Public Markets 8-Hour Briefing
×Market Moves
US stock futures fell as tariff uncertainty weighed on global markets, with S&P 500 futures declining.4%. Gold and silver prices climbed amid renewed trade concerns, while bitcoin fell. Asian stocks rose broadly, with South Korea and Taiwan setting records despite trade uncertainties.
Corporate News
Domino's Pizza logged higher revenue in its fourth quarter as same-store sales rose in the US. Novo Nordisk shares plunged after disappointing trial results for its new obesity drug. Gilead Sciences agreed to acquire cancer drug developer Arcellx for up to $7.8 billion as pharmaceutical groups rush to acquire smaller biotech firms with proven drug pipelines. Estée Lauder is open to acquisitions as it enters the second year of a turnaround plan under CEO Stéphane de La Faverie.
Trade & Policy
The US Supreme Court struck down President Trump's emergency tariffs, prompting him to impose a 15% global levy. The European Union is poised to halt the ratification process of its trade deal with the US as it awaits more details on the new tariff program. India sees more options on a US trade deal after the Supreme Court ruling, while Thailand views the tariff reset as strengthening its appeal as a manufacturing hub.
Energy & Commodities
Russian oil is selling at the deepest discount in the international marketplace in almost three years as western sanctions deter trade with Moscow. West African crude traders are being forced into offering deep discounts by soaring freight costs and an unfavorable price spread. Copper rose for a second day as uncertainty around US tariff policy drove a decline in the dollar.
Currency & Fixed Income
The Swiss franc could surge as much as 17% to the dollar amid growing confidence in the currency's haven status. The dollar retreated amid renewed trade uncertainty, while the euro and sterling edged higher. Hungary's forint rallied to two-year highs despite a potential interest rate cut.
Regional Markets
German business confidence brightened more than anticipated in February, adding to hope that Europe's largest economy is emerging from a yearslong malaise. The German auto supplier is getting some reprieve from its debt burden with the slower shift to electric cars boosting demand for key components. Carlsberg has begun preparations for a potential $700 million IPO of its India unit.
Private Markets
Blue Owl faces structural problems as opaque assets become a tougher sell when investors can't pull their cash out. Millennium Management's exit spawned two new hedge funds seeking $1.4 billion. Morgan Stanley Investment Management is adding to emerging-market bets insulated from the artificial intelligence boom.
Tech & Innovation
AI anxiety has found its way to real-estate brokers as investors fear artificial intelligence will erode the industry's fees. Meta reports abundant free cash flow but still borrows billions for AI despite skipping big cash costs tied to employees' compensation. Startups are using AI tools to keep their staff as small as possible, but some are discovering that becoming too lean carries risks."