Public Markets 8-Hour Briefing
×Market Moves
Home Depot and Keurig Dr Pepper shares rose in premarket trading after strong earnings reports, while AMD surged 14% following its AI partnership with Meta. Eli Lilly fell 2% amid Novo Nordisk's price cut plans, and Novo Nordisk continued its selloff after rating downgrades. Digital Ocean jumped on an earnings beat and raised outlook, while Fresenius Medical Care shares dropped 7% after a flat 2026 growth outlook. Amer Sports declined following a tepid first-quarter outlook, and Unite Group fell 7% after cutting its 2026 earnings and bookings outlook.
Tech & AI Disruption
Investors continued dumping software stocks amid fears of AI disruption, with Teleperformance again targeted by bears as one of AI's first victims. Goldman Sachs highlighted that asset-heavy stocks are outperforming amid AI fears, while old-economy stocks rallied as investors fled AI disruption. HSBC noted that software is already eating AI, and Jefferies said AI curbs could redistribute gains across the market. Arini Capital warned that AI fear risks software defaults, and Citrini Research envisioned a dystopian future shaped by artificial intelligence.
Bond Market & Fixed Income
JPMorgan's Bob Michele sees bonds as a "perfectly priced market" with "nice" tailwinds ahead. US Treasuries steadied as demand for havens eased, with yields hovering near 4%. BlackRock said "unspectacular" Europe offers top real yields, while UBS cut Elia Group to "neutral" as share rallies priced in regulatory upside. Swiss franc corporate bonds could top 25 billion this year, boosted by Alphabet's debut.
Trade & Tariffs
President Trump's new 10% global tariffs took effect after the Supreme Court struck down his original sweeping duties. Mexico's inflation picked up more than expected in early February as new taxes and tariffs took hold. Bof A said certain countries could benefit from Trump's new global tariffs, while Singapore Airlines CEO said tariffs are more disruptive to airlines than conflict. China said it is closely watching US government plans to push ahead with levies using other trade tools.
Asia-Pacific Markets
China's BYD opened 2026 with blockbuster sales growth in Europe, logging a nearly threefold increase last month while outselling Tesla. Samsung rallied toward a 200% gain as AI chip demand accelerated. China is becoming more attractive as inflows rise, according to Deutsche Bank CIO. Zhipu AI shares rebounded after tumbling on compute shortage concerns.
Europe & UK Markets
UK streaming services face new safety regulations similar to Netflix. Sterling edged lower as Bank of England rate setters testified. European stocks were largely flat in an uncertain trade landscape with earnings in focus. European banks told the ECB they're set to benefit from AI, while European natural gas prices fell on warmer weather and strong imports.
Corporate & M&A
Shein founder Xu Yangtian emerged from the shadows to hail Chinese roots, pledging over 10 billion yuan to strengthen its supply chain in Southern China. SpaceX's mega IPO redraws the 2026 road map for listing hopefuls. Bain Capital and Lone Star Funds advanced to a second round of bidding for Mitsubishi Electric's auto unit. CECO Environmental nears a $2.2 billion deal for Thermon Group amid booming data center demand.
Commodities & Energy
Exxon Mobil touted Guyana growth in the race for next decade's oil fields. Woodside Energy said an LNG supply wave may hit prices but demand remains firm. Iranian oil loadings soared to multiyear highs as regional risks intensified ahead of US talks. Russia turned to bigger tankers as more of its oil goes to China.
Emerging Markets
Gabon risks default amid IMF program uncertainty, Fitch warned. The UAE will exit JPMorgan's emerging-market bond indexes by June after exceeding wealth measures. The Philippines may see $3 billion inflows if added to JPMorgan's bond index. Indonesia's wealth fund faces a leadership gap as co-CIO resigns.
Real Estate & Infrastructure
Saks Global CEO said top brands are shipping despite bankruptcy, with hundreds of brands including Burberry resuming shipments. Hong Kong bank tries to sell a mansion it bought at a huge discount as the luxury real estate market swings back to life. Uganda will own a fifth of Kenya's oil-products pipeline through an IPO analysts called overpriced.
Healthcare & Biotech
Novo Nordisk licensed experimental drug showed notable weight loss in a mid-stage China study, boosting its search for newer products. Conva Tec led FTSE 100 gainers on higher revenue and raised outlook despite a $72 million writedown. Croda reported profit growth in 2025 and sees further margin gains.
Regional Developments
Russian 'illicit oil traders' exposed by email blunder were placed under UK sanctions. Russia said the Ukraine conflict has evolved into a much wider confrontation with the West. China hit Japanese firms with export bans over military ties. Kenya secured Uganda's crunch-time pipeline-stake purchase.