CNA938 Rewind - Stock take today: US-China reach agreement, new record for the S&P 500

CNA938 Rewind
On the daily markets analysis on Open For Business, Andrea Heng and Hairianto Diman speak with Brian Szytel, Managing Director, Partner and Co-Chief Investment Officer, The Bahnsen Group.

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33 minutes ago

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Oil prices slip as US sanctions ease fears of escalation in Iran

HOUSTON :Oil prices slipped on Friday as the U.S. imposed new Iran-related sanctions marking a diplomatic approach that fed hopes of a negotiated agreement, a day after President Donald Trump said he might take two weeks to decide U.S. involvement in the Israel-Iran conflict. Brent crude futures were down $2.27, or 2.9 per cent, to $76.58 a barrel by 11:48 a.m. EDT. U.S. West Texas Intermediate crude for July - which did not settle on Thursday as it was a U.S. holiday and expires on Friday - was down 21 cents or 0.3 per cent at $74.93. The more liquid August contract was down around 0.1 per cent, or 5 cents, to $73.45. Brent was on track to rise 3.2 per cent on the week, while front-month U.S. crude futures were set to increase by 2.7 per cent. President Donald Trump's administration has issued fresh Iran-related sanctions, including on two entities based in Hong Kong, and counter-terrorism-related sanctions, according to a notice posted to the U.S. Treasury Department website. The sanctions target at least 20 entities, five individuals and three vessels, according to Treasury's Office of Foreign Asset Control. "Those sanctions are cutting both ways, they may be part of a broader negotiation approach towards Iran. The fact they are undertaking this is a signal they are trying to resolve this outside of conflict," said John Kilduff, partner at Again Capital in New York. Prices jumped almost 3 per cent on Thursday after Israel bombed nuclear targets in Iran, while Iran - OPEC's third-largest producer - fired missiles and drones at Israel. Neither side showed any sign of backing down in the week-old war. Brent prices retreated after the White House said President Donald Trump would decide whether the United States would get involved in the Israel-Iran conflict in the next two weeks. 'Although a major escalation is yet to occur, risks to supply from the region remain high, still hinging upon the potential for U.S. involvement,' said Russell Shor, senior market analyst at Meanwhile, Israel seeks genuine efforts on Iran's nuclear capabilities from Friday's meeting between European and Iranian ministers, not just another round of talks, Israel's UN ambassador said. "However, while Israel and Iran carry on pounding away at each other, there can always be an unintended action that escalates the conflict and touches upon oil infrastructure," PVM analyst John Evans said. Iran has in the past threatened to close the Strait of Hormuz, a vital route for Middle East oil exports. However, oil exports so far have not been disrupted and there is no shortage of supply, said Giovanni Staunovo, an analyst at UBS. "The direction of oil prices from here will depend on whether there are supply disruptions." An escalation of the conflict in such a way that Israel attacks export infrastructure or Iran disrupts shipping through the strait could lead to $100 per barrel of oil being a reality, said Panmure Liberum analyst Ashley Kelty.

CNA

33 minutes ago

• CNA

$177 million AT&T data breach settlement wins US court approval

A U.S. judge granted preliminary approval on Friday to a $177 million settlement that resolves data security lawsuits against AT&T over breaches that exposed personal information belonging to tens of millions of the telecom giant's customers. U.S. District Judge Ada Brown in the federal court in Dallas, Texas, said in a ruling that the class-action settlement was fair and reasonable. The deal resolves claims over data breaches that AT&T announced in May and July last year.

CNA

an hour ago

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Travel tech firm Navan confidentially files for US IPO

Corporate travel and expense company Navan said on Friday it had confidentially filed for a U.S. initial public offering, as it looks to take advantage of growing investor optimism for new listings after a dry spell. The terms of the offering were not disclosed. The Palo Alto, California-based company, backed by Andreessen Horowitz and Lightspeed among others, raised $304 million in equity and structured debt financing in 2022 and was valued at $9.2 billion at the time, according to the company. Activity in the U.S. IPO market, which started the year on a slower footing, has shown signs of a sustained revival in recent weeks after a couple of fresh flotations received overwhelming investor support. The technology sector has been dominating the U.S. IPO headlines in the recent revival along with finance, with companies such as space and defence tech firm Voyager Technologies and adtech MNTN making stellar debuts. Chime Financial's shares also surged in one of the most hotly anticipated New York debuts of the month, paving the path for public offerings of a few big names like crypto exchange Gemini and fintech firm Klarna later in the year. "We do see the IPO pipeline building, and forecast an active fall (season)," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. "In addition to the core institutional IPO buyers, who are looking for strong growth, profitability, and reasonable valuations, it's healthy to see traders looking to get in on a hot deal," Kennedy added. Navan, founded in 2015 as TripActions, began as a corporate travel management platform aiming to streamline services offered by traditional players such as American Express and SAP Concur. It later expanded into corporate payments and expense management.