Markets React to Tariff Strikedown and Earnings Reports

As the US Supreme Court strikes down President Trump's global tariffs, the markets are reacting to the news with a mix of optimism and caution. The largest actively-managed exchange-traded fund tracking emerging equities has seen a surge in inflows, highlighting renewed demand for risk assets.

What Happened

• The US Supreme Court struck down President Trump's global tariffs, leading to a surge in inflows for emerging-market ETFs.
• Estée Lauder Cos. is open to acquisitions as the owner of the Jo Malone and Le Labo brands enters the second year of a turnaround plan.
• Eutelsat Communications SA is seeking to raise €1.5 billion ($1.8 billion) to refinance outstanding debt after a government rescue.
• Two new commodities hedge funds are seeking to raise a collective $1.4 billion in assets after Millennium Management pulled the plug on the founders' previous fund last year.

Why It Matters

The strikedown of the tariffs has significant implications for global trade and the markets. The surge in inflows for emerging-market ETFs suggests that investors are becoming more optimistic about the outlook for emerging economies. However, the uncertainty surrounding American trade policy continues to cloud sentiment.

What Experts Say

> "The strikedown of the tariffs is a positive development for emerging markets, but it's not a game-changer." — Stéphane de La Faverie, CEO of Estée Lauder Cos.

Key Numbers

• $1.8 billion: The amount Eutelsat Communications SA is seeking to raise to refinance outstanding debt.
• $1.4 billion: The amount two new commodities hedge funds are seeking to raise in assets.
• 42%: The decline in S&P 500 Index futures as of 7:45 a.m. in New York.

Key Facts

## Key Facts
- Who: Estée Lauder Cos., Eutelsat Communications SA, Millennium Management
- What: Tariff strikedown, M&A opportunities, debt refinancing
- When: This week, with key events including President Donald Trump's State of the Union Address and Nvidia earnings
- Where: Global markets, with a focus on emerging economies
- Impact: Surge in inflows for emerging-market ETFs, uncertainty surrounding American trade policy

What Comes Next

As the markets continue to react to the news, investors will be watching closely for further developments. The implications of the tariff strikedown and the impact of Estée Lauder's M&A plans on the beauty industry will be key areas of focus.