TNB Market Brief

Daily market news, economic updates and investment insights from Trusted Novus Bank.
Information only. Not investment advice.

[TNB Market Brief @TrustedNovus]

SpaceX’s IPO reached an expected $75bn valuation. Despite no public rating, main 3 agencies agree it is an investment grade, remarkable as it lost $4.3bn in Q1.
@SpaceX may soon issue IG bonds to refinance a $20bn bridge loan due 2027. Shares begin trading today at $135.

[TNB Market Brief @TrustedNovus]

A warning shot for the #AI trade.

SoftBank's $6bn @OpenAI-backed loan stalled.

No lenders, no agreement, and funding alternatives are now being explored.

@SoftBank Group stock down 8%.

[TNB Market Brief @TrustedNovus]

Tech sell-off: short-term pullback or the start of a sector reset?
Can demand absorb the growing pipeline of IPOs, share issuances and lock-up expiries?

@SpaceX, @OpenAI, @AnthropicAI, Alphabet, @Meta potentially next.
Supply is rising. Demand will be key. A trend to monitor

[TNB Market Brief @TrustedNovus]

#Bond markets: bear-flatten as short-term yields rise faster than long-term ones. 📈

🇪🇺Euro inflation confirms @ecb hiking, and strong 🇺🇸US jobs data boost @federalreserve hike bets.

The USD reacts EUR/USD 1.1650→1.1525, GBP/USD 1.348→1.334.

[TNB Market Brief @TrustedNovus]

🚨Unexpectedly, the EU Q1 GDP growth turned negative. The surprise mainly due to a large downwards revision of Ireland's GDP to -12%!

👉It suggests the need of lowering rates, so affects the EUR, which drops against the USD and the GBP.

[TNB Market Brief @TrustedNovus]

🇮🇹 Italy is making its biggest move toward nuclear energy in 40 years.

The lower house has approved a bill that would allow the government to create a nuclear regulatory framework within 12 months.

The measure now heads to the Senate for final approval.

[TNB Market Brief @TrustedNovus]

🚨Markets remain directionless ahead of #US jobs data.

Tech is losing momentum after a strong run, with profit-taking, mixed @Broadcom earnings, lower @SpaceX estimates and #AI policy headlines weighing on sentiment.

Weakness is broadening as investors await the next catalyst.

[TNB Market Brief @TrustedNovus]

Is negative sentiment building around tech?

1️⃣Supply risk: mega IPOs (Open AI, SPaceX...) and lock-up expiries could add pressure to valuations.

2️⃣@Broadcom weakness: shares fell 12% after hours, weighing on tech sentiment across global markets like South Korea.

[TNB Market Brief @TrustedNovus]

@MorningstarInc values @SpaceX at around $780bn, less than half its reported $1.75tn IPO target.

The firm highlights uncertainty around xAI, strong AI competition, & execution risks across long-term projects & Starlink.

Morningstar’s view: the IPO may be priced too aggressively

[TNB Market Brief @TrustedNovus]

@nvidia unveiled yest a new superchip that could transform the PC for the personal AI era.

#AI would shift from the cloud to the PC at home @HP, @Dell, and @Lenovo set to ship machines with these chips this fall.

Nvidia rose 6% on the news while competitor Qualcomm dropped 9%

[TNB Market Brief @TrustedNovus]

Bitcoin missed the “USD alternative” bid and got hit: down 3.7%, with $65k now the next support to watch.

The trigger? @Strategy sold 32 BTC, tiny versus its 843k stash, but its first sale in years.

The market heard the signal. The stock itself dropped 6%. Not investment advice

[TNB Market Brief @TrustedNovus]

Berkshire Hathaway just made a $6.8bn statement. Abel’s first major swing as CEO: an all-cash deal for Taylor Morrison at a 24% premium.

The takeaway? Berkshire just reset the floor for beaten-up housing names.

Now the market is looking at D.R. Horton, Pulte, and Toll Brothers.

[TNB Market Brief @TrustedNovus]

Contrarian: @bankofengland Bailey has indicated a willingness to tolerate above-target inflation to support the economy, provided that second-round inflation effects do not emerge. This is a notably dovish stance, which could support both FTSE and Gilts, while hitting the GBP.

[TNB Market Brief @TrustedNovus]

🇺🇸 Reminder: FED dual mandate = inflation + jobs → Friday matters.

[TNB Market Brief @TrustedNovus]

🇺🇸All eyes on US jobs later this week.

The labour market has held up well in the US, with back-to-back gains for the first time in a year:

👉115k in April.
👉110k expected for May.

A strong print could lift consumer confidence, hit by inflation and shape the FED’s June move.

[TNB Market Brief @TrustedNovus]

Similar picture in the Eurozone:

📈French and Spanish CPI figures this morning were also stubbornly high.
📉GDP growth for the Eurozone is expected at just 0.8% for the year
🔥Inflation at 2.9% - considerably above the target level.

[TNB Market Brief @TrustedNovus]

US data is fuelling stagflation fears:

📈 Core PCE: 3.8%
📉 GDP: 1.6%, below expectations
🚀 Goods orders: +7.9%

The market’s big question: is this simply a Hormuz shock, or the start of a sticky stagflation regime?

The answer will shape the next move in rates, bonds and FX.

[TNB Market Brief @TrustedNovus]

NIO, the Chinese electric vehicle manufacturer, rose 10% after launching its flagship ES9—the largest battery-electric SUV (5.3 meters), priced at USD 73k—in sharp contrast to Ferrari’s announcement yesterday!

[TNB Market Brief @TrustedNovus]

@Ferrari’s first full EV and a reported @NASA check to ensure the acceleration☄️wasn’t too much for humans.

Synthetic sound. Amplified vibration. $640k price tag.

Market reaction? Ferrari stock down 8%.📉

🚨Reality: battling BYD-era Chinese EVs. A different game.

[TNB Market Brief @TrustedNovus]

🇬🇧UK rates in focus: inflation fell to 2.8% vs 3.0% expected, so no urgency to hike. Gilts rally and sent yields below 5%.

🔺ECB members signal a June hike even if conflict eases, benefiting EUR interest..
🔺GBP/EUR climbs to 1.1579, nearing key 1.16 resistance. To be monitored.