Markets 3h

Public Markets

Energy Market Turmoil

US oil surged above $90 a barrel for the first time since October 2023 as the war in Iran upends critical energy market flows. Only nine empty oil supertankers remain visible in the Persian Gulf, with shipping through the Strait of Hormuz at a near-total halt. Traders brace for longer conflict and further production shutdowns as geopolitical tensions escalate.

Financial Sector Pressure

Financial firms are sliding again as fresh worries over private credit combine with a broad market selloff to hit the weakened sector. BlackRock is sticking to redemption minimums on its credit fund, sending shares lower, while Goldman Sachs says insurer bond moves on private credit are "overdone." The New York Stock Exchange agreed to pay $9 million to settle SEC allegations about a 2023 market outage that caused wild price swings.

Geopolitical Market Impact

President Trump said he won't seek a negotiated end to the war with Iran, demanding Tehran capitulate as US and Israeli airstrikes continue. Israel's currency and stock market are rallying after almost a week of war, even as markets elsewhere retreat amid soaring energy prices. The ECB must keep a close eye on upside inflation risks stemming from geopolitical events like the Iran war, though it doesn't have to react as long as price growth remains reasonable.

Safe Haven Flows

The dollar is wrapping up its best week in more than a year, rallying as the ultimate safe haven amid the Middle East conflict and skyrocketing oil prices. Hopes for Bank of England rate cuts are fading as oil and gas prices soar, with gilt yields selling off sharply on inflation fears from the Iran war. Meanwhile, the Gulf bonds that aren't barking are facing scrutiny as safe haven status comes under fire everywhere but credit markets.

Corporate Developments

Chobani Inc. expects its revenue and earnings to swell this year as the Greek yogurt maker plans to spend heavily on growth. A huge aluminum options trade has come into the money this week as the war in Iran sparked a sharp rally in prices, delivering a windfall after the appearance of the position stunned dealers last week. Deutsche Bank favors exchanges amid market volatility and upgraded Intercontinental Exchange shares.

Private Equity

Midstream M&A

Greenbelt-backed Saber Power acquired Bounds Construction, expanding its electrical power system services footprint. The Houston-based firm strengthens its construction capabilities through the deal.

Healthcare Tech Investments

Serent invested in Saisystems to accelerate its technology roadmap. The health tech firm plans to enhance its platform capabilities with the new capital.

Fundraising Roundup

Multiple firms are competing to manage the European Union's planned €5bn technology investment fund. EQT, Eurazeo, Atomico, Vitruvian Partners, and Northzone have been shortlisted for the mandate.

Sector Investment

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