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Market Recap

Last Week’s Headlines

Economy & World News

• Mark Carney to Succeed Justin Trudeau as Canada's Prime Minister
  Former central banker Mark Carney won the Liberal Party leadership race and will replace Justin Trudeau amid a looming trade war with the U.S. under Donald Trump.

• Fire Extinguished on Oil Tanker After North Sea Collision
  A collision between the US-registered Stena Immaculate and Portuguese-flagged Solong sparked a fire that has now been put out, though damage assessments and investigations by the Marine Accident Investigation Branch are ongoing.

• Former Philippines President Duterte Extradited to ICC for War Crimes Trial
  Rodrigo Duterte has arrived in The Hague to face crimes against humanity charges over his deadly war on drugs, making him the first Asian ex-leader to stand trial at the International Criminal Court.

• Putin Supports U.S. Proposal for 30-Day Ukraine Ceasefire, But Details Unclear
  Russian President Vladimir Putin backed the ceasefire proposal but stressed that terms must be discussed, while Donald Trump expressed guarded optimism, calling for an end to the war.

• Ontario Suspends U.S. Electricity Surcharge as Trump Eases Tariffs
  After trade talks with U.S. officials, Ontario Premier Doug Ford paused a 25% electricity export surcharge, prompting Donald Trump to roll back 50% tariffs on Canadian steel and aluminum.

• U.S. Inflation Slows to 2.8% in February Amid Trade War Concerns
  While inflation decelerated, new steel and aluminum tariffs raised fears of economic strain, with egg prices seeing the highest increase among consumer goods.

• FTC Advances Antitrust Probe Into Microsoft’s AI and Licensing Practices
  Under Trump-appointed Chair Andrew Ferguson, the FTC is intensifying its investigation into Microsoft, scrutinizing its AI investments, licensing policies, and potential anti-competitive practices following its deal with OpenAI.

• U.S. Producer Prices Stall in February, Easing Inflation Concerns
  The producer price index showed no monthly gain after January’s 0.6% jump, while core PPI unexpectedly fell 0.1%, suggesting cooling inflation pressures.

Public Markets

• Novo Nordisk’s New Weight-Loss Drug Shows 15.7% Reduction in Diabetic Patients
  The Danish pharmaceutical giant reported that CagriSema helped obese or overweight adults with type 2 diabetes lose 15.7% of their weight over 68 weeks, falling short of its earlier 25% forecast.

• Apple Plans Major Software Overhaul for iPhone, iPad, and Mac
  Set to launch later this year, Apple's redesigned interface—inspired by Vision Pro’s software—will update icons, menus, apps, and system navigation to create a more consistent and user-friendly experience across devices.

• Delta Lowers Q1 Forecasts Amid Weaker U.S. Travel Demand
  Despite a drop in corporate and leisure bookings, Delta Air Lines cut its Q1 profit and sales outlook but maintained its full-year guidance.

• MicroStrategy Plans to Raise $21 Billion to Expand Bitcoin Holdings
  The company, now doing business as Strategy, aims to fund its massive Bitcoin bet by selling perpetual strike preferred stock, offering an 8% dividend with a conversion option into common shares.

• Southwest Ends Free Checked Bags After 50 Years
  Following backlash from loyal customers, Southwest Airlines announced its first-ever checked bag fees, causing its stock to rise while rivals’ shares fell.

• Hedge Funds Race to Hire Weather Experts for Commodities Trading
  Firms like Millennium, Jane Street, and Balyasny are recruiting meteorologists and data scientists to model extreme weather patterns, helping traders navigate volatile commodities markets.

• Intel Names Lip-Bu Tan as CEO to Lead Turnaround Effort
  The former Cadence CEO and Intel board member steps in to revive the struggling semiconductor giant, boosting Intel’s stock 13% after years of market share losses and strategic missteps.

• Kering Shares Drop as Demna Takes Over Struggling Gucci
  Kering appointed Demna Gvasalia as Gucci’s new artistic director in a bid to revive the brand, but the news sent shares tumbling amid uncertainty over the turnaround strategy.

Real Estate

•  Compass in Talks to Acquire Warren Buffett’s Real Estate Brokerage
  The largest U.S. brokerage, Compass, is in advanced negotiations to buy Berkshire Hathaway’s HomeServices of America, signaling further consolidation amid sluggish home sales.

M&A, IPO’s, Bankruptcies

•  ServiceNow Acquires AI Firm Moveworks for $2.85 Billion
  Amid the AI boom, ServiceNow announced its largest-ever acquisition, buying Moveworks in a cash and stock deal to enhance IT operations and stay competitive in the fast-evolving software market.

• Forever 21 Faces Possible Store Closures Amid Bankruptcy Talks
  The US operator of Forever 21 is preparing for a potential Chapter 11 filing, with efforts to find a buyer failing, while Authentic Brands plans to keep licensing the fast-fashion retailer's brand.

• Klarna Files for IPO, Plans NYSE Listing Under 'KLAR'
  The buy now, pay later giant moves toward a public debut, competing with Affirm, Afterpay, and PayPal, as rivals expand their financial product offerings.

Earnings this week

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