Iran's oil exports surpass 40 million barrels after US sanctions are lifted
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Volkswagen plunges! Profit forecast for 2026 significantly lowered, Porsche writes down €6 billion
Volkswagen expects the Group's operating sales return in 2026 to reach a maximum of only 1%, far below the previously projected 4% to 5.5%. The company anticipates that special items will impact full-year operating profit by about 10 billion euros, with around 6 billion euros attributable to non-cash impairments of goodwill in Porsche's operations. Increased competitiveness from Chinese automakers and accelerated consumer demand shift toward pure electric vehicles are also significant pressures facing Volkswagen. As a result of this news, Volkswagen's share price closed down 5.6% on Friday.
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As US Treasury yields rise, the cost of borrowing short-term Treasuries surges, with traders aggressively building short positions
The US Treasury will conduct auctions of two-year, five-year, and seven-year Treasury bonds next week. Currently, traders are racing to borrow bonds to short them, driving the borrowing costs for short-term Treasuries sharply higher. On Friday, the overnight repo rate for borrowing the current two-year Treasury was about 0.79%, while the rate for the five-year even dropped to as low as -0.85%. In contrast, the repo rate for regular Treasuries was around 3.88%.
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