Public Markets 3h Briefing
×Energy Markets & Policy
UK chancellor Reeves ft.com pledged to be "responsive" to rising living costs as energy prices surge. Shell wsj.com agreed to sell Jiffy Lube and Premium Velocity to Monomoy for $1.3 billion. Petrobras bloomberg.com is holding off on retail fuel price increases in Brazil despite the war-driven surge in global oil markets.
Oil & Geopolitics
Trend riders bloomberg.com maxed out on bullish US oil bets for the first time since 2021. Putin bloomberg.com urged Russian oil and gas producers to use high prices to cut debt. The US and Western allies wsj.com are turning to reserves to counteract the Gulf oil crisis. Crude oil price shocks ft.com inflicted pain on motorists worldwide with the highest weekly jump in US petrol prices since Russia's invasion of Ukraine.
IPO Market
More beaten-down IPOs bloomberg.com face a "negative feedback loop" after lock-ups expire. First Brazil IPO in five years bloomberg.com is at risk with BRK mulling a delay. Entrata ft.com is working with Goldman Sachs and JPMorgan on an IPO.
Global Markets
Citadel Securities bloomberg.com sees markets mispricing Fed and ECB rate paths. Italy's Giorgetti bloomberg.com cautioned against raising ECB rates in response to Middle East conflict fallout. Chicago bloomberg.com is testing the municipal bond market with an $800 million bond sale as war upends global markets.
Corporate News
SoftBank's ft.com bet on OpenAI is starting to weigh as the Japanese group suffers from recent share falls. Archer wsj.com sued Joby, accusing its rival of playing down reliance on China. Trump sons ft.com backed the launch of a new military drone company that will go public through a merger with a Florida golf course operator.
Regulatory & Legal
Anthropic wsj.com sued the US Defense Department and Pete Hegseth for targeting the company. The FBI nytimes.com subpoenaed records in Arizona as part of an expanded 2020 voting inquiry. US reaches agreement to end prosecution of Turkey's Halkbank, citing Ankara's help in negotiating hostage releases.
Market Infrastructure
UK ministers ft.com face pressure to deliver on infrastructure projects as the pipeline tops £700bn. The UK and EU ft.com must raise their game on power security amid déjà vu of Europe's energy shock.