TheChek News Flow

Equities fell as the US weighs the potential for direct conflict with Iran, and Federal Reserve Chair Jerome Powell warned of meaningful inflation ahead.   MSCI’s regional gauge of shares slumped about 1%, with stocks in Hong Kong falling more than 2%. US equity futures edged lower after the S&P 500 Index closed little changed in the previous session. The dollar was stronger against most major currencies. Cash trading in Treasuries is closed Thursday for a US holiday.  Sentiment turned more cautious following a Bloomberg report that senior US officials are preparing for a possible strike on Iran in the coming days. Markets were already on edge after the Fed downgraded its estimates for growth this year and projected higher inflation, underscoring how tariff-driven uncertainties are complicating the central bank’s bid to ease policy.  Japanese bond yields fell across most tenors after a strong auction result, and a report that the government plans to cut sales of super-long bonds by about 10% from the original plan.   In commodities, oil dipped after a volatile trading week as the market focused on whether President Donald Trump will plunge the US into the conflict between Israel and Iran. Gold edged higher.  Trump has for days publicly mused about calling for a strike on Iran, which has been engaged in a war with Israel for nearly a week. He told reporters at the White House Wednesday that he prefers to make the “final decision one second before it’s due” because the situation in the Middle East is fluid. The Fed voted unanimously on Wednesday to hold the benchmark rate. Powell noted that increases in tariffs are likely to boost prices and added that the effects on inflation could be more persistent. While the median expectation for two rate cuts in 2025 didn’t change, a number of officials lowered their projections.  Elsewhere in Asia, Thailand faces fresh political uncertainty after the second-largest party in Prime Minister Paetongtarn Shinawatra’s government quit the ruling coalition. The Taiwanese central bank is expected to hold its benchmark interest rate for the fifth straight quarter, while the Philippines is likely to cut. Later Thursday the central banks of Switzerland, Norway, Turkey and the UK will also hand down rate decisions. US After Hours SWBI -13.2% sharply lower on earnings; APG +4.2% to join S&P MidCap 400; PRTA +6.1% on corporate restructuring

Macro :
- Merz Upbeat on State Backing for €46 Billion Tax-Break Package

- US Convertible Bonds’ Biggest Week Since 2021 Echoes Covid Boom

Keep an eye on :

- BARC LN : *BARCLAYS SAID TO BE AMONG FIRMS INTERESTED IN BUYING TSB

- BA US : NTSB Issues Urgent Recommendation for Boeing 737 Smoke Risk

- CPR IM : Campari’s Family Owner Said to Invest in Buyout Firm Bluegem

- COIN US : Coinbase introduces Coinbase Payments

- EDPR PL : EDPR Completes Sale of Four Operating Solar Projects in Spain

- EFGN SW : EFG’s Cité Gestion Hires Mirabaud Strategist Plassard

- LLY US : Lilly, Eisai to Appeal NHS Rejection of Alzheimer’s Drugs

- EMMN SW : MIBA Genossenschaft Sold 110,000 Registered Shares in Emmi

- ENGI FP : Engie Energia Chile Says ICC Court Ruled Total Must Pay $101.2M

- GILD US : Gilead’s Twice-a-Year HIV Prevention Shot Wins US FDA Approval

- HNSA SW : Hansa Biopharma to Offer 10M in Shares in Directed Offer

- INCY US : Incyte Gets FDA Approval for Follicular Lymphoma Treatment

- MANTA FH : Mandatum Offering by Holder Prices at EU5.25/Share: Terms

- MAU FP : Maurel & Prom to Buy More Interests in Angola Blocks

- MSFT US : Microsoft Prepared to Walk Away From OpenAI Talks: FT

- K US : EU to Open Full-Scale Probe Into Mars Bid for Kellanova: Reuters
- NESN SW : Nestle Chairman Paul Bulcke to Step Down, Nestlé Proposes Isla to Replace Retiring Bulcke as Chairman

- 5401 JP : Nippon Steel Won’t Rule Out Issuing Equity for US Steel Deal (1)

- OPM FP : Opmobility New Buy at Citi, Named as Preferred Auto Supplier

- QXO US : QXO Offers to Buy Building Materials Company GMS for $5 Billion

- RIO LN : Rio Tinto Agrees to Settle Mongolia Copper Mine Lawsuit, Oyu Tolgoi, in Mongolia’s Gobi desert, is at the heart of Rio Tinto’s plans to expand its copper business - WSJ

- SAABB SS : France to Buy Procure Globaleye From Saab

- SPM IM : Saipem Gets FEED Contract by Sonatrach for Project in Algeria

- VOW GY : Skoda VW plots Rs 10,000 cr comeback with India 3.0

- SWBI US : Smith & Wesson Brands 4Q Adjusted EPS Misses Estimates

- STERV FH : Stora Enso Studies Spinning Off $6.7 Billion of Swedish Forests

- TGS NO : TGS, Viridien Announce Start of Laconia Phase III OBN Survey

- TRMED NO : Thor Medical Offering of 30m Shares Prices at NOK2.50/Share

- Twinset : Borletti, Quadrivio Agree to Buy Twinset From Carlyle: Sole

- UBSG SW : UBS Capital Boost From Swiss Reforms Is Feasible, SNB Says

- VK FP : Vallourec Gets Over $50M Tubular Goods Contract in Qatar