1257 ET - Ahead of Carnival's F3Q results slated for next week, Jefferies modestly lowers its estimates, primarily due to fuel. "Brent crude has risen 33% since Carnival's 2Q26 earnings call on June 23, a material move given the company's unhedged fuel exposure," the analysts say in a research note. They add that roughly a third of that increase has occurred this month, which falls in Carnival's F4Q, meaning the outlook for fuel looks increasingly bleak. "We have become less optimistic on near-term easing and now assume higher Brent prices in 1H27," the analysts say.