FTSE 100 hits a record

Stocks

Summary:

The FTSE 100 hit a record high, driven by miners and healthcare stocks, as markets shrug off Trump's tariff threats. AI momentum and Nvidia’s surge fuel optimism, while the dollar weakens.

Risk sentiment is buoyant on Thursday, with the exception of Brazilian markets, Europe’s main stocks indices are higher, the dollar is lower, and bond markets are clam, with UK Gilts outperforming. The FTSE 100 reached a fresh record high and is now up more than 16% since April’s low. US stock index futures are down slightly on Thursday but have picked up from their lows as risk sentiment gathers momentum.

FTSE 100 surges to record highs, as tariff threats ignored

The FTSE 100 is being led higher by miners, and the materials sector is higher by more than 3% on Thursday. Healthcare stocks are also strong across Europe. This may sound counterintuitive, President Trump has just announced tariffs on copper, and is threatening a 200% levy on pharma imports, so why are these sectors rallying? The reason is that there has been very little concrete details about how tariffs will be applied, which is why we are seeing these sectors steal the spotlight: investors expect Trump to back-track. Thus, after heavy declines for Brazilian stocks on Wednesday they may also recover later today.

FX market: dollar fades as tariff threat recedes

A similar theme can be see in the FX space. The south African rand and the Korean won are the best performers across the EM FX space on Thursday, clawing back losses from earlier this week after President Trump announced tariffs on South Africa and South Korea. Thus, we could see the Brazilian real also claw back some of Wednesday’s losses later today.

President Trump’s reciprocal tariff deadline came and went, now the focus has shifted back to AI and tech stocks. Nvidia surged to a fresh record high on Wednesday, and its market cap surged to $4 trillion at one stage, the first company in the world to do so. Of course, AI is a massive theme, but is Nvidia, a chip maker really worth more than the entire market capitalization of the FTSE 100 and the German Dax?

Nvidia: the good news keeps coming

Nvidia does not report earnings until late August, but the market has upgraded its earnings estimates for the company for the second quarter. Analysts now expect revenues of $45.5bn for last quarter, up from $44.06bn in the first three months of the year. There were a couple of drivers for Nvidia’s push back into record high territory on Wednesday: Meta is continuing to spend big on its AI infrastructure build out, which means more sales for Nvidia from one of its biggest customers. Also, Nvidia’s CEO is heading to China this week to launch a new AI chip that is designed especially for the Chinese market. This chip would have to get around US export controls for tech, however, it could be a major new revenue stream for Nvidia if the launch is successful. Reports in the UK press suggest that the chip could come into effect in September, which could lead to a raft of earnings upgrades for later this year and into 2026, which is also good news for the share price.

Growth stocks like Nvidia and other tech stocks are the biggest factor driving US indices this week. Earnings revisions as we lead up to Q2 earnings season and momentum are also powerful drivers. This is helping to keep the main US stock indices buoyant and close to record highs, which is why we expect any weakness in US indices on Thursday to be mild.

FOMC minutes fail to move the dial for rate cut expectations

Last night’s Fed minutes have weighed slightly on sentiment towards US stocks as we move through to Thursday, and US stock index futures are pointing to a mildly lower open. We will be watching to see if Nvidia can continue to extend gains after rising more than 13% in the past month. The Fed minutes suggest that there is a split at the Federal Reserve, with some members concerned about the impact of tariffs on inflation, and others less worried about potential upside risks for CPI. The Fed Fund Futures market is still expecting 2 rate cuts by year end, and expectations for interest rates at the end of this year are little changed at 3.79%.

Ahead today, the focus will be on initial jobless claims in the US, and whether they will trend lower like they did last week, and any news on an EU/US trade agreement.

source : xtb

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Glendon

Economic

Commodity

Opec has raised its forecast for world energy demand for the medium and long term as global economies expand and population growth boosts requirements for oil.

Overall energy demand in the long term is expected to increase by 23 per cent to reach 378 million barrels of oil equivalent per day by 2050, the supergroup of oil producers said on Thursday in its World Oil Outlook 2050 report.

In the medium term, global oil demand is projected to increase by 9 per cent to reach 113.3 million barrels per day by 2030, from 103.7 million bpd in 2024, while in the long term, it is forecast to surge by 18.5 per cent to reach 123 million bpd by 2050, Opec said.

This will be driven by “expanding economic growth, rising populations, increasing urbanisation, new energy-intensive industries like artificial intelligence, and the need to bring energy to the billions without it”, Haitham Al Ghais, secretary general of Opec, said.

The global population is expected to reach 9.7 billion by 2050, from 8.2 billion in 2024, with the working age population set to increase by 800 million over the same period to reach about 6.1 billion.

The global urbanisation rate is also expected to rise to 68 per cent from 58 per cent during the period, resulting in about 1.9 billion people moving to cities by 2050, Opec said.

The world economy, meanwhile, is set to more than double in size to $358 trillion by 2050, with global average income expected to rise during the period, according to Opec.

India, Africa and Middle East to lead demand growth

Countries outside the Organisation for Economic Co-operation and Development (OECD), including India, Africa and Middle East states, are projected to lead the oil demand growth for both medium and long-term forecast periods.

The non-OECD oil demand during the long term is projected to increase by almost 28 million bpd, while OECD oil demand is set to witness a decline of 8.5 million bpd.

Combined demand in India, other Asia, the Middle East and Africa is set to increase by 22.4 million bpd between 2024 and 2050, with India alone adding 8.2 million bpd, the report said. China’s oil demand is projected to increase by less than 2 million bpd over the same period.

Road transport and petrochemicals to play key role

Road transport, petrochemicals and aviation are expected to play a key role in boosting demand for oil. The transportation sector accounted for more than 57 per cent of global oil demand in 2024 and is projected to retain this share over the entire forecast period. A significant demand increase of 4.7 million bpd is also projected in the petrochemicals sector.

“Oil underpins the global economy and is central to our daily lives,” Mr Al Ghais said. “There is no peak oil demand on the horizon.”

Opec+ countries have been boosting production since April in anticipation of higher demand after curtaining production for several years.

The group will boost production by 548,000 bpd for August, it said last week, after increasing output by 411,000 bpd for each of May, June and July. The group also approved an increase of 138,000 bpd in April.

"You can see that even with the increases for several months, we haven’t seen a major build-up in inventories, which means the market needed those barrels," Suhail Al Mazrouei, the UAE’s Minister of Energy and Infrastructure, said in Vienna on Wednesday.

"What we want is stability and you cannot be short-sighted just by looking at the price. We need the price to be right for investments to happen," he said, adding that countries with big oil reserves were still not investing enough.

Boosting investments in oil sector

Mr Al Ghais also underscored the importance of boosting investments in the oil sector, with investment requirements of $18.2 trillion until 2050.

“It is vital that these investments are made for consumers and producers everywhere, as well as for the effective functioning of the global economy at large,” Mr Al Ghais said.

Oil markets remained volatile this year amid US President Donald Trump’s tariff plans and the Israel-Iran conflict.

Crude prices started the year strongly. The closing price of Brent, the benchmark for two-thirds of the world's oil, peaked at more than $82 a barrel on January 15, while West Texas Intermediate, the gauge that tracks US crude, hit almost $79 per barrel on that day.

However, demand concerns, a slowing global economy and less-than-stellar growth in China, the world's biggest crude importer, have weighed on crude prices this year.

Mr Trump’s push to impose hefty tariffs on trade partners has been the biggest driver of declining oil prices.

Source: THENATIONALNEWS

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Adam

Economic

Market Overview

U.S. equity futures are modestly lower early Thursday after the S&P 500 recouped part of its tariff-driven slide.

As of 08:30 GMT, S&P 500 futures are down 0.25%, Nasdaq 100 futures off 0.29%, and Dow futures lower by 0.24% (107 points). The market remains focused on President Trump’s announced 50% tariff on Brazil starting August 1, citing “unfair trade relationships.” Brazil has confirmed it will respond under its economic reciprocity law.

Wednesday saw the S&P 500 and Dow close higher by 0.6% and 0.5%, respectively, with the Nasdaq gaining 0.9% to close at a record high, driven by strong AI momentum.

Nvidia rose nearly 2%, briefly touching a $4 trillion market cap, while Palantir added 2.5%. Boeing (+3.7%) and Caterpillar (+2%) led industrial gains, lifting the sector to a record close alongside tech.

Investors remain focused on the inflationary impact of tariffs after the Fed’s June minutes showed officials split on the scale and timing of rate cuts.

Key Economic Releases

At 12:30 GMT, Weekly Jobless Claims for the week ending July 5 are due, with forecasts expecting an increase of 2,000 to 235,000 from 233,000 prior. A higher reading could support Fed easing expectations if labor market cooling aligns with inflation moderation, while a lower print may challenge near-term dovish bias and support yields.

Notable Earnings

Delta Air Lines (DAL) reports pre-market, with the Street expecting Q2 EPS of $2.02 on revenue of $15.4 billion. Focus will be on management’s view of tariff-related business travel impacts.

Additional pre-market reports:

Conagra (CAG): $0.59 EPS est.

Helen of Troy (HELE): $0.90 EPS est.

Simply Good Foods (SMPL): $0.50 EPS est.

Post-close reports:

Levi Strauss (LEVI): $0.13 EPS est.

PriceSmart (PSMT): $1.12 EPS est.

WD-40 (WDFC): $1.44 EPS est.

Central Bank Activity

The Fed’s June minutes highlighted a split on the timing and scope of potential rate cuts, with discussion around tariff-driven inflation risks and potential downside pressures on consumption and investment.

Today, FOMC members Musalem, Waller, and Daly are scheduled to speak. Markets will monitor remarks on tariff impacts, the labor market, and the policy path, with traders watching for any recalibration of near-term Fed guidance.

Commodities, Crypto, and Bonds

Daily Bitcoin (BTCUSD)

Bitcoin surged to a fresh record above $112,000, supported by institutional flows, dovish Fed speculation, and broader risk-on sentiment tied to AI sector momentum.

Technical Outlook

S&P 500 E-mini Futures trade near 6,298 with resistance at 6,333.25. Support is layered at the 50-day moving average at 6,009.50, the 200-day moving average at 5,988.10, and the swing bottoms at 5,959.00 and 5,808.75.

The Day Ahead: Markets Today Eye Jobless Claims, Delta Earnings, Fed Remarks, AI Momentum_3

Nasdaq 100 E-mini Futures trade near 23,030 with resistance at 23,112. Support is layered at the 50-day moving average at 21,727.80, the 200-day moving average at 21,288.80, and the prior lows at 21,566.75 and 20,943.50.

The Day Ahead: Markets Today Eye Jobless Claims, Delta Earnings, Fed Remarks, AI Momentum_4

Dow E-mini Futures trade near 44,636 with resistance at 45,177 and secondary resistance at 46,326. Support is layered at the 200-day moving average at 43,537, the 50-day moving average at 42,893.60, and the prior low at 42,088.00.

Outlook

Focus remains on AI-led momentum despite tariff concerns. Weekly claims data will provide near-term clarity for Fed expectations, while speeches from Musalem, Waller, and Daly may deliver additional directional cues. Traders should monitor Delta’s earnings for confidence signals while watching for retests or breaks of resistance across indices into Friday’s positioning flows.

Source: fxempire

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Warren Takunda

Economic

China–U.S. Trade War

President Donald Trump singled out Brazil for import taxes of 50% on Wednesday for its treatment of its former president, Jair Bolsonaro, showing that personal grudges rather than simple economics are a driving force in the U.S. leader’s use of tariffs.

Trump avoided his standard form letter with Brazil, specifically tying his tariffs to the trial of Bolsonaro, who is charged with trying to overturn his 2022 election loss. Trump has described Bolsonaro as a friend and hosted the former Brazilian president at his Mar-a-Lago resort when both were in power in 2020.

“This Trial should not be taking place,” Trump wrote in the letter posted on Truth Social. “It is a Witch Hunt that should end IMMEDIATELY!”

There is a sense of kinship as Trump was indicted in 2023 for his efforts to overturn the results of the 2020 U.S. presidential election. The U.S. president addressed his tariff letter to Brazilian President Luiz Inacio Lula da Silva, who bested Bolsonaro in 2022.

Lula responded in a forceful statement that said Trump’s tariffs would trigger the country’s economic reciprocity law, which allows trade, investment and intellectual property agreements to be suspended against countries that harm Brazil’s competitiveness.

He noted that the U.S. has had a trade surplus of more than $410 billion with Brazil over the past 15 years.

“Brazil is a sovereign country with independent institutions that will not accept being taken for granted by anyone,” Lula said.

Bolsonaro testified before the country’s Supreme Court in June over the alleged plot to remain in power after his 2022 election loss. Judges will hear from 26 other defendants in the coming months, and legal analysts say a decision could come as early as September. The country’s electoral authorities have already barred Bolsonaro from running for office until 2030.

The former president did not comment about Trump’s tariff decision on his social media channels, but wrote that he is being politically persecuted.

In his statement, Lula defended the country’s legal system, saying the “proceedings against those who planned the coup d’etat is a competence of the Brazilian judiciary and is not subject to interference or threats that harm the independence of national institutions.”

For Trump, the tariffs are personal

Trump also objected to Brazil’s Supreme Court fining of social media companies, saying the temporary blocking last year amounted to “SECRET and UNLAWFUL Censorship Orders.” Trump said he is launching an investigation as a result under Section 301 of the Trade Act of 1974, which applies to countries with trade practices that are deemed unfair to U.S. companies.

Among the companies the Supreme Court fined was X, which was not mentioned specifically in Trump’s letter. X is owned by Elon Musk, Trump’s multibillionaire backer in the 2024 election whose time leading Trump’s Department of Government Efficiency recently ended and led to a public feud over the U.S. president’s deficit-increasing budget plan. Trump also owns a social media company, Truth Social.

“In Brazil, freedom of speech is not mistaken by aggression or violent behavior,” Lula said in his statement. “To operate in our country, every company, local or foreign, must be subjected to Brazilian legislation.”

Brazilian lawmakers allied with Lula blamed Bolsonaro and two of his sons, congressman Eduardo Bolsonaro and Sen. Flávio Bolsonaro, for Trump’s tariff action. Sen. Lindbergh Farias, the whip of Lula’s Workers’ Party in the Senate, said on social media that the Bolsonaros “must be very happy to harm Brazil, our economy and our jobs.”

The Brazil letter was a reminder that politics and personal relations with Trump matter just as much as any economic fundamentals. And while Trump has said the high tariff rates he’s setting are based on trade imbalances, it was unclear by his Wednesday actions how the countries being targeted would help to reindustrialize America.

The tariffs starting Aug. 1 would be a dramatic increase from the 10% rate that Trump levied on Brazil as part of his April 2 “Liberation Day” announcement. In addition to oil, Brazil sells orange juice, coffee, iron and steel to the U.S., among other products. The U.S. ran a $6.8 billion trade surplus with Brazil last year, according to the Census Bureau.

Trump initially announced his broad tariffs by declaring an economic emergency, arguing under a 1977 law that the U.S. was at risk because of persistent trade imbalances. But that rationale becomes problematic in this particular case, as Trump is linking his tariffs to the Bolsonaro trial and the U.S. exports more to Brazil than it imports.

Trump also targeted smaller trade partners

Trump also sent letters Wednesday to the leaders of seven other nations. None of them — the Philippines, Brunei, Moldova, Algeria, Libya, Iraq and Sri Lanka — is a major industrial rival to the United States.

Most economic analyses say the tariffs will worsen inflationary pressures and subtract from economic growth, but Trump has used the taxes as a way to assert the diplomatic and financial power of the U.S. on both rivals and allies. His administration is promising that the taxes on imports will lower trade imbalances, offset some of the cost of the tax cuts he signed into law on Friday and cause factory jobs to return to the United States.

Trump, during a White House meeting with African leaders, talked up trade as a diplomatic tool. Trade, he said, “seems to be a foundation” for him to settle disputes between India and Pakistan, as well as Kosovo and Serbia.

“You guys are going to fight, we’re not going to trade,” Trump said. “And we seem to be quite successful in doing that.”

Trump said the tariff rates in his letters were based on “common sense” and trade imbalances, even though the Brazil letter indicated otherwise. Trump suggested he had not thought of penalizing the countries whose leaders were meeting with him in the Oval Office — Liberia, Senegal, Gabon, Mauritania and Guinea-Bissau — as “these are friends of mine now.”

Countries are not complaining about the rates outlined in his letters, he said, even though those tariffs have been generally close to the ones announced April 2 that rattled financial markets. The S&P 500 stock index rose Wednesday.

“We really haven’t had too many complaints because I’m keeping them at a very low number, very conservative as you would say,” Trump said.

Tariff uncertainty returns with Trump’s letters

Officials for the European Union, a major trade partner and source of Trump’s ire on trade, said Tuesday that they are not expecting to receive a letter from Trump listing tariff rates. The Republican president started the process of announcing tariff rates on Monday by hitting two major U.S. trading partners, Japan and South Korea, with import taxes of 25%.

According to Trump’s Wednesday letters, imports from Libya, Iraq, Algeria and Sri Lanka would be taxed at 30%, those from Moldova and Brunei at 25% and those from the Philippines at 20%. The tariffs would start Aug. 1.

The Philippine government’s reaction has been relatively tame. Its ambassador in Washington, Jose Manuel Romualdez, said the country will seek new negotiations with the U.S. to lower the 20% tariff.

The Census Bureau reported that last year the U.S. ran a trade imbalance on goods of $1.4 billion with Algeria, $5.9 billion with Iraq, $900 million with Libya, $4.9 billion with the Philippines, $2.6 billion with Sri Lanka, $111 million with Brunei and $85 million with Moldova. The imbalance represents the difference between what the U.S. exported to those countries and what it imported.

Taken together, the trade imbalances with those seven countries are essentially a rounding error in a U.S. economy with a gross domestic product of $30 trillion.

The letters were posted on Truth Social after the expiration of a 90-day negotiating period with a baseline levy of 10%. Trump is giving countries more time to negotiate with his Aug. 1 deadline, but he has insisted there will be no extensions for the countries that receive letters.

The president threatened additional tariffs on any country that attempts to retaliate.

Savarese reported from Rio de Janeiro. Associated Press writers Jim Gomez in Manila, David McHugh in Frankfurt, Germany, and Eileen Ng in Kuala Lumpur, Malaysia, contributed to this report.

Source: AP

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Michelle

Economic

Forex

The number of Americans filing new applications for jobless benefits unexpectedly fell last week, suggesting employers may be holding on to workers despite other indications of a cooling labor market.

Initial claims for state unemployment benefits dropped 5,000 to a seasonally adjusted 227,000 for the week ended July 4, the Labor Department said on Thursday. Economists polled by Reuters had forecast 235,000 claims for the latest week. The data included last week's July Fourth holiday and claims tend to be volatile around public holidays.

Economists and U.S. central bankers have generally viewed the labor market as solid, if weakening somewhat. This is a view reinforced by last week's monthly jobs report that showed the unemployment rate ticking down to 4.1%, though largely because the workforce shrank, and a bigger-than-expected gain of 147,000 jobs, though highly concentrated in just a few sectors.

Fed Chair Jerome Powell has noted that in the current low-hiring and low-firing environment, any increase in layoffs could rapidly push up the unemployment rate.

So far that has not happened, though nearly 100 U.S. companies have announced layoffs this month, including Microsoft and Intel. Economists say President DonaldTrump'sstill unsettled tariff policy is making it difficult for businesses to plan ahead.

Hiring has been lackluster, making it harder for people out of work to find jobs. Last month's jobs report showed the median duration of unemployment rose in June to 10.1 weeks from 9.5 weeks in May.

The number of people receiving unemployment benefits after an initial week of aid, a proxy for hiring, increased 10,000 to a seasonally adjusted 1.965 million during the week ending June 28, Thursday's claims report showed.

The so-called continuing claims are at their highest level since November 2021, suggesting those who lose a job are taking longer to find a new position.

The Federal Reserve last week left its policy rate in the 4.25%-4.50% range where it has been since December as central bankers wait to see if tariffs push up inflation before moving to lower rates.

Source: TradingView

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Adam

Commodity

Oil prices edged lower on Thursday as investors weighed the potential impact of U.S. President Donald Trump's tariffs on global economic growth.

Brent crude futures were down 53 cents, or 0.8%, at $69.66 a barrel by 1210 GMT. U.S. West Texas Intermediate crude fell 62 cents, or 0.9%, to $67.76 a barrel.

On Wednesday, Trump threatened Brazil, Latin America's largest economy, with a punitive 50% tariff on exports to the U.S., after a public dispute with his Brazilian counterpart Luiz Inacio Lula da Silva.

He has also announced plans for tariffs on copper, semiconductors and pharmaceuticals and his administration sent tariff letters to the Philippines, Iraq and others, adding to over a dozen letters issued earlier in the week including for powerhouse U.S. suppliers South Korea and Japan.

Trump's history of back-pedalling on tariffs has caused the market to become less reactive to such announcements, said Harry Tchilinguirian, group head of research at Onyx Capital Group.

"People are largely in wait and see mode, given the erratic nature of policymaking and the flexibility the administration is showing around tariffs," Tchilinguirian said.

Policymakers remain worried about the inflationary pressures from Trump's tariffs, with only "a couple" of officials at the Federal Reserve's June 17-18 meeting saying they felt interest rates could be reduced as soon as this month, minutes of the meeting released on Wednesday showed.

Higher interest rates make borrowing more expensive and reduce demand for oil.

Supporting oil prices however was a weaker U.S. dollar in Thursday's Asia trading session, said OANDA senior analyst Kelvin Wong. A weaker dollar lifts oil prices by making it cheaper for holders of other currencies.

U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Gasoline demand rose 6% to 9.2 million barrels per day last week, the EIA said.

Global daily flights were averaging 107,600 in the first eight days of July, an all-time high, with flights in China reaching a five-month peak and port and freight activities indicating "sustained expansion" in trade activities from last year, JP Morgan said in a client note.

"Year to date, global oil demand growth is averaging 0.97 million barrels per day, in line with our forecast of 1 million barrels per day," the note said.

Additionally, there is doubt the recent increase in production quotas announced by OPEC+ will result in an actual increase in production, as some members are already exceeding their quotas, said Tony Sycamore, an analyst at IG.

"And others, like Russia, are unable to meet their targets due to damaged oil infrastructure," he said.

OPEC+ oil producers are set to approve another big output boost for September, as they complete both the unwinding of voluntary production cuts by eight members and the United Arab Emirates' move to a larger quota.

Source: Reuters

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Warren Takunda

Economic

London stocks had extended gains by midday on Thursday, with the top-flight index hitting an all-time high as investors shrugged off Trump’s trade war rhetoric.

The FTSE 100 was up 1.1% at 8,960.27, having hit a fresh intraday high of 8,973.

Dan Coatsworth, investment analyst at AJ Bell, said: "European markets in general continue to shrug off Donald Trump’s daily tariff updates, perhaps seeing them as noise and not facts. Trump is throwing out numbers left, right and centre, and investors have begun to dismiss anything that isn’t set in stone.

"So many of Trump’s decisions have either been rolled back, forgotten about, or kicked down the road. For investors, that means a shift in focus back to economic data and corporate news flow as key drivers for markets."

In equity markets, heavily-weighted miners were the best performers on the FTSE 100 following losses the previous day, with Anglo American, Rio Tinto, Glencore and Antofagasta all up.

Advertising agency WPP gained as it appointed Microsoft executive Cindy Rose as chief executive to succeed Mark Read who will step down on 1 September. The shares fell sharply on Wednesday after WPP slashed annual profit forecasts.

Jupiter Fund Management surged as it agreed to buy CCLA - the UK's largest asset manager focused on serving non-profit organisations - for £100m.

Iconic bootmaker Dr Martens advanced as it held annual guidance and said it continued to see positive trading in its Americas direct to consumer operations, driven by full price sales, although its UK business continued to experience a challenging trading backdrop.

Rank Group rallied as it said annual profits would come in ahead of expectations despite a backdrop of higher costs and regulatory uncertainty.

Recruiter Pagegroup rose despite reporting a steeper rate of profit decline in the second quarter, with particular weakness in the EMEA and UK divisions. For the full year, the board said it still expects to hit market forecasts for operating profit, though subdued levels of client and candidate confidence are continuing to impact decision making.

On the downside, water and sewage firm Severn Trent edged lower even as it reiterated its full-year outlook, underpinned by ongoing work to find and fix leaks.

Building materials distributor Grafton slumped as it said first-half trading was in line with its expectations but that many of its markets remain challenging and it is not expecting a significant increase in volumes this year.

British Land and Land Securities were both knocked lower by downgrades to ‘underperform’ at Jefferies.

Vistry reversed earlier gains as the housebuilder said it remains on track to deliver a year-on-year increase in profits in FY25, supported by a forward order book of £4.3bn and a "strong” pipeline of development opportunities.