Good morning . Washington plans direct talks while Iran says its ceasefire deal with the US was violated. Galeries Lafayette is taking another look at its China business. And Singapore’s new worker dorm tests the government’s public-health pledge. Listen to the day’s top stories . Market Snapshot S&P 500 6,782.81 +2.5% WTI Futures $94.41 -16% Bloomberg Dollar Spot Index 1,201.51 -0.8% Market data ...
Good morning . Washington plans direct talks while Iran says its ceasefire deal with the US was violated. Galeries Lafayette is taking another look at its China business. And Singapore’s new worker dorm tests the government’s public-health pledge. Listen to the day’s top stories . Market Snapshot S&P 500 6,782.81 +2.5% WTI Futures $94.41 -16% Bloomberg Dollar Spot Index 1,201.51 -0.8% Market data as of 05:17 PM ET. Data is subject to provider delays. Iran claimed a ceasefire agreement was violated less than 24 hours after it was reached as fighting continued in the Middle East, punctuated by Israel’s largest-ever attack on Hezbollah in Lebanon. The Strait of Hormuz remained largely blocked as hundreds of ships wait to leave amid the fragile truce. Some progress may be made this weekend, with the US sending Vice President JD Vance to Pakistan to hold direct talks with Tehran. The initial easing of tensions sent a wave of optimism through global financial markets, with US stocks surging. West Texas Intermediate oil settled below $95 a barrel, easing concerns about an energy crisis. As the haven bid waned, the dollar erased its advance for the year. Polymarket Iran Bets Draw Fresh Dispute and Insider Scrutiny Read more Asian nations are assessing the fallout from the war, with Japan and Australia calling attention to North Korea’s latest missile launch as a reminder of the security challenges in the Indo-Pacific region while the world focuses on the Mideast. Indian households are bracing for a sharp pickup in inflation over the next three months, RBI surveys showed, reflecting concerns over the conflict. The war is hitting automakers hard, too. Hyundai Motor has started rerouting ships around Africa to avoid Hormuz, as part of a broader plan to rework operations and insulate the company from supply shocks, tariffs and geopolitical tension. In more car news, BYD is stepping up hiring from rivals including Porsche to bolster its Denza line in Europe as it tries to break ...
The SPDR S&P 500 ETF Trust ( SPY ) received mixed signals following the March jobs report , which showed employers added 178,000 jobs last month—far exceeding the consensus estimate of 51,000 to 59,000 and marking the strongest gain since December 2024. The unemployment rate fell to 4.3% from 4.4% a month ago. Despite the strong headline numbers, analyst sentiment remains decidedly mixed, with man...
The SPDR S&P 500 ETF Trust ( SPY ) received mixed signals following the March jobs report , which showed employers added 178,000 jobs last month—far exceeding the consensus estimate of 51,000 to 59,000 and marking the strongest gain since December 2024. The unemployment rate fell to 4.3% from 4.4% a month ago. Despite the strong headline numbers, analyst sentiment remains decidedly mixed, with many characterizing the underlying labor market picture as “muddled” rather than unambiguously positive. What Do Seeking Alpha Analysts Say About SP500’s Future? Buyers po i nte d to the report as evidence of economic resilience, highlighting a significant “bounce back” from February’s weakness. The healthcare sector alone added 76,000 jobs—well above its twelve-month average of 29,000. Manufacturing employment rose by 15,000, the most since November 2023 , while construction added 26,000 positions, both suggesting firming fundamentals in goods-producing industries. Skeptics, how ever, highlighted troubling details beneath the surface. Labor force participation fell to 61.9%, its lowest level since November 2021, as 396,000 workers dropped out of the labor force entirely. The Household Survey actually showed a loss of 64,000 jobs in March, and the U-6 underemployment rate rose to 8.0%. Average hourly earnings grew just 0.2% month-over-month, bringing year-over-year wage growth to 3.5%—the weakest since May 2021. Meanwhile, February’s already weak report was revised down further to a loss of 133,000 jobs. Here’s a breakdown of what some analysts had to say: Mike Zaccardi, CFA, CMT, Rating: Buy: “The March jobs report was much better than expected. The three-month average number of jobs created is now 68,000, above the perceived breakeven level required to keep the unemployment rate steady.” — Massive March Jobs Beat: Stock Futures And Bonds Trade Lower On Good Friday MTS Insights, Rating: Hold: “While payroll growth and the decline in the unemployment rate suggest resilience, s...
A group of neurodivergent and disabled young adults ask Stephen Fry the tough questions most others don’t dare to – and it makes for a truly liberating experience As opening questions in celebrity interviews go, it’s a bold one. You can’t imagine Norton, Ross or Winkleman beginning with it. But the latest guest on The Assembly, Stephen Fry, is just settling into his chair when he’s given this as h...
A group of neurodivergent and disabled young adults ask Stephen Fry the tough questions most others don’t dare to – and it makes for a truly liberating experience As opening questions in celebrity interviews go, it’s a bold one. You can’t imagine Norton, Ross or Winkleman beginning with it. But the latest guest on The Assembly, Stephen Fry, is just settling into his chair when he’s given this as his starter: “You tried to kill yourself a couple of times. Are you happy to be alive now?” The Assembly, of course, is not a standard chatshow. This is the one where a famous person is interrogated by a group of young adults with neurodivergence or learning disabilities, who are less inhibited by the ordinary protocols of TV interviews. Every question is simultaneously something no conventional interviewer would ever contemplate saying, and something we are immediately interested in seeing the guest react to. Celebs enter that bright, high-windowed room overlooking the Thames with a mix of joy and trepidation, knowing that the artifices and pretensions that usually protect them don’t apply here. “I’ve seen you guys,” says Fry on his way in. “Smiling assassins!” The Assembly aired on ITV1 and is available on ITVX Continue reading...
When the final whistle went, the man in black quietly disappeared out of sight and set off running up the tunnel. For the first time since he took over at Atlético Madrid 15 long years ago, Diego Simeone had led his team to a victory at the Camp Nou, keeping alive his dream of taking them back to a European Cup final a decade later. In 2014 and 2016 Atlético knocked out Barcelona en route to Lisbo...
When the final whistle went, the man in black quietly disappeared out of sight and set off running up the tunnel. For the first time since he took over at Atlético Madrid 15 long years ago, Diego Simeone had led his team to a victory at the Camp Nou, keeping alive his dream of taking them back to a European Cup final a decade later. In 2014 and 2016 Atlético knocked out Barcelona en route to Lisbon and Milan and while there is much to be done in at the Metropolitano in six days’ time, they have put themselves in a superb position to do so again. Sometimes, everything fells like it turns on a single moment and this was one of those times. A run from Simeone’s son, Giuliano, just before half-time was that moment. Barcelona had been on top at that point but now he was away, heading towards the area, only to be tripped by Pau Cubarsí, earning the defender a red card and Atletico a free-kick from which Julián Alvarez curled in a wonderful strike. A goal down and a man down, there was no way back for Barcelona, although they gave everything, Lamine Yamal especially; instead, there was a second for Alexander Sørloth, the advantage theirs. Continue reading...
The star returns as Ian Fletcher in this mockumentary from the makers of Twenty Twelve. But for every funny moment, there is a slightly off gag – and some truly woeful ones It’s a Monday morning in Miami and Ian Fletcher ( Hugh Bonneville ) is in a meeting. The meeting has been set up to action another meeting, the outcome of which will be actioned – or at least consciously tabled – at a third, or...
The star returns as Ian Fletcher in this mockumentary from the makers of Twenty Twelve. But for every funny moment, there is a slightly off gag – and some truly woeful ones It’s a Monday morning in Miami and Ian Fletcher ( Hugh Bonneville ) is in a meeting. The meeting has been set up to action another meeting, the outcome of which will be actioned – or at least consciously tabled – at a third, or possibly seventh, meeting. The meeting is also a meeting in a deeper sense, in that it is an opportunity for Ian, the “incoming director of integrity” at the organising body for world football (which, states the narrator, David Tennant, “we’re unable to name for legal reasons”), to establish his place in a corporate culture that is “irretrievably American”. “Shall we begin?”, Ian asks his new colleagues. “Oh my God,” gasps the sustainability tsar, Sarah Campbell (Chelsey Crisp), pressing the palm of her hand swooningly to her breastbone. “Soooo British!” Continue reading...
David Lammy says those affected by a heinous crime cannot be expected to engage with the justice system within the existing 28-day limit Victims and bereaved families will be given six months to challenge “unduly lenient” sentences handed to criminals , under changes announced by David Lammy. Relatives of murder victims campaigned for the government to scrap the 28-day time limit to submit a forma...
David Lammy says those affected by a heinous crime cannot be expected to engage with the justice system within the existing 28-day limit Victims and bereaved families will be given six months to challenge “unduly lenient” sentences handed to criminals , under changes announced by David Lammy. Relatives of murder victims campaigned for the government to scrap the 28-day time limit to submit a formal request after an offender is sentenced. Continue reading...
imagedepotpro/iStock via Getty Images Pabrai Wagons ETF ( WAGN ) was effectively launched in February 2026. The current ETF- WAGN is the successor of the previous Pabrai Wagons fund which was set up as a mutual fund. The predecessor fund was launched in September 2023. Leaving that distinction aside, the current ETF is not a fresh strategy but just a wrapper changes from the previous mutual fund t...
imagedepotpro/iStock via Getty Images Pabrai Wagons ETF ( WAGN ) was effectively launched in February 2026. The current ETF- WAGN is the successor of the previous Pabrai Wagons fund which was set up as a mutual fund. The predecessor fund was launched in September 2023. Leaving that distinction aside, the current ETF is not a fresh strategy but just a wrapper changes from the previous mutual fund to garner more liquidity for investors. The particular facts and the scope of analysis for the current fund, however, differ significantly from other ETFs. For starters, this is not a typical fund focusing on institutional imperatives or trying to fit itself into buckets, whether sector, themes, style, factors or anything else for that matter. The manager of the fund, Mohnish Pabrai , is typically known to be a value-oriented investment manager in a contextual manner, since he does not distinguish between value and growth in popular sense. The reason of mentioning the fund manager has again to do with the nature of WAGN. Mr. Pabrai happens to be the sole investment manager here and eventually this fund could be referred to as an extraction of his investment framework on a retail-centric ETF scale. The fund is a pure bottom-up security selection approach and usually prefers — not due to mandate, but due to opportunity — to invest in companies that Mr. Market offers when they are out of favor, rather than those everyone is talking about. That is done to offer asymmetric payoffs if the thesis is correct, and downside to be significantly controlled. Mr. Pabrai is also known for his book The Dhandho Investor and an analogy “ Heads I win; Tails I don’t lose much ” — and seems to follow it to a significant extent in his investment decisions. Particularly, while investing in this fund, having confidence in the style and thought process of the manager is as important as evaluating portfolio composition and performance track records. Authors (Compilation from various sources) Performa...
As Asia grappled with the impact of the Iran war, a major pharmaceutical milestone quietly made the headlines. On March 20, the patent for semaglutide, the active ingredient in Novo Nordisk’s Ozempic and Wegovy drugs, expired in several countries, crucially India and China – two countries renowned for their production of generic drugs, which are drugs with the same active ingredient as the branded...
As Asia grappled with the impact of the Iran war, a major pharmaceutical milestone quietly made the headlines. On March 20, the patent for semaglutide, the active ingredient in Novo Nordisk’s Ozempic and Wegovy drugs, expired in several countries, crucially India and China – two countries renowned for their production of generic drugs, which are drugs with the same active ingredient as the branded original but typically sold at much lower prices. Ozempic, first approved in 2017 by the US Food...
The S&P 500 (SNPINDEX:^GSPC) climbed 2.51% to 6,782.81, the Nasdaq Composite (NASDAQINDEX:^IXIC) advanced 2.80% to 22,634.99, and the Dow Jones Industrial Average (DJINDICES:^DJI) jumped 2.85% to 47,909.92 as stocks rebounded on news of an U.S.–Iran ceasefire.
The S&P 500 (SNPINDEX:^GSPC) climbed 2.51% to 6,782.81, the Nasdaq Composite (NASDAQINDEX:^IXIC) advanced 2.80% to 22,634.99, and the Dow Jones Industrial Average (DJINDICES:^DJI) jumped 2.85% to 47,909.92 as stocks rebounded on news of an U.S.–Iran ceasefire.
Colombia ’s credit score was downgraded by S&P Global Ratings for the second time in less than a year on concerns over a persistently large fiscal deficit and high debt burden. The firm lowered the nation’s foreign currency rating one notch to BB- with a stable outlook, bringing it in line with Mongolia and the Bahamas. “Colombia’s policy framework has become less predictable since the 2020 pandem...
Colombia ’s credit score was downgraded by S&P Global Ratings for the second time in less than a year on concerns over a persistently large fiscal deficit and high debt burden. The firm lowered the nation’s foreign currency rating one notch to BB- with a stable outlook, bringing it in line with Mongolia and the Bahamas. “Colombia’s policy framework has become less predictable since the 2020 pandemic-related recession,” S&P wrote in a statement . “We could lower our ratings in the next six to 18 months if higher fiscal deficits than we expect lead to persistently large external outflows and higher external debt, making Colombia increasingly vulnerable to external shocks.” S&P last cut Colombia’s rating in June, the same day Moody’s Ratings lowered its credit score to the lowest investment grade, delivering a dual blow to the nation’s battered finances. Fiscal concerns have been growing since last year, when the country decided to suspend a legal cap on government spending. President Gustavo Petro ’s leftist administration has struggled with a ballooning deficit and a liquidity crunch, with little incentive to rein in spending ahead of presidential elections in May. To ease the pressure, the Finance Ministry has been resorting to alternative sources of financing, including a total return swap with international banks, the first issuance of eurobonds in almost a decade, and a private placement of billions of dollars in local debt. The strategy has cut borrowing costs for the nation and pushed out interest payments, but risks increasing the debt burden down the line. On Tuesday, Petro said his government will submit a financing bill with tax measures to Congress as soon as possible, threatening to declare another economic emergency if the project fails to pass. “Colombia’s fiscal deterioration has been an absolute mess for the past few years and getting worse by the minute,” said Alvaro Vivanco , an emerging markets macro strategist at Wells Fargo. “Credit to S&P for pu...
Timing the market is difficult even for professionals. Even investing legend Warren Buffett often admits that he has no idea what the market will do this week or next year. And unexpected volatility can make or break a short-term trader . Timing the market sounds great until you miss a few of the best days and watch your returns get cut in half. There's a less stressful path. Buy dividend stocks y...
Timing the market is difficult even for professionals. Even investing legend Warren Buffett often admits that he has no idea what the market will do this week or next year. And unexpected volatility can make or break a short-term trader . Timing the market sounds great until you miss a few of the best days and watch your returns get cut in half. There's a less stressful path. Buy dividend stocks you trust, hold them tight, and let compounding do the work over many years. The three companies discussed here have rewarded patient shareholders for ages. They're hiding in plain sight, too. Let's start with a company you probably use every day without knowing it, with business assets scattered all around your neighborhood. American Tower (NYSE: AMT) owns the enormous metal structures (and easy-to-miss small cells) your phone relies on for call, text, and internet connections. Continue reading
Jinda Noipho/iStock via Getty Images The tariff war didn't create the ex-China EM thesis. It just made it impossible to ignore. By the time Trump's reciprocal tariffs hit 125% on Chinese goods in mid-2025 and the new Section 301 investigations landed on 60-plus trading partners in March 2026, most EM investors had already done the math. China, at roughly 25% of the MSCI EM index, wasn't adding alp...
Jinda Noipho/iStock via Getty Images The tariff war didn't create the ex-China EM thesis. It just made it impossible to ignore. By the time Trump's reciprocal tariffs hit 125% on Chinese goods in mid-2025 and the new Section 301 investigations landed on 60-plus trading partners in March 2026, most EM investors had already done the math. China, at roughly 25% of the MSCI EM index, wasn't adding alpha. It was absorbing it. Property sector stress, household balance sheet paralysis, regulatory uncertainty, and a stock market that moves on policy rumors rather than fundamentals had turned what was once the crown jewel of emerging markets into a performance drag you were paying EEM's 0.72% expense ratio to own. The iShares MSCI Emerging Markets ex China ETF (EMXC ) is the response to that math problem. Strip Out the Label and See What You're Actually Buying EMXC is a BlackRock iShares product launched in July 2017, tracking the MSCI Emerging Markets ex China Index. It carries a 0.25% expense ratio, holds 640 positions, has $18.3 billion in assets, and pays semi-annual distributions with a trailing 12-month yield of 2.33%. The basics are clean. But here's what rarely gets said plainly: this is not a diversified emerging markets fund in any traditional sense. When you remove China and look at what's left, a very specific bet reveals itself. Where Your Money Actually Ends Up TSMC sits at 17.79% of EMXC. Samsung comes in at 7.67%. SK Hynix at 4.13%. Those three names alone, all semiconductor companies plugged into the global AI infrastructure cycle, represent roughly 30% of the entire ETF. Foxconn, MediaTek, and Delta Electronics round out the Taiwan sleeve. HDFC Bank, Reliance Industries, and ICICI Bank provide India exposure. Geographically, Taiwan is 29.92%, South Korea is 22.20%, and India is 16.84%. Taiwan plus Korea combined is over 52%. The IT sector accounts for 41% of the index versus roughly 32% for MSCI EM with China included. What am I saying here? EMXC is essenti...