Public Markets 3d Briefing
×Market Overview
The S&P 500 bloomberg.com futures rose 0.3% as traders looked ahead to Nvidia's earnings after the market close. Treasuries bloomberg.com fell and the dollar slipped as investors exited haven assets following advances in tech stocks. Gold bloomberg.com rose and silver surged as traders weighed uncertainty around US import tariffs and frictions in the Middle East.
Earnings & Corporate News
Bloomin' Brands wsj.com said its turnaround efforts are starting to pay off after its Outback Steakhouse chain reported its first quarter of positive traffic in four years. Bank of Montreal wsj.com logged a stronger-than-expected rise in earnings for the latest quarter on the back of strong fee growth in its markets-facing businesses. National Bank of Canada bloomberg.com beat analyst estimates in its fiscal first quarter after reporting stronger results across the board, boosted by the bank's purchase of Canadian Western Bank.
Tech & AI Sector
AI disruption concerns remain "difficult to disprove" near term, Goldman investing.com says. Nvidia bloomberg.com earnings loom as a critical risk factor for the AI-obsessed stock market with investors increasingly nervous about the outlook for artificial intelligence. Morgan Stanley investing.com weighed in on whether AI represents disruption risk or opportunity for US equities.
European Markets
European Central Bank bloomberg.com must remain alert to dangers despite officials having wrested back control over prices, according to Governing Council member Boris Vujcic. Deutsche Bank investing.com downgraded Beiersdorf to "hold" as rally prices in upside. UBS investing.com listed European winners and losers of the latest US tariffs ruling.
Asian Markets
The Thai Baht bloomberg.com is likely among factors underpinning the Bank of Thailand's unexpected decision to lower interest rates, according to analysts. Singapore's three biggest banks bloomberg.com pulled in a combined S$77 billion ($61 in net new wealth money last year as geopolitical tensions and trade uncertainty pushed Asia's rich to move more assets.
Private Markets & PE
Private equity returned fewer profits to investors for a fourth straight year as the industry sat on $3.8 trillion of unsold assets and struggled to raise money for new funds, Bain bloomberg.com says. Activist investor Boaz Weinstein bloomberg.com is stepping up warnings on private credit, saying turmoil surrounding Blue Owl Capital's funds is exposing deeper cracks in the $1.8 trillion industry.
Energy & Commodities
Exxon Mobil bloomberg.com is betting the economic boom unleashed by its giant discovery in Guyana will give the company an edge when negotiating fiscal terms with other nations looking to develop their own oil fields. West African crude traders bloomberg.com are being forced into offering deep discounts by soaring freight costs and an unfavorable price spread that is eroding Asian buyers' appetite for the region's cargoes.
Emerging Markets
South Africa's National Treasury bloomberg.com said public debt as a percentage of gross domestic product will peak this year, as it announced better-than-expected revenue collection and relief for taxpayers. Romania bloomberg.com is selling bonds on international markets for the first time this year to capitalize on improved sentiment after the government pushed through reforms needed to reduce the budget deficit.
Market Sentiment & Strategy
Skeptical investors wsj.com are hunting for ways to short the AI frenzy as traders bet investments in the technology won't pay off. Nuveen bloomberg.com says equities are strongly bid but with increased hedging as people don't want to take on that dollar risk. The options market bloomberg.com is signaling that investors are very hedged for a more challenging outcome in Iran.
Regulatory & Policy
The Bank of England ft.com does not need to 'follow the Fed' as the decisions of the US central bank can have a mixed impact on the domestic UK economy. Australia's central bank Governor Michele Bullock bloomberg.com said judging the economy is "a little bit more difficult" now than in previous periods when it was raising interest rates, reinforcing her cautious position.
M&A & Corporate Moves
GSK ft.com agreed to buy 35Pharma Inc., a biotech with an early-stage drug for pulmonary hypertension, as the UK pharma giant boosts its pipeline of promising experimental therapies. Omnicom bloomberg.com is raising euro currency debt for the first time in two years, days after announcing quarterly earnings and a sizable share buyback.
Market Technicals
US mortgage rates bloomberg.com slipped last week to the lowest level since 2022, generating more refinancing activity. About 45% of all Bitcoin bloomberg.com in circulation are currently valued at below what the owner paid, as holders are selling into every bounce.