Financial News

DAX Index Little Changed; German Inflation at Two-year High in March

The blue-chip DAX index finished Friday's session flat at 0.01% in the red, as market watchers focused on the upcoming negotiations between the US and Iran.Hopes for a regional cooling-off period and the reopening of the Strait of Hormuz rose after Israel signaled a desire for talks with Lebanon. Tehran has highlighted Israel's ongoing military operations in Lebanon as a major hurdle in its broader ceasefire deal with Washington. The US and Iran are scheduled to hold closely watched negotiations in Pakistan on Saturday.In local economic news, Destatis confirmed in its final data that Germany's annual inflation rate accelerated to 2.7% in March 2026 from 1.9% previously, marking its highest level since January 2024. The core rate, which excludes food and energy prices, was unchanged at 2.5%."The significant increase in the prices of energy products is driving up inflation. In particular, motor fuel and heating oil prices have risen sharply for consumers since the start of the Iran war," Federal Statistical Office President Ruth Brand said.The conflict in the Middle East also impacted Germany's travel industry, according to the ifo Institute's latest business survey. The ifo business climate index for travel agencies and tour operators plunged to -41.7 points from -14.8 points, reflecting sharper pessimism regarding current conditions and future expectations.Additionally, ifo noted that more travel agencies and tour operators are projecting higher costs for travel services in the coming months amid rising fuel costs. "An increase in the inflation rate is likely to strain the travel budgets of many vacationers as the year goes on," industry expert Patrick Höppner said.On the corporate front, Nordex (NDX1.F) secured an order for 13 of its N175/6.X turbines for an undisclosed wind farm project in Spain. The deal includes an initial capacity of 80 megawatts, with an option to expand the total capacity to 120 megawatts. The German wind turbine manufacturer fell 0.39% on Xetra by the end of the trading day.Meanwhile, tech stocks Siemens (SIE.F) and Infineon Technologies (IFX.F) were among the DAX's best performers, gaining by 1.32% and 1.03%, respectively, on the back of a better-than-expected first-quarter revenue for Taiwanese chipmaker TSMC amid increasing artificial intelligence-related demand.

Replimune's Biologics License Application for Advanced Cutaneous Melanoma Drug Rejected by FDA

Replimune Group's (REPL) biologics license application for vusolimogene oderparepvec was rejected by the US Food and Drug Administration, the regulator said in a complete response letter on Friday.The application was for vusolimogene oderparepvec plus nivolumab to treat adults with unresectable advanced cutaneous melanoma who experienced disease progression with a programmed death receptor-1 blocking antibody-based therapy, the letter said.The regulator and experts unanimously decided that the data presented in the application were "insufficient" to show that the treatment is effective for advanced melanoma, the letter added.Shares of Replimune Group were down 19.5% before being halted on Nasdaq at about 11:02 a.m. ET.Price: $4.76, Change: $-1.15, Percent Change: -19.46%

Petrobras Signs $450 Million Deal for Offshore Fields in Campos Basin

Petroleo Brasileiro has signed a deal to acquire back stakes in two offshore fields from Petronas Petroleo Brasil for $450 million, as the producer consolidates control over key assets in the Campos Basin, the companies said on Friday.The deal will see Petrobras acquire the remaining 50% interest in the Tartaruga Verde field and in Module III of the Espadarte field, restoring full ownership and operating of both assets.Petrobras said the transaction is structured with staged payments, including $50 million paid at signing and $350 million due at closing, subject to adjustments tied to the effective date of July 1, 2025.The energy firm said additional deferred payments of up to $50 million will be made in two installments over the following two years, contingent on the assets' performance.The final consideration will be adjusted to reflect economic results generated by the fields since mid-2025, potentially lowering the overall payout.The companies said the completion of the deal remains subject to regulatory approval from the National Agency of Petroleum, Natural Gas and Biofuels and other customary conditions.

UK's FTSE 100 Closes Week Flat; AO World Shares Jump

British stocks concluded the trading week flat, with the FTSE 100 down 0.03% on Friday's close amid a quiet day of local economic news and the expected weekend peace talks between the US and Iran."Financial markets breathed a sigh of relief this week as the US and Iran announced a two-week ceasefire. However, the truce looks fragile and the Strait of Hormuz is still effectively closed, so we don't plan any major changes to our UK growth and inflation projections as part of our global forecast update on April 13," Oxford Economics said in a note."The ceasefire lessens the chances of more disruptive outcomes playing out. But even if a full-blown truce is agreed, it will take time for energy production and shipping traffic to return to normal levels," the research firm added. "Our current baseline assumption is that the Strait of Hormuz remains effectively closed until the end of April, with traffic levels rising to around 50% in May and June, before gradually recovering to normality over the following six months."Oxford Economics currently expects the UK's gross domestic product growth to stand at 0.4% in 2026 and 0.9% in 2027, while inflation in the country is projected to reach 4.5% in the fourth quarter of 2026.In corporate news, Kingfisher plc (KGF.L) was one of the blue-chip index's top gainers, rising 2.70% at closing, as it commenced the first tranche of its share repurchase program worth up to 300 million pounds sterling. The British home improvement company will buy back a maximum of 75 million pounds of its shares under the initial tranche, which will be canceled to reduce the company's share capital.Meanwhile, electrical goods retailer AO World (AO.L) expects its adjusted profit before tax for the 12 months ended March 31 to be at the top end of its guidance range of 45 million pounds to 50 million pounds, while total group revenue is anticipated to rise 11%. The stock gained 6.98% at the end of the trading session.

Cenovus Energy Maintained at Buy at TPH Ahead of Q1 Results' Price Target at C$42.00

Tudor, Pickering, Holt on Friday maintained its buy rating on the shares of Cenovus Energy (CVE.TO, CVE) with a C$42.00 price target ahead of the oil producer and refiner's first-quarter results."In our pre-earnings model update, we increased our Q1'26 CFPS estimate to TPHe C$1.40, up from our prior C$0.97, which sits well above Street C$1.09 though we'd anticipate positive estimate revisions in the coming weeks. MTM (mark to market) impacts were the primary driver of our refresh, with our operational assumptions only modestly nudged lower across CVE's segments," analyst Jeoffrey Lambujon wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $35.82, Change: $+0.34, Percent Change: +0.96%

Swiss Stocks End Week in Green; Bossard Shares Jump

The blue-chip Swiss Market Index closed 0.18% in the green on Friday, as investors assess the latest economy-related developments amid cautious optimism over peace talks between the US and Iran set to take place this weekend.The KOF Swiss Economic Institute's global economic barometers diverged in April, with the coincident barometer declining 0.2 point to 102.1 points and the leading barometer rising 1.7 points to 102.9 points."Although the war against Iran and the closure of the Strait of Hormuz dominated the headlines in March, the movements in the two global indicators were relatively modest. Both indicators remain slightly above average," KOF director Jan-Egbert Sturm said. "For now, it seems that survey participants think this war will be temporary and largely regional, and therefore will not affect their economic situation too much."On the tariffs front, Switzerland is looking to finalize a trade agreement with the US by July-end, with the Swiss government reportedly expecting to continue talks with a third round of negotiations this April, Bloomberg News reported, citing unnamed sources.Meanwhile, government data showed that the Swiss consumer sentiment index fell to -42.9 points in March from -30.4 points in February. In the previous year, the index came in at -34.8 points. The State Secretariat for Economic Affairs said the separate indices for economic and financial outlooks and the moment to make major purchases deteriorated year over year, while the indicator for past financial situation barely changed.Over to corporates, Bossard (BOSN.SW) reported a year-over-year increase in first-quarter group net sales to 284.9 million francs from 283.3 million francs. The Swiss industrial fastening and assembly technology company said it remains committed to its medium-term financial targets despite the current market volatility and expectations of a subdued level of economic demand in the first half of 2026. The stock jumped 6.48% at closing.UBS Group (UBSG.SW) also saw its shares gain 0.96% after Switzerland's Federal Criminal Court dismissed a money-laundering case against it related to loans granted by Credit Suisse to Mozambique state-owned companies. The court ruled that there is no transfer of criminal liability to UBS, which acquired Credit Suisse in 2023.

European Stocks Tracking Higher in Friday Trading Amid US-Iran Ceasefire Talks; German Inflation Rises in March

The European stock markets were moving modestly higher Friday amid reports that US and Iran ceasefire negotiators will meet in Islamabad, Pakistan, on Saturday.The Stoxx Europe was up 0.5%, Germany's DAX was rising 0.2%, the FTSE 100 was increasing 0.1%, France's CAC was gaining 0.3%, and the Swiss Market Index was moving 0.3% higher.Mining stocks were tracking higher as Antofagasta and Fresnillo were rising 3.4% and 2.1% respectively in London, while Heidelberg Materials gained 3.2% in Frankfurt. ArcelorMittal was up 2.8% in Paris, and Boliden rose 2.1% in Stockholm.The inflation rate in Germany, as measured by the annual change in the consumer price index, surged in March to 2.7% from 1.9% in February, according to the Federal Statistical Office (Destatis). It's the highest rate since January 2024 when the CPI was 2.9%."The significant increase in the prices of energy products is driving up inflation," Destatis President Ruth Brand said in a statement. "In particular, motor fuel and heating oil prices have risen sharply for consumers since the start of the Iran war."And in corporate news, Switzerland's criminal court said Friday it has discontinued a proceeding against UBS in connection with alleged money laundering in a case involving Mozambican state-owned companies.The case stemmed from alleged criminal behavior by Credit Suisse, which UBS took over following its 2023 collapse.The court cited "procedural obstacles" for abandoning the case, "because Credit Suisse lost [its status] as a criminal legal entity through the merger with UBS," according to a translation of the official statement."We welcome the court's recognition that UBS cannot be held liable in this matter, as such liability cannot be transferred to a legal successor through a merger," a UBS spokesperson toldin an emailed statement.Shares of the Swiss bank were moving 1% higher in Zurich.TotalEnergies said Friday the SATORP refinery in Saudi Arabia was impacted by the recent Middle East conflict, damaging a processing train.Although there were no casualties, the units were shut down as a safety precaution, the company said. SATORP is jointly owned by TotalEnergies and Saudi state oil giant Aramco.Shares of the French oil and gas company were off 1% in Paris.GSK has withdrawn its application for a drug supported by President Donald Trump as a potential treatment for autism symptoms, the Wall Street Journal reported Thursday, citing a regulatory filing.The British drugmaker asked the US Food and Drug Administration to pull out its application for the drug leucovorin calcium as it does not market the medicine, months after submitting it at the request of health officials.Shares of the British pharmaceutical company were increasing 0.7% in London.HSBC and Anchorpoint Financial, a Standard Chartered joint venture, have been granted stablecoin issuer licenses by the Hong Kong Monetary Authority, the regulator said Friday.The licenses have been granted under the stablecoins ordinance to issue stablecoins in Hong Kong, according to the regulator. The licensees plan to complete the required documentation and launch business in the coming few months, the Monetary Authority said.Shares of the British bank were up 0.5% in London.

RBC on Canadian Rails' Q1 Carload, Performance Metrics

Canadian railways' revenue ton miles (RTMs) were higher in the first quarter, with RTMs at Canadian National Railway (CNR.TO) up 3% and up 2% at Canadian Pacific Kansas City (CP.TO), notes RBC Capital in its review of the first quarter.Volumes at both rails benefited from higher grain volumes on the back of a record Canadian grain crop, write analysts Walter Spracklin and James McGarragle. According to StatsCan, Canadian crop production in 2026 is expected to be up 10% y/y due to higher yields, the analysts noted.Performance metrics also improved in the first quarter, mainly due to better winter conditions. Class 1 train velocity was up 4% and terminal dwell was down 6% in the quarter.RBC is calling for a modest recovery in the second half, in line with recent PMI readings, with tariffs and geopolitical conflicts posing key risks to the outlook. Spracklin and McGarragle also flag potential upside, in terms of over-the-road conversion prompted by higher truck rates, surging diesel prices, as well as a pick-up in industrial volumes, that are consistent with current macro indicators."We continue to see CPKC as best positioned reflecting synergy opportunities related to the KCS integration, especially in the company's intermodal franchise."Price: $152.67, Change: $+0.57, Percent Change: +0.37%

US Equity Indexes Mixed as Fragile Iran Truce Holds, Hot Inflation Print In Line With Outlook

US equity indexes were mixed in midday trading Friday as a fragile Iran ceasefire deal looked set to hold until peace talks kick off in Pakistan, while a red-hot inflation read was in line with market expectations.The Nasdaq Composite rose 0.4% to 22,913.3, while the S&P 500 was slightly down at 6,823.6 and the Dow Jones Industrial Average slipped 0.4% to 47,979.1.Vice President JD Vance, setting off for US-Iran talks in Pakistan's capital Islamabad, said Washington is "willing to extend the open hand" in this weekend's negotiations but warned Tehran not to "try to play us," The Wall Street Journal said.A key aim of the talks is to fully reopen the Strait of Hormuz, where President Donald Trump said Thursday that Iran is "doing a very poor job" of letting oil flow through and cautioned the country against collecting tolls from ships traveling through the strategic waterway, the report said.West Texas Intermediate crude oil futures advanced 0.9% to $98.82. Brent crude futures were little changed at $95.67.In economic news, the US consumer price index accelerated to its highest monthly reading in nearly four years, rising 0.9% in March but in line with expectations, as the Middle East conflict sent energy prices sharply higher. Energy prices jumped about 11% sequentially in March, led by a 21% surge in gasoline, accounting for nearly three-quarters of the headline increase, the Bureau of Labor Statistics data showed.

Mol Group Says Hungary Oil Supply Stable, Buys $500 Million US Crude

Hungarian energy major Mol Group said Thursday that crude oil supplies to the country remain uninterrupted amid the ongoing global energy crisis as it procured its stocks from multiple sources."Crude oil supplies to Hungary and the region are currently uninterrupted: we follow a diversified supply strategy and source crude oil from multiple sources," the company said in a statement shared with.Mol Group said it has supply agreements in place with Libya, Kazakhstan, Norway, and Saudi Arabia, and has also reached agreements with US companies regarding shipments.The White House said on Thursday that Hungary's Mol Group purchased about 510,000 tons of US crude oil valued at $500 million as part of efforts to deepen bilateral energy ties.The development was highlighted during US Vice President JD Vance's visit to Budapest, which focused on strengthening cooperation in energy, technology, and security between the two countries.The White House also noted nuclear cooperation agreements, including plans for small modular reactors and upgrades to existing plants, with a combined potential value of about $20 billion.The Mol Group highlighted capacity constraints via the Adria pipeline, with the system unable to meet the requirements to supply the Danube Refiner fully.The refinery is currently operating at reduced levels following last year's AV3 fire, which cut processing capacity by nearly half and limited the volume of crude it can handle, the company added.The company noted that transporting alternative crude grades, unlike REBCO, which offers consistent quality, has introduced operational risks, as heavier Norwegian crude moves more slowly due to its different density and chemical properties.The company plans to resume extended joint testing with Janaf across seasons and conditions, as requested by the European Commission, to assess pipeline capabilities better once the refinery returns to full capacity.

Top Midday Stories: CoreWeave to Provide AI Cloud Capacity for Anthropic; TSMC Q1 Net Revenue Rises

The S&P 500 and Nasdaq Composite were up, while the Dow Jones Industrial Average was down in late-morning trading on Friday as investors weighed the latest inflation data that came in below expectations.The US seasonally adjusted consumer price index rose by 3.3% year over year and 0.9% sequentially in March, driven by rising energy prices due to the war in Iran. Core CPI, which excludes food and energy prices, rose 0.2% sequentially, below expectations, and 2.6% year over year.CoreWeave (CRWV) said Friday it has signed a multi-year agreement to provide Amazon-backed (AMZN) Anthropic with its cloud platform to run workloads through its data centers beginning later this year. Financial terms of the deal were not disclosed. CoreWeave also said it priced an upsized $3.5 billion private offering of 1.75% convertible senior notes due 2032, up from a previously announced $3 billion. CoreWeave shares were up 12.8% around midday, while Amazon shares were up 2.4%.Taiwan Semiconductor Manufacturing (TSM) reported Q1 net revenue Friday of 1.134 trillion New Taiwan dollars ($35.69 billion), up from NT$839.25 billion a year ago. TSMC shares were up 2.8%.Organon (OGN) is closing in on a deal to be acquired by Sun Pharmaceutical Industries for $12 billion, The Economic Times reported Friday, citing sources with knowledge of the proposed transaction. Organon shares were up 26.9%.Ares Management (ARES) is planning to launch a flagship US direct lending fund with a preliminary target size of about $20 billion, significantly smaller than its previous record-breaking investment vehicle of $33.6 billion, Bloomberg reported Friday, citing people with knowledge of the matter. Ares shares were down 4.2%.Price: $103.67, Change: $+11.67, Percent Change: +12.68%

Market Chatter: EQT, KKR Show Interest in PolyPeptide Takeover

EQT AB and KKR (KKR) are among private equity firms showing takeover interest in PolyPeptide Group, Bloomberg reported Friday, citing people with knowledge of the matter.Advent has also been reviewing a possible acquisition of the Swiss contract drugmaker, the report said.EQT and KKR didn't immediately reply to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $90.26, Change: $-2.58, Percent Change: -2.77%

Market Chatter: Trump Preparing Military Should Iran Fail to Comply

President Donald Trump said Friday in a phone interview with the New York Post that US warships are being restocked with ammunition in order to resume strikes should peace talks with Iran falter this weekend.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

BMO Maintains Keyera at Outperform, Raises its Price Target to C$55.00 from C$54.00

BMO Capital Markets on Friday maintained its outperform rating on the shares of Keyera (KEY.TO) and raised its price target to C$55.00 from $54.00.BMO also designated Keyera as a top pick.While BMO continues to expect a successful close of Keyera's $5.15 billion acquisition of Plains All American Pipeline's Canadian natural gas liquids business, recent regulatory delays suggest remedies are required.BMO said this issue could modestly temper its anticipated accretion on the deal, although the strategic rationale remains positive, and synergy expectations could prove conservative."The good news is commodity tailwinds have emerged," BMO said.Price: $52.19, Change: $+0.46, Percent Change: +0.89%

Shell Confirms Talks for Potential Production at Venezuela's Loran Field

Shell (SHEL.L, SHELL.AS) confirmed that it is in discussions with Venezuela for the potential development of the Loran gas field, according to a company statement sent toon Friday.The British oil and gas giant said Loran's proximity to its Manatee field in Trinidad and Tobago, where it expects to produce gas by 2027, makes the Venezuelan asset an attractive investment opportunity. Shell, however, noted that it has not taken any final investment decision on Loran.Reuters on Thursday cited the chairman of Trinidad's National Gas Co., Gerald Ramdeen, as saying that Shell is planning to initiate natural gas production at the joint Loran-Manatee offshore field in 2027, and has increased the pipeline capacity for gas transport to Trinidad to 1 billion cubic feet per day from the previously planned 700 million cubic feet.

Evommune's Chronic-Hives Drug May See Wider Use If Trial Succeeds, RBC Says

Evommune's (EVMN) experimental drug for chronic hives may have broader uses if upcoming trial results show it's both safe and effective, RBC Capital Markets said Friday in a report.The company's MRGPRX2 antagonist EVO756 has about a 50% chance of working on chronic spontaneous urticaria, or CSU, based on early signs that it reaches the right tissues and hits its intended target, RBC said. There's no direct CSU data yet, though the drug's exposure levels and results from a related challenge test support optimism, the report said.If the CSU study reads out positively later this quarter, RBC said EVO756 may also be tested in other conditions linked to overactive immune cells, including migraine, interstitial cystitis, and other inflammatory disorders. The CSU market is estimated at $850 million, with migraine representing a larger commercial opportunity, the report said.Some investor skepticism persists around EVO756, though its early data and tissue-targeting signals support for a more constructive view, RBC said.Evommune said it will give a presentation on Monday "highlighting the migraine treatment landscape and the role of MRGPRX2 inhibition."RBC maintained its outperform rating on Evommune stock with a $48 price target.Price: $27.14, Change: $-1.51, Percent Change: -5.27%

Skeena Resources Closes an Offering of US$750 Million of Senior Secured Notes

Skeena Resources (SKE.TO) on Friday said it closed an offering of US$750 million of 8.5% Senior Secured Notes.The company said that the notes will mature in 2031 and are non-callable for the first two years.The company, which is building the Eskay Creek mine in northern British Columbia's Golden Triangle, said proceeds of the offering will be used for a "comprehensive refinancing strategy," designed to optimize the company's capital structure by reducing its cost of capital and enhance its financial flexibility."Skeena has a track record of breaking new ground in the mining industry, and this transaction represents another important milestone," said executive chair Walter Coles. "We are proud to be the first pre-revenue mining company in more than a decade to successfully complete a public high-yield notes offering. The strong support for this debt issuance from leading global investment firms, including KKR and Bank of America, underscores growing confidence in our strategy, our management team, and the robustness of the Eskay Creek project as we progress toward initial production in Q2 2027."Skeena will use the proceeds to cancel and replace of its undrawn senior secured loan of US$350 million and cost overrun facility under a gold-streaming agreement of US$100 million and the repurchase of approximately two-thirds of the US$200-million gold stream for US$187 million.It will also prefund interest on the notes for 18 months with US$94 million deposited to an interest reserve account, equal to the first three semi-annual interest payments on the notes, and use the remaining capital of approximately US$470 million to support the remaining construction at Eskay Creek through a disbursement account, for general corporate purposes, and for expenses associated with the issuance of the notes.The company's shares were last seen up C$0.44 to C$45.43 on the Toronto Stock Exchange.Price: $45.43, Change: $+0.44, Percent Change: +0.98%

Replimune Group's Drug for Advanced Cutaneous Melanoma Rejected by FDA

Price: $4.76, Change: $-1.15, Percent Change: -19.46%

Trump Preparing Military Should Iran Fail to Comply, New York Post Reports

EQT AB, KKR Show Interest in PolyPeptide Takeover, Bloomberg Reports

Price: $90.28, Change: $-2.55, Percent Change: -2.75%