Daily's Pre-Market: Trump, China consumer's confidence, Tencent, Oatly, and Bitcoin.

Wall Street opposition to Trump collapses, as ‘pipe dream’ of primary defeat ends

Many Wall Street executives have made a calculated decision not to speak out against Donald Trump, and in some cases they will consider supporting the Republican former president.
“A lot of people on Wall Street have been living in this pipe dream of Trump not getting the nomination,” said one financial executive.
After Ron DeSantis came in a distant second to Trump in Iowa, several of the Florida governor’s fundraisers from the financial sector received calls from Trump allies.

“I’ve been in China for 27 years, and this is probably the lowest confidence I’ve ever seen,” Shaun Rein, founder of the China Market Research Group, told CNBC Monday.
He forecasts that China will experience “another 3-6 months minimum of a very painful economy.”
The world’s second-largest economy has faced a slower-than-expected recovery in 2023 after exiting Covid-19 restrictions.

Tencent’s Riot Games is cutting back headcount for the Legends of Runeterra game.
Riot’s effort to publish games from small developers is coming to an end.
Tencent has seen a slowdown in the past couple of years after the pandemic gave it a boost.

Oatly and Carvel will partner to add oat milk-based items at the chain’s ice cream stores nationwide.
The partnership is a boon for Oatly, which has seen its share price crumble since its 2021 initial public offering.
The oat milk-based products will be available at nearly 300 Carvel stores located in 18 states.

Bitcoin extended its losses on Monday, dipping below $40,000 for the first time this year.
Bitcoin is still in its correction phase following the launch of several spot bitcoin exchange-traded funds in the U.S.