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Daily 2026-03-31
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All metrics are as of the latest market close.
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
<tbody>
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<td class="s23">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
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<td align="left" class="s9">
<table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
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S&P 500
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<td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
0.39% ▼
</td>
<td class="s26">
6,344
</td>
</tr>
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<td class="s25">
GOLD
</td>
<td class="s27">
1.01% ▲
</td>
<td class="s26">
$4,538
</td>
</tr>
<tr>
<td class="s25">
BITCOIN*
</td>
<td class="s27">
0.97% ▲
</td>
<td class="s26">
$66,596
</td>
</tr>
<tr>
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*24-hour change
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
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<td class="s23">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
<tbody>
<tr>
<td align="left" class="s9">
<table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
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<td class="s25">
FTSE 100
</td>
<td class="s27">
1.61% ▲
</td>
<td class="s26">
10,128
</td>
</tr>
<tr>
<td class="s25">
BRENT OIL
</td>
<td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
3.57% ▼
</td>
<td class="s26">
$108.55
</td>
</tr>
<tr>
<td class="s25">
US BONDS*
</td>
<td class="s27">
0.09% ▼
</td>
<td class="s26">
4.35%
</td>
</tr>
<tr>
<td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
*10-year government yield
</td>
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="s1" role="presentation">
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<div style="font-family:Inter,sans-serif;font-size:14px;font-weight:700;line-height:1.5;text-align:left;color:#181c25;">
WALL STREET FEAR GAUGE INDEX
(
<a style="font-weight:400;font-family:Trispace,monospace">
VIX
</a>
)
</div>
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<img alt="Wall Street Fear Gauge Index" class="s12" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fimages.bannerbear.com%252Fdirect%252F7Q4rjJzQn7vZo8qPOx%252Frequests%252F000%252F138%252F967%252F597%252FP0ev7XDZrzqA5VxbzMjR9og8N%252F9629d3d9c2b6c0fec90a5a4e75b36c5e8d643eb2.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D2d11ea4bbd9211e645893ba020be41b5/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzQ5MTAzNzUuMTY0NTQ2NX0:1w7LGh:ww8edrtkUg9xCRySoNibg0IMUwEa2q3-kl_ZmnB4Kck" width="536"/>
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<p data-block-key="10zqs">
<b>
💉
</b>
Eli Lilly’s got a sparkling new AI biopharma deal
</p>
<p data-block-key="8e0ms">
🌀 Inflation fears are rising, and that could… drive up inflation
</p>
<p data-block-key="27e9k">
💸 Buy, borrow, die: how rich investors reduce taxes and grow their wealth
</p>
<p data-block-key="77b77">
<b>
👇 Keep reading to find out
more
</b>
</p>
</div>
</td>
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<mj-raw>
<span class="s21">
👀
</span>
<span class="s22">
Today's headlines
</span>
</mj-raw>
</div>
</td>
</tr>
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<div class="s35">
<mj-raw>
<span class="s36">
Gild the Lilly
</span>
</mj-raw>
</div>
</td>
</tr>
<tr>
<td align="center" class="s5">
<table border="0" cellpadding="0" cellspacing="0" class="s10" role="presentation">
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<a target="_blank">
<img alt="Gild the Lilly" class="s12" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-300326-EliLily.original.png%253Ffit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253Da28d47f7552e16f5de87b141d9918812/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzQ5MTAzNzUuMTY0Njc5NX0:1w7LGh:TAHWh9f2XwpDkHxQfKbhJwSf1ihLQ8IA_bEpHCRKbfM" width="568"/>
</a>
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<div class="s33">
<p data-block-key="vnbdh">
<b>
What’s going on here?
</b>
</p>
<p data-block-key="b8300">
<b>
Eli Lilly
</b>
just signed a shiny new AI drug development deal with a Hong Kong biotech, hoping the firm’s next discoveries will add to its already-glittery status.
</p>
<p data-block-key="3kq9b">
<b>
What does this mean?
</b>
</p>
<p data-block-key="1sauh">
The US pharma giant topped the charts with its GLP-1 weight-loss and diabetes drugs – but you’re only
ever as good as your next hit. So Lilly’s trying to make it big one – and fast. The firm just agreed to pay $115 million up-front to
<b>
Insilico Medicine
</b>
for the rights to an AI-developed GLP-1 diabetes drug. And if everything goes well – development, approvals, sales – Lilly will fork over as much as $2.75 billion.
</p>
<p data-block-key="aj1a7">
▶ But the real prize is bigger: access to Insilico’s discovery engine. The biotech firm has built an end-to-end AI platform that uses generative
models to design, develop, and hone potential medicines.
</p>
<p data-block-key="65kt1">
▶ And according to Insilico, it’s already produced at least 28 novel drugs –
<i>
half
</i>
of which are now in clinical trials.
</p>
<p data-block-key="fjaln">
<b>
Why should I care?
</b>
</p>
<p data-block-key="2gah7">
<b>
<i>
For markets:
</i>
</b>
<i>
Oh look, it’s AI again.
</i>
</p>
<p data-block-key="dok14">
Developing new drugs used to be ultra-slow and hit-or-miss. But generative AI can quickly identify promising
molecules and filter out the duds – enabling companies to get the best ones into testing in a fraction of the time. No wonder Lilly’s been investing big in the tech: the firm
<a>
partnered
</a>
with
<b>
Nvidia
</b>
last year to build AI infrastructure for running models on its own data.
</p>
<p data-block-key="e2ml6">
<b>
<i>
The bigger picture:
</i>
</b>
<i>
All the cool kids are doing it.
</i>
</p>
<p data-block-key="bu01c">
What’s good for Lilly could be good for everyone else:
<b>
AstraZeneca,
</b>
<b>
Pfizer,
</b>
and other big pharma players are also leaning hard into AI. And they’re increasingly looking to China for new drug pipelines, too. Lower operating costs and a robust biotech ecosystem means that medicines there can move into development faster – and cheaper.
</p>
<p data-block-key="4bmcn">
▶ At the same time, ready-made AI tools and platforms mean that smaller biotech firms can become
plausible contenders much sooner.
</p>
</div>
</td>
</tr>
<tr>
<td align="left" class="s5">
<div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;color:#000000;">
You might also like ⇢
<a>
The Hidden Beneficiaries Of The Weight-Loss Drug Boom
</a>
</div>
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</span>
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Chart Of The Day
</span>
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Sponsored by CoinShares
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<img alt="CoinShares Guide 7" class="s12" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FCoinShares_7_8_Newsletter_Placement_ISA.original.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D070e7138be7bf0624a198c9cfe5f3786/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzQ5MTAzNzUuMTY0OTIyfQ:1w7LGh:ChNolbaFnG7SXCRexSJl2npGbWOAhjxJlGTb_6_ht7k" width="568"/>
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<div class="s33">
<h4 data-block-key="xo5lp">
That crypto–ISA window is about to close
</h4>
<p data-block-key="fng14">
Right now, UK investors can still hold crypto ETPs inside a Stocks & Shares ISA – shielded from capital gains tax and fully regulated – but
<a>
that ends on 5 April 2026
</a>
.
</p>
<p data-block-key="c0s36">
After the deadline, any new crypto ETP purchases must sit
<a>
<i>
outside
</i>
your ISA
</a>
.
</p>
<p data-block-key="57udg">
This
<a>
free guide
</a>
explains exactly what’s changing, what “grandfathering” means for existing holders, and how to secure ISA protection before the rules change.
</p>
<p data-block-key="5jjn1">
<a>
Get your full crypto–ISA guide before the window closes.
</a>
</p>
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Why The Rich Don’t Sell (And What You Can Learn From That)
</span>
</mj-raw>
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<div class="s33">
<p data-block-key="pr7ai">
It’s not an easy market to
<a>
make money
</a>
in right now. Volatility is high, narratives keep shifting, and real returns feel harder to come by.
</p>
<p data-block-key="ed7ru">
So naturally, most investors are
instinctively focused on "alpha" – how to squeeze out
<a>
more performance
</a>
.
</p>
<p data-block-key="2hj50">
But there’s another side to the equation that matters just as much – and often more over time:
<a>
tax
</a>
.
</p>
<p data-block-key="8gkon">
The
<a>
wealthiest investors
</a>
don’t just think about what they
make; they think about what they keep.
</p>
<p data-block-key="a7i2t">
And that starts with a counterintuitive idea:
<a>
try not to sell
</a>
.
</p>
<p data-block-key="f56pv">
That’s today’s Insight:
<a>
how to invest like the super rich
</a>
.
</p>
<p data-block-key="o93o">
<a>
<b>
Read or listen to the Insight
here
</b>
</a>
</p>
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Theodora Lee Joseph, CFA
</a>
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Today's headlines
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<span class="s36">
Tea Leaves
</span>
</mj-raw>
</div>
</td>
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<img alt="Tea Leaves" class="s12" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252Feditorial-300226-inflation-2.original.png%253Ffit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D4247112c8e7af43809e72d88e75c7b72/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzQ5MTAzNzUuMTY1Mzg1Mn0:1w7LGh:4w3jFbKbEaAsJwPce3otX6MO7814zpWEsEJygE2_fXg" width="568"/>
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<div class="s33">
<p data-block-key="o90wq">
<b>
What’s going on here?
</b>
</p>
<p data-block-key="jrsc">
Europeans are expecting prices on just about everything to bubble up this year – from the cars they drive to the tea they drink.
</p>
<p data-block-key="2a4cn">
<b>
What does this mean?
</b>
</p>
<p data-block-key="11fed">
Higher inflation seems to be brewing: the European Commission’s March survey showed that consumers are worried about a sticker shock coming.
And they’re probably not wrong… at the same time, businesses said they’re likely to raise prices.
</p>
<p data-block-key="dsr29">
⚠️ Meanwhile, the European Central Bank (ECB) is trying to figure out whether the recent energy price increases will spill into the rest of the economy. And this survey, at least, suggests they could.
</p>
<p data-block-key="cdt0h">
<b>
Why should I care?
</b>
</p>
<p data-block-key="b4i4n">
<b>
<i>
The bigger picture:
</i>
</b>
<i>
Self-fulfilling price hikes.
</i>
</p>
<p data-block-key="9a4ev">
Once people and businesses start expecting higher prices, they act differently. Companies raise prices ahead of time, consumers rush to buy things before they get more expensive, and – voilà – expectation becomes reality.
</p>
<p data-block-key="blr7h">
▶ That’s why central banks care so much about “anchoring” expectations. They want people to believe that inflation will come back down – not stick around. One way to do that is by signaling that they’re willing to raise
interest rates if needed. The ECB’s already been sounding that warning, and investors are starting to believe it.
</p>
<p data-block-key="e3ssn">
<b>
<i>
For markets:
</i>
</b>
<i>
No ports in this storm.
</i>
</p>
<p data-block-key="e6udp">
Typically, when geopolitical tensions ramp up, investors flee to government bonds: they’re seen as safe and predictable. But the war in the Middle East – and the disruption to energy supply it’s caused – isn’t typical…
</p>
<p data-block-key="8jdsj">
🔻 Inflation fears are
problematic for bonds. Their fixed payouts don’t adjust for inflation – so when prices rise, future payments become worth a bit less in real dollar terms. Investors usually react by selling them, which forces prices down and yields up.
</p>
<p data-block-key="41vj4">
🔺 That has a wider impact. Government bond yields serve as a baseline for most other types of debt – and when they rise, everything from mortgages to corporate loans become more expensive.
</p>
</div>
</td>
</tr>
<tr>
<td align="left" class="s5">
<div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;color:#000000;">
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<a>
Six Popular Inflation Hedges, And The Ones Most Likely To Work Now
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<td align="left" class="s19">
<div class="s20">
<mj-raw>
<span class="s21">
✨
</span>
<span class="s22">
Sarah's Digest
</span>
</mj-raw>
</div>
</td>
</tr>
</tbody>
</table>
</div>
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</td></tr></table>
<![endif]-->
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<tbody>
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<td style="direction:ltr;font-size:0px;padding:20px 0;padding-bottom:32px;padding-left:16px;padding-right:16px;padding-top:8px;text-align:center;">
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<table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
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<div style="font-family:Trispace,monospace;font-size:12px;line-height:1.5;text-align:left;color:#5E6984;">
What others like you are reading today...
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🚗
<a>
BYD Bets Overseas Growth Will Offset China’s EV Price Squeeze
</a>
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<tr>
<td align="left" class="s5">
<div class="s40">
After a profit drop tied to China’s price wars, BYD says exports and new localized factories could make overseas markets roughly half its business.
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<td align="left" class="s39">
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📉
<a>
Nvidia Is Cheaper Than The S&P 500 For Once
</a>
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<tr>
<td align="left" class="s5">
<div class="s40">
As the AI trade cools and markets wobble on oil-and-inflation worries, Nvidia’s forward PE has slid below the broader index — even while analysts still expect rapid earnings growth.
</div>
</td>
</tr>
<tr>
<td align="left" class="s39">
<div class="s33">
🤖
<a>
DeepSeek’s Chatbot Just Had Its Longest Outage Yet
</a>
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</td>
</tr>
<tr>
<td align="left" class="s5">
<div class="s40">
A 7-hour downtime raised fresh questions about DeepSeek’s reliability as developers and the AI world wait for its next model.
</div>
</td>
</tr>
<tr>
<td align="left" class="s39">
<div class="s33">
✈️
<a>
Airlines Are Raising Fares As Jet Fuel Costs Jump
</a>
</div>
</td>
</tr>
<tr>
<td align="left" class="s5">
<div class="s40">
Carriers are cutting capacity and adding fuel surcharges to cover higher oil prices, but softer demand could still squeeze profits.
</div>
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<td align="left" class="s34">
<div class="s20">
<mj-raw>
<span class="s21">
🖋️
</span>
<span class="s22">
Quote of the day
</span>
</mj-raw>
</div>
</td>
</tr>
</tbody>
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<tbody>
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<td align="left" class="s5">
<div class="s33">
<strong>
"Spring is the time of plans and projects."
</strong>
– Leo Tolstoy (a Russian writer)
</div>
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<tbody>
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<td align="left" class="s34">
<div class="s20">
<mj-raw>
<span class="s22">
Finimize Awards
</span>
</mj-raw>
</div>
</td>
</tr>
</tbody>
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<![endif]-->
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<tbody>
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<![endif]-->
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<td align="center" class="s37">
<table border="0" cellpadding="0" cellspacing="0" class="s10" role="presentation">
<tbody>
<tr>
<td class="s11">
<a target="_blank">
<img alt="Finimize Awards" class="s12" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEmail_banner_-_Finimize-awards-3.original.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253Da32cad8b91513fd1e665556f559a163c/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzQ5MTAzNzUuMTY1NTAxOH0:1w7LGh:1hK0hftWDck41mvKXok7AYP4Xey8yNF_eDU5u1zA-Ds" width="568"/>
</a>
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<tr>
<td align="left" style="font-size:0px;padding:0;padding-right:0;padding-bottom:16px;padding-left:0;word-break:break-word;">
<div class="s33">
<h3 data-block-key="9x8x7">
Too often, "best service" actually means "best at paying for awards".
<a>
Let's make financial awards better
</a>
.
</h3>
</div>
</td>
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<tr>
<td align="left" style="font-size:0px;padding:16px 0;word-break:break-word;">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:separate;line-height:100%;">
<tbody>
<tr>
<td align="center" bgcolor="#204CE9" role="presentation" style="border:1px solid #030303;border-radius:1000rem;cursor:auto;mso-padding-alt:10px 25px;background:#204CE9;" valign="middle">
<a style="display:inline-block;background:#204CE9;color:#ffffff;font-family:Inter,
sans-serif;font-size:13px;font-weight:700;line-height:1.2;margin:0;text-decoration:none;text-transform:none;padding:10px 25px;mso-padding-alt:0px;border-radius:1000rem;" target="_blank">
<span class="s7">
Find out how
</span>
</a>
</td>
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<tbody>
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<tr>
<td align="left" class="s34">
<div class="s20">
<mj-raw>
<span class="s21">
🎯
</span>
<span class="s22">
On Our Radar
</span>
</mj-raw>
</div>
</td>
</tr>
</tbody>
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
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<td class="s23">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
<tbody>
<tr>
<td align="left" class="s32">
<div class="s33">
<p data-block-key="aaghi">
<b>
1. Red skies all day.
</b>
Surprisingly, it actually
<a>
wasn’t the apocalypse
</a>
.
</p>
<p data-block-key="9vivv">
<b>
2. Five stars, loved it.
</b>
Until getting paid to write fake reviews turned out to be…
<a>
a scam
</a>
.
</p>
<p data-block-key="e0r8l">
<b>
3. The (butt) end of an era.
</b>
Americans are ditching cigarettes faster
<a>
than ever before
</a>
.
</p>
</div>
</td>
</tr>
</tbody>
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</td>
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<![endif]-->
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<tbody>
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<table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
<tbody>
<tr>
<td align="left" class="s5">
<div class="s33">
Stay classy, Sarah 😉 This issue of the Daily Brief was curated by
<a style="color:inherit;font-weight:inherit">
Reda
</a>
and
<a style="color:inherit;font-weight:inherit">
Linda
</a>
. Got an idea? A question?
<a>
Get in touch
</a>
.
</div>
</td>
</tr>
</tbody>
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</div>
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<![endif]-->
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<![endif]-->
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="s1" role="presentation">
<tbody>
<tr>
<td style="direction:ltr;font-size:0px;padding:0 16px;text-align:center;">
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<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" width="600px">
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<![endif]-->
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<tbody>
<tr>
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<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
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<table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
<tbody>
<tr>
<td align="left" class="s34">
<div class="s20">
<mj-raw>
<span class="s21">
💌
</span>
<span class="s22">
THAT WAS GREAT FOR US... HOW WAS IT FOR YOU?
</span>
</mj-raw>
</div>
</td>
</tr>
</tbody>
</table>
</div>
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