Latest news with #tailwinds
Economic Times
11-06-2025
- Sport
- Economic Times
US open returns to punishing Oakmont: Scheffler, McIlroy, DeChambeau chase glory
Major golf is typically the preserve of the most accomplished professionals in the sport. The US Open stands out as a uniquely democratic adventure through a comprehensive qualifying golfer with a 0.4 handicap index or better is welcome to lay claim to one of the many spots in the field. The 2025 championship accepted a record 10,202 entries, with competitors navigating a rigorous two-stage process beginning with 18-hole local qualifying across 110 sites, followed by 36-hole final qualifying events at 13 venues for those who advance. Sixty-five golfers punched their tickets to Oakmont through the qualification 125th edition of the US Open, and the 10th at Oakmont Country Club, promises to be blinding thriller as 156 fine golfers set sail to rein in an increasingly dominant Scottie Scheffler and an unforgiving course. Sailing the tailwinds from winning the PGA Championship and the Memorial, Scheffler is the star. Rory McIlroy, the Masters champion, and Bryson DeChambeau, the defending champion will hope to keep their arrows straight as they chase the world No.1 down the lane to glory. The comprehensive repertoire of Xander Schauffele and the steady irons of Collin Morikawa will also keep the duo in the conversation at Oakmont. Dustin Johnson, the winner of the previous US Open at this venue in 2016, will also fancy his chances, but his recent form on the LIV circuit has been far from impressive. The US Open's open qualifying process has produced compelling stories. Amateur Mason Howell turned in an astounding performance, firing 63s to force his way through the Piedmont Driving Club in Atlanta. Frankie Harris, another amateur, battled through qualifying at Emerald Dunes in Florida. Professional Cameron Young, a rising star with near-miss major finishes, secured his place via a playoff at Kinsale Golf Club, adding excitement to his major pursuit. Tough Course Oakmont Country Club, a 7,372-yard par-70 course, is renowned for its difficulty. Its greens and fairways, firm and fast, demand precision. The rough, at 5 inches, is thick and unforgiving, punishing errant drives. Greens, running at 15 on the Stimpmeter, are lightning-fast, testing putting skills. The course's 175 bunkers, including the iconic Church Pews between holes 3 and 4, and narrow fairways amplify the challenge. Expect the scores to be snippets of agony, reflecting the bleeding mayhem from marching a treacherous path to elusive glory. Just a few strokes below par should be enough to contend on psychological demands of the US Open create a unique crucible that reveals character and separates the gladiators from the invertebrates. Course management and composure are just as vital as accuracy off the tee, and a sharp eye on the pacy, undulating greens. Alpha Male The steady hand and calm mind of Scheffler seem like just the tools necessary to thrive at Oakmont. The American is gaining 3.5 strokes to the round in his past five events, and his disciplined effort at Muirfield (nothing fancy, 70-70-68-70) underlines why he will enter the week as the Alpha was anticipation that McIlroy, free in the mind after completing his set of majors, might play fearless golf. But evidence from the PGA Championship (T47) and the Canadian Open (MC) suggests that he is battling his satiated cells for motivation. We might be in store for a special spectacle if he rises up to the gruelling demands in the two-time US Open champion (2020, 24), has been rock solid in the majors. He was inside the top ten in five of the last six majors. He has been putting well recently, but Oakmont punishes the slightest drift off the tee, and DeChambeau might find this hard to deal with this has been made of Jon Rahm's top ten streak (21) on LIV Golf. Importantly though, Rahm was tied for the lead on Sunday at Quail Hollow before suffering an uncharacteristic meltdown over the final three holes. The Spaniard will be eager to erase those memories and prove yet again that he belongs with the best. Rahm has two top ten finishes in the last three majors, and a T14 in the Masters this April. Oakmont will afford Rahm just the inspiration he needs to reclaim some territory from his PGA Tour has an astounding record in the US Open. In eight attempts, the lowest finish is a T14 in 2022. The two-time major champion secured a top 10 on every other visit to the tournament. He will bring that confidence to Oakmont, and his ability to thrive on setups that demand all round brilliance. Expect him to force his way into the conversation again on Sunday even if it might not be enough to take the whole the LIV Golf side of the ropes, Joaquin Niemann will tee off yet again trying to prove his detractors wrong. He has won four events this season, but he might draw the most inspiration from a T8 in the PGA Championship, his best result in a ready to spill some popcorn on the couch and carpet. You will agonise with the best and shrivel in fear and frustration as Oakmont wreaks havoc, drawing blood and tears from the very best. Thankfully, you can kneel and pray as the players walk in trepidation between the third and fourth holes, past the Church Pews. It is an iconic 100-yard hazard with a dozen ridges, and a poignant passage of redemption or dereliction at the Oakmont Country Club.
Time of India
11-06-2025
- Sport
- Time of India
US open returns to punishing Oakmont: Scheffler, McIlroy, DeChambeau chase glory
Major golf is typically the preserve of the most accomplished professionals in the sport. The US Open stands out as a uniquely democratic adventure through a comprehensive qualifying system. Any golfer with a 0.4 handicap index or better is welcome to lay claim to one of the many spots in the field. The 2025 championship accepted a record 10,202 entries, with competitors navigating a rigorous two-stage process beginning with 18-hole local qualifying across 110 sites, followed by 36-hole final qualifying events at 13 venues for those who advance. Sixty-five golfers punched their tickets to Oakmont through the qualification system. The 125th edition of the US Open, and the 10th at Oakmont Country Club , promises to be blinding thriller as 156 fine golfers set sail to rein in an increasingly dominant Scottie Scheffler and an unforgiving course. Sailing the tailwinds from winning the PGA Championship and the Memorial, Scheffler is the star. Rory McIlroy , the Masters champion, and Bryson DeChambeau , the defending champion will hope to keep their arrows straight as they chase the world No.1 down the lane to glory. The comprehensive repertoire of Xander Schauffele and the steady irons of Collin Morikawa will also keep the duo in the conversation at Oakmont. Dustin Johnson, the winner of the previous US Open at this venue in 2016, will also fancy his chances, but his recent form on the LIV circuit has been far from impressive. Live Events The US Open's open qualifying process has produced compelling stories. Amateur Mason Howell turned in an astounding performance, firing 63s to force his way through the Piedmont Driving Club in Atlanta. Frankie Harris, another amateur, battled through qualifying at Emerald Dunes in Florida. Professional Cameron Young, a rising star with near-miss major finishes, secured his place via a playoff at Kinsale Golf Club, adding excitement to his major pursuit. Tough Course Oakmont Country Club, a 7,372-yard par-70 course, is renowned for its difficulty. Its greens and fairways, firm and fast, demand precision. The rough, at 5 inches, is thick and unforgiving, punishing errant drives. Greens, running at 15 on the Stimpmeter, are lightning-fast, testing putting skills. The course's 175 bunkers, including the iconic Church Pews between holes 3 and 4, and narrow fairways amplify the challenge. Expect the scores to be snippets of agony, reflecting the bleeding mayhem from marching a treacherous path to elusive glory. Just a few strokes below par should be enough to contend on Sunday. The psychological demands of the US Open create a unique crucible that reveals character and separates the gladiators from the invertebrates. Course management and composure are just as vital as accuracy off the tee, and a sharp eye on the pacy, undulating greens. Alpha Male The steady hand and calm mind of Scheffler seem like just the tools necessary to thrive at Oakmont. The American is gaining 3.5 strokes to the round in his past five events, and his disciplined effort at Muirfield (nothing fancy, 70-70-68-70) underlines why he will enter the week as the Alpha male. There was anticipation that McIlroy, free in the mind after completing his set of majors, might play fearless golf. But evidence from the PGA Championship (T47) and the Canadian Open (MC) suggests that he is battling his satiated cells for motivation. We might be in store for a special spectacle if he rises up to the gruelling demands in Pittsburgh. DeChambeau, the two-time US Open champion (2020, 24), has been rock solid in the majors. He was inside the top ten in five of the last six majors. He has been putting well recently, but Oakmont punishes the slightest drift off the tee, and DeChambeau might find this hard to deal with this week. Much has been made of Jon Rahm's top ten streak (21) on LIV Golf. Importantly though, Rahm was tied for the lead on Sunday at Quail Hollow before suffering an uncharacteristic meltdown over the final three holes. The Spaniard will be eager to erase those memories and prove yet again that he belongs with the best. Rahm has two top ten finishes in the last three majors, and a T14 in the Masters this April. Oakmont will afford Rahm just the inspiration he needs to reclaim some territory from his PGA Tour rivals. Schauffele has an astounding record in the US Open. In eight attempts, the lowest finish is a T14 in 2022. The two-time major champion secured a top 10 on every other visit to the tournament. He will bring that confidence to Oakmont, and his ability to thrive on setups that demand all round brilliance. Expect him to force his way into the conversation again on Sunday even if it might not be enough to take the whole cake. On the LIV Golf side of the ropes, Joaquin Niemann will tee off yet again trying to prove his detractors wrong. He has won four events this season, but he might draw the most inspiration from a T8 in the PGA Championship, his best result in a major. Be ready to spill some popcorn on the couch and carpet. You will agonise with the best and shrivel in fear and frustration as Oakmont wreaks havoc, drawing blood and tears from the very best. Thankfully, you can kneel and pray as the players walk in trepidation between the third and fourth holes, past the Church Pews. It is an iconic 100-yard hazard with a dozen ridges, and a poignant passage of redemption or dereliction at the Oakmont Country Club.
Forbes
11-06-2025
- Business
- Forbes
The Yield Curve Is Telling US Investors To Buy: Europe
In the cacophony of market noise surrounding tariffs, AI valuations, and Federal Reserve policy, one of the most powerful signals for international equity allocation is being completely overlooked. The yield curve—that fundamental barometer of banking profitability and economic health—has been quietly transforming across the Atlantic, creating a compelling case for U.S. investors to pivot toward European markets. While American investors obsess over the latest earnings from the Magnificent Seven, European stocks have surged roughly 9% over the past three months, handily beating the S&P 500's modest gains. This outperformance isn't coincidental—it's the direct result of a fundamental shift in European yield curves that most investors have failed to recognize. The mechanics are straightforward: yield curves measure the difference between short-term and long-term government bond rates. When long-term rates exceed short-term rates, creating an upward-sloping "steep" curve, banks can borrow cheaply and lend profitably. This dynamic supercharges lending activity, economic growth, and ultimately, stock performance. For over two years, inverted yield curves across developed markets signaled economic pessimism and constrained bank lending. But European curves have quietly normalized and steepened while America's remains problematically flat. The trend to steeper yield curves in developed markets continued over April, as the short end benefited from easing in many areas, if not the US. Britain's yield curve has swung from deeply inverted at -0.82% to a healthy positive 0.38%—a massive 1.2 percentage point shift. The Eurozone has seen an even more dramatic transformation, moving from -0.61% to +0.91%, representing a full 1.5 percentage point steepening. Meanwhile, America's yield curve remains marginally inverted, creating a tale of two continents for banking profitability and economic momentum. The implications for European banks are immediate and profound. European banks' net interest income remained strong in Q4 2024, growing 5% year-on-year despite multiple rate cuts by central banks, and the steepening curve provides additional tailwinds for 2025. The STOXX Europe 600 Banks index climbed 26% last year, its best performance since the 34% logged in 2021. More remarkably, European banks exceeded Q1 2025 expectations with strong earnings, stable credit quality and resilient net interest income, despite economic uncertainties. This isn't just about immediate profits. Banks with healthier net interest margins become more aggressive lenders, creating a virtuous cycle of economic expansion. European businesses, which rely on bank lending for 77% of their financing needs compared to just 40% in the United States, stand to benefit disproportionately from this renewed banking vigor. Among the most compelling investment opportunities in Europe today is BNP Paribas, France's largest bank and a global financial powerhouse. In my March 3rd Forbes article, I discussed BNP Paribas which is up 18% since then. Trading at a price-to-book ratio significantly below its historical average, BNP Paribas offers exposure to both European economic recovery and international banking operations. The bank has demonstrated remarkable resilience through various economic cycles and continues to maintain strong capital ratios despite market volatility. The yield curve steepening explains why MSCI Europe stock index hit all-time highs this month and why value-heavy European industrials and consumer discretionary stocks are outperforming. These sectors thrive on increased lending and capital formation—exactly what steeper yield curves facilitate. Equity Europe still marginally leads Equity US on both monthly and year-to-date fund flow figures, suggesting sophisticated institutional investors are already positioning for this macro shift. The 1.5 percentage point steepening in European curves represents a fundamental repricing of growth expectations that hasn't been fully reflected in equity valuations. American yield curves remain constrained by Federal Reserve policy uncertainty and stubborn inflation expectations. The spread between the 3-month and 10-year Treasury yields remains a critical economic indicator, with its current positive slope suggesting optimism about a soft landing, but the curve remains relatively flat compared to European counterparts. This divergence creates a rare opportunity for U.S. investors to benefit from European monetary policy normalization while American policy remains restrictive. The convergence of steeper yield curves, improved banking profitability, and depressed investor sentiment creates a perfect storm for European equity outperformance. For U.S. investors seeking diversification away from expensive domestic markets, the yield curve is providing a clear roadmap. While American investors debate the sustainability of tech valuations and parse Federal Reserve communications, European yield curves are quietly engineering a fundamental shift in regional competitiveness. The steepening that has already occurred represents just the beginning of a multi-year tailwind for European banks, industrials, and the broader equity market. Smart money follows the yield curve. Right now, it's pointing decisively toward Europe. The author may or may not have positions in any securities mentioned in this article.
Mint
26-05-2025
- Business
- Mint
India to benefit from foreign inflows, stock-specific approach better, says Yogesh Patil of LIC AMC
India will be one of the key beneficiaries of foreign investor flows, with an anticipated slowdown in the US amid escalating trade tensions, according to Yogesh Patil, chief investment officer (CIO), equity at LIC Mutual Fund Asset Management Ltd. A sustained low inflation and supply of domestic risk capital are likely to serve as tailwinds for India's equity markets even as earnings growth is expected to get a boost from a favourable base effect in the latter part of the fiscal, said Patil. Investors are better off following a stock-specific approach, he said. Edited excerpts: The abatement of Indo-Pak tensions, trade deals between the US and its trading partners and rate cuts here have led to some recovery from the low of 7 April. Is the worst behind the markets? How are our markets looking from here, and your take on returns compared with the past five years? Most of these known factors are already discounted in the market prices. While investing in equities, investors are always exposed to a few unknown risks. Hence, investors should ideally be focused on the macro fundamentals and expected earnings growth. Also read: Boom in unlisted NSE shares strains grey market trades It is amply clear that the US is open to negotiating the trade deals. At home, we have a growing economy, stable macros, improving terms of trade, improving primary deficit, relatively stable currency and low inflation.. A structural rise in discretionary consumption may further aid economic growth. A sustained low inflation and supply of domestic risk capital are likely to serve as tailwinds for the equity markets. Earnings growth may drive the stock prices. Investors should expect a stock-specific market, going forward. Investments in diversified equity mutual funds with a five-year timeframe may generate healthy risk-adjusted returns. FPIs appear to have returned to the market in the past month and a half. Will their inflows sustain, given the narrowing yield gap–earnings yield on equity narrowing with respect to the US bond yield? Earlier, we have seen money flow from emerging markets to the US, and foreign portfolio investors (FPIs) were underweight on Indian equities. However, as the US is expected to slow down amidst trade wars, the money is expected to move out of the US. As the dollar index trends downwards, investors are moving away from the US dollar and getting into gold and emerging market equities. India can be one of the key beneficiaries of flows. The yield gap has limited relevance. Is SIP the best mode for the small retail investor? As mentioned earlier, Indian equities are expected to do well over the medium term, as both domestic and foreign investors would like to participate in the India growth story. The SIP is a disciplined method of investing in equities. Investors choosing SIPs over trying to time their equity investments is structurally positive for wealth-creation at the investor level. The SIP book has been supportive for our equity markets as well. Also read: Why the bond market is unfazed by a 22-year-low yield gap There is an argument that earnings have been better than estimated in Q4FY25. But if earnings growth is in a single digit, how do you justify Nifty/Nifty 500 valuations? The earnings growth in Q4 FY25 was better than estimates. Analyst estimates were also somewhat muted due to an expectation of a slowdown after Q3 numbers. Stock valuations are also guided by the prevailing interest rates in the economy. Low interest rates encourage investors to ascribe higher multiples to stocks in a growth market such as India. Analyst estimates of earnings will also factor in the lower financing costs. Also, the base effect will play favourably for earnings growth in the later part of FY26. Are you fully invested or keeping some powder dry? Why? We do not hold high cash levels in our equity portfolios. Our investment process expects us to make investment decisions after considering business fundamentals, and not go in cash anticipating market movements. In most cases, it is futile to predict corrections. Also, we presume that our investors have done their asset allocation, and when they invest in equity schemes, they have handed over money to us to buy stocks. Hence, it makes little sense to hold high cash levels in equity schemes. In the current market, which sectors will you buy and which ones will you avoid? At core, we are growth investors. We look for companies in a favourable business cycle, with a promoter track record of efficient capital allocation, strong balance sheet, scalable business, reasonable return on capital and higher growth rates compared to peers. As a fund house, we look at emerging and growth sectors. The capital goods, engineering and discretionary consumption basket seems positive. Also read: FPI assets regain $800 bn level after four months as markets rebound Considering the current scenario, we are avoiding low-growth and high-valuation companies. We tend to avoid new-age, loss-making companies at higher multiples. We are avoiding shipping, hard commodity and commodity chemicals companies. How is the churn at the portfolio level? We invest for the long term. Investing in high-quality companies with a long growth pathway and holding on to the stocks for long helps us benefit from compounding. We avoid excessive churning in our equity portfolios. But we may book out if the underlying investment thesis changes. We tend to act swiftly whenever there is a stock-specific development or an event impacting the broad market. On the regulatory front, Sebi allowed a new asset class, Specialized Investment Fund (SIF), with a minimum ticket size of ₹10 lakh. How is it shaping up? Our financial markets are evolving, and growing investor interest is evident in portfolio management services and alternate investment funds. The SIF, at the ticket size of ₹10 lakh, can be the perfect product with the right positioning. Investors in SIFs are expected to benefit from evolved investment strategies and transparent working of mutual funds.
Yahoo
29-04-2025
- Business
- Yahoo
Mexican tequila maker Cuervo pockets more profit on weaker peso, despite volume dip
MEXICO CITY (Reuters) - Becle, the world's largest tequila producer, on Tuesday reported a first-quarter profit up 15% from a year earlier, pulling in more pesos due to the currency's weakening despite moving less product in the period. Becle's net profit hit 1.16 billion pesos ($56.69 million), in line with estimates from analysts polled by LSEG. The firm, which makes the bulk of its income from tequilas but also produces a range of spirits such as Creyente mezcal, Stranahan's whiskey, Kraken rum and Boodles gin, attributed the boost to lower input costs and exchange-rate tailwinds given the Mexican peso's depreciation. The currency weakened close to 24% against the U.S. dollar from the end of March last year to the end of March this year. The U.S. and Canada remained Becle's largest market, though volumes slipped 3.6% year-on-year to just over 3 million crates. In Mexico, volumes dropped 13% and in the rest of the world they dropped 14%. Still, revenues ticked up 7% to 9.63 billion pesos, slightly above the LSEG-compiled estimate. "Going into 2025, we are encouraged by our ability to manage the business effectively despite ongoing industry pressures and consumer caution," management said in a statement.
