Stocks and bonds are starting the week out flat. Crude oil is up a bit, while gold and silver are easing back along with the dollar.
Federal Reserve Chair Jay Powell will likely be heading up his last policy meeting this week – but it won’t feature any interest rate-related fireworks. The Fed is expected to sit tight despite rising energy prices stemming from the Iran war. The Justice Department dropped its Powell investigation on Friday, a move that prompted Sen. Thom Tillis to stop blocking a confirmation vote for incoming chair Kevin Warsh.
META, SHEL, AETUF (YTD % Change)
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Meanwhile, Shell Plc (SHEL) said it would buy ARC Resources Ltd. (AETUF) of Canada for $16.4 billion including debt. The deal gives the British energy giant access to ARC’s operations in the provinces of British Columbia and Alberta. ARC is sitting on around two billion barrels of oil equivalent in proven and probable reserves there.
China’s National Development and Reform Commission is attempting to force Meta Platforms Inc. (META) to unwind its $2 billion acquisition of the agentic AI company Manus. Meta announced the deal in December, and Manus and Meta have already completed many acquisition-related steps.
What’s more, Manus moved most of its staff to Singapore from China last year – making it unclear how Beijing can invalidate the purchase. But it’s still trying, the latest in a tit-for-tat technology control battle with the US.
Finally, a group of budget airlines is trying to hit up the government for $2.5 billion in aid to cover rising jet fuel costs. Among them are Avelo Inc. and Frontier Airlines Holdings Inc. (ULCC). They proposed giving the government warrants that would convert into equity stakes in exchange for the money. The move comes after President Trump said he might bail out Spirit Aviation Holdings Inc., the troubled discount carrier. That aid would come in the form of a $500 million loan.
