🐕 *If bitcoin had a younger, wackier cousin who cosplayed as a dog…*

__[Dogecoin](https://robinhood.com/crypto/DOGE/)__, aka doge, is a nearly decade-old cryptocurrency with an uncapped supply and a Shiba Inu meme for a mascot. Its price [soared](https://www.cnbc.com/2023/04/03/dogecoin-jumps-over-30percent-after-twitter-changes-logo-to-doges-symbol.html) Monday after __Twitter__ swapped its bird logo for a doge dog, fueling investor hopes that the platform might support doge payments. Last week, Twitter boss Elon Musk asked a judge to toss out a $258B lawsuit accusing him of pumping dogecoin's price.

DEFI(NE)

Heard on the Block: "doge"

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__April showers bring…__ May oil-production cuts. The world’s largest coalition of oil-producing countries surprised everyone on Monday with a doozy: the Saudi Arabia-led Organization of the Petroleum Exporting Countries and its oil-pumping allies (including Russia) agreed to curb production. OPEC+ plans to slash oil output by 1M+ barrels/day for the rest of the year, starting next month. 

- __Classic supply ’n’ demand:__ Oil prices had their slickest daily gain in over a year on Monday after word that supply would be lower. Energy stocks like __[Exxon](https://robinhood.com/stocks/XOM/)__, __[Chevron](https://robinhood.com/stocks/CVX/)__, and __[Shell](https://robinhood.com/stocks/SHEL/)__ also got a bump.

- __Uh-OPEC:__ It’s a big blow to President Biden, who’s tried and [failed](https://www.cnn.com/2022/10/04/politics/white-house-lobby-opec-oil-production-cuts-gasoline-prices-midterms/index.html) to persuade OPEC members to boost production, which would lower US gas costs (#PumpAnxiety).

- __Saudi Arabia__ said it was a precautionary move to ward off falling oil demand. Jitters over the banking crisis and a global recession have led to an oil selloff in recent months. 

__Bidin’ time…__ but there’s not much the pres can do. OPEC+ countries produce over half the world’s oil, and OPEC (minus the plus) accounts for 60% of global petroleum trade. Last year the Biden admin’s intense lobbying effort failed to dissuade OPEC from throttling production. The news could mean higher prices at the pump for consumers (gas futures spiked after the announcement). Since the economy runs on oil and gas (think: shipping, manufacturing) the cuts could also lead to a broader inflationary spike.

Pump anxiety returns (Thomas A. Ferrara/Getty Images)

Slick

__There’s a silver lining for everyone…__ The news will likely be a positive for OPEC countries and corporate oil titans, who’ve already enjoyed years of exorbitant profits on the back of rising prices. But it could *also* boost demand for US oil in Europe and Asia, and encourage non-OPEC producers to increase output. Plus: it might fuel support for clean energy.

OPEC’s cuts might mean higher gas prices, which could force other energy players to step up

__$40 exfoliating hand soap…__ spotted in trendy restaurant bathrooms. Cosmetics icon __L’Oréal__ is dropping $2.5B to [buy](https://www.ft.com/content/5405d709-8ec0-4da6-8640-a9107e322eaf) Australian skincare brand Aesop in its largest acquisition *ever*. Aesop’s aromatic body-care products are stocked in 400 stores worldwide in luxe retailers like __[Nordstrom](https://robinhood.com/stocks/JWN/)__. L’Oréal wants to expand Aesop’s presence in countries like China, where beauty demand is high. 

- __Pricey GRWM:__ Aesop has more than doubled its sales since 2018, raking in over half a billion a year as people treat themselves with its $100 exfoliants and $40 balms.

- __Beautiful returns:__ Aesop could bolster L'Oréal's top-performing luxe division (which includes billion-dollar beauty brands like Lancôme, __[YSL](https://robinhood.com/stocks/PPRUY/)__, and Giorgio Armani).

__The price is in the #aesthetic packaging…__ Cosmetic giants have been scooping up smaller luxury beauty brands to woo the hearts (and wallets) of younger consumers. In 2019, __[Shiseido](https://robinhood.com/stocks/SSDOY/)__ paid $845M to buy cult skincare brand Drunk Elephant. Last year, __[Unilever](https://robinhood.com/stocks/UL/)__ spent $500M on Japanese skincare brand Tatcha. Both brands are staples on __Sephora__ shelves. Gen Z is willing to spend more on premium beauty products, and Zillennials are expected to make up 70% of luxury shoppers by 2025.

Lather

__Small brands can be a great foundation…__ for bigger returns. Curated brands like Aesop and Tatcha can help mass-market beauty biggies attract higher-spending customers. While L’Oréal has broad appeal with drugstore products like $8 mascara and CeraVe, it can earn fatter margins on $50 hand soaps. Meanwhile, Aesop can benefit from L'Oréal's global reach and supply chain. Analysts think there could be more beauty acquisitions ahead.

L’Oréal splurges $2.5B on Aesop as beauty giants bet on cult faves to glam up portfolios

OPEC’s production cuts could mean higher gas prices, but there may be a silver lining

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A record 9.9M viewers tuned in for the NCAA women’s basketball final, double last year’s audience

🛢️ Gas-price problems

Heard on the Block: "doge"

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