1. Asian Stocks Rise After US Shrugs Off CPI Data: Markets Wrap

    (Bloomberg) — Stocks in Asia opened higher as traders held on to Federal Reserve rate cut bets for this year despite hotter-than-expected inflation data. Equity benchmark climbed in Japan, South Korea and Australia. The S&P 500 and a gauge of global equity index closed at fresh records following the US CPI print.

  2. US Core Inflation Tops Forecasts Again, Reinforcing Fed Caution

    (Bloomberg) — Underlying US inflation topped forecasts for a second month in February as prices jumped for used cars, air travel and clothes, reinforcing the Federal Reserve’s cautious approach to cutting interest rates. The so-called core consumer price index, which excludes food and energy costs, increased 0.4% from January, according to government data out Tuesday.

  3. Meta Bid to Pause FTC Privacy Pact Revisions Rejected by Court

    (Bloomberg) — Meta Platforms Inc. must respond to Federal Trade Commission allegations that it breached the terms of its 2020 privacy settlement after a federal appeals court rejected the company’s bid to put the case on hold. In a ruling late Tuesday, a three-judge appeals panel in Washington, DC denied Meta’s request for a preliminary injunction to pause the FTC proceedings while a lawsuit over their constitutionality is ongoing.

  4. Duda Warns Putin Will Attack Others If He Wins in Ukraine

    (Bloomberg) — Polish President Andrzej Duda said Russian President Vladimir Putin will attack other states if the Kremlin wins its war in Ukraine as he sought to convince the US to approve further assistance for Kyiv. “What Ukraine needs today is to make sure that Putin does not win the war,” Duda told Bloomberg Television’s “Balance of Power” on Tuesday.

  5. BOJ Looks for Final Piece of Rate Puzzle in Wage Talks Outcome

    (Bloomberg) — Japan is about to see whether wage hikes will be strong enough to prompt the central bank to conduct its first interest rate hike since 2007 as early as next week, a move that would influence prices on everything from financial assets to mortgages to daily necessities. A wide range of unions will report on this year’s pay deals this week.

  6. India’s Inflation Stays Above Target, Keeping RBI on Guard

    (Bloomberg) — India’s inflation was little changed in February, staying above the central bank’s target and giving policymakers reason to remain cautious. The consumer price index rose 5.09% from a year earlier, Statistics Ministry data showed on Tuesday, slightly higher than the median forecast of 5.04% in a Bloomberg survey of economists.

  7. Biden Gets Enough Delegates to Win 2024 Democratic Nomination

    (Bloomberg) — President Joe Biden on Tuesday won enough delegates to secure the Democratic presidential nomination, the Associated Press reported. Biden’s surged past the required 1,968 delegates with a primary victory in Georgia, according to the AP. He narrowly won that state in the 2020 general election. Former President Donald Trump, almost certain to be Biden’s rival in November.

  8. Basis Trade Is Seen Dwindling as Asset Managers Pivot to Credit

    (Bloomberg) — Hedge funds are unwinding short Treasury futures bets at a rapid clip, a sign that basis-trade positions are diminishing. Strategists at Bank of America say the positioning shift and subsequent moderation in the basis trade, a strategy of trading the spread between cash Treasuries and futures, are likely also happening because asset managers have been pivoting into investment grade credit.

  9. Nomura-Backed Corinthia Hires Private Debt Team From Barings

    (Bloomberg) — Corinthia Global Management, a platform backed by Nomura Holdings Inc., is hiring a private credit team of more than 20 people from Barings in one of the largest so-called team lifts at an alternative asset manager in recent years, according to people with knowledge of the matter.

  10. Hedge Funds That Rode Cat Bond Rally Start Recalibrating Bets

    (Bloomberg) — Managers who went all out on the best hedge fund bet of 2023 are starting to recalibrate their portfolios, amid signs that the so-called catastrophe bonds underpinning the strategy are headed for a rough patch.

  11. BlueBay’s Biggest Macro Bet Is Shorting Japan Government Bonds

    (Bloomberg) — RBC BlueBay Asset Management has made selling Japanese government bonds a top wager on expectations the central bank is likely to raise interest rates next week. “This is the largest macro-risk position we are currently running as it offers the best risk-rewards,” said Mark Dowding, chief investment officer at the fund.

  12. Nvidia shares rebounded on Tuesday, on track to snap a two-day rout that wiped $172 billion off the world’s most valuable chipmaker’s market capitalization. The latest retreat had come after a blistering rally propelled the stock into overbought territory.

    Shares rise as much as 6.3%, adding more than $100 billion in value. Stock up more than 80% this year, supported by strong demand for chips used in artificial intelligence. Tech is broadly positive, with the group supported after strong results from Oracle. Separately, a blog post from Meta Platforms detailed the company’s generative AI infrastructure. Wedbush notes that Meta’s infrastructure includes thousands of Nvidia H100 processor chips. The architectures used in these deployments likely “underpin Meta’s plan to expand its infrastructure to include 350K H100s in service by year-end”.

  13. Mike Roman will become just executive chairman, and 3M names former L3Harris chief William Brown as its next CEO. 3M Co.’s investors cheered Tuesday, after the consumer, industrial and healthcare-products company named a new chief executive to replace Mike Roman, who held the position for the past six years.

    Roman will become the company’s (MMM) executive chairman, effective May 1, the same day that William Brown, who was the former chief executive of L3Harris Technologies Inc. (LHX), becomes 3M’s new CEO. The stock jumped 5% in morning trading, enough to make it the best performer among the Dow Jones Industrial Average’s DJIA components.

  14. Coinbase Global shares fell as much as 4.8% in extended trading after the company announced plans to offer $1 billion of convertible senior notes due 2030.

    The proceeds raised will be used to repay at maturity or redeem prior to maturity 0.5% convertible senior notes due 2026, 3.4% senior notes due 2028 and 3.6% senior notes due 2031. The company also plans to grant initial buyers of the notes a 30-day option to purchase up to an additional $150 million principal amount of notes solely to cover over-allotments.

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