Wells Fargo raises Qualcomm (QCOM.O) price target to $265 from $230.

In a decision published in the official gazette on Thursday, Egypt — the world’s seventh-largest nitrogen fertilizer exporter — replaced a fixed export tax of $90/ton with a 10% ad valorem levy on FOB invoice value for all nitrogen fertilizer exports. High-purity ammonium nitrate with nitrogen content above 34.2% is exempt, as are shipments destined for production firms inside Egyptian free-trade zones. The move comes amid heightened fertilizer-market volatility; the WBG warned in April that Middle East tensions could lift global fertilizer prices by more than 30% in 2026.

ECB says the move is the final step in winding down temporary crisis-era collateral-easing measures, with earliest implementation planned for November 2027.