A daily market update from FS Insight — what you need to know ahead of opening bell

“They always say time changes things, but you actually have to change them yourself.” ― Andy Warhol

Overnight

China, Russia reach agreement with Houthis on Red Sea shipping (BBG)

First human transplant of a genetically modified pig kidney performed (NPR)

Apple accused of monopolizing smartphone markets in U.S. antitrust lawsuit (RT)

Switzerland becomes the first major economy to cut interest rates (UPI)

Reddit share jump nearly 70% in trading debut (CNBC)

Short-sellers ramping bets against commercial real estate (BBG)

Bank of Canada officials says quantitative tightening will likely end in 2025 (BBG)

Two more BOE hawks drop calls for more rate hikes, leave rates unchanged at 16-year high of 5.25% for fifth time in a row (BBG)

NATO may take over some U.S. responsibilities for Ukraine aid (Semafor)

U.S. backs $50 billion bond for Ukraine using Russian bank assets (BBG)

India stops taking Russian oil delivered on Sovcomflot tankers (BBG)

SMIC ‘potentially’ broke law if it made Huawei chip, U.S. says (BBG)

Chart of the Day

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First news

Sanctions slowly but surely constricting Russia's banking system, squeezing...

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