Public Markets 8-Hour Briefing
×US Trade Policy
US Trade Representative Jamieson Greer says President Trump will sign a supplemental proclamation to increase tariff levels to 15% "where appropriate." The move aims to provide "continuity" on trade policy as the administration seeks to recalibrate its approach to international commerce.
European Markets
European stocks hit fresh records, powered by gains in banks and miners. HSBC led the rally after lifting its key target, while Santander vowed to grow net income to more than €20 billion by 2028 following its Webster Financial acquisition. Meanwhile, Diageo shares fell 5% after the new CEO slashed the dividend and signaled price cuts to revive demand amid a US spirits rout.
Earnings & Corporate News
TJX Cos. posted higher profit and sales in Q4, continuing to gain market share, though guidance disappointed investors. Lowe's reported higher fourth-quarter sales driven by growth in its pro builder business, but issued an underwhelming sales forecast amid a "pressured" housing market. Sandoz shares jumped 6.4% after the company raised its revenue guidance thanks to biosimilar product growth. Haleon slid the most in nearly a year after Q4 sales missed estimates and 2026 guidance came in cautiously.
Tech & AI
Nvidia earnings loom as a critical risk factor for the AI-obsessed stock market, with investors increasingly nervous about the technology's outlook. Microsoft Japan was raided over suspected violations of anti-monopoly law, while ByteDance's AI chatbot Doubao reached 100 million users during the China holiday period. Applied AI CEO said the UAE will play an outsized role in AI development as disruption fears that rattled markets begin to recede.
Fixed Income & Currencies
UK energy bills will fall 7% in April as the government shifts green costs from household bills to general taxation. Thailand's central bank unexpectedly cut rates, signaling the easing cycle may be near its end as the baht's strength influences policy decisions. US mortgage rates slipped to their lowest level since 2022, spurring refinancing activity and potentially boosting housing market demand.
Asia-Pacific Markets
Singapore's three biggest banks pulled in a combined S$77 billion in net new wealth last year as geopolitical tensions and trade uncertainty pushed Asia's rich to move more assets to the city-state. Hong Kong plans to tap its currency peg defense fund for the first time in 40 years to finance technology hub development. South Korea passed another reform bill requiring companies to cancel treasury shares, advancing the government's push for shareholder value.
Energy & Commodities
Russia and Iran are slashing prices to China as oil piles up at sea following India's retreat from purchases. Saudi tanker giant Bahri snapped up ships as rates neared $200,000 per day, adding to demand for supertankers. Thailand's rice exports are set to drop to a five-year low as a surge in the local currency dents the country's competitiveness in global markets.
Banking & Finance
National Bank of Canada beat analyst estimates in its fiscal first quarter after reporting stronger results across the board, boosted by its purchase of Canadian Western Bank. Bank of Montreal logged a stronger-than-expected rise in earnings on the back of strong fee growth in its markets-facing businesses. Desjardins Group aims to expand further in the rest of Canada, requiring deals and hires in wealth management and capital markets.
Private Markets & M&A
Blackstone-backed Bagmane Prime Office REIT is preparing to launch an IPO as soon as next month, seeking a valuation of about $3.9 billion. Bolttech Holdings is in talks to buy Nasdaq-listed Money Hero Ltd., combining two fintech firms backed by billionaire Richard Li. Door Dash will wind down delivery services across Qatar, Singapore, Japan, and Uzbekistan, consolidating its global operations.
Healthcare & Biotech
GSK agreed to buy 35Pharma Inc., a biotech with an early-stage drug for pulmonary hypertension, as the UK pharma giant boosts its pipeline of experimental therapies. Breeze Bio banked $60 million to develop more precise genetic medicines. Sandoz shares jumped on 2026 guidance and biosimilar growth momentum, while Fresenius SE shares dropped 3% as its 2026 profit outlook missed estimates.
Industrial & Manufacturing
Owens Corning widened its loss in Q4 as sales sank across multiple businesses. Applied Materials said AI will be the main engine of demand growth for chip equipment. Nordex beat Q4 expectations and raised its medium-term margin target, citing energy demand from AI-driven data center expansion in North America. Leonardo Sp A saw FY25 orders surge on aeronautics strength as debt shrank.
Real Estate & Infrastructure
Kenya Pipeline reached its target of 106.3 billion shillings from its IPO, the East African nation's first such sale in over a decade. Heathrow boss claims the third runway will cost £15 per passenger as the airport awaits a crucial regulatory ruling. Arla Foods will make its biggest investment ever, spending €300 million to expand cheese production in Northern Europe.
Emerging Markets
Romania is selling bonds on international markets for the first time this year to capitalize on improved sentiment after pushing through budget deficit reforms. Bangladesh's central bank chief quit abruptly following the new democratically elected government's inauguration. Botswana's central bank sees inflation slowing this year, with the rate expected to peak at just over 5% due to stabilizing exchange-rate dynamics.