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Wall Street futures fall as JPMorgan begins earnings season; inflation tests loom.
U.S. Stock Index Futures fell on Tuesday, as investors awaited a key inflation report to get fresh clues about where interest rates will go next. JPMorgan Chase's earnings for the fourth quarter kicked off earnings season. JPMorgan Shares were up by 1.1% during choppy trading in the premarket after Goldman Sachs' quarterly profit exceeded estimates. However, a one-time fee associated with its deal to take over Apple’s credit card partnership was also weighing down on them. There are many other big banks that will be reporting later this week. Expected to Post a Stronger Quarterly Results S, helped by a pick-up in dealmaking. BNY increased its target for an important profitability measure but shares of the custodian banks fell 0.6%. Delta ?Air Lines Shares fell by 5.6%, despite the fact that the airline had projected a 20% increase in earnings by 2026. United Airlines and American Airlines both fell by about 3%. At 6:55 am. At 6:55 a.m. ET, Dow Eminis had fallen 11 points or 0.01%. S&P Eminis had dropped 7.5 points or 0.11%. Nasdaq Eminis fell 67.25 or 0.26%. Focus on the Interest Rate Outlook The markets are preparing for the next inflation report at 8:30 a.m. The December data is expected to show a rise in consumer prices, which would support the Federal Reserve's decision to hold interest rates when they meet later this month. Wall Street began the week in a bad mood after U.S. authorities opened a criminal probe into the Fed chair Jerome Powell. This sparked new concerns about the central bank’s independence, and drew sharp criticism from prominent Republicans. Markets bounced back in the afternoon session as tech giants and Walmart gained, sending the S&P 500 to new record closings. Investors have shrugged off geopolitical worries, such as U.S. military actions and the capture of Venezuelan president Nicolas Maduro ten days ago. Instead, they are focusing on artificial intelligence, and their expectations for strong earnings, which has propelled the indexes up to new heights. Since the start of this year, investors have been attracted to small-cap stocks due to their high valuations. However, it is yet unknown if the trend will continue. BlackRock Investment Institute's strategists predict that the gap between the "Magnificent 7" tech giants, and the rest, will continue to narrow. They also expect a rise in economically sensitive sectors. Productivity gains from AI may help offset earnings downgrades. Russell 2000 gained 6.2% during the first seven days of trading in 2026 compared to a S&P 500 rise of 1.9%. KeyBanc upgraded the shares of both chipmakers to "overweight" and Intel shares gained 3.4%. (Reporting and editing by Maju Samuel in Bengalur; reporting by Medha Singh, Pranav Kashyap).
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CPC Blend oil loadings resumed after the storm, but January exports were 70% behind schedule according to sources
Four sources claim that January exports are already 70% behind schedule after the weather-related suspension of the Caspian Pipeline Consortium terminal. The interruption to CPC oil exports limits supply for the vast Tengiz oil fields and Kashagan oil field operated by U.S. oil majors and European oil companies. The CPC Blend oil loadings may be further complicated by a drone attack that took place on Tuesday near the CPC terminal. The CPC pipeline, which handles more than 80% of Kazakhstan's oil exports, transports oil to the Black Sea terminal at Yuzhnaya Ozereyevka, near Novorossiysk. Two sources claim that the 'CPC' has already cancelled 19 oil cargoes originally planned to be loaded in January, as its terminal operations are still restricted to a single mooring (SPM), and winter storms disrupted loadings. One of them stated that the exports had been at just 500,000 barrels per day in January, which is about 70% less than the initial loading schedule. CPC has been working to resume SPM 3 operations for the past few months, but the winter storms have made it difficult to complete repairs. This has delayed the completion of the work. SPM 3 and SPM 2 were still not operational as of Tuesday. CPC's terminal can only work at half its capacity with SPM 1 - and bad weather is also a constraint. The weather forecasts indicate that storms will return after January 17, complicating loading. One source involved with CPC exports stated that it was difficult for the terminal to keep up with the plan because there is only one SPM operational. CPC suspended oil exports at the Black Sea terminal on December 30 of last year. Loading resumed on January 5 for two days. CPC's representative refused to comment on terminal operations.
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Oil prices spike on potential Iranian supply disruption
The oil prices continued to rise on Tuesday as heightened concerns about the major Iranian producer and possible supply disruptions overshadowed the?prospects of an increased crude supply coming from Venezuela. Brent futures rose $1.20 or 1.9% to $65.07 per barrel at 1150 GMT. This is the highest Brent has been since mid-November. U.S. West Texas Intermediate Crude climbed $1.23 or 2.1% to $60.73. John Evans of PVM Oil Associates said, "The oil markets are building some price protection to counter geopolitical factors." Evans highlighted the possible exclusion of Iran’s?exports as well as the problems in Venezuela, the talks about the Russia-Ukraine conflict and the Greenland issue. Iran, one the largest producers of oil in the Organization?of Petroleum Exporting countries, is currently facing its most violent anti-government protests in many years. Donald Trump warned of possible military action after a government crackdown on protesters led to thousands of arrests and hundreds of deaths, according to a rights group. Trump said on Monday that any nation that conducts business with Iran would be charged a 25% tariff on all business done with the United States. Iran exports most of its oil to China. Unidentified drones also struck four Greek-managed tankers on Tuesday. Eight sources said that the tankers were on their way to the Caspian Pipeline Consortium terminal near the Russian coast. Janiv Shah of?Rystad said that for the moment, concerns over a glut in supply have been put on hold. He added that excessive refinery output in Europe is weighing down the gasoil markets. Unrest supports Brent's Premium Brent crude oil's price premium over Middle East benchmark 'Dubai' rose to its highest level since July on Tuesday as geopolitical tensions between Iran and Venezuela boosted the global 'price marker', LSEG data revealed. Barclays stated in a note that "unrest in Iran added approximately $3-4 per barrel to the geopolitical premium of oil prices." The markets are also concerned about the additional crude oil supply that will hit the market with a return of Venezuelan exports. Trump announced last week that Caracas was ready to 'hand over to the U.S. up to 50 million barrels oil subject to Western sanctions. Oil trading houses from around the world have beaten U.S. energy giants in the race to control Venezuelan oil flows. Reporting by Seher DAREEN in London, Anushree MUKHERJEE in Bengaluru, and Jeslyn LERH in Singapore. Editing by Bernadette BAUME and David GOODMAN
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Delta places Boeing 787 in order to forecast earnings growth on premium travel demand
Delta Air Lines, on Tuesday, forecast a 20% increase in earnings by 2026, citing strong corporate and consumer demand, as well as rising sales for premium travel. The airline also announced that it had agreed to purchase 30 Boeing 787-10 aircraft to bolster its long-haul fleet. The shares of the airline fell by nearly 5% during premarket trading, as the forecasts were largely "below" estimates. As lower-income consumers are under pressure due to inflation and a weaker purchasing power, the airline is benefiting from a resilient demand from higher-income travelers. This divergence was apparent in the December quarter when the overall passenger revenue increased by just 1%. However, this masked a growing gap within the cabin. The revenue for main-cabin tickets fell by 7% compared to a year ago, but revenue from premium products grew by 9%. Delta CEO Ed Bastian stated that the majority of Delta's seat expansion is planned for premium products. The main cabin will see little growth. The airline's long term strategy is reinforced by the fact that new aircraft are configured with more premium seats. Bastian said that the outlook was "upbeat," noting the record bookings at the beginning of the year. However, the airline maintains a range in its forecast because of ongoing geopolitical uncertainty and policy-related uncertainties. Delta, based in Atlanta, expects a full-year adjusted earnings per share between $6.50 and $7.50 as well as free cash flow between $3 billion and $4 billion. Delta expects revenue growth between 5% and 7% for the March quarter. It also forecasts adjusted earnings per share of $0.50-$0.90. LSEG surveyed analysts who expect earnings per share of $7.25 for the year, and $0.72 for each quarter. INTERNATIONAL RECOVERY - UNVEIL Bastian stated that the international demand is still strong, despite markets like Canada and China not yet fully recovering. Capacity to China remains well below pre-pandemic levels. He said that the World Cup soccer tournament could be a catalyst for inbound travel and ease a blockage in international demand. In 2025, the airline had its highest ever level of premium revenue and diversification. Nearly 60% of its total revenue came from premium cabins and loyalty programs, as well as other non-ticket revenue sources such as its long-standing relationship with American Express. Bastian, a Delta spokesperson, told reporters that Delta's customers prioritize travel and high-quality experiences. The disparity in consumer spending has also changed the shape of the U.S. aviation industry. Low-cost and Ultra-low-cost Carriers, who rely heavily upon price-sensitive travellers, have struggled with weak profitability and excess capacities, leading to consolidation and retrenchment. Allegiant announced plans to purchase Sun Country Airlines while Spirit Airlines filed for bankruptcy. Bastian stated that "the lower-end consumers are struggling." We are fortunate to not live in that area. BOEING ORDER DIFFERSIFIES LONG HAUL FLEET Delta's adjusted fourth-quarter earnings of $1.55 per share barely beat analyst's expectations. However, results were affected by the longest U.S. government shutdown in history, which caused tens and thousands of flight disruptions, and reduced quarterly profits by about $200 million. In 2025, the airlines also suffered a drop in demand due to the sweeping U.S. Tariffs that eroded consumer confidence. Delta's outlook for 2026 assumes that these disruptions won't be repeated. Delta, as part of its long-term fleet plan, will purchase 30 Boeing 787-10 widebody planes, with an option for another 30, and deliveries are expected to begin in 2031. Delta will have a brand-new aircraft with the 787-10. Bastian explained that the aircraft was chosen for its efficiency and flexibility in mid-range international routes. This includes those across the Atlantic, to South America and other destinations where ultra-long range capability is not needed. He said that the 787-10 was cheaper to operate than larger widebodies like the Airbus A350 on many missions. Delta Airlines has been a strong proponent of Airbus for the last 15 years. Its fleet is centered around the A220, A320, and A350 narrowbody aircraft, as well as its flagship A330 widebody. Bastian explained that the Boeing order was a deliberate attempt to diversify the suppliers and reduce reliance on one manufacturer, as the airline expanded internationally. He said that it was difficult to run a business if the airline relied on a single supplier. (Reporting and editing by Jamie Freed; Reporting by Rajesh Kumar Singh)
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Delta's Boeing 787 order is a bet on the premium travel market and its positive outlook.
Delta Air Lines, which has a long-haul fleet, forecast a 20% increase in earnings by 2026. It cited strong corporate and consumer demand, as well as rising sales. As lower-income customers are under pressure due to 'inflation' and a weaker purchasing power, the airline is benefiting from a resilient demand from higher-income travellers. This divergence was apparent in the December quarter when the overall passenger revenue increased by just 1%. However, this masked a growing gap within the cabin. The revenue for main-cabin tickets fell by 7% compared to a year ago, but revenue from premium products grew by 9%. Delta CEO Ed Bastian stated that the majority of Delta's seat expansion is planned for premium products. The main cabin will see little growth. The airline's strategy is reinforced by the fact that new aircraft are equipped with more premium seats. Bastian described the outlook for the airline as "upbeat" pointing out record booking trends at the beginning of the year. However, the airline maintains a range in its forecast because of ongoing geopolitical uncertainty and policy-related uncertainties. Atlanta-based Delta Airlines expects adjusted earnings per share for 2026 to be between $6.50 and $7.50, with free cash flow between $3 billion and $4 billion. Delta expects revenue growth between 5% and 7% for the quarter ending March, with adjusted earnings per share ranging from $0.50 to $0.90. LSEG surveyed analysts who expect earnings per share of $7.25 for the year, and $0.72 for each quarter. International Recovery Uneven Bastian stated that the international demand is still strong, even though some markets, such as Canada and China, have not recovered fully. Capacity to China remains well below levels before the pandemic. He said that the World Cup soccer tournament, which is coming up in a few months' time, could unlock international travel and ease a blockage. The airline ended 2025 having the highest premium and diverse revenue of its history. Nearly 60% of its total revenue came from premium cabins and loyalty programs, as well as other non-ticket revenue sources such as its long-standing relationship with American Express. Bastian, a Delta spokesperson, told reporters that Delta's customers prioritize quality travel experiences and continue to value them. The imbalance of consumer spending has also changed the shape of the U.S. aviation industry. Low-cost and Ultra-low-cost Carriers, who rely heavily upon price-sensitive travellers, have struggled to maintain profitability due to excess capacity and weak profits, leading them into consolidation and retrenchment. Allegiant announced plans to purchase Sun Country Airlines while Spirit Airlines filed for bankruptcy. Bastian stated that "the lower-end consumers are struggling." We are fortunate to not live in that area. BOEING ORDER DIFFERSIFIES LONG HAUL FLEET Delta's adjusted fourth-quarter earnings of $1.55 per share barely beat analyst's expectations. However, results were affected by the longest U.S. government shutdown in history, which caused tens and thousands of flight disruptions, and reduced quarterly profit by about $200 million. In?2025 airlines also suffered a drop in demand due to the sweeping U.S. Tariffs that eroded consumer confidence. Delta's outlook for 2026 assumes that these disruptions won't be repeated. Delta will purchase 30 Boeing 787-10 Widebody Aircraft as part of its fleet strategy. It has options to buy an additional 30 aircraft. Deliveries are expected to begin in 2031. Delta will be introducing a new aircraft with the 787-10. Bastian stated that the aircraft was chosen for its efficiency and flexibility in mid-range international routes. This includes across the Atlantic, to South America and other destinations where ultra-long range capability isn't required. He said that the 787-10 was cheaper to operate than larger widebodies like the Airbus A350 on many missions. Delta Airlines has been a strong Airbus supporter for the last 15 years. Its fleet is based on Airbus' A220, A320, and A350 narrowbody aircraft, as well as its flagship A330 widebody. Bastian explained that the Boeing order was a deliberate attempt to diversify the suppliers and reduce reliance on one manufacturer, as the airline expanded internationally. He said that it was difficult to run a business if the airline relied on a single supplier. (Reporting and editing by Jamie Freed; Reporting by Rajesh Kumar Singh)
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Air India faces UK lawsuits from the estates of those who died in a 2025 plane crash
Air India is facing a London suit from the 'estates' and relatives of some of the deceased in relation to the crash of the passenger jet that occurred on June 20, 2025, which resulted in the death of 260 people. According to court records, 11 plaintiffs filed a personal injury lawsuit at the High Court on December 18. Further details were not immediately available. A Boeing 787-8 Dreamliner carrying 242 passengers bound for London Gatwick Airport 'lost height seconds' after take-off from the western city of Ahmedabad, on June 12. It erupted into a fireball when it struck a medical school hostel. The crash killed 19 people at the ground and one person on the plane. Air India, and the lawyers who represent?the claimants? did not respond immediately to a request for comment. Families of the four victims are notified separately. suing Boeing In the United States, the claim was that the accident was caused by allegedly defective fuel switches. The lawsuit, filed in September blames Boeing, Honeywell and the switch manufacturers for the crash. (Reporting and editing by Sarah Young, Muvija M, Sam Tobin)
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Aena Spain records record 332,6 million passengers by 2025
Aena's Spanish Airports tallied 321.6 million passengers? in 2025. This marks a third consecutive annual record. The company has exceeded its February forecast by?320 millions. This represents a 3.9% rise from 2024. These gains highlight Spain's appeal as a European tourism center, even though the global airline industry is struggling with delays in aircraft deliveries, labor shortages and rising operating costs which have?limited capacity growth elsewhere. The operator reported that the airports in Spain with the most passengers are Madrid's Adolfo Suarez Barajas, Josep Tarradellas Barcelona El Prat, and Palma de Mallorca. Aena stated that it is developing its investment plan to accommodate the increasing demand for 2027-2031. In a statement, the company stated that "Traffic records for recent years are a clear indicator of this need as well as of a situation which will 'arise in future years regarding infrastructure." The company has not provided an updated outlook beyond 2026. (Reporting and editing by Matt Scuffham in Gdansk)
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South Korea's NOFI buys estimated 130,000 tons corn, traders say
European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc., (NOFI), bought an estimated 130,000 metric tonnes of animal 'feed -corn? in a Tuesday international tender. The bid was for up to 207,000 tons. Two 65,000-ton corn consignments were purchased. They could have come from either the United States, South America or South Africa. They said that a third consignment, which was also requested in the tender and due to arrive on May 20, did not get purchased. The first consignment of corn was purchased at an estimated price of $241.50 per ton, including freight (c&f), plus an additional $1.50 surcharge for port unloading. The seller is believed to be Zen-Noh trading house, with corn arriving in South Korea on April 30. The second consignment, valued at $240.50 per ton c&f was purchased with an additional $1.50 surcharge per?ton for port unloading. Trading house Agrex was thought to be the seller, with?corn arriving in South Korea on or around May 10th. The reports reflect the assessments of traders and it is still possible to estimate prices and volumes later. The Traders say that Asian import demand has been sparked by the U.S. corn futures falling to near 12-week-lows on Monday due to estimates of "large U.S. stocks". Cargill Agri Purina, a South Korean importer, has launched an international tender for the purchase of up to 140.000 tons corn. The deadline is Wednesday. Michael Hogan is reporting from Hamburg. Mark Potter (Editing)
Pilots who hide their mental health issues to continue flying are more likely to be successful.
Annie Vargas saw her son slip away and begged him to get help. Her son Brian Wittke (a 41-year old Delta Air Lines Pilot and father of three) resisted, fearing that seeking treatment for depression could cost him his license.
Vargas said that the drop in air travel caused by the pandemic affected Wittke's mental health.
Vargas sent Wittke a text message on the morning of 14 June 2022. However, his location information was not available. When the text reappeared in 2022, Wittke was dead by suicide near his home in the Utah Mountains outside Salt Lake City.
Interviews with over 30 commercial airline pilots, industry officials and medical experts, along with a review medical studies, revealed that many pilots hide mental health issues for fear of losing their license if they disclose therapy, medication or seek help. This puts themselves and their passengers in danger.
In order to write this article, I spoke with at least 24 commercial airline pilots from the U.S. as well as foreign carriers. They said they were reluctant about disclosing mental health problems, even if minor or treatable, for fear of immediate grounding, and a costly, lengthy medical review which could lead to their career ending.
Pilots cited a variety of reasons why they did not come forward about mental health issues, including airline policy, regulatory requirements, and social stigma.
REAL PEOPLE REAL PROBLEMS
Vargas stated that "real people have real problems." "They shouldn't be punished for dealing with their problems."
Vargas told the reporter that she spoke to the media because she wanted the tragedy of the family to challenge the mental health culture in the aviation industry. Details of Vargas' account were confirmed by Wittke’s wife.
Delta described Wittke as a valuable team member, and referred to his death as "tragic and heartbreaking". The pilot community is stigmatized against seeking mental healthcare, according to the report. Delta, like many other major U.S. carriers offers confidential peer-support programs and counseling for its staff. Delta recently launched an employee assistance program for its pilots. It offers access to coaching and therapy, and takes into consideration medical certification requirements.
The airline stated that it would continue to strive to provide additional solutions.
In many industries, employees or regulators such as the Federal Aviation Administration do not need to be involved in seeking medical or psychological care.
Pilots are subject to stricter standards in aviation. They must maintain their FAA medical certificate by meeting rigorous physical and mental criteria. In some cases, they may be required to undergo medical examinations every six months. Pilots who have anxiety or depression could be grounded. Mild cases can be resolved quickly. Severe conditions, however, require an FAA review which can take up to one year.
In a press release, the FAA stated that it was committed to prioritizing mental health for pilots. It is constantly updating its approach in line with the latest medical research.
Interviews reveal that stigma and the fear of being grounded remain a major obstacle to addressing mental health in pilots.
The European Union Aviation Safety Agency has increased the oversight of medical examiners. It also requires that airlines offer pilots peer support programs.
The FAA in the United States has expanded its list of antidepressants approved for mental health conditions. The FAA has created a path for pilots to disclose an ADHD diagnosis. Airlines and pilot unions expanded confidential peer-support programs.
The Civil Aviation Safety Authority of Australia allows pilots who suffer from depression or anxiety to maintain their medical certification if they manage safety risks. This is done on a case by case basis, even while they are receiving treatment. Kate Manderson said that her team usually completes certification reviews within 20 days.
The gap between perception and policy is still wide. A 2023 study of 5 170 U.S. pilots and Canadians found that more than half avoided healthcare due to concerns of losing their flying status. A morbid pilot saying captures the feeling: "If you're not lying, you're not flying." Pilot unions, industry groups and advocacy groups are calling on the FAA adopt the recommendations made by its Aviation Rulemaking Committee. These recommendations will protect pilots who report issues and expedite their return to duty. The U.S. House of Representatives voted in September to require that the FAA implement these changes within two year.
WAITING TO be cleared to fly
Elizabeth Carll is a 36-year-old commercial airline pilot in the United States. She believes that reforms are needed now. She was grounded in 2021 during her training as a pilot after she revealed she was taking a low dosage of anti-anxiety medicine. She waited for six months to get an appointment with a mental health specialist approved by the FAA after a six-month mandatory waiting period. After spending more than a full year reviewing the report, the regulator decided that it was outdated and ordered a new examination.
Carll did not experience financial hardship while she was in training as a flight attendant, but any change to her medication could result in the same long and costly process.
"The joke is that you ignore it and pretend that it doesn't occur because people are scared of losing their livelihood." A spokesperson for the FAA said that it is updating its mental-health policies and has approved more medication. When asked about Carll's situation, the spokesperson declined to comment and refused to disclose how long it usually takes for medical reports of pilots who are undergoing mental health treatment.
The FAA spokesperson stated that "we encourage pilots to seek early help if they are suffering from a mental health condition, since the majority of these conditions, when treated, will not prevent a pilot's ability to fly." In June, the safety of pilots was brought to light when Air India Flight 171 crashed shortly after takeoff and killed 260 people. In a preliminary report, it was found that both fuel shutoff switches were manually operated. This ruled out mechanical failure. The final report will be released in a few months.
The Indian government reported that Air India had a slight rise in sick leave among all its fleets after the crash. The airline directed pilots to an app that promotes mental health.
Air India did not provide a comment. Former Alaska Airlines pilot Joseph David Emerson, who was riding off-duty in the cockpit in 2023 when he tried to shut down a passenger aircraft's engines in November of that year, received a sentence for time served as well as three years probation. In court documents, Emerson admitted to police that he had a nervous break down and was on psychedelic mushroom therapy.
He refused to be interviewed by this article.
"A BETTER PIPET TODAY"
The financial impact of a pilot being grounded due to a medical concern can be severe. After using their sick leave, pilots are often put on disability which can drastically reduce their income. Troy Merritt is a 33-year old U.S. commercial pilot who voluntarily grounded himself on December 20, 2022, and began taking medication when he realized that depression and anxiety were affecting his ability to safely fly.
To get back into the cockpit, he had to take stable medication for six months and undergo a series psychological and cognitive testing -- some of which was not covered by his health insurance. The process, he said, cost him around $11,000.
This figure could not be independently confirmed.
Merritt had been grounded 18 months before he was able to return to flying. He lived off disability insurance. He said that pilots shouldn't have to wait for six months before reapplying for a medical certification if they responded well to treatment. The FAA should also review such applications in 30 days.
Avoiding mental health care opens the door for pilots to avoid taking care of themselves. Merritt, speaking from his home near the Los Angeles International Airport, said that this is when cockpit problems can occur. Merritt said that he is living proof of the benefits that mental health treatment can have on pilots. He spoke under the condition that his employer not be identified.
After his recovery, he began to train to fly in larger aircraft to destinations such as Shanghai and Hong Kong - long-haul flights that he had previously found intimidating.
He said, "I am a better pilot than I used to be." Reporting by Rajesh K. Singh in Salt Lake City, Chicago, Dan Catchpole, Erica Stapleton, Phoenix, Salt Lake City, Joe Brock, Los Angeles. Doyinsola Oladipo, Lisa Barrington, Aditya Kahra, Abhijith Ganapavaram, and Suzanne Goldenberg contributed additional reporting from New York City and Seoul.
(source: Reuters)