Markets
Market sees rebound after plummeting on Monday. A cooler CPI of 2.8% YoY in February helps sentiment. $NVDA and $TSLA records high daily gains, with investors buying the dip. Meanwhile $AAPL is continuing the less drastic, but steady losses. After the beef between Canada and the US over metals, EU confirms a retaliation encompassing $28b worth of American goods. $Gold advances back to earlier highs around mid-$2,900/ounce. Notable strengthening of $JPY, recording +5% YTD. Treasury yields pushed up higher once again.
Headlines
• CPI inflation data cools in February, easing investor fears about the health of the US economy
Feb CPI 2.8% YoY
• U.S. budget deficit surged in February, passing $1 trillion for year-to-date record
Annual budget grew from $1.38t to $1.83 in the final three years of Biden’s term. For the first five months of this fiscal year, the deficit stands at $1.15t.
• Trump tariff threats are pushing Canada’s largest oil producer to break its dependence on the U.S.
Canada is the fourth largest oil producer in the world.
• We ‘must act’: Europe retaliates against Trump’s 25% tariffs on steel and aluminum imports
Retaliates with $28b worth of goods made in the US
• Former Treasury Secretary Steven Mnuchin says ‘people are overreacting a bit’ to Trump’s policies
“I don’t think we’re going to have a recession. I don’t think the outlook looks like we’re going to have a recession. And Larry Summers saying there’s a 50% probability, I just don’t agree with that,” Mnuchin said.
• Trump close to naming Bowman as Fed’s top bank cop, signaling shift in regulatory stance: reports
She is in favor of deregulation – less buffers for potential losses.
• Intel appoints Lip-Bu Tan as CEO, stock jumps 11%
• Trump is cutting the Department of Education in half. Here’s how it could impact you and your loans.
“We’re talking about devastating cuts to an agency that was already understaffed. There wasn’t fat there. You’re cutting into bone.” said a former Education Department official.
• Trump tariffs live updates: EU, Canada retaliate as 25% steel, aluminum tariffs take effect
• Tesla US registrations dip 11% in January, the latest sign of demand weakness and consumer backlash
$TSLA fell 15% on Monday, rose 4% on Tuesday, rose 8% on Wednesday.
• Adobe’s dull forecast raises AI monetization doubts, shares fall
Company beats expectation but investors want gen AI features to bring in more money, faster.
