Editor’s note: This article is intended to provide a general overview of the ETF for educational purposes only and, unlike other articles on Seeking Alpha, does not offer an investment opinion about the ETF.
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IFRA: A Primer On This Mid-Cap Heavy US Infrastructure ETF (BATS:IFRA)
halbergman/E+ via Getty Images
Introduction to the iShares US Infrastructure ETF
The iShares US Infrastructure ETF (IFRA), which is backed by Blackrock (under its brand of ETFs-iShares), is a $4.25B product (in terms of assets under management) that has been in existence since April 2018. IFRA, which is priced at an expense ratio of 0.3%, pays dividends on a quarterly basis, with the annualized figure amounting to 1.57%.
How Is IFRA Built?
IFRA’s intention is to focus on stocks that stand to benefit from a boost in domestic (the US) infrastructure activities, and it goes about fulfilling its goal by tracking an index that is maintained by a third party called ICE Data Indices [IDI]. The index in question is the NYSE FactSet U.S. Infrastructure Index [NFUII], and it is constructed using a methodology developed by Fact Set (a global financial data comp).
NFUII which is reconstituted every March requires any potential constituent (which needs to be listed on the NYSE, NYSE American or the Nasdaq) to have a minimum market-cap of $300M (as well as an average 3-month daily traded value of $1M). Then, from this pack, all stocks that generate 50% or more of their revenue from infrastructure-related industries are considered. Basically, the goal is to procure either infrastructure enablers or infrastructure asset owners and operators, who generate 50% or more of their annual revenue from the US. Once the stocks are gathered (over 160 in total), they are then assigned equal weights, which get rebalanced four times per year.
What Are The Key Characteristics Of IFRA’s Portfolio?
We know that IFRA focuses on infrastructure enablers and infrastructure asset owners/operators, but from which sectors (as per the traditional definitions of the Global Industry Classification Standards, or GICS) are they procured? Well, two sectors in particular (industrials and utilities) dominate with an aggregate weight of over 75% of the entire portfolio. The rest of the portfolio comes from the materials sector, the energy sector, and the discretionary sector, with the latter contributing an insignificant stake of less than 0.5%.
iShares
Unlike a lot of products that track market-cap weighted indices (which ends up making them giant and large-cap heavy), IFRA’s target index follows an equally weighted policy. As a result, note that it isn’t giant or large-caps but the mid-cap bracket which dominates this portfolio with a 56% stake. Micro-cap exposure of around 2% is understandably low, as ICE Data Indices does not consider stocks with a free-float market-cap of less than $300M (at the time of construction).
Morningstar
Stylistically as well, it’s the mid-cap blended names which dominate this portfolio with an aggregate stake of one-third. For the uninitiated, blended stocks combine the best of both the value and growth style stocks (typically those with stable business models and high dividend payouts, in addition to strong growth prospects in terms of sales/earnings).
Morningstar
Who Is IFRA For?
IFRA represents a cost-effective vehicle (an expense ratio of 0.3% which is the lowest amongst pure play infrastructure ETFs, and 20bps lower than the ETF median of 0.5%) for those who want well-balanced and comprehensive coverage to stocks across the US infrastructure value chain. This portfolio not only includes traditional infrastructure stocks such as utilities and transportation plays (which tend to benefit from stable cash flows and high barriers to entry), but also those (like construction & engineering service firms, machinery and material providers) that are more cyclically themed, and are also favorably exposed to a growing impetus in US infrastructure spending appetite, are seeing a surge in backlogs. This balance between the two pockets, makes IFRA well positioned to thrive in both an upswing and a downswing of the broader economy.
IFRA would also be suitable for those who dislike the overcrowded large and giant-cap space (most ETFs follow market-cap weighted indices which end up focusing largely on these market-cap categories), and are more comfortable tilting towards the mid-cap space (which typically offers better growth prospects than giant and large-caps, and are also less volatile than small-caps).
What Are The Risks Associated With IFRA?
The stocks of IFRA are likely to be very sensitive to the shifting hues of Federal fiscal policy, particularly in light of the burdensome debt burden that the US government faces (government debt to GDP has been above 120% for multiple years, since the onset of the pandemic); if the ruling governments choose to turn more parsimonious and more fiscally responsible, or divert resources away from infrastructure projects to other areas of the economy, the stocks of IFRA could be adversely impacted. Needless to say, this is a cohort of stocks whose prospects are closely linked to the political climate of the country.
Seeking Alpha
IFRA is a passively managed product, whose value is primarily derived from how effectively it tracks the NFUII. Rather than resorting to full replication, IFRA seeks to mirror the performance of NFUII through a more cost-efficient process known as ‘representative sampling’, where the former only owns a sample of stocks that in total have the same qualities as the latter. While IFRA may score on the efficiency front, it loses out on tracking capabilities (tracking errors are wider than those experienced by the median ETF), which appear to have gotten worse over the last three years and the last year alone.
Investors who own S&P 500-heavy portfolios, are unlikely to find IFRA as a apt diversifier, as it’s sensitivity to the movements of the US benchmark, are almost close to 1x. Put simply, for every 1% move in the S&P 500 (be it to the upside or downside), one can typically expect IFRA to move by around 0.9%.
iShares
The margins of businesses involved in the infrastructure space, also tend to be keenly impacted by commodity price volatility, tariff effects, and labor shortages.
Peers of IFRA
Two close peers of IFRA are the Global X U.S. Infrastructure Development ETF (PAVE), and the iShares Global Infrastructure ETF (IGF).
IGF, differs from the other two in that it is the only one which provides exposure to infrastructure stories beyond just America (US exposure which is still the largest is at 36%). This ETF, which is the oldest out of the lot, also offers the most concentrated infrastructure exposure (it only covers 78 stocks), with a heavy tilt towards transportation stocks (the other two are more spread out and tilt more towards the industrial sector. It also stands out for its high-yield (relative to the other two), and a predilection towards large-caps (as opposed to mid-caps).
PAVE, which is backed by Global X (unlike the other two), is a very industrial heavy portfolio (72% of the holdings). It is also the least cost efficient (an expense ratio of 0.47%), and also the least lucrative from a yield angle (not even half the yield of IFRA, which in turn lags IGF). Note that both alternatives to IFRA distribute less frequently than our ETF in focus. Out of the three IFRA appears to be the least portfolio prone to change (annual churn of only 10%)
Seeking Alpha, Morningstar
Summary
IFRA represents a cost-efficient ETF for those who want access to a pool of stocks from across the US infrastructure value chain that could thrive in expansionary as well as defensive macro conditions. IFRA, which tilts more towards mid-caps, still moves in close tandem with the S&P 500 and may not represent a great portfolio diversifier.
This article answers three main questions about IFRA:
- What are the key features of IFRA’s portfolio?
- What type of investor is IFRA suitable for, and what are the risks associated with it?
- Are there other passive ETF alternatives that offer exposure to infrastructure stocks?
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Thomas Fuller | SOPA Images | Lightrocket | Getty Images
UniQure plans to seek FDA approval of its experimental gene therapy for Huntington’s disease, the company said Wednesday, months after previous agency leaders criticized the evidence backing the application.
UniQure said the FDA in a recent meeting communicated that a three-year analysis from a Phase 1/2 study would support an accelerated approval of UniQure’s gene therapy for Huntington’s, a rare hereditary disease that gradually destroys nerve cells in the brain. As a result of the meeting, UniQure plans to submit its application to the FDA in the third quarter of this year.
An FDA official confirmed that the agency and the company have agreed on a path for submission for a marketing application and accelerated approval of the therapy based on the existing clinical data. The FDA “remains committed to working with UniQure to identify a regulatory pathway that serves patients with Huntington’s disease and their families, while upholding the agency’s commitment to gold-standard science,” the official said in a statement.
Shares of UniQure soared 70% on Wednesday.
The new FDA guidance represents a stunning reversal from March, when the regulator told Uniqure that its clinical trial data wouldn’t support an application and publicly criticized the company. UniQure became a prime example in a series of reversals where companies said the FDA had changed its previous guidance, hitting rare disease drugmakers especially hard. Many of those decisions happened under former FDA Commissioner Marty Makary, who left the agency in May.
In a February interview with CNBC’s Becky Quick, then-Commissioner Makary described UniQure’s treatment without naming it, saying the agency was pressured to approve it even though it showed “no benefit.” Then UniQure said the FDA couldn’t agree that data from a clinical trial comparing UniQure’s gene therapy to an external control are sufficient to support an application.
A senior FDA official at the time confirmed to reporters that the FDA wanted UniQure to run a placebo-controlled trial to prove its therapy “actually helps people.” The gene therapy is administered directly into the brain through an hours-long surgery, and UniQure has said it would be unethical to make people undergo a sham procedure.
Huntington’s disease, also known as Huntington’s chorea, is a neurodegenerative disease due to a mutation in the huntingtin gene, HTT.
Kateryna Kon/science Photo Library | Science Photo Library | Getty Images
Instead, the company compared the progression of people who received the treatment to the typical progression of Huntington’s disease using an outside database. Using that approach, UniQure’s gene therapy slowed disease progression by 75% in a Phase 1/2 trial.
With the FDA’s blessing, UniQure now plans to use the same data that came under scrutiny to support its application. An accelerated approval would allow UniQure’s treatment to come to market on the condition that the company prove the benefit in another study.
UniQure on Wednesday said the FDA wants to align on that study’s design, including comparing the treatment to the current standard of care rather than a sham procedure. UniQure said it’s committed to conducting that study and expects to finalize those plans before submitting its application.
UniQure isn’t the only company to see its fortunes reverse following the departure of Makary and other senior leaders, including former Center for Biologics Evaluation and Research director Vinay Prasad and former Center for Drug Evaluation and Research director Tracy Beth Høeg. Replimune recently announced it would seek approval of its experimental melanoma drug for a third time.
It was lower than economists expected
A view of the Bank of England(Image: PA Archive/PA Images)
Inflation has remained below three per cent, though economists are forecasting further price rises later in the year.
The Office for National Statistics revealed that inflation in the 12 months to May came in lower than analysts had anticipated, with the consumer prices index (CPI) recording a figure of 2.8 per cent.
Core inflation, which excludes volatile energy and food prices, stood at 2.6 per cent, while services inflation — closely watched by Bank of England rate-setters for signs of wage pressures — rose sharply from 3.2 per cent to 3.7 per cent.
“The main upward movement came from transport with airfares, vehicle taxes and petrol prices all pushing up inflation,” Grant Fitzner, chief economist at the ONS, said.
“These were offset by lower food prices, with decreases in inflation seen across a range of meat, dairy and vegetable items compared to last month as well as the cost of domestic heating oil, which fell back after climbing in recent months.”
Analysts have suggested inflation could approach four per cent later this year and into early 2027, with the Bank warning that prices could surge as high as six per cent in the most severe scenario, as reported by City AM.
Much of what happens next hinges on whether the Strait of Hormuz fully reopens following the peace agreement between the US and Iran, as well as how businesses respond to the shifting economic landscape.
Paul Dales, chief UK economist at Capital Economics, forecast that inflation would climb over the coming nine months, though a recent dip in oil prices suggests it may fall short of four per cent.
He noted that recent data indicated higher energy costs “don’t yet seem to be feeding into other items”, as evidenced by easing food price inflation.
Andrew Griffith, the shadow business secretary, cautioned that rising business costs of as much as nine per cent “means either higher prices are coming to the high street, more firms closing with the loss of jobs, or both”.
Should tensions flare up once more across the Middle East, analysts caution that upward pressure on prices could intensify.
The Bank’s Monetary Policy Committee faces a considerable challenge given a weakening labour market and stubbornly elevated inflation expectations.
Luke Bartholomew, deputy chief economist at Aberdeen, said: “With inflation coming in softer than expected again, the pressure on the Bank of England to hike rates this year will continue to fade, although there may still be a couple of policymakers who vote for a rate increase tomorrow.
“Despite energy prices having fallen recently, there is more inflationary pressure to come for the UK.”
The Bank is expected to lean on its scenario modelling, with two outcomes from the Iran conflict suggesting that interest rates would not need to rise. In the worst-case scenario, however, interest rates could surge back to their previous peak of 5.25 per cent.
This would largely be driven by “second round effects”, where high wage pressures spill into higher prices for consumers, and vice-versa.
Economists on City AM’s Shadow MPC called on the Bank to hold interest rates steady, warning that overly aggressive tightening could risk strangling economic growth, while evidence of mounting wage growth pressures remained inconclusive.
Two out of nine economists on the Shadow MPC argued that interest rates should be raised, citing the price risks facing the UK economy in the months ahead.
Economists also cautioned that the Bank faces a significant challenge in maintaining public credibility over its capacity to keep prices stable should inflation climb higher than anticipated.
Rachel Reeves said: “While the war in the Middle East pushes prices up globally, we have got the right economic plan and inflation has held steady.”
Business
Silver Prices Climb 0.86% to $70.51 as Industrial Demand and Geopolitical Easing Support White Metal
Silver prices advanced Wednesday, with spot silver reaching $70.51 per ounce, up $0.61 or 0.86 percent, as investors balanced industrial buying interest with easing geopolitical tensions and shifting expectations for U.S. monetary policy.
The gain extends recent volatility in the white metal, which has traded in a wide range in 2026 after surging dramatically in 2025. Wednesday’s move reflects renewed optimism around global growth drivers, particularly in solar energy, electric vehicles and electronics, even as broader precious metals sentiment remains influenced by central bank actions and ceasefire developments.
Silver’s dual role as both a monetary asset and critical industrial commodity sets it apart from gold. Strong fabrication demand from green technologies has helped underpin prices despite periodic corrections, while investment flows add another layer of support amid macroeconomic uncertainties.
Recent Market Dynamics
Silver futures and spot prices have shown resilience following a U.S.-Iran ceasefire agreement that helped calm oil markets and reduce some inflation fears. The metal climbed as high as $71.31 in recent sessions before consolidating, with Wednesday’s trading reflecting continued buyer interest around current levels.
Analysts note that silver often amplifies gold’s moves but benefits additionally from its industrial applications. With solar panel installations and EV production expanding globally, demand forecasts remain robust. Supply constraints, including modest mine production growth, have contributed to structural deficits in recent years.
Year-to-date performance includes significant swings. After reaching peaks above $120 per ounce earlier in 2026, silver corrected sharply before stabilizing in the $65-$75 range. Current levels near $70.51 represent a recovery phase, with technical indicators such as moving averages and the gold-silver ratio watched closely by traders.
Industrial Demand Drivers
Silver’s unique properties make it essential in multiple high-growth sectors. Photovoltaic cells for solar power use substantial amounts per panel, and rising renewable energy targets worldwide are boosting requirements. Electric vehicle components, 5G infrastructure and electronics further support consumption.
Industry reports project continued deficits, with fabrication demand outpacing supply. The Silver Institute and other analysts highlight how these imbalances could sustain higher prices even as investment sentiment fluctuates. Green energy transitions in Asia, Europe and North America are key contributors to this outlook.
Jewelry and silverware demand in major markets like India also play a role, though investment bars and coins often dominate headlines. ETF holdings and futures positioning provide additional signals of speculative interest.
Monetary Policy and Macro Influences
Expectations around Federal Reserve decisions under Chair Kevin Warsh remain a focal point. Recent economic data, including employment figures, have tempered aggressive rate cut bets, supporting the dollar at times while highlighting persistent inflation risks that favor precious metals.
Geopolitical developments, including the Iran ceasefire and reopening of key shipping routes, have eased some energy-related pressures. This dynamic indirectly benefits silver by improving growth prospects without immediate inflationary spikes.
Central bank policies globally continue to influence flows. While silver is less dominant in official reserves than gold, broader risk sentiment affects investor allocations to precious metals as a hedge.
Supply Side Considerations
Global silver mine production faces headwinds, with output from major regions showing limited growth or slight declines. Byproduct recovery from base metals operations adds variability, while recycling provides another source. Overall, analysts expect tight market balances persisting into 2026 and beyond.
Exploration and development projects are active, but regulatory, environmental and capital challenges can delay new supply responses. This lag supports bullish longer-term views amid rising demand.
Investment Landscape and Outlook
Silver offers leveraged exposure to both precious metals trends and industrial cycles. Retail investors access the metal through physical bullion, coins, ETFs or mining equities. Recent price action has attracted tactical traders alongside long-term holders seeking diversification.
Major bank forecasts vary but generally point to upside potential. J.P. Morgan sees average prices around $81 per ounce for 2026, while other projections range higher under bullish scenarios involving sustained deficits and rate easing. Conservative estimates remain above recent historical averages.
The gold-silver ratio, which has fluctuated, provides another metric. Narrowing from elevated levels could signal silver catching up, though industrial sensitivity adds complexity. Technical analysts monitor support near $68-$70 and resistance toward $75-$80.
Risks and Broader Context
Volatility remains inherent. Stronger U.S. growth or dollar strength could pressure prices, while softening industrial activity in key economies might weigh on demand. Geopolitical reversals or policy surprises also pose risks.
Despite near-term uncertainties, many view the structural story as constructive. Silver’s role in the energy transition and potential monetary hedging properties provide multiple tailwinds. Portfolio allocations often include modest precious metals exposure for balance.
Mining companies have benefited from higher realizations, though cost management and project execution remain critical. Equity performance in the sector often amplifies metal price moves.
Technical and Trading Considerations
Wednesday’s trading showed active participation, with futures contracts reflecting ongoing interest. Support levels from recent consolidations are tested periodically, while breakout potential exists on positive catalysts. Options activity and open interest offer insights into positioning.
For physical buyers, premiums on coins and bars vary by form and quantity. Storage and liquidity factors influence decisions between spot exposure and tangible holdings.
As markets digest current levels around $70.51, attention turns to upcoming economic releases, Fed communications and industrial data. Silver’s performance will likely reflect the interplay between its monetary hedge qualities and essential role in modern technologies.
The white metal continues to draw interest from diverse participants. Whether as an inflation protector, industrial staple or portfolio diversifier, silver occupies a distinctive position in global commodities. Wednesday’s modest advance underscores resilience amid evolving macro and sector-specific drivers.
Looking forward, balanced supply-demand fundamentals and policy uncertainty suggest ongoing relevance for silver in investor strategies. Market participants will monitor developments closely as the year progresses.
Former Red Bull executive Alexandre Ruberti takes Zevia’s top role.
Business
Spider-Man Brand New Day Trailer Expected Soon as Tom Holland Eyes Owen Cooper as Future Successor
Excitement is building for “Spider-Man: Brand New Day,” Tom Holland’s fourth solo outing as the web-slinging hero in the Marvel Cinematic Universe, with reports pointing to the release of a new trailer on Wednesday and tickets now on sale for the film’s July 31 theatrical debut.
The movie picks up after the events of 2021’s “Spider-Man: No Way Home,” in which a spell by Doctor Strange caused the world to forget Peter Parker’s identity as Spider-Man. This reset allows Peter to operate anonymously in New York City but comes at a personal cost, including the loss of his relationship with MJ, played by Zendaya. A new threat emerges, forcing Peter to balance his dual life once more.
Directed by Destin Daniel Cretton, the film aims to refresh the MCU’s superhero offerings amid recent challenges for the franchise. Fans hope it will deliver emotional depth and high-stakes action ahead of larger ensemble projects like “Avengers: Doomsday.”
Trailer Anticipation and Marketing Push
Speculation has intensified around the timing of the second official trailer. Multiple outlets reported expectations for a drop on June 17, building on the first trailer’s March release that generated massive viewership. The marketing campaign includes global promotions and fan engagement initiatives, such as scavenger hunt-style releases of short clips.
Tickets are available through major platforms including Fandango and AMC, with staggered availability depending on theater chains. Early listings indicate strong interest, particularly for opening weekend shows.
The story explores Peter’s attempt at a normal college life disrupted by mounting dangers. Supporting cast members include Jacob Batalon as Ned Leeds, with additional appearances by established MCU figures and new characters teased in promotional materials.
Holland Discusses Passing the Torch
In a recent Esquire interview, Holland addressed his long-term future with the character. He expressed interest in mentoring a successor, similar to how Robert Downey Jr. guided him when he joined the MCU. Holland specifically praised young actor Owen Cooper as a strong candidate.
“Owen Cooper would be awesome,” Holland said. “Obviously, he’s super-talented and the talk of the town right now.” Cooper, known for his breakout performance in the series “Adolescence,” has cited Holland’s work in “The Impossible” as inspiration for pursuing acting.
This discussion comes as Holland prepares for “Brand New Day,” which many view as a pivotal chapter. The actor has previously indicated openness to continuing in the role while supporting a potential handover to a new generation or alternate Spider-characters like Miles Morales.
Plot Teases and Fan Expectations
Details from the first trailer and promotional images suggest Peter embracing full-time heroics while grappling with isolation. New adversaries and character dynamics are expected to drive the narrative, incorporating elements familiar to comic book fans while charting fresh territory in the MCU.
The film arrives at a moment when the MCU seeks renewed momentum. “Brand New Day” is positioned as a character-focused story with broader implications for the interconnected universe. Reports mention appearances by characters such as Boomerang, Tarantula and ties to organizations like the Hand.
Zendaya’s MJ remains central, exploring the emotional fallout of the identity reset. Additional cast includes returning favorites and fresh faces, heightening anticipation for how relationships evolve.
Production and Cultural Impact
Filming wrapped with significant buzz, including a Hall H presentation planned for San Diego Comic-Con in July. The production emphasizes practical effects and character development under Cretton’s direction, known for “Shang-Chi and the Legend of the Ten Rings.”
“Brand New Day” draws partial inspiration from comic arcs exploring Peter’s life after major status quo shifts. Marketing highlights themes of resilience, anonymity and the burdens of heroism.
Social media reactions have been fervent, with fans dissecting every teaser image and speculating on plot points. The first trailer’s record-breaking viewership underscores Spider-Man’s enduring popularity.
Broader MCU Context
The movie serves as a bridge toward larger 2026-2027 releases. Its success could influence the tone and reception of upcoming Avengers films. Holland’s portrayal has defined the character for a generation, blending youthful energy with growing maturity.
As tickets go on sale and the new trailer approaches, audiences are eager for fresh glimpses. Whether the film revitalizes interest in solo MCU stories remains to be seen, but early indicators point to strong fan engagement.
Retail and merchandise tie-ins are ramping up, reflecting the character’s commercial power. From action figures to apparel, brands are capitalizing on the hype.
Looking Ahead
“Spider-Man: Brand New Day” promises spectacle, heart and high-flying action when it hits theaters July 31. With Holland leading the charge and potential future transitions on the horizon, the film marks both a continuation and a possible turning point for one of Marvel’s flagship heroes.
Fans worldwide are counting down the days, refreshing social channels for trailer news and preparing to swing back into Peter’s world. The anticipation reflects Spider-Man’s unique place in pop culture as a relatable, resilient icon for new and longtime audiences alike.
As updates continue to emerge, the focus remains on delivering a story worthy of the character’s legacy while setting up exciting possibilities ahead.
A JetBlue Airlines plane lands near the Air Traffic Control tower at the Fort Lauderdale-Hollywood International Airport on Oct. 7, 2025 in Fort Lauderdale, Florida.
Joe Raedle | Getty Images
JetBlue Airways told CNBC on Wednesday that it will close its flight attendant base at Newark Liberty International Airport in New Jersey and tech operations bases there and at LaGuardia Airport in New York this fall as it seeks to reduce costs and beef up service in Florida, though it noted that no staff will lose their jobs.
It said staff could bid or transfer to other bases.
“JetBlue is making targeted schedule adjustments, ending seasonal service between Newark (EWR) and Los Angeles (LAX) and Las Vegas (LAS), to support growth in Fort Lauderdale-Hollywood International Airport,” the airline said in a statement.
It comes as JetBlue earlier Wednesday said it would expand daily, cross-country flights with its lie-flat business class, Mint, from Fort Lauderdale, Florida, to San Diego on Nov. 19 and will add more Mint-equipped flights this winter to San Francisco and Los Angeles.
JetBlue has spent years trimming unprofitable routes and cutting costs to return to steady profitability.
Its last profitable quarter was two years ago, and the Fort Lauderdale-Hollywood International Airport push is a big part of its strategy, JetBlue President Marty St. George told CNBC earlier this month. The airline is scouting space for a high-end airport lounge there, too, he said.
The airline is already the top carrier at Fort Lauderdale, though it was previously second to Spirit Airlines, the South Florida-based discounter that collapsed on May 2.
JetBlue executives have called out the high costs of operating at airports like LaGuardia.
“We are much, much smaller at LaGuardia than we were four years ago because it’s a $40 [enplanement fee] airport for us. And the fountain is really pretty, but … I think people would rather have low fares than a really nice fountain,” St. George said at a JPMorgan industry conference in March, referring to the 25-foot-tall water feature in the airport’s Terminal B.
The Port Authority of New York and New Jersey, which operates LaGuardia and Newark airports, did not immediately comment.
The supermarket group said total sales grew by 1.7% to £4bn over the 13 weeks to April 26
Morrisons
Morrisons has reported a slowdown in sales growth for its most recent quarter amid “highly competitive” market conditions.
The supermarket chain said total sales increased by 1.7% to £4bn over the 13 weeks to 26 April. This marked a slowdown from the 2.6% rise recorded in the preceding quarter.
Like-for-like sales growth also eased to 2.2%, down from 2.8% in the previous three-month period.
Chief executive Rami Baitieh said he remained “pleased” with the latest results and pointed to an “encouraging start” to the third quarter, expressing optimism that sales would receive a lift from the World Cup and Father’s Day.
The firm emphasised it had made “good progress” with its growth strategy during the quarter, maintaining a strong focus on value to attract customers.
Morrisons has, however, recently been overtaken by discount competitor Lidl to become the UK’s fifth largest grocery retailer. The chain now sits in sixth place, having seen its share of the grocery market decline in recent years.
Mr Baitieh has spearheaded a significant turnaround plan at Morrisons, aimed at improving sales and profitability. On Wednesday, the company announced that underlying earnings climbed 5.7% to £323m for the first half of its current financial year.
Morrisons confirmed it delivered a further £48m in cost savings during the latest quarter, bringing it closer to achieving its £1bn savings target as part of its long-term strategy. As part of its cost-cutting drive, the supermarket also revealed plans last month to close around 100 loss-making convenience stores, pointing to “Government policy” as a factor compounding its cost pressures.
In its latest trading update, the retailer confirmed it had still managed to open 30 new Morrisons Daily franchise stores during the quarter, with plans to launch hundreds more in the coming years.
Mr Baitieh said: “In a highly competitive market, we’re focusing hard on delivering the best value for customers to give them more reasons to shop at Morrisons.
“While more recent international news creates some grounds for optimism, we continue to monitor the impact of input inflation very closely and we remain committed to doing whatever we can to help keep prices down for customers.”
President Donald Trump said during his bilateral meeting with Egypt during the G7 Summit in France that the forthcoming deal between the U.S. and Iran has contributed to oil prices sliding near pre-war levels and rising stock prices.
Oil prices fluctuated on Wednesday as investors cautiously await a forthcoming deal to end the war between the United States and Iran.
The terms of the preliminary agreement have not been released by either country, but traders will be eyeing whether the negotiations will ultimately lead to the Strait of Hormuz being reopened to commercial traffic, as President Donald Trump has claimed. The agreement is expected to be signed on Friday.
The market showed restrained optimism, with the price of Brent Crude, the global benchmark for oil, ticking up over one percent. The price per barrel crossed above $80 for several hours before coming back down to $79.
West Texas Intermediate Crude, the U.S. benchmark, also increased by more than one percent to nearly $77 per barrel, but it has since sagged to around $76.60.
IRAN’S REGIME SPINS NUCLEAR AND STRAIT OF HORMUZ DEAL WITH TRUMP AS VICTORY OVER US, ISRAEL
A navy vessel is seen sailing in the Strait of Hormuz, a vital waterway through which much of the world’s oil and gas passes on March 1, 2026. (Sahar AL ATTAR / AFP via Getty Images / Getty Images)
Before the U.S. launched strikes on Iran on February 28, roughly 20 percent of crude oil passed through the all-important chokepoint that connects the Persian Gulf to the open ocean. In late April, Brent Crude reached a wartime high of around $120 per barrel.
Oil prices have decreased since the U.S. and Iran announced the framework of a deal, which will involve a 60-day ceasefire and the reopening of the Strait of Hormuz. Prices have not yet stabilized to pre-war levels, which saw oil selling at the $65 to $75 per barrel range.
While speaking to reporters at the G7 Summit in France on Wednesday, Trump celebrated the progress that has been made with Iran and cited rising stock prices as proof that negotiations are on the right track.
President Donald Trump waves before boarding Air Force One just hours after hosting a UFC fight on the White House South Lawn. (Anna Moneymaker / Getty Images)
JD VANCE REVEALS DETAILS OF US-IRAN DEAL, ADDRESSES WHETHER TAXPAYER MONEY WILL GO TO TEHRAN
“We have a very hot stock market, and we have a very starting to be a very low oil price,” he said during a bilateral meeting at the G7 with Egypt. “And I think oil prices might get lower than where they were before the war.”
Trump also said he expects the Strait of Hormuz to be opened “in full” within two days under the deal.
Tankers are seen at the Khor Fakkan Container Terminal, the only natural deep-sea port in the region and one of the major container ports in the Sharjah Emirate, along the Strait of Hormuz, a waterway through which one-fifth of global oil output pass (Giuseppe Cacace/AFP via Getty Images / Getty Images)
The terms of the agreement are still murky, and Trump has called certain details of a leaked memorandum of understanding between the U.S. and Iran “false.”
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Specifically, Trump said the U.S. will not contribute to a $300 billion fund that would go toward developing Iran’s economy.
“No, we’re not investing. We’re not putting up $0.10. And, people can decide to do that, but that’s up to them. I mean, do you want me to say nobody’s ever allowed to invest in in a country?” Trump told Fox News’ Peter Doocy.
Business
Japan Joins the World in Hiking Interest Rates. It Doesn’t Tame Yen’s Slide or Carry Trade Concerns.
Japan Joins the World in Hiking Interest Rates. It Doesn’t Tame Yen’s Slide or Carry Trade Concerns.
Business
US Stock Market: ETF issuers rush to capitalise on AI-focused ‘MANGOS’ theme after SpaceX IPO
The rapid rise of a new artificial intelligence-focused stock market theme is already finding its way into exchange-traded funds (ETFs), with two asset managers seeking regulatory approval to launch products tied to the newly coined “MANGOS” acronym, according to filings reviewed by Reuters.
The move comes just days after SpaceX completed a record $75 billion initial public offering, sparking fresh enthusiasm among investors for AI-linked companies and creating momentum behind a new basket of stocks that some market participants see as a successor to the widely followed Magnificent Seven trade.
Yorkville America, which manages the Truth Social ETF franchise, and ETF industry newcomer Corgi Securities filed applications with the U.S. Securities and Exchange Commission on Monday to launch ETFs linked to the MANGOS theme, Reuters reported.
The acronym, which gained traction on social media platforms including X ahead of the SpaceX listing, refers to a group of leading AI-focused companies comprising Meta Platforms, Nvidia, Alphabet-owned Google, SpaceX, Anthropic and OpenAI. The grouping includes both publicly traded and private companies that are viewed as major beneficiaries of the accelerating adoption of artificial intelligence.
According to Reuters, ETF analysts view the filings as the latest example of “concept investing,” where fund providers move quickly to package popular market narratives into investment products.
Yorkville’s proposed offerings include the Mango Plus ETF and an income-generating variant. Regulatory filings show the funds would invest in a mix of core MANGOS companies and an additional set of AI-related firms that the asset manager has labelled the “Parabolic 7.” These companies include memory-chip maker Micron and storage solutions provider SanDisk, among others expected to benefit from growing AI demand.
Corgi Securities, meanwhile, plans to focus exclusively on the six core MANGOS companies, according to its filing. The firm declined to discuss details of the proposed fund while the regulatory review process is ongoing.Reuters reported that both ETF products could potentially begin trading by the end of August, subject to regulatory timelines and approval requirements.
The filings underscore how quickly ETF providers are responding to shifting investor sentiment, particularly as AI-related companies continue to attract significant market attention and capital following SpaceX’s blockbuster public debut.
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