Bloomberg

Lead Story

US President Donald Trump signaled the US aims to exit its military operations in Iran within two to three weeks, contingent on reopening the Strait of Hormuz. The comments triggered a massive relief rally across global equities, with Asian and European stock futures surging, while Brent crude plunged below $100 a barrel as traders unwound bets on a prolonged energy supply shock.

Markets & Economics

• US Economic Resilience Bolsters Rate Outlook: US retail sales rebounded 0.6% in February, while a March manufacturing gauge expanded by the most since 2022 despite surging war-driven input costs.
• India Battles Rupee Slide Toward 100/USD: The Reserve Bank of India stepped up its defense of the battered rupee by restricting non-deliverable FX contracts, as strategists warn the currency could hit a record 100 per dollar.
• German Growth Forecast Slashed: Germany’s leading research institutes cut the country’s economic growth forecast by more than half, citing the devastating impact of the Middle East conflict on global energy supplies.
• MSCI Upgrades Greece: MSCI Inc. elevated Greece’s stock market back to developed-market status, a milestone marking the country’s complete recovery from its decade-long sovereign debt crisis.

Business & Industries

• SpaceX Files Confidentially for IPO: Elon Musk’s rocket and satellite behemoth has confidentially filed for what could be the biggest-ever initial public offering, seeking to capitalize on surging AI valuations.
• Intel Reclaims Ireland Plant Stake for $14.2B: Rebuilding its manufacturing footprint, Intel Corp. agreed to pay Apollo Global Management $14.2 billion to buy back half of its Irish facility.
• McCormick Acquires Unilever Food Arm: Unilever agreed to merge its food business with McCormick in a massive $44.8 billion transaction, creating a global condiments and seasonings powerhouse.
• Stellantis Weighs Canadian Hub for Chinese EVs: Stellantis NV is in talks to build electric vehicles with Chinese partner Zhejiang Leapmotor at an idled Canadian plant, sparking immediate protectionist opposition from Ontario’s premier.
• Estée Lauder, Puig Advance Merger Talks: The two family-owned cosmetics giants are progressing toward a mostly stock combination that would forge one of the world’s largest luxury beauty companies.

Policy & World

• Trump Attends Birthright Citizenship Hearing: Donald Trump became the first sitting US president to attend a Supreme Court oral argument in recorded history, where justices appeared skeptical of his executive bid to roll back automatic birthright citizenship.
• UK Pivots to EU Amid Transatlantic Strain: Prime Minister Keir Starmer pledged deeper ties with the European Union and proposed a diplomatic coalition to reopen the Strait of Hormuz, pushing back against Trump’s erratic foreign policy and NATO exit threats.
• NASA Readies First Crewed Moon Mission in 50 Years: Astronauts will launch Wednesday aboard a Lockheed Martin-built Orion capsule atop a Boeing Space Launch System rocket, embarking on a 10-day Artemis II lunar flyby.

Opinion & Analysis

• Ukraine Is Having a Surprisingly Good Iran War: The Middle East conflict has ironically rescued Russia from a budget crisis and strained Kyiv’s debt-laden European backers, increasing the likelihood that the US will force Volodymyr Zelenskiy to accept Russian territorial demands.
• Private Credit’s Pain Will Be the Market’s Gain: Just as the cowpox vaccine trained the immune system to fight smallpox, early exposure to manageable distress will ultimately build crucial defenses and strengthen the rapidly expanding private credit sector.