US to revoke visas of asylum seekers

26. Aug 2026

(AWP Alliance News) - Stocks in Europe are called to open higher and oil prices retreat as Iran and Oman discuss a framework for a temporary corridor in Hormuz.

Here is what you need to know before the European market open on Wednesday:

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MARKETS

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CAC 40: called up 9.7 points, 0.1%, at 8,448.90

DAX 40: called up 8.6 points, broadly flat, at 26,274.74

FTSE 100: called up 35.5 points, 0.3%, at 10,921.66

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Hang Seng: up 0.7% at 25,685.40

Nikkei 225: up 0.6% at 66,237.49

S&P/ASX 200: down 0.2% at 9,146.90

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DJIA: closed up 160.24 points, 0.3%, at 53,577.40

S&P 500: closed up 24.42 points, 0.3%, to 7,677.28

Nasdaq Composite: closed up 171.11 points, 0.7%, at 26,151.30

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US 10-year Treasury yield: 4.64% (4.65%)

US 30-year Treasury yield: 5.18% (5.19%)

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EUR: lower at USD1.1663 (USD1.1671)

GBP: higher at USD1.3635 (USD1.3632)

USD: lower at JPY158.99 (JPY159.25)

GOLD: lower at USD4,641.77 per ounce (USD4,642.09)

OIL (Brent): lower at USD86.29 a barrel (USD89.31)

(changes since previous London equities close)

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ECONOMIC CALENDAR

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08:30 EDT Canada manufacturer sales

10:00 CEST Switzerland economic sentiment index

08:30 EDT US personal consumption expenditures

08:30 EDT US quarterly personal consumption expenditures

08:30 EDT US GDP

08:30 EDT US durable goods orders

10:30 EDT US EIA crude oil stocks

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TOP ECONOMIC NEWS

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The US government plans to revoke the visas of foreigners who came to the country for tourism or business but sought to stay longer by applying for asylum, the State Department said. The administration said it is now working with the Department of Homeland Security to identify and revoke the visas of people who, it said, came to America billing themselves as temporary visitors but then applied for asylum so they could stay permanently. "Obtaining a visa in order to seek asylum is fraud - which is grounds for visa revocation," State Department spokesman Tommy Pigott said in a statement that confirmed press reports about the new policy. The White House, in a post on X, suggested "up to two hundred thousand visas" would be affected and claimed it would be the "largest mass visa revocation in history."

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The US extended its decades-long trade embargo on Cuba by another year, drawing fury from the island's communist government. US president John F Kennedy first established the embargo in 1962 by invoking the "Trading with the Enemy Act," which allows Washington to restrict trade with countries it considers foes. Tuesday's extension therefore did not come as a surprise, but does coincide with one of the most difficult moments in Cuba's modern history.

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Iran and Oman's foreign ministers said they discussed a framework for a temporary corridor through the Strait of Hormuz and a mine-clearing project in the waterway which both border. The two countries have sought to regulate transit through the Strait of Hormuz, as written in the US-Iran memorandum of understanding, after the waterway became a flashpoint in the Middle East war. Omani Foreign Minister Badr Albusaidi said that he hoped his country and Iran would soon announce the establishment of a temporary shipping corridor in the Strait of Hormuz. "I am hopeful that we will soon announce a temporary corridor for the Strait of Hormuz, as well as practical arrangements to restore safe navigation. Future management of the strait and a permanent solution will follow in due course," Albusaidi said in a statement after meeting Iranian counterpart Abbas Araghchi in Tehran.

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Japan plans to provide support for alternative pipelines in the Middle East as it seeks to improve energy security in the wake of the Iran war, local media reported. The Nikkei daily reported that Japan will assist initiatives by Saudi Arabia and other countries to expand and build new routes for crude which bypass the waterway. Other measures to be decided by a government meeting include an initiative for a special crude oil reserve to produce naphtha, broadcaster NHK reported. Naphtha is an oil by-product used in a wide range of industries.

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Australia's consumer price inflation slowed in July, official data showed. According to the Australian Bureau of Statistics, the consumer price index rose 3.5% year-on-year in July, slowing from a 3.8% rise in June. The latest reading is above the FXStreet-cited consensus forecast of 3.2%. Trimmed mean inflation excluding volatile items was 3.6% in July on-year, unchanged from June's reading. On a monthly basis, CPI rose 1.0% in original terms and increased 0.6% in seasonally adjusted terms.

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COMPANY CALENDAR

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Agilent Technologies Inc - Q3 results

Aroundtown SA - half year results

Bank of Montreal - dividend payment date

Bath & Body Works Inc - half year results

CrowdStrike Holdings Inc - half year results

Hochschild Mining PLC - half year results

Kenvue Inc - dividend payment date

National Bank of Canada - Q3 results

Nvidia Corp - half year results

Okta Inc - half year results

Prosus NV - AGM

Salesforce.com Inc - half year results

Sensata Technologies Holding PLC - dividend payment date

Sirius XM Holdings Inc - dividend payment date

Urban Outfitters Inc - half year results

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TOP COMPANY NEWS

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OpenAI and Broadcom's new Jalapeno chips are performing better than Nvidia's GB300 in testing, vice president of Hardware Richard Ho told Bloomberg. Ho said the Jalapeno processor proved stronger than the GB300 in two categories: the amount of AI work it could handle per unit of power and the speed at which it returned responses. The ChatGPT maker aims to start using its own chips later this year, potentially reducing significant costs, Ho said.

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SpaceX and the state of Louisiana announced plans to develop a high-cadence spaceport for Starship on the Louisiana Gulf Coast. The planned expansion will directly enable SpaceX's ability to launch Starship thousands of times per year, the Starbase, Texas-based space technology and artificial intelligence company said in a statement. SpaceX said the self-sustaining spaceport is being designed to have everything necessary to "dramatically" increase the rate at which Starship can launch. The site will include 10 Starship launch pads, deep-water shipping capabilities, vehicle processing facilities, and an airport.

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Woolworths reported higher annual profit and sales in financial year 2026, driving it to raise its total dividend. The Sydney-based retailer said net profit after tax jumped 18% to AUD1.14 billion in financial year ended June 30, approximately USD815.4 million, from AUD963 million a year earlier. Basic earnings per share increased 18% to 93.2 Australian cents from 78.9 cents. Sales rose 3.6% to AUD71.54 billion from AUD69.08 billion. Woolworths declared a final dividend of 52 Australian cents per share, up 16% from 45 cents. The total dividend was 97 cents per share, also 15% higher from 84 cents in financial 2025.

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Intuit delivered better-than-expected fourth quarter revenue, boosted by strong growth in QuickBooks, but shares fell back as guidance missed expectations. The Mountain View, California-based financial software provider said net income fell 4.7% to USD363 million in the three months ended July 31 from USD381 million the year prior. Revenue increased 14% to USD4.35 billion from USD3.83 billion, beating company guidance for growth of 11% to 12%. Basic earnings per share eased to USD1.34 from USD1.36. For financial 2027, Intuit guided to revenue of USD23.28 billion to USD23.51 billion, on-year growth of 9% to 10%, below FactSet consensus of USD23.72 billion.

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Zoom posted surging quarterly results, but shares fell as guidance disappointed. For the current quarter, the San Jose, California-based video conferencing platform expects to report adjusted profit of USD1.47 per share, shy of the Bloomberg-cited analyst estimate of USD1.50. Zoom reported revenue of USD1.28 billion in the three months to July 31, its financial second quarter, up 4.9% from USD1.22 billion a year prior. Net income jumped to USD1.54 billion from USD358.6 million the year before. Diluted earnings per share multiplied to USD5.15 from USD1.16 the year before. Zoom now expects annual revenue between USD5.085 billion and USD5.095 billion, up from USD5.080 billion to USD5.090 billion previously.

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Commonwealth Bank of Australia said an in-principle agreement has been reached to settle a long-running class action brought against it along with Colonial First State Investments and Avanteos Investments. The case, filed in 2018 by Slater & Gordon law firm on behalf of affected customers, concerns cash and deposit options issued by CBA and offered through CFSIL superannuation and wrap products between 2008 and 2021. The proceedings alleged the options were not operated in line with disclosure obligations. "In agreeing to resolve the proceedings, CBA, CFSIL and AIL continue to deny the allegations and make no admission of liability or wrongdoing," the Sydney-based bank said. If approved by the Federal Court of Australia, the AUD249 million settlement, worth USD178.9 million, will be distributed to eligible class members under a court-approved scheme, after deductions including legal fees and funding costs.

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easyJet and Ithaca Energy are likely to join the FTSE 100, with Entain and Persimmon set to be relegated, FSTE Russell said. The likely changes are based on data as of August 21. The actual quarterly index review will be announced after market close on September 2, based on data to September 1. Promoted to the FTSE 250 is Birmingham, England-based Pinewood Technologies Group, a software provider for automotive sellers, and Volex, the Hampshire, England-based maker of power and data transmission products. Set to be relegated from the FTSE 250 are Gaydon, England-based luxury sports car maker Aston Martin Lagonda Global Holdings and Chester, England-based identity and location technology provider GB Group.

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Siemens Energy said it has begun preparations to spin-off its Transformation of Industry business. The Munich, Germany-based energy technology firm said the spin-off will create a new independent industrial energy solutions company with "greater entrepreneurial flexibility and additional options for further growth". Siemens Energy said growth options will include external investment and the potential for a capital markets transaction. Siemens Energy will maintain a minority stake in the new business. The company will focus on power generation and power transmission, it said.

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WiseTech said revenue surged in its 2026 financial year on the back of its acquisition of Addison, Texas-based global supply chain software company e2open. The Sydney, Australia-based logistics software company reported that revenue jumped to USD1.40 billion for the year ended 30 June, increasing 79% from USD778.7 million the year prior. Statutory net profit after tax fell to USD178.7 million, 11% lower than USD200.7 million a year ago. On an underlying basis, net profit jumped 29% to USD313.5 million from USD243.0 million previously. Underlying earnings per share grew to 94.0 US cents per share, increasing 28% from 73.1 cents in financial year 2025. WiseTech declared a final dividend of 8.8 US cents per share, an increase of 14% on 7.7 cents per share a year ago.

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Lynas Rare Earths reported sharply stronger annual profit in financial year 2026 as rare earth prices improved and its growth strategy advanced. The Perth, Australia-based producer of separated rare earth materials said profit multiplied to AUD222.4 million, approximately USD159.4 million, in the year to June 30 from AUD8.0 million in financial year 2025. Basic earnings per share also multiplied to 22.15 Australian cents from 0.85 cents. Revenue surged 76% to AUD977.9 million from AUD556.5 million

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Sandfire Resources said annual revenue was up significantly as profit surged over financial year 2026. The Perth, Australia-based miner reported revenue of USD1.65 billion for the year ended 30 June, increasing 40% from USD1.18 billion the year prior. Profit after tax was USD345.3 million over the period, multiplying from USD89.9 million for the year prior. Basic earnings per share also multiplied, reaching 76.9 US cents per share for financial year 2026, up from 2.3 cents per share a year ago. The firm declared a final dividend of 35 Australian cents per share, compared with no dividend for financial year 2025.

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Perseus Mining hailed "record" financial performance for financial year 2026 as it announced a new share buyback programme. The Perth, Australia-based gold producer said profit after tax increased 14% to USD480.5 million in the twelve months to June 30 from USD421.7 million a year ago. Earnings per share climbed 17% to 31.73 US cents from 27.02 cents. Revenue for the year surged 19% to USD1.48 billion from USD1.25 billion. Perseus declared a final dividend of 9.0 Australian cents per share, lifting the total dividend by 87% to 14.0 Australian cents per share from 7.5 cents in financial 2025. The Perseus board has also approved a further on-market share buyback of up to AUD350 million of ordinary shares, which will commence on September 24.

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Netwealth posted weaker annual profit for financial year 2026 due to compensation payments that outweighed double-digit revenue growth. The Melbourne, Australia-based financial services and technology company maintained its final dividend at 21.0 Australian cents per share, while the total dividend for the year grew 9.1% to 42.0 cents from 38.5 cents. Netwealth said profit fell 48% to AUD60.7 million in the 12 months ended June 30 from AUD116.5 million in the previous year. Diluted earnings per share also declined by 48% to 24.7 cents from 47.5 cents. However, total income grew 21% to AUD391.1 million from AUD324.4 million, with revenue 21% higher at AUD382.9 million and other income up 2.5% at AUD8.2 million. Netwealth forecasts FUA net inflows of AUD18 billion to AUD20 billion in financial year 2027, an increase of 17% to 30% stemming form underlying momentum and new growth initiatives.

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Paladin Energy said annual revenue in financial year 2026 has jumped on the back of its mine production increase in Namibia. The Perth, Australia-based uranium producer reported revenue of USD304.3 million for the financial year ended 30 June, increasing 71% from USD177.7 million the previous year. During the period the firm sold 4.35 million pounds of uranium at an average price of USD70.0 per pound, compared with 7.71 million pounds at USD65.7 a year ago. Paladin narrowed its net loss after tax to USD9.1 million, compared with a loss of USD76.5 million the year prior.

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Worley said revenue and profit were down for financial year 2026, with figures impacted by the conflict in the Middle East. The Sydney-based provider of engineering, project and asset management solutions posted revenue of AUD10.71 billion for the year ended 30 June, down 4.7% from AUD11.24 billion the previous year. Net profit after tax and amortisation was AUD306 million, falling 36% from AUD475 million the year prior. Attributable profit was AUD238 million, down 42% from AUD409 million. Basic earnings per share fell to 47.1 Australian cents per share, down 39% from 77.6 cents per share the previous year. The firm declared a final dividend of 25 Australian cents per share.

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Lovisa reported solid global sales momentum that drove growth in financial year 2027. The Hawthorn East, Australia-based fast-fashion jewellery retailer said net profit after tax climbed 11% to AUD95.6 million in the twelve months to June 30 from AUD86.3 million a year prior. Earnings per share jumped 11% to 86.3 Australian cents from 78.1 cents. Annual revenue surged 18% to AUD938.8 million from AUD798.1 million. Lovisa declared a final dividend of 33.0 Australian cents per share, bringing the total dividend to 86.0 cents per share, up 12% from 77.0 cents in financial year 2025.

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Flight Centre Travel posted stronger financial results for financial year 2027 with profit notably higher and revenue up slightly. The South Brisbane, Australia-based travel agency said statutory net profit after tax jumped 38% to AUD149 million in the financial year ended June 30 from AUD108 million in the previous year. Earnings per share was 43% higher at 70.9 Australian cents per share from 49.6 cents. Flight Centre Travel lifted its dividend by 5.0% to 42.0 cents per share from 40.0 cents. Revenue rose 2.5% to AUD2.9 billion from 2.8 billion.

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Tabcorp announced strong profit growth in financial year 2026 with the company generating slightly higher revenue and reducing costs across some parts of the business. The Melbourne, Australia-based gambling company said statutory net profit after tax climbed 27% to AUD46.3 million in the 12 months ended June 30 from AUD36.6 million in the previous year. Earnings per share rose 25% to 2.0 Australian cents per share from 1.6 cents. Tabcorp raised its final dividend by 50% to 1.5 cents from 1.0 cents, also lifting the total dividend for the year by 50% to 3.0 cents per share from 2.0 cents previously. Revenue edged up 0.8% to AUD2.64 billion from AUD2.61 billion.

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Domino's Pizza Enterprises reported that statutory results deteriorated while underlying profit increased in financial year 2026. The Brisbane, Australia-based retail food outlets and franchise services said underlying net profit after tax rose 4.0% to AUD121.6 million in the year to June 30 from AUD116.9 million a year ago. However, statutory net loss after tax sharply widened to AUD134.2 million from AUD3.7 million. Underlying earnings per share increased 1.8% to 128.5 Australian cents from 126.3 cents. Network sales fell 6.8% to AUD3.87 billion from AUD4.15 billion.

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Ingenia Communities said it will expand its exposure to the attractive living sector and realise synergies from the acquisition of Perth, Australia-based residential developer Peet. Under the agreement, Peet shareholders are entitled to receive a cash consideration of AUD0.68 per share along with 0.3367 Ingenia stapled securities per Peet share. As part of this transaction, Ingenia has also signed a term sheet with North Beach, Australia-based Brown-Neaves Investments to form a joint venture on Peet's Flagstone City project in Brisbane, Australia.

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By Judy Amaca, Alliance News reporter Asia Pacific

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