Public Markets 8-Hour Briefing
×Market Moves
The S&P 500 rose globally as tech stocks rebounded and Trump's State of the Union address proved uneventful. Circle Internet shares surged after the stablecoin company beat Q4 estimates. Sandoz jumped 6.4% following improved revenue guidance driven by biosimilar growth.
Tech & AI Impact
Nvidia earnings are on deck as tech stocks rebound, with Anthropic's performance easing some AI fears. Temenos shares gained after the software firm lifted targets and downplayed AI disruption concerns. Ardian says it will turn down some software deals due to AI risk, while Citigroup assembled a banking team focused on AI infrastructure.
Energy & Commodities
Crude oil inventories rose by 16 million barrels, posting their biggest weekly increase in three years as imports rose and refineries cut capacity use. Saudi Arabia is on course to ship the most oil from its ports in almost three years this month amid Iran tensions. North Sea crude signals weakness as Vitol and Total's buying spree ends.
Corporate Earnings & Deals
TJX Cos. posted higher profit and sales in Q4 but guided for growth to slow slightly. Bloomin' Brands said turnaround efforts are paying off after Outback Steakhouse reported positive traffic for the first time in four years. Omnicom offered bonds in Europe and the US for the first time since 2024 following its IPG takeover.
Banking & Finance
Bank of America downgraded Molson Coors on sales risk while Baird downgraded First Solar after Q4 results. JPMorgan and Bank of America strategists are urging clients to buy Venezuelan bonds with large piles of unpaid interest. Desjardins Group seeks to expand in Canada through deals and hires in wealth management.
International Markets
Thailand's rice exports are set to drop to a five-year low as a baht rally dents competitiveness. Romania is selling euro and dollar bonds after budget reforms. South Africa said public debt will peak this year as it announced better-than-expected revenue collection.
Policy & Regulation
Revolut won FCA backing for stablecoin testing despite ongoing license limbo. Mexico has cards to play with Trump as he weighs pulling out of USMCA. China warned it will respond if US trade probe spurs new tariffs.
Private Markets
Blackstone-backed Bagmane Prime Office REIT seeks a $3.9 billion valuation in India's upcoming IPO. Blue Owl fallout triggered retail-investor panic, prompting wealth advisers to urge calm. Private equity was headed for a correction even without AI gloom, with lower leverage and tougher exits creating headwinds.
Market Sentiment
Investors fleeing AI upheaval may turn to euro bonds, says ING, as European government bonds could prove attractive. AI disruption fears are prompting scrutiny in private markets as software giants face pressure. UBS Wealth CIO says AI threat signals investors should shift bets to builders rather than coders.