Elon Musk’s artificial-intelligence startup xAI has acquired X, the social-media platform he also owns, in an all-stock transaction that fuses two of the billionaire’s biggest technology bets and assigns the new enterprise a lofty value. The combination values xAI at $80 billion and X at $33 billion, Musk said in a social-media post announcing the acquisition. The new valuations were determined during negotiations between the two Musk arms, which both had the same advisers, people familiar with the matter said. The deal combines a Musk-controlled AI company racing to create powerful new tools that could transform the economy, with a social-media platform that holds a fire hose of chatter from around the globe. X can serve as a powerful distribution tool for xAI’s products, including its AI chatbot Grok, and provide a valuable feed of real-time data to power the startup’s models. Executives at the companies, which share personnel, believe it will be easier to raise money for the combined businesses under xAI than it would be separately, a person familiar with the matter said. They worked on the combination for several months.

The Switzerland market closed modestly lower on Friday after a choppy session, as investors largely chose to stay on the sidelines or refrained from significant moves amid rising fears of a global trade war. A report showing an improvement in Switzerland's leading indicator helped limit market's downside. The benchmark SMI ended down 26.80 points or 0.21% at 12,840.43. The index, which advanced to 12,910.27 after a sluggish start, dropped to a low of 12,794.20 in late afternoon trade before paring some losses. Swisscom ended nearly 4% down. ABB closed lower by about 2.7%. SIG Group, VAT Group, Geberit, Logitech International, Swatch Group, Partners Group, Julius Baer and UBS Group ended down 1.3 to 2.1%. Holcim, Sika and Richemont also ended notably lower. Sandoz Group climbed nearly 1.5%. Givaudan, Roche, Nestle, Lindt & Spruengli, Sonova and SGS gained 0.4 to 0.9%. A measure signaling future turning points in the Swiss economy strengthened in March to the highest level in seven months, indicating that the outlook for the economy remains robust, the results of a survey by the KOF Swiss Economic Institute showed. The economic barometer rose to 103.9 in March from an upwardly revised 102.6 in February. 'It continues to remain above its medium-term average since the beginning of the year,' the KOF said.

Europe
European stocks closed lower on Friday, continued to be weighed down by concerns about global economic growth following U.S. President Donald Trump's tariff announcement, and none too encouraging U.S. economic data, including a reading on core PCE price index. The pan European Stoxx 600 fell 0.77%. Germany's DAX closed down 0.96% and France's CAC 40 settled lower by 0.93%, while the U.K.'s FTSE 100 edged down 0.08%. Switzerland's SMI drifted down 0.21%. Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Poland, Russia, Spain and Sweden closed with sharp to moderate losses. Portugal and Turkiye bucked the trend and closed higher. In the UK market, Melrose Industries closed down 4.63%. IAG, Entain, Barclays, Rolls-Royce Holdings, Anglo American Plc., Easyjet, Antofagasta, BP, Rio Tinto, Scottish Mortgage and Natwest Group also declined sharply. SSE climbed 3.85%. National Grid and United Utilities closed lower by about 2.8%. Severn Trent, Croda International, Segro, Land Securities, Haleon, Endeavour Mining, Persimmon, Coca-Cola, Unite Group, Marks & Spencer and Imperial Brands gained 1.8 to 2.5%. In the German market, Commerzbank tumbled more than 5%. Siemens Energy ended down 4.8%, while Infineon and Puma closed lower by about 3.8% and 3.6%, respectively. Deutsche Bank, MTU Aero Engines, Rheinmetall, Volkswagen, Heidelberg Materials, Siemens, Continental, Zalando, Porsche, BMW and Mercedes-Benz closed lower by 1.5 to 3%. Symrise, E.ON, Vonovia, Deutsche Telekom, Merck, Fresenius Medical Care and Deutsche Boerse gained 1 to 2.5%. In Paris, Stellantis, Schneider Electric, Renault, ArcelorMittal, STMicroElectronics and Accor closed down 3 to 4%. TotalEnergies, Dassault Systemes, Societe Generale, Saint Gobain, BNP Paribas, Thales, Hermes International, Edenred, Airbus Group, Legrand, Capgemini, Kering, Safran and Credit Agricole lost 1 to 2.3%.

United States
Extending the pullback seen over the two previous sessions, stocks moved sharply lower during trading on Friday. The major averages came under pressure early in the session and saw further downside as the day progressed. The tech-heavy Nasdaq posted a particularly steep loss, plunging 481.04 points or 2.7 percent to a six-month closing low of 17,322.99. The S&P 500 also tumbled 112.37 points or 2.0 percent to 5,580.94, while the Dow slumped 715.80 points or 1.7 percent to 41,583.90. The recent pullback more than offset a strong start to the week. The Nasdaq plummeted by 2.6 percent for the week, while the S&P 500 lost 1.5 percent and the Dow shed 1.0 percent. The sell-off on Wall Street came amid concerns about the outlook for the economy following the latest data, including the Federal Reserve's preferred readings on inflation. While a Commerce Department report showed consumer prices increased in line with economist estimates, core consumer prices rose by slightly more than expected. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.3 percent in February, matching the increases seen in the two previous months as well as economist estimates. The annual rate of growth by the PCE price index was 2.5 percent in February, unchanged from January and in line with expectations. Meanwhile, the report said the core PCE price index, which excludes food and energy prices, climbed by 0.4 percent in February after rising by 0.3 percent in January. Economists had expected another 0.3 percent increase. Computer hardware stocks showed a substantial move to the downside on the day, with the NYSE Arca Computer Hardware Index plunging by 3.1 percent to its lowest closing level in over four months. Significant weakness was also visible among airline stocks, resulting in a 3.0 percent nosedive by the NYSE Arca Airline Index. The index plummeted to a six-month closing low.

Asia
The indices on the East Asian stock exchanges recorded massive losses in some cases on Monday after a sell-off mood prevailed on Wall Street on Friday. The Tokyo Nikkei 225 index was hit the hardest, plummeting by around 4 per cent to 35,624 points. It is also facing headwinds from the continuing appreciation of the yen. The dollar costs 148.90 yen, almost 2 yen less than at the same time on Friday.

Bonds
In the U.S. bond market, treasuries moved sharply higher in reaction to the latest U.S. economic data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, plunged 4.255 basis points to 4.255 percent.

Analysis
UBS raises Richemont target to CHF 184 (180) – Buy
UBS lowers RWE target to EUR 42 (46) – Buy
HSBC raises Fraport target to EUR 70 (65) – Buy

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