FINANCIAL TIMES
-Wall Street banks, including JPMorgan, Bank of America, and Evercore ISI, have reduced their S&P 500 index estimates following President Donald Trump's trade war. The S&P 500 has fallen over 7% since the initial levies were announced and 14% since reaching a record high on February 19. However, economists warn that the uncertainty caused by rapid trade policy changes could slow economic growth or trigger a recession, impacting the earnings of listed US companies. The goldilocks sentiment in the market has given way to uncertainty.
-US President Donald Trump plans to abandon negotiations for a peace deal between Russia and Ukraine within days unless clear signs of a deal are found. US Secretary of State Marco Rubio stated that Washington would not pursue Ukraine talks for weeks or months and would focus on other priorities if a breakthrough is not possible. Trump believes the conflict will be stopped, but if one party makes it difficult, they will take a pass. The statements follow a meeting in Paris hosted by France's Emmanuel Macron, attended by a US delegation, Ukraine, UK, and Germany officials.
-Mark Zuckerberg has been defending Meta, a tech giant, in the most serious antitrust challenge in the company's history. In testimony, Zuckerberg repeatedly told a US federal court that TikTok, owned by Chinese parent ByteDance, had grown into a significant competitor. The goal of the lawsuit was to quashing US Federal Trade Commission allegations that Meta retained an illegal monopoly. If proven, the case could have far-reaching consequences for Zuckerberg's business. If the case is lost, Meta could be forced to break up its $1.5T group and spin off its Instagram and WhatsApp apps, a outcome Zuckerberg has previously vowed to "go to the mat and fight." The trial comes after Zuckerberg failed to negotiate away the proceedings in the first place.
-Dubai chocolate's rise has led to a global pistachio supply crunch, exacerbating the global shortage and increasing prices. The bars, made from pistachio cream, shredded pastry, and milk chocolate, gained popularity after a TikTok video. The craze has led to a surge in pistachio kernel prices, from $7.65 a pound a year ago to around $10.30 a pound now.
-The Trump administration has expressed gratitude to Mexican President Claudia Sheinbaum for her efforts in preventing fentanyl smuggling to the US. Trump praised Sheinbaum for her efforts and praised Mexico's willingness to partner on security. Despite threats to force Mexico to act by designating drug cartels as terrorist organizations and imposing a 25% tariff on exports, Sheinbaum quietly overturned Mexico's security strategy before Trump's election. Sheinbaum has abandoned her predecessor's "hugs not bullets" platform and reversed her policy of minimal cooperation with the US, focusing on reviving the police and tackling drug cartels more directly.
-The UK's defense review is set to recommend expanding its military presence in the Arctic and High North due to melting sea ice opening up access. The review will call for significant investment in drones and advanced technology, amidst a new era of state conflict. The review will affirm the UK's "NATO first" approach to defense, prioritizing the Euro-Atlantic area's security and fulfilling NATO obligations. The independent team, led by former Nato secretary-general Lord George Robertson, will examine threats, capabilities, and armed forces.
-China has stopped its imports of US liquefied natural gas for over 10 weeks, a move that has been attributed to the Sino-American trade war. The freeze on US LNG, which began with a 69,000-tonne tanker from Corpus Christi in Texas, has led to no further shipments between the two countries. China imposed a 15% tariff on US LNG, which has since increased to 49%, making US natural gas uneconomic for Chinese buyers. The stand-off has potential long-term implications, strengthening China's energy relationship with Russia and raising questions about the expansion of multibillion-dollar LNG terminals in the US and Mexico.
-Eli Lilly's new obesity and diabetes pill, Orforglipron, has shown potential in lowering blood sugar and aiding weight loss in a late-stage trial. The drug uses the same GLP-1 mechanism as weight-loss and diabetes injectables like Novo Nordisk's Wegovy and Ozempic, and Eli Lilly's Zepbound and Mounjaro. CEO David Ricks called it a "convenient once-daily pill" and said it could be quickly manufactured and launched at scale if approved by the regulator. The company expects to submit it for weight-loss treatment later this year and for diabetes in 2026. Shares in Chugai Pharmaceutical, the Japanese company that invented the drug and licensed it to Eli Lilly in 2018, soared 16% higher on the phase 3 test results.
-US philanthropies and non-profits concerned about climate change are expressing concerns that the Trump administration may end their tax-free status, as a follow-up to an order targeting government "environmental justice" programs and expenditures. The Trump administration is also dismantling the US Agency for International Development (USAID) and other federal government activities related to climate change. Staff from US-based foundations and non-profits have expressed expectations that the Trump administration will end tax exemptions for projects involving overseas spending or focused on climate or racial justice. The likelihood of this has increased since President Trump threatened to remove Harvard's tax exempt status. Private foundations and charities, including universities and churches, benefit from 501(c)3 status in the US tax code, which allows them to claim a tax deduction on contributions but limits their political lobbying.
-US philanthropies and non-profits focusing on climate change are concerned about the potential loss of their tax-free status under the Trump administration. The Trump administration is drafting an executive order on Earth Day next week that would end their tax-exempt status, following an order targeting government "environmental justice" programs and expenditures. This comes after the dismantling of the US Agency for International Development (USAID) and other federal government activities related to climate change. US-based foundations and non-profits expect the Trump administration to end their tax exemptions for projects involving overseas spending or focused on climate or racial justice.
NEW YORK TIMES
-The US and Iran are set to meet again for nuclear talks on Saturday, with Israel closely monitoring the outcome. The Trump administration has sent mixed messages about its goal for the negotiations, with some arguing that Russia is an adversary or a future partner. Israel has long relied on President Trump to take a hard line against Iran, which has called for the destruction of the Jewish state. During his first term in office, he ordered the killing of a top Iranian security official, devastated Tehran's economy with American sanctions, and abandoned an international accord limiting Iran's nuclear program. Now, as Trump resists being pulled into a new Middle Eastern war, he is trying a more measured approach.
-Senator Chris Van Hollen, a Democrat from Maryland, visited Kilmar Armando Abrego Garcia, a Maryland man mistakenly deported to El Salvador last month. Abrego had been traumatized inside a maximum-security prison in El Salvador before being transferred to another detention facility. He reported that he had been transferred nine days ago from the Terrorism Confinement Center (CECOT) to a lower-level facility in Santa Ana. Abrego told Van Hollen that the conditions were better at the new detention center, but he was still in a total blackout. He claimed that he had been in isolation in El Salvador prison for weeks.
-A federal appeals court has temporarily postponed a contempt proposal by trial judge James E. Boasberg to determine if the Trump administration violated his order not to deport Venezuelan migrants to El Salvador. The court entered an administrative stay to give itself more time to consider the validity of Boasberg's contempt proposal. Boasberg, concerned that the White House had ignored his order to pause all deportation flights headed to El Salvador under the wartime law, known as the Alien Enemies Act, gave Trump officials a choice: they could provide the men who were sent without hearings to El Salvador the due process they had been denied or they could face a searching contempt investigation into who among them was responsible for not complied with his directives.
-The Trump administration has swiftly frozen $2.2B in grants to Harvard University, seeking to exert unprecedented control over hiring, impose unspecified reforms to its medical and divinity schools, block certain foreign students from enrolling, and potentially revoke its tax-exempt status. The administration's broadsides against universities and schools have stretched precedents and cut corners, with the legal justifications being muddled, stretched, and, in some instances, impossible to determine. Harvard University had seemed prepared to negotiate over the administration's demands until it saw the legal rationale.
-President Trump and Secretary of State Marco Rubio have suggested that the US might abandon efforts to end the war in Ukraine if meaningful progress is not made within days. Rubio warned that the cease-fire deal that President Trump repeatedly vowed to secure in "24 hours" may not prove attainable after all. This raises urgent questions about how the US would navigate the largely stalled negotiations with Russia and what would happen if they collapse. The Trump administration has been criticized for bolstering Putin with the hint of abandoning Ukraine talks.
-President Trump has turned more cautious on policies that could stoke extreme financial volatility again, according to advisers. He has revived a longstanding threat against Federal Reserve chair Jerome H. Powell, accusing him of "playing politics" and moving too slowly to lower interest rates. However, advisers say Trump has been aware that trying to oust Powell could inject more volatility into jittery financial markets. Undermining the political independence of the Fed, which is seen as critical across Wall Street, could risk a more significant financial panic.
-Columbia Journalism Review's executive editor, Sewell Chan, has been fired after several staff complaints about his behavior. Chan, who began his role in September, said his firing was "baffling." The Columbia Graduate School of Journalism's dean, Jelani Cobb, confirmed that Chan was no longer with the publication, which covers the media industry. Chan had offered to meet with employees and had learned of several complaints earlier this week. The dean expressed gratitude to the staff for their resilience and dedication, stating that the school is grateful for the resilience and dedication of the staff.
-The Houthis, a group of Yemeni fighters, have claimed that the latest round of U.S. airstrikes against the Iran-backed Houthi militia in Yemen has killed dozens of people in bombardments targeting a port in the country's northwest. The Houthis have been firing rockets and drones at Israel in solidarity with Palestinians in Gaza, as well as attacking ships in the nearby Red Sea. The American bombardment targeted the port of Ras Isa, a major fuel depot in the Houthi-controlled province of Hudaydah, resulting in at least 74 people killed and over 150 others wounded. A search is still underway for missing victims.
NEW YORK POST
-The White House has revamped its COVID-19 information website to focus on the "true origins" of the pandemic. The new page, "Lab Leak: True Origins of COVID-19," slams the Biden administration and former Democratic New York Gov. Andrew Cuomo's handling of the pandemic and indicates that the Trump administration is fully on board with the theory that COVID-19 leaked out of a lab in Wuhan, China. The new website lays out five reasons why COVID-19 likely originated from a Chinese lab.
-Ukraine's defense minister has confirmed that the country is "90%" ready to agree to President Trump's peace proposal, which was presented in Paris by Secretary of State Marco Rubio and two special envoys to end Russia's invasion of its neighbor. The question now is whether Moscow will join Trump's efforts to reach a full cease-fire and peace agreement. The official stated that the goal is to make a determination for a full cease-fire in London this week, and then discuss with the Russians to determine their best and final offer. Once this is achieved, the next steps will be determined, with Trump stating that he is ready to walk away without Moscow's buy-in, placing responsibility for the conflict in the hands of America's European allies.