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Monday, March 3

Noteworthy macro moves today: US Dollar Index -0.7%. Ethereum -5.5%. Copper +1.5%. Noteworthy US mega-cap moves today: Broadcom Inc (AVGO) +2.3%. 

The DAX 30 Index in Germany has surged by over 3% today, reflecting positive market sentiment driven by expectations of increased defense spending amid ongoing geopolitical tensions. This rally comes as European leaders discuss plans to bolster military support for Ukraine and potentially resolve the conflict, contributing to optimism across equity markets.

In economic news, Eurozone inflation data released earlier shows an annual rate of 2.4% for February—slightly above forecasts but down from January's figure. The mixed signals regarding inflation are influencing investor perceptions about future monetary policy decisions from the European Central Bank (ECB), particularly ahead of its upcoming meeting where further easing measures may be discussed despite rising prices.

Additionally, President Trump's impending tariffs on imports from Canada and Mexico set to take effect tomorrow have created uncertainty in financial markets. These developments could significantly impact U.S.-Canada trade relations while also affecting broader risk sentiment globally; investors remain cautious as they await key manufacturing PMI reports that will provide insights into potential growth trajectories amidst these tariff concerns.

Invesco CurrencyShares Euro Trust (FXE) [+0.9%, +1.5M]
The Invesco CurrencyShares Euro Trust (FXE) has seen a price increase of 0.9% in pre-market trading. The U.S. Dollar Index has declined, influenced by European leaders advocating for a Ukraine-Russia peace deal, which has strengthened the euro. Concurrently, European stock indices, including the STOXX 50, Germany's DAX, and France's CAC, have risen, with defense stocks benefiting from increased military spending plans. The EUR/USD pair is also experiencing upward movement, aided by President Trump's announcement regarding a U.S. strategic cryptocurrency reserve. Eurozone inflation has eased slightly to 2.4%, suggesting potential support for continued policy easing by the European Central Bank. Additionally, Spain's Manufacturing PMI fell to 49.7, while Germany's PMI reported at 46.5, indicating an easing manufacturing slump. The GBP/USD pair has moved up, reflecting broader market dynamics that may influence FXE's recent performance.

Bitcoin (BTC/USD) [-0.9%, -3.3B]
Bitcoin's price has decreased by 1.8% since Sunday, currently trading around $95,000. This follows President Donald Trump's announcement of a strategic cryptocurrency reserve that includes Bitcoin, which initially propelled the price upward. Coinbase CEO Brian Armstrong recently endorsed Bitcoin as the ideal choice for the U.S. Crypto Strategic Reserve. Bitcoin's market capitalization now exceeds $1.70 trillion, surpassing the combined value of the top three banks globally. Institutional interest remains strong, as evidenced by Boyaa's acquisition of 100 Bitcoin for $7.95 million and Metaplanet's purchase of 156 BTC for $13.4 million, raising their total holdings significantly. Additionally, CME Bitcoin futures for March gapped higher at $95,000, reflecting a notable shift in market sentiment. Ethereum has dropped by 6.45%, which may also be influencing Bitcoin's recent price movement.

INTC | +5.6% | +5.9B
Intel Corp | Semiconductors
Intel Corp (INTC) shares rose by approximately 5.6% in pre-market trading, following reports that Nvidia and Broadcom are conducting manufacturing tests using Intel's processes. This development suggests a growing confidence in Intel's production capabilities, which may lead to substantial contracts worth hundreds of millions. Despite this positive news, there are setbacks in qualifying Intel's intellectual property, delaying the rollout of its advanced 18A process for some customers by six months. Additionally, the opening of Intel's $28 billion semiconductor project in Ohio has been postponed to the next decade, with production now expected to start in 2030. Intel's stock closed at $23.73 on Friday, reflecting a year-to-date increase of over 17%.

Coinbase Global Inc (COIN) [+10.0%, +5.8B] Financial Exchanges & Data
Coinbase Global Inc (COIN) saw a significant increase in pre-market trading, rising over 10%. This movement coincided with similar gains in other U.S. crypto stocks such as Strategy, CleanSpark, and Riot Blockchain. Social media discussions highlighted the volatility of COIN's price, with notable levels mentioned, including $237, $259, and $319. Users expressed optimism regarding COIN's potential rise, especially with upcoming events like the White House Crypto Summit scheduled for March 7th. Recent posts indicated COIN was trading near $240, recovering from a low observed in pre-market trading on Friday. Additionally, comments from Coinbase CEO Brian Armstrong about Bitcoin being a viable option for a U.S. Crypto Strategic Reserve contributed to the ongoing conversation about COIN's future prospects.

NOK | +5.4% | +1.5B
Nokia Oyj | Communications Equipment
Nokia Oyj has recently engaged in significant collaborations to enhance its technological capabilities. A joint effort with Lockheed Martin and Verizon has successfully integrated Nokia's military-grade 5G solutions into the 5G.MIL Hybrid Base Station, improving interoperability between commercial and military communications systems. This integration facilitates enhanced real-time data usage and situational awareness in defense operations. Additionally, Nokia has opened an AI-RAN Center in Dallas, aimed at advancing AI-powered Radio Access Networks (RAN). This initiative is expected to establish the groundwork for platform-as-a-service models, allowing operators to offer scalable computing infrastructure alongside connectivity. These developments underscore Nokia's strategic focus on innovation and collaboration within the telecommunications sector.

LI | -7.5% | -3.5B
Li Auto Inc | Automobile Manufacturers
Li Auto reported 26,263 vehicle deliveries for February 2025, marking a year-over-year increase of 30%, but a month-on-month decline of 12% from January. Cumulative deliveries reached 1,190,062 as of February 28, 2025. The company operates 500 retail stores across 150 cities and has established 1,874 supercharging stations with 10,008 charging stalls in China. Despite the positive year-over-year growth in deliveries, the stock experienced a notable premarket decline of approximately 8.8%. Additionally, Li Auto announced its first pure electric SUV, the i8, set for launch in July, which was shared on social media about 11 hours ago. Following this announcement, the stock fluctuated significantly, falling more than 5% after an initial rise of over 3%. JP Morgan upgraded Li Auto's stock, predicting potential sales growth to 1 million units by 2027, largely driven by Extended Range Electric Vehicles.

XPEV | -4.8% | -1.9B
Xpeng Inc | Automobile Manufacturers
Xpeng Inc. is set to report its fourth quarter and fiscal year 2024 financial results on March 18, 2025. The company delivered 30,453 vehicles in February, marking a 570% year-over-year increase and contributing to year-to-date deliveries of 60,803 units. Despite these robust figures, Xpeng shares declined by 4.6% in premarket trading, reflecting a broader downturn among Chinese electric vehicle manufacturers. Notably, Li Auto Inc. experienced an 8% decline following its February delivery figures, which, despite a year-over-year increase, showed a drop from January’s deliveries. Additionally, Xpeng announced plans to enter the Indonesian market with localized production focusing on the X9 and G6 models in the second half of 2025.

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