Trending Market News

UBS opened accounts for Ghislaine Maxwell in 2014, just months after JPMorgan closed Jeffrey Epstein's accounts, and managed up to $19 million for her until her 2020 arrest for sex trafficking. Newly released Justice Department documents reveal UBS continued banking services for Maxwell even after Epstein's 2019 arrest, including a $130,000 transfer 16 days later. JPMorgan had previously flagged Maxwell as a 'High Risk Client' in 2011 due to her Epstein connections.

• JPMorgan labeled Maxwell 'High Risk Client' in 2011 and closed Epstein's accounts in 2013 after his 2008 felony conviction, but UBS took her on as a client in early 2014
• UBS processed a $130,000 transfer for Maxwell on July 22, 2019, just 16 days after Epstein's arrest, and received a Grand Jury subpoena regarding her accounts in August 2019
• Maxwell used UBS accounts to manage personal expenses, her TerraMar charity, and multiple business entities, including a $2.5 million payment to Scott Borgerson in 2016, whom she married that year

Jack Dorsey's fintech company Block is reportedly considering workforce reductions of up to 10% during its annual performance reviews, according to Bloomberg News citing unnamed sources. Reuters has not independently verified the report. The potential cuts would affect the payments and financial services company's employee base.

• The layoffs would affect up to 10% of Block's total workforce and would be implemented through annual performance review processes
• The report comes from Bloomberg News citing people familiar with the matter, though Reuters could not immediately verify the information
• Block is a fintech company founded by former Twitter CEO Jack Dorsey, operating in the payments and financial services sector

American Airlines CEO Robert Isom faces mounting pressure from unions and investors as the carrier posted only $111 million in profit for 2025, compared to Delta's $5 billion and United's $3.3 billion. The airline's poor performance has resulted in minimal profit-sharing for over 130,000 employees and prompted the pilots' union to request a board meeting to discuss leadership changes. American is attempting a turnaround focused on premium offerings and improved operations, with Isom declaring that '2026 can't just feel different. It has to be different.'

• American's 0.2% net margin in 2025 trailed far behind competitors Delta (7.9%) and United (5.7%), despite flying similar capacity, leading to meager employee profit-sharing payments.
• The pilots' union wrote to the airline's board seeking leadership changes, stating the airline 'is on an underperforming path and has failed to define an identity or a strategy to correct course.'
• The carrier is investing heavily in premium products including larger business-class cabins, upgraded food and beverage options, and airport lounge expansions, with Isom targeting 50% of revenue from premium offerings by the end of the decade.

Elon Musk's net worth surpassed $800 billion after SpaceX merged with xAI in a deal valuing the combined entity at $1.25 trillion, making him the first person to reach this wealth milestone. SpaceX now represents nearly two-thirds of Musk's wealth, with his path to becoming the world's first trillionaire dependent on SpaceX reaching $1.6 trillion in value. This shift comes as Tesla's stock has declined 9% this year amid falling brand value and core auto sales.

• Musk's stake in the merged SpaceX-xAI entity is valued at over $530 billion based on his estimated 43% ownership, with plans to take the company public in 2026.
• SpaceX has received more than $15 billion in federal government contracts according to FedScout research, with additional lucrative contracts expected.
• Tesla acknowledged in its latest proxy filing that 'a majority of Mr. Musk's wealth is now derived from other business ventures,' while offering him a new compensation package with the first tranche paying out if Tesla reaches a $2 trillion market cap.

Vista Equity Partners is leading a $350+ million Series E funding round for AI chip startup SambaNova Systems, marking a rare departure from Vista's exclusive focus on enterprise software. The investment comes as interest in AI hardware surges following recent deals for Nvidia competitors, while software stocks face disruption from AI. Intel continues backing SambaNova after acquisition talks for approximately $1.6 billion stalled.

• Vista Equity, with over $100 billion in assets and a stated focus on 'enterprise software companies exclusively,' is partnering with Cambium Capital to invest in the AI chipmaker competing against market leader Nvidia
• SambaNova was valued at $5 billion in 2021 by SoftBank's Vision Fund 2 but faced challenges including 2024 layoffs; rivals Cerebras recently raised funding at a $23 billion valuation while Groq secured a $20 billion licensing deal with Nvidia
• Intel CEO Lip-Bu Tan serves as SambaNova's executive chairman; the startup has raised over $1 billion since 2017 and recently told employees it crossed its fiscal year sales target

Goldman Sachs is partnering with AI startup Anthropic to develop autonomous AI agents that will automate internal banking operations. The collaboration, which has been underway for six months with Anthropic engineers embedded in Goldman's teams, focuses on automating tasks like trade accounting, transaction processing, and client onboarding using Anthropic's Claude model.

• Goldman has spent six months working with embedded Anthropic engineers to build AI agents for trade and transaction accounting, client due diligence, and onboarding processes
• The agents are based on Anthropic's Claude model and are expected to significantly reduce time required for core operational processes, though deployment is still in early stages
• The partnership aligns with Anthropic's business push through products like Claude Cowork, which executes computer tasks for white-collar workers

Uber was ordered to pay $8.5 million in an Arizona lawsuit involving the alleged rape of a passenger by a driver in November 2023. The verdict marks the first of approximately 3,000 similar lawsuits consolidated in federal court, establishing potential liability despite Uber's argument that drivers are independent contractors.

• Uber faces roughly 3,000 consolidated lawsuits nationwide related to sexual assault and misconduct allegations against drivers on its platform
• The company received over 400,000 sexual assault and misconduct reports between 2017 and 2022, significantly more than previously disclosed
• Uber has implemented safety features including an emergency button, pin verification, and a July pilot program allowing women drivers and riders to opt out of being paired with men

Under Armour reported a 5% revenue decline to $1.33 billion for Q3 ended December 31, beating analyst expectations of a 6.3% drop. The sportswear maker's turnaround strategy, focused on simplifying product lines and reducing discounts, helped stabilize demand during the critical holiday shopping season.

• Company plans to cut approximately 25% of its product lines while focusing on higher-priced items in training, running, and team sports categories
• Revenue of $1.33 billion exceeded analyst estimates of $1.31 billion, driven by streamlined operations and restructuring efforts
• Baltimore-based retailer is reducing promotional discounts and expanding its premium segment portfolio as part of ongoing turnaround initiatives

Citigroup executives are increasingly optimistic they will complete compliance work on major consent orders by year-end 2026, according to sources. The orders, imposed in 2020 over data management and risk control failures that resulted in $536 million in fines, have restricted the bank's growth and acquisition activities for six years. Lifting the orders would allow Citi to refocus on profit growth and potentially pursue acquisitions.

• CEO Jane Fraser stated the compliance work is 80% complete, with the bank expecting to spend less on remediation in 2026 versus 2025, though final approval rests with Federal Reserve and OCC regulators
• Citi was fined $400 million in 2020 and an additional $136 million in 2024 for failing to fix longstanding data governance and risk management issues
• Analysts expect the Trump administration's bank-friendly regulators may expedite approval, with Citi's stock rising 63% in 2025 amid restructuring efforts, though returns still lag rivals and fall short of the 11-12% ROE target

Shell has selected PwC as its new auditor following a competitive tender process, with PwC replacing EY starting in 2027. The change comes after Britain's Financial Reporting Council launched an investigation into EY's audit of Shell's 2024 financial statements for potential breaches of audit partner rotation rules required for listed companies.

• The UK's Financial Reporting Council opened an investigation in December into EY's failure to comply with rules requiring lead audit partner changes every five to seven years with mandatory cooling-off periods
• Shell disclosed in July that EY also breached U.S. Securities and Exchange Commission partner rotation rules, requiring amendments to the company's 2023 and 2024 annual reports, though financial statements remained unchanged
• The auditor transition to PwC will take effect in 2027, following the completion of Shell's tender process for selecting a new audit firm

Indonesian comedian Pandji Pragiwaksono, the first from his country to air a Netflix special, was summoned by police on February 6 following public complaints about his stand-up show. The December 27 special included satirical commentary on Indonesian politics, democracy, and the 2024 election, as well as criticism of the country's two largest Muslim organizations. Five police reports were filed against him, including accusations of blasphemy and defamation, though he has not been formally charged.

• Five police reports were filed against Pragiwaksono, two by members of youth wings from Nahdlatul Ulama and Muhammadiyah, alleging blasphemy and defamation (though both parent organizations denied affiliation with the complainants)
• The nearly 2.5-hour Netflix show criticized Muslim organizations for receiving a mining concession from the previous government and included satire about President Prabowo Subianto's 2024 election victory
• The case has divided Indonesian public opinion between those accusing the comedian of insulting religious and state institutions and democracy activists defending his free speech rights

Toyota Motor Corporation announced a leadership change with CEO Koji Sato stepping down to become vice chairman and chief industry officer, while CFO Kenta Kon will take over as CEO. The world's largest automaker said the restructuring aims to accelerate decision-making amid major industry disruption.

• Kon will focus on internal company management while Sato shifts attention to broader industry matters in his new role
• The leadership change comes as the automotive industry faces vast disruption, particularly around the transition to electric vehicles and supply chain challenges
• Sato held a press conference on February 6 to address the transition and strategic rationale behind the management reshuffle

India is preparing to purchase up to $80 billion worth of Boeing aircraft following a trade deal announcement with the U.S. Commerce Minister Piyush Goyal indicated the aircraft orders are 'ready to be placed' and total procurement from the U.S. could reach $500 billion over five years. The deal involves the U.S. reducing tariffs on Indian goods to 18% while India lowers duties on American goods, though specific details remain disputed.

• Boeing aircraft orders worth nearly $80 billion are ready to be placed, with total aviation-related imports including engines and parts potentially exceeding $100 billion
• India's total goods imports in FY2025 were $720.24 billion with only $45.3 billion from the U.S., making the $500 billion five-year target appear ambitious according to experts
• A joint statement finalizing the first tranche will be signed in 3-4 days with 18% U.S. tariffs taking effect immediately, while a formal agreement in mid-March will activate India's tariff concessions

Bitcoin fell to a 16-month low of $60,008 on February 6, 2026, amid a global selloff in technology stocks and risk assets. The cryptocurrency market has lost $2 trillion in value since peaking at $4.379 trillion in early October 2025, with over $1 trillion wiped out in the past month alone. Bitcoin is down 27% year-to-date while Ethereum has lost 36%.

• Bitcoin touched its weakest level since October 2024, before the U.S. presidential election, and is on track for a 16% weekly decline
• U.S. spot bitcoin ETFs recorded outflows exceeding $3 billion in January, following outflows of $2 billion in December and $7 billion in November
• Analysts attribute the decline to unwinding of overleveraged positions and poor risk management, as investors who 'assumed prices only go up' face the consequences of treating bitcoin as a 'one-way asset'

Japanese pharmaceutical stocks fell sharply on February 6 after U.S. President Trump announced TrumpRx.gov, a discount drug website resulting from deals with 16 major global drugmakers. The agreements provide 'most-favoured nation' prices to Americans in exchange for tariff exemptions, pressuring Japanese drugmakers' profit expectations.

• Sumitomo Pharma dropped 4.5%, Chugai Pharmaceutical fell 3.1%, and Takeda Pharmaceutical declined 1.5% following the announcement
• The overall drugmaker sector on the Tokyo Stock Exchange lost 1.6%, becoming the second-worst performer among 33 industry sub-indexes
• The TrumpRx.gov initiative requires global drugmakers to offer discounted 'most-favoured nation' pricing to U.S. consumers in return for exemptions from U.S. tariffs

Japanese brewer Kirin Holdings announced the sale of its Kentucky bourbon brand Four Roses to U.S.-based E&J Gallo Winery for up to $775 million, with the deal expected to close in Q2. Kirin, which acquired Four Roses in 2002, is divesting the brand to reallocate resources toward core businesses and healthcare operations. Gallo has confirmed no operational changes are planned for the bourbon brand.

• The $775 million transaction allows Kirin to exit the struggling spirits sector and focus resources on businesses leveraging its organizational capabilities, particularly healthcare
• Four Roses has experienced strong growth since Kirin's 2002 acquisition, primarily in the U.S. market
• E&J Gallo plans to maintain Four Roses' current operations, production, and distribution without changes

Coty withdrew its full-year financial guidance as new interim CEO Markus Strobel implements a strategic refocus on core brands to address disappointing performance over the past 18 months. The beauty company faces intensifying competition from newer brands and larger rivals like L'Oréal, particularly in its struggling consumer cosmetics division. Strobel is demanding sharper focus and improved execution through a 'Coty. Curated' strategy to reduce complexity and concentrate resources on key brand assets.

• Coty reported Q2 revenue of $1.68 billion (up 0.5% year-over-year), slightly above expectations, but forecasts Q3 gross margins to decline 200-300 basis points from the prior year
• The company's net debt-to-adjusted EBITDA ratio reached a nine-year low of 2.7x after selling its remaining 25.8% Wella stake to KKR for $750 million in December, using proceeds to pay down debt
• Coty faces significant headwinds including losing its exclusive Gucci fragrance license in 2028 to L'Oréal and competition from affordable brands like Elf Beauty, while potentially divesting consumer brands like CoverGirl and Rimmel

Strategy reported a $12.4 billion fourth-quarter loss as bitcoin's price collapse severely impacted the world's largest corporate bitcoin holder. Bitcoin has nearly halved from its October peak of around $128,000 to current levels of $64,000, forcing Strategy to cut its 2025 earnings forecast and establish a dividend reserve.

• Strategy holds 713,502 bitcoins as of February 1 at a total cost of $54.26 billion ($76,052 per bitcoin), resulting in a loss of $42.93 per share
• U.S. spot bitcoin ETFs experienced combined outflows of approximately $9 billion in November and December amid market turbulence
• Trump's nomination of Kevin Warsh as Fed chair intensified selling pressure, with analysts predicting a smaller Fed balance sheet that would negatively impact risk assets like cryptocurrencies

Roblox forecast fiscal 2026 bookings of $8.28-$8.55 billion, exceeding Wall Street's $7.87 billion estimate, as the gaming platform pursues 10% of the global gaming market. The company's average daily active users grew 69% year-over-year to 144 million in Q4, though new age verification features have modestly impacted engagement and bookings growth.

• Q4 bookings reached $2.22 billion, beating estimates of $2.05 billion, driven by strong player spending and engagement momentum
• Margins will be flat to slightly down in 2026 due to investments in safety initiatives, server infrastructure upgrades, and higher developer payouts
• Age verification features implemented in 2025 caused a mid-single-digit impact on engagement growth and low-single-digit impact on bookings; company will discontinue annual forecasts after 2026 due to difficulty predicting viral content performance

Reddit forecasted first-quarter revenue above Wall Street expectations, driven by AI-powered enhancements to its advertising platform that are attracting more marketers. The social media company's fourth-quarter revenue surged 70% to $726 million, beating estimates, while daily active users grew 19% to 121.4 million. The company announced its first dividend and continues to compete with Meta through AI-driven ad automation tools.

• First-quarter revenue forecast of $595-$605 million exceeds analyst estimates of $577.2 million, with adjusted EBITDA guidance of $210-$220 million above the $202.9 million estimate
• Fourth-quarter revenue jumped 70% year-over-year to $726 million, surpassing expectations of $665.4 million, while global average revenue per user increased 42%
• Reddit's AI-powered ad tools include an AI copywriter for platform-specific ad copy and Max campaigns in beta that automate bidding and creative selection to compete with Meta's offerings