Preview of US Stock Market | The gains in the three major stock index futures have narrowed. Iran: Ceasefire and negotiations are not possible at this stage.

1. Before the U.S. stock market opened on Wednesday, the three major U.S. stock index futures rose by more than 1% in the U.S. after submitting a 15-point ceasefire plan to Iran aimed at ending the war, but the gains narrowed as Iran said it would not accept the ceasefire. As of the time of publication, Dow Jones futures were up 0.75%, S&P 500 index futures were up 0.73%, and Nasdaq futures were up 0.91%. 2. As of the time of publication, the German DAX index rose by 1.75%, the UK FTSE 100 index rose by 1.43%, the French CAC 40 index rose by 1.67%, and the European Stoxx 50 index rose by 1.63%. 3. As of the time of publication, WTI crude oil fell by 4.29% to $88.39 per barrel. Brent crude oil fell by 4.46% to $95.76 per barrel. Market News The United States proposed a 15-point ceasefire plan, but Iran stated that a ceasefire and negotiations are not feasible at this stage. According to reports, the U.S. government has submitted a "15-point ceasefire plan" to Iran through Pakistan in an effort to completely end the conflict. Subsequently, Trump made positive remarks about the negotiation process, stating that both parties are engaging in "productive" communication, and noting that Iran has begun to show a rational posture for dialogue. However, Iran has stated that it will not accept a ceasefire and will not enter into any negotiation process with the defaulting party, as negotiating with the United States is illogical. Iran has also confirmed that the U.S. is indeed making efforts to facilitate a ceasefire. However, Iran does not accept a ceasefire, and ceasefire and negotiations are not feasible under the current circumstances. GEO Group Inc. is the only "consolation" in the storm: Wall Street still believes in the growth engine of U.S. stocks roaring, with Morgan Stanley expecting a 20% surge in S&P 500 profits. Despite the turmoil in the Middle East affecting global markets this month, some investors are finding solace in the growth engine of U.S. companies - an engine that is not only intact, but also showing strong growth prospects. Currently, Wall Street sell-side strategists are raising profit forecasts, ignoring concerns about rising oil prices and potentially dampened consumer demand. Data shows that profit forecast for the S&P 500 index over the next 12 months is expected to increase by 20%. Historically, this figure is only higher than current levels when the U.S. economy emerges from a recession. Mike Wilson, Chief Investment Officer and Chief U.S. Equity Strategist at Morgan Stanley, said in a report to clients on March 23: "This supports our view - the possibility of the current oil price surge ending the economic cycle is still low." New rules for passage through the Strait of Hormuz by Iran: Vessels must submit details of crew and cargo to obtain clearance for passage. Sources have revealed that vessels seeking to pass through the Strait of Hormuz under Iranian protection are required to provide a crew and cargo list, as well as details of the voyage and bills of lading to obtain approval from the Islamic Revolutionary Guard Corps (IRGC). Sources familiar with trade have revealed that this process is currently specific to individual vessels and varies depending on the vessel, but it indicates that as the conflict in the Persian Gulf enters its fourth week, Iran is increasingly seeking to strengthen control over this vital maritime passage through a semi-formal system. Sources have stated that Iran has demanded fees from some (but not all) vessels. They stated that these fee requests, conveyed through intermediaries and varying amounts, are usually aimed at tankers, gas transport ships, or other vessels carrying high-value goods. Oil price spikes combined with blocked shipping routes have led to Asian countries stockpiling coal in preparation for "supply disruptions". Following the increase in international oil prices due to the conflict in Iran, signs of continued stockpiling of aviation kerosene by multiple countries in Asia reflect the increasing supply pressure on the aviation industry. The Ministry of Land, Infrastructure, and Transport of South Korea issued a statement on Wednesday stating that the country's airlines have received notifications of fuel restrictions from some countries, and the government is considering redirecting aviation kerosene originally intended for export to the domestic market. The President of the Philippine Airlines stated in an interview that this Southeast Asian country may soon implement fuel rationing. The Civil Aviation Authority of Vietnam has warned that there may be a shortage of aviation kerosene starting in early April, and has already reduced the frequency of flights in response. As the conflict in Iran continues to escalate and oil prices remain high, the challenge of procuring aviation kerosene is further exacerbating the difficulties facing the aviation industry. Gavekal Research: The safe-haven properties of Chinese bonds are becoming increasingly prominent, offering a new global reserve option outside of U.S. Treasuries. Research from Gavekal Research shows that Chinese bonds have remained stable following recent political turmoil, including the Iran war, and are becoming a viable alternative reserve asset. The report challenges a core assumption of global reserve management, namely that U.S. Treasuries and the U.S. dollar are "safe havens". Analysts Charles Gave and Louis-Vincent Gave wrote in a report on Tuesday that Chinese sovereign bonds have remained resilient during times of tension in the Middle East. The report notes that Chinese long-term government bonds rose in the year following the outbreak of the COVID-19 pandemic, and remained relatively stable in the 12 months following the outbreak of the war in Ukraine. In contrast, U.S. bonds, adjusted for exchange rate movements and changes in the price of gold, have performed less impressively. Stock News Nanobiotix (NBTX.US), whose stock price has skyrocketed by over 700% in the past year, is facing acquisition catalyst, with Johnson & Johnson (JNJ.US) showing interest. It was reported that the U.S. pharmaceutical giant Johnson & Johnson is considering making an acquisition offer, causing the stock price of Nanobiotix (NBTX.US) to rise by approximately 7% in the Paris stock market on Wednesday and by over 15% in pre-market trading in the U.S., with the stock dropping to 4.34% by the time of publication. Nanobiotix, based in Paris, currently has a partnership with the global healthcare leader Johnson & Johnson, and under a long-term licensing agreement signed in 2023 with this New Jersey-based pharmaceutical company, the two are jointly developing and commercializing their next-generation core asset JNJ-1900 (NBTXR3). $6.7 billion acquisition of Terns (TERN.US)! Merck & Co., Inc. (MRK.US) bolsters its anti-cancer pipeline to address Keytruda patent expiry. Merck & Co., Inc. announced on Wednesday that it will acquire biotechnology company Terns Pharmaceuticals for $6.7 billion. The pharmaceutical giant is currently expanding its cancer drug product line to address the upcoming patent expiration of its flagship therapy, Keytruda. Since 2021, Merck & Co., Inc. has nearly doubled the size of its late-stage pipeline through in-house research and large acquisitions. This acquisition will give Merck & Co., Inc. access to Terns' experimental drug TERN-701. The drug is being tested for the treatment of chronic myeloid leukemia - a cancer originating from the bone marrow that causes uncontrolled proliferation of leukemia cells. Merck & Co., Inc. has offered to acquire Terns at a price of $53 per share, representing a 6% premium over its latest closing price. By the time of publication, Terns' stock price had risen by over 5% in pre-market trading. Investors focus on the "Apple Inc. AI narrative" of the GraniteChain, finally reaching a climax! The highly anticipated Siri AI may be unveiled in June. As a key component of the GraniteChain's narrative, which was delayed last year and focuses on reintroducing a more personalized version of the Siri AI voice assistant, U.S. consumer electronics leader Apple Inc., which owns popular products such as the iPhone and iPad, may introduce an independent Siri app and an "Ask Siri" button in the upcoming iOS 27 operating system. Apple Inc. is currently undergoing a thorough reconstruction of the Siri voice assistant based on cutting-edge artificial intelligence technology, with plans to unveil the long-awaited first version of the Siri AI voice assistant at the company's global developer conference in June this year. Another new contender emerges in the AI data center chip race! Arm (ARM.US) announces AGI CPUs to challenge NVIDIA Corporation and AMD, aiming for sales of up to $150 billion. Chip design company Arm Holdings will begin selling its own chips for the first time, with an expected revenue of approximately $150 billion per year within five years. Arm announced on Tuesday at an event in San Francisco that Meta Platforms (META.US) will be the first major customer for its AGI CPU chip. As part of this strategic realignment, Arm has set ambitious sales targets for the coming years. The UK-based company anticipates that the revenue from its new chip business will exceed that currently generated by its focus on intellectual property sales. Arm announced that this will help achieve total sales of around $250 billion within five years, five times the current level. It is expected that during this period, earnings per share will reach $9. The largest IPO in history is on the horizon! Reports suggest that SpaceX plans to submit its IPO application as early as this week, potentially raising over $75 billion. According to sources, SpaceX is planning to submit its initial public offering (IPO) prospectus to regulators later this week or next week. This secret submission will formalize the IPO plans of the commercial space giant led by Elon Musk, with a target of listing on the stock market in June. Advisors involved in the preparation work reportedly expect SpaceX to raise over $75 billion in the IPO, higher than the previously reported $50 billion. The company is currently valued at $1.25 trillion (lower than the previously reported $1.75 trillion). The actual fundraising size and valuation will be finalized in the weeks leading up to the IPO. Once launched, SpaceX's IPO fundraising size will surpass the record of $29.4 billion set by Saudi Aramco in 2019, making it the largest IPO in history. Important Economic Data and Events Preview 22:30 Beijing time: U.S. EIA crude oil inventory changes for the week ending March 20. The next day at 04:10 Beijing time: Federal Reserve Governor Milan will speak at the 2026 Digital Assets Summit.