Elliott wants BP to boost free cash flow to $20 billion by 2027, source says

By Shadia Nasralla (Reuters) -Activist investor Elliott Management has urged BP to boost its free cash flow to $20 billion by 2027 from around $8 billion last year through significant spending cuts and cost reductions, a source familiar with the situation said on Tuesday. Elliott has increased its stake in BP to just over 5% in the form of derivative contracts, according to a regulatory notice on Tuesday, placing Elliott between top shareholders BlackRock and … Read more…

JP Morgan see gold prices crossing $4,000/oz by Q2 2026

(Reuters) – JP Morgan sees gold prices crossing the $4,000 per ounce milestone next year, following increased recession probabilities amid boosted U.S. tariffs and an ongoing U.S.-China trade war, the bank said in a note on Tuesday. The bank now expects gold prices to reach an average of $3,675/oz by 4Q25, on the way towards above $4,000/oz by 2Q26, with risks skewed towards an earlier overshoot of these forecasts if demand surpasses its expectations. “Underpinning … Read more…

Baker Tilly and Moss Adams set to merge in $7 billion deal, WSJ reports

(Reuters) – Accounting firms Baker Tilly and Moss Adams have agreed to merge in a $7 billion deal, making it one of the largest firms in an industry that is partly owned by private equity investors the Wall Street Journal reported on Monday. The combined firm will retain the Baker Tilly name and become the sixth-biggest accounting firm in the United States, the report said. Baker Tilly did not immediately respond to a Reuters request … Read more…

Hedge funds cut ‘Mag Seven’ to two-year low ahead of earnings

By Carolina Mandl NEW YORK (Reuters) -Global hedge funds last week dumped the so-called Magnificent Seven megacap stocks, bringing their exposure to the group to a two-year low just ahead of their earnings, according to a Morgan Stanley note to clients seen by Reuters. The bank said the Magnificent Seven stocks accounted for more than 60% of the total dollar amount sold by hedge funds between Monday and Wednesday last week, indicating portfolio managers are … Read more…

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Tesla settles wrongful death lawsuit claiming sudden acceleration in Ohio crash

By Mike Scarcella (Reuters) -Elon Musk’s electric vehicle company Tesla has agreed to settle a wrongful death lawsuit filed by the estate of a man who was killed in 2021 after his Tesla crashed and caught fire near Dayton, Ohio. Tesla and lawyers for the estate disclosed the settlement in a filing on Monday in federal court in San Francisco but did not reveal its terms. The carmaker and its lawyers did not immediately respond … Read more…

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Toyota, Daimler near merger of truck units, Nikkei Asia reports

(Reuters) -Toyota Motor unit Hino Motors and Mitsubishi Fuso Truck and Bus, a subsidiary of Germany’s Daimler Truck, are moving to finalize a merger agreement, Nikkei Asia reported on Tuesday. The two auto groups aim to establish a holding company for the truck units and list it on the Tokyo Stock Exchange’s Prime market in April 2026, the report stated, without disclosing its source. The companies agreed in May 2023 to merge the truck operations … Read more…

Tomorrow’s Market Secrets—Delivered Today

Be the First to Know When the Market Moves What Could Move Markets This Week? As traders eye inflation, earnings, and central bank sentiment, this report highlights what may shape market momentum over the next 72 hours. Consider this your early access pass to market-moving catalysts—before headlines catch up. 1. Big Tech Earnings Take the Stage (April 23–25) A major earnings wave is unfolding, with high-impact names reporting next: Tesla (TSLA) – Tuesday, April 23 … Read more…

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IRS acting head ousted after US Treasury chief wins power struggle with Musk, NYT reports

WASHINGTON (Reuters) – The acting commissioner of the U.S. Internal Revenue Service is being replaced after Treasury Secretary Scott Bessent complained to President Donald Trump that the latest leader of the agency had been installed without his knowledge and at the behest of billionaire Elon Musk, the New York Times reported on Friday. The report cited five people with knowledge of the change and the discussions that precipitated it. Bessent believed that Musk had done … Read more…

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Trump administration kicks off plan for expanded offshore drilling

(Reuters) -The U.S. Interior Department on Friday said it would begin taking public input for a new five-year offshore oil and gas leasing program that could include new zones in the Arctic and elsewhere to maximize energy development. President Donald Trump has ordered government agencies to identify ways to increase already record high U.S. oil and gas production, arguing past administrations had unnecessarily curtailed drilling to combat climate change. He had also repealed former President … Read more…

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Factbox-Citi raises three-month gold price target to $3,500 per ounce

(Reuters) – Citi Research raised its gold price target for the next three months to $3,500 per ounce from $3,200, led by fresh buying from Chinese insurers and safe-haven flows amid tariff risks and market weakness, it said in a note on Thursday. China’s recent move to let 10 insurers allocate up to 1% of their total assets to gold could generate annual demand of around 255 tonnes, equal to roughly a quarter of total … Read more…