to AI spending estimates was the main driver. Morgan Stanley believes that the capex growth for the top five "hyperscalers" will exceed $800 billion in this year, and $1.1 trillion the following year. Goldman Sachs estimates that the total spend up to 2031 could be $7.6 trillion. AMD, Pfizer, and KKR are among the U.S. firms that will report their earnings today. The markets are also keeping an eye on the transatlantic tensions following President Trump's threat to increase tariffs on EU car imports to 25% late last week. This dragged the shares of European automakers down by about 2% on Monday. Today, the JOLTS data on job openings for March will kick off a busy week of labor market data in the United States. Investors are puzzled by GameStop's $56 billion offer for eBay, the online retailer. The video game retailer gained fame as a'meme stock" in '2021. Chart of the Day On Tuesday, Australia's central bank raised rates for the third time in this year. The rate was returned to its post-pandemic peak of 4.35%. They also warned that inflation would continue to be sticky due the Middle East conflict unleashing a global oil crisis. Money markets indicate that there is a 15% probability of another move in June. However, an increase to 4.6% by September has been fully priced in. This would be the largest since late 2011. Watch today's events * U.S. JOLTS March job openings (10 am EDT), the March trade balance (8.30 am EDT), and March new home sales (10am EDT). * Fed's Michelle Bowman speaks * ?U.S. Corporate earnings: AMD Pfizer KKR Want to receive Morning 'Bids in your email every morning? Subscribe to the newsletter by clicking here. Follow us on LinkedIn, X and ROI. The opinions expressed by the author are their own. These opinions do not represent the views of News. News is committed to the Trust Principles and has integrity, independence and freedom from bias.
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Indian shares fall, rupee falls to record low due to high oil prices
The rupee fell to a record low as the risk sentiment was impacted by high crude oil prices related to Middle East conflict. The Nifty 50 fell?0.36% - to 24,032.80, and the BSE Sensex dropped 0.33% - to 77.017.79. The rupee slid - to 95.4325 against the U.S. Dollar. Brent crude reached an intraday peak of $115.3 a bar on Monday, after Iran intensified its attacks against the UAE and other ships in the Gulf. This included several in the Strait of Hormuz. Oil prices fell to about $113 a barrel on Tuesday, as the U.S. Navy began to loosen Iran's control over?the Strait of Hormuz. However, they still remain high, underlining persistent macroeconomic risk. The world's third largest?importer is negatively affected by higher crude prices, which add to inflationary forces and drag down economic growth as well as corporate earnings. Anita Gandhi of Arihant Capital Markets said that recent hostilities between the U.S. and Iran have rattled the market sentiment. This implies that crude-led price gyrations are likely to continue until there is a clearer resolution of the conflict. Gandhi stated that despite the fact that higher crude oil prices and a weaker rupee fuel'record-breaking foreign outflows', there have been no major negative surprises in this earnings season. This has helped cushion the market from more severe?losses. Half of the 16 major'sectors' posted losses on the day. The broader small and mid-caps both rose by 0.3% and 0.2% respectively. HDFC Bank and ICICI Bank were the two largest stocks on the benchmark indexes - by weightage. They fell 0.80% and 1.57% respectively. Mahindra & Mahindra grew 3.68% after beating expectations for quarterly profits on the strength of SUV and tractor demand. Larsen & Toubro lost 0.63% before its quarterly results that were released later that day. Wockhardt's quarterly earnings were positive, and the drugmaker saw an 8.77% jump. Bharathrajeswaran, Bengaluru. Subhranshu Sahu and Sherry Jacob Phillips edited the article.
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DuPont increases annual profit and sales forecasts due to price hikes
DuPont, a maker of industrial?materials, has raised its forecast for the 'adjusted profits and sales' after exceeding first-quarter estimates on Tuesday. This was due to price increases and gains from selling its Kevlar producing Aramids division. The shares of the company increased 5% in trading before market opening. The Iran conflict escalated, disrupting oil and petrochemical flow through the Strait of Hormuz. This has tightened global chemical supply, and raised prices for plastics, polymers, and resins. Our full-year guidance assumes about 4 percent organic growth, including about 1 percent of pricing as a result of actions taken to offset the higher input costs associated with the Middle East conflict," said Antonella Franzen, Chief Financial Officer. DuPont has raised its adjusted earnings forecast for?2026 to $2.35 to $2.40 a share from its previous range of $2.25 to 2.30 a share. It expects net sales to be between $7.16 and $7.26 billion annually, up from its previous forecast of $7.08 to $7.14. DuPont announced on April 1, that it has completed the sale to Arclin of its Aramids heat-resistant fibers business, which includes brands like body armor maker Kevlar. The quarterly net sales of its Healthcare and Water Technologies segment rose 5.6%, to $806,000,000. This was due to growth in the medical packaging and biopharmaceutical markets. Sales at the diversified industrials unit of its company rose by 3%, to $875 millions, due to strength in the aerospace and automotive industries, which offset a continuing weakness in construction markets. According to LSEG, on an adjusted basis, the 'company posted a profit per share of?55 for the 'three months ending March 31. This was higher than the 48 cents average estimate of analysts. (Reporting from Pooja Menon, Bengaluru. Editing by Leroy Leo.)
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Gold recovers from a five-week low, but inflation worries persist
Gold prices rebounded from the five-week low of Monday's session on Tuesday, as oil prices declined, but Middle East tensions, inflation fears and persistent Middle East tensions kept gains in check. Gold spot rose 0.7%, to $4,553.41 an ounce, by 0935 GMT. It had fallen as low as it has been since March 31, on Monday. U.S. Gold Futures for June Delivery gained 0.7%, reaching $4,563.50. The independent analyst Ross Norman said that a pullback in oil prices on profit-taking despite the intensification of tensions in the Middle East has lifted gold from its five-week-low, as fears seem to have normalised. Brent crude futures fell on Tuesday, but remained above $110 per barrel as investors watched Middle East developments. As the 'U.S. Iran and the United States launched new?attacks to compete for control of the Strait of Hormuz. This was despite conflicting reports of ships passing through this strait recently. Since the beginning of the U.S. and Israeli war against Iran in late Feburary, gold prices are inversely related to crude. Gold is a hedge to geopolitical instability, but rising energy costs have led to fears of inflation and reduced hopes for rate cuts. This has pushed gold prices down by more than 13%. Investors are turning to assets with?better returns in high-interest rate environments. Norman stated that "although gold's fundamentals?point to gains this year, it is clear the market is in a long-term consolidation phase right now, and?the physical markets are trying to establish a floor price,?especially after epic movements in Q1", Investors are also watching for a number of data points on jobs, including the ADP Employment Report and the April payrolls reports this week, which will likely determine the U.S. Federal Reserve’s policy direction. Silver spot rose by 1.3%, to $73.69 per ounce. Platinum gained 1.7%, to $1977.20. Palladium rose by 1.8%, to $1507.00. (Reporting by Anjana Anil in Bengaluru; Editing by Diti Pujara)
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DuPont raises its 2026 sales and profit forecasts, as well as price increases.
DuPont, a maker of industrial materials, has raised its forecast for the annual 'adjusted profits and sales' after exceeding first-quarter earnings estimates on Tuesday. This was due to price increases and gains from the sale of its Kevlar producing?Aramids?business. The Iran conflict escalated, disrupting oil and petrochemicals through the Strait of Hormuz. This has led to a tightening of global chemical supply, and an increase in the prices of plastics and polymers. "Our full-year guidance assumes about 4% organic growth. This includes about 1% in pricing due to actions taken by the Chief Financial Officer to 'fully offset higher input cost related to Middle East conflict," said Antonella Franzen, the Chief Financial Officer. DuPont has raised its adjusted 2026 earnings forecast from $2.25 to 2.30 per share to between $2.35 to $2.40. It expects net sales to be between $7.16 and $7.26 billion annually, up from its previous forecast of $7.08 to $7.14. DuPont announced on April 1, that it has completed the sale to Arclin of its heat-resistant fibers business, which includes brands like body armor maker Kevlar. The healthcare and water technology segment's net sales rose by?5.6% in the third quarter to $806 millions, driven primarily by growth?in the medical packaging?and biopharmaceutical markets. Sales at the diversified industrials division rose 3%, to $875 millions, as a?strengthening in the automotive and aerospace sectors offset a?continuing weakness in construction markets. According to data compiled from LSEG, on an adjusted basis the company reported a profit 'of 55 cents per scrip?for three months ended -March 31. This was higher than the average analyst estimate of 48 cents. (Reporting from Pooja Menon, Bengaluru. Editing by Leroy Leo.)
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Farage's Reform focuses on Scotland and Wales as part of the battle for Britain
James Buchan has swallowed up his animosity towards Nigel Farage, a former Peterhead fisherman. The 38-year old's distrust for populist Reform UK leader, a Brexit campaigner, has been overshadowed by his concerns about the local economy. He said that the British government had destroyed the local economy through decades of disastrous policy. He plans to vote Reform this week for the first-time, believing that the party's promises to maximize oil and gas production in North Sea, as well as to restrict access to European fishing boats, are the best way to revive the fortunes of the town. Buchan said, "Some areas around here look like slums," as he sat on the high street getting his hair cut. He then rose to?point out boarded shops. As he was having his hair cut on the high-street, Buchan rose to point out boarded up shops. "We have to find a solution to get the money flowing again in our economy." Voters such as Buchan are set to?drive a surge in support for Reform during this week's elections for the Scottish and Welsh Parliaments as well as local Councils throughout England. Reform has a large lead in the national polls, with a significant advantage over both Labour and Conservatives. A general election is due to be held by 2029. After Brexit, the party's rise was largely driven primarily by English support. Now, it is making gains in Scotland and Wales. This reflects a rejection of UK's two-party traditional system. Polls show that Reform will likely become the official opponent in Scotland and Wales of the local parties, Scottish National Party and Plaid Cymru. Polls indicate that Reform's vote share in Scotland will jump from 0.2% to almost 30%, and in Wales it is expected to increase from 1% to around 20%. Labour will lose votes, while the Conservatives are reduced to just a few seats. Both nations have a history of being left-leaning and have been fertile grounds for Reform's populist message. They should rip apart decades-old systems, expel "liberal establishment" elites, and clamp down on immigration in order to focus more on local issues. Bargoed is a town located in the Welsh Valleys. The high street has many boarded up shops. According to the Welsh Government, the community was ruined by the closing of a mine in the 1970s. In the shabby local pub, the supporters of the insurgents are vocal in private, if not in public. Wayne Hunt, 60 years old, a former stage builder, said that this is a Reform pub. He preferred Plaid, because it's more Welsh. Conrad Ritchie is the Reform candidate for Banffshire & Buchan, in the north of Scotland, and he hopes to win a seat at Holyrood, the Scottish parliament. He said that the regional elections are a crucial part of the party's bid for national power. He added, "This is yet another building block." "And, I think that, you know, when the general elections, which will not be too distant, then I reckon we have a good chance to become the next ruling party." Labour spokespeople in Scotland and Wales said that Reform will divide communities and drag the politics "into a gutter", adding Labour is focused on bringing fair change. The Conservatives have not responded to a comment request. Reform critics claim that the fledgling Reform Party, which was founded in 2018 as the Brexit Party before being rebranded 2021, is utterly unprepared to govern regionally or nationally. Six Reform sources, who asked to remain anonymous due to the sensitive nature of the issue, said the party would be better served by a second-place finish in the Scottish or Welsh parliaments to familiarize itself with the workings of administrations and assemblies before the next national election. VETTING WORSE: NAZI SALUTES, RACIST COMPLAINTS Reform's vetting process for candidates has been one of its most scandalous and thorny problems. After the failures of the 2024 general election, where more than 100 candidates, including some for racist remarks, were removed from the race, Reform tightened up its procedures. Llyr Powell of the Reform Party, who is running for the so-called "super constituency" in Blaenau Caerffili Rhymni in southern Wales, said that part of his vetting included mock interviews with Jeremy Kyle (a UK talkshow host from a UK tabloid). The problem is still very large. Since March when the party announced their slate of over 160 candidates in Scotland, and Wales, fifteen of them have withdrew due to the resurfacing or derogatory material on the internet, disagreements with the party or administrative errors. In Wales, one candidate resigned when images of him giving a Nazi salute surfaced. Another candidate in Scotland resigned after publicly calling the country's new Muslim leader "not British" as well as an "Islamist idiot". Powell acknowledges that there have been some "bumps" along the way, but insists that Reform is made up of people who "have real life experience", rather than polished career politicians. He added, "You cannot vet for anything someone has not done here yet or if they are not being completely transparent in the process." The charges of racism are not without resonance in Scotland and Wales. SNP and Plaid accuse Reform, who are both downplaying any independence push after the 7th May elections, of inflaming tensions over immigration. They also see that Farage could?help their cause. Delyth Jewell said that she had lost track of the number of voters who said they voted for Plaid to keep Reform from winning in Blaenau Gwent Caerffili Rhymni. She said, "They are resentful of the vitriol and the nasty rhetoric brought by Reform into our streets. They want to do everything they can to stop it." "So, in many ways, the leader of Reform has united so?many people against his vile vision for the UK's future." Voters who are disillusioned turn to reform Chris Hopkins, the political research director of polling firm Savanta said that British politics is seeing a breakdown in traditional voting patterns, polarised left and right, following the Brexit vote. "To the voters of Britain, right now" The system is not working. Is it possible to change the system? "They are more willing to take a chance on the unknown." Ritchie and Powell claim that Reform is attracting former Labour voters and Conservatives in Scotland and Wales as well as those who haven't cast a vote in years, thanks to policies like offering income tax cuts for the nation and promising to "sort out local issues, such as building road." Powell, unlike most other candidates, had a test run in October when he lost the?by-election for a UK Parliament seat in Caerphilly, a southern Welsh town. However, the 36% of votes he received indicated Reform's appeal. Powell denied that the party wanted second place, but he did admit it was difficult to get those who were disillusioned by 100 years of Labour rule to turn up on the day. Powell said, "For Wales, a Reform Government is the best outcome." "We do not do this just to shout from the sidelines like the others do. You want to play rugby if you ever played it. "Sitting on the sidelines is not what you want to be doing." (Reporting and editing by Kate Holton, Pravin Char and Kate Holton; Reporting by Andrew MacAskill and Elizabeth Piper)
Asian stocks reach a six-week high on the hope of US-Iran Peace Talks
As oil prices remained below $100 a barrel, Asian stocks followed Wall Street's lead on Wednesday. The dollar also stabilized after seven consecutive days of declines.
The European markets are bracing themselves for a muted opening, with the pan-regional futures down by 0.2% and FTSE Futures barely changing. Wall Street futures were unchanged after a strong rally Tuesday.
Donald Trump has said that talks with Iran may resume in Pakistan within the next two day after Washington imposed a blockade against Iranian ports following the failure of the weekend negotiations. Both Pakistani and Iranian officials said that negotiations could resume.
The markets were calmed by signs that the diplomatic?engagement will continue. Brent crude futures rose 1% to $95.77 per barrel after falling almost 5% overnight.
MSCI's broadest Asia-Pacific index outside Japan gained 1.5%, reaching its highest level in six-weeks. Japan's Nikkei climbed 0.9%% ?while South Korea's KOSPI rallied 3%.
Hong Kong's Hang Seng index rose 0.7% and the blue-chip index in China gained 0.2%.
It is becoming increasingly evident that the U.S. Blockade of the Strait of Hormuz was a negotiation gambit, said Michael Brown.
The 'direction' of travel remains largely towards a US-Iran Peace Deal.
Wall Street saw the Nasdaq climb 2% overnight to reach its 10th consecutive day of gains, while the S&P 500 flirted close to a new record. U.S. producer price inflation data was also encouraging, as prices increased?by less that economists had expected in March. This helped to temper fears about war-driven inflation.
Investor optimism about the 'Iran War' coming to an end soon helped Treasuries recover from recent inflation concerns.
After falling 3 basis points overnight, the yield on two-year U.S. Treasury bonds fell 1 basis point to 3.746%. The 10-year yield also fell 1 basis point (bp) to 4.2439% after falling 4 bps overnight.
The U.S. Dollar, a safe haven currency, has stabilised overnight after falling for the seventh consecutive session. The euro remained at $1.1791, after hitting a six-week high of $1.1811 over night.
Gold prices fell?0.3%, to $4.824 per ounce.
The International Monetary Fund lowered its outlook for growth on Tuesday, warning that the global economy could be on the verge of recession if conflict intensifies. Stella Qiu, Kevin Buckland, and Kim Coghill edited the article.
(source: Reuters)