Subscriber Update on Block Inc. 2032s
The episode breaks down Block, Inc.'s latest credit outlook, highlighting a dramatic shift from a shaky to a durable balance sheet and a clear path to achieving the Rule of 40 by 2026. Q3 2025 results show 18% YoY gross profit growth, strong cash generation ($1.5 bn TTM) and a net‑debt position of –$1.1 bn, while both Cash App (driving 61% of profit) and Square are delivering solid volume and margin improvements. Management’s aggressive capital allocation—$1.5 bn of buybacks and a $5 bn expanded authorization—signals confidence in free‑cash‑flow durability, and the firm’s expanding lending franchise and international merchant reach underpin the projected mid‑teens profit growth to 2028.
Where Has Market Volatility Gone?
In this episode of Currency Exchange, host Brian Daingerfield and FX strategist Paul Robson examine why foreign‑exchange markets have become unusually calm despite major geopolitical headlines. They explore the pound’s recent outperformance versus the euro, the upcoming UK economic releases,...
Market View: Is the AI Trade Back On?
The episode examines whether the AI trade is resurging, focusing on the surge in semiconductor stocks and banks benefiting from AI‑related demand. It analyzes TSMC’s record earnings and what they reveal about the durability of AI‑driven chip supply chains, while...
Friday: Oil Down 4.9% as Iran Tensions Ease
In this brief episode, ANZ Research analysts discuss the recent 4.9% drop in oil prices, attributing the decline primarily to easing geopolitical tensions with Iran. They explain how reduced risk of supply disruptions has softened market sentiment and led to...
The Gasoline Build Paradox: Weather and Shale Vs. Economic Growth?
The episode explores the paradox of rising gasoline consumption despite advances in shale production and the influence of weather patterns on fuel demand. It examines how economic growth, seasonal temperature shifts, and the resilience of the oil market interact to...
Could a Cap on Credit-Card Rates Really Hurt Consumers?
The episode examines President Trump's proposal to impose a temporary 10% cap on credit‑card interest rates, exploring the arguments from big banks that such a limit could restrict credit availability and disproportionately affect vulnerable borrowers. It also touches on soaring...
Thursday: Intervention Talk Props up Yen
In this brief episode of "5 in 5 with ANZ," host Bernard Hickey highlights how recent central bank interventions have bolstered the Japanese yen amid broader market volatility. He notes that while banking stress persists in the US and Europe,...
The Dollar Consolidates While Japan Steps Up Its Intervention Threats and Decision Day for the SCOTUS
The U.S. dollar is in a consolidating phase, hovering around JPY158.6 after a brief push toward JPY159.5, as Japanese authorities intensify verbal warnings of possible market intervention. In North America, traders await U.S. PPI, retail sales data and comments from...
Refinancing Into Deterioration
The episode dissects Molson Coors' looming $2.4 billion refinancing challenge amid a sharp operational downturn, highlighted by an 11.9% drop in pretax income, a $3.6 billion goodwill impairment, and rising net leverage to 2.28x. Volume shrinkage—especially in the economy and flavored‑alcohol segments—combined...
Heat Pumps That Pay: How Industrial Process Heat Is Becoming a Cost-Saving Asset
Industrial heat, the world’s largest energy end‑use, is now a balance‑sheet issue as manufacturers grapple with volatile fuel prices and rising carbon costs. A new generation of high‑temperature heat pumps can deliver up to ~200 °C, turning waste heat and low‑grade...
Market View: Profits, Premium Seats & a Check-In Button
In this episode, Michelle Martin and Ryan Huang dissect the paradox of strong earnings reports—JPMorgan Chase’s higher revenue but lower profit and Delta Air Lines’ premium‑travel‑driven profit surge—yet both stocks fell as market expectations outpaced results. They also examine notable...
Kazakhstan, Venezuela, and Iran: Key Wildcards Driving Oil Price Volatility
The episode examines three emerging wildcards that could destabilize oil markets: a sharp decline in Kazakhstan’s crude exports due to Ukrainian drone attacks and weather‑related production cuts, political and operational uncertainties in Venezuela, and renewed sanctions and geopolitical tension surrounding...
Sleeping Giants
The administration is signaling a willingness to enlist government‑sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac in its effort to push mortgage rates lower. After the 2008 crisis, the GSEs’ mortgage holdings shrank dramatically, but policymakers see an...
Powell’s Fed Up
The episode reviews Jerome Powell’s remarks that a potential criminal indictment against him must be viewed against the backdrop of broader political pressures from the administration. It also analyzes December’s U.S. jobs data, which showed a slowdown in hiring while...
Annual Review of the Global LNG Market in 2025 and Outlook for 2026
The 2025 global LNG market was driven by strong European demand as the region reduced reliance on Russian pipeline gas and rapid import growth in the MENA region, especially Egypt, while Asian demand, notably China, softened due to higher domestic...