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J&J raises 2026 outlook as oncology products power Q1 beat
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PetroTal (PTALF) reported a robust start to 2026, with Q1 production averaging 14,907 barrels of oil per day (bopd), outpacing management’s internal expectations.
While production saw a slight 2% sequential decline, the company maintained a strong liquidity position with $128.1 million in total
Trading on Tuesday began with high expectations that the Iran war is inching to a close, fuelling gains across major stock markets and pushing oil back under $100 a barrel.
Investors remained hopeful for a lasting de-escalation of the conflict, now in its seventh week, as the US and Iran are said to be weighing a second round of talks before a temporary ceasefire agreement expires next week.
The US military on Monday began a blockade of Iranian ports as Washington steps up pressure on Tehran, following weekend ceasefire talks between the two sides that ended without agreement.
Trump also suggested on Monday that the United States is still willing to engage with Tehran.
“I can tell you that we’ve been called by the other side,” he said, without elaborating further.
Oil prices continued to pull back on Tuesday from earlier gains.
Brent crude, the international standard, was down 0.8% at $98.62 per barrel, nearing 8 am CET.
It reached nearly $104 early on Monday amid Iran war concerns and limited progress in weekend ceasefire talks.
Benchmark US crude fell 1.7% early Tuesday to $97.40 a barrel.
The global energy shock stemming from maritime traffic disruptions in the Strait of Hormuz, through which roughly a fifth of the world’s oil is typically transported, has led to surging fuel prices and threatens to push up inflation in many countries and weigh on economic growth.
Investors were quick to recover after the dismal first trading day on Monday. Asian markets were mostly up on Tuesday morning, tracking Wall Street gains.
Tokyo’s Nikkei 225 was up 2.4%, while South Korea’s Kospi jumped more than 3% to 6,004.30.
Hong Kong’s Hang Seng rose 0.4% to 25,759.75, while the Shanghai Composite climbed 0.6% to 4,010.45.
This comes as China on Tuesday reported worse-than-expected export growth.
The world’s second-largest economy expanded its exports by 2.5% in March year on year, significantly slower than the previous two months as uncertainties rose from the Iran war and its impact on energy prices and global demand.
The March data missed analysts’ estimates and was sharply down from the 21.8% export growth recorded in January and February.
Wall Street rose on Monday. The S&P 500 gained 1%, the Dow Jones Industrial Average climbed 0.6% and the Nasdaq Composite added 1.2%.
Shares in Goldman Sachs fell 1.9% despite the investment bank posting better-than-expected quarterly profits.
In other trading, gold and silver prices rose on Tuesday. Gold was up 0.6% at $4,796.60 (€4,219.62) an ounce, while silver gained 1.8% to $77.05 (€67.80) per ounce.
The US dollar fell to ¥159.08 from ¥159.45. The euro was trading at $1.1766, up from $1.1759.
US and Iran mull second meeting in bid to revive ceasefire talks: report
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Supply shock coming as last oil tankers leaving Hormuz before Iran war to unload in next few days
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The publication’s shift in leadership signals both continuity and evolution—positioning the storied magazine for its next phase of growth.
After 15 years at the helm of Global Finance Magazine, Andrea Fiano is stepping into a new role as Editor at Large, marking the close of a defining chapter for the publication and the beginning of a new era under Paul Curcio.
Fiano, who led the magazine since 2011, played a central role in shaping its authoritative voice while expanding its digital and print reach. He expressed confidence in the transition, noting he is “incredibly grateful” for his time leading the publication and optimistic about its future.
“I am confident Paul Curcio will lead the publication to new heights,” Fiano said.
During his tenure, Fiano upheld rigorous editorial standards, drawing on breaking news and features from a worldwide network of correspondents. He also guided Global Finance Magazine through defining market events—from the aftermath of the Dot-com Bubble and the Global Financial Crisis to the upheaval of the COVID-19 market crash and recovery. His leadership helped reinforce the publication’s standing among top movers and shakers, including CEOs, CFOs, and institutional leaders worldwide.
In his new position, Fiano will continue contributing strategic insight and thought leadership.
Curcio steps into the role immediately, determined to build on that legacy.
“I’m excited to join the team at Global Finance during this pivotal moment in its evolution. I’m grateful for the strong foundation and legacy left by my predecessor, Andrea Fiano, and I look forward to working with the team to chart a vibrant course for the publication that resonates with our audience,” he said. Curcio previously held leadership roles at InvestmentNews, TheStreet and The Associated Press.
With more than 50,000 subscribers worldwide, the leadership shift signals both continuity and evolution—positioning Global Finance for its next phase of growth.
Founded in 1987 by Joseph D. Giarraputo, Global Finance has long served as a trusted voice on financial globalization, reaching senior decision-makers across 163 countries. With offices in New York, London, and Milan, the magazine has built a reputation for authoritative coverage of banking, corporate finance and economic policy.
“I want to thank Andrea for 15 years of inspired leadership and wise council that we will all miss,” Giarraputo said. “And welcome, Paul. I’m sure he will build on what Andrea has left behind.”
What happens when AI becomes sentient? Google hired a philosopher to find out
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Morgan Stanley maps 60 stocks across the space trade
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Saudi Arabia’s IPO market is entering a more mature phase as listings surge and foreign investor engagement grows. But can it weather the crisis in the Gulf?
Saudi Arabia has established itself as the Gulf region’s most consistent destination for new corporate listings. While other regional exchanges occasionally produce blockbuster transactions, the kingdom has distinguished itself through a steady pipeline of offerings across sectors and company sizes.
Last year, Saudi Arabia hosted 37 of the Gulf Cooperation Council’s 42 IPOs, through both the Saudi Stock Exchange’s Main Market and Nomu (a parallel market), according to Kuwait-based Kamco Invest. Nomu accounted for 24 listings while the Main Market saw 13 deals. Despite a slight dip in deal flow from 2024, total proceeds reached $4.2 billion. As a result, the kingdom overtook the United Arab Emirates as the region’s leading IPO market.
As in other emerging economies, Saudi Arabia’s capital markets remain sensitive to geopolitical developments. The unfolding crisis following the US-Israel strikes on Iran in late February and the subsequent constriction of trade through the Strait of Hormuz have increased uncertainty across markets in the Middle East.
But the kingdom’s lengthening record of sustained capital markets activity reflects both the scale of the Gulf’s largest economy, and more than a decade of financial-sector reforms tied to the Saudi government’s Vision 2030 development plan.
As the government pushes to diversify away from hydrocarbons, the equity market has become an important platform for financing growth, widening ownership, and attracting foreign capital.
“Today the Tadawul All Share Index [TASI], which tracks the Main Market, includes more than 265 companies, alongside nearly 130 on the Nomu parallel market,” says Tarek Fadlallah, chief executive of Nomura Asset Management Middle East. “Together, they provide a much more representative picture of the kingdom’s evolving economy.”
While Saudi Aramco remains the index’s anchor, Fadlallah notes that the exchange now embraces industries ranging from technology and healthcare to logistics, retailing, and real estate.
“Many of these companies are privately owned rather than state-controlled entities,” he adds, “reflecting the growing role of the private sector in the Saudi economy. These changes position the TASI as a more credible vehicle for capturing Saudi Arabia’s structural growth story.”
Underpinning the steady flow of listings is a broader transformation of Saudi Arabia’s capital markets infrastructure.
“Three to four years ago, the Saudi IPO market was not as active or as developed as it is today,” says a Riyadh-based equity capital markets banker. “Since then, we’ve seen a broader ecosystem take shape, including more international banks establishing a stronger local presence and greater foreign investor engagement.”
The mechanics of bringing companies to market have also evolved.
“Pre-IPO preparation is deeper, due diligence is more rigorous, and book building has become more sophisticated,” the banker says.
This evolution is closely tied to Vision 2030’s Financial Sector Development Program, which aims to deepen capital markets, expand financing channels, and encourage more private-sector listings. Regulators have also taken steps to gradually open the market to international investors. In February 2026, authorities removed the Qualified Foreign Investor requirement, allowing a wider pool of global investors to access Saudi equities more easily.
Despite reforms and growing international investor interest, domestic investors remain the backbone of the Saudi IPO market. Local institutional investors, including asset managers, pension funds, and family offices, anchor demand for new listings while retail investors play a larger role than in many other emerging markets.
“Retail participation has supported liquidity alongside domestic mutual funds and institutional investors,” says the Riyadh-based banker.
Foreign investors are nevertheless becoming more active as Saudi Arabia integrates more closely with global capital markets. A milestone occurred when major benchmarks included Saudi Arabia in 2019, including the MSCI Emerging Markets Index and the FTSE Russell Emerging Markets Index. Saudi equities could then enter global portfolios and generate passive inflows from index-tracking funds.
“Saudi Arabia’s inclusion in global indices has driven additional foreign investment interest,” says Sawsan Abdullatif, research associate at Bahrain-based asset manager SICO.
Even so, domestic capital continues to provide the foundation for most IPO demand.
As the pipeline of listings has expanded, investor behavior has evolved, but the larger supply of deals has also brought greater scrutiny.
Institutional investors are placing greater emphasis on earnings visibility, governance standards, and credible growth strategies.
“Deal flow quality varies from one offering to another and is closely linked to earnings visibility, strength of management guidance, sector positioning, and the clarity of disclosure in the prospectus,” notes Abdullatif.
Valuation dynamics have also begun to shift.
Imad Chukrallah, founding partner and fund manager at Amwal Capital Partners, observes that the market has matured significantly as more companies prepare to list: “The process to IPO is clear and the pace of listings largely depends on investor appetite.”
“As valuations compressed and the premium to emerging markets largely disappeared, new listings have had to price more attractively,” Chukrallah says.
Foreign investors are also contributing to market inflows, he adds: “The largest inflows into the market have been coming from international investors, who remain underweight in Saudi Arabia relative to benchmark indices.”
Saudi Arabia remains the deepest equity market regarding market capitalization, tradable stocks, and daily trading volumes, Chukrallah notes, and recent deals suggest the pipeline remains active.
Last year, low-cost Saudi airline Flynas launched a major IPO tied to the kingdom’s expanding tourism sector.
Other Gulf markets, however, remain active. The UAE has hosted multiple high-profile listings in recent years while Oman’s listing of OQ Exploration & Production in 2024 demonstrated that landmark deals can emerge elsewhere in the region. Qatar has also seen some limited listing activity.
But the scale of the Saudi market provides a clear advantage.
“The depth of its domestic institutional base, breadth of sectors and scale of the economy provide structural advantages,” Abdullatif observes.
Alongside the Main Market, Nomu has become an important pipeline for smaller companies seeking access to public capital. The parallel market offers lighter listing requirements than the main exchange, and while liquidity remains comparatively limited, Nomu serves as a steppingstone for companies that may later graduate to the main board.
To be sure, the crisis that began with the US-Israeli assault on Iran looms over these more positive changes.
“The geopolitical environment remains uncertain,” the Riyadh-based banker acknowledges. “Any further deterioration would likely affect sentiment, issuance timelines, and potentially, the wider diversification story.”
So far, however, the Saudi market has shown resilience.
“While the recent developments increase uncertainty, the Saudi market was not much impacted,” Chukrallah said last month. “In fact, the market is net up since the start of the war. Appetite for successful companies with a unique value proposition remains strong.”
Saudi Arabia’s IPO market is increasingly defined not just by the pace of listings but by deeper institutional participation, broader sector representation, and a growing pipeline of private-sector issuers.
The combination of regulatory reforms, expanding investor participation, and a stronger listing pipeline suggest it will remain not only the region’s busiest IPO market but also one of the world’s more structurally important financial centers.
Suphanat Khumsap
Global investors are increasingly focused on the outlook for the Strait of Hormuz, as geopolitical tensions intensify following Washington’s indication that it may enforce a naval blockade targeting Iranian ports.
The narrow waterway—one of the world’s most critical energy and
The Budapest Stock Exchange jumped over 3% to a record high of more than 136,000 points on Monday as markets priced in the end of 16 years of Viktor Orbán’s time in power and the potential return of Hungary to a more mainstream European path.
Increased investor appetite pushed the country’s largest listed companies, including OTP Bank, MOL, Richter, and Magyar Telekom to gain between 2%-5% by 1 p.m. CET.
The move contrasts with broader European markets, which are trading lower, digesting the failure of US-Iran negotiations over the weekend with no indication of further talks.
At the election on Sunday, Péter Magyar’s Tisza party secured 138 seats in the 199-seat Hungarian parliament, securing a supermajority and fuelling expectations of a seismic shift in the country’s politics.
Magyar, a former Orbán ally turned fierce critic, has promised to restore democratic checks and balances and unlock €17 billion in EU funds frozen over democratic backsliding under Orbán’s government.
This could be accompanied by access to low-cost loans for defence and infrastructure, fuelling the fragile growth of the Hungarian economy.
Speaking to Euronews, Timothy Ash, a senior emerging markets strategist at RBC Global Asset Management, explained that “the market is reacting to a combination of uncertainty dissipating, as there was a real concern of election results being contested, and renewed optimism for policy changes that should align Europe”.
“Magyar will need better relations with the EU. There are lots of structural funds that will probably get released, and the market knows the economic policy team well,” he added.
Ash also said that the likely pick of András Kármán as the new finance minister, “a very credible person,” will further stabilise the country’s near-term growth.
Kármán is currently Tisza’s economic advisor and previously served as a member of the board of directors at the European Bank for Reconstruction and Development (EBRD).
Investors appear to view the result as removing a long-standing political risk premium that had weighed on Hungarian assets.
The two-thirds parliamentary majority secured by Tisza will allow swift legislative changes, including the potential removal of sector-specific windfall taxes that had squeezed banks, energy firms and retailers.
Morgan Stanley and other analysts have noted that such a shift could lift Hungary’s GDP growth potential by 1 to 1.5% in the coming years through higher investment and restored EU transfers.
The Hungarian currency joined the rally, climbing to its strongest level against the euro in more than four years.
The EUR/HUF rate fell to 366.64, its lowest since April 2022, while the forint also gained sharply against the US dollar.
Market observers attribute the currency’s strength to expectations of reduced political uncertainty and renewed foreign capital inflows once EU funds resume.
However, Ash explained to Euronews that “Hungary has a very high real rate compared to, say, Poland. I think the central bank has maintained very high real rates because of political risk”.
“They were very concerned about maybe the currency weakening around elections, but are very eager to have a stable currency.”
Last month, the National Bank of Hungary held its benchmark rate at 6.25%, whereas in Poland, for example, it is currently steady at 3.75%.
“Maybe we’ll see a normalisation of real rates in Hungary towards [those closer to] Poland, and that means rate cuts, probably. Investors will likely focus on rates more than the currency as Hungary will also need economic stimulus to catalyse growth,” Ash added.
AM Markets Need to Know: Iran blockade, tariff threat on China, and more
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Visa and Neat team up to modernize card insurance services in Europe
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Markets face a sobering Monday after weekend optimism over a peace talks breakthrough faded. Investors are bracing for a high-impact week shaped by geopolitics, inflation data and the start of earnings season.
Oil prices resumed their climb, with international benchmark Brent crude and the US benchmark WTI trading above $100 a barrel. On Monday morning in Europe, Brent front-month futures were up 7%, trading at nearly $102 a barrel, while WTI gained nearly 8% and surged to $104.
This comes as the US military prepares to blockade ships entering or leaving the Strait of Hormuz, where much of the shipping has been disrupted by Iran since the start of the war.
US President Donald Trump announced the planned blockade after US-Iran ceasefire talks in Pakistan ended without agreement. The military said the blockade covering all Iranian ports would begin Monday at 10 am CET (5:30 pm local time in Iran).
Oil prices have been climbing as shipping through the Strait has essentially stalled since late February. Brent crude has risen from roughly $70 a barrel before the war to more than $119 at times.
“Markets have seen a clear risk-off move this morning,” a Deutsche Bank Research analysts said in a note, adding that “the mood has shifted negatively once again.
“Oil prices have revived fears of a stagflationary shock, with equities and bonds losing ground globally.
The Hungarian forint took the spotlight in currency trading after Péter Magyar and his Tisza Party won a landslide election, ending the 16-year rule of Viktor Orbán’s Fidesz party.
The euro was trading at 366.18 forints before European markets opened on Monday, a sharp drop from 377.56 late Sunday. The Hungarian stock index rose 2.85% on Monday morning, bucking the negative sentiment weighing on markets across the bloc.
Investors see Magyar’s Tisza Party pushing Hungary in a more pro-EU direction, with a higher likelihood of restoring rule-of-law alignment and closer cooperation with Brussels.
Elsewhere in currency markets, the euro weakened against the dollar to $1.1692 in European morning trading. The British pound also fell against the dollar, down 0.3% at $1.3416.
Stock markets in Europe opened in negative territory, with London’s FTSE 100 opening down 0.4%, the DAX in Frankfurt falling 1%, and Paris’s CAC 40 down nearly 0.9%.
Stock markets were also down in Asia on Monday. Japan’s benchmark Nikkei 225 lost 1.0% in morning trading to 56,357.40. Australia’s S&P/ASX 200 shed 0.5% to 8,913.50. South Korea’s Kospi dipped 1.1% to 5,795.15. Hong Kong’s Hang Seng slipped nearly 1.5% to 25,513.42, while the Shanghai Composite fell 0.2% to 3,976.57.
Analysts said global trading was expected to remain turbulent for some time.
“The outcome of the talks was not really what people were hoping for, that’s for certain,” Neil Newman, Managing Director and Head of Strategy at Astris Advisory Japan, said in Hong Kong.
“As we stand here at the moment, it doesn’t look very nice. Certainly, the oil prices are a big concern.”
Wall Street ended last week with a second weekly gain in a row. The S&P 500 inched 0.1% lower on Friday after a day of choppy trading.
The Dow Jones Industrial Average fell 0.6% and the Nasdaq Composite rose 0.4%. But those gains came amid optimism over weekend peace talks in Pakistan that was later shattered by subsequent developments.
The yield on the 10-year Treasury climbed to 4.32% last Friday from 4.29% late Thursday.
In currency trading, the US dollar gained to 159.74 Japanese yen from 159.25 yen. The euro cost $1.1687, down from $1.1729.
Markets are entering a busy week, with all eyes still on developments around the Strait of Hormuz and the broader implications of the Iran conflict.
In the US, investors are watching the first major wave of corporate earnings reports, including those of big banks and tech companies, with JPMorgan, Goldman Sachs and Bank of America, ASML and TSMC reporting this week.
This is set against a backdrop of key US inflation and producer price data, as well as jobless claims. These figures are critical for gauging whether the Federal Reserve is moving closer to rate cuts.
Meanwhile, the IMF–World Bank Spring Meetings in Washington begin this week.
The latest World Economic Outlook from the IMF, out on Tuesday, will also be of interest, and could offer further insight into how these institutions are assessing the global economy’s resilience amid geopolitical tensions in the Middle East.
In Europe, investors are focused on PMI and industrial activity data, which will provide insight into whether the eurozone economy is stabilising or still struggling with weak demand.
UK homebuilder Vistry appoints Adam Daniels CEO after Greg Fitzgerald steps down
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Kornit Digital buys PrintFactory to strengthen automation capabilities
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Meatpacker JBS reaches labor deal with striking workers at Colorado plant
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Odds of Strait of Hormuz opening plunge on prediction markets
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Andrew Harnik/Getty Images News
President Donald Trump is considering renewed military action against Iran, including limited strikes, following the breakdown of negotiations in Pakistan, The Wall Street Journal reported Sunday, citing officials familiar with the discussions.
A broader bombing campaign remains an option but
Tasos Katopodis/Getty Images News
U.S. President Donald Trump acknowledged that oil and gasoline prices could remain elevated through the fall, signaling potential political and economic consequences from the ongoing conflict with Iran.
“It could be, or the same, or maybe a little bit higher, but it should
Top global stories this week as geopolitical tensions ease
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Olena Bartienieva/iStock via Getty Images
A global race to develop artificial intelligence-powered weapons is intensifying, with the United States, China and Russia pushing to gain an advantage in next-generation warfare, the New York Times reported Sunday.
Recent military displays and intelligence assessments suggest China may