Yawen Chen

China's $33 bln ​maritime giant restarted bookings for ordinary freight to ‌the Middle East after pausing them at the Iran conflict’s onset. More than disputed US ceasefire talk, this may prove ​a signal that crucial shipping lanes are reopening, ​if not on the White House’s terms.

The $200 bln French luxury group's shares ‌fell 10% on weaker first-quarter sales. Hermès' premium valuation requires much higher long-term growth than that of rivals. ​If sales growth in China stays weak ​then its lead over the likes of ⁠LVMH won't have much foundation.

France's $40 ‌bln Kering vowed to more than double its operating margin at its capital markets ​day, but disappointed investors as the ​target was priced in. As even ⁠luxury titan Hermès loses its shine, ​new CEO Luca de Meo needs ​to be bolder and copy US brand Coach's success.

The $230 ​bln beauty giant’s shares jumped 8% as healthy ‌revenue growth shrugged off the Iran conflict. That underscores its scale, reinforcing the case for peers Estée Lauder and Puig to ​merge. It also strengthens CEO Nicolas Hieronimus’ hand ​in future auctions, like Armani.

After nearly two months of a blocked Strait ​of Hormuz, the crude ​market has kept afloat by running ⁠down 8.2 bln barrels ​of inventories. So far, Asian ​states have shouldered most of the outright shortages. As reserves dwindle and ​prices rise, Europe looks ​next in line.

BP shares are up 40% this year, lifted by an Iran war-driven ​surge. Right now, new CEO ​Meg O'Neill's fossil-fuel strategy looks smart. ⁠Yet valuations suggest the group’s ​free cash flow growth could ​be negative after 2030 — a sign that investors still remain to be convinced.

Glencore's 23% share-price jump since merger talks collapsed in February makes it harder ​to buy. But the rally ​gives Rio Tinto cover to offer ⁠a modest premium, while Iran-driven ​gains make coal less of a ​drag. More importantly, Rio could still use the miner-trader's copper.

The ‌UK group fell by $5 bln after ousting Chair Albert Manifold over conduct concerns. It ​adds to a history of ​abrupt exits, including former CEO Bernard Looney. ⁠While the oil major is ​in a better place under CEO Meg ​O’Neill, repeated scandals will cement a governance discount.

At $72 a barrel, Brent crude's level suggests the Gulf crisis ​is over. But the sugar ​rush from clearing stuck cargoes masks ⁠an oil supply deficit. Freight ​rates for shipping through the Strait ​of Hormuz, which have retreated but remain high, give a better sense of ​ongoing risks.

Segro spurned the $130 bln US landlord’s ‌recent offer as too low. The real question is how much Prologis can pay before buying its ​target looks less attractive than building its ​own logistics and data centres. Its recent ⁠deal returns suggest it can raise its ​offer by nearly 10%.