Markets 3h

Public Markets

Last updated: March 24, 2026, 1:30 PM ET

Energy Markets & Geopolitical Stress

Global energy markets remain highly reactive to Middle East tensions, with Shell’s CEO warning that Europe is bracing for the fuel supply disruptions already experienced across Asia due to the conflict in Iran. This environment is driving inflation expectations, as French inflation is set to accelerate to the European Central Bank’s 2% target in April solely due to surging oil prices. In commodity flows, Russia is boosting oil revenues to a four-year high, capitalizing on higher prices and steady flows, while Angola is simultaneously planning a $2 billion eurobond sale betting that crude-driven demand will attract debt investors. Adding to domestic supply dynamics, Chevron Corp. is planning to purchase initial crude shipments from Sable Offshore Corp.’s newly restarted Santa Barbara platforms following regulatory approval.

Corporate & Sector Volatility

The technology sector experienced a sharp decline in software valuations after reports surfaced that Amazon.com Inc. is developing new artificial intelligence tools, reigniting prior fears of widespread disruption across established software providers. Meanwhile, the bidding war for Janus Henderson escalated after Nelson Peltz and General Catalyst increased their all-cash offer by $3 per share to $52, following a surprise counter-bid from Victory Capital last month. In deal news, analysts suggest that potential acquirers may need to bid C$39 or more per share for Boralex Inc., representing an over 30% premium, while a consortium including Blackstone and Aditya Birla Group finalized the takeover of the IPL team Royal Challengers Bengaluru.

Fixed Income & Regulatory Scrutiny

Investors are pushing interest rate expectations higher, with odds of a Federal Reserve rate hike increasing, despite lingering labor market fragility and growth risks posed by elevated oil prices. In contrast to rate hike speculation, US municipal borrowers are shifting debt structures, attracting over $1 trillion in market interest via a move toward shorter-term debt issuance. Furthermore, the SEC is questioning Egan-Jones regarding its attempt to regain authorization to rate government debt and asset-backed securities, a capability the firm lost over a decade ago. Across the Atlantic, the European Union is pushing for a political deal by mid-June concerning the final implementation of capital requirements under the Fundamental Review of the Trading Book (FRTB) rules for banks.

North American Economics & Politics

A push for increased energy integration is underway, as Canada’s Energy Minister pitched boosting natural gas flows into the US to support rising Gulf Coast LNG exports, a move intended to satisfy burgeoning power demand from AI data centers. On the consumer side, United Airlines warned that persistent high jet fuel prices could necessitate ticket fare increases of up to 20% to maintain profitability. Politically, a highly anticipated California governor’s debate was canceled following widespread criticism over the lack of diversity among the six white candidates, especially concerning the inclusion of a low-polling mayor. Elsewhere, the fallout from Covid relief loans continues to haunt small businesses, as repayment proves difficult for recipients of the $378 billion in Small Business Administration aid.

Private Equity

Last updated: March 24, 2026, 1:30 PM ET

Private Equity Deal Flow & Sector Focus

Advent's latest deal saw the firm agree to acquire a majority stake in premium body care brand Salt & Stone for $165 million, expanding its exposure in the high-growth beauty sector and marking an exit for minority investor Humble Growth. Elsewhere in consumer goods, Main Post invested in pretzel manufacturer Stellar Snacks, a company boasting broad distribution across major U.S. retailers including Costco and Target. In wealth management, WPCG and HGGC are combining forces to invest in RIA Verdance, a transaction that includes Emigrant Partners, LLC selling its existing stake.

Mega-Funds & Geographic Expansion

Apollo Global Management is executing one of the largest Japanese private equity investments on record, committing $3.7 billion to acquire Nippon Sheet Glass via its managed funds. This activity follows a significant capital raise from Kleiner Perkins, which secured $3.5 billion across new vehicles, including $1 billion dedicated to backing early-stage companies in its KP22 fund and $2.5 billion for growth-stage mandates. Meanwhile, New Mountain Capital is leveraging its sector-focused teams to aggressively pursue GP-led buyout deals, according to co-head Neal Costello, as its dedicated secondaries unit seeks to lead and co-lead transactions.

Sector Investment

Last updated: March 24, 2026, 1:30 PM ET

Private Equity & Infrastructure

KKR nears first close of approximately $5 billion for its third Asia-Pacific infrastructure fund, positioning itself to potentially exceed the $6.4 billion raised for its predecessor and set a new regional fundraising benchmark setting a record.