China Loads Up on Brazilian Soybeans as Trade War Escalates
At least 2.4 million tons of beans were booked earlier this week, almost one-third of the average volume China typically crushes in a month, people familiar with the matter told Bloomberg News ' Hallie Gu. They noted that the buying spree was unusually large and fast.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
39 minutes ago
- Yahoo
About 80% of Canadians Say Trump Won't Honor a Trade Deal, Poll Finds
(Bloomberg) -- Mark Carney's government has been trying to reach a new trade accord with the US, but most Canadians are skeptical that President Donald Trump will keep his word on any deal. Four in five Canadians say they think it's unlikely that Trump would honor a future trade agreement with their country, according to a poll by Nanos Research Group conducted for Bloomberg News. Why New York City Has a Fleet of New EVs From a Dead Carmaker Chicago Schools Seeks $1 Billion of Short-Term Debt as Cash Gone Trump Takes Second Swing at Cutting Housing Assistance for Immigrants A London Apartment Tower With Echoes of Victorian Rail and Ancient Rome The survey highlights a political challenge for Carney, who became prime minister in March, then won a snap election in April by promising to strike a new trade and security relationship with the US. He hasn't been able to deliver on that yet, and the Nanos poll suggests the public harbors serious doubts that any agreement would be lasting. Trump signed off on the new US-Mexico-Canada Agreement during his first term in office, hailing it as the 'largest, fairest, most balanced and modern trade agreement ever achieved.' Since returning to power in January, he has nevertheless imposed tariffs on steel, aluminum, automobiles and other products from Mexico and Canada. On Aug. 1, the US increased its tariff to 35% on imports of Canadian products that don't comply with USMCA. The previous rate was 25%. The White House said the move was justified because Canada hasn't done enough to crack down on fentanyl trafficking. Still, Canadian exporters, on average, face a lower tariff rate because the White House has kept an exemption in place for many products from Canada and Mexico, as long as they're shipped in compliance with the rules of USMCA. The trade agreement is scheduled for a review next year. The economic stakes of a trade deal are much higher for Canada than for most other countries. Last year, three-quarters of Canada's merchandise exports went to the US, led by oil and gas. Exports represent about a third of the country's gross domestic product. At the same time, the northern nation is a large market for US exporters — about $440 billion in US goods and services last year, more than any other country, according to US Commerce Department data. Excluding energy products, the US has a trade surplus with Canada. Trump has made a series of deal announcements with other trading partners including Japan, South Korea and the UK that reduce taxes on US imports of their products. But the vague terms mean major trading partners have to been made to wait before the promised tariff relief kicks in. In May, UK Prime Minister Keir Starmer said he'd cut a deal with Trump to see US tariffs on British steel reduced to zero. It hasn't happened yet. Nor has the promised reduction of US import taxes on vehicles from the European Union, Japan and South Korea. In a Tuesday interview with CNBC, Commerce Secretary Howard Lutnick said written documents on some recent trade deals were 'weeks away.' In the same Nanos survey, a majority of respondents said the impact of US tariffs on the Canadian economy is about the same as they'd expected. Fifteen percent said the impact has been better than they thought it would be, 17% said it was worse and 12% of respondents were unsure. Nanos surveyed 1,034 Canadian adults online and on the phone between July 31 and Aug. 6. The results are accurate to plus or minus 3.1 percentage points, 19 times out of 20. --With assistance from Laura Dhillon Kane. Foreigners Are Buying US Homes Again While Americans Get Sidelined What Declining Cardboard Box Sales Tell Us About the US Economy Women's Earnings Never Really Recover After They Have Children Survived Bankruptcy. Next Up: Cultural Relevance? Americans Are Getting Priced Out of Homeownership at Record Rates ©2025 Bloomberg L.P.
CNBC
3 hours ago
- CNBC
Here are Wednesday's biggest analyst calls: Nvidia, Micron, AT&T, Snowflake, Chevron & more
Here are Wednesday's biggest calls on Wall Street: JPMorgan upgrades Upstart Holdings to overweight from neutral JPMorgan said it's getting more constructive on shares of the fintech lender. "We are upgrading Upstart to OW (from N). We lean positive on the more seasoned fintech lenders, given a favorable macro backdrop (e.g., stable credit and potential rate cuts), and we believe Upstart offers the best risk/reward among personal loan originators." Read more. KeyBanc reiterates Nvidia as overweight KeyBanc raised its price target to $215 per share from $190 ahead of earnings next week. "We expect NVDA to report strong F2Q (Jul) results and guide F3Q (Oct) slightly below cons, as we expect NVDA's outlook to exclude direct revenue from China given pending license approvals and uncertainty on timing." Citi upgrades Nu Holdings to buy from sell Citi said it sees earnings quality for the Brazilian digital bank. "We are upgrading Nubank to Buy (from Sell) while adjusting our TP to US$18 (from US$9)." Read more . HSBC downgrades Goodyear Tire to hold from buy HSBC downgraded the tire stock following earnings. "Goodyear has been making restructuring progress, but savings have less incremental impact than expected." Piper Sandler upgrades Vita Coco to overweight from neutral Piper said to buy the the dip in the beverage company despite the tariff threat. "We upgrade COCO to OW as its recent stock pullback, likely driven by revised tariffs, looks overdone to us. One could make a case that the breadth of tariffs do not fit the emergency measures the President has the authority to take, but even if they stick, COCO has some sourcing flexibility and (most importantly) pricing power to mitigate them." JPMorgan downgrades Kroger to neutral from overweight The firm downgraded Kroger on valuation. "At the same time, we do not view the current valuation as compelling, especially when considering the lack of operating profit growth and unclear strategic direction (e.g., interim CEO, evaluation of ecommerce business)." Citi initiates Roper Technologies as buy Citi said it's bullish on shares of the software company. " Roper is a vertical software and technology-enabled product leader that has undergone a dramatic shift over the last 2+ decades from its history as an industrial conglomerate to a vertical software leader today." JPMorgan upgrades J.M. Smucker to overweight from neutral JPMorgan said it sees a slew of positive catalysts ahead for the food products company. "Longer term, SJM seems better positioned for top-line and earnings growth compared to similarly valued companies, supported by growth in Uncrustables, an eventual rebound in pet food demand, and stability in coffee." Citi downgrades Urban Outfitters to neutral from buy Citi downgraded the stock mainly on valuation. "We are downgradin g URBN from Buy to Neutral. The stock is +86% since November/hit our prior TP (showing market expectations are now higher), there is additional risk from higher India tariffs (which could pressure the GM story), and we are taking a more cautious view toward specialty apparel retailers in 2H in general." Citi downgrades Gap to neutral from buy Citi said it sees a more balanced risk/reward. "We are downgrading GAP from Buy to Neutral as we view the risk/reward as more balanced in the current macro/tariff backdrop." Bank of America adds AT & T to the US1 list Bank of America added the stock to its top ideas list. "We are adding AT & T Inc. (T) to the US 1 List." Piper Sandler initiates Figma as overweight Piper said the design interface tool company is a "disruptor." "We initiate FIG at Overweight with an $85 PT based on a differentiated platform, attractive business model, and broad-based global reach into 450K+ customers." UBS upgrades Antero Resources to buy from neutral UBS said the gas and liquids company is a "financial inflection." "We upgrade AR from Neutral to Buy." UBS reiterates Chevron as buy UBS said the oil giant remains a top idea. " CVX r emains our Top Pick within the IOCs, [international oil company] as we expect positive momentum to continue building following the HES transaction closing and into the November 12th Analyst Day" Evercore ISI adds Hewlett Packard Enterprise to the tactical outperform list Evercore said it's bullish ahead of earnings in early September. "We believe HPE is well positioned to report upside to Jul-qtr expectations and guide the Oct-qtr above what current pro forma estimates reflect post Juniper close." Bank of America upgrades Snowflake to buy from neutral The firm said it's sticking with Snowflake ahead of earnings on August 27. "While we believe that Q2 earnings (8/27) will be a catalyst for the stock given multiple positive data points outlined below, our call is for outperformance over the long term given incremental traction with products addressing a significant larger addressable AI market for software of $155bn" Citi reiterates Micron as buy Citi said it's standing by the semis company. "We spent time in investor meetings with Micron management this week and dug into sources of upside and came away more confident that its gross margins can break through 50%, which would easily exceed the prior cycle peak of 47.4% in 2021 driven by increasing HBM [high bandwidth memory] mix and better pricing in DRAM due to increasing AI demand." Bank of America downgrades Avis Budget to underperform from buy Bank of America said "rental industry dynamics remain under pressure." "We downgrade CAR to Underperform from Buy with -28% potential downside. We think that CAR fundamentals and the macro environment don't support the current stock price which significantly outperformed the market in June." Bank of America initiates iRhythm as buy The firm said it sees "multiple expansion" for the heart monitoring device company. "We are initiating coverage on iRhythm ( IRTC) with a Buy rating and $200 PO." William Blair reiterates Coinbase as outperform William Blair said Coinbase is the best "pure play" on crypto. "In light of elevated IPO activity in the crypto industry, we reiterate our view that long-term investors should aggressively accumulate shares of Coinbase as it builds the most complete, versatile, and hardened crypto platform.
Business Insider
8 hours ago
- Business Insider
2 New IPO Stocks in Town – UBS Picks the Superior One to Buy
IPOs are vital to the long-term success of the stock markets. They introduce new companies to public trading and provide investors with fresh opportunities. Because IPO activity is closely tied to broader economic conditions, it serves as a useful barometer of market health. With that in mind, let's look at what 2025 has brought to the IPO landscape. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Looking at the raw numbers, IPOs are up this year. For the first half of 2025, we've seen 109 new public offerings, compared to 81 in the first half last year. At the same time, those offerings have raised $17.1 billion, a drop of $1.7 billion compared to last year. Tech companies are leading the pack in IPOs right now; they make up slightly more than one-third of the total new offerings and about half of the total proceeds. The financial services sector ranks second in both categories. Overall, new stocks are entering the market from a wide range of business sectors. This is sure to pick up interest from the Street's analysts, and as usual, the stock pros are coming through. The analysts at Swiss banking giant UBS have taken a look at two new IPO stocks – and they have come down to a firm recommendation on which one is the superior stock to buy. We've opened up the TipRanks database to get a look at the broader Wall Street view of each. Here's a closer look at them, and at the UBS comments. NIQ Global Intelligence (NIQ) The first new IPO stock we'll look at, NIQ Global Intelligence, is a Chicago-based consumer intelligence company that is a leader in the related fields of market research and consumer insights. The company boasts that it delivers the 'Full View,' that is, the most comprehensive consumer insights available. NIQ focuses on understanding consumer buying behavior and on revealing new pathways to expand positive trends. The company makes use of advanced analytics and state-of-the-art platforms to put together a comprehensive data resource. That broad reach shows up in the numbers. NIQ's intelligence spans more than 90 countries, covering some 85% of the world's total population and accounting for over $7.2 trillion in consumer spending. Each week, the company processes 3.1 trillion data records. Importantly, NIQ doesn't just collect data, it packages it into actionable insights. Some 23,000 client companies, including most of the Fortune 100, rely on NIQ's services to sharpen their understanding of customers and markets. To further strengthen its position, NIQ has pursued acquisitions as a way to broaden its capabilities. Most recently, it announced the purchase of Mtrix, a Brazilian software company that specializes in visibility for indirect distribution supply chains. This deal highlights NIQ's push into Latin America, signaling management's intent to diversify both its customer base and its geographic exposure. These expansions feed directly into NIQ's product suite. Beyond gathering and analyzing data, the company provides enterprise clients with tools that translate insights into strategy, helping businesses track market shifts, anticipate consumer behavior, and refine branding. All of this set the stage for NIQ's IPO on July 23. The company priced shares at $21 and raised $1.05 billion by selling 50 million shares. Trading since then has been choppy, with shares slipping to $16.94, leaving NIQ with a market cap of $5.15 billion about a month after the debut. Investors also got their first look at NIQ's post-IPO financials when the company reported 2Q25 earnings on August 14. Revenue came in at $1.04 billion, up 5.6% year-over-year, though the bottom line showed a GAAP EPS of -$0.14. This stock has caught the eye of UBS analyst Kevin McVeigh, who notes the strength of the company's product offering as a chief advantage. 'We believe NIQ offerings are crucial to clients' understanding of what/when/how much consumers are buying with its Intelligence solution [~80% revenue], while also providing a comprehensive view of why consumers are buying a product with Activation solution [~20% revenue]. Amid highly recurring revenue – Intelligence 2024 97% gross retention + 104% net retention – we model ~5% organic constant currency revenue 2024-27E CAGR… With the stock trading at $17.40, the market implied 2027 adj. EBITDA is ~$0.9b vs. UBSe of ~$1.1b, making us believe that the market is not capturing the impact of revenue growth and/or efficiencies,' McVeigh opined. On that basis, McVeigh assigns NIQ with a Buy rating and a $24 price target, implying ~42% upside over the next year. (To watch McVeigh's track record, click here) It's clear from the consensus rating, a Strong Buy based on 10 Buys and 2 Holds, that Wall Street generally agrees with McVeigh's bullish view on this one. The $22.88 average price target suggests a potential gain of 35% for the year ahead. (See NIQ stock forecast) McGraw Hill (MH) From tech-based consumer research, we'll switch over to a more traditional mode of information dissemination – textbook publishing. While it may not draw headlines the way cutting-edge analytics do, textbook publishing is still a multi-billion-dollar industry with deep connections to schools, universities, and training programs. And in this specialized world, McGraw Hill has stood out as a leading player for more than a century. The company was founded in 1888, and today produces textbooks and other educational materials for everything from grades pre-K through 12 to trade schools to colleges and universities to professional training entities. McGraw Hill has a global footprint and has marketing, sales, and distribution operations in over 100 countries, with textbooks and materials published in more than 80 languages. If you have kids in school, at any level, there is a strong chance that they are using, or have used, a textbook published by McGraw Hill. The company, once publicly traded under the ticker MHP, was taken private in a $2.5 billion Apollo Global Management deal in 2012 – only to return to the markets in July with a high-profile IPO. The debut wasn't smooth: shares opened at $17, below the targeted $19–$22 range, raising $414 million. Since then, they've slipped another 14%, leaving McGraw Hill with a market cap of $2.79 billion. The company's first earnings report as a public entity offered some early context. Covering the last quarter before the IPO, fiscal 1Q26 showed $535.7 million in revenue, up 2.4% year over year, and a swing to modest profitability from a prior loss. Those results provided a baseline, but UBS analyst Joshua Chan remains cautious, noting that McGraw Hill operates in a highly competitive industry where even a market leader can struggle to expand gains. 'In order to deliver targeted 5%+ revenue growth over time, we think share gains and execution are needed in this tougher market which has some demographic/policy headwinds and where substitution/ AI remain lingering questions. Some evidence of share gains is seen in recent years, which is encouraging. But with growth being inherently lumpy (K-12 adoptions), F2026 being a down year, and the company being a newly-public entity, we think near-term risk/reward is balanced,' Chan opined. Other analysts, however, are more optimistic. Since the IPO, McGraw Hill has drawn 12 ratings, with 11 of them recommending Buy. That consensus gives the stock a Strong Buy rating, with an average price target of $20.18 – a projected 38% gain from current levels. (See MH stock forecast) Having laid out the facts, it's clear that the UBS analysts see NIQ as the superior stock to buy for investors interested in the latest IPOs. To find good ideas for stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights.
