- Oil Dips After Three-Day Gain With Iran Peace Talks at Impasse
May 13, 2026
(Bloomberg) -- Oil slipped after rising almost 8% over the past three sessions as a resolution to the Middle East conflict remains elusive, with Iranian exports showing further strain from a US Naval blockade of the Strait of Hormuz.
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Brent crude fell below $107 a barrel, while West Texas Intermediate traded near $101. There were no ocean-going tankers observed at Iran’s Kharg Island over the past several days, satellite images show, the first sign of an extended halt at the nation’s main export hub since the hostilities began.
The Iran war is unlikely to feature heavily in talks between President Donald Trump and his Chinese counterpart Xi Jinping in Beijing this week, the US leader told reporters at the White House on Tuesday, saying trade discussions would be prioritized. He added that, “we have Iran very much under control.”
Despite that reassurance, the war is likely to heap domestic pressure on Trump after US data on Tuesday underscored how the conflict is reigniting inflation. American gasoline prices have surged to the highest since 2022 — a politically sensitive development ahead of crucial midterm elections in November.
The Strait of Hormuz has been effectively closed since the war over 10 weeks ago, with a US blockade of Iranian ports in mid-April adding another sticking point in diplomatic efforts to end the conflict. Flows of crude, natural gas and fuels have been choked off, stoking concerns about global growth.
“The central risk for both policymakers and markets” is the timing mismatch between the futures and the physical market, Societe Generale SA analysts including Ben Hoff wrote in a note. “Prices respond immediately to reopening headlines, but physical balance improves much later.”
The conflict has thrown energy supply chains into disarray, especially for Asian nations such as Japan, which typically relied on the Middle East for about 90% of its crude. The nation’s refiners have been scrambling for alternatives, including a recent purchase of Mexican oil, the first since 2023.
In another sign of wider strain, Vietnam’s state oil company has urged the US to let a supertanker laden with crude pass through its naval blockade outside the Persian Gulf, saying the shipment is vital to its economy. The vessel previously crossed Hormuz but U-turned on Monday near the cordon.
Story Continues
After bumper volumes earlier in the month, the number of contracts changing hands has faced a steady decline this week, with around 920,000 lots of Brent traded daily in the week so far. The figure was as much as 1.9 million contracts in the middle of last week.
Oil is “staying elevated and I believe we’re pricing for what is expected: higher for longer,” said Carl Larry, an analyst at Enverus.
--With assistance from Charles Gorrivan.
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- Wall Street Puts Blockchain to Work in $13 Trillion Repo Market
May 12, 2026
(Bloomberg) -- JPMorgan Chase & Co. spent hundreds of millions of dollars over the course of more than a decade developing systems using blockchain, a novel technology that was supposed to radically upend financial markets, but has yet to become a game-changer.
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In at least one area, though, the bank and the technology are beginning to make progress: repo.
The nearly $13 trillion market isn’t the flashiest outpost on Wall Street, but it’s the vital plumbing that keeps the money flowing. Through repurchase agreements, or repos, firms exchange Treasuries for cash — typically overnight — providing the short‑term funding that underpins trading, settlement and market‑making across the financial system.
What JPMorgan and its and peers on Wall Street are finding is that blockchain — the digital technology underlying crypto — works well with repo, allowing for precise, customizable transactions that let cash and collateral move faster and more flexibly. This frees up capital for traders to use more profitably, or to hedge against risks.
“This is one of the applications where a blockchain-based solution makes sense,” said Eddie Wen, global head of digital markets at JPMorgan, among the the largest banks in repo. It’s a product used every day by clients, Wen added.
JPMorgan launched its blockchain-based financing product six years ago. Since then, it’s handled around $3 trillion worth of repo transactions on the platform.
Today, it’s typically processing hundreds of millions of dollars of client repo financing needs each day, and $5 billion between JPMorgan entities, according to the bank. While that’s a drop in the bucket for a firm whose daily activity in the traditional repo market runs into the hundreds of billions of dollars, it represents a key step in embracing the technology from the market’s leader.
Piling In
Elsewhere, banks like HSBC Holdings Plc, alongside market makers DRW Holdings and Virtu Financial Inc. and infrastructure providers like Broadridge Financial Solutions Inc., and Tradeweb Markets Inc., are part of a growing push into tokenized repo. Across blockchain-based platforms, transactions now total hundreds of billions of dollars daily. While the degree and frequency of activity varies among firms, more and more see a reason to be involved.
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To be clear, no one expects an overnight transformation, and the amount of blockchain transactions still pales beside those of the conventional market.
Rolling out the technology on a bigger scale would require an even wider range of banks, dealers and market infrastructure providers to adopt compatible systems. Market participants are also dealing with other pressing issues, including moves toward mandated central clearing of repo, which will keep many busy adapting their existing processes for now.
But even at this relatively nascent stage, there is momentum. Firms’ blockchain efforts in repo far exceed most other similar applications in mainstream capital markets, where activity has largely been limited to one-off transactions or tests. That makes tokenized repo one of the most tangible and potentially consequential use cases of blockchain in traditional finance.
“This is real,” said Elisabeth Kirby, head of market structure at Tradeweb, which launched a blockchain-based repo platform late last year. “It is very much not a proof-of-concept, or a ‘let’s revisit this in a couple of years’” scenario, she said. “We see this as a growth area.”
Why Now?
Activity has accelerated in the past year or so, with industry participants citing multiple converging factors that all seemed to gel at the same time.
As blockchain networks moved from testing to real transactions, regulators became more amenable to the idea of moving repo onto a new system — which is important because of how involved government agencies like the Federal Reserve can become when the market is disrupted. A more digital asset-friendly environment under President Donald Trump also helped drive activity from Wall Street.
And, as more customers became aware of the benefits, the reputation of blockchain shifted: no longer a side channel used by crypto buffs, but an accessible tool to improve trading and cut costs.
“The biggest change is that this is no longer a question of whether the technology works. It’s now focused on how quickly it can scale,” said Yuval Rooz, chief executive of Digital Asset Holdings. The firm, backed by large banks including JPMorgan and Goldman Sachs Group Inc. as well as DRW, Citadel Securities and Virtu, is behind a blockchain called Canton Network, now among the most popular in traditional finance.
The latest set of repo transactions on Canton in February used tokenized gilts as collateral in cross-border trades. Its technology is also used to power Broadridge’s Distributed Ledger Repo Platform, whose clients include UBS Group AG, HSBC and Societe Generale SA.
Bloomberg LP, the parent company of Bloomberg News, recently partnered with data provider Kaiko to develop a way for its data to be used onchain for tokenized US Treasuries and repo transactions on Canton.
How It Works
Models vary, but the key difference between traditional repo and the tokenized form has to do with how the cash and securities move between parties.
In the current structure, the market opens, there are fixed windows for putting in orders, things are closed overnight and on weekends. Most activity is routed through intermediaries, which manage collateral and settlement but add operational steps and fees. There can be phone calls asking for last-minute changes. Cross-border transactions can be particularly difficult due to time zones and holiday mismatches. Excess money can be tied up for hours, and trades can get disrupted or canceled for missed deadlines, collateral shortfalls or system outages.
Blockchain-based systems ease many of those pain points. A borrower can request funding through a digital interface, and once a lender agrees, the cash and collateral are represented as tokens. After both sides approve, the transaction is recorded on a blockchain, a shared and auditable record, for as long as the terms are set. Crucially, trades can be made at any time of the day, including outside traditional business hours.
“Blockchain as a technology can sort of lessen the distributional friction of capital,” said Sonali Das Theisen, global head of fixed-income, currencies and commodities e-trading and markets strategic investments at Bank of America Corp. “It’s healthy that we’re going in this direction.”
Real Money
For repo-market heavyweights, there are financial benefits, too. That is especially true for banks like JPMorgan that are not just saving on fees and transaction time, but on the amount of capital that heavily regulated firms must hold against trades.
A recent analysis sponsored by Broadridge showed that big banks could reduce their day-to-day “liquidity buffers” by 8% to 17% by putting 15% of their repo activity onto the blockchain. A lot depends on the size, location, business mix and risk appetite of the lender, but it has the potential to free up idle cash.
The Broadridge study cites one large, unnamed European bank, which estimates it holds about €1.1 billion ($1.3 billion) to meet intraday liquidity needs. Cutting that buffer by 15% would free up roughly €175 million for other uses or to reduce external funding, the analysis found.
It’s “orders of magnitudes of capital benefits,” said Horacio Barakat, a Broadridge executive who oversees global digital innovation. “Even small benefits can add up to tens of millions of dollars of savings a year.” The platform processed an average of $368 billion in daily repo transactions during April, with monthly volumes totaling nearly $8 trillion. The daily average is a 268% increase from a year earlier.
Industry efforts are also starting to converge. Late last year, the Depository Trust & Clearing Corp. — Wall Street’s main clearing house — said it will begin tokenizing some highly liquid assets it custodies, including Treasuries, Russell 1000 equities and exchange-traded funds.
That would widen the pool of eligible collateral for tokenized repo and, in turn, make it easier for firms to plug in and transact, with assets held at their existing custodian readily usable on distributed ledgers.
Round the Clock
New funding models like these will be needed to support a shift toward round-the-clock trading in traditional assets, now in the works, executives said. Nasdaq has outlined plans for 24-hour trading, while the New York Stock Exchange is developing a tokenized platform for continuous trading.
“As markets go 24/7, you really need that ability to get cash at any time,” said DRW founder Don Wilson. “Onchain repo is a really powerful thing to be able to facilitate that.”
DRW – which was an early Digital Asset backer – has been involved in a number of tokenized transactions on the network over the past year.
As with any new technology, there are still hurdles to clear in using blockchain for repo at scale. While Canton is popular, there are other systems that aren’t connected to one another. That means firms have to be set up to transact on a variety of systems, making it time-consuming and resource-intensive, with volumes spread across platforms.
The system is also untested at scale and through various cycles. Unlike the traditional market, which has had several stressful periods since the 2008 financial crisis — notably episodes of strain in 2019 and 2020 — blockchain systems have not been tried under similar real-world conditions, especially disruptions at odd hours.
Then there’s the familiarity factor. The current system may be inefficient, but traders have gotten used to the way it works. There are rules and expectations in place for when things change or go wrong. On blockchain, there is no such flexibility.
“I lost a lot of cushions — there is no fudging,” said Sandy Kaul, head of innovation at investment giant Franklin Templeton. “It’s written into the code. I can’t call someone up and say I need five more minutes.”
Still, for Kaul and many others in the market, these are issues to be managed — not reasons to revert to the status quo. “We are at a very important inflection point. This is the opening bell.”
--With assistance from Scott Patterson and Alex Harris.
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- Societe Generale: shares and voting rights as of 7 May 2026
May 11, 2026
Société Générale
NUMBER OF SHARES COMPOSING CURRENT SHARE CAPITAL AND TOTAL NUMBER OF VOTING RIGHTS AS OF 7 MAY 2026</b>
Regulated Information
Paris, 11 May 2026
Information about the total number of voting rights and shares pursuant to Article L.233-8 II of the French Commercial Code and Article 223-16 of the AMF General Regulations.
Date Number of shares composing current share capital Total number of
voting rights 7 May 2026 744,394,214 Gross: 829,949,025
Press contacts:
Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com
Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com
Societe Generale
Societe Generale is a top-tier European Bank with around 110,000 employees serving 27 million clients in 58 countries across the world. We have been supporting the development of our economies for over 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective - to deliver sustainable value creation for all our stakeholders.
The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:
French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank. Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG. Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.
Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).
In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.
Story Continues
For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.
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- Traders Looking for Next Leg in Global Stocks Rally Bet on Asia
May 9, 2026
(Bloomberg) -- As the focus moves away from the Iran war, investors and strategists alike are looking for the next leg up in equities. Many are turning to Asia.
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Shares in South Korea and Taiwan have rallied the most in the world this month, with the surge in the Kospi index taking it up 78% for the year. The two markets have been key beneficiaries of the euphoria surrounding artificial intelligence, thanks to the growing dominance of giants Samsung Electronics Co., SK Hynix Inc. and Taiwan Semiconductor Manufacturing Co.
Equity-derivatives strategists are increasingly recommending trades to bet on more gains, just as traders chasing the rally push up the cost of options. The result: Implied volatility for stocks in Taiwan and Korea is rising along with those markets. It’s now hovering around peak levels versus the S&P 500 Index for both the Taiex and the Kospi 200 Index, with the Cboe Volatility Index sinking back below its one-year average.
“The strength of the move is producing extreme reversals from prior trends,” said Jun Gyun, a derivatives analyst at Samsung Securities Co., referring to the Korean market. That’s creating the “vol up, spot up” pattern, which could last for “some time, until a period of consolidation emerges,” he added.
Tech and AI are back with a vengeance, leaving behind markets such as India, which is heavily dependent on oil, has low exposure to AI and a currency near a record low. Its S&P BSE Sensex Index, down 9.3% this year, is the world’s second-worst performer.
Korean shares have been so in demand that Interactive Brokers Group Inc. started giving US retail investors direct access to the market. Meanwhile, the assets under management for leveraged exchange-traded funds have surged to a peak, and they’re likely to grow further as authorities have approved the local listing of those for single stocks, according to a recent JPMorgan Chase & Co. report that said the products keep the risk of “flow-driven overshoots alive.”
Samsung Securities’ Jun sees long-gamma strategies tied to rising volatility as favorable for Korean equities in the near term. Looking out three months or longer, he says traders should consider building short-gamma exposure in anticipation of a volatility peak.
Story Continues
At Societe Generale SA, strategists noted that the 12‑month variance spread between the Kospi 200 and S&P 500 has reached extreme levels. Yet a meaningful reversal would need a “more benign” oil and geopolitical environment and a pause in the tech rally, conditions they don’t see happening in an “orderly manner” now, they wrote in a report where they said they don’t advise positioning for this scenario.
Meanwhile, JPMorgan strategists recommended bullish structures on the iShares MSCI Emerging Markets ETF, expecting the equities will continue to outperform given the AI theme, a more supportive macro backdrop and strong fundamentals. Ahead of the upcoming summit between Presidents Donald Trump and Xi Jinping, where AI policies are poised to be key points, investors boosted bullish positioning in US-traded Chinese ETFs, buying call spreads on the iShares China Large-Cap ETF and calls on the KraneShares CSI China Internet ETF.
Separately, JPMorgan strategists led by Tony Lee advised call spreads on the Taiex or worst-of calls on the Taiwanese gauge, the Kospi 200 and Japan’s Nikkei-225 Stock Average to bet on the AI hardware rally.
“US large-cap tech, Korean memory and component suppliers, and Taiwan’s semiconductor ecosystem are all showing the same pattern — earnings delivery remains strongest where exposure to AI hardware bottlenecks is highest,” the strategists wrote in a note. “Hardware remains the earnings backbone of the AI theme, and Taiwan remains its most efficient index level proxy.”
--With assistance from Christian Dass.
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- Société Générale Share Cancellation Reshapes Capital Structure And Payout Outlook
May 8, 2026
Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St.
Société Générale Société anonyme (ENXTPA:GLE) has carried out a sizeable reduction of its share capital by cancelling more than 7,000,000 treasury shares. The move follows recent authorization by the board of directors and directly affects the company’s capital structure. This cancellation adjusts the pool of outstanding shares and may influence key per share metrics and ownership percentages over time.
Société Générale, one of Europe’s major banking groups, operates in a sector that has been reshaped by regulation, digitalisation and ongoing shifts in monetary policy. For investors tracking ENXTPA:GLE, changes to the share count and capital structure can matter alongside updates on lending, trading or advisory activity.
For readers following the stock, this capital reduction is an additional data point to consider in longer term thinking about earnings per share, capital allocation and shareholder exposure. The full effect will depend on how the bank balances future capital needs, regulatory requirements and any further use of treasury shares or buybacks.
Stay updated on the most important news stories for Société Générale Société anonyme by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Société Générale Société anonyme.ENXTPA:GLE Earnings & Revenue Growth as at May 2026
Is Société Générale Société anonyme's dividend sustainable? Check out what every dividend investor needs to know in our dividend analysis.
The cancellation of 7,329,781 treasury shares reduces Société Générale’s share count, which can lift per share figures such as earnings per share and, over time, the dividend per share for a given total payout. For dividend focused investors, this move sits alongside the board’s intention to propose a €1.61 per share cash dividend for 2026 and recent quarterly net income of €1,696 million. At the same time, the group has been active in debt markets, issuing several fixed income instruments, including €750 million of 6% notes, while also planning to redeem €1b of outstanding notes. Together, these steps show that management is actively reshaping the mix between equity and debt capital. For you, the key question is how this balance influences future payout capacity, especially given an identified risk around an unstable dividend track record. The share cancellation does not, on its own, guarantee dividend growth, but it does mean each remaining share represents a slightly larger claim on future earnings and any cash distributions the bank decides to make.
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How This Fits Into The Société Générale Société anonyme Narrative
The reduction in share count aligns with the focus on capital discipline in the narrative, supporting efforts to improve return metrics and income ratios over time. Relying on both equity cancellations and new debt issuance could challenge the narrative if higher interest costs eventually pressure net interest income driven profitability. The specific impact of treasury share cancellations on dividend stability and payout policy is not fully reflected in the narrative, which concentrates more on earnings and cost efficiency.
Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Société Générale Société anonyme to help decide what it's worth to you.
The Risks and Rewards Investors Should Consider
⚠️ The company has an unstable dividend track record, so past payouts may not be a reliable guide to future income. ⚠️ Analysts flag a low allowance for bad loans and a relatively high level of bad loans, which can affect future earnings and the capacity to fund dividends through the cycle. 🎁 Earnings grew by 22.8% over the past year, which supports the recent dividend proposal and share cancellation as part of an earnings backed capital return story. 🎁 Earnings are forecast to grow 5.39% per year, which, if achieved, could support ongoing distributions alongside reinvestment and capital requirements.
What To Watch Going Forward
After this capital reduction, keep an eye on how the dividend per share evolves relative to earnings and regulatory capital requirements. Track future General Meeting proposals on dividends, any new share buyback or cancellation programs, and further bond issuance or redemptions, as these will influence Société Générale’s payout flexibility. It is also worth watching credit quality indicators and the allowance for bad loans, because any uptick in credit losses can quickly feed through to earnings and dividend capacity.
To ensure you're always in the loop on how the latest news impacts the investment narrative for Société Générale Société anonyme, head to the community page for Société Générale Société anonyme to never miss an update on the top community narratives.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include GLE.PA.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Oil Ticks Higher as Gulf Clashes Threaten to Derail Ceasefire
May 8, 2026
(Bloomberg) -- Oil edged higher as traders speculated on whether fresh clashes between the US and Iran would derail a fragile ceasefire, dimming hopes a peace deal may be struck soon.
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Brent crude, the global benchmark, rose 1.2% to settle around $101 a barrel, but still notched a weekly drop of about 6%. Renewed fighting in the Persian Gulf rattled markets even as US officials said they expect Iran to respond to its latest proposal to end the war imminently and reopen the vital shipping route, the Strait of Hormuz.
The oil market’s focus remains on the strait, which has been effectively closed since the war began at the end of February. That’s triggered an unprecedented supply shock, with flows of crude choked off and wells across the region shut in.
Iran criticized the US on Friday and said it had violated their ceasefire agreement. The country is also preparing a plan for the “legal regime” of the strait, according to a statement cited by the semi-official Tasnim news agency.
“Control of the Strait of Hormuz has emerged as Iran’s strongest bargaining chip,” Societe Generale SA analysts including Ben Hoff wrote in a note. “Recent vessel seizures and harassment underscored that while diplomacy is the base case, there is a material risk of renewed fighting.”
US forces carried out airstrikes on two empty Iranian oil tankers that were trying to break a US naval blockade of the country’s ports, and the US targeted missile and drone launch sites in Iran that it said were responsible for attacking three American warships.
US President Donald Trump said the three American warships had successfully exited the waterway, and were undamaged, according to a social-media post. The ceasefire remains in effect, Trump said after those exchanges of fire.
“Oil is trading between two risks: diplomacy on one side and another escalation on the other,” said Charu Chanana, chief investment strategist at Saxo Markets in Singapore. “Markets are still giving the peace proposal a chance, but not enough of a chance to take the war premium out.”
The latest clashes heighten tensions across the region, as the US tries to exit the war that’s imposed an increasing burden on consumers with retail gasoline and diesel prices spiking. Inflation conerns have pushed US consumer sentiment to a record low for a second straight month.
Story Continues
Crude briefly dipped on Friday afternoon after Trump announced that there would be a three day ceasefire between Russia and Ukraine. The conflict, which sent prices soaring when it first began in 2022, has recently been overshadowed by the Iran war.
Prices fluctuated in a roughly $10 range this week as expectations for a resolution to the conflict shifted by the minute. On Monday, Brent futures surged to about $115 after Iranian attacks on ships and energy infrastructure in the United Arab Emirates, as the US sought to guide vessels through Hormuz.
Futures have since eased as the Trump administration waits for Tehran to respond to its one-page document that would move to end fighting and reopen the strait, even though the two sides would still need to negotiate a deal over Iran’s nuclear program.
Iran’s leaders have yet to indicate whether they’ll accept the proposal’s terms.
Extreme volatility has forced dealers to scale back their risk exposure, pushing open interest in the global benchmark to nine-month lows.
Adding to the confusion, Iran on Friday said it seized a tanker in the Gulf of Oman that appeared to be a sanctioned vessel carrying the Islamic Republic’s own oil. The United Arab Emirates, meanwhile, said on Friday air-defense systems were intercepting missiles and drones.
The head of the International Energy Agency warned the world was losing 14 million barrels of oil a day because of the war, and ramping up production after the conflict would be gradual. Fatih Birol also reiterated during a visit to Canada on Thursday that the Paris-based IEA was prepared to take further action after members agreed in March to release 400 million barrels.
Bridgewater Associates founder Ray Dalio said the outcome of the US-Iran conflict can be defined in “almost black-and-white terms of who will control the Strait of Hormuz,” according to comments to a New York Times podcast.
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- Societe Generale: Capital decrease by cancellation of treasury shares
May 7, 2026
Société Générale
CAPITAL DECREASE BY CANCELLATION OF TREASURY SHARES
Regulated Information
Paris, 7 May 2026
On 29 April 2026, the Board of Directors, upon authorization of the Extraordinary General Meeting of 22 May 2024, decided to reduce Societe Generale’s share capital on 7 May 2026, by cancellation of 7,329,781* shares bought-back for cancellation purpose.
The share capital of Societe Generale now amounts to EUR 930,492,767.50, divided into 744 394 214 ordinary shares, with a nominal value of EUR 1.25 each.
Information regarding total amount of voting rights and shares will be updated and available in the section “Monthly reports on total amount of voting rights and shares”.
Press contacts:
Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com
Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com
* In accordance with the legal requirement to cancel a maximum of 10% of share capital per 24 months period.
Societe Generale
Societe Generale is a top-tier European Bank with around 110,000 employees serving 27 million clients in 58 countries across the world. We have been supporting the development of our economies for over 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective - to deliver sustainable value creation for all our stakeholders.
The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:
French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank. Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG. Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.
Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).
Story Continues
In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.
For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.
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Societe-Generale_Capital-decrease-cancellation-treasury-shares
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- Societe Generale: shares and voting rights as of 30 April 2026
May 7, 2026
Société Générale
NUMBER OF SHARES COMPOSING CURRENT SHARE CAPITAL AND TOTAL NUMBER OF VOTING RIGHTS AS OF 30 APRIL 2026</b>
Regulated Information
Paris, 7 May 2026
Information about the total number of voting rights and shares pursuant to Article L.233-8 II of the French Commercial Code and Article 223-16 of the AMF General Regulations.
Date Number of shares composing current share capital Total number of
voting rights 30 April 2026 751,723,995 Gross: 837,331,870
Press contacts:
Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com
Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com
Societe Generale
Societe Generale is a top-tier European Bank with around 110,000 employees serving 27 million clients in 58 countries across the world. We have been supporting the development of our economies for over 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective - to deliver sustainable value creation for all our stakeholders.
The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:
French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank. Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG. Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.
Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).
In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.
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For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.
Attachment
Societe-Generale-shares-voting-rights-30-04-2026
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- Earnings Beats in Europe Mask Tougher Times Ahead for Stocks
May 7, 2026
(Bloomberg) -- A strong earnings season is hiding tougher times ahead for European stocks as the effects of the Iran war make it harder for companies to meet lofty profit expectations in the quarters to come.
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Surprisingly good corporate results have helped European stocks stage a rapid recovery from their conflict lows, supported by a conviction among investors that Middle East de-escalation is on the way.
First-quarter earnings growth is running at 5.6% year-on-year for the MSCI Europe Index, exceeding market expectations of 2.6%, according to a Bloomberg Intelligence tracker. The bar is about to be raised.
“Our concerns lie more for the second, third and fourth quarters of the year,” said Roland Kaloyan, head of European equity strategy at Societe Generale SA in Paris. “Expectations are much higher, while there is a risk that the negative impact of the war, on supply chains, energy or raw material costs will likely be felt further down the road.”
Projections for profit increases in Europe are high and keep getting upgraded. The consensus is for a jump of 11% in 2026, and 10.2% in 2027. That also implies that the bulk of the growth this year needs to happen in the next three quarters, a view that looks optimistic should the economy take a hit from elevated oil prices.
The rebound in European equities in recent weeks has also been extremely narrow, with a handful of stocks responsible for most of the advance and the earnings revisions. The energy sector has led the way, with a few other star performers in semiconductors, infrastructure and among artificial intelligence beneficiaries such as ASML Holding NV, Nokia Oyj and ABB Ltd.
“Overall, it’s a good quarter with a nice earnings momentum year-to-date,” Kaloyan said. “But if you take out energy stocks, miners and semiconductors, earnings revisions are rather negative.”
European earnings estimates are on the rise, but much of that is down to massive boosts in the energy sector. Profit expectations for this group have been upgraded by over 50% since the start of the war, according to Goldman Sachs Group Inc. strategists, echoing the aftermath of Russia’s invasion of Ukraine four years ago.
“Similar to what happened in 2022, EPS estimates are rising in aggregate driven by commodity sectors,” said Goldman strategists led by Peter Oppenheimer and Sharon Bell. “These sectors make up a large weighting in aggregate earnings and are seeing sharp hikes in estimates.”
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Yet, while rising earnings for energy companies is a boon at the index level given their outsized impact, the picture is less positive elsewhere. Consumer areas in particular — such as travel, autos and luxury — are struggling. The Goldman strategists raised their Stoxx Europe 600 earnings-per-share growth forecast for 2026 to 10%, from 5%, and trimmed their 2027 projection to 5%, from 7%, as they expect energy earnings to tail off next year.
The season has seen flagship misses from consumer discretionary stocks. LVMH SE and Kering SA both warned of weaker demand partly due to the war in the Middle East, while Hermes International SCA also reported a rare dip in sales. By contrast, some industrials geared to infrastructure like ABB saw a surge in orders, while big beats came from energy producers like Shell Plc.
Analysts may step up their earnings forecast changes now that the way forward for conflict appears to point increasingly toward de-escalation. And it’s the pace of revisions that’s likely to matter in the near term.
A Citigroup Inc. earnings revision gauge for Europe excluding the UK has started moving toward the upgrade zone over the past few weeks. It has jumped to its highest level since February last year, after being mostly negative over the past 15 months.
“While absolute earnings levels matter for long-term returns, changes in earnings expectations are often the key driver of shorter-term performance in European equities,” said UBS Group AG strategists led by Gerry Fowler. “Earnings revisions act as a powerful source of new information that investors react to and often, revisions have serial correlation.”
A key feature of European profit growth is that it’s nowhere near the pace achieved in the US. S&P 500 Index companies are tracking increases of almost 27% year-on-year, compared with the 12% tipped pre-season. Megacap tech stocks have been driving growth and the AI hype is showing no sign of a slowdown.
Additionally, the breadth of surprises in Europe has been narrower, with less than 50% of companies beating estimates, while over 34% missed. That compares with over 83% beating consensus in the US.
Strategists at Barclays Plc have kept their preference for US stocks over Europe, citing resilient earnings momentum at America Inc. Valuations have cheapened, with tech looking the most attractive in close on a decade. In Europe, they note more signs of caution on the outlook from companies and a greater risk of downgrades.
The strategists see potential positives for the outlook on both sides of the Atlantic.
“We think falling poll ratings and rising gasoline price/mortgage rates ahead of mid-terms means President Trump will likely remain inclined to end the conflict soon, while EU could also find some offset from a decent domestic recovery in the second half as German fiscal stimulus kicks in,” the team led by Emmanuel Cau said.
--With assistance from Julien Ponthus.
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©2026 Bloomberg L.P.
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- Holding(s) in Company
May 7, 2026
ICG PLC
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
GB00BYT1DJ19
Issuer Name
ICG PLC
UK or Non-UK Issuer
UK
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Name
Societe Generale
City of registered office (if applicable)
London
Country of registered office (if applicable)
United Kingdom
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
05-May-2026
6. Date on which Issuer notified
06-May-2026
7. Total positions of person(s) subject to the notification obligation
. % of voting rights attached to shares (total of 8.A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer Resulting situation on the date on which threshold was crossed or reached 5.272973 0.035388 5.308361 15175191 Position of previous notification (if applicable)
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1) GB00BYT1DJ19 15074027 5.272973 Sub Total 8.A 15074027 5.272973%
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights Sub Total 8.B1
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights Contract For Difference 25/02/2028 25/02/2028 Cash 5234 0.001831 Contract For Difference 02/05/2029 02/05/2029 Cash 95930 0.033557 Sub Total 8.B2 101164 0.035388%
9. Information in relation to the person subject to the notification obligation
1. Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.
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Ultimate controlling person Name of controlled undertaking % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold
10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
12. Date of Completion
06-May-2026
13. Place Of Completion
London, United Kingdom
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