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Elon Musk has sold his social media platform, X, to his AI company, xAI, for $33 billion, a significant drop from his 2022 purchase price but an improvement from its recent low valuation. Musk stated that the merger will enhance both companies by integrating AI capabilities with X's extensive reach. Despite past controversies and advertiser departures, major brands like Amazon and Apple are reportedly returning to X, contributing to a rebound in its fortunes.
Deutsche Bank has reaffirmed its Buy rating on Shopify stock with a $150 price target, reflecting confidence in the company's market positioning and growth potential. Shopify is benefiting from retail trends such as unified commerce and Generative AI, alongside strong revenue growth of 25.78% over the past year. The company is gaining traction in the mid-market and enterprise segments, driven by dissatisfaction with existing vendors, while an expanded partnership with Affirm Holdings is set to enhance its payment services.
On April 2, President Trump is expected to implement significant reciprocal tariffs on 15-25 countries, potentially using Section 338 of the Tariff Act of 1930 or the International Emergency Economic Powers Act. These tariffs may target nations with large trade deficits with the U.S. and high trade barriers, including China, the EU, India, Canada, and Japan. Barclays anticipates that real negotiations will commence post-April 2, warning of prolonged trade tensions ahead.
UBS has reiterated its Buy rating on Braze Inc, maintaining a price target of $51, following the company's strong fourth-quarter performance, which included a 22% year-over-year revenue increase and the addition of 85 new clients. Analysts from Stifel and Oppenheimer also expressed optimism, with Stifel raising its target to $50 and Oppenheimer aligning with UBS at $51. Braze's strategic acquisition of AI platform OfferFit for $325 million is expected to enhance its product offerings and competitive position, despite some concerns regarding financial synergies.
Elon Musk is heavily investing in Wisconsin's Supreme Court race, supporting conservative candidate Brad Schimel, due to concerns over congressional district redrawing that could shift power to Democrats. He believes a progressive majority could jeopardize Republican representation and impact his business interests, as Tesla faces legal challenges in the state regarding direct sales. Schimel, a former attorney general, has aligned closely with Trump and criticized the court's handling of the 2020 election, echoing calls for electoral reform.
Deutsche Bank warns of a significant risk to the US dollar's dominance, citing concerns over the reliability of dollar swap lines during market stress. As European Central Bank officials question their dependence on these lines, the potential for de-dollarization grows, particularly among major economic rivals like China and Russia. This uncertainty could lead to reduced foreign ownership of US assets and a weakening of the dollar's role globally, coinciding with a surge in gold prices.
A recent survey highlights a significant gap between the rising demand for crypto services among European investors and the slow adoption by banks. While Europe has 63 banks offering crypto services, this is a small fraction of the banking sector, with many institutions still hesitant due to regulatory uncertainties. However, some banks, like BBVA and Clearstream, are beginning to adapt by introducing crypto trading and custody services, indicating a potential shift in the financial landscape as investor interest grows.
Democratic lawmakers, led by Senator Ben Ray Luján and Congressman Dave Min, are set to introduce the "Special Government Employees Transparency Act of 2025," aiming to mandate public financial disclosures for Special Government Employees like Elon Musk. This legislation seeks to enhance accountability and transparency, addressing potential conflicts of interest, especially given Musk's significant federal contracts through SpaceX and Tesla. The bill faces challenges in a Republican-controlled Congress but is supported by various watchdog groups advocating for stricter ethical standards.
Barclays has lowered its 2025 S&P 500 target to 5,900, a reduction of over 10% from its previous estimate of 6,600, due to concerns over U.S. tariff actions impacting economic growth. The bank anticipates S&P 500 earnings per share will drop to $262 from $271, citing potential earnings reductions from tariffs on imports, particularly from China, steel, and aluminum. Other financial institutions, including Goldman Sachs and RBC Capital Markets, have also revised their S&P 500 targets downward.
European bank shares declined following President Trump's announcement of 25% import tariffs on vehicles and auto parts, with the banking sector down 1.3%. UBS fell 3.8% after a downgrade by BofA, which cited regulatory uncertainties and potential capital requirements of $20-$25 billion. Other banks like Deutsche Bank and Commerzbank also experienced losses, while Handelsbanken dropped 11.7% as it traded ex-dividend. Despite the downturn, banks have seen a 27% increase year to date.
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