The rally has been driven by concerns over tightening supply and tariff uncertainty in the U.S. ...

Royal Bank of Canada took C$984 million ($711 million) in provisions for credit losses (PCLs) on impaired loans in its fiscal fourth quarter, as the risk of US tariffs continued to weigh.The figure for the three months to end-December was up 7.8% from Q3, and on par with the C$985 million recorded in Q1, which covered the first few weeks of the second Trump administration, a period characterised ...

Core Insights - 2025 was a significant year for ex-U.S. equities, driven by a declining dollar, tariff uncertainty, and domestic concentration risk, which led investors to seek opportunities abroad [1] Group 1 - Broad ex-U.S. equities performed well, rewarding investors who diversified their portfolios outside the U.S. [1]

Yeah. I mean, I guess I was a lot for the Hunts Brothers, but I don't remember it. Well.Yeah, it seems like it's almost unsustainable at this point because what else could drive it higher. And I think that's what people are racking their heads about. And we've talked about positioning now being stretched either our size or called skew.All that now to me tells you it's just a very tough proposition to buy at this level and expect to have further gains. But look, it's not just the geopolitics. It's not just t ...

Financial Data and Key Metrics Changes - Net sales for Q3 2026 were $47.6 million, a 4% year-over-year increase, driven by a 31% increase in fire services products [4][21] - Adjusted EBITDA, excluding FX, was $200,000, a decrease of $4.5 million, or 95%, compared to $4.7 million for the same period last year [5][24] - Adjusted gross profit as a percentage of net sales decreased to 31.3% from 41.7% in the comparable year-ago period [5][23] - The net loss for the quarter was $16 million, or $1.64 per share, compared to a net income of $100,000, or $0.01 per share, for Q3 2025 [21][22] Business Line Data and Key Metrics Changes - Fire services revenue increased by $6 million year-over-year, driven by $3.4 million in sales from the Veridian acquisition and organic growth of $3 million [22][27] - Adjusted gross profit for the fire services segment decreased due to lower sales, higher product costs, and tariffs [23][25] - Industrial demand softened across several channels, with distributors reducing inventory and certain customers deferring purchases [17][18] Market Data and Key Metrics Changes - Domestic sales were $19.2 million, representing 40% of total revenues, while international sales were $28.4 million, accounting for 60% of total revenues [22] - Sales in Latin America decreased from $5 million to $4.2 million due to political uncertainty affecting purchase decisions [28] - Sales in Asia decreased 19% year-over-year from $3.6 million to $2.9 million [28] Company Strategy and Development Direction - The company is focused on expanding its market share in the fragmented $2 billion fire protection sector and growing its industrial products business [4][7] - Strategic acquisitions of California PPE and Arizona PPE are expected to enhance the North American service segment of the global fire services market [7][8] - The company plans to navigate macroeconomic challenges while expanding top-line revenue in fire services and industrial verticals [33][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of tariff uncertainty, inflation, and supply chain costs on revenue and gross margin [9][12] - The company remains optimistic about long-term demand signals and expects headwinds to ease as it moves into calendar year 2026 [12][35] - Management has withdrawn formal guidance and is shifting to a more disciplined operating model focused on measurable execution and cash generation [11][13] Other Important Information - The company completed a $6.1 million sale and partial leaseback of its Decatur, Alabama warehouse, resulting in a gain of $4.3 million [8] - Inventory at the end of Q3 was $87.9 million, down from $90.2 million at the end of Q2 [10][31] - The company has suspended its quarterly cash dividend to reinvest profits into growth opportunities [31] Q&A Session Summary Question: What makes the $38 million fire service tenders high probability? - The company believes these tenders are high probability due to existing relationships with fire departments, competitor struggles, and being written into specifications [37] Question: What is the status of certification delays? - Certification delays are due to a backlog at certification agencies, affecting all manufacturers, with no further delays expected [44] Question: How is the company addressing pricing opportunities? - The company is implementing annual pricing increases strategically across fire and industrial segments while managing competitive pressures [46][48]

Tariff uncertainty continues to add pressure to the rupee, but analysts say further downside may be limited. Read for free with your email on what could move markets today https://t.co/sj9w0sjyS2 ...

Core Insights - Mondelez International, Inc. (MDLZ) reported a strong third quarter for 2025 with better-than-expected revenues and earnings, but management adopted a cautious outlook for the near term due to specific headwinds encountered during the quarter [1][6] Revenue and Earnings Guidance - MDLZ now anticipates 2025 organic net revenue growth of 4% or higher, down from the previously mentioned 5% [2] - Adjusted EPS is expected to decline by 15% on a constant-currency basis, a steeper drop than the earlier estimate of 10% [2] Challenges Faced - The company experienced sharper-than-expected inventory reductions from U.S. retailers, leading to a temporary decline in shipments and more volatile near-term comparisons [3] - Unusually hot weather and increased price sensitivity in Europe negatively impacted chocolate volumes [3] - Tariff uncertainties have added costs and affected consumer sentiment in certain markets, contributing to the cautious guidance [4] Strategic Responses - Mondelez is focusing on targeted pricing actions, enhancing retail partnerships, and increasing efforts in value and club channels [5] - The company remains well-positioned in cocoa supply, providing flexibility as commodity markets change [5] Market Performance - MDLZ shares have decreased by 6.6% over the past three months, underperforming the industry decline of 7.5% and the broader Consumer Staples sector's drop of 4.3% [7] Valuation Metrics - Mondelez currently trades at a forward 12-month P/E ratio of 18.18, which is above the industry average of 14.72, raising concerns about justifying this elevated multiple in light of near-term pressures [10]

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Economic Outlook - The US economy is experiencing a multi-speed recovery, with AI-related projects driving fixed investment while other sectors, such as residential construction, are slowing down [6][7] - The Federal Reserve's recent decision to cut rates by 25 basis points was anticipated, but there are concerns about the market overpricing future cuts [2][3] Labor Market - There is a significant decline in white-collar jobs due to the impact of AI, with tens of thousands of positions disappearing [4][5] - The labor supply and demand dynamics are slowing, indicating a challenging environment for job growth [8] Market Reactions - The markets are reacting to the potential for a truce in tariff negotiations, particularly regarding chip sales and agricultural purchases from China [9][11] - There is ongoing uncertainty regarding tariffs, which may persist even if a temporary agreement is reached [12] Commodity Insights - Gold prices have seen a decline from recent highs, attributed to profit-taking after a significant run-up in an inflationary environment [13] - The outlook for gold remains positive in the context of easy financial conditions, while other metals like copper may gain traction [14] Energy Sector - OPEC+ is considering a modest production hike to compensate for reduced Russian oil supply, but supply concerns are currently capping prices [15]

Core Viewpoint - Analysts have significantly increased their price forecasts for platinum and palladium for 2026, driven by tight mine supply, tariff uncertainties, and a shift in investment demand from gold, with platinum nearing its best yearly performance and palladium achieving its best year since 2017 [1][2]. Price Performance - Spot prices for platinum and palladium have risen approximately 76% and 56% respectively this year, supported by gold's record-breaking rally and outflows to U.S. stocks [2]. - The median forecast for platinum in 2026 is $1,550 per troy ounce, up from $1,272 in a previous poll, with an expected average price of $1,249.50 for 2025 [4]. Supply and Demand Factors - Key factors influencing platinum prices include the potential launch of a futures contract in China, muted jewelry demand, and outflows from platinum-backed exchange-traded funds, which have eased tight spot supply during profit-taking periods [3]. - For palladium, the median forecast for 2026 is $1,262.50 per ounce, an increase from $1,100 in the previous poll and an expected average of $1,106 for 2025 [5]. Tariff Uncertainties - Uncertainty regarding U.S. import tariffs has impacted platinum group metals this year, with clarity expected from an ongoing U.S. investigation into potential new tariffs on critical mineral imports [4]. - Concerns regarding palladium are heightened by discussions in the U.S. about imposing tariffs on imports from Russia, a major producer [5]. Market Dynamics - Palladium prices had previously declined for four consecutive years due to expectations that electric vehicle adoption would reduce demand, although recent trends indicate some pushback in electric vehicle uptake [6].