In today’s briefing:
- Chagee Holdings Limited (CHA): International Investors to Dominate the IPO Order Book
- Amgen’s Big Bet on Obesity: Is This the Pharma Giant’s Next Breakout Moment?
- General Motors vs. The Tariff Tsunami: Can The Auto Giant Stay In Gear?
- How Commodities React To Trumps New Global Trade Plans
- Upslope’s Quarterly Investor Letter: 2025-Q1
- [US Crude Oil Options Weekly 2025/15] WTI Pauses Slide on Tariff Delay
- HURA: 2024 Financial Results
- Stellantis on the Ropes: Tariffs, Layoffs, and Factory Pauses — But Is A Turnaround Taking Shape?
- [US Nat Gas Options Weekly 2025/15] Henry Hub Dropped Amid Trade Turmoil and Warmer Forecasts
- FERG LN: Will Its Adapting to Market Dynamics & Deflationary Pressures Support Sustainable Margin…
Chagee Holdings Limited (CHA): International Investors to Dominate the IPO Order Book
- Chagee’s order book is heavily influenced from Asian Investors as the deal is considered multiple-times oversubscribed.
- The underwriters and company came to market with a manageable size transaction and an attractive valuation.
- The geopolitical headwinds, specifically between China and the United States, is forcing many traditional IPO investors to stay on the sidelines.
Amgen’s Big Bet on Obesity: Is This the Pharma Giant’s Next Breakout Moment?
- Amgen is rapidly positioning itself as a formidable player in the obesity drug market, a sector that has witnessed explosive growth due to the popularity of GLP-1 based therapies from Eli Lilly and Novo Nordisk.
- The company’s investigational drug MariTide is generating significant interest following promising Phase II results showing up to 20% weight loss with monthly dosing.
- With two Phase III trials now underway—targeting both diabetic and non-diabetic patients—Amgen is accelerating its strategy to gain a slice of what analysts forecast to be a $100 billion market by 2030.
General Motors vs. The Tariff Tsunami: Can The Auto Giant Stay In Gear?
- General Motors is facing turbulent headwinds in 2025, driven primarily by a resurgent trade war between the U.S. and Canada.
- The Detroit automaker recently suspended production at its BrightDrop electric vehicle (EV) plant in Ingersoll, Ontario, triggering nearly 500 indefinite layoffs and marking a significant blow to Canada’s already struggling auto sector.
- This move comes amid the fallout from President Donald Trump’s 25% tariff on foreign-made cars, which has forced Canada to retaliate with its own 25% duties on U.S.-built vehicles.
How Commodities React To Trumps New Global Trade Plans
- President Trump triggered turmoil in the stock and bond markets, sent shockwaves through the global economy, and claimed the U.S. would eliminate the national debt using trillions supposedly generated from his tariffs.
- Just earlier this week, he declared he wouldn’t make a zero-tariff deal with the EU — and now, without any real change in circumstances, he’s suddenly starting to back down.
- Trump dropped his country-specific tariffs down to a universal 10% rate for all trade partners except China on Wednesday – for a limited time period of 90 days – presumably to have more time to make deals with each country.
Upslope’s Quarterly Investor Letter: 2025-Q1
- Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.
- This has swiftly aligned markets more with Upslope’s portfolio and approach.
- April-to-date performance1 has been strong (approx. +7%), leaving the Fund +2% YTD (vs. -12% for the S&P Midcap 400).
[US Crude Oil Options Weekly 2025/15] WTI Pauses Slide on Tariff Delay
- WTI futures fell 0.8% for the week ending 11/Apr, driven primarily by uncertainty around tariffs and escalating trade tensions between the U.S. and China.
- The U.S. rig count fell by seven to 583. The oil rig count dropped by nine to 480, while gas rigs grew by one to 97.
- WTI OI PCR fell to 0.80 on 11/Apr compared to 0.88 on 04/Apr. Call OI increased by 19.3% WoW, while put OI grew by 9.1%.
HURA: 2024 Financial Results
- TuHURA is a clinical-stage, oncology-focused biotechnology company advancing innate immune agonists, checkpoint inhibitors & antibody-drug conjugates (ADCs).
- It offers the IFx platform technology featuring the IFx-2.0 tumoral injection delivery approach for Merkel cell carcinoma (MCC) & the IFx-3.0 intravenous delivery approach for lymphoma.
- IFx encodes a bacterial protein to be expressed in cancer cells, activating the innate immune system & subsequent cascade that may eliminate the tumor.
Stellantis on the Ropes: Tariffs, Layoffs, and Factory Pauses — But Is A Turnaround Taking Shape?
- Stellantis NV, the automotive giant behind brands like Jeep, Dodge, Fiat, and Maserati, is facing one of its toughest operating environments since the company was formed in 2021.
- The sudden reimposition of 25% tariffs on auto imports under President Donald Trump’s administration has triggered a cascade of financial and operational consequences.
- From halting production at key plants in Canada and Mexico to laying off hundreds of U.S. workers and facing multiple credit rating downgrades, Stellantis’ profitability and global supply chain flexibility have taken a direct hit.
[US Nat Gas Options Weekly 2025/15] Henry Hub Dropped Amid Trade Turmoil and Warmer Forecasts
- For the week ending 11/Apr, U.S. natural gas prices fell by 8.1% on the back of escalating U.S.-China trade tensions and warmer weather forecasts.
- U.S. natural gas futures sharply fell on 08/April (Tue) and touched an eight-week low despite robust LNG exports.
- Henry Hub OI PCR fell to 0.95 on 11/Apr compared to 0.97 on 04/Apr. Call OI increased by 6.3% WoW, while put OI grew by 3.8%.
FERG LN: Will Its Adapting to Market Dynamics & Deflationary Pressures Support Sustainable Margin…
- Ferguson plc’s latest financial results present a mixed picture, reflecting both strategic progress and ongoing challenges.
- The company reported a 3% increase in net sales to $6.9 billion for the second quarter, despite contending with 2% commodity-led deflation.
- Organic revenue contributed 2.1%, with an additional 1.2% growth from acquisitions.
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