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Top Stories
Consumer Sentiment Plunges as Inflation Fears Soar to 40-Year High
University of Michigan's preliminary May consumer sentiment plummeted to 50.8, the second-lowest on record. One-year inflation expectations surged to 7.3%, the highest since 1981, while five-year expectations rose to 4.6%, indicating growing consumer concern about inflation.
Stock Markets Events
S&P 500 Targets Fifth Straight Win as US Stocks Edge Higher, Eyeing Weekly Gains
The US stock market is showing signs of strength as the S&P 500 aims for its fifth consecutive day of gains. Major indices, including the Dow Jones and Nasdaq, opened slightly higher, with the S&P 500 up 0.1% and Nasdaq gaining 0.2%. Investors are eyeing potential weekly wins across the board. Warren Buffett's recent moves have garnered attention, while big tech stocks are contributing to the market's upward momentum. Despite the overall positive trend, some analysts are cautioning about approaching key resistance levels. The market's performance comes as investors await consumer sentiment data, which could influence trading decisions in the coming days.
US Stock Rally Stalls as Healthcare Stocks Lead Pre-Market Activity; Investors Eye Consumer Sentiment Data
US stock rally pauses ahead of consumer sentiment data. Pre-market movers include Applied Materials (-4.6%), Charter Communications (+4.3%), and UnitedHealth Group (+3.3%). Healthcare stocks show significant activity, with Incannex Healthcare and AGM Group among the most active. Investors eye CoreWeave's Q1 results and United Parks & Resorts' potential red flags. Market sentiment remains cautious as traders assess various sector movements.
Other News
Macro Events
Global Economic Outlook Shifts as Central Banks Navigate Inflation, Trade Risks, and Growth Forecasts
The global economic landscape is showing mixed signals, with central banks and financial institutions adjusting their outlooks. The European Central Bank (ECB) is nearing the end of its rate-cutting cycle, with ECB member Martins Kazaks suggesting they are close to the terminal rate if inflation returns to the 2% target this year. However, trade war risks continue to cloud the economic outlook. In the U.S., the Federal Reserve's Raphael Bostic anticipates one rate cut this year amid uncertainty, while Barclays has revised its forecast, no longer expecting a U.S. recession in the second half of 2025. The bank has also raised growth forecasts for both the U.S. and the Eurozone. In other news, France's unemployment rate slightly increased to 7.4% in the first quarter of 2025. Japan's core inflation is expected to hit a two-year high of 3.4% in April, putting pressure on the Bank of Japan. Meanwhile, the Saudi Central Bank has made an indirect cryptocurrency play by investing in MicroStrategy, gaining exposure to Bitcoin. These developments highlight the complex interplay of monetary policy, trade tensions, and economic indicators shaping the global financial landscape.
Trump's Tariff Plans Loom as Markets Rally, Retailers Brace for Impact
President Trump announced that the U.S. will unilaterally set new tariff rates for numerous trading partners in the coming weeks. This news comes as retailers prepare to report earnings, with investors closely watching for impacts of existing tariffs on consumer spending and inflation. While the stock market has rallied significantly since April, analysts caution that lingering trade concerns and high valuations could stall the momentum, especially if earnings weaken and economic data falters.
Asian Nations Grapple with U.S. Tariff Impacts as Trade Tensions Rise
U.S. tariffs dominated discussions at recent international trade meetings, with various Asian countries expressing concerns. Taiwan and the U.S. held talks on easing tariffs, while South Korea denied joint response discussions. A BOJ official suggested pausing rate hikes due to tariff uncertainties. The situation has created tension at APEC gatherings, potentially impacting joint statements.
Federal Reserve Announces Gradual 10% Workforce Reduction Plan
The Federal Reserve plans to reduce its workforce by approximately 10% over the next few years. This downsizing will primarily occur through attrition, with some workers being offered deferred resignation options.
BOJ's Nakamura Advocates Rate Hike Pause Amid U.S. Tariff Uncertainties
BOJ Board Member Nakamura urges caution on rate hikes amid growing economic uncertainties, particularly due to U.S. tariff policies. He warns that premature increases could harm consumption and investment during a period of slowing growth. Nakamura notes that Japan's economy is recovering moderately but faces mounting downward pressure. The uncertain global economic outlook and potential impacts on trade policies are key factors influencing Japan's corporate and wage prospects, necessitating a careful approach to monetary policy.
Eurozone Trade Surplus Surges as Italy's Balance Declines; EU-US Trade Gap Widens
Italy's trade balance decreased in March, while the Eurozone's trade surplus widened significantly. Italy's CPI figures for April showed slight moderation. The EU's trade surplus with the US increased to €40.7b in March. Eurozone exports grew faster than imports year-over-year, contributing to the improved trade balance. These figures indicate shifting trade dynamics and inflationary pressures in the region.
Trump to Impose Unilateral Tariffs on 150 Countries, Bypassing Negotiations
President Trump announced that the U.S. will unilaterally set tariff rates for approximately 150 countries in the coming weeks. Speaking during his Middle East tour, Trump cited time constraints in negotiations as the reason for this decisive action, despite many nations seeking deals.
US Consumer Sentiment Drops Again as Inflation Fears Rise
Consumer sentiment in the US declined for the fifth consecutive month in May, driven by growing concerns about inflation and the impact of tariffs.
ECB's Lane Cautions Against Publishing Rate Paths, Emphasizes Flexible Communication Strategy
ECB's Lane discusses the bank's communication strategy, stating that publishing rate paths could create unwarranted expectations and be awkward. He emphasizes the importance of periodically updating reaction function guidance and suggests that current information provided with rate decisions is sufficient. An updated ECB strategy is expected in the second half of the year.
US-EU Trade Talks Revive, Seeking to Mitigate Trump's Tariff Impact
The US and EU have restarted serious trade negotiations, breaking a deadlock that had sidelined the EU. Both sides exchanged proposals on tariffs, digital trade, and investment, aiming to avoid the worst of Trump's tariffs. However, EU officials warn some US tariffs on steel and cars may remain due to the US reshoring push.
China's Economic Prospects Improve: GDP Forecast Raised, NEV Sales Surge Expected, and Trade Talks Accelerate
China's economic outlook brightens as Citigroup raises its 2025 GDP forecast to 4.7%, up from 4.2%, following the US-China trade deal. The country's NEV sales are expected to grow 30% in 2025, with hybrid models showing strong potential. Meanwhile, China pushes for high-level opening up and expedites trade talks. Globally, the US-UK trade pact impacts the auto industry, while Britain and the EU navigate new deal negotiations.
ECB's Kazaks Signals Nearing End of Rate Hikes, Cautious on Cuts
ECB Governing Council member Martins Kazaks told CNBC that the central bank is "relatively close" to its terminal interest rate, assuming the baseline scenario holds. He emphasized a meeting-by-meeting approach, citing uncertainty and low visibility. Kazaks suggested no rush for rate cuts, with current market pricing deemed appropriate. The ECB aims to reach its 2% inflation target this year if conditions remain stable.
G7 Execs Urge Tariff Removal as Trade Tensions Rattle Global Markets and Supply Chains
G7 business leaders are calling for an end to Trump-era tariffs and increased investment in critical sectors like AI and clean energy. The tariffs are causing price pressures and volatility in global trade, with companies like Walmart warning of price hikes and CMA CGM rerouting ships to avoid fees. Despite recent market gains, the ongoing trade tensions cloud the economic outlook and could slow growth. Investors express concern over the tariffs' impact on markets and consumer costs.
EU Prepares Fresh Sanctions on Russia, Targeting Nord Stream Pipelines
EU's von der Leyen announces plans for new sanctions package against Russia, including measures targeting Nord Stream 1 and 2 pipelines, to increase pressure on Putin.
Real Estate Events
U.S. Housing Market Shows Mixed Signals: Starts Up, Permits Down in April
U.S. housing starts rose 1.6% in April to 1.361M, below forecasts of 3.0%. Building permits fell 4.7% to 1.412M, worse than expected -1.2%. The data suggests a mixed picture for the housing market, with construction activity increasing but future projects declining.
Geopolitics Events
Trump Touts Massive UAE Deals and Trade Agreements During Gulf Tour, Promises New Tariff Rates Soon
President Trump's recent visit to the UAE has resulted in significant trade developments and agreements. The US and UAE have agreed on a path for Abu Dhabi to purchase advanced AI semiconductors from American companies. Trump announced deals totaling over $200 billion, including a $14.5 billion commitment from Etihad Airways for Boeing aircraft. The President also mentioned fantastic trade deals with the UK and China, and stated that the US will set new tariff rates for trading partners in the coming weeks. Trump highlighted the UAE's commitment to invest in US-produced semiconductors and the potential for investments to reach $12-$14 trillion. He emphasized the importance of relations with Gulf countries and mentioned progress towards a $1.4 trillion investment from the UAE. Trump also touched on global issues, including Iran, Russia, Ukraine, and Gaza, stating that the US will address these matters.
Trump's Middle East Tour Yields Lucrative Deals and Diplomatic Maneuvers
President Trump's Middle East tour resulted in numerous business deals and diplomatic gestures. Qatar offered a lavish gift, while the UAE signed significant agreements. Trump's visit sparked discussions on Iranian nuclear negotiations and oil prices. The tour showcased the region's efforts to build stronger ties with the U.S. administration.
Trump's Tax Bill Stalls in House Panel as Conservative Republicans Demand Deeper Cuts
President Trump's ambitious tax bill hit a roadblock in a key House panel as GOP members split over its cost. Five conservative Republicans joined Democrats in opposing the bill, citing concerns about insufficient spending cuts, particularly in Medicaid. This unexpected setback could delay the bill's passage in the House of Representatives, dealing a blow to Trump's legislative agenda. The failure to advance the "big, beautiful bill" highlights the ongoing divisions within the Republican party and the challenges faced in implementing sweeping tax reforms. The news has potential implications for financial markets, with some speculating about its impact on yields and investor sentiment.
Trump's Tax Bill Stalls as GOP Hardliners Demand Deeper Cuts, Defying President's Call for Unity
President Trump's signature tax bill faced a major setback as it failed to advance in a House panel due to opposition from conservative Republicans. The hardliners are demanding deeper spending cuts, particularly to Medicaid, which has caused a split within the GOP. Trump urged Republicans to unite behind the "big, beautiful bill," warning that without this legislation, taxes could increase by 65% and the country would suffer greatly. He criticized "grandstanders" within the party and called for action. The bill's failure in the House Budget Committee has delayed its passage and highlighted the challenges facing Trump's legislative agenda.
Trump Eager for Swift Putin Meeting Following Mideast Tour
President Trump expresses eagerness to meet with Russian President Vladimir Putin, stating he wants to arrange the meeting as soon as possible. This announcement comes as Trump concludes his Middle East trip.
Zelenskiy and European Leaders Hold Surprise Call with Trump
President Zelenskiy of Ukraine and European leaders, including Macron, Merz, Starmer, and Tusk, held a phone call with former U.S. President Trump, as reported by Ukrainian officials.
Supreme Court Upholds Block on Trump's Venezuelan Deportation Plan
The U.S. Supreme Court has maintained its order preventing the Trump administration from deporting Venezuelan migrants under the Alien Enemies Act, temporarily halting the proposed deportations.
Trump to Impose Unilateral Tariffs on 150 Countries, Bypassing Negotiations
President Trump announced that the U.S. will unilaterally set tariff rates for approximately 150 countries in the coming weeks. Speaking during his Middle East tour, Trump cited time constraints in negotiations as the reason for this decisive action, despite many nations seeking deals.
China Seeks US Collaboration Amid Economic Optimism, as Crypto World Sees Trump-Related Moves
China's Vice President Han Zheng met with Invesco's chair in Beijing, emphasizing ample room for US-China collaboration and plans to accelerate capital market reforms. Meanwhile, Citigroup raised China's 2025 GDP forecast to 4.7% following a US-China trade deal. In crypto news, Eric Trump plans to mine Bitcoin, while Trump-backed World Liberty Finance invested $3M in EOS. The EU and Britain face old divisions in negotiating a new deal, with some calling for Europe to embrace a more ambitious approach akin to the MAGA movement.
US Consumer Sentiment Drops Again as Inflation Fears Rise
Consumer sentiment in the US declined for the fifth consecutive month in May, driven by growing concerns about inflation and the impact of tariffs.
US-EU Trade Talks Revive, Seeking to Mitigate Trump's Tariff Impact
The US and EU have restarted serious trade negotiations, breaking a deadlock that had sidelined the EU. Both sides exchanged proposals on tariffs, digital trade, and investment, aiming to avoid the worst of Trump's tariffs. However, EU officials warn some US tariffs on steel and cars may remain due to the US reshoring push.
Kremlin: Putin-Trump Meeting Crucial, But Requires Thorough Preparation
The Kremlin emphasizes the necessity of a Putin-Trump meeting to discuss Ukraine and improve US-Russia relations. However, they stress that such high-level encounters require extensive preparation and should produce tangible outcomes, potentially leading to a lengthy process.
Trump Warns Iran: Act Fast on Nuclear Deal or Face Consequences
Former President Trump claims the US has made Iran a nuclear deal offer, warning that Iran must act swiftly or face negative consequences. Trump's statements suggest urgency and potential escalation in US-Iran relations regarding nuclear negotiations.
Misc Events
Russia-Ukraine Peace Talks Resume in Istanbul Amid Tensions and Low Expectations
Russian and Ukrainian officials meet in Istanbul for peace talks, their first since 2022, amid pressure from former US President Trump to end the conflict. Expectations are low, with Putin absent and Russia demanding talks without US and Turkish representatives. Ukraine seeks a ceasefire, prisoner swaps, and civilian returns, viewing a truce as crucial for diplomatic progress. US officials plan to speak with Russian negotiators before direct Ukraine-Russia contacts. The talks face challenges, with Russia's demands seen as potentially undermining peace efforts.
Novo Nordisk CEO Lars Fruergaard Jørgensen to Exit Amid Market Challenges
Novo Nordisk's CEO Lars Fruergaard Jørgensen is stepping down after 8 years of leading the company through significant growth. The decision comes amid market pressure and share price decline, with Jørgensen staying on during the transition as a successor search begins.
Ukraine Ready for Peace Steps, but Russia's Commitment Questioned as International Leaders Align
In a significant development, Ukrainian President Volodymyr Zelenskiy and European leaders held a call with US President Donald Trump to discuss peace efforts in Ukraine. Zelenskiy expressed Ukraine's readiness for quick steps towards peace but emphasized that robust sanctions should follow if Russia rejects a ceasefire. Concurrently, Russia and Ukraine conducted their first peace talks since 2022 in Turkey, agreeing to a prisoner of war swap and discussing a potential meeting between Zelenskiy and Putin. However, French President Macron reported that Putin continues to refuse an unconditional ceasefire proposal. The international community remains closely aligned in their response to the ongoing conflict, with European leaders and the US coordinating their efforts.
Russia and Ukraine Strike Massive Prisoner Swap Deal: 2,000 POWs to Be Exchanged
In a significant breakthrough, Russia and Ukraine have agreed to exchange 1,000 prisoners of war each following talks in Istanbul. Ukrainian Defence Minister Umerov confirmed the deal, stating that ceasefire discussions and potential meetings between Presidents Zelenskiy and Putin were also on the agenda. This marks the largest prisoner swap since the conflict began in 2022.
Trump's UAE Visit Yields $14.5B Boeing Deal, AI Partnerships in Gulf Tour Finale
President Trump's Gulf tour culminated in the UAE, where he announced a series of significant deals. The highlight was a $14.5 billion commitment from Etihad Airways for Boeing aircraft and GE Aerospace engines. The visit also saw agreements on AI and other business partnerships, showcasing strengthened US-UAE economic ties.
Boeing Nears Non-Prosecution Deal with DOJ in Fatal Crashes Case
The U.S. Department of Justice is considering a non-prosecution agreement with Boeing over fatal crashes, rather than taking the company to trial. Boeing has reportedly reached a tentative deal, no longer agreeing to plead guilty in the case.
Tesla Bolsters Board with Chipotle Executive Amid Musk Pay Deliberations
Tesla appoints Chipotle's Jack Hartung to its board and audit committee amid growing scrutiny of Elon Musk's leadership. The move comes as Tesla considers a new stock package for its CEO.
Russia-Ukraine Talks End Without Ceasefire, Zelenskiy Signals Readiness for Peace Steps
The first direct Russia-Ukraine talks in over three years concluded in Istanbul without a ceasefire agreement. President Zelenskiy expressed Ukraine's readiness for peace steps after discussions with Trump and European leaders. The talks, which lasted about two hours, ended amid skepticism from the US and Europe. Both sides agreed to share written conditions for a ceasefire and potentially meet again, but a Ukrainian source called Russian demands unrealistic.
Canadian Oil Giant Strathcona Targets MEG Energy in $4.3B Takeover Bid
Strathcona Resources, led by oil tycoon Adam Waterous, plans to launch a $4.3 billion takeover bid for Canadian oil sands producer MEG Energy.
Technology Events
US-UAE Deal Paves Way for Advanced AI Chip Purchases, Boosting Technological Collaboration
The US and UAE have reached a landmark agreement allowing the UAE to purchase 500,000 of Nvidia's most advanced AI chips annually. This deal is part of a broader collaboration, including plans for a 5GW AI campus in Abu Dhabi. Trump highlighted the UAE's progress in technology and AI, emphasizing strong US-UAE relations. The agreement signifies a major step in technological cooperation and investment between the two nations.
AMD Struggles in AI Race as Nvidia Expands in China, Trade Talks Offer Hope
AMD faces challenges in the AI market, with concerns about its competitiveness against Nvidia. China trade talks could potentially boost AI sales growth for chip companies. Meanwhile, Nvidia plans a new Shanghai research hub to maintain its edge in China amid US export restrictions. The AI chip market remains dynamic, with implications for various tech giants and cybersecurity firms.
OpenAI Unveils Codex: AI Coding Assistant Integrated into ChatGPT, Revolutionizing Software Development
OpenAI is launching Codex, a cloud-based AI coding agent, integrated into ChatGPT. This new tool aims to streamline software development, challenging competitors like Google and Anthropic. Codex will be available to ChatGPT Pro, Enterprise, and Team users starting Friday, with Plus and Education users gaining access soon. Users can interact with Codex through ChatGPT's sidebar.
OpenAI Partners with UAE to Build Colossal 5 GW Data Center, Expanding Global AI Footprint
OpenAI is set to collaborate on developing a massive data center in the UAE, potentially one of the world's largest. This move signifies OpenAI's expansion into the Middle East and its growing global AI infrastructure ambitions. The project, with a planned 5 GW capacity, may involve other US firms and MGX, marking a significant technological investment in the region.
Healthcare Events
Biotech Breakthroughs: From Gene Therapies to Cancer Screenings, Healthcare Innovation Surges Forward
Recent developments in the healthcare and biotech sectors showcase promising advancements across various medical fields. Abbott's studies reveal a link between CGM technology and reduced heart hospitalization risk. Sarepta Therapeutics reported positive results for ELEVIDYS in treating Duchenne muscular dystrophy, with high protein expression levels. Scilex Holding Company presented post-hoc analysis of their C.L.E.A.R. trial for lumbosacral radicular pain treatment. Mainz Biomed announced an interim readout for their colorectal cancer screening study. NanoViricides is advancing their antiviral program for Mpox, while OncoHost secured a €2.5m grant for precision oncology. AviadoBio initiated a Phase I/II trial for FTD-GRN gene therapy. Other notable developments include progress in HIV vaccine research, BioCryst's ORLADEYO for HAE attacks, and Bristol Myers Squibb's European Commission approval for an NSCLC treatment regimen.
Sarepta's ELEVIDYS Shows Promise in Duchenne Treatment, Healthcare Sector Buzzes with Diverse Developments
Sarepta Therapeutics showcased promising results for ELEVIDYS in treating Duchenne muscular dystrophy at the American Society of Gene & Cell Therapy Conference. The study reported significant functional improvements in 8- and 9-year-old patients and high protein expression levels. Meanwhile, UnitedHealth investors are watching for potential Medicare Advantage strategy changes, while Scilex Holding presented positive data on SP-102 for lumbosacral radicular pain. In other news, Eastenova's XH301 outperformed hyaluronic acid in an anti-aging clinical trial, and a global price comparison revealed stark differences in Ozempic costs.
FDA Approves Groundbreaking Blood Test for Alzheimer's Diagnosis, Revolutionizing Early Detection
The FDA has cleared the first blood test for diagnosing Alzheimer's disease in the U.S. Fujirebio's Lumipulse G pTau217/β-Amyloid 1-42 Plasma Ratio test offers a less invasive alternative to PET scans and spinal taps, potentially enabling earlier detection and treatment of the disease.
Corporate Actions Events
Charter and Cox in Talks for $30B Merger, Reshaping US Telecom Industry
Charter is in advanced negotiations to merge with Cox Communications in a cash-and-stock deal valued at over $30 billion, including debt. This potential combination of two major US cable giants would create a broadband powerhouse rivaling Comcast and reshape the telecom landscape.
Fixed Income And Interest Rates Events
Moody's Cuts U.S. Credit Rating to Aa1, Warns of Soaring Debt Levels
Moody's has downgraded the United States' credit rating from AAA to Aa1, citing rising debt and a weakening fiscal outlook. The agency projects federal debt to reach 134% of GDP by 2035, up from 98% in 2024. Despite the downgrade, Moody's maintains a stable outlook and AAA country ceilings for the U.S.
BOJ's Nakamura Advocates Rate Hike Pause Amid U.S. Tariff Uncertainties
BOJ Board Member Nakamura urges caution on rate hikes amid growing economic uncertainties, particularly due to U.S. tariff policies. He warns that premature increases could harm consumption and investment during a period of slowing growth. Nakamura notes that Japan's economy is recovering moderately but faces mounting downward pressure. The uncertain global economic outlook and potential impacts on trade policies are key factors influencing Japan's corporate and wage prospects, necessitating a careful approach to monetary policy.
UK Overtakes China as Second-Largest Foreign Holder of US Treasuries
The UK has surpassed China as the second-largest foreign holder of US Treasury securities, owning $779.3 billion in March. China's holdings increased to $765.4 billion, while the UK's grew from $750.3 billion in February.
Oil And Gas Events
Oil Prices Surge as Money Managers Boost Long Positions, Brent and WTI Up Over 1.3%
Oil prices rebounded ahead of the weekend, with Brent crude settling at $65.41/bbl and WTI at $62.49/bbl, both up over 1.3%. Money managers increased net-long positions in Brent futures. Natural gas, gasoline, and diesel futures also settled higher. The market saw increased long positions and decreased short positions.
North Dakota Oil Industry Cuts Back as Prices Weaken
North Dakota's oil and gas industry is scaling back operations due to falling oil prices. The state regulator reports that operators plan to reduce rig counts by about 5 and frac crews by 2, signaling a slowdown in drilling activities.
Crypto Events
Crypto Market Poised for Explosive Growth: Bitcoin Eyes $155K, Ethereum Undervalued, and $3.4B Options Expiry Looms
Cryptocurrency markets are buzzing with optimistic predictions and significant developments. Bitcoin is poised for a potential rally, with price targets ranging from $120K to $155K. Ethereum shows signs of undervaluation, with a possible 38% rally against Bitcoin. Solana (SOL) is eyeing $320 amid growing ETF interest. A massive $3.4 billion Bitcoin and Ethereum options expiry looms, potentially sparking market volatility. Meanwhile, Coinbase stock (COIN) has surged 28% in a week, reflecting growing investor confidence in the crypto sector.
Coinbase Hack Exposes Industry-Wide Vulnerability; Other Exchanges Thwart Similar Attacks
Coinbase, the largest US crypto exchange, suffered a hack exposing customer data, including that of Sequoia Capital's Roelof Botha. Other major exchanges like Binance and Kraken were reportedly targeted by similar social-engineering attacks but successfully defended against them. This incident highlights the ongoing security challenges faced by cryptocurrency platforms.
China Seeks US Collaboration Amid Economic Optimism, as Crypto World Sees Trump-Related Moves
China's Vice President Han Zheng met with Invesco's chair in Beijing, emphasizing ample room for US-China collaboration and plans to accelerate capital market reforms. Meanwhile, Citigroup raised China's 2025 GDP forecast to 4.7% following a US-China trade deal. In crypto news, Eric Trump plans to mine Bitcoin, while Trump-backed World Liberty Finance invested $3M in EOS. The EU and Britain face old divisions in negotiating a new deal, with some calling for Europe to embrace a more ambitious approach akin to the MAGA movement.
Metals Events
Richemont's Jewelry Sparkles Amid Mixed Luxury Market Performance
Richemont's annual sales increased 4%, with strong jewelry performance offsetting weaker Asian demand. Q4 sales rose 7% to €5.17B, beating estimates. U.S. luxury demand remained strong, while watch sales declined. The dividend was raised to CHF 3.00.
Currencies Events
Syria Ditches Russia for UAE and Germany in Currency Printing Shake-up
Syria plans to shift currency printing from Russia to UAE and Germany, removing Assad's image from circulation. This move follows U.S. sanctions relief and an $800M UAE port deal, aiming to revive Syria's economy and reduce Russian influence.
UBS Considers Refunding Clients for Massive FX Derivative Losses
UBS is reportedly in discussions to refund clients who experienced significant losses in FX derivatives, potentially amounting to hundreds of millions of Swiss francs. The bank is analyzing "potential unexpected effects" and considering compensation for affected clients.
Earnings Events
Flowers Foods Stock Plummets on Q1 Earnings Miss and Lowered Guidance
Flowers Foods reported disappointing Q1 earnings, missing analyst estimates. The company lowered its FY25 outlook, causing its stock to tumble over 8%. Investors reacted negatively to the weaker-than-expected results.
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