Lindt & Spruengli’s LISP -1.56%decrease; red down pointing triangle shares slumped after the company lowered its guidance for 2026, citing a bleak consumer mood exacerbated by conflict in the Middle East.

The Swiss chocolatier’s cut to growth expectations for the year comes after it booked lackluster sales over the key Christmas period. A continued gloomy mood among consumers and suppressed appetite for the company’s wares is a central concern for Lindt as uncertainty rises, Chief Executive Officer Adalbert Lechner said.

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FTSE 100 insurance giant’s operating profit rises 6% but falls short of analyst forecasts

Legal & General’s share price fell in early morning trading after the asset management and insurance giant’s restructuring was overshadowed by weaker-than-anticipated profits.

Shares dropped 5.5 per cent to 244p on Wednesday, as core operating profit of £1.62bn missed analysts’ £1.65bn forecast, proving a “source of disappointment for investors”, despite climbing six per cent.

The FTSE 100 firm unveiled a £1.2bn share buyback scheme, which combined with dividend per share growth of two per cent, will deliver planned shareholder returns totalling £2.4bn.

Pre-tax profit rose to £807m, whilst earnings per share increased nine per cent to 20.9p. The board put forward a dividend of 21.7 pence, as reported by City AM.

L&G’s institutional retirement division secured £11.8bn of global pension risk transfer business, including £10.4bn in the UK, enabling the group to strengthen its market-leading position, whilst the “pipeline remains healthy”.

The group’s asset management operation witnessed “modest growth” in assets under management (AUM), recording £1.2 trillion in global AUM, with private markets contributing £75bn—a 32 per cent rise—driven by expansion across private credit, infrastructure and real estate.

It added that it remained confident in achieving its asset management profit target of £500m to £600m by 2028, amid a transition towards higher margin products. Workplace defined contribution pension schemes saw assets under administration (AUA) surge 21 per cent to £114bn, whilst net flows increased three per cent from £6.0bn to £6.2bn.

Platform membership reached 5.8m, with an additional £3.7bn of assets scheduled to be onboarded during the current financial year.

Richard Hunter, head of markets at Interactive Investor, said: “There is little doubt as to the longer-term potential for the savings and investment market, especially given ageing demographics and likely welfare reform, while the growing demand for retirement income is another tantalising string in the group’s bow.

“It now remains to be seen whether these numbers entice unconvinced investors back into the fold, where the market consensus of the shares as a hold has been in place for some time, although the initial price reaction suggests that there remains more work to do.”

Antonio Simoes, chief executive of L&G, highlighted the group had “addressed legacy complexities” and was “driving forward” its growth strategy across core operations, with analysts observing the group’s long-term plan is materialising.

Simoes said: “As a sharper, more focused business, we are well-positioned to capitalise on the structural, growing demand for long-term investments and retirement income.”

The company’s growing pension risk transfer division is also anticipated to drive expansion, with the UK market operating at £40bn to £50bn annually, meaning Legal and General’s £10.4bn accounts for roughly 20 per cent of market share.

Hugh Fairclough, partner and head of financial services at RSM UK, said: “What differentiates L&G is its integrated model.

“In a more competitive bulk annuity market, pricing alone no longer wins the biggest deals. The decisive factor is increasingly asset origination… That’s why we’re seeing an asset‐sourcing arms race across the pension risk transfer market, and why insurers with strong origination platforms are pulling ahead.

“With a 2026 pipeline that includes £17 billion of transactions actively being priced, and multiple £1bn‐plus deals already in view, L&G is well‐positioned to lead the next phase of market growth.”

Operator

Good day, everyone, and welcome to the Cintas Investor Call. Today’s call is being recorded. At this time, I would like to turn the call over to Mr. Jared Mattingley, Vice President, Treasurer and Investor Relations. Please go ahead, sir.

Jared Mattingley
VP, Treasurer, Investor Relations & Corporate Controller

Thank you, Ross, and good morning, everyone. This call and the Q&A session that follows will contain forward-looking statements. Actual results could differ materially from projected or estimated results. In particular, forward-looking financial information for the post-closing combined company is inherently uncertain due to a number of factors outside of Cintas and UniFirst’s control.

Information regarding factors that could cause differences in actual results is available in today’s press release and presentation and in Cintas’ and UniFirst’s SEC filings. The information presented and discussed on this call is representative of today only. Cintas and UniFirst assume no obligation to update any forward-looking statements. This call is copyrighted and may not be used without written permission from Cintas and UniFirst.

Here with me today are Todd Schneider, Cintas’ President and Chief Executive Officer; and Scott Garula, the company’s Chief Financial Officer. Jim Rozakis, Cintas’ Chief Operating Officer, will also be available during the Q&A portion of the call. This morning, we announced that Cintas has entered into

A projectile hit a Thai-flagged cargo ship off the coast of Oman in the Strait of Hormuz, setting it on fire.

The Iranian regime reportedly claimed responsibility for striking the ship, the Mayuree Naree. The Omani navy was assisting in rescuing crew members amid the blaze, according to Thailand’s Marine Department. Iran has been targeting commercial shipping vessels through the strategic passageway amid tensions surrounding the global energy sector. 

U.S. Central Command later issued a warning to civilians “that the Iranian regime is using civilian ports along the Strait of Hormuz to conduct military operations that threaten international shipping.” CENTCOM stressed, “This dangerous action risks the lives of innocent people. Civilian ports used for military purposes lose protected status and become legitimate military targets under international law.”

HOW THE IRAN WAR COULD HIT AMERICANS’ GROCERY BILLS

The United Kingdom Maritime Trade Operations (UKMTO) Centre had issued reports earlier Wednesday of ships being struck in the region, including one about a cargo ship reportedly being hit in the Strait of Hormuz.

“UKMTO has received a report of an incident 11NM north of Oman in the Straits of Hormuz. It has been reported that a cargo vessel has been hit by an unknown projectile in the Straits of Hormuz which has resulted in a fire onboard,” the warning stated, with an update noting that the fire was “extinguished.”

PANAMA CANAL CHIEF TOUTS LOGISTICAL CAPABILITIES AS IRAN CRISIS CHOKES OFF STRAIT OF HORMUZ SHIPPING ROUTE

One of the other warnings stated, “UKMTO has received a report of an incident 25NM northwest of Ra’s al Khaymah, UAE. The Master of a container vessel has reported that the vessel has sustained damage from a suspected but unknown projectile.” It also noted, “The Master additionally reports that all crew members are safe and accounted for.”

“UKMTO has received a report of an incident 50NM northwest of Dubai, United Arab Emirates. The Master of a Bulk Carrier has reported their vessel being hit by an unknown projectile,” another warning stated. “The crew are reported safe and well.”

In a Monday Truth Social, President Donald Trump warned of consequences if Iran acts to stop the transport of oil in the Strait of Hormuz.

OIL SPIKE FADES AS MARKETS REASSESS IRAN WAR SUPPLY RISKS

“If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far. Additionally, we will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again — Death, Fire, and Fury will reign upon them — But I hope, and pray, that it does not happen!” Trump warned in the post.

Iran’s Revolutionary Guard has said that it “will not allow the export of even a single liter of oil from the region to the hostile side and its partners until further notice,” according to the Associated Press.

Gas prices have been surging in the U.S. as Trump prosecutes the controversial war effort against the Islamic Republic along with the nation of Israel, a close U.S. ally.

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The AAA national average price for a gallon of regular gas is currently $3.578.

Fox News’ Rebekah Castor and The Associated Press contributed to this report.

Mumbai: The probability of a further cut in India’s policy interest rates in the current easing cycle has significantly reduced, economists told ET, citing the risks of supply disruptions and oil-fed imported inflation due to the West Asia crisis, and the end to a favourable base effect that had made recent food price increases seem rather modest.

They said the Reserve Bank of India’s move to hit the ‘pause’ button on rates could quickly change if inflation rears its head yet again. Sustained foreign outflows from Indian growth assets and the consequent pummelling of the rupee – on course to be Asia’s worst currency this year, – could force the RBI to act sooner on rates than previously thought.

“The chances of a long pause for which the market was preparing before this crisis have certainly diminished. Of course, the RBI would not take the call immediately,” said Indranil Pan, chief economist, Yes Bank. “It is fair to assume that there will be no action in April – or even June – but the chances of a cut are almost non-existent now.”

Global benchmark Brent crude rose to a four year-high of $120 per barrel Monday over concerns of a supply disruption, but has since eased to $90 per barrel after the International Energy Agency announced a historic release of emergency reserves. Prices are still higher than around the $73 per barrel before the US-Israel coalition attacked Iran on February 27.

The Monetary Policy Committee (MPC) would announce its decision on benchmark rates next on April 9. Of course, the latest inflation prints – and broader trends in economic activity – would have a bearing on the rate action, economists said.

The last inflation reading was at 2.75% in January. The February reading will be made public Thursday (March 12). Consumer inflation has trended below the central bank’s price stability mandate of 4% since January 2025, having touched a low of 0.25% in October 2025, mainly helped by a favourable base effect for food prices.
But economists are concerned the base-effect impact due previous spikes in inflation would wane soon. When that’s yoked together with the expected supply side disruptions, prices should harden.Moreover, with the central bank already delivering four rate cuts totalling 125 basis points since January 2025 to 5.25%, the room for further reduction is small.

Little Room to Manoeuvre
“Besides the inflationary pressures due to the Iran war the banking system itself is not equipped to handle another cut since deposit rates cannot go any lower,” said Madan Sabnavis, chief economist, Bank of Baroda. “Food inflation, which was helped by a base effect, will also not get that benefit starting April. This together with issues linked to LPG supply, airline fares and a possible El Nino condition will lead to higher inflation.”

The World Meteorological Organisation (WMO) has predicted El Nino weather conditions in the second half of 2026, leading to higher temperatures and likely patchy monsoons in India, further affecting food prices.

Sabnavis said he expects inflation will start inching up and go beyond 4% in the first half of next fiscal eliminating any chances of a further rate cut.

Rising oil prices and the risk of widening deficit has also accelerated foreign portfolio outflows from India. So far this calendar foreign funds have pulled out ‘35,808 crore from Indian markets, reflecting in the weakness of the rupee which plunged to an all time low of ‘92.35 per dollar on Monday. A weak rupee means RBI cannot afford to reduce rates further.

“The situation remains fluid. However, the balance of risks has shifted away from an extended pause/ last rate cut to a pause plus hike. It’s premature to pencil in a hike just as of now. But if oil prices remain in USD90-100 a barrel for a year and global rate hikes begin, the MPC might have to consider a hike sooner rather than later for external sector management,” said Anubhuti Sahay, head, India economic research, Standard Chartered.

New Delhi: Escalating geopolitical tensions and disruption around the Strait of Hormuz have increased the cost of major agricultural inputs and if the situation continued, it could also affect their availability, said Toshan Tamhane, chief operating officer at agrochemical manufacturer UPL Group.

“We are seeing the implications and more than the one aspect of pricing, the second aspect is just the availability,” Tamhane said, adding that shipping rates, marine insurance and energy prices have already climbed.

The conflict has already triggered sharp spikes in fertiliser prices globally, with some products rising 50-80%, raising concerns about input costs for farmers and supply chains tied to global agriculture.

The Strait of Hormuz is a critical corridor for energy and fertiliser feedstocks. Qatar alone accounts for a large share of global LNG supply used in fertiliser production and most of the Gulf country’s exports transit through this chokepoint.

However, the immediate impact on agrochemical availability is limited because companies typically build inventories months ahead of the planting season, Tamhane said.

“For the upcoming kharif season, most of the required products have already been manufactured and are in inventory or with distributors,” he said.