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KANSAS CITY — Lionel Messi delivered a masterclass performance with a hat-trick as defending champions Argentina opened their 2026 World Cup campaign with a commanding 3-0 victory over Algeria, reigniting discussions about whether the 38-year-old superstar can claim the Golden Boot in what may be his final tournament appearance.

Messi’s clinical finishing and visionary play powered Argentina to a strong start in Group play, showcasing the enduring brilliance that has defined his legendary career. The eight-time Ballon d’Or winner opened the scoring with a low drive, added a second before halftime with a composed finish, and completed his hat-trick in the second half with a curling effort from the edge of the penalty area. The performance equaled a significant all-time World Cup scoring milestone and left fans and analysts wondering if Messi can chase the tournament’s top scorer honor at nearly 39 years old.

The result at Children’s Mercy Park sets an ideal tone for Argentina’s title defense. With points secured early, coach Lionel Scaloni’s side can focus on rotation and tactical refinement ahead of tougher tests in a competitive group. Messi’s influence remains central to Argentina’s ambitions as they aim to become just the third team in history to retain the World Cup.

Record-Equaling Achievement and Enduring Legacy

Messi’s hat-trick added another chapter to his extraordinary World Cup journey. At an age when most players have retired or diminished, he continues to perform at the highest level, defying expectations and captivating audiences worldwide. His latest display further cements his status among the tournament’s all-time great scorers, drawing comparisons to legends who excelled in their later years.

The Argentine contingent in the stands created a sea of blue and white, roaring with every touch from their hero. Messi’s ability to produce magic on the biggest stage has been a hallmark of his career, from leading Argentina to Copa América glory to the 2022 World Cup triumph. Tuesday’s performance reminded observers that age has not dulled his instincts or technical mastery.

Scaloni has built a balanced squad that blends youthful energy with veteran experience. Messi’s presence elevates teammates, creating space and opportunities through his vision and movement. The hat-trick was not only about personal records but a statement of Argentina’s intent to defend their crown with authority.

Path to the Golden Boot

With the hat-trick, Messi has positioned himself as an early frontrunner in the Golden Boot race. The award, given to the tournament’s top scorer, has historically been won by players in peak form, but Messi’s consistency and finishing ability make him a unique candidate even at 38. His record against various opponents demonstrates an ability to score in crucial moments, a trait that could prove decisive across multiple group and knockout matches.

Analysts note that the expanded 48-team format offers more games and opportunities for scorers. If Argentina advances deep into the tournament, Messi could accumulate enough goals to challenge for the honor. His clinical edge in front of goal, combined with creative support from players like Julián Álvarez and Lautaro Martínez, enhances his chances.

However, competition remains fierce. Other star forwards from top teams will vie for the award, and injury management will be critical for Messi as the tournament progresses. Argentina’s depth allows for careful workload management, potentially preserving Messi for key moments while maintaining team performance.

Argentina’s Strong Start and Group Outlook

The victory over Algeria demonstrated Argentina’s tactical maturity. The team controlled possession effectively, limited counterattacks and converted chances with efficiency. Midfielders provided balance, while the defense remained organized against sporadic Algerian pressure.

Algeria competed bravely but ultimately lacked the quality to trouble the defending champions consistently. The result gives Argentina momentum heading into subsequent fixtures, where they will face stiffer challenges. A positive start is crucial in a tournament where early slips can complicate advancement.

Scaloni’s management style emphasizes collective effort and adaptability. The squad has evolved since Qatar, showing greater flexibility and resilience. Players understand their roles within the system, allowing Messi to focus on what he does best — creating and finishing.

Senegal and Algeria Context

Algeria’s campaign began with a difficult assignment against the defending champions. Despite the defeat, the team showed moments of promise and organization. Their next matches will test resilience further, but participation itself represents progress after a long absence from the World Cup.

The Group stage features strong competition, and early results like Argentina’s win set the tone. Both Algeria and other opponents will analyze the match for weaknesses, though Messi’s individual brilliance often transcends tactical preparation.

Messi’s Motivation and Future

Messi has spoken about his deep connection to the national team and desire to contribute meaningfully in major tournaments. His performance against Algeria reflects continued commitment and joy in representing Argentina. At this stage of his career, each match carries added significance, yet he maintains focus on team success rather than individual accolades.

Teammates and coaches continue to marvel at his dedication and influence. The hat-trick not only boosted Argentina’s campaign but inspired a nation and global audience. As the tournament unfolds, Messi’s journey will be followed closely, with many hoping to witness more historic moments from one of football’s greatest.

The 2026 World Cup has already produced memorable performances, and Messi’s hat-trick ranks among the early highlights. Whether he can sustain this form and challenge for the Golden Boot remains to be seen, but his opening display suggests he is far from finished at the highest level.

Argentina’s strong start positions the team well for progression. With Messi leading the line, the defending champions carry both experience and hunger into the next phases. For fans and neutrals alike, watching Messi create magic at 38 remains one of football’s enduring pleasures.

As the group stage continues, all eyes will remain on Messi and Argentina. The hat-trick against Algeria was a reminder of his greatness and a statement of intent for the tournament ahead. Golden Boot or not, his contribution to Argentina’s campaign will define much of the story in 2026.

SYDNEY — The S&P/ASX 200 index advanced 35.5 points, or 0.40%, to close at 8,953.2 on Wednesday, extending gains as investors welcomed the US-Iran ceasefire agreement and the reopening of the Strait of Hormuz, which reduced geopolitical risks and supported sentiment across resource and financial sectors.

The modest rise came amid broader regional optimism, with easing tensions in the Middle East helping to stabilize commodity prices and boost risk appetite. The benchmark index has shown resilience in recent sessions, reflecting Australia’s exposure to global trade dynamics and commodity markets that benefit from normalized shipping routes.

The Iran peace deal, which includes the immediate lifting of the naval blockade and restoration of toll-free shipping through the critical oil waterway, has been a primary driver of positive market sentiment. Lower energy price volatility supports Australian exporters and reduces input cost pressures for domestic industries, contributing to the session’s upward movement.

Sector Performance and Key Movers

Mining and energy stocks led gains as oil prices moderated following the agreement, easing concerns over supply disruptions. Major miners benefited from improved global growth expectations and stable commodity demand outlooks. Financial stocks also advanced on expectations of steady lending conditions and improved corporate confidence in a lower-risk environment.

The materials sector posted solid gains, reflecting Australia’s position as a key supplier of iron ore, coal and other resources. Banks and consumer discretionary names contributed positively, with investors rotating toward cyclical areas as volatility expectations declined.

The session’s broad participation signaled healthy market breadth, though gains were relatively measured compared to sharper moves in previous days. Trading volume was steady as institutional investors adjusted positions in response to the positive geopolitical developments.

Economic and Policy Backdrop

Australia’s economy has demonstrated resilience amid global uncertainties, with steady growth supported by resource exports and domestic consumption. The Reserve Bank of Australia’s recent decision to hold interest rates at 4.35% has provided a stable monetary policy backdrop, allowing markets to focus on external factors like the Middle East situation.

Lower oil prices are expected to moderate inflationary pressures, potentially giving the central bank more flexibility in future decisions. This environment generally supports equity markets by reducing borrowing costs and supporting consumer spending.

Analysts noted that the Iran ceasefire removes a significant overhang that had weighed on resource-heavy indices like the ASX 200. The deal’s implementation will be closely watched, but the initial market reaction has been constructive for Australian assets.

Global Market Context

The ASX 200’s performance aligned with gains in other regional markets, as the US-Iran agreement triggered a broad relief rally. European and Asian indices followed positive leads from Wall Street, with energy-sensitive and export-oriented shares advancing.

The VIX, Wall Street’s fear gauge, has declined significantly, indicating reduced global market anxiety. Lower volatility has encouraged capital flows into risk assets, benefiting commodity-linked economies like Australia.

Gold prices eased modestly as safe-haven demand softened, while the Australian dollar showed mixed movements against the US dollar amid shifting risk sentiment and commodity price dynamics.

Investor and Analyst Perspectives

Market strategists described the move as a classic risk-on reaction to geopolitical de-escalation. Reduced uncertainty around energy supplies supports corporate margins and global growth forecasts, particularly beneficial for resource-exporting nations.

Some observers cautioned that full implementation details and verification mechanisms will be key to sustaining the positive momentum. Questions remain around long-term nuclear arrangements and regional security, which could introduce renewed volatility if talks encounter setbacks.

Nevertheless, the consensus leaned optimistic. The ASX 200’s ability to advance steadily demonstrates underlying strength in Australia’s resource sector and broader economy. Year-to-date performance remains robust, with the index benefiting from improved global trade expectations.

Investment Considerations

For individual investors, the session reinforces the importance of maintaining diversified portfolios capable of capturing opportunities across market conditions. Those with exposure to mining, energy and financial sectors likely benefited most from the relief rally.

Financial advisers recommend focusing on companies with strong balance sheets, pricing power and exposure to long-term growth themes such as energy transition and technological adoption. While geopolitical developments can drive short-term moves, underlying fundamentals remain the primary driver over time.

The ASX 200’s performance also highlights Australia’s interconnectedness with global events. Investors are encouraged to stay informed about international developments while maintaining a long-term perspective on domestic opportunities.

Historical Perspective

Wednesday’s gain adds to the ASX 200’s solid performance in 2026, reflecting the market’s resilience amid shifting geopolitical and economic landscapes. The index has benefited from strong commodity demand, corporate earnings resilience and periodic relief from international tensions.

The current environment contrasts with periods of heightened uncertainty earlier in the year. Sustained progress on trade normalization, energy security and domestic policy could support further upside, according to many observers.

Looking Ahead

Attention now turns to upcoming Australian economic data releases, corporate earnings reports and any further details on the Iran agreement implementation. The Reserve Bank of Australia’s communications and global central bank actions will also be closely watched.

As markets digest the latest diplomatic breakthrough, the focus remains on whether positive momentum can be sustained. Strong corporate fundamentals, easing external risks and continued commodity demand provide a constructive backdrop, though volatility is likely to persist given the fluid nature of international relations.

The ASX 200’s advance on Wednesday represents continued confidence in Australia’s economic outlook amid improving global conditions. Investors will continue monitoring developments in the Middle East and their implications for commodity prices, inflation and broader market sentiment in the weeks ahead.

The session serves as a reminder of markets’ sensitivity to headline news while also showcasing their capacity for steady progress when major uncertainties diminish. For now, the ASX 200’s performance underscores a cautiously optimistic outlook as 2026 progresses.

Budget carrier Loganair is now operating a daily schedule between the two transport hubs

Flights from Exeter to Manchester are “key” for regional economic growth and the business community, a chamber of commerce has said.

Budget carrier Loganair launched flights from the South West transport hub last year and is now operating a daily schedule to the North West city. It also operates services from Exeter to Edinburgh, Jersey and Newcastle.

Devon Chamber said the flight route to Manchester, which returned after a five-year absence, would strengthen Exeter as a “key regional transport hub” and help local businesses remain connected to the UK and Europe.

“It cements the airport’s role in supporting regional connectivity, ensuring businesses across the South West can access key markets efficiently,” a spokesperson for Devon Chamber said.

“With a flight time of just an hour – compared with more than four hours by rail or road – the route is helping the region’s businesses connect and be more productive.”

The Manchester service is also helping to drive further growth at Exeter Airport, where passenger numbers soared by 32 per cent in the year to March to 582,000 amid growing demand for regional connectivity.

At the centre of the growth has been the success of KLM Royal Dutch Airlines’ daily Exeter to Amsterdam service, which recently celebrated its first anniversary. The route has opened up worldwide connections for business and leisure travellers through Amsterdam Schiphol, one of Europe’s leading international hubs.

The route has also proved successful in attracting inbound international visitors into the South West, in particular from The Netherlands and Germany, according to Devon Chamber.

Exeter Airport also has a year-round service to Dublin, operated by Aer Lingus, with onward connections to North America and US immigration pre-clearance in Ireland.

Aer Lingus also operates summer flights from Exeter to Belfast, while Aurigny provides year-round links to Guernsey and Skybus offers seasonal direct services to the Isles of Scilly.

Meanwhile, TUI and Ryanair provide the backbone of the airport’s international leisure programme, including year-round flights to Alicante, Malaga and Tenerife, alongside an extensive summer schedule to destinations across the Greek Islands, Balearics, Canary Islands and Turkey.

Exeter is part of UK regional airport operator Regional & City Airports (RCA), which also owns and operates Bournemouth Airport and Norwich Airport.

An independent economic impact assessment carried out for RCA found that Exeter Airport plays a vital role in the regional economy, contributing £54m in Gross Value Added (GVA) and supporting around 780 jobs locally. The airport directly employs around 230 people.

The Dow Jones Industrial Average climbed 357.11 points, or 0.69%, to close at a record 52,028.14 on Monday, extending gains as investors welcomed the US-Iran peace agreement and the reopening of the Strait of Hormuz, reducing geopolitical risks and supporting broader economic optimism.

The milestone close marks another high for the blue-chip index in 2026, reflecting resilience in the US economy despite earlier concerns over inflation and interest rates. The advance was driven by strength in financial, industrial and technology components as lower energy prices and improved global trade expectations boosted corporate outlooks.

The US-Iran ceasefire, which includes the immediate lifting of the naval blockade and restoration of shipping through the critical oil waterway, removed a significant overhang that had weighed on markets in recent weeks. President Donald Trump’s confirmation of the deal triggered widespread buying, with the Dow joining the S&P 500 and Nasdaq Composite in posting strong gains.

Key Drivers Behind the Record

Financial stocks led the Dow higher as banks benefited from lower volatility expectations and a more constructive economic backdrop. Major names including JPMorgan Chase and Goldman Sachs advanced on prospects of stable lending conditions and improved consumer confidence following the reduction in energy price risks.

Industrial giants such as Boeing and Caterpillar posted solid gains, reflecting expectations of steadier global supply chains and increased infrastructure spending. Technology components within the index also contributed, with investors rotating into cyclical names as risk appetite improved.

The session’s broad participation signaled healthy market breadth. Volume was elevated as institutional investors adjusted portfolios in response to the positive geopolitical news. The Russell 2000 small-cap index also advanced, indicating that the rally extended beyond large-cap leaders.

Economic and Policy Backdrop

The rally unfolded against a backdrop of a resilient US economy showing steady growth and solid corporate earnings. Lower oil prices following the Iran agreement are expected to moderate inflationary pressures, potentially giving the Federal Reserve more flexibility in future policy decisions. This environment generally supports equity markets by reducing borrowing costs and supporting consumer spending.

Analysts noted that the peace deal provides a meaningful tailwind for sectors sensitive to energy costs and international trade. Transportation, manufacturing and consumer discretionary companies stand to benefit from more predictable input prices and supply chain stability.

The Federal Reserve continues to monitor incoming data closely, with markets pricing limited near-term rate adjustments. This predictability has been welcomed by investors seeking clarity amid shifting global conditions.

Global Market Reactions

European and Asian markets followed Wall Street higher in subsequent trading, with gains in energy-sensitive and export-oriented shares. The euro and other currencies strengthened modestly against the dollar as risk sentiment improved.

Oil futures declined several percent, easing pressure on import-dependent economies and supporting global growth forecasts. Gold and other safe-haven assets saw modest pullbacks as investors reduced defensive positioning.

The synchronized global rally underscores the interconnected nature of financial markets and the significant influence of Middle East developments on investor sentiment worldwide.

Analyst Perspectives

Market strategists described the move as a classic risk-on reaction to geopolitical de-escalation. “Removing the Hormuz uncertainty is a big positive for global growth expectations,” one chief investment strategist noted. “It allows markets to focus more on fundamentals like earnings and monetary policy.”

Some observers cautioned that implementation details and verification mechanisms will be key to sustaining the rally. Questions remain around long-term nuclear arrangements and regional security, which could introduce renewed volatility if talks stall.

Nevertheless, the consensus leaned optimistic. The Dow’s ability to push to new highs demonstrates underlying strength in the US economy and corporate sector. Year-to-date performance remains robust, with the index on track for strong annual returns if current momentum holds.

Sector and Stock Highlights

Industrial and financial components were among the strongest performers, reflecting improved growth prospects and lower volatility. Technology names continued their recent run, supported by expectations of steady corporate spending on innovation and digital transformation.

Energy stocks showed more muted moves as the market digested falling oil prices. The broader materials and consumer discretionary sectors also participated in the advance, signaling widespread relief across the economy.

Smaller companies and the Russell 2000 index outperformed on the session, indicating that investors were embracing risk and betting on broader economic participation beyond mega-cap names.

Investment Considerations

For individual investors, the session reinforces the importance of maintaining diversified portfolios capable of capturing opportunities across market conditions. Those with exposure to cyclical sectors and international markets likely benefited most from the relief rally.

Financial advisers recommend focusing on companies with strong balance sheets, pricing power and exposure to long-term growth themes such as energy transition and technology adoption. While geopolitical developments can drive short-term moves, underlying fundamentals remain the primary driver over time.

The Dow’s performance also highlights the interconnected nature of global events and US equities. Investors are encouraged to stay informed about international developments while maintaining a long-term perspective.

Historical Perspective

Monday’s gain adds to a series of record closes for the Dow in 2026, reflecting the market’s resilience amid shifting geopolitical and economic landscapes. The index has benefited from corporate innovation, resilient consumer spending and periodic relief from international tensions.

The current environment contrasts with periods of heightened uncertainty earlier in the year. Sustained progress on trade, energy security and domestic policy could support further upside, according to many observers.

Looking Ahead

Attention now turns to upcoming economic data releases, corporate earnings and any further details on the Iran agreement implementation. The Federal Reserve’s next policy meeting will also be closely watched for signals on interest rate trajectory.

As markets digest the latest geopolitical breakthrough, the focus remains on whether the positive momentum can be sustained. Strong corporate fundamentals and easing external risks provide a constructive backdrop, though volatility is likely to persist given the fluid nature of international relations.

The Dow’s record close represents a vote of confidence in the resilience of the US economy and the potential for reduced global tensions to support growth. Investors will continue monitoring developments in the Middle East and their implications for energy prices, inflation and broader market sentiment in the weeks ahead.

The session serves as a reminder of markets’ sensitivity to headline news while also showcasing their capacity for rapid recovery when major risks recede. For now, the Dow’s milestone underscores a cautiously optimistic outlook as 2026 progresses.

Edited excerpts from a chat with the fund manager:

How has your outlook towards the market and the stocks you own changed after the Q4 results? Given the macro headwinds, do you fear downgrades in Q1?
We have seen a positive surprise in corporate earnings especially in the small and mid-cap space during Q4 FY26, following a strong performance in Quarter 3 as well. While Q4 numbers were resilient, it is very likely that the full impact of West Asia crisis will be more visible in 1Q FY27 rather than Q4 FY26. Many companies were cushioned in the March Quarter, due to adequate raw material inventories, which helped limit supply disruptions and cost pressures.

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In contrast, 1Q FY27 is expected to reflect the lagged impact of elevated crude and natural gas prices, due to raw materials procurement related disruptions and higher purchase cost, currency depreciation and an increase in logistics and insurance cost. These factors could weigh on margins across several sectors.
Additionally, a weaker monsoon remains a key risk, particularly for rural income and demand for certain consumption linked segments. This could further impact demand and potentially lead to some earnings downgrades during the upcoming quarter.
However, with easing tensions in West Asia conflict, we could see some improvement in Q2 FY27 onwards. As a result, while near-term volatility and downgrades cannot be ruled out, the risk to full-year FY27 earnings appears relatively contained at this stage. We expect a sequential improvement in earnings, leading to limited risk to overall FY27 earnings.
Many believe that midcaps are in a sweet spot and the earnings season was also relatively better. Would you agree to that?
As of May-end, we have seen mid and small caps have outperformed the broader indices over a six-month period, including the phase since March 2026 that was impacted by the West Asia conflict.

This outperformance has been driven by strong underlying fundamentals, with earnings growth in the 15%-20% range for mid and small caps over the last two quarters, compared with single digit earnings growth for Nifty.

In our research, certain pockets within the small-cap space continue to exhibit selective mispricing, where fear has compressed valuations more than what fundamentals would justify. From a valuation and risk–reward perspective, we therefore see relatively better opportunities in small caps.

While mid-caps have delivered stronger earnings growth, valuations remain on the higher side. We believe investors need to be particularly selective and mindful of individual investment ideas within the mid-cap segment.

In your flexicap fund, how has your positioning changed towards mid and smallcaps in last 2-3 months?
In our Flexi Cap Fund, we follow a balanced yet opportunity-driven approach across market capitalizations, with a notable tilt towards small caps stocks. Since its launch, the Abakkus Flexi Cap Fund has consistently maintained a higher allocation to SMID stocks at ~50% with ~30% specifically in small caps over the last five months.

This positioning reflects the attractive risk-reward we currently see in quality small-cap names and niche mid-cap leaders. The portfolio is designed with a healthy mix of established leaders and emerging potential winners, supported by meaningful high conviction allocations.

While we remain mindful of near-term volatility, our allocation is driven by bottom-up conviction anchored in our investment philosophy, MEETS framework, and disciplined risk mitigation process. This approach allows us to participate in the most compelling opportunities across the market-cap spectrum while staying aligned with long-term wealth-creation objectives.

From a 5-year view, which sectors are you bullish on and why?
From a medium-term horizon, we remain constructive on financials, pharmaceuticals, discretionary consumption, manufacturing, and select new-age themes.

Within Financials, lending businesses remain resilient, supported by strong balance sheets and improving asset quality. Non-lending financials continue to be a structural play on the financialization of savings in India, along with increasing insurance penetration.

We are particularly bullish on the manufacturing theme, specifically export-oriented and new-age sector linked companies. India’s cost arbitrage in manufacturing, global supply-chain diversification, recently signed FTAs, and strong tailwinds in sectors such as semiconductors, electrical grid upgradation, and private defence, should all help Indian manufacturers.

The consumer discretionary sector is also a structural play on rising income levels and premiumization driven by evolving consumption patterns.

Lastly, we are positive on the pharmaceuticals sector, driven by the increasing focus on innovation by Indian players, the upcoming patent cliff which should provide meaningful opportunities for generic players, and growing outsourcing by global innovators, as seen in the Contract Development and Manufacturing Organization (CDMO) space.

You have been underweight IT and overweight banks. Both haven’t done well. Help us understand your portfolio positioning.

Yes, we have been underweight IT services and marginally overweight Financials as a sector. As of May end, Nifty IT Index has seen a major fall of ~22% over a six month period and has underperformed Nifty 50 by ~12% over the same period.

This has largely been due to a structural shift in technology space, particularly driven by Gen AI and related developments).

Within our Abakkus Investment MEETS framework, we view this as a ‘Trend’ that would require adjustments to business models of Indian IT services firms. In that sense, our underweight position in IT services has worked well.

Within Financials, our overweight positions are largely tilted towards capital market linked plays, which have performed better than banks as a whole.

Over the last six months, as of May end, the Nifty capital markets index is up ~14% compared to a ~9% decline in the Nifty Bank Index.

We attribute this underperformance in banks to aggressive FII selling, despite relatively stable domestic investor flows. However, given recent global macro developments and measures taken by Government and RBI to support currency, we see potential swift recovery in banking names. We remain nimble and will continue to actively adjust our portfolio positioning.

Smallcap stocks appear to be faring better with a few of them even doubling money in a few months despite subdued market mood. In your smallcap fund, how are you positioning yourself in terms of sectoral opportunities?
You are right, as of May end, Nifty Smallcap 250 index has outperformed Nifty50 by ~13% over a three month period. Certain beaten down small cap names have seen sharp rally along with recovery in their growth metrics.

Small cap investing primarily follows a bottom-up approach and that’s how the Abakkus Small Cap Fund is constructed.

We have evaluated opportunities across high growth sunrise sectors, export beneficiaries, companies trading at 30-40% discount to their average valuations with expected growth recovery, and select special situations that can lead to value unlocking.

Accordingly, we have positioned our portfolio to benefit from sectors with strong tailwinds such as electronics manufacturing and its value chain, chemicals, niche engineering companies linked to defence and aerospace value chain, urban construction plays, textiles, gems and jewellery export opportunities and discretionary consumption beneficiaries, along with several other unique small cap ideas.

One of the key strengths of the Indian market is its sectoral depth and diversity, which allows investors exposure to multiple themes.

How bullish are you on AI capex and data centre linked plays in India? Do you think valuations are still attractive?
We believe these are structural themes with multiple years of on-ground investment and execution ahead of us. However, valuations of most AI and data centre investment linked plays in India have run ahead of fundamentals in a very short period of time.

Balancing the strong long-term growth potential with reasonable valuations remains a challenge.

That said, we remain bullish on the space, given it’s a multi-year growth potential. We will continue to evaluate companies based on their fundamental strength and the size of the opportunity, while remaining mindful of valuations.