Global Markets
American markets saw gains following the release of positive U.S. services sector data, which fueled speculation about potential interest rate cuts by the Federal Reserve. Investors were keenly awaiting further economic indicators and statements from policymakers to gauge the timing of any such actions.
In Europe, shares climbed in anticipation of the release of minutes from the European Central Bank’s recent meeting.
Japan’s Nikkei index recorded gains as investors took advantage of stocks following a significant sell-off earlier in the week.
In Canada, the main stock index experienced an uptick, largely driven by strong performances in BlackBerry and cannabis-related stocks.
The U.S. dollar weakened against a basket of major currencies during this period. Meanwhile, gold prices, after reaching a new record high and surpassing the $2,300 per ounce mark, retreated. The decline in oil prices was attributed to an increase in U.S. crude oil inventories, contributing to the overall market dynamics during this period.
Corporate Stock News
- Syngenta (SYT): Chinese authorities influenced the withdrawal of Syngenta’s $9 billion IPO application in Shanghai due to concerns about market volatility.
- ASML Holding (ASML): A consortium led by ASML requested Dutch parliament to support policies to bolster the country’s chip industry, including retaining tax breaks and skilled labor.
- Sanofi (SNY): Sanofi reached a preliminary agreement to settle 4,000 U.S. lawsuits linking the heartburn drug Zantac to cancer.
- BlackBerry (BB): BlackBerry reported a surprise profit for the fourth quarter driven by increased demand for its cybersecurity services amid rising online crimes and hacks.
- Exxon Mobil (XOM): Exxon Mobil signaled a decline in first-quarter operating results due to weaker oil and gas prices and significant losses in fuel derivatives.
- Citigroup (C), JPMorgan Chase (JPM), Royal Bank of Canada (RY): The three banks agreed to disclose a new climate metric under agreements with New York City Comptroller Brad Lander.
- Paramount Global (PARA): Paramount’s board entered exclusive merger talks with Skydance Media, favoring the independent studio over a $26 billion offer from Apollo Global Management.
- Levi Strauss & Co (LEVI): Levi Strauss raised its annual profit forecast after recording cost savings from job cuts and less aggressive discounts, despite a restructuring charge in the first quarter.
- Televisa (TV): Televisa reached an agreement with AT&T for its stake in satellite TV unit Sky Mexico, giving Televisa full control of the firm.
- Google (GOOGL): Google is considering charging for premium features on its AI-powered search engine, potentially incorporating AI search features into its premium subscription services.
- U.S. Telecom Industry: The U.S. telecom industry opposes the Federal Communications Commission’s plan to reinstate net neutrality rules repealed in 2017, arguing it would jeopardize broadband investments.
- Russia’s Antitrust Agency vs. Apple (AAPL): Russia’s antitrust agency asked Apple to explain why Russian users of Apple devices lack full access to banking and payment services.
- Etsy Inc (ETSY): Elliott Investment Management’s managing partner Jesse Cohn expressed confidence in Etsy’s potential for significant, multi-year upside at the Sohn Conference in New York.
- Coach vs. Gap: Luxury handbag maker Coach sued Gap, alleging trademark infringement over T-shirts sold by Gap’s Old Navy unit emblazoned with the word “Coach.”
- Goldman Sachs Group Inc (GS): Proxy adviser ISS recommended separating the CEO and chairman roles currently held by David Solomon at Goldman Sachs.
- WhatsApp Outage: WhatsApp experienced an outage disrupting services globally but was later resolved.
- Nvidia Corp (NVDA): Nvidia and Indonesia’s telco firm PT Indosat Ooredoo Hutchison plan to build an artificial intelligence center in Central Java in 2024.
- PG&E Corp (PCG): An environmental advocacy group sued the U.S. Energy Department seeking to block $1.1 billion in federal funding for PG&E’s Diablo Canyon nuclear power plant.
- Vodafone Group Plc (VOD): Britain’s competition regulator may open an in-depth investigation into Vodafone’s UK merger with Hutchison’s Three UK after concerns over competition.
