Gap Inc (NYSE: GAP) was struggling with sales declines, profitability concerns, and loss of cultural relevance amidst an ever-increasing competition in the retail market up until the first half of 2023.

Then it named Richard Dickson its chief executive, hoping the market veteran could revitalise its brands just as he did with Barbie at Mattel.

And the clothing and accessories retailer’s Q4 results last night suggest it was the right decision to onboard Dickson as he’s seeing incredible success in turning around Gap.  

Gap earned 54 cents a share in its recently concluded quarter – up significantly versus 36 cents per share that analysts had forecast.

Gap saw market share gains across all four brands

Gap currently owns three notable names other than its namesake brand: Athleta, Banana Republic, and Old Navy.

Its shares are being rewarded this morning (up 18% in premarket) as all of those brands “gained market share against a backdrop of a declining apparel industry,” chief executive Richard Dickson revealed in an interview on Friday.

Plus, the New York listed firm saw an uptick across all income cohorts as well, with lower income groups contributing the most to overall market share gains in Q4.

Despite today’s rally, Gap stock is down some 7.0% versus its year-to-date high in late January.

Gap chief executive downplays tariffs impact

Speaking with Jim Cramer, the company’s chief executive also downplayed the potential impact of higher tariffs the Trump administration has announced on Canada, Mexico, and China.

The apparel and accessories retailer relies on China for nearly 10% of its products while it sources less than 1.0% of the assortments from Canada and Mexico combined.

Richard Dickson also confirmed that Gap will continue to diversify its supply chain to further minimise the effect of tariffs on its customers.

“We’re going to be working hard to continue the momentum that we have. Tariffs cost inputs, these are all the day-to-day of doing business,” he added.

Gap stock rallies on upbeat future guidance

Investors are cheering Gap’s quarterly report also because its management offered upbeat full year guidance despite the broader concerns of higher tariffs.

The company based out of San Francisco, California, now sees its sales climbing as much as 2.0% this year. Analysts, in comparison, had called for the revenue to remain flat in 2025.

“The brand campaigns and collaborations are attracting a new generation to Gap while reinforcing the brand to those who loved us for years,” said CEO Dickson in the earnings release.  

Wall Street seems to share his optimism on what the future holds for Gap shares, considering the consensus rating currently sits at “overweight”.

Analysts see upside in the retail stock to nearly $29 on average, which indicates potential for more than 20% upside on top of today’s gains.

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Saudi Arabia, the world’s leading oil exporter, has decreased its crude oil prices for Asian buyers for the month of April. 

This marks the first price reduction in three months and aligns with market expectations and the recent OPEC+ decision to gradually increase oil supply starting in April, Reuters reported on Friday.

The price reduction reflects a change in market dynamics and the anticipation of increased supply. 

The Organization of the Petroleum Exporting Countries and allies, including Saudi Arabia, agreed to gradually raise oil production from April. 

The move by Saudi Arabia to lower prices for Asian buyers is seen as a strategic decision to maintain its market share and competitiveness in the Asian market. 

By adjusting its prices in line with market expectations and the OPEC+ decision, Saudi Arabia aims to ensure a steady flow of oil to its Asian customers and support the ongoing economic recovery in the region.

Saudi Aramco, the state oil company, has decreased the April official selling price (OSP) for its flagship Arab Light crude. 

Oil prices lowered

The price has been lowered by 40 cents to $3.50 a barrel above the average of Oman and Dubai prices, as per a pricing document from the producer.

In the previous month, Arab Light’s OSP reached its highest point in over a year, climbing to $3.90 above the average prices in Oman and Dubai. 

This surge was primarily attributed to the stricter sanctions imposed by the United States on Russian oil exports. 

These sanctions caused significant disruptions in the global oil trade, leading to a sharp increase in both oil prices and freight rates. 

The resulting market volatility and uncertainty further contributed to the upward pressure on Arab Light’s OSP.

The company has implemented a price reduction for Arab Light crude oil in the Asian market for the month of April. 

This decrease aligns with the predictions from a Reuters poll, which anticipated a price cut ranging between 20 and 65 cents. 

Additionally, the company has also lowered its April prices for other grades of crude oil that it supplies to the Asian market.

OPEC to raise oil supply

OPEC+, the group of oil-producing countries that is responsible for approximately half of the global oil supply, made the decision this week to move forward with a planned increase in oil output. 

This increase, set at 138,000 barrels per day, is scheduled to take effect in April and marks the group’s first production increase since 2022. 

The group is set to unwind some of its 2.2 million barrels per day of voluntary production cuts next month. 

The cuts were extended multiple times last year due to weak global demand, particularly in China. China is the world’s largest importer of crude oil. 

However, OPEC’s decision earlier this week came as a surprise to the market. 

Experts and analysts had expected the cartel to extend the production cuts by another three months as global supply is likely to outstrip demand comfortably this year. 

Meanwhile, China’s supply concerns are easing due to a rebound in Russian and Iranian oil imports this March. 

Non-sanctioned tankers, attracted by lucrative payoffs, are driving the increase in oil supply to China, the world’s largest oil importer.

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President Donald Trump is set to welcome cryptocurrency industry leaders to the White House on Friday for an unprecedented “crypto summit.”

The meeting, a significant nod to the digital asset sector that played a crucial role in his re-election campaign, comes just a day after Trump signed an executive order creating a “crypto reserve”—a national stockpile of Bitcoin.

The initiative has drawn criticism, with opponents arguing that it benefits major crypto investors rather than serving broader national interests.

Brian Armstrong, Michael Saylor among key industry leaders expected to attend

According to CoinTelegraph, over 20 high-profile crypto executives have confirmed their attendance.

The roundtable, scheduled to take place from 6:30 pm to 10:30 pm UTC, will feature key figures from both the private sector and the Presidential Working Group on Digital Assets.

Confirmed attendees include Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, Kraken CEO Arjun Sethi, and Chainlink cofounder Sergey Nazarov.

Strategy Chairman Michael Saylor, a vocal Bitcoin advocate, will also be present, along with Exodus CEO JP Richardson, Bitcoin Magazine CEO David Bailey, and investors such as Matt Huang of Paradigm and Kyle Samani of Multicoin Capital.

Fox Business reporter Eleanor Terrett noted that invitations were sent out by the White House on Friday morning.

However, it remains unclear whether additional guests, including key administration officials such as Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, will be in attendance.

Stablecoin regulation, regulatory clarity on tokenisation

Led by White House AI and Crypto Czar David Sacks, the summit is expected to focus on key policy discussions, including digital asset regulation and the mechanics of Trump’s newly announced Strategic Bitcoin Reserve.

Among the influential figures attending the summit, Coinbase CEO Brian Armstrong has arguably played the most pivotal role in shaping the industry’s political standing.

Once focused solely on expanding crypto adoption, Armstrong has in recent years transformed into one of Washington’s most active crypto lobbyists.

Armstrong has made it clear that his priority is pushing forward much-needed legislative reforms.

“From our point of view, the next step in the United States that’s the most urgent is getting legislation passed,” Armstrong told CNBC ahead of the Summit, citing stablecoin regulation and broader market structure reforms as immediate priorities.

His views align with growing bipartisan support in Congress for clearer digital asset laws.

Just this week, the Senate voted to overturn two Biden-era crypto regulations, with Senator Ted Cruz calling the move a gateway for further industry-friendly legislation.

Robinhood CEO Vlad Tenev, another prominent attendee, has been vocal about the potential of tokenization to democratize investment access.

In a recent Washington Post op-ed, Tenev argued that blockchain technology could break down barriers in private markets, where access to high-growth companies like SpaceX, OpenAI, and Stripe remains restricted to institutional investors.

“Crypto technology can unlock new ways to trade and invest in all assets, from digital to real-world,” he told CNBC ahead of the event.

“Tokenization will transform investing, but we need regulatory clarity to make it happen.”

Under current SEC regulations, only accredited investors—individuals with a net worth exceeding $1 million or annual earnings above $200,000—can participate in private markets.

Tenev believes reforming these rules and establishing a clear security token registration framework would level the playing field for retail investors.

Bitcoin-only reserve sparks industry debate

Prior to Trump’s executive order on Thursday, speculation swirled over which cryptocurrencies would be included in the Strategic Bitcoin Reserve.

The final announcement confirmed that only Bitcoin would be part of the reserve, despite Trump’s initial Truth Social post mentioning other tokens, including Ether, XRP, Solana’s SOL, and Cardano’s ADA.

The decision led to a sharp market reaction, with SOL, Ether, and Bitcoin each dropping around 5% late Thursday, while ADA plunged nearly 12%.

Trump’s order marks the first time the US government has formally recognized Bitcoin as a strategic asset.

The reserve will be funded exclusively through Bitcoin seized in criminal and civil forfeiture cases, ensuring that taxpayers do not bear any financial burden.

Meanwhile, non-Bitcoin assets seized by the government will be placed in a separate Digital Asset Stockpile managed by the Treasury Department.

With regulatory clarity now a top priority, Friday’s summit could be a defining moment for the future of cryptocurrency policy in the United States.

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US President Donald Trump said Friday that he is “strongly considering” imposing large-scale banking sanctions and tariffs on Russia until a ceasefire and peace agreement is reached with Ukraine.

“Based on the fact that Russia is absolutely ‘pounding’ Ukraine on the battlefield right now, I am strongly considering large-scale banking sanctions, sanctions, and tariffs on Russia,” Trump wrote on Truth Social.

He also urged both countries to begin negotiations immediately, warning, “Get to the table right now, before it is too late. Thank you!!!”

Is Trump soft on Russia?

Trump has faced criticism over his approach to negotiations with Russia and Ukraine, with opponents accusing him of being lenient toward Putin.

He has repeatedly and falsely claimed that Ukraine initiated the conflict.

Critics have noted a shift in US foreign policy under President Donald Trump, with the administration said to be taking a more conciliatory approach toward Russia while pressuring Ukraine to negotiate an end to the war.

This marks a departure from the previous Biden administration, which was more supportive of Ukraine and critical of Russia.

Hours before Trump’s statement, Russia launched a large-scale attack on Ukraine, deploying 261 missiles and drones targeting energy and gas infrastructure, according to Ukrainian officials.

The Trump administration also halted military aid and intelligence-sharing with Ukraine this week, following a heated Oval Office exchange last week between Ukrainian President Volodymyr Zelenskyy, Trump, and Vice President JD Vance.

Tense Oval Office meeting with Zelenskyy

Trump’s remarks come just days after a tense meeting with Ukrainian President Volodymyr Zelenskyy in the Oval Office.

The encounter, which shifted between polite exchanges and heated discussions, highlighted growing friction between the two leaders over the direction of the war and US involvement.

Zelenskyy sought to secure continued US support as Ukraine struggles against Russian forces, but Trump reiterated his push for a swift resolution, emphasizing his belief that prolonged conflict is unsustainable.

He has repeatedly questioned the level of US aid to Kyiv and suggested that a ceasefire was necessary to prevent further escalation.

During the meeting, Trump reportedly expressed skepticism about Zelenskyy’s stance, arguing that Ukraine must be more open to negotiations.

He also warned that continued fighting could increase the risk of broader conflict. “You’re gambling with World War III,” he told the Ukrainian leader, pressing him on why he was resisting a ceasefire.

The exchange occurred during a meeting where both leaders were signing an agreement that would allow the US to access future revenue from Ukraine’s natural resources.

Recent reports from earlier this week suggest that the deal may eventually get signed.

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Mexico intends to considerably increase the number of complying companies selling to the United States under a regional trade agreement in the coming weeks, Economy Minister Marcelo Ebrard said Friday, after Washington suspended tariffs on Mexican goods entering the country under the agreement.

At a presser, Ebrard admitted that a segment of enterprises responsible for 10% to 12% of Mexico’s exports may have substantial difficulty in satisfying the standards of the USMCA, alluding specifically to issues in the car sector.

To address these concerns, Mexico intends to engage directly with automakers in the coming weeks to ensure an easier transition to compliance with the agreement’s terms.

The complex rules of origin established by the USMCA require that a certain amount of car parts, as well as the steel and aluminium used in manufacture, be from inside the region.

According to a Reuters report, while major automakers including General Motors, Ford, and Stellantis have campaigned for tariff exemptions for USMCA-compliant items and welcomed the tariff halt, companies that do not satisfy these compliance requirements may face 25% tariffs.

Ebrard also informed that Mexican officials and US trade authorities are set to meet next week to continue the negotiations regarding fresh tariffs on steel and aluminium coming into the US.

USMCA trade landscape

The USMCA significantly altered commercial relations between Canada, Mexico, and the US.

Currently, more than 50% of Mexico’s exports are compliant to the USMCA.

Ebrard expects that portion to reach 85% to 90% in the next weeks as companies adjust to the new trade rules, which might stabilize economic relations between the two nations.

Having more compliance with USMCA rules may result in a more favourable and predictable trading environment.

Potential challenges ahead

The expectation that greater compliance with the USMCA is on the horizon is a positive one, but specific industries may have difficulty adjusting to the new standards.

Ebrard mentioned the auto sector in particular as an area that could face challenges, saying that not all companies would be able to readily pivot to USMCA standards.

The Mexican government aims to negotiate good terms for its economy while also ensuring a robust economic connection between the countries.

Mexico’s President Claudia Sheinbaum stated on Wednesday that the country may seek new trade partners due to rising economic tensions with the US.

Sheinbaum’s remarks come amid growing uncertainty across various sectors of the Mexican economy, particularly in the automotive industry.

According to Goldman Sachs, the US imported $181.4 billion worth of automobiles and auto parts from Mexico in 2024, accounting for nearly 10% of the country’s economy.

These next negotiations between Mexico and the US might be a crucial opportunity for both countries to effectively manage the challenges of international trade dynamics.

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