News

Glonghui, May 11 — Grace Peters of JPMorgan stated that global fragmentation, artificial intelligence, and inflation are currently the three key forces shaping the market, and recent events such as the war in the Middle East have made these trends even more urgent. Peters warned that rising capital expenditures could intensify inflation risks, recommending that investors strengthen portfolio resilience by allocating inflation-resistant assets such as gold, while maintaining a relatively short duration allocation in bonds. She remains optimistic about corporate earnings growth, expecting that, amid rising capital expenditures and AI-driven profit margin improvements, earnings growth will outpace levels seen in recent decades.

The bank’s analysts stated: “The rapidly tightening aluminum market is causing investors to question why the price of aluminum on the London Metal Exchange hasn’t seen a larger increase.” The spread between spot and futures prices and regional premiums more clearly reflect this tightness, with the spot-to-three-month aluminum spread at its highest level since 2007. Nevertheless, the impact of supply constraints is being partially offset by relatively weak demand dynamics. Elevated spot prices are dampening purchases, while the steep forward curve is increasing the cost of holding inventory, prompting end-users to destock. In some cases, industrial users are also switching materials, substituting aluminum with steel or copper in certain applications. LME three-month aluminum futures rose 1.4% to $3,550 per ton.

According to sources familiar with the matter, Amazon is preparing to issue Swiss franc bonds for the first time. The company has appointed BNP Paribas, Deutsche Bank, and JPMorgan to manage the issuance of six tranches of Swiss franc bonds with maturities ranging from 3 to 25 years.

Adjusted EBITDA for the first quarter was $151 million, up 23% year-on-year, with the expected value at $137.9 million. Operating income for the first quarter was $45 million, down 52% year-on-year.

Golden Globe Exchange May 11丨Pakistan's KSE-100 Index closed down 0.4% to 170,628.7 points.