Group 1: Target and Retail Sector - Target's earnings report led to a 5% drop in stock price, followed by a 3% rebound, indicating market disappointment but limited movement overall [3][4] - The company lowered its guidance and is losing market share to competitors like Walmart and Costco, compounded by a boycott related to its DEI policies [4][5] - Williams Sonoma also reported disappointing earnings, initially dropping 9% before stabilizing, reflecting a broader trend of bad news being priced into retail stocks [5][6] - Gap is highlighted as a potential standout, with a 59% increase in stock price since mid-April, suggesting positive market sentiment ahead of its upcoming earnings report [6][7] Group 2: Reddit and Market Volatility - Reddit's stock experienced significant volatility, dropping 24% over the week after an 11% rally, raising concerns about changing user habits due to AI [9][10] - Despite strong earnings showing a 61% revenue increase and a 31% rise in daily active users, the market is questioning the sustainability of this growth amid shifting traffic patterns [11][10] Group 3: CoreWeave and AI Trade - CoreWeave's stock has surged approximately 80% since its IPO, driven by a $4 billion deal with OpenAI for cloud computing services [14][16] - The company reported a 420% year-over-year revenue increase, indicating strong demand for AI infrastructure [16][18] - The ongoing AI trade is attracting investor interest, with CoreWeave exemplifying the potential for new players in the market [13][18] Group 4: Bond Market and Economic Indicators - Moody's downgrade of US treasuries has led to a rise in the 30-year treasury yield, which is currently above 5%, the highest since 2007 [22][23] - The downgrade reflects concerns over rising national debt and fiscal deficits, with no immediate resolution in sight [24][25] - Upcoming economic data, including the PCE inflation gauge, is anticipated to provide further insights into the economic landscape [28][29]

Market Overview - Market indexes showed resilience against high bond yields, with the 30-year bond yield at +5.05%, the highest in 18 years, but moderated from previous spikes [1] - Major indexes finished flat, with the Dow, S&P 500, and Russell 2000 remaining unchanged, while the Nasdaq closed up +53 points (+0.28%) [2] - Despite being in the red over the past five trading days, the indexes have seen double-digit gains over the past month [2] Quarterly Earnings Summary - **Workday (WDAY)**: Reported Q1 earnings of $2.23 per share on $2.4 billion in sales, beating previous figures of $1.99 per share and $2.22 billion. However, shares fell -5% due to steady guidance and reduced capex spending [3] - **Deckers Outdoor (DECK)**: Earnings of $1.00 per share exceeded the Zacks consensus of 57 cents, with revenues of $1.02 billion surpassing expectations of $988.6 million. Shares dropped -11% due to lower-than-expected guidance for the current quarter and full-year guidance held back due to tariff issues [3] - **Intuit (INTU)**: Surpassed earnings expectations with $11.65 per share against a consensus of $10.89, and revenues of $7.75 billion exceeding the $7.54 billion forecast. Shares rose +5% following a significant increase in next-quarter guidance driven by Credit Karma growth [4] - **Ross Stores (ROST)**: Beat earnings estimates by 4 cents with $1.47 per share on $4.98 billion in revenues, slightly above consensus. Same-store sales were flat but improved from a projected decline. Shares fell -9% due to lower next-quarter earnings guidance attributed to tariff pressures [5] - **AutoDesk (ADSK)**: Reported Q1 earnings of $2.29 per share, beating the anticipated $2.14, with revenues of $1.63 billion slightly above the forecast of $1.61 billion. Shares gained +5% due to positive next-quarter guidance [6]

Core Insights - Inmarsat Maritime, a subsidiary of Viasat, has partnered with Mitsui O.S.K. Lines to upgrade its fleet communication system to the NexusWave solution, enhancing operational efficiency and crew connectivity [1][3][7] - The NexusWave service integrates multiple connectivity solutions, providing seamless, high-speed Internet access globally, which is crucial for modern maritime operations [2][4] - The upgrade aims to transform vessels into operational command centers and living spaces, supporting crew welfare and operational needs [3][4] Company Developments - The NexusWave service features a fully managed bonded connectivity service that combines Inmarsat's Global Xpress Ka-band, low-Earth orbit satellite services, and coastal LTE networks, ensuring high reliability and speed [2][5] - Real-world trials of NexusWave have shown download speeds of 330–340 Mbps and upload speeds of 70–80 Mbps, with network availability exceeding 99.9% [5] - The upcoming integration of the ViaSat-3 Ka-band service, expected to launch in 2025, will further enhance NexusWave's capacity and speed [6] Market Context - The collaboration with MOL reflects the growing demand for advanced bonded connectivity systems in the maritime industry, simplifying fleet management and enhancing service reliability [7] - Viasat's stock has experienced a decline of 31.9% over the past year, contrasting with the industry's growth of 41.1% [8]

Group 1 - Michael Hartnett's prediction of "buy on news, sell on facts" has been validated, with the S&P 500 rising 5% since last Friday [1] - Hartnett's focus has shifted to the next major trend, identifying the worst and best-performing assets year-to-date: Oil (-12%), Gold (+21%), Russian Ruble (+41%), and Polish stock market (+28%) [2] - Key indicators to watch include the 30-year U.S. Treasury yield at 5%, the DXY dollar index at 100, and the SOX semiconductor index at 5000 [3] Group 2 - The market sentiment is currently extremely exuberant, but there is a possibility of a pullback once the details of any agreements are announced [4] - Hartnett's long-term investment strategy is based on three pillars: a weaker dollar, peak U.S. Treasury yields, and a recovery in the Chinese economy [7] - Recent fund flows indicate a significant net inflow into U.S. equities amounting to $19.8 billion, with notable inflows into stocks ($25.2 billion) and bonds ($13.1 billion) [9] Group 3 - Year-to-date fund flow trends show gold is on track for record annual inflows of $85 billion, while U.S. equities may see inflows of $416 billion, the second-highest on record [10][11][13] - The Bull & Bear index remains at 3.6, indicating that market sentiment has not yet shifted from bearish to bullish [23] - A significant warning signal is present as 84% of the MSCI global index components are above their 50-day and 200-day moving averages, indicating an overbought market [26] Group 4 - Hartnett highlights the importance of U.S. fiscal and monetary policy changes, predicting a shift from aggressive stimulus to fiscal tightening by 2025 [28] - The geopolitical landscape is evolving, with the "Riyadh Agreement" potentially impacting U.S. energy prices and inflation [32] - Hartnett emphasizes that future market trends will be heavily influenced by bond yields, which will determine the effectiveness of U.S. populist policies [37]

Core Viewpoint - Euronext has launched an offering of €425 million in senior unsecured bonds due 2032, which are convertible into new shares and/or exchangeable for existing shares, aimed at qualified investors only [1][11]. Group 1: Offering Details - The nominal amount of the bond offering is €425 million, and the bonds will be issued with a denomination of €100,000 each [1][3]. - The bonds are expected to pay a fixed coupon rate between 1.5% and 2.0% per annum, payable semi-annually [3]. - The initial conversion price will be set between 30% and 35% above the reference share price on Euronext Paris [4]. Group 2: Use of Proceeds - The net proceeds from the bond offering will be used to repay a portion of a bridge loan facility used for the acquisition of Admincontrol and for general corporate purposes [2]. Group 3: Redemption and Conversion Rights - The bonds will be redeemed at par on 30 May 2032 unless previously converted, exchanged, redeemed, or purchased and cancelled [5]. - Bondholders will have the right to convert or exchange the bonds into new and/or existing shares from the 41st day after the issue date until 7 business days before the maturity date [7]. - The conversion ratio will be based on the principal amount divided by the initial conversion price, with standard adjustments for anti-dilution and dividend protections [8]. Group 4: Market and Shareholder Information - The bonds will be placed with qualified investors only, excluding public offers in certain jurisdictions [11][17]. - Existing shareholders will not have preferential subscription rights in connection with the bond issuance [12]. - The company is not aware of any intentions from its main shareholders to participate in the offering [13]. Group 5: Lock-up and Dilution - The company will agree to a lock-up undertaking regarding its shares for a period starting from the announcement of the final terms of the bonds and ending 90 days after the issue date [14]. - The potential dilution from the bond conversion, assuming a nominal amount of €425 million and a reference share price of €145.0, would represent approximately 2.1% of the company's outstanding share capital [15].

Watch the bond market. The bond market is the basis. It's the backbone of all markets.It is the risk-free meaning defaultree probably default-free um interest rate that determines what all asset returns are going to be. And when there is a breakdown of the supply demand picture for the bond market, you see a certain type of market action, you see long rates rising relative to short rates. You see the currency go down.You see gold go up because there's a movement out of that bond market because there's a sup ...

Syensqo Announces Pricing of 1.2 billion euro-denominated Bond Offering Brussels, Belgium – May 21, 2025 - 18:30 CEST - Syensqo SA (the "Issuer") announces the pricing of senior fixed rate bonds (together, the “Bonds”): EUR 600 million aggregate principal amount of 3.375% bonds due 2031 at an issue price of 99.674%EUR 600 million aggregate principal amount of 4% bonds due 2035 at an issue price of 99.789% The proceeds of the offering will be used for general corporate purposes. The bonds are expected to ...

不过，在部分业内人士看来，存款挂牌利率下移，一定程度上为包括债券在内的资产端利率下行腾挪了 空间，叠加汇率约束缓和后，货币市场以及短端利率补降可能会延续，对于债市，仍可持偏多态度。 债市利率延续窄幅震荡 新华财经上海5月21日电（记者杨溢仁）本周，债市延续窄幅震荡走势，LPR和存款利率的下调并未引 起市场太大波澜。 中央国债登记结算有限责任公司提供的数据显示，截至5月21日收盘，银行间利率债市场收益率小幅波 动。举例来看，中债国债收益率曲线3M期限稳定在1.43%附近；2年期收益率下探1BP至1.48%；10年期 收益率上行1BP至1.71%。 本周LPR和存款利率的下调并未对市场构成太大的影响。 "通常存款利率调降会伴随存款利率再度调降预期的升温，这意味着政策利率降息会利好全品种债券， 尤其是久期较长的利率债。然而，市场对于本轮宽松已有较为充分的定价，这在一定程度上对冲了利好 带来的影响。目前来看，长端止盈盘落地较以往进一步提前，这也是促使10年期国债利率上探的重要原 因。"一位机构交易员告诉记者。 华泰证券研究所固收团队提出了相似看法：本轮LPR和存款利率下调是5月降息政策的延续，此前已有 预告。目前，L ...

Group 1: Uber's Exchangeable Bond Deal - The $1.2 billion exchangeable bond deal by Uber Technologies features a structure appealing to both investors and Uber, tied to shares in self-driving truck firm Aurora Innovation [1][2] - The deal allows investors to benefit from Aurora's business upside while limiting downside risk, as they can receive the bond's par value at maturity if the stock price falls [2] - Uber benefits from favorable terms, including zero coupon and a conversion premium above the marketed range, while retaining some upside and deferring tax on gains [3] Group 2: Use of Proceeds and Corporate Strategy - Uber plans to use the net proceeds from the offering for general corporate purposes, which may include strategic investments, although no specific uses have been designated [4] Group 3: Aurora Innovation's Developments - Aurora is developing self-driving systems for commercial vehicles and aims to deploy driverless trucks at scale, with its trucks currently hauling commercial freight on Texas roads [5] - Aurora's CEO highlighted that the company is the first to operate commercial driverless heavy-duty trucks on public roads, focusing on proving technology and increasing product value for customers [6]

Group 1 - Municipality Finance Plc issued a new tranche of USD 100 million under its MTN programme, increasing the total benchmark amount to USD 500 million, maturing on 2 February 2029, with a floating interest rate of Compounded SOFR plus 100 bps per annum [1][2] - The new tranche is part of MuniFin's EUR 50 billion debt issuance programme, with relevant documents available on the company's website [2] - The benchmark has been applied for trading on the Helsinki Stock Exchange, with public trading expected to start on 21 May 2025 [3] Group 2 - MuniFin serves various customers including municipalities, joint municipal authorities, and social housing projects, focusing on environmentally and socially responsible investments [4] - The company operates in a global business environment and is recognized as the first Finnish issuer of green and social bonds, with funding guaranteed by the Municipal Guarantee Board [5]