In the United States, it was a shortened trading week due to the Good Friday holiday. However, this did not make it an uneventful period. After a quiet session on Monday, markets surged into life on Tuesday and Wednesday as risk-on sentiment returned, driven by hopes that the conflict in the Middle East was nearing its end. Reports that Iran’s President, Masoud Pezeshkian, was open to ending the war helped the S&P 500 and NASDAQ Composite close over 3% higher each on Tuesday. However, markets turned bearish on Thursday after President Trump signaled the US would hit Iran “very hard” over the coming weeks. For the week, the S&P 500 and NASDAQ both closed higher, up 1.90% and 2.60% respectively.
In corporate developments, Eli Lilly and Company, the largest healthcare company in the world, signed a $2bn deal with Hong Kong-based Insilico Medicine. The agreement grants Eli Lilly exclusive rights to commercialise a GLP-1 drug developed using artificial intelligence. This reflects a growing trend of large pharmaceutical companies acquiring rights to drugs developed by Chinese firms, with $5.6bn spent on upfront payments alone in 2025. The investment comes as Eli Lilly seeks to maintain its leading position in the GLP-1 market, which includes its flagship drug, Mounjaro. While still dominant, the company faces increasing competition from Novo Nordisk, which recently launched its first weight-loss pill in the US. By the end of February, Novo Nordisk’s pill had been prescribed over 300,000 times, highlighting strong demand for oral treatments over traditional injections.
In the technology sector, NVIDIA continued its investment and dealmaking activity, announcing a $2bn investment in Marvell Technology. Marvell specialises in enabling major technology companies to design their own custom AI chips, which can serve as alternatives to NVIDIA’s products. This investment may facilitate greater integration of chips developed by companies such as Amazon and Meta Platforms within NVIDIA-based data centre systems. The move also reflects NVIDIA’s broader strategy to strengthen its position as the world’s leading semiconductor company by expanding into data centre infrastructure. The company recently unveiled its Vera Rubin system—its most advanced processor architecture—alongside its first AI inference chip. Inference refers to the process by which an AI model generates responses to queries, such as those generated by ChatGPT. Elsewhere, Whoop, the fitness wearable brand endorsed by athletes such as Rory McIlroy and Cristiano Ronaldo, has recently been valued at $10bn, with a potential IPO within the next two years. The Boston-based company, founded in 2012, raised $575mn in a recent funding round involving investors from the US, Abu Dhabi and Qatar. However, Whoop faces strong competition from Apple, which dominates the wearable technology market with products such as the Apple Watch and AirPods. Last Wednesday also marked 50 years since Apple was founded by Steve Jobs and Steve Wozniak. Over that period, the company has evolved from a small-scale computer manufacturer competing with IBM and Hewlett-Packard into one of the world’s most recognisable and influential brands. More than 3 billion iPhones have been sold since their launch in 2007, while over 450 million iPods were sold during their lifecycle. Spare a thought, however, for Ron Wayne, who sold his 10% stake in the company for $2,300—now worth an estimated $370bn.
In Europe, markets rebounded last week following their worst March performance since 2022. Sentiment improved amid hopes of a real cessation of hostilities in the Middle East. The Euro Stoxx 50 and STOXX Europe 600 rose steadily from Monday to Wednesday, with both benchmarks gaining over 2% on Wednesday alone. Over the shortened week, the Euro Stoxx 50 and STOXX 600 closed higher, up 2.08% and 2.63% respectively.
In the United Kingdom, the FTSE 100 tracked global benchmarks, surpassing the 10,000 level once again after falling below 9,700 points in late March. While the index rallied midweek, gains were more muted than in the US and broader European markets, largely due to the significant weighting of oil majors such as BP and Shell plc. Shares in mining companies led gains, with Antofagasta plc and Anglo American plc rising by over 6% on Wednesday as commodity prices strengthened. However, elevated oil prices on Thursday elevated the index further. The FTSE 100 closed 4.15% higher for the week.
In corporate developments, Unilever is combining its food division with that of McCormick & Company, creating a food conglomerate valued at approximately $66bn. The merger will bring brands such as Hellmann’s, French’s, Frank’s RedHot and Knorr under a single entity. Under the terms of the deal, Unilever will receive $15.7bn, with its shareholders expected to own 65% of the new company, while McCormick shareholders will hold the remaining 35%. The divestment represents one of Unilever’s most significant strategic moves as it continues to shift its focus away from food and towards higher-margin consumer goods such as Dove.
