📈 Stocks / Finance

Fund Managers Go Risk-On as Retail Investors Brace for Downturn

Markets Insider

Fund managers' risk appetite has surged to a 15-year high, with cash levels at 2010 lows, per BofA. Meanwhile, 47.3% of retail investors in an AAII survey are bearish, citing tariffs and inflation concerns. While institutions see US stocks as overvalued, many expect EuroStoxx to outperform the Nasdaq.

S&P 500 Hits Record as AI, Tariff Moves Drive Market

Yahoo Finance

The S&P 500 closed at a record 6,129.58 after a late-session rally, with futures edging higher. AI stocks led after-hours gains, with SMCI up 3% and PLTR near highs. Trump announced a 25% auto tariff starting April 2, impacting markets. Investors await Fed minutes for insights on rate policy.

Capital One-Discover Merger Clears Shareholder Vote

Yahoo Finance

Capital One and Discover shareholders overwhelmingly approved the $35 billion merger, with 85.1% and 81.6% voting in favor, respectively. While Delaware regulators have signed off, the deal still requires approval from the Fed and OCC, with potential DOJ scrutiny remaining a hurdle. Completion is expected this year.

🪙 Crypto

Utah Advances Bitcoin Reserve Bill

The Block

Utah's 'H.B. 230' bill, which would allow the state treasurer to allocate up to 5% of public funds into bitcoin or stablecoins, has advanced to the Senate Revenue and Taxation Committee. The bill, which passed the House 8-1, could make Utah the first state to approve such legislation, taking effect May 7 if enacted.

🌎 Global Economy

Trump's Tariffs Disrupt EU Steel Market

OilPrice

Trump's 25% steel and 10% aluminum tariffs threaten EU exports, with Eurofer warning of a potential 3.7M metric ton loss. Steel prices have risen, with hot rolled coil at €650/MT, as mills cut production. The U.S. steel deficit remains, with imports at 93M MT in 2023 against 81.4M MT of domestic output.

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