What began as a promising rally quickly unraveled into chaos.
The stock market started this year on a high, locking in 3% gains in January. AI momentum was still red-hot. Chatter about President Trump’s potential tax cuts and deregulation were keeping hope alive. And for a while, it looked like we were heading into another bull market breakout.
Then came the tradewar, and optimism gave way to panic.
In February, the White House launched its first tariff threats. Stocks dropped 10% in 20 days – one of the fastest corrections in modern market history.
Then April’s “Liberation Day” tariffs took center stage. Markets crashed again, falling nearly 20%. At one point in mid-April, the S&P 500 was on track for its third-worst start to a year in the past century.
It felt like the market was in meltdown mode. Some investors called it a slow-motion 1987 crash. Others feared it was 2008 all over again.
But just as quickly as things went south, they bounced back.
From Crash to Comeback: How the 2025 Trade War Sparked Stock Market Volatility
In a sudden shift, Trump walked back the harshest tariffs and paused reciprocal duties for 90 days. He exempted electronics from Chinese tariffs, then auto parts. The administration started talking about trade deals with Japan, India, the EU, even China. The rhetoric softened.
And markets ripped higher.
In the past three weeks alone, the S&P has surged nearly 12%. It’s been one of the fastest recovery rallies on record.
So… what happens next?
That’s the question every investor is asking. And most are looking for the answer in the wrong place, trying to game out the next step in the trade war.
Is a deal with Japan coming? Will China retaliate again? Will Trump rescind exemptions and hit the gas?
Important questions, no doubt – but ultimately, the wrong ones.
Because we believe the thing that’s going to move markets next isn’t the trade war at all.
Instead, what will send shockwaves through the market – as soon as next week – is something much, much bigger. And it’s tied to the most powerful force in the market today: artificial intelligence.
AI Demand Is Surging Despite Economic Chaos
Let’s zoom out for a moment.
Despite the threat of a global trade war, U.S. recession, or stock market meltdown, the AI Boom has been humming right along.
Just look at the data.
Last night, Microsoft (MSFT) and Meta (META) – two of the world’s most important AI companies – reported earnings. And those results showed that the AI Boom is accelerating.
Microsoft’s Azure cloud business (home to most of its AI services) grew 35% year-over-year last quarter. That’s up from 31% the quarter before – and the first acceleration in over a year.
Management said AI demand is so strong, it’s outstripping supply. The firm is investing more – a lot more – to meet demand for things like Copilot, GitHub Copilot, Microsoft Fabric, etc. It plans to spend approximately $80 billion on data centers in fiscal year 2025 to support those generative AI technologies.
Meta echoed the same sentiment. The number of advertisers using its AI creative tools rose 30%. Time spent on Facebook and Instagram is rising thanks to AI-powered feed improvements. And like Microsoft, Meta is spending even more on AI infrastructure to keep up with demand. In this latest earnings report, the company announced plans to spend between $64 billion and $72 billion on capital expenditures in 2025, a significant increase from previous estimates.
Let me be clear: These are trillion-dollar companies. They don’t hype things unless they have to. Both are saying that AI demand is soaring despite the trade war.
And they aren’t the only ones.
AI Stock Surge: TSM and Others Show the Way
A few weeks ago, TaiwanSemiconductor (TSM) – the world’s most important AI chip builder – reported robust earnings with strong guidance. It reported a 60% year-over-year increase in net profit for Q1 2025, approximately $11.12 billion and surpassing analyst expectations. The firm also anticipates that its AI-related revenues will double in 2025…
The broad takeaway? AI demand is growing right through the trade war.
We’re hearing the same thing from LamResearch (LRCX), Vertiv (VRT), Seagate (STX), WesternDigital (WDC), ServiceNow (NOW), Alphabet (GOOG). The list goes on.
Folks, AI is not slowing down. If anything, it’s speeding up.
And that’s why I think investors are missing the forest for the trees right now.
While Wall Street is focused on the next tariff headline, they should be looking for the next AI catalyst…
Because we think something big is coming next week.
And it could spark a $7 trillion panic across the markets.
How to Get Positioned for the Coming AI Stock Breakout
This potential trillion-dollar panic isn’t about another tariff or trade deal. It has nothing to do with steel, aluminum, EVs, or semiconductors.
It involves something bigger – with the power to jolt the AI Boom into hyperdrive. And we think it could trigger one of the most powerful AI stock rallies we’ve ever seen.
Tonight, May 1, at7pm EST, I’ll reveal everything about what’s coming during my urgent event, The 2025 Summer Panic Summit (by clicking the link, you’ll automatically RSVP to this event).
We’ll delve into:
What this $7 trillion panic is all about
What it has to do with Donald Trump
Why it’s poised to potentially unlock generational profits in a very specific corner of the AI market
And most importantly, how you can get positioned before it all goes down
I’ll reveal the seven unique AI stocks that I believe are perfectly positioned to soar as a result of this summer panic.
I call them the MAGA 7 stocks – Make AI Great in America. Thanks to the convergence of politics and technology, these small firms could be the biggest winners of the next big market shift.
If you’ve felt confused this year, overwhelmed by the headlines and whipsawed by the charts, you’re not alone. This has been one of the most unpredictable markets in modern history.
But I believe the fog is starting to lift.
The AI revolution is accelerating, and this $7 trillion shift could reshape markets within just a few days.
Following a strong performance in the prior year, Islamic financial institutions (IFIs) recorded a steady 2024, with the overall sector’s return and total assets at levels similar to their 2023 performance.
However, there was variation in individual IFIs’ performances; and many winners of Global Finance’s Best Islamic Financial Institutions 2025 achieved growth and profitability beyond their peers.
The strategic and operational aim of the IFIs is to increase digitalization to drive efficiency, gain new customers—particularly at the higher end of retail and commercial banking—and raise competitiveness in challenging banking markets. Previous years saw a notable customer drift from conventional banks to Shariah-compliant institutions, but this trend stabilized in 2024. Retail banking remains the bedrock of IFIs, but most have strengthened their commercial banking service, particularly at the level of small and midsize enterprises. In addition, wealth management activities have become increasingly important.
IFIs’ margins remain healthy and above those of conventional banks. According to S&P Global Market Intelligence data, returns for the Islamic Banking Sector in 2024 were stable at 1.7%, matching the prior year’s. The larger IFIs, which dominate their responsive markets, continue to perform above average for the sector, achieving a return on assets of 1.9%, which reflects funding advantages and cost efficiencies.
Islamic banks’ overall sector balance sheet was also stable last year. The financial profile of IFIs remains very good, with an average ratio of capital to risk-weighted assets of nearly 20%. The nonperforming-loan ratio is 3%, with good coverage in place.
The 2025 Best Islamic Financial Institutions award winners have strengthened their market position, continued with product innovation, raised service quality, and recorded good financial results. These IFIs are well managed and have good governance. These award winners continue to innovate in delivery and access.
Kuwait Finance House (KFH) won as the World’s Best Islamic Financial Institution for 2025. It is the second-largest Islamic bank globally and is active in the Middle East, Asia, and Europe. “KFH demonstrated its ability to promote the future of Islamic finance worldwide,” said KFH Group CEO Khaled AlShamlan on a February earnings webcast. “This is evident in the successful and record-breaking conversion of Ahli United Bank in Bahrain, the UK, and Egypt to Islamic banking, achieved with high efficiency.”
Standard Chartered Saadiq (SCS) earned the Best Islamic International Bank title,
Global Finance’s newest award. SCS is Standard Chartered Banking’s global Islamic network, which spans Asia, Africa, and the Middle East. It combines Shariah expertise with a strong product portfolio.SCS has been involved in Islamic banking for over 16 years and is the only international bank with a complete Islamic-financing product suite.
Malaysia’s Maybank Islamic took home the award as Best Islamic Financial Institution in Asia. Maybank is the largest Islamic bank in Southeast Asia. In 2024, Maybank expanded it’s international presence by launching Islamic services in the Philippines. The bank is also renowned for Islamic financial innovation.
Global Winners
Khaled Yousef AlShamlan, CEO, Kuwait Finance House
World’s Best Islamic Financial Institution | KUWAIT FINANCE HOUSE
Kuwait Finance House (KFH) wins our award as the World’s Best Islamic Financial Institution for strengthening its franchise in several markets, for financing innovation, and for its overall operating performance. KFH provides services to customers in the Middle East, Europe, and Asia, through extensive distribution channels, with an increasing emphasis on digitalization. The bank has subsidiaries in Kuwait, Turkey, Egypt, Bahrain, Iraq, Malaysia, the UK, and Germany.
KFH has made significant strides toward digital transformation in risk management, adopting the latest advancements in artificial intelligence (AI), machine learning, and advanced analytics, to enhance risk measurement and monitoring. Tam Digital Bank, KFH’s digital bank in Kuwait, recorded strong customer numbers and transaction growth.
The banking group’s financial profile is very sound. A successful capital-management program led to capital adequacy ratio (CAR) of 19.9%, considerably exceeding regulatory requirements and supporting growth over the coming years. Return on average assets is good at 1.8%, and loan asset-quality metrics are robust. KFH’s Islamic banking products and services cover commercial, retail, and corporate banking; as well as real estate, trade finance, project finance, asset management, and investments.
Bilal Parviaz, CEO, Standard Chartered Saadiq
Best Islamic International Bank | STANDARD CHARTERED SAADIQ
Standard Chartered Saadiq (SCS) receives the inaugural award as Best Islamic International Bank – a new and important category. SCS is the global Islamic network for Standard Chartered Banking (SCB) and spans Asia, Africa, and the Middle East, combining significant Shariah expertise with a strong product portfolio. SCB has been involved in Islamic banking for over 30 years and is the only international bank with a complete Islamic-financing product suite across consumer, private, business, corporate, and institutional banking segments. This includes cash, trade, treasury, and capital-market products.
The network covers 70% of the Muslim world, offering strong Islamic wealth and retail banking services, and is a market leader in sukuk issuances. It has substantial experience structuring Islamic solutions. Leveraging SCB’s global environmental, social, and governance (ESG) expertise, Saadiq offers market-leading, Shariah-compliant, sustainable-financing offerings, including transition finance, ESG advisory, and sustainable deposits.
Ahmed Hashem, CEO, Dukhan Bank
Best Islamic Private Bank | DUKHAN BANK
Dukhan Bank‘s Private Banking offers financing, banking, and investmetn products and services for high net worth individuals (HNWIs) and ultra high net worth individuals (UHNWIs). Supported by a large team of equity specialists, Dukhan’s portfolio-management services are extensive and include equity markets, sukuk, mutual funds, and capital-protected products.
Dukhan Bank successfully issued an $800 million, five-year, senior unsecured sukuk in 2024 – the largest issue achievement by a Qatari Islamic bank since 2020. This financing will help the bank to further strengthen its private banking position. The bank’s overall revenue stream is diversified, but retail and private banking contributed to a 38% increase in group revenue for 2024.
Adel Al-Majed, Group CEO, Boubyan Bank
Best Islamic Bank for CSR| BOUBYAN BANK
Boubyan Bank‘s 2024 corporate social responsibility (CSR) strategy focused on community initiatives and contributions covering several key aspects, such as sustainability, sports, well-being, and empowerment of youths and entrepreneurs.
Working toward a more inclusive and sustainable future for everybody, Boubyan continued its efforts during 2024 to drive sustainable growth across all of its group’s companies while maintaining its core values. The bank’s approach to CSR is not confined to a single department’s performance; rather, all the bank’s operations are socially responsible and considered key participants.
Mohamed Abdelbary, CEO, Abu Dhabi Islamic Bank
Best Islamic Bank for ESG| ABU DHABI ISLAMIC BANK
Abu Dhabi Islamic Bank (ADIB) made significant progress in advancing its sustainability agenda in 2024. The bank implemented multifaceted strategies addressing operational and financed emissions, including energy-efficiency initiatives, a sustainable-finance strategy, and responsible procurement practices. These efforts underscore ADIB’s dedication to reducing environmental impacts while aligning with global sustainability objectives. ADIB’s achievements have been recognised through ESG-rating upgrades by international agencies, reflecting the strength of its ESG practices and framework.
ADIB has strengthened its focus on integrating ESG principles into its operations and strategic decision-making. A landmark achievement was the issuance in 2023 of the world’s largest green sukuk by a bank, raising $500 million. During 2024, the bank also established new board committees, including its ESG Committee.
Best Islamic Retail Bank| KUWAIT FINANCE HOUSE
Kuwait Finance House has a high-quality retail banking operation across many markets. Its performance wins the bank the Best Islamic Retail Bank award. KFH recorded a 13% increase in personal finance for 2024 and a 25% increase in transactions. The bank has been directing efforts toward enhancing innovation and digital transformation. KFH offers a wide range of banking products, services, and solutions, tailored to meet the evolving needs of retail customers. The bank introduced an array of banking services through its KFHOnline app. Tam, its Shariah-compliant digital bank, continues to experience good growth. Acquiring Ahli United Bank gave KFH a good presence across most of the Gulf regional. Internationally, KFH has retail banking activities in Turkey, Germany, Bahrain, Saudi Arabia, Malaysia, the UK, Iraq, and Egypt. In Kuwait, it dominates the Islamic financing and deposit market.
Farid Al Mulla, CEO, Emirates Islamic Bank
Best Islamic Corporate Bank| EMIRATES ISLAMIC BANK
Emirates Islamic Bank (EIB) recorded a strong year in Corporate Banking for 2024, with the division achieving a record annual income of 30%. Customer financing grew considerably, by 40%; and deposits grew by 39%. EIB experience increased execution of ESG financing, with over $3.5 billion in ESG-related syndicated financing, including sustainability-linked facilities.
In addition, there was a significant rise in club/syndicated financing. EIB successfully managed its debut $500 million Islamic syndicated facility. The financing provided liquidity required to manage targeted growth. EIB’s corporate banking division provides a full-fledged value proposition consisting of working capital finance, trade finance, project finance, syndicate and structured finance, and cash management services, to large and midsize corporates, financial institutions, sovereigns, and government-related entities. The bank has always been a pioneer in providing Shariah-compliant solutions and structures, including revolving credit facilities, musharaka structures, and cash and trade products and services.
Hisham Alrayes, CEO, GFH Financial Group
Best Islamic Investment Bank| GFH FINANCIAL GROUP
Bahrain-headquartered GFH Financial Group earned the Best Islamic Investment Bank award for its investment deals and placements. These included acting as one of the joint lead managers and book runners for the successful issuance of a $500 million, five-year sukuk by Arabian Centers Company, Saudi Arabia’s largest shopping mall owner, developer, and operator. GFH concluded Shariah-compliant investments totaling $450 million in the US real estate sector in early 2024.
Through GFH’s asset management arm, it successfully launched and closed its seventh Shariah-compliant logistics and industrial fund in the US. The fund comprises of two types of assets: industrial and transportation logistics. The fund’s portfolio includes 25 of these with a total transaction value of $300 million. In October 2024, GFH issued a $500 million, five-year sukuk. The year also saw GFH launch a Shariah-compliant investor mobile app. GFH and Panattoni Saudi Arabia signed a strategic Shariah-compliant partnership last year to develop logistics facilities in the kingdom. The collaboration focuses on creating high-quality logistics and industrial infrastructure across key cities, including Riyadh, Jeddah, and Dammam, with a planned investment of $500 million over the next five years.
Best Sukuk Bank| STANDARD CHARTERED SAADIQ
Standard Chartered Saadiq has long held a leading position in the global sukuk market, managing and structuring many instruments. This remained so in 2024. Standard Chartered holds first-place position in the International Sukuk League Tables. SCS has used its strong presence across local markets in Asia and the Middle East to enable issuers from the Middle East to tap domestic market in Asia and vice versa. Standard Chartered Saadiq is also a leading Islamic sustainable finance institution. It has a track record of market-first transactions and offers sustainable products such as green sukuk.
Muhammad Currim Oozeer, CEO, Sidra Capital
Best Islamic Fund Manager| SIDRA CAPITAL
Sidra Capital, headquartered in Jeddah, Saudi Arabia, is a leading alternative Shariah-compliant asset manager. It also has offices in Riyadh, London, Dubai, and Singapore. Sidra focuses on global income-generating real estate, private finance, and private equity. The company has made several recent deals. Sidra Capital established the 2 billion Saudi riyal (about $533 million) Al-Bushra Infrastructure Development Fund in partnership with project developer Sager Group. The fund is dedicated to developing raw land covering 734,744 square meters (about 181.6 acres) in the Al-Aziziyah district of the holy city of Mecca. The project will transform the land into serviced plots, aligning with the objectives of Saudi Vision to drive sustainable economic growth and enhance the kingdom’s appeal to foreign investors. Knowledge Economic City, a multi-billion dollar project in Medina, signed a framework agreement with Sidra Capital and Raseel Properties to establish a REIT.
Best Islamic SME Bank| KUWAIT FINANCE HOUSE
Kuwait Finance House had a very strong year across all of KFH’s markets in the small and mid-size enterprise (SME) banking sector. The bank has formidable position in the Kuwaiti SME market, possessing the most extensive portfolio among all local banks. in 2024, its SME portfolio grew 14% by assets and 13% by clients. KFH is one of the key banks for Kuwait’s National Fund for SME Development. The bank launched a corporate mobile app as part of the e-Corp OMNI channel project and added new services throughout 2024.
Best Islamic Trade Finance Provider| STANDARD CHARTERED SAADIQ
Standard Chartered Saadiq offers unique Islamic solutions that help meet its clients’ Shariah trade financing and investment needs. The bank has supported many SMEs and corporates by providing offerings across term loans, trade working capital, and cash, backed by its state-of-the-art Straight2Bank online banking and network capabilities. SCS also undertook a project to migrate its commodity murabaha-based trade and financing products to the ceiling rate structure. Before the ceiling-rate structure, the Shariah contract had been conducted at the transactional level for every disbursement, extension, or other action. This project has progressed, helping the bank to improve transaction-turnaround time for clients, reduce operational and Shariah risk for the bank, and align Islamic trade and financing products with conventional equivalents in the market.
Best Takaful Provider| KUWAIT FINANCE HOUSE
Kuwait Finance House‘s KFH Takaful Insurance company provides comprehensive, innovative, and Shariah-compliant insurance services. The company examines customer needs and works to provide the best services through multiple distribution channels that serve customers on a large scale. It has a broad portfolio of insurance products with financial backing from KFH.
Best Islamic Project Finance Provider| KUWAIT FINANCE HOUSE
Kuwait Finance House remains the leading project finance provider in key Middle Eastern markets. In 2024, it continued financing many companies and mega projects at local and regional levels. KFH financed deals totaling about 325 million Kuwaiti dinars (about
$1.1 billion) in Saudi Arabia, Qatar, and Egypt. KFH also partici- pated in syndicated financing deals. Domestically, KFH played a pivotal role in the local economy by financing large-scale projects across various sectors, most notably real estate projects worth 313 million dinars. Furthermore, KFH contributed to development of the local infrastructure by offering additional financing for the telecommunication industry.
Dato’ Muzaffar Hisham, CEO, Maybank Islamic
Best Islamic Asset Manager| MAYBANK ISLAMIC
Maybank Islamic (MI) is an innovative leading Islamic asset manager. MI wins the Best Islamic Asset Manager award due to many product and service developments in 2024. The bank bridges Shariah fund flows across many key markets and has a centralized investment platform. MI’s target market includes retail and institutional investors. Islamic Portfolio Financing, the first such by a Malaysian bank, was launched in 2024. This portfolio empowers customers to optimize the value of their assets by capitalizing on avail- able investments and leveraging current market opportunities. Avaloq is banking software and a digital offering for wealth management, core banking, and digital banking services. MI deployed the Islamic Avaloq platform in October 2024. It offers an integrated system for private banking products, enhancing client portfolio management, adviser services, and back-office efficiency. Expanding its suite of Shariah-compliant products in the market, the bank increased its Shariah-compliant unit trust offering to 14 funds.
Regional Winners
Asia | MAYBANK ISLAMIC
Maybank Islamic is the flagship Islamic institution in Asia. The bank is often first in introducing innovative Shariah-compliant financial products. It’s primary market is Malaysia, where it controls approximately 30% of Islamic assets; but its activities also extend across other Asian countries. MI is the largest Islamic bank in Southeast Asia and fifth biggest globally. In 2024, it expended its international presence by launching in the Philippines. MI has prominent operations in Singapore, Indonesia, and Hong Kong. The bank’s financial metrics are solid, with a strong capital base, good returns, and net profit growing in 2024. The bank holds a notable position in the global sukuk market.
Middle East | KUWAIT FINANCE HOUSE
Kuwait Finance House is also the winner of the Middle East regional award. In addition to dominating the Islamic banking sector in Kuwait, KFH has strong market positions in Saudi Arabia and Bahrain. It is also active in cross-border transactions, financing, and investment throughout the Middle East. KFH has also been aided by successful organic growth and acquisitions over the years
Country and Territory Winners
Bahrain | AHLI UNITED BANK BAHRAIN
Ahli United Bank Bahrain (AUBB) has raised its market position significantly over the past two years. Now part of KFH, it has fully converted to an Islamic bank. In late 2024, the bank successfully executed Bahrain’s first fully automated Shariah-compliant sup- ply chain finance transaction. The bank created a collaborative payable finance ecosystem on its business-to-business platform, where the seller could raise an invoice and pass it to the buyer for approval. Last year saw significant growth in AUBB’s virtual accounts management, incorporating microfinancing. The bank expanded its host-to-host and application programming interface (API) integration capabilities beyond payments and reconciliation to include trade finance solutions.
Brunei Darussalam | BANK ISLAM BRUNEI DARUSSALAM
With assets of $8 billion, Bank Islam Brunei Darussalam has the dominant position in Islamic finance in Brunei Darussalam. In 2024, the bank invested in a new core banking system. The bank’s net profit was $115 million in 2024, with a healthy return on assets (ROA) of 1.4%. The balance is well capitalized with a CAR of 17.9%.
Egypt | ADIB EGYPT
The leading institution in Egypt’s Islamic banking sector in terms of performance, Abu Dhabi Islamic Bank Egypt (ADIB EGYPT) had a good 2024, with net income growing by a third. The bank has assets of $5 billion. Apart from mainstream Islamic financing, ADIB Egypt offers investment banking, leasing, asset management, and microfinance. ADIB Egypt works closely with international financing agencies such as the International Finance Corporation and the European Bank for Reconstruction and Development.
Indonesia | BANK SYARIAH INDONESIA
Bank Syariah Indonesia remains Indonesia’s largest Islamic bank and the country’s sixth-largest bank overall, with assets of $25 billion. The balance sheet increased robustly in 2024, as did net profit and returns. With most of the large Indonesian population being Muslim, Islamic financing in the country is growing rapidly.
Jordan | JORDAN ISLAMIC BANK
Jordan Islamic Bank (JIB) main- tains the dominant Islamic bank- ing franchise in Jordan, aided by good financials, including a CAR of 20%. JIB controls nearly half of the Islamic banking sector in the country and 10% of total banking-sector assets. Both financing and deposits continue to expand, and its digital- banking platform is expanding. Well managed, JIB has good prospects.
Kuwait | BOUBYAN BANK
Boubyan Bank stands apart as the leading technology-backed bank in Kuwait. Total assets are $30 billion, with net profits of $315 million in 2024—up by 20%. The bank has positioned itself as a leading digital force in the banking sector. Its focus on digital transformation is evident, segmenting services into customer-facing digital products and internal services. The latter support digital and traditional channels, automating processes to enhance efficiency. Boubyan’s Nomo Bank, the first Shariah-compliant digital bank designed for individuals, has been successful. Nomo’s launch of its Instant Access Saver, available in three currencies, has stimulated strong demand. Extending the Nomo liabilities proposition through- out 2024 resulted in a 70% increase in total balances.
Malaysia | MAYBANK ISLAMIC
In Malaysia’s Islamic financing and investment areas, Maybank Islamic holds the dominant market position. The bank is market savvy and innovative and has recorded impressive long-term performance.
Morocco | BANK ASSAFA
Owned by Morocco’s largest bank, Attijariwafa, Bank Assafa had a good year in 2024, with 41 branches covering the major cities of Morocco. The bank provides a range of services, from every- day banking operations to savings products and takaful. In terms of financing, it supports its clients through diversified offerings, including real estate, automobiles, equipment, and the purchase of construction materials.
Oman | AHLI ISLAMIC OMAN
Ahli Islamic Oman posted robust growth. The bank caters to all customer segments: institutional, corporate, SME, and retail. It was the first Islamic bank in Oman to digitally onboard customers through its mobile banking platform and the first to offer IPO leverage. Ahli Islamic has seen a continued expansion of retail business. Shariah-compliant investment and financial offerings for private banking customers have also gained traction.
Pakistan | FAYSAL BANK PAKISTAN
Faysal Bank Pakistan is one of the largest banks in Pakistan, with over 700 branches. Its total assets grew by 14% in 2024, and profit before tax recorded a 22% rise. The bank has achieved growth in new customers. Faysal continued to invest in digital transformation, upgrading its online banking plat- form, mobile applications, and payment systems. Digital channels have seen significant growth, with a 66% increase in internet and mobile banking transactions and a 34% rise in mobile banking subscribers.
Qatar | QATAR ISLAMIC BANK
Qatar Islamic Bank (QIB) is the largest Islamic bank in Qatar, controlling approximately 36% of the total assets of listed Islamic banks. It is Qatar’s second-largest bank overall in terms of total assets, financing assets, and net profit. QIB has a strong financial profile – capital adequacy of 21% – with continued growth in recent years and a robust risk management framework. It has significant government support, with the Qatar Investment Authority, the country’s sovereign wealth fund, as its largest shareholder. In 2024, QIB’s assets were $55 billion and net profit was $1.3 billion.
Saudi Arabia | ALINMA BANK
Alinma Bank is the fourth-largest Islamic bank globally, with assets of $74 billion. It is the young- est bank in Saudi Arabia but has made significant strides since its establishment in 2006 and now controls 6.5% of assets and 7.7% of deposits. Alinma ranks second in the kingdom regarding return on equity (ROE) and ROA. In 2024, the bank increased its capital from 20 billion to 25 billion Saudi riyals via stock dividends, to fund the next growth stage. It has focused on building a digital factory and applying the latest technologies: advanced analytics, AI, and Big Data. In 2024, it launched the Alinma New API Portal and Alinma Business Platform. The bank focuses on digitally savvy customers.
Sri Lanka | AMANA BANK
Amana Bank, the leading Islamic bank in Sri Lanka, offers the full spectrum of retail banking, SME banking, corporate banking, and treasury and trade finance services. Amana performed strongly in 2024, with advances growing by 24% and deposits up by 16%. Net profit was 28% higher last year. Increased trade volumes from SME and corporate customers as well as digital transactions drove this performance.
Tunisia | AL BARAKA BANK TUNISIE
A subsidiary of Al Baraka Banking Group of Bahrain, Al BarakaBank Tunisie offers several Islamic banking products and services and continues to benefit from the Al Baraka Group. Major achievements for the bank in 2024 included opening over 13,000 new accounts and upgrading its mobile app with several new features. Total assets were up by 27% in 2024, with financing growing by 32%.
Turkey | KUVEYT TURK KATILIM BANKASI
Kuveyt Turk Katilim Bankasi (KTKB) operates throughout Turkey, supported by an extensive branch network. It also oper- ates an Islamic bank in Germany named KT Bank. KTKB is the largest Islamic bank in Turkey, with assets of $26 billion and equity of $2.5 billion.Financing growth was over 10% in 2024. Net profit rose in 2024 to $1.1 billion, with ROA a high 4.7%. KTKB has an office in Bahrain that serves as a bridge between Turkey and the Gulf countries. Its parent banks is KFH.
UAE | EMIRATES ISLAMIC BANK
Emirates Islamic Bank’s parent is Emirates NBD. With assets of $30 billion, EIB’s market position strengthened considerably in 2024. The bank’s customer base grew strongly across the retail, SME, and corporate banking divisions. It also launched wealth and investment products catering to HNWIs and affluent customers. Emirates Islamic was the first Islamic bank in the United Arab Emirates (UAE) to launch a Shariah-compliant digital wealth offering and equity trading via a mobile banking app. It also was the first Islamic bank to offer fractional sukuk participation on its digital wealth platform. Its Islamic banking areas recorded a record yearly income in 2024 on the back of growth in customer financings and deposits. Retail banking net profit increased by 69%.
Tamarack Valley Energy (TNEYF) has two appealing investment characteristics:
#1: It is offering an above-average dividend yield of 4.1%, which is roughly three times the average dividend yield of the S&P 500. #2: It pays dividends monthly instead of quarterly. Related: List of monthly dividend stocks
You can download our full Excel spreadsheet of all monthly dividend stocks (along with metrics that matter like dividend yield and payout ratio) by clicking on the link below:
Tamarack Valley Energy’s combination of an above-average dividend yield and a monthly dividend makes it an attractive option for individual investors.
But there’s more to the company than just these factors. Keep reading this article to learn more about Tamarack Valley Energy.
Business Overview
Tamarack Valley Energy engages in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids in the Western Canadian Sedimentary Basin. Its oil and natural gas properties are the Cardium, Clearwater, Charlie Lake, and Enhanced Oil Recovery assets located in the province of Alberta, Canada.
The company was formerly known as Tango Energy and changed its name to Tamarack Valley Energy in June 2010. Tamarack Valley Energy was formed in 2002 and is headquartered in Calgary, Canada.
As an oil and gas producer, Tamarack Valley Energy is highly cyclical due to the dramatic fluctuations in oil and gas prices. The company produces liquids and gases in an approximate ratio of 85/15 and is highly sensitive to the fluctuations in the price of oil. It has reported losses in 6 of the last 10 years and initiated a dividend only at the beginning of 2022.
On the other hand, Tamarack Valley Energy has several advantages compared to well-known oil and gas producers. Most oil and gas producers have been struggling to replenish their reserves due to the natural decline of their producing wells.
Tamarack delivered strong 2024 results with Q4 production averaging 66,104 boe/day and full-year free funds flow of $386.9 million. Despite weaker commodity prices, the company returned over $215 million to shareholders through dividends and buybacks, retiring 6% of its float. Net debt dropped 21% to $775.4 million, reducing the net debt-to-adjusted funds flow ratio to 0.9 from 1.3.
The Clearwater Infrastructure Partnership expanded to include a 13th Indigenous community, bringing total asset contributions to $220.8 million and generating over $180 million in cash to reduce debt. Tamarack invested $439.3 million in development, drilling over 100 Clearwater wells and boosting capital efficiency. Reserves rose 6% to 238.3 million boe, replacing 179% of annual production.
Margins improved due to stronger heavy oil pricing, lower costs, and higher capital efficiency. Tamarack maintained its focus on shareholder returns, increasing its dividend and ending the year with $423.4 million in available credit, plus access to an additional $125 million.
Growth Prospects
Tamarack Valley Energy has posted one of the highest reserve growth rates in its peer group in recent years. Even better, the company has ample room for future growth.
Exceptionally high returns characterize the reserves in this area. It is thus evident that Tamarack Valley Energy has a significant competitive advantage when compared to its peers.
Moreover, the company has a promising 5-year growth plan:
It expects to grow its production at an average annual rate of 3%-5% and approximately double its free funds flow per share over the next five years, partly thanks to material share repurchases. None of the well-known oil majors has such an ambitious growth plan.
On the other hand, as an oil and gas producer, Tamarack Valley Energy is highly sensitive to the fluctuations in oil and gas prices.
Thanks to the rally of the prices of oil and gas to 13-year highs in 2022, Tamarack Valley Energy posted earnings per share of $0.55 in 2022. However, the price of oil has slumped nearly 50% from its highs in 2022, while the price of natural gas has also collapsed.
Given the promising growth plan of Tamarack Valley Energy, as well as the highly cyclical nature of the oil and gas industry, we expect the earnings per share of Tamarack Valley Energy to increase significantly this year to $0.40 per share from $0.21 per share in 2024
Dividend & Valuation Analysis
Tamarack Valley Energy is currently offering an above-average dividend yield of 4.1%, which is about three times the yield of the S&P 500. The stock is an interesting candidate for income investors, but they should be aware that the dividend is far from safe due to the dramatic price cycles of oil and gas.
Tamarack Valley Energy has a reasonable payout ratio of 27%. Additionally, the company maintains a solid financial position.
Moreover, it is critical to note that Tamarack Valley Energy initiated a dividend only in 2022, amid multi-year high commodity prices. It failed to offer a dividend in the preceding years, as it incurred material losses in most of those years. Therefore, it is evident that the company’s dividend is far from safe.
In reference to the valuation, Tamarack Valley Energy is currently trading for 9.9 times its expected earnings per share this year. Given the high cyclicality of the company, we assume a fair price-to-earnings ratio of 12.5, which is a typical mid-cycle valuation level for oil and gas producers.
Therefore, the current earnings multiple is much lower than our assumed fair price-to-earnings ratio. If the stock trades at its fair valuation level in five years, it will incur a 5% annualized return.
Taking into account the 6.0% annual growth of earnings per share, the 4.1% current dividend yield, and a 5% annualized tailwind of valuation level, Tamarack Valley Energy could offer a 15.1% average annual total return over the next five years.
The expected return signals that the stock is a good long-term investment, as we have passed the peak of the oil and gas industry’s cycle.
Final Thoughts
Tamarack Valley Energy has been thriving since early 2022, thanks to an ideal environment of above-average oil prices. The stock is offering an above-average dividend yield of 4.1%, with a decent payout ratio of 27%. As a result, it is likely to entice some income-oriented investors.
However, the company has proven highly vulnerable to the fluctuations in the price of oil. As this price appears to have passed its peak for good, the stock is currently highly risky.
Moreover, Tamarack Valley Energy is characterized by low trading volume. This means that it is hard to establish or sell a large position in this stock.
Additional Reading
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Wee Ee Cheong, deputy chairman and CEO of United Overseas Bank (UOB), named the Best Bank in Asia-Pacific, discusses what 2025 will bring.
Global Finance:What drove UOB’s performance in 2024?
Wee Ee Cheong: UOB is strategically reshaping our business mix to diversify our revenue engines, with a disciplined approach to managing our balance sheet and growing fee-based income.
In wholesale banking, our enhanced platforms and sector-specific solutions help finance cross-border businesses, leading to higher fees and cross-border income. We aim to be the number-one cross-border trade bank in the Association of Southeast Asian Nations (ASEAN). With an extensive regional footprint and our combination of strong sector expertise and local-market knowledge enables us to help businesses navigate market complexities and to seize opportunities in ASEAN.
In retail banking, the acquisition of the Citigroup consumer-banking business in four Southeast Asian markets has enabled us to scale our credit card and brought cross-selling opportunities to our 8.4 million customers. Consequently, our card fees and wealth management income have seen robust growth. We continue to invest in our UOB TMRW digital banking app, which is being rolled out across our key markets.
These diversified income drivers are recurring, and demonstrate results. We see tremendous opportunities to grow our franchise and will be steadfast and focused in our execution.
GF: What are the greatest challenges UOB face in 2025?
Wee: We expect disruptions, and we expect demand to slow in the immediate future due to rising geopolitical risks and tariffs. Businesses and countries will face greater urgency, in a multipolar world order, to diversify their markets, integrate more closely regionally, and innovate to create more value.
With its population of 600 million, ASEAN is driven by megatrends such as regional economic and trade integration, supply chain resilience, digital innovation, and sustainability. We believe in ASEAN’s resilience.
As global trade and supply chains transform significantly, ASEAN remains an attractive market. UOB’s regional footprint and service offerings position us to seize emerging opportunities in the mid to long term.
To stay ahead of rapid technological change, we place innovation at the core of our strategy-enhancing efficiency, unlocking new opportunities, and strengthening our competitive edge.
GF: Do you expect sustainable finance to continue to grow in 2025?
Wee: Economic opportunities around decarbonization continue to drive sustainable-financing flows in Asia, and the region continues to benefit from sustainable developments. UOB’s net-zero commitment is aligned with Singapore’s commitment to net zero by 2050. We remain on track for all five of our priority sectors—power, automotive, real estate, construction, and steel—for which we have set net-zero targets.
To meet our targets, we have an end-to-end net-zero operationalization program covering governance, policies, capacity-building, technology, and pragmatic measures to support our clients’ transition to a sustainable economy. This program involves developing high-quality green-financing products and engaging with clients to promote sustainable practices.
Our clients’ demand for sustainable financing continues to grow; and as of December 2024, our sustainable financing portfolio had increased 43% year over year to more than 57 billion Singapore dollars ($41.9 billion).
GF: What is the bank doing to capture the next generation of customers?
Wee: The bank seeks to understand the aspirations, lifestyles, and expectations of the next generation of customers by systematically collecting and analyzing their feedback. We aim to go beyond financial needs to support young businesses’ digitalization, sustainability, and regionalization needs as they grow and scale.
Our digital banking platforms: UOB TMRW, UOB Infinity, and the UOB SME app, enable younger customers to access on-the-go financial management through an omnichannel approach. Our lifestyle partnerships for concerts and top acts bring renowned performances and deliver exciting lifestyle experiences for our younger customers across the region.
For our business customers, we recognize the importance of equipping the next generation of leaders with skills, insights, and connections necessary to preserve family and business legacies.
Our programs include The Business Circle, which offers masterclasses, workshops, and overseas business missions, on digital transformation, sustainability, and business diversification. The Next Gen Programme prepares successors for future responsibilities, enhancing their competencies to protect and grow inherited wealth with sessions focused on entrepreneurship, digital innovation, and technology.
General Motors warned Trump administration auto tariffs will have a negative impact of $4 billion to $5 billion in full-year profit.
The carmaker cut its 2025 adjusted earnings and adjusted EBIT outlooks.
However, GM said it has taken steps that should offset the tariff effects by 30%.
General Motors (GM) slashed its guidance Thursday as the biggest U.S. automaker warned new Trump administration auto tariffs will have a $4 billion to $5 billion impact on full-year profit. However, the the company said it had a plan to offset some of those effects.
GM now sees 2025 adjusted earnings per share of $8.25 to $10.00, down from its previous estimate of $11.00 to $12.00. It reduced its outlook for adjusted earnings before interest and taxes (EBIT) to a range of $10.0 billion to $12.5 billion from $13.7 billion to $15.7 billion.
Even with that, the company explained that it expects “to offset at least 30% of this exposure” through executive actions taken this week based on U.S. production and the elimination of tariff stacking. It added that its adjusted auto free cash flow guidance “gives us the ability to continue investing in U.S. innovation and manufacturing.”
In a letter to shareholders, CEO Mary Barra noted that the carmaker has been in discussions with the president and his team since before the inauguration in January, and it looks forward “to maintaining our strong dialogue with the Administration on trade and other policies as they continue to evolve.” Barra pointed out that in addition, GM has been having “ongoing discussions with key trade partners that may also have an impact.”
On Tuesday, the Chevrolet and Cadillac maker reported better-than-expected first-quarter results, but postponed updating its full-year guidance and its earnings call by two days amid uncertainty about auto tariffs.
General Motors shares have been moving up and down slightly during early trading. The stock price is about 14% lower this year.
President Donald Trump’s second term in office has been marked by uncertainty, although the economy has rolled with the punches so far.
Trump is one of five postwar presidents who had the economy shrink in their first 100 days.
Fears of worse ahead have grown among consumers and economists, many of whom believe his controversial tariffs will drive up prices.
Just 100 days into President Donald Trump’s second presidency, his sweeping efforts to remake the U.S. economy are starting to show results.
Starting on the first day of his presidency, Trump unleashed a barrage of executive orders, some of which have had dramatic and immediate impacts on the economy. Trump signed 142 executive orders over 100 days, beating the previous record-holder, Franklin Roosevelt, who signed 99 in 1933, according to an analysis by Deutsche Bank. Trump had signed only 33 by this point in his first term, and Biden just 42.
Many of those orders were related to trade: Trump imposed heavy tariffs on U.S. trading partners, including a 145% tariff on most products from China. These orders are a sweeping reversal of the post-WWII era of free trade policies implemented by U.S. presidents. Trump has said he intends the tariffs to revive U.S. manufacturing jobs and raise revenue to run the government. The economy has just started to feel the effects of those orders, most of which went into effect in April.
Economists said tariffs were the main reason the nation’s economic output shrank slightly in the first quarter of 2025 after nearly three years of solid expansion. Businesses and individuals hoping to beat the tariffs bought a record-shattering amount of imports in March, which are subtracted from the GDP. That put Trump on a short list of postwar presidents who saw the economy shrink in their first 100 days.
U.S. consumers, already weary of inflation, expect tariffs to push up prices even more and have grown increasingly pessimistic about the economy. The plunge in consumer confidence under Trump’s second term is a stark contrast to the trend under his immediate predecessors, and himself during his first term, who all saw confidence rise.
Consumers may be fearful about a recession, but that hasn’t stopped them from spending. Similarly, inflation measures have stayed subdued through March, and unemployment hasn’t risen severely, leading some economists to predict the economy will stay resilient through the tariff turmoil.
U.S. stock futures are pointing sharply higher as market watchers focus on corporate earnings; Microsoft (MSFT) shares are jumping in premarket trading after the company reported strong artificial intelligence (AI) cloud revenue; Meta Platforms (META) shares are rising as advertising revenue helped boost results; Apple (AAPL) and Amazon (AMZN) are set to report earnings after the bell; and Tesla’s (TSLA) chair denies a report that the board had begun a search to succeed CEO Elon Musk. Here’s what investors need to know today.
1. US Stock Futures Surge as Investors Digest Corporate Earnings
U.S. stock futures are pointing sharply higher as investors focus on a parade of corporate earnings reports. S&P 500 futures and Dow Jones Industrial Average futures are up by 1.2% and 0.8%, respectively, as the indexes rose yesterday for a seventh consecutive session. Nasdaq futures are jumping by 1.8% after the tech-focused index shed 0.1% yesterday. Bitcoin (BTCUSD) is rising to trade above $96,000. Yields on the 10-year Treasury note are declining to around 4.15%. Oil and gold futures are down more than 2%.
2. Microsoft Stock Jumps on Strong AI Cloud Growth
Microsoft (MSFT) shares are surging about 9% in premarket trading after the software giant reported quarterly revenue and profit that surpassed analysts’ expectations. The tech titan reported revenue increased 13% year-over-year to $70.07 billion and profit of $3.46 per share, both above Visible Alpha consensus. Intelligent Cloud segment revenue jumped 21% to $26.75 billion and Microsoft said it expected the unit to deliver 20% to 22% growth in the current quarter. While Microsoft shares have risen 15% from their April low, they remain down 6% since the start of the year entering Thursday.
3. Meta Stock Surges as Ad Revenue Helps Boost Results
Meta Platforms (META) stock is jumping 6% in premarket trading after the social media giant reported better-than-expected quarterly results on strong advertising growth. The Facebook parent brought in revenue of $42.31 billion, up 16% year-over-year and above the analyst consensus from Visible Alpha, while its net income of $6.43 per share also topped projections. Advertising revenue grew 16% to $41.39 billion, also beating estimates. Facebook said it plans to boost its capital expenditures this year to $64 billion to $72 billion to grow its AI capacity. Meta’s stock was down 6% for the year entering Thursday.
4. Apple, Amazon Slated to Report Results After Closing Bell
Microsoft’s and Meta’s fellow “Magnificent Seven” companies Apple (AAPL) and Amazon (AMZN) are scheduled to report quarterly results after markets close today. Analysts polled by Visible Alpha expect Apple to report fiscal second-quarter revenue grew 4% year-over-year to $94.66 billion and earnings per share of $1.62, up from $1.53. Amazon is seen reporting first-quarter revenue of $155 billion, up 8%, and adjusted EPS of $1.75, up from $1.46. Shares of Apple are 1% lower in premarket trading, while Amazon shares are 3% higher.
5. Tesla Denies Report That Board Opened Search for CEO Replacement
Tesla (TSLA) chair Robyn Denholm on Thursday denied a report that the EV maker’s board members had started a formal process to find a successor for CEO Elon Musk.The Wall Street Journal reported that board members started the search “about a month ago” as Tesla shares stumbled amid investor concerns that Musk was too focused on his role cutting federal spending as part of the White House administration. Denholm denied the Journal report, writing on Tesla’s X account that “The CEO of Tesla is Elon Musk and the Board is highly confident in his ability to continue executing on the exciting growth plan ahead.” Tesla shares are up less than 1% in premarket trading.
A wave of US macro data released yesterday points to mounting economic weakness. The economy contracted by 0.3% in the first quarter of 2025, slightly more than expected, marking its first decline since early 2022. This follows the 2.4% growth recorded in the previous quarter, underscoring a sharp reversal in momentum. A key driver of the slowdown was a staggering 41.3% surge in imports, as businesses rushed to stockpile goods ahead of anticipated tariff hikes. This widened the trade gap, with net exports dragging down GDP by nearly 5 percentage points, the largest impact on record. Government spending also contributed to the downturn, subtracting 0.25% from overall growth, its first negative impact since 2022. Additionally, private expenditure saw a significant decline, as businesses and investors navigated heightened uncertainty throughout the quarter. These combined factors highlight deepening concerns over the trajectory of the US economy.
Businesses and consumers scrambled to stockpile goods in anticipation of looming tariff hikes, a pattern previously observed when reports highlighted a widening trade deficit and a surge in durable goods orders. While the economic slowdown largely aligned with forecasts, these pre-tariff distortions had a substantial impact on the overall data, skewing key indicators and amplifying short-term fluctuations.
The slowdown in consumer spending growth to 1.8%, its weakest pace since Q2 2023, suggests that economic weakness will likely extend into Q2. With the direct impact of tariffs introduced on April 2 still yet to appear in the data, underlying consumer strain is becoming increasingly evident. This trend underscores mounting pressure on household activity as shifting trade policies and broader economic uncertainty take hold.
We also got to know the Fed’s preferred measure of inflation for the month of march, which came out slightly higher than expected, but cooled off. PCE prices in the US increased 2.3% year-on-year in March 2025, the lowest in five months but above market expectations of 2.2%. In February PCE prices was revised upwardly to 2.7%. This could be read as bad news for the Fed, as stagflation worries mount.
So, how have markets reacted? In FX, there were no major shifts barring the strengthening dollar. The 10-year Treasury yield briefly climbed 5 basis points to 4.22% following the GDP and PCE data releases but swiftly retreated to 4.16%, right back to its opening level, as growth concerns dominate sentiment. US equities reacted negatively, yet indexes remain surprisingly above pre-April 2 levels. Have markets fully shrugged off reciprocal tariffs, or have they absorbed the sweeping trade measures and embraced the administration’s more dovish stance as approval ratings slide, particularly on economic management? With Q1 2025 corporate earnings reports now underway, businesses may begin revising their earnings expectations downward, especially if the recent GDP contraction extends into Q2, reinforcing concerns over the broader economic outlook.
Loonie steady after wave of macro data
Kevin Ford – FX & Macro Strategist
Canada’s economy slipped 0.2% in February, its first monthly decline since November, as mining, oil and gas, and construction sectors weighed on growth. Mining and energy took the biggest hit, falling 2.5% after two months of gains, while construction dipped 0.5%. Other sectors like transportation, warehousing, and real estate also showed weakness, with residential construction down 0.9%, its steepest drop since April 2024.
The weaker-than-expected figures point to a challenging period ahead, with little to no economic expansion anticipated over the next two quarters. Canadian 10-year yields dipped below 3.12%, nearing a two-week low, as softer domestic and U.S. data reinforced expectations of further central bank easing. The latest Bank of Canada Governing Council deliberations reveal that while some policymakers advocated for a rate cut to support growth, they ultimately opted to hold the policy interest rate at 2.75%, citing ongoing uncertainty. Inflation risks remain subdued, providing room for future cuts if necessary, but officials stressed the importance of a cautious and responsive approach given the unpredictable economic climate. With the BoC’s next rate decision set for June 4, markets are pricing in a 57% chance of a 25 bps cut. Meanwhile, despite growing concerns over a deeper North American slowdown, the drop in short-term yield differential has helped the Loonie test the 1.38 level.
Dollar weakness has been primary support for the Loonie during April, which has gained around 4% against the greenback. The USD/CAD is now testing key support at 1.378, level not seen since October 2024.
Euro softens after historic April rally
George Vessey – Lead FX & Macro Strategist
Last month proved to be the best ever April for EUR/USD since the inception of the euro back in 1999, but the pair has dipped under the $1.13 mark this morning following the optimistic tone from President Trump regarding trade deals with various countries.
The rebound in risk appetite and hopes that the peak of trade policy uncertainty is behind us has weighed on the euro this week. The common currency has been a surprise beneficiary of the global trade war given its status as a cheap liquid alternative, backed by its current account surplus and positive fiscal impulse from the historic German spending plans. Despite the reversal from 3-year highs, investors are weighing contrasting economic signals from the US and Europe, which could support further euro strength in the future. The unexpected contraction in US GDP for Q1 contrasts with the Eurozone’s stronger-than-expected 0.4% growth, driven by resilient domestic demand. Germany expanded by 0.2% as forecast, while France lagged with a modest 0.1% increase.
Inflation trends are mixed across Europe though. German headline inflation eased to 2.1% in April, though core pressures rose, while France’s annual rate remained stable at 0.8%. Money markets are pricing another ECB rate cut in June and 67-basis points of easing in total by year-end.
Mexican Peso stays at 5-year average
Kevin Ford – FX & Macro Strategist
Mexico’s economy grew by 0.2% in the first quarter of 2025, bouncing back from a 0.6% contraction in the previous quarter and beating expectations of flat growth. Agriculture led the way with an 8.1% surge, recovering from a sharp drop at the end of 2024, while industry dipped 0.3% and services remained unchanged. On an annual basis, GDP rose by 0.6%, but the overall outlook remains fragile due to domestic uncertainty, tight financial conditions, and fallout from the U.S. trade war.
The recent appreciation of the peso could ease inflation concerns, while slower growth may help keep broader price pressures in check. Trump’s softened stance on key policies has improved sentiment, with the peso trading stronger in the near term. President Claudia Sheinbaum enjoys high approval ratings, with 67% of Mexicans holding a positive view of her leadership—surpassing her predecessor’s popularity. Despite challenges like tariffs and recession risks, optimism persists, with 54% expecting economic improvement in the next six months and 75% confident Sheinbaum will negotiate better trade agreements.
Euro tumbles, US stocks and dollar gain, Oil continues rout
*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quothave a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.
Qualcomm shares are falling in premarket trading Thursday, a day after the chipmaker’s soft current-quarter revenue outlook outweighed better-than-expected fiscal second-quarter results.
The company, which makes most of its revenue from selling chips for smartphones, including those made by Apple, said Q2 handset chip sales rose 12% year-over-year to $6.93 billion.
Qualcomm shares, which entered Thursday down more than 3% this year, are dropping a further 6% in premarket trading.
Qualcomm (QCOM) shares are falling in premarket trading Thursday, a day after the chipmaker’s soft current-quarter revenue outlook outweighed better-than-expected fiscal second-quarter results.
The San Diego, Calif.-based company reported adjusted earnings per share (EPS) of $2.85 on revenue of $10.98 billion. Analysts polled by Visible Alpha projected $2.82 and $10.63 billion, respectively.
The company, which makes most of its revenue from selling chips for smartphones, including those made by Apple (AAPL), said Q2 handset chip sales rose 12% year-over-year to $6.93 billion.
“As we navigate the current macroeconomic and trade environment, we remain focused on the critical factors we can control—our leading technology roadmap, best-in-class product portfolio, strong customer relationships and operational efficiencies,” CEO Cristiano Amon said.
Q3 Revenue Outlook Comes Up Short of Expectations
However, for the third quarter, Qualcomm expects revenue of $9.9 billion to $10.7 billion, with the midpoint below the $10.35 billion consensus estimate.
Qualcomm shares, which entered Thursday down more than 3% this year, are dropping a further 6% in premarket trading.
U.S. stocks fell for a third consecutive month in April as uncertainty about President Trump’s tariff policies wreaked havoc on Wall Street.
The month got off to a dismal start when President Trump’s April 2 “Liberation Day” tariff announcement erased about $6 trillion in market value. Stocks were boosted mid-month by a 90-day pause on most of Trump’s country-specific tariffs and signs that the White House was eager to de-escalate its trade war with China. But the rebound, hampered on Wednesday by data showing U.S. GDP contracted in the first quarter, wasn’t enough to dig stocks out of their hole; the S&P 500 finished April down 0.8%.
Tariffs will likely continue to dominate the conversation on Wall Street in May as the torrent of first-quarter earnings reports early in the month slows to a trickle. Below, we look at five stocks to keep an eye on in May.
Apple
Apple (AAPL) will report its first-quarter results after the closing bell on Thursday, May 1, and the focus will be squarely on tariffs.
The iPhone maker won a tariff exemption during the first Trump administration’s trade war with China in 2018. Perhaps seeing the writing on the wall, Apple has spent the intervening years diversifying its manufacturing base, moving some assembly to countries such as India and Vietnam. Still, the vast majority of Apple products are manufactured in China, putting it squarely in the crosshairs of escalating tensions between the world’s two largest economies.
Trump has, for now, exempted smartphones and other Apple products from the “Liberation Day” tariffs he announced in early April, which would have raised the duties on Apple products shipped from China, Vietnam, and India by 125%, 46%, and 26%, respectively. But Commerce Secretary Howard Lutnick has warned that exempted consumer electronics will be included in semiconductor-specific tariffs to be announced in the coming months.
Analysts and investors will be eager to hear on Apple’s earnings call how the company is planning for the tariffs to come and how it sees a slowing economy affecting sales.
Apple shares are down 15% since the start of the year.
Nvidia
Nvidia (NVDA) is expected to report quarterly results late in the month, and investors will be anxiously awaiting updates on the company’s sales to China and how it expects a slowdown to affect AI investment.
The stock has been dealt a blow this year by rising economic uncertainty and escalating tensions with China. The company recently warned investors that its first-quarter results will take a hit of up to $5.5 billion after the U.S. government tightened restrictions on sales to China.
On top of that, several leading cloud service providers, including Microsoft (MSFT) and Amazon (AMZN), have reportedly slowed or paused some AI data center buildouts in response to the cloudy economic outlook. Less AI investment from some of the world’s largest tech companies is likely to portend slower sales growth at Nvidia.
Nvidia stock has fallen after each of its three most recent earnings reports despite consistentlytopping estimates, a sign Wall Street’s expectations have caught up with Nvidia’s breakneck growth. The stock’s response to May’s results could depend on whether the company’s various headwinds have reset investors’ expectations.
Nvidia shares are down nearly 19% since the start of the year.
Walmart
Retail giant Walmart (WMT) is slated to report earnings before markets open on May 15.
Few companies are in as good of a position to deal with tariffs than Walmart. The company has reportedly pressured Chinese suppliers to lower their prices, a tactic unavailable to smaller retailers. It has also had some success getting through to the White House; Trump expressed interest in de-escalating the trade war with China shortly after Walmart, Target, and Costco executives reportedly warned the president that prohibitively high tariffs would eventually lead to empty shelves across the country.
Walmart’s first-quarter sales are unlikely to be affected by tariffs, the majority of which were announced in April. Retail sales data also suggests consumers, despite cratering confidence in the economy, didn’t slow their spending in the first quarter.
The company’s guidance will be of greater interest to Wall Street—that is, if it issues guidance. Many companies have withdrawn their full-year forecasts, citing the difficulty of predicting future costs and demand without clarity on trade policy. If Walmart were to do the same, it could ratchet up the anxiety on Wall Street and send shockwaves through the stock market.
Walmart shares are up nearly 8% year-to-date.
ExxonMobil
ExxonMobil (XOM) is scheduled to report its first-quarter earnings before markets open on Friday, and the Trump administration will likely loom large over the report.
Trump walked a tightrope throughout last year’s presidential campaign, promising to tame inflation by lowering energy costs while also casting himself as an ally of America’s fossil fuel industry.
In office, he has tried to smooth over the tensions between those two goals. Trump has taken steps to remove regulatory barriers to resource extraction, expedite the permitting of drilling on federal lands, and prevent states from impeding his program to “unleash American energy.”
At the same time, Trump’s trade war has raised the odds of a U.S. recession, causing oil prices to slump. West Texas Intermediate, the U.S. crude oil benchmark, closed at about $58 a barrel on Wednesday, its lowest price in 4 years and below what the average producer needs to profitably drill a new well.
Exxon’s results and commentary could help investors understand the balance of good and bad news for the industry coming out of Washington.
ExxonMobil stock has fallen about 2% since the start of the year.
Coinbase
Coinbase (COIN) is also set to report first-quarter earnings this month, and the future appears bright for the crypto exchange.
The cryptocurrency industry has emerged as one of the few winners of the second Trump administration thus far. Trump has ordered the creation of a Strategic Bitcoin Reserve and a U.S. Digital Assets Stockpile, installed crypto-advocate Paul Atkins as the head of the Securities and Exchange Commission, and wound down major federal lawsuits against the crypto industry.
The prices of major cryptocurrencies like Bitcoin and Ether have declined since Trump took office, battered by the same economic uncertainty that’s hammered the stock and bond markets. That could take a bite out of Coinbase’s transaction revenue, which as of mid-February was on track to surpass last year’s first quarter. Nonetheless, Coinbase forecast subscription and services revenue—less volatile than transaction revenue, which fluctuates with crypto prices—would grow as much as 50%.
Investors will be listening to Coinbase’s earnings call for insights into the company’s efforts to shape the cryptocurrency legislation and regulations being developed in Washington.
Coinbase shares are down about 18% so far this year.
