CMBI Credit Commentary Fixed Income Daily Market Update 固定收益部市场日报 Trading desk comments 交易台市场观点 Yesterday, in the new issuance space, the new TOHOKU 31 tightened 5bps from RO at T+70. The new NTT Float 31 and OCBCSP 36 hovered around ROs amid active two-way flows. The secondary Chinese IG space overall closed unchanged. We saw balanced flows on TMT names KUAISH/MEITUA/BABA, better buying in CCAMCL FRNs and front-end ORIEAS from Chinese RMs, and better selling on FRESHK 27-29s by global money accounts. EHICA ...

Skip to main content Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv British Airways owner IAG beats annual profit estimates February 27, 20267:09 AM UTCUpdated ago By Reuters A scale model of an aircraft with British Airways livery is seen at the British Airways headquarters and IAG head office in Harmondsworth, London, Britain, March 13, 2025. REUTERS/Toby... Purchase Licensing Rights, opens new tab Read more Feb 26 (Reuters) - British Airways owner IAG (ICAG ...

Skip to main content Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv Officials search CK Hutchison offices in Panama, local media say Purchase Licensing Rights Read Next ago ANALYSIS As Trump reins in China tech curbs, Beijing's export controls come of age ago Business February 26, 202611:07 PM UTCUpdated ago By Reuters Heavy machinery unloads a container onto a truck at Panama Ports Company (PPC), in Panama City, Panama, February 4, 2026. REUTERS/Enea Lebrun/F ...

Market Performance - The Taiwan benchmark index reached an all-time high of 34,202.05 points, gaining 1.8% in a single session [2][9] - The Hang Seng Index in Hong Kong increased by over 2%, with the Hang Seng Tech Index rising 3% and the Hang Seng Materials Index jumping 4% [3][9] Precious Metals and Cryptocurrency - Gold prices surged over 1% to $5,164.98 per ounce, while Spot Silver climbed more than 3% to $87.49 per ounce, indicating a flight to safe-haven assets [4][9] - Bitcoin experienced a decline of 5%, falling below the $65,000 mark, as investors shifted capital from volatile digital assets to precious metals [5][9] Geopolitical Tensions - Russia launched a significant missile and drone offensive targeting Ukraine's energy infrastructure, causing extensive damage to the power grid [6][9] - The Saudi Arabian Foreign Ministry urged Iraq to respect Kuwait's sovereign rights and adhere to international agreements to maintain regional stability [7] Travel and Infrastructure Issues - Delta Air Lines faced system issues affecting check-in kiosks, leading to significant delays at major hubs, although no cancellations were reported [8][9] - Air Canada announced the suspension of flights to Puerto Vallarta due to a deteriorating security situation in the region [10]

Performance Overview - The Third Avenue Value Fund achieved a return of 7.47% for the three months ended December 31, 2025, outperforming the MSCI World Index at 3.12% and the MSCI World Value Index at 3.34% [3] - For the year-to-date period, the Fund returned 35.46%, significantly higher than the MSCI World Index and MSCI World Value Index, which returned 21.09% and 20.79%, respectively [3] - Annualized performance for the trailing three-year and five-year periods was 16.76% and 18.00%, respectively [3] Key Contributors to Performance - Warrior Met Coal was the largest contributor to the Fund's performance, followed by Lundin Mining and Capstone Copper [4] - Bank of Ireland and Horiba also made significant positive contributions during the quarter [4] - Warrior Met Coal began commercial-scale mining at its Blue Creek project ahead of schedule, positively impacting revenue and cash flow [5] European Holdings - The Fund's Western European holdings, including Bank of Ireland, Buzzi Spa, and BMW, contributed positively to performance [6] - A weaker U.S. dollar enhanced returns for euro-denominated investments, which comprise over 70% of the portfolio [6] Banking Sector Insights - Bank of Ireland and Deutsche Bank have improved their operating performance, leading to better valuations and increased returns on capital [7] - Deutsche Bank shares traded above book value for the first time since the global financial crisis, marking a significant milestone [8] Copper Market Dynamics - Lundin Mining and Capstone Copper were significant contributors to performance, driven by the indispensable nature of copper in modern economies [9] - The supply of copper has proven challenging to increase, leading to a looming supply gap as demand accelerates [13] Japanese Investments - The performance of Japanese investments was mixed, with Horiba contributing positively while JEOL detracted from performance [15] - Subaru performed well despite concerns over U.S. import tariffs, achieving a total return of 26.28% in 2025 [16] Energy Sector Performance - The Fund's oil and gas-related businesses did not perform well in 2025, with significant headwinds affecting offshore energy service sectors [21] - Delays in offshore projects and changes in spending by major producers created challenges for the sector [21] Resource Conversion Activities - The Fund engaged in robust resource conversion activities, including acquisitions and divestitures, to enhance shareholder value [27] - Harbour Energy executed several strategic transactions, significantly shifting its production base and improving its financial position [28] New Investments - The Fund initiated a position in T.S. Lines Ltd., a container shipping company focused on routes within the Asia-Pacific region, which is expected to benefit from growing trade activity [35] - T.S. Lines has a strong balance sheet and operates a younger fleet, positioning it well for future growth [37]

CK Hutchison's long-running effort to sell 43 ports has encountered another snag: Panama's Supreme Court has ruled that the conglomerate's contract to operate two ports along the Panama Canal is unconstitutional. Here's what to know. https://t.co/hlJi6Lp7q7 ...

Exclusive: China asks state firms to halt talks over new Panama projects after the country voided a canal ports deal with billionaire Li Ka-shing's CK Hutchison https://t.co/Az1dY1rSi6 ...

Exclusive: China is asking state firms to halt talks over new Panama projects after the country voided CK Hutchison’s canal ports deal https://t.co/kP4EBd44bI ...

CK Hutchison says it has initiated arbitration proceedings against Panama after the country’s top court invalidated its contract to operate two ports near the Panama Canal https://t.co/kqbEUhNJXi ...

The Chinese government has denounced a ruling by Panama’s top court to void CK Hutchison’s contract to operate two ports as “extremely absurd,” warning the Central American country would pay a “heavy price” if it fails to change course https://t.co/7UaB38nZ5U ...