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Monday, March 30

Noteworthy macro moves today: Ethereum +4.4%. Nikkei 225 Index (Japan) -3.5%. US 10Y Treasury Bond Index +0.4%. Noteworthy US mega-cap moves today: Meta Platforms Inc (META) +1.5%. Exxon Mobil Corp (XOM) +1.3%. Microsoft Corp (MSFT) +1.0%. 

Global equity markets are trading mixed following the release of disappointing economic sentiment data from the Eurozone and rising inflation concerns linked to ongoing geopolitical tensions in the Middle East. The Euro Area Economic Sentiment Indicator fell to 96.6 in March, down from a revised figure of 98.2 in February and below expectations of an increase to 96.8, reflecting growing anxiety among consumers and businesses amid rising inflation pressures.

In the U.S., equity indices are higher as investors react positively to stronger-than-expected mortgage approvals data from the Bank of England. Which reported an increase to 62,600 in February from January's figure of 60,200, surpassing market forecasts of 61,300. This suggests resilience in borrowing activity despite broader economic uncertainties influenced by geopolitical factors.

Meanwhile, Asian markets are under pressure, with the Nikkei 225 Index dropping significantly by approximately 3.5%. This decline is driven by fears surrounding escalating tensions in the Middle East and their potential impact on global economic growth and inflation rates. The heightened volatility has led to cautious sentiment among investors as they assess risks associated with rising oil prices and their implications for monetary policy adjustments globally.

iShares MSCI Japan ETF (EWJ) [+2.0%]
Japan's resilience against potential supply disruptions is highlighted by S&P's recent assessment, which notes that the country has around eight months' worth of oil reserves. This strategic advantage may bolster the iShares MSCI Japan ETF, which has seen a price increase in pre-market trading. The ETF is also benefitting from movements in its holdings, particularly from LSRCY, DSNKY, KAEPY, MARUY, and SONY, which have all contributed positively to its performance. Additionally, the USD/JPY exchange rate has played a role, contributing to the ETF's overall performance. Despite rising geopolitical tensions in the Middle East and the associated increase in oil prices, which have pressured global markets, the iShares MSCI Japan ETF is trading higher.

Ethereum (ETH/USD) [+4.4%]
Ethereum has seen a notable increase, attributed in part to the surge in oil prices following President Trump's announcement regarding Iran's Kharg Island, a key oil export hub. This escalation in Middle Eastern tensions has raised concerns about potential supply disruptions and inflationary pressures globally. Analysts have also expressed optimism regarding Ethereum's price, citing increased activity in decentralized finance (DeFi) as a potential growth driver, despite ongoing challenges such as high gas costs. Additionally, the Ethereum Foundation has staked a record $46 million worth of ETH, marking its largest staking event to date, and announced plans to extend its staking program with an additional 20,470 ETH valued at $42 million. Meanwhile, there have been reported net outflows from ETH spot ETFs amounting to over $200 million.

UTHR | +15.3% | +4.1B
United Therapeutics Corp | Biotechnology
United Therapeutics Corp announced that its TETON-1 study, evaluating nebulised Tyvaso for idiopathic pulmonary fibrosis, successfully met its primary efficacy endpoint, demonstrating a significant improvement in absolute forced vital capacity by 130.1 mL from baseline to week 52, surpassing placebo. The study involved 598 patients and indicated consistent safety profiles with previous Tyvaso studies. United Therapeutics plans to submit a supplemental New Drug Application to the FDA by the end of summer for adding idiopathic pulmonary fibrosis to Tyvaso's indications. Following this announcement, the stock is trading lower in pre-market hours, despite a notable increase since Friday's close.

SYY | -7.5% | -2.8B
Sysco Corp | Food Distributors
Sysco Corporation is nearing a significant acquisition of Jetro Restaurant Depot, valued at approximately $29.1 billion, which includes $21.6 billion in cash and 91.5 million Sysco shares. The deal is expected to be funded through $21 billion in new debt and $1 billion from cash on hand, leading Sysco to pause its share buyback program. This acquisition, aimed at enhancing Sysco's presence in the independent restaurant sector, is anticipated to close by the third quarter of fiscal 2027, pending regulatory approvals. In conjunction with this announcement, Sysco reaffirmed its fiscal 2026 guidance, projecting sales growth of 3% to 5% and adjusted earnings per share at the high end of $4.50 to $4.60. Despite these developments, Sysco's stock is trading lower, reflecting market concerns regarding the funding structure of the acquisition.

BSX | -4.2% | -4.1B
Boston Scientific Corp | Health Care Equipment
Boston Scientific Corp announced FDA 510(k) clearance for its Asurys Fluid Management System, designed to enhance irrigation and distention during endoscopic urologic procedures. This development aims to address fluid flow and intrarenal pressure challenges during ureteroscopy. Additionally, the CHAMPION-AF trial results confirmed the effectiveness of the WATCHMAN FLX device in reducing stroke risk for patients with non-valvular atrial fibrillation. Despite these positive developments, Raymond James downgraded Boston Scientific from Strong Buy to Outperform, lowering the price target from $97 to $88, which may have contributed to the stock's significant decline in pre-market trading. Shares are trading notably lower since Friday's close, reflecting a broader context of volatility in the market.

PANW | +3.8% | +1.9B
Palo Alto Networks Inc | Systems Software
Palo Alto Networks Inc's CEO, Nikesh Arora, made headlines with his acquisition of 68,085 shares, valued at $10 million, priced between $146.87 and $147.48. This purchase, disclosed after market close on Friday, stands out as his first insider buy in four years and comes amidst a year-to-date decline of 18% for the company. Despite a significant drop of 6% in Palo Alto shares on Friday, the stock is trading higher in pre-market hours today, reflecting a recovery following the announcement of Arora's investment. Analysts view this move as a bullish signal, especially given the recent volatility in the cybersecurity sector, which has faced concerns related to AI developments.

CRWD | +2.9% | +2.7B
CrowdStrike Holdings Inc | Systems Software
Wolfe Research has upgraded CrowdStrike Holdings Inc to Outperform, setting a price target of $450. This upgrade is attributed to the anticipated positive impact of Anthropic's upcoming AI model, Mythos, which is expected to enhance cybersecurity capabilities and potentially increase overall security spending. Analyst Joshua Tilton noted that this could bolster CrowdStrike's revenue growth as organizations seek to strengthen defenses against advanced threats. Following this upgrade, CrowdStrike's stock rose in premarket trading. Despite a reported year-to-date decline of 21% in the stock, analysts remain optimistic about its strong position in AI security and the benefits expected from trends discussed at the recent RSA Conference. The Nasdaq 100 Index's increase also reflects broader market sentiment, which may be contributing to CrowdStrike's recent uptick.

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