Markets

Asian market fretted over US-China tariff tensions. The additional 10% tariff due to implement on March 4th brought $HSI down 3.3%, reversing some of the 26% gain made since early January. European markets were neutral. US equities rebounded and yields fell. Most notably #US2Y fell 8bps. $BTC briefly touched $78k. All sectors in the $SPX rose, with financials leading with a 1.7% gain.

Headlines

• ‘It’s going to be very hard to do business like this’: A Trump-Zelensky yelling match leaves Ukraine’s mineral rights deal in limbo

• Zelenskyy won’t apologize to Trump, but calls clash ‘not good for both sides’

• Norway plans to raise financial support for Ukraine, prime minister says

Sources say Ukraine’s critical mineral reserves does not make top 10, and that most mineable reserves are located in territory occupied by Russian forces.

• Stock market today: Dow, S&P 500, Nasdaq rally to cap volatile week, losing month

• S&P 500 surges more than 1% Friday to end stormy February as investors look past Trump-Zelenskyy clash

$SPX rose 1.59%. $IXIC 1.63%

• Treasury chief urges Canada, Mexico to match US tariffs on China as deadline looms

Bessent: “I think it would be a nice gesture if the Canadians did it also - so in a way, we could have fortress North America from the flood of Chinese imports that’s coming out of the most unbalanced economy in the history of modern times,”

• The first quarter is on track for negative GDP growth, Atlanta Fed indicator says

-1.5% for 1Q25

• Intel delays Ohio chip plant opening to next decade, was supposed to start production by 2026

2026→2030

• Vietnam PM pledges quick licensing for Musk’s Starlink, more import

Pham Minh Chinh said Vietnam is taking measures to rebalance the trade surplus with the US.

• US regulators, in unusual move, raise concerns about new private credit ETF

SPDR SSGA Apollo IG Public & Private Credit ETF launched Friday. SEC raised concerns about the ETF’s liquidity, the guideline being a cap of 15% for illiquid assets. Also, requested removing of the Apollo name.

• Super Micro stock sees nearly 30% weekly loss as AI server competition mounts

Super Micro makes $NVDA Blackwell server racks.

• New investors pumped up bitcoin ETFs. Now some are exiting.

$BTC briefly sank below $80k.

• Tesla just wrapped up its second-worst month ever

Lost 28% in February. Only 10k $TSLA cars were registered in Europe in January.

• German inflation stays unchanged at hotter-than-expected 2.8% in February

• Pope Francis, after setback, had a peaceful night, Vatican says

He is 88 years old.

• Why is BofA bullish on strength of US economy

“We don’t expect evidence of AI adoption to show up in macro data anytime soon. So, for now, it represents an upside risk to our outlook for productivity and growth,” Instead the bank highlighted increased business formation, reduced regulation, and capital deepening

• Microsoft dominates cybersecurity space as rivals struggle to keep up: Bernstein

Markets

The tech sector $XLK fell 3.6%, dragging down indices. $NVDA’s earnings call aired last night. Decent, but investors sold at the news. Weekly jobless claims rose to 242k, fueling recession concerns. Trump doubled down on tariffs, with new ones on Mexico and Canada starting next Tuesday. $BTC saw a major drop, now trading at $83k. $Gold slipped below $2,900/ounce.

Headlines

• Stock market today: Nasdaq, S&P 500 sell-off as Nvidia sinks 8%, Trump reiterates tariff plans

PCE is getting released tomorrow.

• Weekly jobless claims jump to 242,000, more than expected in latest sign of economic softening

First of the two important economic metrics got released.

• Trump says Mexico, Canada tariffs will start March 4, plus additional 10% on China

Reiterates reciprocal tariffs on April 2nd.

• Nvidia stock sinks over 8%, market cap dips below $3T as earnings are no match for sky-high expectations

Huang says “demand for Blackwell is extraordinary”. Unless something mind-blowing came along, investors would have sold at the news anyway, especially in this climate. What people need is a catalyst to fall, it can be anything.

• Nvidia CEO Huang says AI has to do ‘100 times more’ computation now than when ChatGPT was released

• OpenAI Unveils GPT-4.5 Model

Access is currently limited to Pro users. Claims the model gets more facts right, is more emotionally responsive and makes conversations better.

• Trump Declares: ‘No NATO for Ukraine’

“It’s not gonna happen, it’s just not gonna happen. That’s what started this whole thing.”

• Mortgage rates hit 2025 low as economic jitters mount

30-year mortgage rate fell to 6.76% from 6.85%. US10Y yields dropped 8% YTD.

• Pending home sales drop to the lowest level on record in January

Pending sales are signed contracts for existing homes, gives near-term outlook on home sales

• Meta plans to release standalone Meta AI app, CNBC reports

Another chatbot en route.

• Why Tesla’s stock has given up nearly all of its Trump election gains

Shares fell 40% from December highs. Some blame his participation in the politics

• Dell forecasts upbeat full-year profit on cost cuts, robust AI server demand

• Qatar attracts VC fund managers to Doha with its $1 billion ‘fund of funds’

I would have thought $1b is child’s money to VC fund managers.

Markets

The US market falling behind didn’t stop Europe and China from catching up. Empowered by the strides in AI, $HSI sharply rose again, by 3.27%. Europe also rose by more than a full percent. Meanwhile, $BTC continued descending, to below $85k mark. The first cabinet meeting was held, where Musk expressed confidence in reducing fiscal expenditure by 15%. $NVDA reported strong earnings, beating estimates.

Headlines

• Nvidia’s Bumper Sales Show AI Bonanza’s Strength

Sales rose 78% to $39b. Projects $43b, ahead of estimates of $42b.

• Salesforce sees annual results below estimates as Agentforce adoption lags

The slower adoption of its AI platform is deemed the reason.

• Trump says Zelenskyy to visit U.S. to sign critical rare minerals deal on Friday

• The Federal Reserve’s favorite recession indicator is flashing a danger sign again

US10Y is below US3M.

• Amazon unveils revamped Alexa with AI features for $19.99 per month, free for Prime members

Alexa is powered by generative Ai.

• S&P 500 ekes out gain on Wednesday, ending four-day run of losses: Live updates

In Trump’s first cabinet meeting he said tariffs against Mexico and Canada are underway.

• ‘Is Anyone Unhappy With Elon?’ Trump Defends Musk at First Cabinet Meeting

Musk stated his confidence in reducing the $7t annual fiscal expenditure down by $1t

• Iran Has Enough Highly Enriched Uranium for Six Nuclear Weapons

• Alibaba makes AI video generation model free to use globally

Alibaba is open sourcing that are a part of its Wan2.1 series.

Markets

When the US slips, all else slips. US equities continued to relinquish their ever-high valuation. Today marked the 4th straight day of losses for $IXIC, 3 of which were more than a full percent. $TSLA, with a steep reversal in European January sales, sank 8%. $BTC, which has consistently been trading in the $95-105k range, dipped below the $90k line. Yields fell to the lowest level since the November election as consumer confidence metrics brew worries of recession.

Headlines

• Ukraine Agrees to Mineral Rights Deal with U.S.

Seems like it’s much less than $500b

• Morning Bid: Bond yields slide as US growth fears, tech rout snowball

The US2Y yields fell to lowest levels since November election.

• Stock market today: S&P 500 falls as slump in consumer confidence stokes worry

Consumer consumer index released by The Conference Board says the index fell to 98.3 this month.

• Judge Overturns Trump Order Blocking Refugee Admissions

In Sep 2024, Biden issued a statement US will welcome 125,000 refugees in 2025.

• House Republican Budget Plan Runs Into Trouble Ahead of Vote

The 218-215 lead in the House is narrow

• Russia’s Withering Economy Is Tricky Place to Do Deals—Even for Trump

Ruble is strengthening. Putin offered joint projects exploring the rare earth deposits.

• Trump, Not Putin, Forces Europe to Get Serious About Defense

Keir Starmer to raise military expense from 2.3% of GDP to ultimately 3.0%

• 21 Civil Servants Who Worked With Musk’s Government Reform Team Resign

“We will not use our skills as technologists to compromise core government systems, jeopardize Americans’ sensitive data, or dismantle critical public services,” wrote the resigners in a letter addressed to the White House

• Taiwan Detains Ship and Chinese Crew After Undersea Cable Severed

• Tesla stock sinks as Europe sales tank on rival offerings, Musk blowback

January sales in Europe slid from 18k last year to 10k, while overall EV sales jumped 37%. EV sales jumped the highest in Germany, UK and the Netherlands. $TSLA fell 8%

• Workday beats estimates for revenue and profit, stock jumps

The HR and finance software maker’s focus on AI boosts sales.

• Nvidia to report earnings amid infrastructure spending, DeepSeek concerns

Analysts will look for queues of waning AI hardware consumption from Big Tech.

• Bitcoin drops to a 3-month low below $90,000 in risk-off move

• US oil futures climb slightly after API reports surprise draw in crude stockpiles

Markets

Correction continues as news flow in. $AAPL plans for a $500b investment in Texas, while also increasing investment in $NVDA ’s plant in the States. Pressure mounting on AI and chip making as it was disclosed that $MSFT had cut off some data center leases. Semiconductor stocks were hammered, with Nvidia, Broadcom, Qualcomm, AMD all sliding around 3%. At the UN was a rare sight where the US sided with Russia and North Korea objecting to a condemnation directed towards Russia for starting the war. $BRK rose 4% with positive earnings, $PLTR fell 10% with more investors realizing profits.

Headlines

• Apple to invest $500bn in US expansion, adding 20,000 jobs and AI facilities

The new facility will be in Houston, Texas.

• Microsoft data center leases slowing, analysts say, raising investor attention

$MSFT canceled leases totaling several hundred megawatts.

• U.S. Votes Against U.N. Resolution Condemning Russia for Ukraine War

US sides with Russia, Belarus and North Korea, at the UN.

• Trump Backs Musk’s Email Asking Federal Workers to List Accomplishments

“If you don’t answer, like you’re sort of semi-fired, or you’re fired because a lot of people are not answering because they don’t even exist,”

• Starbucks to Lay Off More Than 1,000 Workers

• Trump says tariffs on Canada and Mexico ‘will go forward’

• Palantir drops 10% for worst day since May as investors continue dumping onetime market favorite

Shares fell 24% in the last 5 days

• How AI is speeding the mining of valuable metals needed to power the clean economy

Kobold Metals, VerAI and Earth AI will let AI look for deposits, and drill a tennis-ball sized hole to verify.

• Anthropic says it’s released its ‘most intelligent’ AI model yet as competition ramps up

Claude 3.7 Sonnet. While reasoning feature in the market will pause to think, this model will reason while continually talking.

• US tells federal agencies they can ignore Musk ultimatum

Some agencies told its workers to ignore, some to answer.

• Analysis-Chinese rivals to Musk’s Starlink accelerate race to dominate satellite internet

China launched 263 LEO satellites in 2024. Shanghai based SpaceSail is in talk with countries to extend operation.

• Stock market today: S&P 500 falls as Nvidia slides ahead of earnings

$SPX fell 0.5%.

• Oil settles higher on fresh Iran sanctions, Iraq commitment to OPEC+

Some say peace talk in Ukraine will still pressure oil prices.

• Macron Corrects Trump on Ukraine Aid During White House Talks

Macron says only 40% of aid provided by the French is in the form of a loan. 60% was out-of-pocket.

Markets

Markets took a breather last week. Even the European market rally continued since year start came to a halt. US equities were also impacted with the biggest decline on Friday, due to further confirmation on inflation impacting the economy. Or investors just began climbing out of the ship from ever-high valuation. $KOSPI and $HSI were notable exceptions. The former continued rebounding from depressed levels, the latter on the back of rate cuts and the new AI focus. $Gold continued to gain, pushing past $2,950/ounce.

Headlines

• Nvidia earnings and the Fed’s preferred inflation gauge: What to know this week

$NVDA to report earnings on Wednesday. Core PCE release on Friday, second estimate of 4Q GDP on Thursday.

• Why Trump’s immigration policy ‘deserves more attention’ from investors

The US received an average of 3m people during 2022-2024. The numbers are expected to fall below 1m in 2025 and could contribute to an higher inflation.

• How Trump’s federal worker layoffs will hit beyond Washington

75k federal employees took the buyout offer. The layoff of 200k people with less tenure and employment protection are rolling out.

• The industry hit hardest by DOGE cuts so far (hint: it’s not the media)

Development and consulting firms.

• Germany’s conservatives win election, as far-right AfD leaps to second place, exit polls show

The alliance between Christian Democratic Union and Christian Social Union won 28.5% of votes. AfD won 20%, Scholz’s Social Democratic Party won 16.5%

• Ukraine’s Zelenskyy says he’d be ready to give up presidency if it brought peace and NATO membership

• Israel sends tanks into West Bank for first time in decades, says fleeing Palestinians can’t return

• Pope Francis remains critical and has ‘slight’ kidney issue, Vatican says

• Warren Buffett amasses more cash and sells more stock, but doesn’t explain why in annual letter

“Berkshire shareholders can rest assured that we will forever deploy a substantial majority of their money in equities – mostly American equities although many of these will have international operations of significance,”

• Zelensky: U.S. Aid to Ukraine is a Grant, Not Debt

• Israeli Jets Over Nasrallah’s Funeral in Beirut

The funeral of Hezbollah leader Hassan Nasrallah was held in Beirut, Lebanon.

Markets

Markets The US market plummeted due to concerns over the economy. Starting with $WMT reporting gloomy guidance, hinting at pressure on even the most price-sensitive corners of the economy. The Michigan survey reported a similar decline in consumer sentiment and a pessimistic inflation outlook. $SPX steadily fell throughout the trading session. Meanwhile, Trump doubled down on his stance to levy “interesting” tariffs. Optimism in China is brewing, as AI comes into the belated limelight. $HSI rose 4%.

Headlines

• ‘The tariffing is going to be interesting’: Donald Trump caps off a week of tariff threats

Trump re-confirmed the incoming tariffs.

• Stock market today: Dow, S&P 500, Nasdaq sink as consumers start to sour on US economy

Michigan Consumer Sentiment index saw a sharp decline in Feb, to 64.7 compared to 71.7 in Jan.

• SEC commissioner Hester Peirce promises ‘more clarity’ for crypto industry

• Dow drops 700 points for worst day of 2025 so far on new fears about economic growth: Live updates

Michigan 5-year inflation outlook was 3.5%, the highest since 1995.

• Beijing embraces DeepSeek to lead AI adoption as it looks for new growth drivers

iShares MSCI China ETF($MCHI) rose 19% YTD. Xi greeting DeepSeek founder Liang Wenfeng was a clear signal.

• U.S. could cut Ukraine’s access to Starlink internet services over minerals, say sources

The meeting between Zelenskyy and Keith Kellogg involved threats to shutoff Starlink if a deal on minerals were not reached. The world has been and will be cruel …

• Shortage of Novo Nordisk’s Wegovy and Ozempic drugs is resolved, FDA says

Shares of Hims & Hers ($HIMS) offering compounded Wegovy and Ozempic plummeted 26%.

• Google, Meta execs blast Europe over strict AI regulation as Big Tech ups the ante

Says EU regulation on AI came about even before ChatGPT was launched.

• NVIDIA CEO Jensen Huang explains how the stock market got it wrong on DeepSeek

Says it’s not simply pre-training, then inference. In fact there will continue to be post-training, which is where the model learns to solve problems.

• DDN’s Beyong Artificial video featuring Jensen Huang

• Trump administration pushes out top China export policy official, sources say

They must have been at odds.

• Trump’s 10% oil tariff could cost foreign producers $10 billion annually, Goldman Sachs says

Markets

Broad retreat in global equities. $WMT revived inflation fears similar to the numerous occasions since second half last year. It Walmart spending is getting impacted, what wouldn’t? $Gold eyes $3,000/ounce as central banks continue to seek a secure store of value.

Headlines

• Stock market today: S&P 500 falls as Walmart warning fuels economic jitters

$WMT guidance spurs fear that inflation will soon hit the top line.

• US vaccine advisory meeting postponed after Kennedy takes top health job

• US Army Corps revising list of energy emergency projects to fast-track

Army Corps of Engineering will tend to 600 projects first under Trump’s executive order.

• US opens probe into whether to rescind $4 billion in California high-speed rail grants

The $4b was rewarded under Biden administration. Trump has critisized the project of ballooning costs. Previously in 2019, Biden restored a $929m grant revoked by Trump.

• Palantir stock extends losses on report of defense budget cut

• Alibaba stock surges as Chinese tech giant touts ‘robust’ AI momentum

• GameStop CEO Ryan Cohen hikes his personal stake in Alibaba to $1 billion, WSJ says

• Chinese smartphone firm Oppo launches slim $1,870 folding phone to rival Samsung, Huawei

MKBHD reviewed it positively too.

• Citigroup joins corporate retreat from diversity initiatives

• Donald Trump toys with ‘DOGE dividend’ as Elon Musk’s cost-cutting project continues to add new goals

Claims the figure $55b in savings is far from truth, and is more like $9b.

• U.S. Stops Arms Sales to Ukraine

• Musk Moves to ‘Fix’ X’s Community Notes Amid Integrity Concerns

Markets

Europe took a break from its rally since the beginning of the year. $SPX hit a new high, though only by a slight margin. Fierce jabs were exchanged between Trump and Zelenskyy following negotiations held in Saudi Arabia, with only Russia and the US present. Trump aims to lower oil prices by resolving wars in Eastern Europe and the Middle East. US equities were mixed: $TSLA rose 1.8% due to automobile tariffs, while $PLTR shed 10%.

Headlines

• Trump Labels Zelenskyy ‘Dictator’ Amid Ukraine Tensions

Trump says Zelenskyy instigated the war.

• Musk to Discuss $5,000 ‘DOGE Dividend’ with Trump

$5000 will be funded by the savings made by DOGE.

• Apple’s Custom #AppleLaunch Like Animation

• Apple debuts iPhone 16e for $599, includes Apple Intelligence, Apple’s first in-house modem

$AAPL iPhone 16e. Uses its own C1 cellular modem chip, instead of $QCOM’s

• Federal Reserve officials see risks of higher inflation ahead, support pause in rate cuts

Minutes of the FOMC released.

• Stock market today: S&P 500 pops to another record while Dow, Nasdaq rise with tariffs, Fed minutes in focus

• Microsoft reveals Majorana 1 quantum chip as quantum computing wars heat up

• Intel stock pulls back from record rally as analysts note barriers to potential deals with TSMC, Broadcom

Rising 43% since Feb 7th, fell 6%

• Hims & Hers Buys Lab to Expand Into At-Home Blood Testing

Hims & Hers is famous for providing a cheaper version of weight loss drugs. Also advertised in the Super Bowl.

• Senate Republicans to push ahead with border bill despite Trump opposition

The one being prepared in the House of Representatives includes tax cuts in the trillions.

• Oil holds near one-week high on supply concerns, sanctions on Russia eyed

• Palantir stock drops 10% after report Trump administration eyes large defense budget cuts

Also Alex karp to sell $1.2b of $PLTR stock

Markets

A broad rise in yields and a lukewarm US market, testing new highs. Another huge gain for $HSI, rising 1.6%. Broad rise in yields. US10Y rose 6bps to 4.56%. Gold continues to gain.

Headlines

• Trump, Musk pull curtain back behind relationship, media’s divide and conquer mission

Fox interviews Trump and Musk. Doge makes sure the presidential order gets carried out. Trump: “I wanted somebody really smart to work with me.” Claims executive orders get signed but don’t actually get implemented. The two of them are getting things done.

• Grok3 Launch

Data center was the bottleneck. So they build 100k GPUs in 122days. Then built another 100k GPUs in 92 days. Grok3 has 10x more training than Grok2, beats Gemini-2 Pro, GPT-4o. “We are doing some obscuration so that the model doesn’t get copied.” It’s so fast.

• Stock market today: S&P 500, Dow, Nasdaq futures hit pause with fresh tariffs, Fed minutes in focus

• Investors aren’t just buying US stocks anymore: Morning Brief

Europe and gold.

• Trump says he will introduce 25% tariffs on autos, pharmaceuticals and chips

• European Capitals Clash Over Ukraine as Trump Makes Overtures to Putin

Germany will have parliamentary election on this Sunday.

• Zelenskiy calls U.S. minerals deal unfair, seeks guarantees

• Germany’s Cartel Office calls for tighter oil pricing rules

Cartel Office aims to bolster competition.

• Europe stocks mixed; Philips tumbles 12% after sales miss expectations

• UK inflation leaps to higher-than-expected 3% in January

Inflation increased to the highest level since March 2024. UK rates were cut 25bps on Feb 6th to 4.5%

• Trump says Ukraine ‘should never have started it’ in comments about war with Russia

Says they should’ve made a deal 3 years ago.

• Singapore likely to see ‘limited’ direct impact from U.S. tariffs: deputy prime minister

Says progress in nuclear technology is their main concern. Singapore powers 95% of electricity needs through LNG from Malaysia and Indonesia. Looking into SMRs.

• Trump Is Scrambling Global Automakers’ Reliance on America

Korean and Japanese manufacturers have been increasing output in the United States, but still rely more on cars made in their home country.

• The French Billionaire Working His Trump Ties to Spare His Luxury Empire

May increase more production in the US for favorable tariffs.

Markets

The US market closed on Monday for Washington’s Birthday holiday. The Department of Government Efficiency continues to investigate government bodies. It has created X accounts dedicated to respective updates like @DOGE_USDA. The rest of the world continued to gain. Peace talks regarding the Russia-Ukraine frontier are underway, helping European stocks. Futures point to a higher open for US equities.

Headlines

• Delta Flight Crash-Lands in Toronto: 18 Injured

No deaths, 18 injuries, snowy runway, overturned belly-up.

• DOGE Reveals $4.7T Untraceable Treasury Payments

DOGE says filling in identification code linking payment to budget item was optional.

• Trump’s Reciprocal Tariff Plan and Presidents’ Day Celebrations

Trump: “On Trade, I have decided, for purposes of Fairness, that I will charge a RECIPROCAL Tariff meaning, whatever Countries charge the United States of America, we will charge them - No more, no less!”

• Elon Musk, Senators Demand Fort Knox Gold Audit

Last known audit of Fort Knox was 1974. There should be 4,580 tons, in theory.

• Miami Beach Shooting: Man Charged for Mistaking Israelis for Palestinians

Jewish man shoots Jewish father and son, mistaking them for a Palestinian. VIctim took it as anti-semitism and posted “Death to the Arabs” on social media.

• DOGE Announces Audit of SEC for Alleged Misconduct

DOGE made accounts for every government department.

• Airbnb Co-Founder Joins DOGE, Faces Public Boycott

• Debating HPV Vaccine: Safety, Efficacy, and Litigation

RFK Jr. critisized the safety and efficacy of the Gardasil vaccine.

• Stock market today: Dow, S&P 500, Nasdaq push higher to start holiday-shortened trading week

• Samsung Electronics to cancel $2.11 billion worth of own shares

• Rising dollar pressures earnings as companies from Amazon to McDonald’s signal more pain ahead

• Asia stocks muted with focus on RBA; China tech rallies ahead of earnings

India currently levies up to 100% tariff on car imports. Modi and Musk may have struck a deal as India would like to avoid reciprocal tariffs. Musk formerly halted investment in India.

• India’s stock market correction to continue, eyes single-digit Nifty returns- BofA

• Samsung Electronics nominates chip execs as new board members

• Oil prices edge lower after drone attack on Russian pump station

• Honda ready to revive takeover talks if Nissan CEO Uchida leaves, FT reports

• European shares break record highs on Ukraine peace hopes

Headlines

Headlines

• Investors Spot Signs of Market Froth During Long Bull Market

• Jan. 6 Rioters Argue Pardons Apply to Charges Including Murder Plot, Child Porn

• Japan’s fourth-quarter economic expansion tops expectations as exports rise; full-year growth slows

• U.S. and Ukraine could still secure minerals deal that is ‘positive’ for both sides, officials say

Zelenskyy rejected a deal on Saturday, supposedly handing over 50% ownership of critical minerals to the US.

• U.S. gave Ukraine a document to access its minerals but offered almost nothing in return

• CNBC Daily Open: Elon Musk’s money is not the issue for OpenAI

• Australia’s Perpetual rises as KKR makes fresh bid for wealth, trust units

Perpetual Ltd is in financial services.

• Musk’s DOGE team to visit US FAA air traffic control command center on Monday

• Australian steelmaker BlueScope sees Trump’s tariffs as a boon

Says higher prices will benefit business. “Steel prices were up 20% since Trump’s tariff announcement a week ago.”

• Goldman Sachs raises China stock market target on AI boost

• Tencent jumps as its Weixin app launches beta testing with Deepseek

• Gold Holds Biggest Loss Since December on Concern Rally Overdone

It really didn’t fall that much.

• Stocks near record highs as investors await Fed minutes, manufacturing update: What to know this week

Weekly Markets

A grace period until April 1 eased market tensions this week. Gains were led by positive earnings led be M7 except for $GOOG and $TSLA. Chinese shares gained as PBOC further reduced requirement ratio. $HSI rose 7% this week. Europe continued to catch up to US shares. Two months into 2025, market is getting around to higher-for-longer rates. CME FedWatch shows 22% staying still, 38% 25bps rate cut, and 27% 50bps cut. Despite Trump-Modi summit, $SENSEX continued its decline.

Headlines

• ‘I’m on Trump time:’ Kellogg says Russia-Ukraine peace plan could come in days or weeks

Kellogg says Europe may not be present, but the region’s interests would be taken into account.

• As Trump eyes more tariffs, South Korea remains safe haven for GM and Hyundai

Korea produced 8.6% of vehicles sold in the US last year without tariffs.

• As top officials meet at security summit, Europe must step-up on defense or risk being sidelined

• Russia’s Putin could be NATO’s ‘Man of the Year’ as he’s strengthened the alliance, Trump ally says

• Lexus, Buick top J.D. Power’s latest car dependability survey, with Volkswagen, Chrysler lagging behind

• More Musk-like ‘Dexits’ pose fresh threat to Delaware’s corporation crown

Delaware-exit. Nevada and Texas are the popular alternatives.

• Wall Street’s diversity dilemma deepens as JPMorgan’s Dimon sounds off on ‘stupid’ DEI expenses

Jamie Dimon, an advocate of DEI programs, suddenly says he will not waste money in bureaucracy.

• Trump Administration Approves Texas Deepwater Oil Export Project

The port proposed by Sentinel Midstream LLC is able to handle 1m barrels of oil daily.

• Elon Musk says xAI’s Grok 3 chatbot to be unveiled on Monday

• Apple aims to bring AI features and spatial content app to Vision Pro, Bloomberg reports

The features will be rolled out through a software update.

• Pope Francis, in hospital, won’t lead usual Sunday prayer, Vatican says

He is receiving treatment for a respiratory tract infection.

• Zelenskiy says draft US minerals deal ‘does not protect’ Ukraine

Sources say the US proposed taking ownership of 50% of Ukraine’s critical minerals.

• Thousands rally in Serbia as anger over corruption swells

• Broadcom, TSMC Weigh Possible Intel Deals That Would Split Storied Chip Maker

Markets

PBOC cuts reserve requirement ratio by 50bps resulting in a widespread rally for Hong Kong listed stocks. $HSI rallied 3.7% and Hang Seng Tech Index climbed 5.8%. US10Y and US2Y yields dropped by 5bps, bringing it back to levels 2 weeks prior after a series of ups and downs. Equities around the world displayed little activity. $META rose for the 20th consecutive trading session.

Headlines

• Stock market today: Nasdaq logs best week of 2025 as Dow, S&P 500 notch third-straight weekly gain

• Meta Platforms stock just closed higher for the 20th straight day

$META is up 26% YTD. Anticipates AI features in their product lineup, executed layoffs for cost efficiency.

• Judge temporarily blocks mass firing and data deletion at CFPB

Halts movement to dismantle the Consumer Financial Protection Bureau.

• Nvidia shakes up stock portfolio, cratering Serve Robotics and sending WeRide soaring

Shares of WeRide $WRD , a Chinese company in the self-driving space listed on the Nasdaq rose 84% after $NVDA disclosed new stake in the company.

• Airbnb stock surges as CEO aims to make app the ‘Amazon’ of travel and living

$ABNB soars 14% as CEO mentions a pivot to a center for traveling and living

• Dell Nears $5 Billion AI Server Deal for Elon Musk’s xAI

The server provided to xAI will contain $NVDA GB200

• Middle-income households are saving more for retirement

People earning $50-100k save 8% on average. 12% including employer match.

• Trump Media Losses Surge as It Hands Staff $107 Million in Stock

The company has 29 full-time employees

• Milei Pushes Crypto Token, Then Deletes Post Amid Fears of Scam

The post advertised a crypto coin

• Spotify weighs $5.99 premium for added features, ticket access, Bloomberg News reports

The pro-tier would have better audio quality and ticket access.

• JD Vance criticizes European democracy, says greatest threat is ‘from within’

• China will ‘play along to the end’ with U.S., its top diplomat says

Wang Yi displayed a softened stance at the Munich Security Conference.

• China calls for all stakeholders in Ukraine war to be in peace process

• Saudi Arabia ready to host proposed Trump-Putin summit

• US judges bar Musk’s DOGE from Treasury, allow access to health, labor

• Zelenskiy says Ukraine has ’low chance’ of survival without US backing

Markets

News of broader, reciprocal tariffs did not weigh on investors, as implementation is set for after April 1. A non-terrible PPI reading also boosted sentiment. $IXIC rose 1.5%, with all sector indices closing in positive territory. Gains were driven primarily by the M7, with $NVDA, $AAPL, and $GOOG each up over 1%. $TSLA surged 5% on news of a $400M armored EV contract and Musk’s mention of plans to stay at DOGE for four months. Yields and $DXY fell on easing inflation concerns. European markets extended their rally.

Headlines

• Stock market today: S&P 500 nears record, Dow, Nasdaq jump as Trump announces reciprocal tariffs, delays implementation

• Producer prices report points to softer Fed inflation measure than feared

Increased by a seasonally adjusted 0.4% in January.

• Arm secures Meta as first customer for ambitious new chip project, FT reports

Arm to launch its own chip this year. It will be a CPU for servers and will be manufactured by foundry.

• Trump unveils slew of reciprocal tariffs on US trading partners

The recommendation by the Commerce Department will be ready by April 1.

• Kennedy’s confirmation in top US health job could boost beef tallow demand

He claims cooking with beef fat is better than using plant based oil.

• Mass firings of federal workers begin as Trump and Musk purge U.S. government

Termination emails were sent to recent hires at the Education Department saying that their employment would not be of public interest.

• Tariffs & Immigration: Trouble ahead for the US consumer, Morgan Stanley warns

• Judge blocks Trump order curbing youth gender transition treatments

• Trump announces upcoming car tariffs and non-monetary tariffs

Says he wants to reestablish fairness

• India’s Modi meets with Tesla, SpaceX CEO Musk in Washington

Starlink license in India is under review

• Coinbase stock jumps on earnings anticipation and S&P 500 inclusion rumor

Climbs 8.5%