Public Markets 8-Hour Briefing
×Market Turmoil & Tariff Jitters
Bitcoin tumbled below $65,000 amid whale selling and US tariff concerns, while US stock futures dropped as President Trump's fresh tariff plans renewed market anxieties. The dollar weakened with US stock futures as Trump's tariff plans sparked concerns about American policymaking and the appeal of US assets. Gold extended gains on fresh Trump tariff jitters, with the precious metal climbing after a run of three weekly gains as heightened uncertainty over US trade policy unsettled markets and hurt the dollar.
Asian Market Developments
Chinese stocks in Hong Kong rallied after the US Supreme Court struck down President Trump's emergency tariffs, putting China among the countries set to face lower duties on shipments to the US. The rupee may see its recent rebound from a record low prove fleeting, with analysts predicting renewed weakness in the months ahead on inadequate foreign inflows. India emerged as one of the biggest winners from the Supreme Court's decision to strike down Trump's emergency tariffs, marking a swift reversal of fortunes for countries hardest hit by the trade measures.
Commodity & Currency Movements
Copper rose for a second day as uncertainty around US tariff policy and its impact on broader markets drove a decline in the dollar. US natural gas prices rose as a powerful winter storm sweeping through the northeastern region was set to boost heating demand, while exports of LNG also climbed. Asset managers turned long the Australian dollar for the first time in more than a year, driven by the combination of a hawkish Reserve Bank and weak greenback.
Corporate & Deal Activity
KKR has agreed to buy a majority stake in XCL Education Holdings Pte in a deal that values the Southeast Asian school operator at about $1.3 billion. Chubu Electric is in advanced talks to buy a stake in India's Continuum Green Energy Ltd. at a valuation of at least $1 billion. IDFC First Bank shares tumbled the most in nearly six years after the mid-sized Indian lender disclosed suspected fraud in accounts linked to a state government.