Jeff Malec Managing Director & Partner has spent 25+ years in the futures industry, from his days as a clerk in the bond futures pits, to manager of multiple commodity-based hedge fund products, to host of RCM’s popular alternative investment podcast, the Derivative. Prior to RCM, Mr. Malec was the founder and CEO of Attain Capital Management, which merged with RCM after 13 years assisting clients with alternative investments. He is the great grandson of Harley Davidson founder Walter S. Davidson, and a former board member of the National Futures Association. He holds the Chartered Alternative Investment Association (CAIA) designation, and has authored hundreds of white papers covering alternative investments.

SYDNEY — Anzac Day will be observed as a public holiday across every Australian state and territory on Saturday, April 25, 2026, but only residents in New South Wales, the Australian Capital Territory and Western Australia will enjoy an additional day off on Monday, April 27, creating uneven long weekends as the nation commemorates its fallen service members.

The variation stems from differing state and territory policies on when public holidays are observed if they fall on a weekend. While April 25 remains the official date for dawn services, marches and remembrance ceremonies nationwide, three jurisdictions have declared the following Monday a substitute holiday to provide workers with a meaningful break.

Fair Work Ombudsman guidance confirms Anzac Day is a national public holiday in all eight states and territories. However, the treatment of the weekend date creates a patchwork. NSW, the ACT and WA will observe both Saturday and Monday as public holidays, while Victoria, Queensland, South Australia, Tasmania and the Northern Territory observe only Saturday.

In New South Wales, Premier Chris Minns’ government confirmed the extra Monday holiday, marking a policy shift. Previously, NSW did not always grant a substitute day when Anzac Day fell on a weekend. This year’s decision gives many workers a rare four-day break from Friday evening through Tuesday morning.

The Australian Capital Territory has aligned with NSW, declaring both days public holidays. ACT Chief Minister Andrew Barr noted the move honors the significance of Anzac Day while recognizing modern workforce needs. Public sector and most private employers will observe the additional Monday.

Western Australia continues its long-standing practice of providing a substitute day when Anzac Day lands on a weekend. The state will observe Saturday, April 25, and Monday, April 27, as public holidays, a policy welcomed by workers and unions.

For the majority of Australians, however, only Saturday counts as the public holiday. In Victoria, Queensland, South Australia, Tasmania and the Northern Territory, businesses and services will largely operate as normal on Monday, April 27. Employees rostered to work Saturday may receive penalty rates or time off in lieu depending on awards and agreements.

The discrepancy has sparked lively debate on social media and talkback radio. Many in non-substitute states expressed disappointment at missing a long weekend, while others argued that the solemn nature of Anzac Day should focus on commemoration rather than extra leisure time. Unions have used the occasion to renew calls for more consistent national public holiday rules.

Anzac Day holds profound cultural importance. The date marks the 1915 landing of Australian and New Zealand troops at Gallipoli. Dawn services, marches and community events will proceed nationwide on Saturday regardless of holiday status. Major ceremonies are planned at the Australian War Memorial in Canberra, Sydney’s Anzac Memorial, Melbourne’s Shrine of Remembrance and equivalent sites across the country.

Retail trading restrictions vary. In jurisdictions with only Saturday as the holiday, many shops will open normally on Monday. States granting the Monday holiday will see broader closures or reduced trading similar to other public holidays. Hospitality and tourism sectors anticipate strong demand in NSW, ACT and WA for the extended break.

Employers and employees are advised to check specific awards, enterprise agreements and state legislation. Penalty rates for working on public holidays remain applicable on April 25 everywhere, and on April 27 in the three jurisdictions observing the substitute day. Casual workers generally do not receive the day off but may be entitled to higher rates.

This year’s arrangement repeats a pattern seen in previous weekend Anzac Days. With the date falling on a Saturday again in 2027, similar debates are expected unless more states align policies. Federal efforts toward greater harmonization of public holidays have gained little traction so far.

Community events will bridge the differences. Schools are closed nationwide on Saturday, and many workplaces will pause for minutes of silence or allow staff to attend services. Veterans’ groups emphasize that remembrance transcends holiday entitlements.

Travel operators report mixed bookings. Destinations popular for long weekends, such as the NSW South Coast, Blue Mountains and Western Australia’s Margaret River region, expect surges, while other states anticipate standard Saturday traffic. Airlines and accommodation providers have adjusted pricing accordingly.

Historians and defense analysts note Anzac Day’s evolution from a solemn military commemoration to a broader reflection on service, sacrifice and national identity. The public holiday variations highlight Australia’s federal system, where states retain significant autonomy over employment and holiday matters.

As April 25 approaches, Australians are encouraged to check official government websites or the Fair Work Ombudsman for jurisdiction-specific details. Whether enjoying a single day of reflection or a full long weekend, the focus remains on honoring those who served and remembering the human cost of conflict.

For many, the extra day in NSW, ACT and WA offers welcome respite. For others, Saturday’s observances provide sufficient opportunity to pause and pay respects. In either case, Anzac Day 2026 will see communities united in remembrance, even as holiday rules differ across the map.

Shares of Union Bank of India dropped another 2% on Friday, extending losses to 10% over two days after releasing its results for the fourth quarter of the financial year 2026, which failed to excite brokerages.

The public lender on Thursday reported a 6.6% year-on-year (YoY) rise in net profit to Rs 5,316 crore for the January-March quarter of FY26. Its net interest income (NII), however, slipped over 1% YoY to Rs 9,406 crore during the quarter under review.

Provisions saw a sharp spike during the quarter, increasing to Rs 1,055 crore from Rs 322 crore in the December quarter, marking a nearly three-fold rise, according to the company’s regulatory filing. Asset quality, however, improved, with the gross NPA ratio declining to 2.82% and the net NPA ratio easing to 0.48% during the quarter under review.

Along with the Q4 results, Union Bank of India recommended a dividend of Rs 5 per equity share for the financial year 2026, subject to necessary approvals. The record date to determine the eligibility of shareholders set to receive the dividend is yet to be announced.

Why Motilal Oswal remains ‘Neutral’ on Union Bank shares?

Motilal Oswal maintained its ‘Neutral’ rating on the shares of Union Bank of India, with a target price of Rs 180 apiece, implying a marginal upside potential over the stock’s previous closing price of Rs 179.71 apiece on NSE. The domestic brokerage said that the company’s net profit beat its estimate by 18%, led by NPA recoveries and lower opex. This was partly offset by lower NII and higher-than-expected provisions.
NIM contraction was majorly attributed to the transmission of the repo rate cut, Motilal noted, adding that the management expects growth to sustain at 13-14% while the CD ratio shall remain comfortable at approximately 82-83%.
Union Bank of India reported a modest quarter, with NIM contraction weighing on performance, although stronger other income supported an earnings beat, even as credit costs were elevated due to the creation of standard asset provisions, the domestic brokerage said. “Loan growth improved following a subdued 1H, while deposit growth also rebounded in a seasonally strong quarter, with the bank remaining cautious on bulk deposits. Management has guided for loan growth of 12-14%, with a continued focus on margin-accretive expansion. Margins came in below expectations, largely impacted by repo rate transmission following the Dec’25 rate cut. The bank has built a standard asset provision buffer of ~INR30b (including ~INR7b created in 4Q), while the estimated ECL transition impact stands at ~INR42-43b. Asset quality continued to improve overall, although slippages were marginally higher in 4Q,” it further said, adding, “We fine-tune our estimates and project FY27E RoA/RoE at 1.1%/13.9%. We expect loans to expand at a 10.5% CAGR over FY26-28.”

Union Bank of India share price

Union Bank of India dropped over 2% to trade at Rs 175.52 apiece on Friday. The stock has fallen around 10% in two days after announcing its Q4 earnings during market hours on Thursday. The stock has declined around 7% in one month, but is up 15% in 2026 so far.

In the longer term, the shares of the bank gained around 37% in one year and more than 139% in three years.

Also read: Why is the stock market falling today?

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

As global markets navigate a complex mix of geopolitical uncertainty and economic resilience, investors are closely watching how the ongoing West Asia tensions unfold. Despite initial fears of prolonged disruption, recent trends suggest a more measured response from financial markets, particularly in the United States.

In an interaction with ET Now, Steve Englander from Standard Chartered Bank shared his perspective on the evolving situation, noting that neither side appears eager to escalate tensions further.

“Well, look, I think both sides are clearly hesitant to reinitiate hostilities. Both are hoping that the other one is in a more difficult economic and political situation and will cave first.”

He pointed out an interesting shift in market behavior. While US equities have pulled back slightly from their highs, their correlation with oil prices has weakened significantly compared to the early weeks of the conflict. Even Israeli equities, he observed, are hovering near all-time highs.

“In some ways, you can say that the pressure on Trump may be less than the Iranians are counting on, given that the asset markets seem to be dealing with this relatively well.”

The US dollar, meanwhile, has shown signs of strengthening against major global currencies. However, Englander cautioned against attributing this solely to oil price movements or geopolitical developments.
“No, it is certainly having an impact on other regions, and again the Iranian side is probably hoping that that leads other countries to put pressure on the States to back off.”He added that the dollar’s movement is more closely tied to equity market performance than to oil dynamics.

“I would say that the dollar is weaker than it was before when oil prices hit these levels, but I do not think it is because of oil. I think that the negative correlation between the dollar and equity prices has been the strongest correlation over the last couple of weeks.”

Interestingly, the resilience of US equities may itself be contributing to a softer dollar.

“Paradoxically, the fact that the US equities are so robust is making the dollar weaker, and you are not seeing a global equities collapse.”

When it comes to market focus, Englander believes the spotlight has shifted away from geopolitical risks toward corporate performance, especially in the technology and AI sectors.

“It is possible, but setting aside the war, say the war had never happened, US earnings would still be strong. The AI productivity drive would still be strong, and probably stronger than in other countries.”

He also highlighted structural advantages within the US economy, particularly its labor market flexibility.

“It is easy to fire people, and that is unfortunate when it happens, but it is also easy to hire people. So, I think that the ability to adjust is strongest certainly within G10 and the US as compared to Europe or Japan.”

Turning to bond markets, the US 10-year yield—currently around 4.33%—has repeatedly faced resistance near the 4.4% mark. While some see this as a ceiling tied to geopolitical stress, Englander views it differently.

“Well, looking at the same thing, you can look at oil prices, you can look at inflation breakevens, you can look at Treasury yields—they have all been very strongly correlated, and that correlation is still in place.”

He expects yields to rise further over time, regardless of the conflict.

“Ultimately, I think that US yields are going to go above 4.4 even without the war. There is enough going on in terms of activity picking up, real returns picking up—the direction of travel for bond yields is higher.”

For now, while uncertainties persist, markets appear to be taking the situation in stride—balancing geopolitical risks with strong economic fundamentals and corporate performance.

Shares of Sterling and Wilson Renewable Energy (SW Solar) dropped 2% to their day’s low of Rs 216 on the BSE on Friday after it posted a consolidated net profit of Rs 135 crore for the quarter ended March 31, 2026, marking a 143% increase from Rs 55 crore reported in the same period last year.

Revenue from operations, however, declined 23% year-on-year to Rs 1,946 crore, compared to Rs 2,519 crore in the corresponding quarter of the previous financial year. Revenue slipped 7% quarter-on-quarter from Rs 2,092 crore recorded in the October-December quarter.

On a sequential basis, the company returned to profitability after reporting a loss of Rs 2.8 crore in Q3FY26.

Sterling and Wilson, a major MEP and EPC contractor across power, solar energy and data centres in India, reduced its total expenses by 24% year-on-year to Rs 1,844 crore, down from Rs 2,420 crore in Q4FY25. Expenses also fell 11% compared to the previous quarter.

These costs were primarily related to construction materials, stores and spare parts, employee benefits and finance charges, among others.

On the segment front, the EPC business generated revenue of Rs 1,863 crore in Q4FY26, lower than Rs 2,028 crore in Q3FY26 and Rs 2,459 crore in Q4FY25. Meanwhile, revenue from operations and maintenance services rose to Rs 81.26 crore, compared to Rs 63.25 crore in the preceding quarter and Rs 59 crore in the year-ago period.
FY26 was SWREL’s strongest period yet, delivering record quarterly PAT and 4.5 GW execution, as management said. “As we look forward to FY27, our record Rs 11,813 crore order book and expanded 13.5 GW O&M platform provide unmatched revenue visibility and stability. Our diversification into Wind and BESS projects is being well appreciated, and we see these two verticals contributing significantly to our future growth,” it added. SW Solar shares have been on a tear lately, soaring as much as 35% in the last 1 month. Despite the recent surge, the stock is down 3% in the last six months and about 34% in the last 1 year.

Sensex, Nifty today: Catch all the LIVE stock market action here

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Operator

Hello, and welcome to the Croda International Q1 2026 Sales Update Call. Please note, this call is being recorded. [Operator Instructions]

I will now hand you over to your host, Steve Foots, to begin today’s conference. Please go ahead, sir.

Steve Foots
Group Chief Executive & Executive Director

Good morning, everyone. Many thanks for joining. So I’m here with Stephen and David, and together, happy to take your questions.

So first, just a few overview comments from me. Overall, quarter 1 sales were as we expected it, up 1% at constant currency and similar to a very strong quarter last year. And whilst we acknowledge the heightened uncertainty that the Middle East conflict has caused, it had no material effect on quarter 1, and there is no change to guidance for full year ’26.

So breaking our quarter 1 sales performance down by business, sales were up 4% in Consumer Care, driven by Beauty Actives and F&F. Life Sciences saw sales dip 3%, largely due to Crop Protection being 8% lower versus a strong prior year when we saw significant restocking. And industrial sales were down 2%, again against a strong prior period.