Morning, I’m Louise Moon from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. Inflation held at an 11-month low in February , at 3%, in what would have been a lovely reading for the government and punters’ pockets alike. Given the data covers the period before the Iran war, which has upended energy markets, it’s a case of what could have been. “A few we...
Morning, I’m Louise Moon from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. Inflation held at an 11-month low in February , at 3%, in what would have been a lovely reading for the government and punters’ pockets alike. Given the data covers the period before the Iran war, which has upended energy markets, it’s a case of what could have been. “A few weeks ago, this would have represented a steady reading , and another step along the path back to target,” said Adam Deasy, economist at PwC UK. “Now, we are facing an energy-shock-shaped bump in the road.” In a cruel irony, fuel costs were among the biggest drags in February, according to the Office for National Statistics. That factor has quickly reversed as the Middle East conflict sent oil prices soaring. Food inflation touched the lowest since last March, but is also at risk. The Bank of England now expects a hike in inflation next month, and last week its rate-setting committee said it’s “ready to act.” Traders are betting on the BOE raising interest rates at least twice this year — a reversal of predictions. How quickly things can change. What’s your take? Ping me on X , LinkedIn or drop me an email at lmoon13@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond. What We’re Watching Asos ’ gross merchandise value - a key metric of the value of goods sold - improved in the first half, though it remained in negative territory, in a sign that the retailer’s turnaround plan is taking shape despite more competition and weak consumer sentiment. Shares rose 10%. Builder Crest Nicholson’s sales rates have been on the up since mid-January, following a weak period, and it’s yet to see any material impact from recent macro shocks. That follows similar sentiment from peer Bellway yesterday. Shares rose 9%, having closed at a record low yesterday. Diageo has reaped a sweet $1.8 billion from selling its stake ...
SK Hynix ( HXSCL ) has officially begun its journey to a U.S. stock market debut. On Wednesday, the South Korean chipmaker confirmed it filed a confidential application with the SEC to list its shares in the U.S. later this year, according to CNBC . The South Korean memory company first expressed interest in this move in December to obtain new capital to boost production due to rising memory deman...
SK Hynix ( HXSCL ) has officially begun its journey to a U.S. stock market debut. On Wednesday, the South Korean chipmaker confirmed it filed a confidential application with the SEC to list its shares in the U.S. later this year, according to CNBC . The South Korean memory company first expressed interest in this move in December to obtain new capital to boost production due to rising memory demand linked to the artificial intelligence sector. The firm plans to launch American Depositary Receipts by 2026, although the specifics like the size, method, and schedule of the offering are not yet determined. ADRs are certificates from U. S. banks that represent foreign company shares and tend to trade with less liquidity compared to full U. S. listings. Shares of SK Hynix surged more than 6% in Seoul on Wednesday, following news of its confidential U.S. listing plans. The company stated that the final decision regarding the listing will depend on factors such as the SEC's review, market conditions, and demand forecasts. They will share further details once they are finalized or within six months. Local reports suggest the company aims to raise between 10 trillion won and 15 trillion won, approximately $6.7 billion to $10 billion. The funds will be used to build AI infrastructure, including the Yongin Semiconductor Cluster. SK Hynix aims to expand production of advanced memory like High Bandwidth Memory ( HBM ) and enhance its lead in the AI semiconductor market. Separately on Wednesday, during the company’s annual shareholders meeting , CEO Kwak Noh-Jung stated that SK Hynix aims to secure over 100 trillion won in net cash for long-term investments. A letter to shareholders mentioned that the new M15X fab in Cheongju, South Korea, was finished ahead of schedule, and that the $15 billion Yongin Semiconductor Cluster and the advanced packaging facility in Indiana are progressing well. The letter noted “unprecedented growth” in the memory market, adding that “memory is no lo...
Donny DBM/iStock via Getty Images Key takeaways 1 Fund performance Invesco Municipal Income Fund Class A shares at net asset value (NAV) underperformed its style-specific index, the S&P Municipal Bond 5+ Year Investment Grade Index. 2 Seeking attractive opportunities through collaborative management Invesco ( IVZ ) Municipal Bond team uses a collaborative management approach. Relying on our size a...
Donny DBM/iStock via Getty Images Key takeaways 1 Fund performance Invesco Municipal Income Fund Class A shares at net asset value (NAV) underperformed its style-specific index, the S&P Municipal Bond 5+ Year Investment Grade Index. 2 Seeking attractive opportunities through collaborative management Invesco ( IVZ ) Municipal Bond team uses a collaborative management approach. Relying on our size and experience, we seek to identify the best opportunities to achieve potentially better outcomes for shareholders. 3 Analysis focused on creditworthiness Our team uses a bottom-up fundamental credit process focused on creditworthiness of individual issuers with an overlay of macroeconomic factors to capitalize on market inefficiencies. Our process has been time tested over full market cycles. Manager perspective and outlook In the fourth quarter, investment grade, high yield and taxable municipals delivered positive returns of 1.42%, 1.11% and 1.05%, with annual returns of 4.25%, 2.46% and 7.89%, respectively. 1 Despite a lengthy federal government shutdown, long-duration municipal bonds performed well during the quarter, bolstering market strength. 1 New municipal issuance reached $143 billion for the quarter and a record $584 billion for the year, surpassing last year's record $509 billion. Shifting interest rate policies, higher costs and political uncertainty likely encouraged more issuers to come to market. 1 Net flows for municipal mutual funds and exchange-traded funds (ETFs) were strong, totaling approximately $17.5 billion for the quarter and $52.4 billion for the year. 2 The US Federal Reserve (Fed) cut the federal funds rate twice, by 0.25% in October and 0.25% in December. The Fed reiterated its commitment to balancing maximum employment and a 2% inflation target. 3 We believe state and local municipal budgets remain healthy. While credit rating upgrades have moderated, upgrades outpaced downgrades in 2025, demonstrating to us strong fundamentals. 4 Our experien...
"Changed My Entire Life": Top OnlyFans Creators Mourn Death Of Billionaire Founder Top OnlyFans creator pornstar Sophie Rain, who has earned tens of millions of dollars on the adult content platform over the last several years, mourned the death of OnlyFans owner and billionaire Leonid Radvinsky on Monday. Rain, one of the platform's highest earners who has reportedly grossed over $100 million sin...
"Changed My Entire Life": Top OnlyFans Creators Mourn Death Of Billionaire Founder Top OnlyFans creator pornstar Sophie Rain, who has earned tens of millions of dollars on the adult content platform over the last several years, mourned the death of OnlyFans owner and billionaire Leonid Radvinsky on Monday. Rain, one of the platform's highest earners who has reportedly grossed over $100 million since 2023, thanked Radvinsky for changing her life. "I don't even know how to put this into words. That man built something that changed my entire life. Like, I grew up on food stamps and now I can take care of my whole family because of a platform he created. I will never forget that," Rain told the New York Post in an exclusive interview. Rain said, "Before OnlyFans, I was waitressing and barely making rent. That platform gave me everything. And that doesn't happen without someone building it in the first place." She told the NY Post that she never met the billionaire, "but everything I have right now is because he built something that gave people like me a chance," adding, "Sending so much love to his family. This is really, really sad." Piper Rockelle, another OnlyFans adult star, told the outlet, "I've only been on the platform since January, but it already changed everything for me. Like, I owe a lot to what that man built … I don't really know what to say other than thank you for building something that gave people like me a shot. I wouldn't be where I am right now without it." Radvinsky died of cancer at the early age of 43 on Monday, according to a statement from the company. His death raises new questions about the platform's future ownership, especially since he reportedly placed his majority stake in a trust in 2024. Tyler Durden Wed, 03/25/2026 - 04:15
Anna Edwards, Lizzy Burden and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
Anna Edwards, Lizzy Burden and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
Nickel prices jumped after the world’s largest producer Indonesia agreed to tax outbound shipments of the battery metal. Futures climbed as much as 2.7% on the London Metal Exchange after Finance Minister Purbaya Yudhi Sadewa said President Prabowo Subianto had approved tariffs for coal and nickel exports on Wednesday. Discussions were still underway on specific tax rates, according to the ministe...
Nickel prices jumped after the world’s largest producer Indonesia agreed to tax outbound shipments of the battery metal. Futures climbed as much as 2.7% on the London Metal Exchange after Finance Minister Purbaya Yudhi Sadewa said President Prabowo Subianto had approved tariffs for coal and nickel exports on Wednesday. Discussions were still underway on specific tax rates, according to the minister. The resource-rich Southeast Asian country has been mulling a windfall tax on commodities as it faces rising budgetary strain from higher oil prices due to the Iran war. As a net crude and fuels importer, Indonesia is also vulnerable to potential inflationary and growth pressures from the conflict’s disruptions to energy flows. The country has long held ambitions to move up the resource value chain by stopping all exports of raw materials and pushing companies to invest in metals processing. Talks of taxing nickel exports specifically can be traced back to a 2022 consideration by then-President Joko Widodo, who wanted to attract investment from battery and EV makers using the metal. Indonesia now accounts for more than half the world’s nickel production and the metal is one of the country’s top export earners. Much of the industry’s growth was driven by Chinese investment. Investors are more likely to believe in the plan now, given Indonesia’s fiscal difficulties, said Gao Yin, an analyst with Shuohe Asset Management Co. Higher taxes are going to boost cost of production and prices of nickel, she said. Nickel on the LME rose 2.1% to $17,310 a ton as of 8:02 a.m. in London.
Do beginnings matter? In books and movies, the answer is a resounding "yes." Losing the reader or viewer early on usually isn't good. But what about how stocks perform at the beginning of the year? Does a rocky start have any bearing on how the stock market finishes? The answer to that question is also a resounding "yes," based on how stocks have performed in the past. I bring this up because the ...
Do beginnings matter? In books and movies, the answer is a resounding "yes." Losing the reader or viewer early on usually isn't good. But what about how stocks perform at the beginning of the year? Does a rocky start have any bearing on how the stock market finishes? The answer to that question is also a resounding "yes," based on how stocks have performed in the past. I bring this up because the S&P 500 (SNPINDEX: ^GSPC) is on track to finish the first quarter of 2026 in negative territory. Here's what history suggests is next. Image source: Getty Images. Continue reading
very good/E+ via Getty Images The solar sector is going up, ARRY is falling. These are not good times for Array Technologies Inc. ( ARRY ) since its latest earnings release, and week after week, this downward drift does not seem to stop. When I read its business model, I found it quite interesting, since essentially it manufactures and sells single-axis trackers for solar plants, that is, the trac...
very good/E+ via Getty Images The solar sector is going up, ARRY is falling. These are not good times for Array Technologies Inc. ( ARRY ) since its latest earnings release, and week after week, this downward drift does not seem to stop. When I read its business model, I found it quite interesting, since essentially it manufactures and sells single-axis trackers for solar plants, that is, the tracking system that orients solar panels throughout the day to achieve the highest possible solar capture. In addition, this component is structural within the CapEx of projects, as practically more than 90% of new installed capacity in the utility-scale in the U.S. uses this type of tracker, so the market exists. So at first glance, if the business makes sense, what is happening? This is what led me to investigate, considering that an index we could consider as a reference, Invesco Solar ETF ( TAN ) is performing well. Data by YCharts The first answer to this question seems to come after the acquisition of STI Norland, since following this transaction, fixed-tilt solutions were added to ARRY’s product portfolio, which are fixed mounting structures, as well as foundations, which are the metal bases where both the tracker and the fixed-tilt systems are anchored. This is something that can make sense considering that these are simpler and less differentiated products than trackers, and in this way offer integrated solutions to clients without having to leave the ARRY ecosystem. However, the market seems to be penalizing this move after seeing that STI Norland (FY22) closed FY25 with a gross profit of -$1.4M , in addition to an inventory charge (H250) of $29.5M that became unusable as it was not compatible with its new systems. To understand the magnitude of the setback, this amount is equivalent to 230 bps of the company’s total revenue, and considering that Adj. EBITDA generated was $187M, a segment coming from an acquisition has destroyed the equivalent of 15% of annual adjust...
Boy Wirat/iStock via Getty Images Chinese authorities have barred two Manus co-founders from leaving the country, heightening scrutiny over Meta Platforms's ( META ) 2025 acquisition of the fast-rising agentic AI startup for $2 billion, the Financial Times reported on Wednesday. Xiao Hong and Ji Yichao were summoned this month to a meeting in Beijing with the National Development and Reform Commis...
Boy Wirat/iStock via Getty Images Chinese authorities have barred two Manus co-founders from leaving the country, heightening scrutiny over Meta Platforms's ( META ) 2025 acquisition of the fast-rising agentic AI startup for $2 billion, the Financial Times reported on Wednesday. Xiao Hong and Ji Yichao were summoned this month to a meeting in Beijing with the National Development and Reform Commission, the country’s powerful economic planner, the FT said. The pair, who’re based in Singapore, were questioned about potential violations of foreign direct investment rules and then told they couldn’t leave China, the FT reported. Meta announced in December that it would acquire Manus , which develops general-purpose AI agents capable of operating as digital employees, performing tasks such as research and automation with minimal prompting. Financial terms of the deal were not disclosed, but the deal reportedly valued Manus at $2 billion-$3 billion. Earlier this year, China's commerce ministry had said it would assess and investigate Meta's acquisition of Manus. More on Meta Meta Platforms: The AI Spending Spree Is Out Of Control Meta Platforms: 16x Adjusted FY2026 P/E Is A Solid Buy Delays, Compute Deals, And Sky-High CapEx: Why I'm Still Bullish On Meta Meta's Ray-Ban smart glasses EU rollout slowed by battery, AI rules and supply constraints: report Meta Platforms raises top executive pay with stock options amid intensifying AI race
Boy Wirat/iStock via Getty Images Chinese authorities have barred two Manus co-founders from leaving the country, heightening scrutiny over Meta Platforms' ( META ) 2025 acquisition of the fast-rising agentic AI startup for $2 billion, the Financial Times reported on Wednesday. Xiao Hong and Ji Yichao were summoned this month to a meeting in Beijing with the National Development and Reform Commiss...
Boy Wirat/iStock via Getty Images Chinese authorities have barred two Manus co-founders from leaving the country, heightening scrutiny over Meta Platforms' ( META ) 2025 acquisition of the fast-rising agentic AI startup for $2 billion, the Financial Times reported on Wednesday. Xiao Hong and Ji Yichao were summoned this month to a meeting in Beijing with the National Development and Reform Commission, the country’s powerful economic planner, the FT said. The pair, who are based in Singapore, were questioned about potential violations of foreign direct investment rules and then told they couldn’t leave China, the FT reported. Meta announced in December that it would acquire Manus , which develops general-purpose AI agents capable of operating as digital employees, performing tasks such as research and automation with minimal prompting. Financial terms of the deal were not disclosed, but the deal reportedly valued Manus at $2 billion-$3 billion. Earlier this year, China's commerce ministry had said it would assess and investigate Meta's acquisition of Manus. More on Meta Meta Platforms: The AI Spending Spree Is Out Of Control Meta Platforms: 16x Adjusted FY2026 P/E Is A Solid Buy Delays, Compute Deals, And Sky-High CapEx: Why I'm Still Bullish On Meta Meta's Ray-Ban smart glasses EU rollout slowed by battery, AI rules and supply constraints: report Meta Platforms raises top executive pay with stock options amid intensifying AI race
jetcityimage/iStock Editorial via Getty Images Investment thesis General Electric Company ( GE ) operates in two business worlds. The first is North America, where growth is essentially flat. The second is the rest of the world and specific regions, where growth in air traffic generates growth for GE. In brief, GE now counts on its international business to provide growth, while its North American...
jetcityimage/iStock Editorial via Getty Images Investment thesis General Electric Company ( GE ) operates in two business worlds. The first is North America, where growth is essentially flat. The second is the rest of the world and specific regions, where growth in air traffic generates growth for GE. In brief, GE now counts on its international business to provide growth, while its North American operations provide stable but slow-growing revenue and earnings. This article provides an overview of GE's international business and the prospects for future growth. About GE Also known as GE Aerospace, the company calls itself, in its 10-K for 2025 , "the industry's largest and growing commercial propulsion fleet. The company's installed base of approximately 50,000 commercial and 30,000 military engines, including parked aircraft in addition to fleet in service, supports our aftermarket services business, which represents approximately 70% of revenue, reflecting the strength of customer demand across our business." Note that the firm sees engine sales as a pathway to selling more aftermarket services, with the latter delivering 70% of corporate revenue. The obvious corollary is that the more engines it sells, the greater the aftermarket opportunities. In the 10-K, management writes, "We serve customers in approximately 120 countries. Manufacturing and service operations are carried out at 70 facilities located in 23 states in the United States and Puerto Rico, of which 24 are owned, and at 62 facilities located in 23 other countries, of which 30 are owned." Engine sales represent not just current revenue but also multi-decade servicing opportunities. And as this article will show, regions such as the Middle East and India provide the most opportunities to make new sales of both engines and services. Notable, too, is GE's ability to provide power for both narrow-body and wide-body aircraft (more below). Industry overview The latest Global Market Forecast from Airbus is b...