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"Corporate America is becoming more profitable. The forward profit margin of the S&P 500 excluding its Information Technology sector has been climbing this year, reaching 12.9% in October."
@yardeni
Maps retweeted
$MSFT reported its first quarter earnings after the bell Wednesday, beating Wall Street's expectations on the top and bottom lines.
Microsoft stock is climbing on the report.
Read more: yhoo.it/4yORFmb
Maps retweeted
$MSFT Q1 2027 earnings:
• Revenue: $92.3B vs $90.69B est. (+19% YoY)
• Adjusted EPS: $4.89 vs $4.73 est. (+18% YoY)
• Oper Income: $45.9B vs $44.06B est. (+21% YoY)
• Adjusted net income: $36.4B vs $35.13B est.
𝗞𝗲𝘆 𝗺𝗲𝘁𝗿𝗶𝗰𝘀
• Commercial RPO: $677B
• Azure: $33.2B (+48% YoY)
• CapEx: $39.4B (Est. $46.59B)
Maps retweeted
Google’s cloud business is booming. Its ad business is not.
Ad revenue came in at $82.01 billion, short of the $83.5 billion analysts expected.
The report landed hours after Google debuted its latest AI model, Gemini 4 Carbon.
Read more: yhoo.it/3WxbbWQ
Maps retweeted
🚨 Lamine Yamal: “It’ll come. Good things take time, and I trust the path I’m building. There’s no rush. I’m full of hope and confidence that one day my moment will come”.
“Congratulations to the winners. My focus now returns to what really matters: helping Barcelona win again”.
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Anthropic's IPO will test investors' appetite for a second public listing with an already massive valuation.
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Anthropic's financials for the first half of 2026:
Revenue: $16.29 billion
Net loss: $80.75 billion
Maps retweeted
BREAKING: In an unprecedented comeback, Brazil's President Lula da Silva has defeated Flavio Bolsonaro, securing a 4th term in office.
Lula is officially the first presidential candidate in Brazil's modern democratic history to lose the first round of voting and go on to win the runoff.
Prior to the election, Lula's implied odds of victory had fallen as low as 10%.
This marks one of the most remarkable political comebacks in Brazil's history.
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Renewables now make a third of the world’s electricity.
In 2025 they supplied 34%, against about 20% in 2010, per Ember and Energy Institute data.
Fossil fuels fell to 57%, from about 68% at the 2012 peak.
Nuclear is down to 9%. Its output has barely changed in 20 years, but total demand kept growing.
Before anyone writes off fossil fuels, look at what that 57% actually is.
It’s still more than half of all the power on the planet, and the total keeps rising, now with data centers on top.
So the share is falling, but the world still burns huge amounts of gas.
That’s why I’m bullish on gas for AI power even as solar grows.
Maps retweeted
Fertilizer through Hormuz has dropped to zero.
No fertilizer cargoes crossing the strait in September or October.
Before the war, about 20% of the world’s traded nitrogen fertilizer went through it, Fertilizer Daily reports.
The Gulf also supplies about half of the world’s traded sulfur.
Hear me out: urea isn’t the problem.
China raised its nitrogen exports about 47% and the US about 60%.
By the end of August urea was back to its January price, IFPRI data shows.
Sulfur is the problem.
It has more than doubled, to above $1,000 a tonne, and phosphate is up 25–30%.
You need sulfur to make phosphate fertilizer.
Mosaic has idled two Louisiana plants, and India’s fertilizer subsidy bill could pass 3 trillion rupees, against 1.71 trillion budgeted.
Oil found other ways out of the Gulf.
Sulfur hasn’t.
source: World Visualized
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Breaking news: Surging oil prices sparked a sell-off in global equities on Thursday, with Wall Street stocks sharply lower as the Middle East conflict and Eurozone debt worries rattled financial markets ft.trib.al/dF28pjq
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Average US family health insurance premium...
1999: $6k
2002: $8k
2005: $11k
2008: $13k
2011: $15k
2014: $17k
2017: $19k
2020: $21k
2023: $24k
2026: $28k
That's a 387% increase since 1999 (6.0% per year).
(Note: US CPI inflation has increased 2.6%/year)
Maps retweeted
AI credit risk hits new highs. Oracle’s 5Y CDS tops 300bps, SpaceX exceeds 200bps, Meta hits a record 119bps as future spending commitments reach $825bn. The AI arms race is becoming a financing race. Insuring the dream against default keeps getting more expensive. bloomberg.com/news/articles/…
Maps retweeted
Lamine Yamal from that angle?! 🫨
#UCL
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🇨🇳China ships the world.
10 Chinese ports handled 265m containers in 2025, half of the world’s top 30.
Shanghai alone moved 55.1m.
That is almost double the 3 biggest US ports combined.
Asia makes the goods.
Asia ships the goods.
This is the 2025 picture and 2026 already looks different.
Dubai is number 9 on the chart with 15.6m TEU.
Then Hormuz nearly shut.
DP World says Jebel Ali handled 374,000 TEU in Q2, down 90% on last year.
Alphaliner has it falling from 10th to 32nd in the world in the first half.
The cargo moved to hubs outside the Gulf, such as Colombo.
Shipping these boxes also costs far more now.
Marine fuel in Singapore, number 2 on the chart and the world’s biggest bunkering hub, went from $428/t in January to $919/t in October.
Maersk puts its war cost at about $500m a month, 70% of it fuel.
Hapag-Lloyd lost $600m in one quarter.
My latest article covers who pays the fuel bill and who collects it, with 8 listed companies on both sides.
Do not miss my latest article: themerchantsnews.substack.co…
Maps retweeted
Meta reported free cash flow of -$2.1 billion in Q3, the first negative quarter since the company went public in 2012. This was driven by the massive 80% YoY increase in AI infrastructure spending (to $34.9 billion), which outpaced the $32.8 billion in operating cash flow. $META
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The global debt crisis has never been worse.
Japan now has a gross government Debt-to-GDP ratio of 204.4%, the highest among any major world economy.
Italy follows at 138.4%, while the United States stands at 125.8%, which is only below the ~132.0% record set during the 2020 pandemic.
At the same time, France’s gross government Debt-to-GDP ratio is 118.4%, while Canada’s, China’s, and the UK’s are 110.7%, 106.9%, and 103.6%, respectively.
By comparison, Germany is the only major economy below 100.0%, at 64.6%.
The current average among advanced economies is 108.2%.
The world economy is drowning in debt.
