Welcome to Read Sunday ☕️

Read Sunday ☕️

Last Week’s Headlines

Economy & World News

• South Korea Reopens Market to Short Selling After 17-Month Ban
  South Korea has lifted its short selling ban as of March 31, aiming to boost market transparency and attract global investors—a move that could support its MSCI upgrade from emerging to developed market status.

• Sluggish Q1 Growth and Stubborn Inflation Raise Concerns
  Economists surveyed by CNBC’s Rapid Update expect just 0.3% GDP growth in Q1 and Core PCE inflation to hover near 2.9% throughout the year, as trade tensions weigh on consumer and business sentiment.

• Marine Le Pen Banned from Office After EU Funds Misuse Conviction
  A French court convicted Le Pen for misusing €4.4 million in EU funds, sentencing her to four years in prison (two suspended) and barring her from public office for five years—disrupting her expected run in France’s 2027 presidential race and leaving her far-right party in disarray.

• Euro Zone Inflation Eases to 2.2% in March
  Eurostat flash data shows annual inflation in the euro zone fell to 2.2%, aligning with expectations and reflecting a broader trend of easing prices across major EU economies—despite ongoing pressure from U.S. trade tariffs on goods like imported cars.

• Trump Administration Suspends Princeton Research Grants Amid Antisemitism Probe
  Princeton University became the fourth Ivy League school to face federal research funding cuts as the Trump administration pauses grants from agencies like the DOE, DOD, and NASA, citing an investigation into alleged antisemitism—part of a broader review that includes Harvard and Columbia.

• Job Growth Surges in March, Wages Climb Modestly
  ADP data shows companies added 155,000 jobs in March—beating forecasts—as wage growth held steady at 4.6% for job stayers and 6.5% for job changers, with the pay gap hitting a series low.

• Judge Dismisses Bribery Case Against NYC Mayor Eric Adams With Prejudice
  A federal judge threw out the bribery case against Mayor Eric Adams, citing concerns over political motivation and the risk of future charges being used as leverage—calling the Justice Department’s rationale troubling and dismissing the case with prejudice, blocking any reindictment.

  • Eric Adams to Launch New Political Party for Re-Election Bid
    Following the dismissal of his bribery case, NYC Mayor Eric Adams announced he’ll skip the Democratic primary and run for a second term under a new party focused on public safety, positioning himself as a centrist alternative to political extremes ahead of the November general election.

• China Demands U.S. Roll Back Tariffs After Trump Unveils Historic Hikes
  Following Trump’s sweeping tariff plan—including a 34% rate on China—China’s Ministry of Commerce called for the immediate cancellation of the measures and warned of resolute counter-measures, with analysts saying the impact could be more severe than the original trade war.

• EU Readies Countermeasures After Trump Imposes 20% Tariffs
  European Commission President Ursula von der Leyen warned the EU is “preparing for further countermeasures” following Trump’s 20% tariffs on the bloc, criticizing the move as fueling “chaos without a clear path.”

• Trump Says Elon Musk to Exit Administration Role in Coming Months
  Elon Musk, Trump’s top 2024 campaign backer and leader of the administration’s federal spending cuts initiative (DOGE), is expected to step down from his government role, following his involvement in political efforts like supporting Wisconsin Supreme Court nominee Brad Schimel.

• OPEC+ Surprises With Major Output Hike, Eases Oil Prices
  Eight OPEC+ producers will boost crude output by 411,000 barrels per day in May—triple the expected increase—as the group responds to market pressures, though it warned that future hikes may be paused or reversed based on evolving conditions.

• China Strikes Back With Blanket Tariffs in Escalating U.S. Trade War
  In response to Trump’s “Liberation Day” tariff blitz, China announced 34% tariffs on all U.S. goods, added restrictions on U.S. companies and rare-earth exports, and launched a probe into DuPont—a sweeping retaliation that analysts say makes a near-term trade deal highly unlikely.

• U.S. Payrolls Beat Expectations in March With 228,000 Jobs Added
  Nonfarm payrolls rose by 228,000 in March, led by health care with 54,000 new jobs, while average hourly earnings grew 0.3% monthly and 3.8% annually—the lowest yearly wage gain since July 2024.

• Powell Warns Tariffs Could Mean Higher Prices, Slower Growth
  Fed Chair Jerome Powell said Trump’s steep new tariffs may lead to elevated inflation and weaker economic growth, signaling the Fed won’t rush to cut rates as it did in 2019 and instead will wait for clearer signs of slowdown—emphasizing the importance of keeping inflation expectations anchored.

Public Markets

• Uber and OpenTable Team Up to Redefine the Dining Experience
  Uber and OpenTable have announced a first-of-its-kind global partnership that will integrate ride-hailing, food delivery, and restaurant reservations across six countries. Aiming to create a seamless, connected experience for diners and drive new revenue opportunities for over 1 million restaurants worldwide.

• Tesla Drops 6.4% on Weak Q1 Deliveries Amid Musk’s Expected Return to Business
  Tesla shares fell as much as 6.4% after reporting disappointing vehicle deliveries for Q1, as reports suggest Elon Musk will shift focus back to his companies following discussions with President Trump about spending cuts and priorities.

• TikTok Faces $552M EU Fine Over Data Transfers to China
  ByteDance, owner of TikTok, is expected to be fined over €500 million by Ireland’s data regulator for illegally transferring European user data to China—a major GDPR violation and one of the largest privacy penalties in EU history, following similar fines against Meta and Amazon.

• Microsoft Slows Global Data Center Expansion Amid AI Spending Scrutiny
  Microsoft has paused or delayed data center projects in multiple countries and U.S. states, prompting speculation that AI and cloud demand may not yet justify its massive infrastructure investments—though construction hurdles may also be a factor.

• Nintendo Delays Switch 2 Preorders Amid Tariff Uncertainty
  Nintendo has postponed U.S. preorders for the Switch 2, originally set for April 9, as it evaluates the potential impact of new tariffs and shifting market conditions, the company told CNBC.

• BlackBerry Sheds Cylance to Refocus on Profitable Government Software
  BlackBerry’s divestment of Cylance is expected to streamline its cybersecurity business and highlight its stable, profitable government software segment, with TD Cowen's Daniel Chan noting that Cylance had been a drag on growth and margins and was misaligned with the rest of the portfolio.

• DoorDash Gains International Momentum, Boosts Outlook
  JMP analysts raised their 2025–2026 gross order volume estimates for DoorDash, citing international market share gains and growth in new verticals like Wolt, suggesting improved profitability potential abroad despite continued investment.

Real Estate & Private Equity

• Blackstone Closes $8B Real Estate Debt Fund, Signaling Market Rebound
  Blackstone has closed an $8 billion commercial real estate debt fund, matching a record it set in 2020, as nonbank lenders like it help fuel a property market recovery amid improving debt markets and rising sales activity, despite ongoing fundraising challenges.

•  Utah Data Center Secures $2B Loan as AI Infrastructure Boom Accelerates
  A $2 billion construction loan from JPMorgan Chase and Starwood Property Trust will fund a massive AI-powered data center in West Jordan, Utah, signaling rising demand for high-capacity facilities—with developers like CIM Group and Novva responding to the AI era’s need for power, scale, and strategic location.

M&A, IPO’s, Bankruptcies

• Rocket to Acquire Mr. Cooper for $9.4B in Major Mortgage Industry Shakeup
  Rocket is acquiring Mr. Cooper Group, the nation’s largest mortgage servicer, in a $9.4 billion deal that would give the combined firm control over 1 in 6 U.S. mortgages. Part of Rocket’s push to streamline the homeownership journey and consolidate amid a cooling housing market.

• Builder.ai Slashes Revenue Forecasts, Launches Audit Amid Investor Scrutiny
  AI startup Builder.ai, backed by Microsoft and the Qatar Investment Authority, cut its 2024 revenue estimates by 25% and hired auditors to review the past two years of accounts, following concerns over inflated sales figures and missed projections across key channels.

• OpenAI Backs Cybersecurity Firm Adaptive Security in $43M Round
  Adaptive Security raised $43 million in a round co-led by OpenAI and Andreessen Horowitz, with the AI firm making its first-ever cybersecurity investment to support AI-powered attack simulations and deepfake phishing training.

• Stablecoin Issuer Circle Files for IPO After Revenue Growth in 2024
  Circle Internet Group, the company behind the USDC stablecoin, has filed for a long-awaited IPO, reporting $1.68 billion in 2024 revenue and calling the move a pivotal moment in shaping the internet financial system, according to CEO Jeremy Allaire.

• AppLovin Makes Bid for TikTok as U.S. Deadline Looms
  AppLovin has submitted a bid to acquire TikTok, backed by casino mogul Steve Wynn, as the Trump administration's April 5 deadline for a sale or shutdown nears—joining potential suitors like Oracle, BlackRock, and Andreessen Horowitz amid rising national security concerns and fresh U.S.-China tariff tensions.

• Hershey Buys Popcorn Brand LesserEvil in $750M Deal
  Hershey is acquiring LesserEvil, a better-for-you snack brand, in a deal valued at around $750 million, with potential for more based on performance—part of a broader push by big food companies to diversify beyond traditional offerings amid rising cocoa prices and shifting consumer tastes.

• Klarna Halts IPO Amid Market Turmoil Following Tariff Shock
  Buy-now-pay-later giant Klarna has postponed its IPO, originally set to launch this week, due to market volatility triggered by Trump’s sweeping tariff announcement—joining StubHub in delaying listings as investors grow wary and peers like Affirm see shares tumble.