Public Markets 8-Hour Briefing
×Global Markets Rally
The FTSE 100 hit a record high as strong earnings from HSBC propelled the index higher, with European stocks also advancing. Asian markets showed strength with Japan and South Korea reaching record highs, while tech stocks gained ahead of Nvidia's earnings report. Korea's stock market has surged past France to become the ninth-largest globally, boosted by technology shares riding the AI boom.
Corporate Developments
GSK secured a potential "multi-blockbuster" drug in a $950 million deal with Canada's 35Pharma, as the UK pharmaceutical company seeks to replenish its pipeline. Arla Foods made its largest-ever investment of $350 million to expand cheese production. Diageo cut its outlook for the second time this fiscal year, facing an early challenge from new CEO Dave Lewis as demand weakens in the US and China. Door Dash plans to wind down operations in Qatar, Singapore, Japan and Uzbekistan.
Commodity & Currency Movements
Bitcoin recovered to $65,000 amid bargain buying as Wall Street gained. Asian currencies strengthened to a 16-month high on a weaker dollar and steady yuan appreciation. Gold prices rose 1% as tariff concerns boosted haven demand, with silver and platinum also rallying. Oil prices edged higher amid ongoing U.S.-Iran tensions that keep the risk premium elevated.
Central Bank Actions
Thailand unexpectedly cut interest rates, with analysts citing the strong baht as a contributing factor. The Bank of Thailand signaled that its easing cycle could soon end if the economic recovery gains sufficient momentum. HSBC's bonus pool rose to the highest in at least a decade at $3.93 billion after the bank delivered full-year results that beat analyst estimates.