Inflation Overview - Inflation cooled more than expected in January, with the Consumer Price Index showing a 0.2% increase from the previous month and a 2.4% increase on an annual basis, marking a notable deceleration from December's 2.7% annual rise [1][3] Core Inflation - Core inflation, which excludes volatile categories like energy and food, rose 0.3% month-over-month and 2.5% year-over-year in January, meeting economists' expectations [2] Price Trends - Certain categories continue to experience elevated prices, such as food items like coffee and beef, which contributed to a 2.9% annual increase in that category. Airfares also saw a significant monthly increase of 6.5% [4] - Energy prices fell by 1.5% in January, while used car prices decreased by 1.8% month-over-month [4] Tariff Impacts - The effects of President Trump's tariffs are still being felt, with apparel prices rising 0.3% from the previous month. Other categories such as video and audio products increased by 2.2%, and computers and smart home assistants rose by 3.1% [5] - Analysts from Bank of America anticipate that core goods prices will accelerate due to increased tariff pass-through and the typical trend of January inflation being higher than the rest of the year [6]

Core Viewpoint - Enbridge reported an increase in earnings for the latest quarter, driven by strong demand despite challenges from tariffs and geopolitical uncertainty [1] Group 1: Earnings Performance - The company experienced a lift in earnings for the latest quarter [1] - Strong demand contributed significantly to the earnings growth [1] Group 2: Market Environment - The earnings increase occurred against a backdrop of tariffs and geopolitical uncertainty [1]

This story was originally published on Trucking Dive. To receive daily news and insights, subscribe to our free daily Trucking Dive newsletter. Dive Brief: Paccar executives expect customer demand to rebound in 2026, citing economic growth, recovering freight conditions, and greater clarity around tariffs and regulatory concerns, they shared during the company’s Jan. 27 earnings call. Early signs of that recovery emerged in December and January, when order intake was “very strong,” CEO Preston Feight sa ...

Doesn't Need to Approve Tariff Rebate Checks. Experts Disagree][![ninety six]Americans Have Paid For 96% of Tariff Costs, Study Finds][![U.S. Treasury Secretary Scott Bessent testifies before the House Financial Services Committee in the Rayburn House Office Building February 4, 2026 in Washington, DC.]Don't Like Trump's Economy? Maybe You Will Next Year][![US President Donald Trump waves as he boards Air Force One at Joint Base Andrews, Maryland on January 13, 2026, as he travels to Detroit, Michigan.]Hopi ...

Group 1 - Estée Lauder Cos. is no longer marketing Too Faced, Smashbox, and Dr. Jart as a package, instead offering them separately [1] - CEO Stéphane de La Faverie is assessing the group's portfolio as part of a new strategy to improve the company's performance [2] - The company has not publicly confirmed which brands are up for sale, but sources indicate that the three mentioned brands are included [2] Group 2 - For the second quarter ended December 31, the company's net sales increased by 6 percent to $4.2 billion, slightly above Wall Street estimates, with organic net sales rising by 4 percent [3] - Adjusted diluted net earnings per common share rose to 89 cents, a 43 percent increase compared to 62 cents a year earlier [3] - The company raised the lower end of its full-year net sales forecast to a range of 1 percent to 3 percent, up from a previous outlook of flat to 3 percent [3] Group 3 - Despite the positive sales growth, the stock price fell by almost 20 percent to $96.66 due to concerns over full-year adjusted earnings forecasts being below some Wall Street estimates [4] - Investors are also worried about tariff-related headwinds, which are expected to impact fiscal 2026 profitability by approximately $100 million, primarily in the second half [4] - On the following Thursday, the stock closed up almost 1 percent to $106.42 [4]

Financial Data and Key Metrics Changes - Pre-tax income for Q4 2025 was $113 million, down from $134 million in Q4 2024. For the full year, pre-tax income was $561 million in 2025, compared to $584 million in 2024, a decline of 4% [3] - Net income for Q4 2025 was $81 million, or $8.65 per share, compared to $111 million, or $11.56 per share for Q4 2024. Full year net income for 2025 was $419 million, or $44.44 per share, down from $462 million, or $48.22 per share in 2024 [3][4] Business Line Data and Key Metrics Changes - Petroleum Additives sales for Q4 2025 were $585 million, down from $626 million in Q4 2024. Operating profit for this segment was $107 million in Q4 2025, compared to $136 million in Q4 2024, driven by a 6% decline in shipments and lower selling prices [4][5] - For the full year, Petroleum Additives sales were $2.5 billion in 2025, down from $2.6 billion in 2024. Operating profit for 2025 was $520 million, compared to $592 million in 2024, with shipments down by 4.9% [5][6] - Specialty Materials sales for Q4 2025 were $49 million, up from $27 million in Q4 2024, with operating profit increasing to $7 million from about $2 million in the same period [7] - Full year sales for Specialty Materials were $182 million in 2025, compared to $141 million in 2024, with operating profit rising to $47 million from $17 million [9] Market Data and Key Metrics Changes - The company experienced market softness throughout 2025, impacting shipments and profitability in the Petroleum Additives segment [6] - The Specialty Materials segment showed growth due to higher volume demand at Ampac and the acquisition of Calca Solutions [9] Company Strategy and Development Direction - The company is focused on investing in technology, optimizing inventory levels, and improving portfolio profitability. It has committed approximately $1 billion to expand capacity in the Specialty Materials segment [9] - The company aims to promote long-term value for shareholders and customers, emphasizing a safety-first culture and technology-driven products [11] Management's Comments on Operating Environment and Future Outlook - Management noted challenges from ongoing inflation, tariffs, and market softness impacting shipments. However, they expressed confidence in the performance of the Petroleum Additives and Specialty Materials segments [6][10] - The company generated solid cash flows in 2025, allowing for shareholder returns through share repurchases and dividends, while also reducing total debt [10] Other Important Information - The effective tax rate increased in 2025 compared to 2024, contributing to the decline in net income [4] - The company reported a net debt to EBITDA ratio of 1.1 times as of December 31, 2025, slightly down from 1.2 at the end of 2024 [10] Q&A Session Summary - No specific questions or answers were provided in the content, indicating that the conference concluded without a Q&A segment [12]

Core Insights - Research from the New York Fed indicates that U.S. companies and consumers are incurring the costs of tariffs, contradicting the president's claims that foreign entities are bearing these expenses [1] Group 1 - The study highlights that the burden of tariffs is being felt by domestic businesses and consumers rather than foreign producers [1] - It provides evidence that tariff costs are not being absorbed by foreign suppliers, as previously suggested [1] - The findings suggest a need for reevaluation of the impact of tariffs on the U.S. economy and its stakeholders [1]

Core Viewpoint - The U.S. House, led by Republicans, has passed legislation to end President Trump's tariffs on Canada, indicating rising concerns about the economic agenda ahead of midterm elections [1] Group 1: Legislative Actions and Political Dynamics - The legislation requires the president's signature, but Trump is unlikely to sign it and has threatened to veto it, putting pressure on Republicans who supported the bill [2] - A two-thirds majority in both the House and Senate would be needed to override a potential veto, which is considered highly unlikely [2] - The vote reflects a growing divide within the Republican Party as they approach election year, with concerns about tariffs impacting voter affordability and cost of living [3] Group 2: Implications for Tariffs and Trade Relations - Trump has expressed anger towards Republicans who voted with Democrats, threatening to challenge them in primary elections, which could affect their positions before the general election [4] - The House's discontent with tariffs is evident, and future votes may address tariffs on Mexico and Brazil as well [6] - A Supreme Court case could potentially overturn many tariffs, with a decision expected soon [7] - There is a renegotiation period for the USMCA, with reports suggesting Trump may consider withdrawing from the agreement entirely, which would significantly alter North American trade rules [8]

Core Insights - US tariffs have negatively impacted Scotch whisky exports, with global shipments down 4% in volume and 0.6% in value [1][2] - The value of Scotch exports reached £5.36 billion, equivalent to 1.3 billion bottles sold [1] - Exports to the US saw a significant decline, with volumes dropping over 9% and sales value decreasing by 4% to £933 million [1][2] Export Performance - The US imposed a 10% tariff on UK exports in April, leading to a 15% decline in Scotch export volumes and a 7% decrease in sales value from May to December [2] - Exports to France, the second-largest market for Scotch, also fell, with sales value down 3.6% and volumes down 14% [2] Growth Markets - In contrast, sales to India increased by 15% to £286 million, with volumes also rising by 15% [3] - India is now the largest market for Scotch in terms of volume, with sales reaching 220 million 70cl bottles last year [3]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] AI and Energy Demand - AI technologies, particularly large language models like ChatGPT, are extremely energy-intensive, with data centers consuming as much energy as small cities [2] - The increasing demand for AI is straining global power grids, leading to rising electricity prices and utilities struggling to expand capacity [2] Investment Opportunity - A specific company, largely overlooked by AI investors, is positioned to benefit from the anticipated surge in energy demand due to AI [3][6] - This company owns critical energy infrastructure assets and is involved in the U.S. LNG exportation sector, which is expected to grow under the current administration's energy policies [7][8] Financial Position - The company is noted for being debt-free and holding a significant cash reserve, amounting to nearly one-third of its market capitalization [8] - It also has a substantial equity stake in another AI-related company, providing investors with indirect exposure to multiple growth opportunities without high premiums [9] Market Perception - Wall Street is beginning to take notice of this company due to its unique position in the energy sector, which is essential for supporting AI advancements [8][10] - The company is trading at a low valuation of less than 7 times earnings, making it an attractive investment option compared to other firms in the energy and utility sectors [10] Future Outlook - The ongoing AI revolution is expected to disrupt traditional industries, with companies that adapt to AI technologies likely to thrive [11][12] - The influx of talent into the AI sector is anticipated to drive continuous innovation and advancements, reinforcing the importance of investing in AI [12][13] Strategic Context - The company is strategically aligned with trends such as the AI infrastructure supercycle, the onshoring boom due to tariffs, and a surge in U.S. LNG exports [14]