FT : Israel launches air strike in Syria as sectarian clashes erupt

Israel launches air strike in Syria as sectarian clashes erupt
Netanyahu says militia set to attack Druze community was targeted near Damascus

Benjamin Netanyahu announced on Wednesday that Israeli forces had struck what he said was an armed group preparing to attack a Druze community near Damascus, amid a wave of sectarian violence in Syria.

The Israeli attack followed several days of clashes between Sunni Muslims and Druze in southern Syria that have reportedly killed more than a dozen people and raised questions about how strong a grip the country’s new rulers have on their armed supporters.

Netanyahu, the Israeli prime minister, said in a joint statement with defence minister Israel Katz that the air strike in Sahnaya, a town south of the Syrian capital, had been a “warning operation” and that “a stern message was conveyed to the Syrian regime: Israel expects it to act to prevent harm to the Druze”.

The attack is Israel’s latest intervention in Syria since the regime of Bashar al-Assad was toppled last year by an offensive led by a Sunni Islamist group, which Israel regards as a threat.

Since then, Israel has carried out huge strikes on Syrian military infrastructure, seized a five-decade-old buffer zone, deployed forces into parts of southern Syria and repeatedly threatened a broad offensive if the Syrian state harms the Druze.

The Druze, an ethnically Arab religious minority present in Syria, Lebanon and Israel, are also increasingly viewed by the new Syrian regime’s supporters as proxies for Israel: in addition to threatening to intervene on behalf of the Druze, Israeli officials have denounced the new Syrian government as “a terrorist regime of radical Islam”.

Syria’s new president, Ahmed al-Sharaa, however, has not threatened Israel, and some Druze leaders — who fear being associated with Israeli aggression — say they do not welcome Israeli protection.

The Israeli strike came after Syrian state-aligned armed groups attacked Jaramana and Achrafiet Sahnaya, next to Sahnaya, on Tuesday and Wednesday. The attacks followed the distribution of a voice recording insulting the Muslim prophet Mohammed that was allegedly made by Druze religious leader Sheikh Marwan Kiwan.


Kiwan denied the recording was his, saying in a video that “whoever caused this strife is an evil man who wants to sow discord among all components of the Syrian people”. The interior ministry agreed with him after investigating the accusation, urging calm and promising to deliver justice.

But the damage was done: fighters aligned with the government attacked the two communities and posted videos of themselves firing heavy artillery. Residents said Israeli drones could be heard above the towns.

Hundreds of people have been killed in earlier clashes in Syria between pro-government forces and loyalists of the former regime that escalated into sectarian violence, drawing furious condemnation from the US. Many of those targeted were Alawites, members of a minority sect to which Assad belongs and who dominated the top ranks of the former regime’s security forces.

The interior ministry said it had dispatched members of its General Security forces to suppress this week’s violence, while the health ministry said the attacks were by “rogue elements”. According to death notices posted by local monitoring groups, at least six men and one woman from Jaramana were killed. 

Later on Wednesday, the head of security in the province said an agreement had been struck with Jaramana’s notables, dictating a ceasefire and the handover of dead bodies. He too blamed rogue groups for targeting civilians and security personnel, and said 16 members of the interior ministry’s forces had been killed.

Locals in Achrafiet Sahnaya are accusing the government of complicity in the attacks, according to the local monitoring group, Sweida 24, that covers the Sweida province, a Druze heartland.  


The fighters attacking the cities have been encouraged to “teach the Druze a lesson”, said Malik al-Abdeh, a London-based Syrian analyst.

Abdeh called the anger regarding the slur against Mohammed “just an excuse”, saying the immediate goal was to disarm Druze militias that represent a security threat to the government’s grip on power. The new administration has sought to bring the Druze, as well as Sunni armed factions, into the fold and integrate their fighters under the banner of a new army. But the Druze, as well as other minority factions, have so far resisted such efforts.

Sharaa is the former leader of the hardline Islamist rebel group Hayat Tahrir al-Sham, which led an offensive in December that unseated then-president Assad and ended his family’s five decades of brutal rule.

Western governments have emphasised that inclusion of minorities in governance is a prerequisite to the removal of sanctions, a step that is likely to be essential to the success of Sharaa’s plans to restore Syria’s devastated economy.

FT : US-Ukraine minerals deal hits last-minute hurdle

US-Ukraine minerals deal hits last-minute hurdle
Agreement in doubt as Ukrainian first deputy prime minister Yulia Svyrydenko flies to Washington

The US and Ukraine ran into last-minute hurdles on Wednesday as they were on the verge of signing a framework minerals deal, when a dispute over what had been agreed in marathon overnight negotiations cast doubt on the deal being finalised.

The deal they had been due to sign, which was seen by the Financial Times, stated that the US and Ukraine, through the development of Kyiv’s natural resources and the creation of a joint investment fund, would “seek to create the conditions necessary to . . . increase investment in mining, energy and related technology in Ukraine”.

It came after Kyiv secured a significant concession from the Trump administration that only future military aid would count as the US contribution to the deal.

Ukraine’s first deputy prime minister, Yulia Svyrydenko, has flown to Washington to sign the deal with US treasury secretary Scott Bessent, said three Ukrainian officials.

But problems arose as Svyrydenko’s plane headed to Washington, and Bessent’s team told her she should “be ready to sign all agreements, or go back home”, said three people familiar with the matter. 

The Americans want the Ukrainians to sign both the framework deal and a detailed fund agreement that would complete the full minerals deal on Wednesday, said two Ukrainian officials.

One person familiar with the US’s thinking said on Wednesday that negotiations had not concluded because Ukraine had sought to revisit terms agreed at the weekend.

The person said senior US officials were concerned that this would reduce transparency and accountability, but the deal could still be signed as early as Wednesday if Ukraine returned to the original terms.

“President Trump has said that the time to get this done is now, and we are moving with all deliberate speed towards this end. The United States is committed to the quick conclusion of this vital agreement, and to securing a lasting peace in Ukraine,” a US Treasury spokesperson said.

The Ukrainians said that the US account was inaccurate, and that they could not sign both documents on Wednesday because the framework deal must be ratified by their country’s parliament before the fund agreement can be signed. 

One Ukrainian official involved in talks expressed frustration with the US, saying they worried that “they won’t be happy with anything”.

“We stand ready to sign the framework deal today,” the official said, but added that the chances were little better than “50-50”.

As the jockeying continued on Wednesday, Ukrainian Prime Minister Denys Shmyhal said on national TV that he hoped the framework deal would be signed within “the next 24 hours”.

“As soon as all the final details are worked out, which I hope will happen within the next 24 hours, the agreement will be signed and we will take the first step,” he said.

While the framework deal does not explicitly offer US security guarantees for Ukraine, it does call the agreement “an expression of a broader, long-term strategic alignment . . . and a tangible demonstration of the United States of America’s support for Ukraine’s security, prosperity, reconstruction and integration into global economic frameworks”.

“We think that the teams have done good work and the deal is much better for both countries,” said one of the Ukrainian officials familiar with the matter.

The development would mark a major step forward in the rocky relationship between Washington and Kyiv after a signing ceremony for an earlier version of the deal was cancelled in February following a public argument in the Oval Office between US President Donald Trump and his Ukrainian counterpart Volodymyr Zelenskyy.

After that clash, Trump had insisted that billions of dollars in past US military assistance be treated as loans to be repaid through the agreement, a proposal Zelenskyy rejected. Trump’s team of negotiators also sent a new proposal stating that only past military aid to Kyiv would count as the US contribution to the deal.

On Sunday, Shmyhal confirmed that this line had been removed after Ukraine had clearly defined its “red lines”.

He spoke from Washington following ​an “important meeting” with Bessent​ to hammer out the final details.

In the weeks since the Oval Office meeting that derailed talks — and after Kyiv worked with a US law firm to aid in negotiations with the Trump administration — the talks became more “constructive”, said the Ukrainian officials.

Kyiv and Washington signed a memorandum of intent ​earlier this month, pledging to advance ​an agreement on ​the investment fund part of the deal covering Ukraine’s natural resources and energy assets.

The deal specifies that after it takes effect, any new US military assistance “including the donation of weapons systems, ammunition, technology or training” will be considered a capital contribution by the US.

Trump has expressed growing impatience over stalled ceasefire talks. He has expressed doubts about Russian President Vladimir Putin’s willingness to engage seriously on a peace framework he had hoped to broker within his first 100 days in office.

After meeting Zelenskyy in the Vatican at the weekend, Trump said he “was very disappointed that missiles were [launched] by Russia . . . I want [Putin] to stop shooting, sit down and sign a deal”. 

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • ODD +18.8%, JAKK +15%, ORN +14.5%, WSBC +13.6%, FFAI +13.5%, QRVO +11%, CWAN +10.8%, FRSH +10.7%, RCKY +10.3%, BBIO +9.6%, SVCO +9%, TTI +8.3%, STX +7.8%, ABVX +7.3%, MTAL +6.9%, PBYI +6.6%, CWH +6.5%, SNN +5.6%, QUAD +5.4%, HUM +5.1%, NOG +4.9%, HIW +4.9%, TX +4.8%, ETWO +4.8%, CLW +4.7%, CSTM +4.3%, LRN +4.2%, OI +4.2%, PPG +4%, ASX +3.4%, FLS +3.3%, LFUS +3.1%, EXLS +3%, GSK +2.8%, MIR +2.4%, SAGE +1.6%, FDP +1.5%, QGEN +1.4%, GVA +1.1%, ENSG +1.1%, MDLZ +1.1%, CZR +1.1%, CE +1%, VLTO +1%, ENVA +1%
  • Gapping down:
    • TENB -18.6%, SMCI -15.4%, SNAP -13.9%, FSLR -13.1%, HRZN -11.6%, RBBN -7.7%, MRTN -7.5%, VICR -7.5%, JBGS -7.2%, SBUX -6.9%, LC -6.7%, UNM -6%, SAN -5.7%, MT -5.6%, WERN -4.8%, SON -3.7%, FIBK -3.6%, BKNG -3.6%, BXP -3.5%, KAI -3%, PUK -2.9%, IP -2.6%, XNCR -2.5%, EQR -2.5%, CHX -2.5%, MESO -2.5%, OKE -2.4%, NVCT -2.1%, FYBR -2.1%, YUMC -2.1%, EXPE -2%, KRG -2%, BCS -2%, HI -1.9%, NMIH -1.9%, NVDA -1.8%, ACGL -1.8%, GIL -1.8%, AAT -1.8%, TCBX -1.7%, ROG -1.7%, BHE -1.6%, NBR -1.6%, HLN -1.6%, SWK -1.6%, DJT -1.5%, AKR -1.5%, FICO -1.4%, IMMP -1.1%, EIX -1.1%, TTE -1.1%, EQH -1%

>>> US Research Calls I

Research Calls I
  • Upgrades
    • Airbnb (ABNB) upgraded to Buy from Neutral at DA Davidson; tgt $155
    • Canada Goose (GOOS) upgraded to Equal Weight from Underweight at Wells Fargo
    • Ceco Environmental (CECO) upgraded to Buy from Neutral at H.C. Wainwright, tgt $33
    • DiamondRock (DRH) upgraded to Buy from Underperform at BofA Securities, tgt $9.50
    • Levi Strauss (LEVI) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $20
    • NetApp (NTAP) upgraded to Overweight from Equal Weight at Barclays, tgt $115
    • Option Care Health (OPCH) upgraded to Buy from Neutral at UBS, tgt $40
    • Orrstown Financial (ORRF) upgraded to Outperform from Market Perform at Hovde Group, tgt $35
    • Qorvo (QRVO) upgraded to Buy from Hold at The Benchmark Company; tgt $95
    • Summit Hotel (INN) upgraded to Neutral from Underperform at BofA Securities; tgt $5
    • Sunstone Hotel (SHO) upgraded to Buy from Underperform at BofA Securities, tgt $10
    • T-Mobile (TMUS) upgraded to Outperform from Sector Perform at Scotiabank, tgt $277.50
    • VF Corp. (VFC) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $12
  • Downgrades
    • Carter's (CRI) downgraded to Underweight from Equal Weight at Wells Fargo, tgt $25
    • Central Garden & Pet (CENT) downgraded to Hold from Buy at Truist, tgt $35
    • Cheniere Energy (LNG) downgraded to Peer Perform from Outperform at Wolfe Research
    • First Solar (FSLR) downgraded to Perform from Outperform at Oppenheimer
    • First Solar (FSLR) downgraded to Underweight from Sector Weight at KeyBanc, tgt $100
    • Freshpet (FRPT) downgraded to Hold from Buy at Truist, tgt $80
    • Gap (GAP) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $24
    • HarborOne (HONE) downgraded to Neutral from Buy at Janney
    • Horizon Technology (HRZN) downgraded to Sell from Neutral at Compass Point, tgt $6.50
    • NeoGenomics (NEO) downgraded to Market Perform from Outperform at Leerink, tgt $9
    • Nike (NKE) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $55
    • Paccar (PCAR) downgraded to Neutral from Overweight at JPMorgan, tgt $90
    • Park Hotels & Resorts (PK) downgraded to Underperform from Neutral at BofA Securities, tgt $11
    • Raymond James (RJF) downgraded to Neutral from Buy at BofA Securities, tgt $159
    • Starbucks (SBUX) downgraded to Neutral from Buy at Goldman, tgt $85
    • Victoria's Secret (VSCO) downgraded to Underweight from Equal Weight at Wells Fargo, tgt $12
    • Werner (WERN) downgraded to Underperform from In Line at Evercore ISI, tgt $21
  • Others
    • Akero Therapeutics (AKRO) initiated with a Buy at Clear Street, tgt $49
    • Bill (BILL) assumed with a Buy at BTIG Research, tgt $60
    • OneStream (OS) initiated with an Outperform at Mizuho, tgt $30
    • OnKure Therapeutics (OKUR) initiated with an Outperform at Evercore ISI
    • Prairie Operating Co. (PROP) initiated with an Overweight at Piper Sandler, tgt $11
    • Salesforce (CRM) initiated with a Buy at WestPark Capital, tgt $320

>>> Europe : Brokers Upgrades & Downgrades - 30th of April 2025 V3(++)

>>> Up
* Artifex Mundi Raised to Hold at BDM; PT 16.55 zloty
* BP Raised to Hold at DZ Bank; PT 360 pence (++)
* Canada Goose Raised to Equal-Weight at Wells Fargo; PT C$11 (++)
* Engcon Raised to Buy at Nordea; PT 110 kronor
* GlobalData Raised to Buy at Deutsche Bank; PT 215 pence (+)
* Hafnia Raised to Buy at ABG; PT 57 kroner
* Neste Raised to Buy at Danske Bank Markets; PT 10.20 euros (++)
* Netum Group Raised to Accumulate at Inderes; PT 2.60 euros
* SEB Raised to Hold at Jefferies; PT 140 kronor
* SGS Raised to Overweight at Morgan Stanley; PT 97 Swiss francs
* Sobi Raised to Buy at Kepler Cheuvreux; PT 350 kronor (++)
* T-Mobile Raised to Sector Outperform at Scotiabank; PT $277.50 (++)
* TietoEVRY Raised to Hold at Handelsbanken; PT 17 euros (+)
* Thule Raised to Buy at Kepler Cheuvreux; PT 275 kronor (++)

>>> Down
* Aedifica Cut to Hold at KBC Securities (++)
* Arbonia Cut to Hold at Kepler Cheuvreux; PT 7 Swiss francs (++)
* Arjo Cut to Sell at Danske Bank Markets; PT 28 kronor (++)
* Cheniere Energy Cut to Peerperform at Wolfe
* DCC Cut to Hold at Deutsche Bank (+)
* DoorDash PT Cut to $220 from $245 at Benchmark (++)
* Edda Wind Cut to Neutral at Clarksons; PT 23 kroner (++)
* Epiroc Cut to Hold at Pareto Securities; PT 225 kronor
* eQ Cut to Reduce at Inderes; PT 11 euros
* F-Secure Cut to Accumulate at Inderes; PT 2.30 euros
* First Solar Cut to Underweight at KeyBanc; PT $100
* Fugro Cut to Neutral at BNPP Exane; PT 12 euros
* Gjensidige Cut to Hold at ABG; PT 244 kroner
* Hexatronic Cut to Hold at Danske Bank Markets; PT 29 kronor (++)
* Hornbach Holding Cut to Hold at DZ Bank; PT 97 euros (++)
* INWIT Cut to Equal-Weight at Barclays; PT 10.50 euros
* NCC Cut to Hold at ABG; PT 190 kronor
* Nordic Semiconductor Cut to Hold at SEB Equities; PT 120 kroner
* NXP Semi PT Cut to $130 from $258 at Truist Secs
* Paccar Cut to Neutral at JPMorgan; PT $90
* Porsche Cut to Sell at Bankhaus Metzler; PT 39 euros
* ProSieben Cut to Equal-Weight at Barclays; PT 7 euros
* Royal Unibrew Cut to Hold at Danske Bank Markets; PT 590 kroner (++)
* Snap PT Cut to $9 from $11 at Guggenheim (++)
* Snap PT Cut to $8 from $13 at Susquehanna (++)
* Sotkamo Silver Cut to Sell at Inderes; PT 0.75 kronor
* Telenor Cut to Hold at Arctic Securities; PT 166 kroner
* THG PLC Cut to Hold at HSBC; PT 27 pence
* Western Bulk Chartering Cut to Hold at DNB Markets
* Zalando Cut to Underweight at Morgan Stanley; PT 28.50 euros

>>> Initiation
* Deliveroo Rated New Reduce at Kepler Cheuvreux; PT 156 pence (++)
* Elmos Semiconductor Rated New Buy at Berenberg; PT 87 euros
* Envipco Rated New Buy at Clarksons; PT 8.48 euros (+)
* Galliford Try Rated New Buy at Berenberg; PT 470 pence
* JD.com ADRs Reinstated Outperform at Haitong Intl; PT $60
* Salesforce Inc Rated New Buy at WestPark Capital; PT $320
* Somec Rated New Buy at TP ICAP Midcap; PT 18.10 euros (+)
* Swissquote Reinstated Buy at William O'Neil
* Tesla Rated New Buy at Founder Securities
* Tomra Rated New Buy at Clarksons; PT 185 kroner (+)

>>> Call
* Apple Price Target Lowered at Raymond James on Tariff Headwinds
* Mercedes Guidance Withdrawal Overshadows Positives: Bernstein (+)
* Nel’s Backlog and Earnings Estimates Miss Underwhelm RBC (+)
* Vicat Retreat Continues as CIC Notes ‘Insignificant’ 1Q Update (++)
* Volkswagen’s Reiterated Guidance Deemed Positive by JPMorgan (+)
* Zalando Gets Rare Negative Rating as Morgan Stanley Downgrades (+)

>>> Europe : Brokers Upgrades & Downgrades - 30th of April 2025 V2(+)

>>> Up
* Artifex Mundi Raised to Hold at BDM; PT 16.55 zloty
* Engcon Raised to Buy at Nordea; PT 110 kronor
* GlobalData Raised to Buy at Deutsche Bank; PT 215 pence (+)
* Hafnia Raised to Buy at ABG; PT 57 kroner
* Netum Group Raised to Accumulate at Inderes; PT 2.60 euros
* SEB Raised to Hold at Jefferies; PT 140 kronor
* SGS Raised to Overweight at Morgan Stanley; PT 97 Swiss francs
* TietoEVRY Raised to Hold at Handelsbanken; PT 17 euros (+)

>>> Down
* Cheniere Energy Cut to Peerperform at Wolfe
* DCC Cut to Hold at Deutsche Bank (+)
* Epiroc Cut to Hold at Pareto Securities; PT 225 kronor
* eQ Cut to Reduce at Inderes; PT 11 euros
* F-Secure Cut to Accumulate at Inderes; PT 2.30 euros
* First Solar Cut to Underweight at KeyBanc; PT $100
* Fugro Cut to Neutral at BNPP Exane; PT 12 euros
* Gjensidige Cut to Hold at ABG; PT 244 kroner
* INWIT Cut to Equal-Weight at Barclays; PT 10.50 euros
* NCC Cut to Hold at ABG; PT 190 kronor
* Nordic Semiconductor Cut to Hold at SEB Equities; PT 120 kroner
* NXP Semi PT Cut to $130 from $258 at Truist Secs
* Paccar Cut to Neutral at JPMorgan; PT $90
* Porsche Cut to Sell at Bankhaus Metzler; PT 39 euros
* ProSieben Cut to Equal-Weight at Barclays; PT 7 euros
* Sotkamo Silver Cut to Sell at Inderes; PT 0.75 kronor
* Telenor Cut to Hold at Arctic Securities; PT 166 kroner
* THG PLC Cut to Hold at HSBC; PT 27 pence
* Western Bulk Chartering Cut to Hold at DNB Markets
* Zalando Cut to Underweight at Morgan Stanley; PT 28.50 euros

>>> Initiation
* Elmos Semiconductor Rated New Buy at Berenberg; PT 87 euros
* Envipco Rated New Buy at Clarksons; PT 8.48 euros (+)
* Galliford Try Rated New Buy at Berenberg; PT 470 pence
* JD.com ADRs Reinstated Outperform at Haitong Intl; PT $60
* Salesforce Inc Rated New Buy at WestPark Capital; PT $320
* Somec Rated New Buy at TP ICAP Midcap; PT 18.10 euros (+)
* Swissquote Reinstated Buy at William O'Neil
* Tesla Rated New Buy at Founder Securities
* Tomra Rated New Buy at Clarksons; PT 185 kroner (+)

>>> Call
* Apple Price Target Lowered at Raymond James on Tariff Headwinds
* Mercedes Guidance Withdrawal Overshadows Positives: Bernstein (+)
* Nel’s Backlog and Earnings Estimates Miss Underwhelm RBC (+)
* Volkswagen’s Reiterated Guidance Deemed Positive by JPMorgan (+)
* Zalando Gets Rare Negative Rating as Morgan Stanley Downgrades (+)

>>> What to look at today - 30th of April 2025

A six-day rally in US stocks looks set to pause as equity-index futures declined following disappointing earnings from Super Micro Computer Inc. and as more companies withdraw their guidance. Contracts for the S&P 500 and the Nasdaq 100 indexes both fell at least 0.5% as Super Micro slid 15% in after-market trading, ahead of earnings from mega cap companies such as Microsoft Corp. and Meta Platforms Inc. MSCI’s gauge of Asian shares rose 0.4%. Treasuries extended this month’s advance, with 10-year yields falling for a seventh day. Gold dropped 0.4%. Futures for European stocks swung between gains and losses after UBS Group AG’s net income beat estimates. Societe Generale SA also beat expectations for profit and revenue as it benefited from a surge in equities trading. Mercedes-Benz Group AG withdrew its outlook for this year due to the uncertainty of trade barriers. Volkswagen AG’s earnings dropped 40%. A global rally in stocks faces a key test Wednesday when the US releases inflation and gross-domestic-product data that will give investors more information on how the economy was faring just before President Donald Trump disclosed country-specific levies on April 2. Investors have been cautiously optimistic — the Nasdaq 100 is close to erasing all of its losses since Trump’s announcement — after some tariff reprieves and speculation the Federal Reserve will cut interest rates to prevent a recession. Investors will get a better picture of how US companies are navigating the new environment as more earnings roll in.
Snap Inc. plunged in after-hours trading after declining to issue a sales forecast for the current period, saying it’s navigating macroeconomic “headwinds” for its advertising business. Super Micro Computer’s preliminary results fell short of analysts’ projections. Starbucks Corp. reported sales that fell slightly faster than expected. 
General Motors Co. and JetBlue Airways Corp. pulled their outlooks, while United Parcel Service Inc. said it expects to cut 20,000 jobs this year. Four of the so-called Magnificent Seven — Microsoft, Apple Inc., Meta and Amazon.com Inc. — are reporting earnings this week. Analysts expect the group — which also includes Google-parent Alphabet, Tesla Inc. and Nvidia Corp. — to deliver an average of 15% profit growth in 2025, a forecast that’s barely budged since the start of March despite the flareup in trade tensions. In Asia, a gauge of China’s factory activity signaled the deepest contraction since December 2023, revealing early damage to the world’s second-biggest economy from the trade war with the US. After the data, offshore yuan edged lower, extending its first monthly decline this year. Copper retreated from its highest close since early April. Shares in Samsung Electronics Co. dropped as its chip business reported a roughly 40% drop in profit after US export controls dented sales of its high-end chips. Meanwhile, US real GDP growth likely cooled to a standstill in the first quarter as Trump’s policy shifts disrupted activity, according to Bloomberg Economics before the data is published later Wednesday. Some emerging market countries such as India will do quite well in the current environment, said Mark Mobius. The veteran emerging-markets investor has kept the bulk of his funds’ holdings in cash given that the trade-related uncertainty is likely to persist for up to six months. In the latest pivot in Trump’s trade strategy, the US president signed an executive order easing the impact of his auto tariffs, preventing duties on foreign-made vehicles from stacking on top of other levies and lessening charges on parts from overseas used to make vehicles in the US. Trump also renewed criticism of Fed Chairman Jerome Powell as he championed his economic policies and tariff regime during an event on Tuesday to mark his 100th day in office. Trump said China deserved the steep tariffs he imposed on their exports and predicted Beijing could find a way to reduce their impact on American consumers. In commodities, oil headed for its worst-ever April on signs the trade war is hurting economic growth and energy demand. US After Hours ODD +20.9%, FRSH +11.3%, QRVO +9%, STX +9% higher on earnings; TENB -17.8%, SMCI -15.6%, SNAP -14.1%, FSLR -9.1%, SBUX -6.1%, BKNG -3% lower on earnings/guidance.

Nikkei +0.36% Hang Seng +0.21% CSI -0.08% Shanghai -0.13% Shenzen +0.89%

Eur$ 1.1390 CNH 7.2641 CNY 7.2659 JPY 142.54 GBP 1.3394 CHF 0.8234 RUB 82.1889 TRY 38.5017 WTI$ 59.64 -1.32% Gold 3,310 -0.23% BTC 94,935 +0.07% ETH 1,806 -0.20%

S&P -0.42% Nasdaq -0.59% EuroStoxx -0.14% FTSE -0.04% Dax +0.05% SMI -0.25%

Macro :
- Huawei delivers advanced AI chip ‘cluster’ to Chinese clients cut off from Nvidia
- Mark Mobius Says His Funds Hold 95% in Cash on Trade War Risks
- Trump to Announce Auto Tariff Easing in Michigan, FT Reports
- US Approves Possible $1.33b Military Sale to Poland
- Altman to Testify on AI to Senate Panel, Fox Business Reports

Keep an eye on :
- ADYEN NA : Adyen 1Q Net Revenue Meets Estimates
- AED BB : Aedifica’s First Quarter ‘Operationally Solid’: Street Wrap
- AIXA GY : Aixtron 1Q Ebit Misses Estimates
- AKSO NO : Aker Solutions 1Q Revenue Beats Estimates
- AMS SW : AMS-Osram 1Q Revenue Beats Estimates
- ANDR AV : Andritz 1Q Revenue Misses Est. With Paper, Metal Lagging (1)
- APAM NA : Aperam 1Q Adjusted Ebitda Beats Estimates
- AAPL US : Apple Wants to Build iPhone in US, Needs Robots, Lutnick Says
- MT NA : ArcelorMittal 1Q Ebitda Beats Estimates
- MT NA : ArcelorMittal Warns of Trade Disruptions While Steel Prices Rise
- ASM NA : ASM International ADRs Rise After Orders Beat, Outlook Update
- AML LN : Aston Martin 1Q Revenue Misses Estimates
- ATCOA SS : Atlas Copco to Utilize Mandates to Buy Back, Sell Shares
- BFSA GY : Befesa Sees FY Ebitda EU240M to EU265M
- BX US : Blackstone Explores $3b Sale of Sphera: Reuters
- BOL FP : Bollore 1Q Organic Revenue +0.2%
- BRG NO : Borregaard 1Q Ebitda Beats Estimates
- BKNG US : Booking 1Q Revenue Beats Estimates: Snapshot, Booking Tweaks Revenue Outlook on Increased Economic Uncertainty, *EXPEDIA DOWN 2.5%, TRIPADVISOR OFF 1.7% AFTER BOOKING RESULTS
- BP/ LN : Woodside Signs Gas Supply Pact With BP for Louisiana LNG
- BHF US : *TPG, APOLLO, OTHERS SUBMITTED OFFERS FOR BRIGHTHOUSE: SEMAFOR
- CABK SM : CaixaBank 1Q Net Income Beats Estimates
- COK GY : Cancom Prelim 1Q Revenue EU410.4M
- CO FP : Casino 1Q Net Sales EU2.00B Vs. EU2.22B Q/Q
- ACA FP : Credit Agricole 1Q Net Income Misses Estimates
- ACA FP : Credit Agricole to Propose Jerome Grivet as Sole Deputy CEO
- DELL US :
- ROO LN : Grab Raises Forecast as Revenue Beats Estimates on Ride Demand
- DEZ GY : Deutz 1Q Adjusted Ebit Beats Estimates
- DHL GY : Deutsche Post 1Q Ebit Beats Estimates
- DRW3 GY : Draegerwerk 1Q Ebit Margin 0.1%
- DSFIR NA : DSM-Firmenich 1Q Net Sales Match Estimates
- DSV DC : DSV 1Q Ebit Before Significant Items Meets Estimates
- EDP PL : Aneel approves recommendation for renewal of EDP ES concession
- ENG SM : Enagas 1Q Net Income EU65.2M Vs. EU65.3M Y/y
- EQNR NO : Equinor 1Q Adjusted Operating Income After Tax Misses Estimates
- EBS AV : Erste Sees FY Fee and Commission Income Above +5%
- EVO SS : Evolution Maintains FY Ebitda Margin Forecast
- FIE GY : Fielmann Sees FY Sales About EU2.5B, Est. EU2.46B
- FSLR US : First Solar Cuts FY Net Sales Forecast
- FPE GY : Fuchs 1Q Ebit Misses Estimates
- HLAG GY : Hapag-Lloyd Prelim 1Q Ebitda $1.1B
- HYQ GY : Hypoport Prelim 1Q Ebit About EU8.5M
- IDIA SW : Idorsia 1Q Revenue CHF59M
- KNEBV FH : Kone Sees FY Adjusted Ebit Margin 11.8% to 12.4%, Est. 12.2%
- LOGN SW : Logitech 4Q Adjusted EPS Beats Estimates
- MELE BB : Melexis 1Q Revenue Beats Estimates
- MBG GY : Mercedes Says Tariff Volatility Too High For Reliable Outlook, Mercedes Withdraws Guidance Over Trump’s Auto Tariffs
- META US : Activist Robby Starbuck Sues Meta Over AI Answers About Him -- WSJ
- METSO FH : Metso Signs EU700m Revolver Linked to Sustainability Targets
- MDLZ US : Mondelez Sees FY Organic Net Revenue About +5%, Est. +4.88%
- NTGY SM : Naturgy’s Reynes Wins Authorization for Criteria Board Seat
- NEL NO : Nel 1Q Orders NOK311M Vs. NOK398M Y/y
- NEM GY : Nemetschek 1Q Ebitda Margin Misses Estimates
- NEX FP : Nexans 1Q Revenue Beats Estimates
- NKE US : Nike Forms New Team for Secretive Brand With Kim Kardashian
- OMV AV : OMV 1Q Profit Misses Estimates as Global Trade Risks Mount (1)
- ONTEX BB : Ontex 1Q Like-for-Like Sales -2.8%
- PARA US : Paramount Board Clears Possible Path for Settling Trump’s ‘60 Minutes’ Lawsuit
- PFE US : *PFIZER TO SPEND UP TO $15 BILLION THIS YEAR TO BOOST PIPELINE, *PFIZER'S BOURLA SAID HE'S SEEKING TWO OR THREE DEALS IN 2025
- PRU LN : Prudential 1Q New Business Profit $608M
- REP SM : Repsol 1Q Adjusted Income Beats Estimates (1)
- RWE GY : RWE Reports 33% Drop in Offshore Wind Output in 1Q 2025
- RCO FP : Remy Cointreau 4Q Organic Revenue Misses Estimates
- SDZ SW : Sandoz Group 1Q Net Sales Miss Estimates
- SAN FP : Sanofi Granted FDA Orphan Drug Status for Riliprubart
- SAN SM : Santander 1Q Net Income Beats Estimates
- STX US : Seagate Sees 4Q Adjusted EPS About $2.40, Est. $2.06
- SCHP SW : Schindler 1Q Ebit Beats Estimates
- WAF GY : Siltronic Cuts FY Ebitda Margin Forecast
- SNAP US : Snap 1Q Adjusted Ebitda Beats Estimates: Snapshot, Snap’s Lack of Guide Suggests Ad-Pricing Weakness: Street Wrap
- SWON SW : SoftwareOne Controls 83,8% of Shares in Crayon as of April 29
- SOP FP : Sopra Steria 1Q Revenue Meets Estimates
- SBUX US : Starbucks 2Q Comparable Sales Miss Estimates: Snapshot
- STMN SW : Straumann 1Q Revenue Beats Estimates
- SNR LN : Sullivan Is Said to Near Deal for Senior’s Aerostructures Unit
- SMCI US : Super Micro Computer Falls as Prelim 3Q Adj EPS Misses Estimates
- TE FP : Technip Energies 1Q Adjusted Recurring Ebit Beats Estimates
- TKA AV : Telekom Austria 1Q Revenue Matches Estimates
- TRVG US : Trivago 1Q Revenue Beats Estimates
- UBSG SW : UBS Profit Beats Estimates as Traders Reap Gains from Volatility
- UMG NA : UMG 1Q Revenue Beats Estimates
- FR FP : Valeo 1Q Revenue Meets Estimates (1)
- VCT FP : Vicat 1Q Sales Beat Estimates
- VIRI FP : Viridien Maintains FY Net Cash Flow Forecast
- V US : Visa 2Q Adjusted EPS Beats Estimates: Snapshot
- VLTSA FP : Voltalia 1Q Revenue EU113.3M
- VOW GY : VW Sees FY Operating ROS Low End of 5.5% to 6.5%, Est. 5.51%
- VU FP : VusionGroup Holder BOE Smart Retail Offers EU165 million Shares
- WCH GY : Wacker Chemie 1Q Ebit Misses Estimates
- WHR US : Whirlpool Debt Rating Cut to Junk by Moody’s on Weak Demand (1)
- 1810 HK : Xiaomi Joins China AI Game With Maiden DeepSeek-Like Modelv+4,74% in HK