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US Economy Outperforms Expectations: Q4 GDP Revised Up, Jobless Claims Decline
US Q4 GDP growth revised up to 2.4%, beating estimates. Jobless claims at 224K, below forecast. Economy shows resilience with upward revisions in exports, government spending, and business investment, signaling steady expansion into 2025.
Trump's 25% Auto Tariff Shakes Global Markets, Threatens Trade Relations
President Trump's announcement of a 25% tariff on imported cars and parts has rattled global markets, particularly impacting Asian automakers. The move threatens to escalate trade tensions and could lead to higher costs and job losses in the auto industry.
Geopolitics Events
U.S. Economy Outperforms Expectations with 2.4% Q4 Growth, Signaling Resilience Amid Mixed Economic Indicators
The U.S. economy showed resilience in the fourth quarter of 2024, with GDP growth revised upward to 2.4% annualized, surpassing the estimated 2.3%. This positive revision reflects steady economic expansion, driven by strong consumer spending and investment. The growth rate, while slower than the previous quarter's 3.1%, indicates continued economic stability heading into 2025.
Trump Administration Pulls Stefanik's UN Ambassador Nomination Amid House Majority Concerns
The Trump administration is reportedly withdrawing Rep. Elise Stefanik's nomination for U.S. ambassador to the United Nations. Senate Foreign Relations Chair Risch confirmed the White House's decision, citing concerns over the House majority. The move comes amid discussions on whether Stefanik should step back from the nomination.
US Aims to Monopolize Ukraine's Future Investments, Sidelining Allies
The US is reportedly seeking to dominate future investments in Ukraine's resources and infrastructure, potentially limiting the involvement of other allies. This move could give the US significant control over Ukraine's economic development.
China Freezes Deals with Li Ka-shing Empire Following Panama Ports Controversy
China has reportedly instructed state-owned companies to suspend new collaborations with businesses linked to Li Ka-shing and his family. This move comes in the wake of a controversial $19 billion Panama ports deal involving a BlackRock-led consortium. The decision reflects Beijing's apparent displeasure with the transaction and its strategic implications for China's interests in the Panama Canal region.
Putin Unveils Arctic Expansion: Military Boost and Maritime Upgrades Planned
Putin announces Russia's plans to boost military presence in the Arctic, including increasing servicemen, enhancing northern ports, and expanding its ice breaker fleet. He acknowledges domestic capability gaps and calls for new shipyard construction to support Arctic ambitions.
Australia Gears Up for May 3 National Election as PM Albanese Makes Official Announcement
Australian Prime Minister Anthony Albanese is set to call a national election for May 3, 2024. The announcement comes as Albanese visits the Governor-General's residence, signaling the start of a month-long campaign period. This election adds to the global geopolitical volatility expected in the coming weeks.
France and China Discuss Trade Disputes and Ukraine War in High-Level Beijing Meeting
France's Foreign Minister met with Chinese counterpart Wang Yi in Beijing to address key issues, including the cognac dispute and Ukraine war. Both sides emphasized strengthening strategic coordination and cultural exchanges. France seeks a rapid solution to the cognac issue while opposing trade wars. The French minister highlighted China's potential role in convincing Russia to engage in serious negotiations regarding Ukraine. The meeting also covered plans for high-level dialogues on strategic economy, finance, and cultural exchanges between the two nations. France reiterated its commitment to defending cognac and armagnac producers.
Judge Orders Trump Administration to Preserve Signal Messages in Yemen Attack Plan Controversy
A federal judge has ordered the Trump administration to preserve all Signal app communications from a five-day period in January. This order comes amid a civil suit over the government's use of encrypted messaging for discussions about potential military actions in Yemen against Houthi rebels. The preservation order affects the Defense Department and other agencies, highlighting concerns about transparency and record-keeping in high-level decision-making processes.
China's Central Bank Signals Flexible Monetary Policy Amid Rising Leverage
China's central bank deputy governor states that China's monetary policy is supportive and relatively loose. The bank is focusing on price-based policy tools and will cut interest rates and reserve requirements when appropriate. China's macro leverage ratio has exceeded 300% and is rising, but there's sufficient room for monetary policy adjustments to maintain ample liquidity.
US Revokes 300+ Visas in Campus Protest Crackdown, Rubio Defends Action
Secretary of State Rubio reveals that the US may have revoked over 300 visas, primarily targeting foreign students involved in campus protests. Rubio defends the action, referring to those affected as "lunatics" causing unrest. This move is part of the Trump administration's crackdown on campus demonstrations.
Carney's Office Refutes Claims of Trump Call
Canadian Prime Minister Carney's office denies any communication with President Trump, contradicting reports of a call between the two leaders.
Macron Unveils New Support for Ukraine: Military Aid, Sanctions, and Strategic Planning
President Macron of France announced that multiple countries have made new military and financial commitments to Ukraine. A Franco-British military delegation will assist Ukraine in planning its future army. Macron emphasized the goal of achieving peace and praised the roles of Presidents Trump and Zelenskiy. The international community agreed to maintain sanctions against Russia and continue applying pressure. A reassurance force, comprising several member states, will be strategically positioned in Ukraine, though not as a peacekeeping force on the contact line.
Macro Events
Scholz Condemns Trump's Auto Tariffs, Warning of Global Economic Fallout
German Chancellor Olaf Scholz has strongly criticized former U.S. President Donald Trump's decision to impose 25% tariffs on imported cars and auto parts. Scholz warned that this move would lead to economic losses for all parties involved, hurting prosperity globally. The announcement has sent shockwaves through the auto industry, causing stock prices of major automakers to tumble, with the exception of Tesla. Experts predict these tariffs will significantly increase car prices for American consumers, limiting affordable options. The decision has put major auto-exporting nations in crisis mode and widened the global trade war. While some see potential winners and losers from this policy, many world leaders and industry analysts are expressing concern about its far-reaching economic implications.
Fed's Barkin: Current Policy Stance Appropriate, Ready to Adjust Amid Uncertainty
Richmond Fed's Barkin believes the current moderately restrictive policy stance is appropriate. He suggests the Fed is well-positioned to adjust if conditions change, but is waiting for uncertainty to clear before acting. Barkin notes that federal policy changes are creating near-term instability, potentially dampening consumer and business spending. He also remarks on the resilience of the labor market.
Ferrari Counters Trump Tariffs with 10% Price Hike
Ferrari plans to increase prices of its cars by up to 10% in response to President Trump's new auto tariffs. The luxury automaker aims to offset the impact of these tariffs on its US market.
France's 2024 Budget Deficit Beats Expectations, but Debt Concerns Linger
France's 2024 budget deficit widened to 5.8% of GDP, up from 5.4% in 2023 but lower than the government's 6% target. This narrower-than-expected deficit provides some relief as France grapples with its growing debt, which has reached 113% of GDP. The news offers a mixed financial outlook for the country.
U.S. Economy Shows Resilience: Q4 GDP Beats Estimates, Kansas City Fed Indices Improve
U.S. Q4 GDP exceeded expectations at 2.4%, with Core PCE at 2.6% and personal consumption at 4.0%. The Kansas City Fed Manufacturing Index improved to 1, while the Composite Index rose to -2. The GDP Price Index and Deflator both came in at 2.3%.
US Trade Deficit Eases in February, Exports Rise Amid Tariff Concerns
The US merchandise-trade deficit narrowed slightly in February due to stronger exports, despite high imports as companies prepare for potential tariffs. The trade gap improved from January's record.
Tesla Emerges as Potential Victor in Trump's Auto Tariff Plan
Tesla and Elon Musk are viewed as potential winners in Trump's proposed auto tariffs, with the company's stock gaining as trade war tensions escalate. Other automakers may face challenges.
China's Central Bank Signals Flexible Monetary Policy Amid Rising Leverage
China's central bank deputy governor states that China's monetary policy is supportive and relatively loose. The bank is focusing on price-based policy tools and will cut interest rates and reserve requirements when appropriate. China's macro leverage ratio has exceeded 300% and is rising, but there's sufficient room for monetary policy adjustments to maintain ample liquidity.
IMF Assesses Trump's Tariffs: US Economy Slowing, No Recession Expected
The IMF is evaluating the impact of President Trump's new auto tariffs and reciprocal tariff plans. While they predict a slowdown in the US economy, no recession is forecasted. However, the IMF warns that sustained tariffs could significantly harm growth prospects for Canada and Mexico.
EU Prepares "Robust" Countermeasure to U.S. Import Tariffs
The EU is crafting a strategic response to newly announced U.S. import tariffs, particularly on vehicles. While the timing remains uncertain, an EU Commission spokesperson assures the answer will be timely, robust, and well-calibrated, signaling a firm stance against the tariffs.
New Zealand Consumer Confidence Drops Amid Ongoing Economic Concerns
New Zealand's consumer confidence declined in March, with the ANZ-Roy Morgan index falling to 93.2 from 96.6 in February. The 3.5% month-on-month decrease suggests persistent recession pressures affecting consumer sentiment.
Lula Slams Trump's Steel Tariffs, Warns of US Inflation and WTO Challenge
Brazil's President Lula criticizes Trump's tariffs on Brazilian steel, warning of inflation risks and vowing to challenge the decision at the WTO. The move escalates trade tensions between the two nations, potentially impacting car prices in the US.
European Economic Indicators Surpass Forecasts: Money Supply and Spanish Retail Sales Show Strong Growth
Europe's M3 money supply and Spanish retail sales both exceeded expectations in February, with M3 growing 4.0% and Spanish retail sales increasing 3.6% year-over-year, indicating economic resilience.
ECB's Kazaks Hints at Continued Rate Cuts if Economy Stays on Track
ECB's Kazaks suggests interest rate cuts may continue if economic baseline remains stable, indicating potential for ongoing monetary policy adjustments by the European Central Bank.
Trump Warns EU, Canada of Increased Tariffs Amid Trade Tensions
President Trump threatens to impose larger tariffs on the European Union and Canada if they collaborate to cause economic harm to the United States. This escalation comes amid ongoing trade tensions and existing auto import tariffs.
Ontario Hopeful for Eased US Auto Tariffs After High-Level Call
Ontario anticipates reduced impact of US auto tariffs on Canada following a phone call between US Commerce Secretary Lutnick and Ontario's Premier Ford. The province expects the US to ease tariff effects on Canadian auto industry.
Oil And Gas Events
Global Oil Market Faces Challenges as Iraq Reports Strong Exports and U.S. Shale Nears Peak Production
Iraq's oil exports for February reached 95.148 million barrels, according to the country's Oil Ministry. This comes as the global oil market faces various challenges and developments. The Permian Basin, a major U.S. oil-producing region, is nearing peak production amid rising costs and increasing water and gas output. Meanwhile, Syria has issued a tender for 7 million barrels of light crude oil, and Iran's oil-filled tankers are building up off Malaysia as sanctions mount. In other news, Vitol is exploring a $3 billion sale of its U.S. shale firm VTX to capitalize on the Permian M&A wave. The energy sector has shown strong performance recently, outperforming benchmark indices. Oil prices have been volatile, with Brent crude settling at $74.03 per barrel, up 0.33%. Natural gas prices have also climbed 2% due to a decline in daily output and record LNG flows. These developments highlight the complex dynamics of the global energy market, including geopolitical tensions, sanctions, and shifting production patterns.
U.S. Natural Gas Storage Rises 37 Bcf, Meeting Forecasts
U.S. natural gas storage increased by 37 billion cubic feet (Bcf) for the week ending March 21, surpassing the previous week's 9 Bcf and meeting expectations of 37 Bcf, according to the Energy Information Administration (EIA).
Energy Sector Buzzes: Vitol's $3B VTX Sale, Australia's Gas Supply Boost, and U.S. Natural Gas Storage Surge
Vitol is considering a $3 billion sale of its U.S. shale firm VTX, capitalizing on the Permian M&A wave. Meanwhile, Australia has secured additional gas supply commitments for winter to avoid a potential shortfall. In India, EIL won a Rs 253 crore order from Numaligarh Refinery. The U.S. natural gas storage report showed an actual increase of 37 billion cubic feet, matching forecasts and surpassing the previous week's 9 billion cubic feet gain.
Just Stop Oil Halts Protests, Declares Victory in UK Climate Campaign
Just Stop Oil, a UK climate protest group, announces the end of disruptive demonstrations, claiming victory as the British government adopts their demand to halt new oil and gas projects. The group's decision marks a shift in their activism strategy.
Healthcare Events
Healthcare Sector Surges with Groundbreaking Treatments and Substantial Investments in Cancer Research
The healthcare sector is buzzing with breakthroughs and innovations. Abbott's Volt PFA system received CE Mark approval for AFib treatment, while Nebokitug shows promise in PSC trials. Actinium Pharmaceuticals unveiled a novel prostate cancer therapy, ATNM-400, with promising data. CERo Therapeutics is preparing for a cancer therapy clinical trial. Former Citi CEO Sandy Weill donated $50 million to create a cancer hub focusing on nutrition, metabolism, and immunotherapy. Soleno's rare disease drug gained US approval, transforming treatment options. EDAP reported record growth in HIFU cancer treatment technology. Japan approved Beyonttra for ATTR-CM treatment, benefiting BridgeBio Pharma. Bicycle Therapeutics reshuffled leadership for oncology advances, while the first FDA-approved drug for Prader-Willi Syndrome hunger management was announced.
Biotech Stocks Surge: Soleno Therapeutics Leads Rally Amid FDA Approval and Promising Cancer Trial Results
Soleno Therapeutics' stock soared 40% following FDA approval for a rare hunger treatment, triggering a short squeeze. Meanwhile, several biotech companies reported promising results in cancer trials. Nanobiotix, TransCode, and Portage Biotech showed positive outcomes in various cancer treatments. CureVac's stock rose after a favorable patent ruling against BioNTech. Merck released positive data for its cancer drug, and Beam Therapeutics received FDA approval for an AATD treatment trial.
Merck's Subcutaneous Keytruda Leads Wave of Pharmaceutical Advancements and FDA Approvals
Merck's subcutaneous Keytruda shows promise in lung cancer trials and plans for an October 1 US launch. FDA sets a September target date for approval. Meanwhile, other pharmaceutical companies report positive developments, including Dermata's acne drug study, ADC Therapeutics' revenue projections, and Soleno's stock surge following FDA approval.
King Charles Hospitalized Briefly for Cancer Treatment Side Effects
King Charles III was briefly hospitalized due to temporary side effects from his ongoing cancer treatment. The monarch had to cancel appointments as a result, according to Buckingham Palace.
Real Estate Events
US Pending Home Sales Bounce Back in February, but Still Down Year-over-Year
US pending home sales rebounded in February, rising 2.0% month-over-month to an index of 72.0, surpassing expectations of a 1.0% increase. This follows a storm-affected 4.6% decline in January. Despite the uptick, sales remain 7.2% lower than a year ago. The housing market shows signs of recovery, albeit from record lows. In other economic news, Q4 GDP was revised slightly upward to 2.4%, with core PCE price index at 2.6% and personal consumption at 4.0%.
U.S. 30-Year Mortgage Rates Dip to 6.65%, Offering Slight Relief to Homebuyers
U.S. mortgage rates saw a slight decrease, with 30-year fixed rates dropping to 6.65% from 6.67% in the previous week, according to Freddie Mac. This decline comes after two weeks of increases, potentially impacting homebuyers and the housing market.
Corporate Actions Events
CoreWeave Slashes IPO Size and Valuation, Signaling Caution in AI Startup Market
CoreWeave, an AI startup, is planning to significantly downsize its initial public offering (IPO) amid market volatility. The company now aims to raise approximately $1.5 billion by offering 37.5 million shares at $40 each, a substantial reduction from its original target of up to $2.7 billion. The IPO valuation has been cut to $23 billion from an earlier estimate of $27-30 billion. This move is seen as a test for AI startups' readiness for public markets. Notably, Nvidia is expected to anchor the deal with a $250 million order at $40 per share. The downsizing reflects challenges in the current market environment, even for highly-anticipated listings in the AI sector.
IAG Considers Selling Air Europa Stake Amid Airline Industry Shake-up
IAG's CEO reveals the company may sell its 20% stake in Air Europa, as Air Europa's owner negotiates with Air France-KLM and Lufthansa for potential stake sales. This decision hinges on other buyers' involvement.
Crypto Events
GameStop Stock Nosedives on Bitcoin Pivot, Debt Issuance Worries
GameStop's shares plummet 22-23% as investors question the company's strategy to issue debt for bitcoin purchases, reversing recent gains and raising concerns about its retail turnaround plan.
Crypto Pioneers' Struggles, Regulatory Shifts, and Market Volatility Shape Bitcoin's Journey Near $87K
Bitcoin's early pioneers faced significant risks and legal challenges to build the crypto industry. Roger Ver, involved in a 109-year tax case, exemplifies the ongoing struggles. Meanwhile, the U.S. government transferred $8.46M in confiscated Bitcoin, drawing public scrutiny. Stablecoin regulations are on the horizon, potentially boosting Ripple's XRP adoption. Bitcoin investors face a waiting game as the market fluctuates near $87K amid regulatory shifts and stablecoin growth. XRP has outperformed other major cryptocurrencies in the past six months. Ethereum anticipates a bullish breakout with the upcoming Pectra upgrade and increased whale accumulation. Analysts debate whether Bitcoin's potential dip below $80K presents a buying opportunity or signals a deeper pullback.
French State Bank Bpifrance Unveils €25M Cryptocurrency Investment Fund
French state-owned bank Bpifrance is launching a €25 million fund to invest directly in cryptocurrencies and new French crypto tokens, marking a significant move into digital assets by a government institution.
NYSE Parent ICE and Circle Join Forces to Integrate Stablecoins into Traditional Finance
NYSE parent ICE partners with Circle to explore integrating USDC stablecoin into traditional finance. They aim to develop new products using USDC and tokenized money market funds, potentially bridging the gap between traditional and decentralized finance. This collaboration signals a growing acceptance of stablecoins in mainstream financial markets.
Earnings Events
Lululemon Beats Q4 Expectations, but Soft Guidance Sends Shares Tumbling
Lululemon's Q4 earnings surpassed expectations with EPS of $6.14 and revenue of $3.61B. However, the company's Q1 and full-year guidance fell short of estimates, causing shares to drop 6.3%. Despite strong Q4 performance, including 3% comparable sales growth and improved gross margins, the softer outlook has investors concerned about future growth.
Fixed Income And Interest Rates Events
Mexico Slashes Interest Rate to 9%, Signals More Cuts Amid Economic Challenges
Mexico's central bank cut its benchmark interest rate to 9% from 9.5%, citing lower inflation and U.S. trade uncertainties. The bank hinted at potential further 50 basis point cuts in the future.
US 7-Year Treasury Auction Yields 4.233%, Slightly Above Expectations
The US 7-year Treasury note auction saw a high yield of 4.233%, slightly above expectations. The bid-to-cover ratio was 2.53, with indirect bidders taking 61.2% and direct bidders 26.1%. The auction sold $44 billion in notes.
Metals Events
Gold Shatters Records, Surging Past $3,050 as Banks Boost Forecasts
Gold prices soar to unprecedented levels, reaching a record high of $3,057.75 per ounce. Major banks raise price targets as the precious metal continues its upward trajectory.
Lula Slams Trump's Steel Tariffs, Warns of US Inflation and WTO Challenge
Brazil's President Lula criticizes Trump's tariffs on Brazilian steel, warning of inflation risks and vowing to challenge the decision at the WTO. The move escalates trade tensions between the two nations, potentially impacting car prices in the US.
British Steel Mulls Furnace Closures, Risking Thousands of Jobs
British Steel, owned by China, considers closing two blast furnaces by June, potentially cutting up to 2,700 jobs. The decision stems from US tariffs and environmental costs impacting its struggling operations.
Technology Events
Luminar's Stock Surges as Caterpillar Adopts LiDAR for Autonomous Trucks
Luminar Technologies partners with Caterpillar to equip autonomous trucks with LiDAR technology, boosting Luminar's stock. The collaboration aims to enhance industrial autonomous solutions.
Nvidia H20 Chip Shortage Threatens China's AI Progress, H3C Rations Supply
China's server maker H3C warns of a shortage of Nvidia's H20 AI chips due to high demand. The company plans to distribute the scarce chips based on profit margins, impacting China's AI ambitions amid geopolitical tensions.
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