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UK’s blue-chip FTSE 100 index was on course to end a four-week losing streak after data released this week weakened expectations of a Bank of England rate ‌hike, giving relief to ⁠investors ⁠unsettled by political uncertainty.

The blue-chip FTSE 100 index rose 0.21% as of 11:18 am GMT on Friday, while the midcap FTSE 250 climbed 0.57%.

* British retail sales fell by the most in nearly a year in April, according to official figures published on Friday, adding to signs of waning consumer spending against the backdrop ⁠of the Middle ‌East war and rising energy costs.

* Earlier this week, separate data also showed that inflation in April ⁠was softer than expected, while the unemployment rate ticked up.

* “Dovish data should reduce the urgency for the BoE to act. So far the MPC (Monetary Policy Committee) is taking comfort from tightening in financial conditions which they say can give them time to assess whether to hike or not,” BofA Securities analysts said.

* The brokerage now expects the central bank ‌to raise borrowing costs in July, later than its previous estimate of a June hike.
* “Political uncertainty is likely to increase near-term policy uncertainty and ⁠lead to tighter financial conditions, which could weigh on growth,” the brokerage added. * Prime Minister Keir Starmer has defied calls from his party’s lawmakers to quit, but his failure to alleviate concerns about the cost of living has disappointed voters.

* Chemical shares rose 2.87% on Friday, while auto stocks gained 2.45%.

* The FTSE 100 index has risen 2.65% in the week so far.

FREMONT, Calif. — AXT Inc. shares jumped 16.37% to close at $140.83 on May 22, 2026, extending recent gains as the semiconductor substrate manufacturer continued to benefit from strong demand for indium phosphide products used in artificial intelligence data center applications.

The stock traded in a wide range during the session, reflecting high volatility that has characterized the company’s shares throughout 2026. In after-hours trading, shares fell slightly to around $139.30.

Q1 2026 Financial Results

AXT reported first-quarter 2026 revenue of $26.9 million, up 39% from $19.4 million in the first quarter of 2025 and up from $23.0 million in the fourth quarter of 2025. The increase was driven primarily by higher substrate sales, particularly indium phosphide products.

GAAP gross margin reached 29.6% in the quarter, compared with 20.9% in the prior quarter and negative 6.4% in the year-ago period. Non-GAAP gross margin stood at 29.9%. The company reported a GAAP net loss of $1.6 million, or $0.03 per share, narrowing from an $8.8 million loss, or $0.20 per share, in the first quarter of 2025.

For the second quarter of 2026, AXT guided for revenue between $28 million and $30 million with non-GAAP earnings per share of $0.06 to $0.08.

Analyst Actions

Wedbush raised its price target on AXT to $93 from $80 while maintaining an Outperform rating. B. Riley increased its target to $73 from $72. Northland raised its target to $90 from $45. Other firms issued upward revisions amid the company’s improving margins and AI-related demand.

Analysts have assigned a consensus Buy rating with average price targets around $41 to $93, though some forecasts are lower.

Product and Market Focus

AXT produces indium phosphide and gallium arsenide substrates used in fiber optic communications, data centers, 5G infrastructure and other high-growth applications. Indium phosphide has seen particularly strong demand due to its role in silicon photonics and high-speed optical components for AI infrastructure.

The company has outlined plans to expand indium phosphide production capacity significantly over the next two years to meet growing orders. It completed equity offerings in April 2026 to fund this expansion, raising substantial capital through common stock sales.

Capital Raises and Corporate Updates

In April 2026, AXT priced an underwritten public offering of 8.56 million shares at $64.25 per share. The company also filed a mixed securities shelf registration. These moves supported its growth strategy despite causing short-term dilution concerns.

AXT adjourned its 2026 annual meeting in May due to a quorum shortfall and later announced participation in multiple financial conferences during the second quarter.

Financial Position

AXT ended the first quarter with improved operational metrics. Cash from operations was positive in the period. The company has focused on cost management and higher-value product mix to drive margin expansion.

Industry Context

Demand for advanced semiconductor substrates has risen with AI data center buildouts. AXT’s products enable high-performance optical networking components critical for hyperscale computing environments. The company competes in a specialized segment with exposure to both cyclical semiconductor cycles and long-term secular growth trends.

Shares have experienced extreme volatility in 2026, with multiple double-digit daily moves and substantial year-to-date gains. Trading volume on May 22 was elevated as the stock reacted to broader sector momentum and company-specific developments.

Outlook

Management has highlighted a strong backlog and opportunities for continued revenue growth in 2026. The company expects sequential improvement in financial performance as capacity expansions come online. Second-quarter guidance reflects confidence in sustained demand for its substrates.

Upcoming quarterly results are anticipated in late July or early August 2026. Analysts will monitor execution on capacity expansion, margin trends and order intake from AI-related customers.

AXT operates manufacturing facilities in China and maintains research and development in the United States. Its business remains sensitive to geopolitical factors, supply chain dynamics and global semiconductor spending patterns.

Oil prices climbed on Friday, as investors worried that the U.S. and Iran would be unable to reach a peace agreement that would allow shipping traffic to return to normal in the Strait of Hormuz.

Brent crude futures settled at $103.54 a barrel, up 96 cents, or 0.94%. U.S. West Texas Intermediate futures finished at $96.60 a barrel, up 25 cents or 0.26%. Both had risen over 3% earlier in the session.

On a weekly basis, Brent was 5.48% lower and WTI was down by 8.37%, with prices volatile as expectations for a peace deal between Iran and the ‌U.S. shifted.

“We have so ⁠many headlines ⁠back and forth, it’s hard to keep up,” said Phil Flynn, senior analyst with Price Futures Group. “The story now is Iran will deliver the uranium for the lifting of sanctions. But they keep changing the news before the ink is dry on the newspaper.”

A diplomatic source in Islamabad told Iran’s state news agency IRNA that Pakistan’s army chief had left for Iran. A senior Iranian source told Reuters earlier that gaps with the U.S. have narrowed, and U.S. Secretary of State Marco Rubio spoke of “some good signs” in talks.

“There’s been some progress. I wouldn’t exaggerate it. I wouldn’t diminish it,” Rubio told reporters after a NATO ministers’ meeting in Sweden. “There’s more work ⁠to be ‌done,” he added. “We’re not there yet. I hope we get there.”
Rubio said the U.S. was in constant communication with the Pakistanis who are facilitating the talks with Iran. The countries remained divided on Tehran’s uranium stockpile and controls on the ⁠Strait of Hormuz.

“I think we’re very much subject to the headlines,” said John Kilduff, partner with Again Capital. “We seem headed for a resolution, but the level of clarity is spectacular.”

Rubio also said the U.S. had not requested the assistance of NATO allies in reopening the strait.

Global oil inventories have been depleting at an alarming pace as oil flows via the Strait of Hormuz slow to a trickle, said PVM Oil Associates analyst Tamas Varga.

“The optimism of a relatively imminent truce and bearish rhetoric whenever Brent approaches $110 prevents oil prices from rallying significantly higher,” he said.

Separately, a Qatari negotiating team arrived in Tehran on Friday in coordination with the U.S. to help secure a deal, a source with knowledge of the ‌matter told Reuters on Friday.

Six weeks into the fragile ceasefire in the U.S.-Israeli war with Iran, elevated oil prices have investors worried about inflation and the outlook for the global economy.

BMI, a unit of Fitch Solutions, has raised its average 2026 dated Brent price forecast to $90 ⁠from $81.50 to reflect the supply deficit, time required to repair damaged Gulf energy infrastructure, and a six- to eight-week post-conflict normalization window.

Around 20% of global energy supplies transited the strait before the war, which has removed 14 million barrels per day of oil – or 14% of global supply – from the market, including exports from Saudi Arabia, Iraq, the UAE and Kuwait.

Full oil flows through the strait will not return before the first or second quarter of 2027, even if the conflict ends now, the head of UAE state oil firm ADNOC said.

Seven leading OPEC+ oil-producing countries will likely agree to a modest hike to July output when they meet on June 7, four sources said, though delivery for several remains disrupted by the war.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of VICI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

The Indian rupee appreciated to close above the 96 per dollar mark for the first time in a week on Friday, as the Reserve Bank of India intervened aggressively to contain depreciation, after the currency nearly touched the 97 level on Wednesday.

The rupee closed at 95.69 per dollar on Friday, versus its previous close of 96.20. It traded between 95.67 and 96.31, giving importers an opportunity to hedge their exposure, traders said.

“We saw public sector banks offering dollars throughout the day today and yesterday (Friday and Thursday). Such massive intervention is seen after a long time, and it seems the RBI wants to cut back rupee-negative positions that were in the market,” a trader from a PSU bank said.
Dealers expect the rupee to trade between 95 and 96 on Monday.
Meanwhile, Asian currencies were mostly weaker, with losses led by a 0.6% fall in the Korean won, Reuters data showed.

India’s near-term economic outlook is clouded by supply-side pressures and weather-related uncertainties, while the potential second-round effects of geopolitical uncertainties in West Asia on domestic prices need careful monitoring, the Reserve Bank of India said in its monthly state of economy report.

“India has entered this phase from a position of macroeconomic strength. Domestic demand continues to be the key driver of growth. However, the near-term outlook is somewhat clouded by supply-side pressures,” the report prepared by the central bank researchers observed.

They expressed caution on the likelihood of the pass-through to domestic prices. “Although headline inflation remains firmly within the tolerance band, the pass-through to domestic prices needs to be monitored,” they said.

The April inflation measured by the Consumer Price Index (CPI) rose to 3.5% from 3.4% in March, largely driven by food inflation, while core inflation remained steady.

The Wholesale Price Index (WPI) inflation, however, rose to 8.3% in April from 3.9% in March, recording a 42-month high, indicating “incipient price pressures in India”, the report observed.

RBI maintains that the views expressed in the report are of the researchers, who were guided by Deputy Governor Poonam Gupta.
“The financial conditions, crude oil prices and capital flows continue to pose challenges to the external sector outlook. Nevertheless, robust services exports, positive net FDI flows, foreign exchange reserve buffers and a number of proactive policy measures undertaken by the government and the RBI are likely to cushion the Indian economy against external headwinds,” they said.Economic activity showed a mixed trend in April. Industrial and services activity stayed strong in many segments, with most listed private non-financial companies showing quarter-on-quarter improvement in business performance in the fourth quarter. On the other hand, the merchandise trade deficit widened month-on-month in April on a rising import bill, primarily due to crude oil and gold.

In the agriculture sector, rapid progress of summer sowing was supported by above-normal pre-monsoon rainfall. However, a higher probability of above-normal minimum temperatures and unseasonal rains in some parts of the country pose risks to the harvesting of remaining rabi crops, the authors warned.

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Operator

Good day, ladies and gentlemen, and welcome to the Sanlam 2026 3-month Operational Update. [Operator Instructions] Please note that this event is being recorded. I will now hand the conference over to Paul Hanratty. Please go ahead, sir.

Paul Hanratty
Group CEO & Executive Director

Irene, thank you very much, and good afternoon, ladies and gentlemen, and thank you very much for joining us on this call today. I am joined on the call today by our Group Finance Director, Abigail Mukhuba; our Group Chief Risk Officer and Chief Actuary, Mlondolozi Mahlangeni; and our Head of Investor Relations, Tokelo Mulaudzi.

Earlier today, we released our operational update for the first 3 months of 2026. I’ll provide a very brief overview of our strategic progress and operational performance before we’ll open the line for questions.

The group is investing in organic growth. And while this puts some short-term pressure on earnings, it underpins future growth. Against this backdrop, I’m going to cover 5 points briefly in order, I hope, to assist you in making some sense of the quarter’s performance.

First off, the group continued to make excellent progress in the execution of strategic priorities in the quarter. We closed the Ninety One transaction in early