Public Markets 3d Briefing
×Market Movements
US stock futures wsj.com declined as tariff uncertainty weighed on global markets following the Supreme Court's ruling against Trump's emergency tariffs. The S&P 500 fell 0.4% bloomberg.com in premarket trading, with investors grappling with renewed trade policy concerns. Domino's Pizza investing.com beat revenue estimates as sales climbed, while Novo Nordisk investing.com shares plunged after poor trial results for its new obesity drug. Domino's wsj.com logged higher revenue in its fourth quarter with same-store sales growth in the US.
Deal Activity
Gilead Sciences ft.com agreed to acquire cancer drug developer Arcellx for up to $7.8 billion, marking the latest pharmaceutical deal in a rush to acquire smaller biotech firms with proven drug pipelines. Carlsberg bloomberg.com has begun preparations for a potential $700 million IPO of its India unit, appointing three banks for the listing. Millennium Management bloomberg.com spawned two new commodities hedge funds seeking to raise a collective $1.4 billion after pulling the plug on the founders' previous fund.
Macro & Policy
The US Supreme Court's decision to strike down Trump's emergency tariffs has given India bloomberg.com more scope in negotiations over a trade deal, while China stocks in Hong Kong bloomberg.com rallied on expectations of lower duties on shipments to the US. Australia investing.com threatened countermeasures as Trump's global tariffs hit 15%, and the EU bloomberg.com is poised to halt the ratification process of its trade deal with the US pending more details on the new tariff program. Russian oil bloomberg.com is selling at the deepest discount in the international marketplace in almost three years as Western sanctions deter trade with Moscow.
Sector Updates
Estée Lauder bloomberg.com CEO Stéphane de La Faverie expressed openness to acquisitions as the company enters the second year of a turnaround plan. Google investing.com received an upgrade from Wells Fargo citing its widening AI capacity lead. Meta wsj.com reported abundant free cash flow but continues to borrow billions for AI investments, skipping big cash costs tied to employees' compensation. The "AI scare trade" has gripped US markets, with investors selling software firms and wealth managers on concerns that rapid AI advances will erode established business models.
Regional Markets
German business confidence bloomberg.com brightened more than anticipated in February, adding to hope that Europe's largest economy is emerging from a yearslong malaise. Japan Inc. bloomberg.com is mapping a path to a nimbler, more-flexible future as corporate leaders take on the kind of business flexibility they once shunned. India's infrastructure lender bloomberg.com secured about $125 million through its maiden foreign-currency borrowing, paving the way for access to a deeper pool of global capital. Turkish bank stocks bloomberg.com have more room to run after their recent rally, with analysts expecting weaker inflation and falling interest rates to boost the sector in 2027.
Fixed Income & Commodities
Goldman Sachs investing.com lifted its Q4 oil price forecast on tighter OECD inventories, while West African crude traders bloomberg.com are being forced into offering deep discounts by soaring freight costs. Russia's central bank bloomberg.com sold gold from its reserves in January, taking advantage of prices that had climbed to record highs. Vanguard bloomberg.com is looking at overseas markets to help hedge exposure to US investment-grade corporate debt as elevated valuations and expectations of higher supply leave the market vulnerable to repricing.
Emerging Markets
Bangladesh bloomberg.com plans to renegotiate its power purchase deal with India's Adani Power Ltd. to seek lower prices, marking one of the newly elected government's first major policy moves. Bolivia's state steel company bloomberg.com is feuding with the Chinese engineering firm that built its flagship plant and says it may seek to deduct some of the $100 million in losses from repayments to its lender. Qatar's oldest private lender bloomberg.com plans to sell its first Additional Tier 1 bond since 2021 as it joins a spate of issuers offering the risky bank debt in the region.
Private Markets
The value of companies sitting in buyout funds reached $3.8 trillion last year, according to Bain & Company, highlighting a private equity logjam ft.com as firms struggle to sell. US banks ft.com enjoyed record profits of $300 billion in 2025 as they pay lower rates of interest to savers and write more loans. Blue Owl's bloomberg.com woes are clouding the outlook for private credit as opaque assets become a tougher sell when investors can't pull their cash out. Mavis Tire Express Services Corp. bloomberg.com has picked banks for a US initial public offering, marking another move in the auto repair and tire service sector.
Technology & Innovation
AI tools wsj.com are helping startups keep their staff as small as possible, but some are discovering that becoming too lean carries risks. The AI boom is helping Samsung finance.yahoo.com while coming for Apple, as the competitive landscape shifts. China bloomberg.com is defying the global "AI scare trade" as investors chase winners, maintaining confidence in the country's tech sector despite global concerns about AI's impact on established business models.