Good afternoon, friends. The condensed workweek coincides with a slew of news of regional acquisitions and more volatility in the global market.

THE BIG STORY TODAY

Homegrown TBS Holding is in talks to offload a 25% stake to an unnamed Saudi direct investment fund for up to USD 20 mn, Chief Investment Officer Sameh El Sadat told Zawya. Another option would be to secure financing from the fund in exchange for stakes in the companies that TBS seeks to establish in the Kingdom, El Sadat said.

While no details on how the proceeds will be used were disclosed, El Sadat told Al Borsa last month that TBS plans to invest USD 40 mn in the Saudi market over the next three years. TBS is set to open a commercial-scale bakery in the Kingdom in partnership with Saudi food and beverage player Shahia Investments after the two companies inked a strategic partnership. The project, whose first phase is slated to kick off in 2026, aims to capture growing demand for baked goods in the Kingdom.

THE BIG STORY ABROAD

It’s all eyes on European market turmoil following a plunge by Novo: European shares declined on Tuesday, with the Euro Stoxx 600 falling 0.6%, largely dragged down by a sell-off at Danish drugmaker Novo Nordisk, Reuters reports. Novo’s shares fell 7.9% today after trial data from US rival Eli Lilly showed its experimental pill works as well as Novo’s weight-loss drug Ozempic.

Market tension was also driven by US President Donald Trump's renewed criticism of Federal Reserve Chair Jerome Powell — a pressure campaign aimed at pushing the Fed to lower interest rates. In a Truth Social post, Trump claimed that the economy would slow “unless Mr. Too Late, a major loser, lowers interest rates.” Meanwhile, ongoing concerns about potential US tariffs continued to unsettle investors returning from the Easter holiday, further driving markets down.

AND- Pope Francis’ funeral will be held in St. Peter’s Square at the Vatican City this Saturday after the pontiff died at 88 due to a stroke and cardiac arrest a day after Easter Sunday. The ceremony is expected to draw in world leaders — including Trump, who repeatedly clashed with the pope over immigration. The first Latin American pope, whose 12-year papacy was marked by his advocacy for the poor and marginalized, will lie in state at St. Peter's Basilica beginning Wednesday morning to allow the faithful to pay their final respects before Saturday's funeral service.

☀️ TOMORROW’S WEATHER- Today’s sudden heat spike won’t last — the mercury is set to drop to 32°C tomorrow throughout the day in the capital, and even lower to 19°C at night, according to our favorite weather app.

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