SocGen's Overnight Economic News Summary

-- Societe Generale in its early Tuesday economic news summary pointed out:

-- Brent dips below $100/barrel, US dollar (USD) offered, 10-year United States Treasury retraces below 4.30%. Sources: President Trump officials are internally discussing details for a potential second, in-person meeting with Iranian officials before the ceasefire expires next week.

Treasury Secretary Bessent: The Federal Reserve is doing the right thing by sitting and watching how the Iran conflict plays out. Bessent adds the economic data was very strong in January-February, expects inflation surge to be transitory -- Semafor.

China's trade surplus plunged to $51.1 billion in March from $91.0 billion in February. Exports slowed sharply to 2.5% year over year versus the January-February average of 21.8% -- likely more holiday distortion than Middle East conflict. Q1 exports up 14.7% versus 5.5% in 2025.

Day ahead: Federal Reserve speakers Goolsbee, Barr, Paulson. U.S. producer price index, weekly ADP. European Central Bank speakers Lagarde and Makhlouf. Bank of England's Mann, Bailey and Greene. The International Monetary Funf publishes WEO update.

Nikkei +2.3%, EUR 10-year IRS -3.5bps at 3.08%, Brent crude -1% at $98.4/barrel, Gold +0.7% at $4,766/oz.

Arcus Biosciences Discontinues Phase 3 Lung Cancer Trial for Futility

Arcus Biosciences (RCUS) said Monday it discontinued its phase 3 STAR-121 study in metastatic non-small cell lung cancer after an Independent Data Monitoring Committee recommended stopping the trial for futility.The study, conducted in collaboration with Gilead Sciences (GILD), evaluated domvanalimab plus zimberelimab and chemotherapy versus pembrolizumab plus chemotherapy as a first-line treatment, the company said.The decision followed a pre-planned futility analysis indicating the treatment was unlikely to meet its primary endpoint.Shares of Arcus Biosciences were down 5% in Monday trading.Price: $23.05, Change: $-1.20, Percent Change: -4.95%

$GILD$RCUS

Sila Realty Trust to be Taken Private by Blue Owl Affiliates in $2.4 Billion Deal

Sila Realty Trust (SILA) agreed to be acquired and taken private by certain affiliates of Blue Owl Capital's (OWL) real estate unit in an all-cash deal worth roughly $2.4 billion.Shareholders of net lease real estate investment trust Sila will receive $30.38 per share, representing a 19% premium to the stock's closing price on Friday, the companies said Monday.The transaction, which requires approval from Sila's shareholders, is anticipated to complete in the second or third quarter of this year. Upon completion, the company will be delisted from the New York Stock Exchange."The consummation of this transaction will provide significant and immediate realized benefit to our shareholders," Sila Chief Executive Michael Seton said in a statement.Shares of Sila were up 19% in Monday trade. Asset manager Blue Owl rose 1%.Sila, which is focused on investing in healthcare facilities, said its portfolio comprised 137 real estate properties and three undeveloped land parcels in the US as of end-March. Data on its website showed its portfolio includes 86 medical outpatient buildings, 25 inpatient rehabilitation facilities, and 26 surgical and specialty facilities."This transaction provides us with a compelling opportunity to acquire a scaled portfolio with durable cash flows and attractive long-term growth characteristics, while further expanding Blue Owl managed funds' exposure to an asset class and sector we view as both resilient and essential given its critical role in both society and the economy," Marc Zahr, co-president and global head of real assets at Blue Owl, said.In February, Sila reported fourth-quarter adjusted funds from operations of $0.55 per share, up from $0.54 a year ago. Revenue rose to $50.7 million from $46.5 million.Sila plans to pay up to two regular quarterly dividends ahead of deal completion.Price: $30.44, Change: $+4.90, Percent Change: +19.19%

$OWL$SILA

Carnival Shareholders Approve Single Company Structure, Redomiciliation

Carnival (CCL, CUK) said Monday that majority of its shareholders approved the proposal to simplify its dual-listed structure into a single company and the redomiciliation of Carnival Corporation to Bermuda from Panama.The company said it expects the proposed changes to become effective on May 7.Price: $28.69, Change: $-0.53, Percent Change: -1.81%

$CCL$CUK

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