Trump says progress has been made in US-Iran negotiations, US Treasury bonds rise across the board
According to Golden Ten Data on May 26, after the public holiday break, the U.S. financial markets resumed trading as investors became more optimistic about a possible agreement between the U.S. and Iran, causing U.S. Treasury yields to fall across the board. The U.S. two-year Treasury yield fell by 7 basis points to 4.05%, the ten-year yield fell by 7 basis points to 4.49%, and the thirty-year yield dropped by 5 basis points to 5.02%. Previously, Trump said that negotiations with Iran on extending the ceasefire and reopening the Strait of Hormuz were "progressing smoothly." Abbas Keshvani, Head of Asia Macro Strategy at RBC Capital Markets in Singapore, said: "Given that market hopes for a deal were dashed before, caution will remain. But progress in the negotiations could lead to further declines in energy prices and inflation expectations, thereby lowering yields."
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BUZZ - Broker Perspectives: Analysts Express Doubts Over Starbucks and Chipotle Acquisition
Latest Update October 9 – The Financial Times reported on Thursday that Starbucks (SBUX.O) has explored a potential acquisition of Chipotle (CMG.N). This move would bring CEO Brian Niccol back to the Mexican burrito chain he once led. Starbucks declined to comment, saying the company remains "fully focused" on its business turnaround. Chipotle's stock fell about 4% to $31.32 on Friday, after surging 6.2% in the previous trading session. Limited strategic rationale BTIG expressed "high skepticism," stating that the deal does not make sense operationally, would cause significant dilution for Starbucks shareholders, and would disrupt management operations. "Over the years we've heard many stories about multi-brand acquisitions... but few have materialized, and even fewer have succeeded," BTIG noted. William Blair pointed out that Starbucks’ $9.4 billion net debt as of June makes it difficult to finance an acquisition and could push the combined company’s leverage ratio to about six times—considered high for the restaurant industry. D.A. Davidson stated the probability of the deal succeeding is 20% or less, given the significant differences between the brands and the apparent lack of clear synergies. Raymond James noted that due to the low overlap in menus, supply chain benefits are likely limited, while performance among multi-brand restaurant platforms has been mixed. eMarketer’s Suzy Davidkhanian commented that Niccol's familiarity may reduce execution risk, but investors might still see the deal as a "costly distraction" during Starbucks’ transformation. (For the convenience of non-English speakers, Reuters automatically translates its reports into several other languages. Automated translation may be inaccurate or fail to include necessary context; Reuters does not guarantee the accuracy of automated translated text and provides it solely for readers’ convenience. Reuters accepts no responsibility for any damage or loss resulting from the use of automated translation functions.)
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