Yawen Chen

Chevron and ConocoPhillips shares rose over 5% after Washington’s capture of Nicolas Maduro. But Venezuela’s risks will disincentivise their boards from piling in. Unless the US government can offer enticing contractual terms, they are unlikely to move quickly.

The $27 bln renewable firm’s stock fell 13% after Washington paused wind projects for 90 days. An equity raise and asset sales can absorb the initial jolt, but if the stoppage drags on, higher capex and execution risks will dent earnings. Investors should brace for more pain.

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.