Public Markets 24 Hours

Last updated: April 2, 2026, 11:30 PM ET

Geopolitical Conflict & Energy Markets

Global markets continued to absorb the ramifications of the Middle East conflict, with European diesel futures topping $200—a level not seen since 2022—as supply strains intensified. In an effort to shield consumers, Australia announced it would further cut fuel taxes, while in Japan, power retailers such as those owned by Jera Co. temporarily halted new industrial clients pending market clarity. The disruption is forcing supply chain shifts, evidenced by Canada’s largest refinery turning to Newfoundland crude for the first time since 2020 to replace Middle Eastern barrels. Furthermore, Iranian oil is now fetching a premium over Brent crude for the first time since May 2022, reflecting tight supply dynamics despite a US-led push for maritime security; French President Macron deemed military intervention unrealistic for reopening the Strait of Hormuz.

US Market Volatility & Federal Reserve Outlook

Investor sentiment wavered following President Trump’s address on Iran, causing a two-day stock market surge to stall as oil benchmarks flew higher heading into the holiday weekend. This macro uncertainty has driven hedge funds to unwind global equity exposure at the fastest pace in thirteen years, seeking safety amid diminishing hopes for a swift conflict resolution. In fixed income, US investment-grade bond funds suffered their largest weekly outflows in approximately a year due to rising macro-economic risk. The International Monetary Fund signaled that despite inflation tracking toward the Fed’s 2% target by the first half of 2027, policymakers have minimal scope to cut interest rates this year, a view potentially reinforced by rising mortgage rates, which climbed for a fifth consecutive week to 6.46% for a 30-year loan.

Private Credit Redemptions & Asset Sales

The private credit sector is facing significant redemptions, with investors asking to pull nearly $14 billion from funds in the first quarter alone, according to market reports. This redemption wave is impacting major players, as Blue Owl Capital Inc.’s fund performance was deemed "ugly", leading to $5.4 billion in redemption requests. In response to market turmoil and redemption pressures, the industry is accelerating the use of a classic maneuver: securitization via the CLO machine to raise more capital. Meanwhile, major firms are navigating liquidity issues; for instance, Blackstone-led credit firms refused to extend financing to software company Medallia, pressuring owner Thoma Bravo to inject more equity.

Corporate Earnings & Asian Market Movements

Japanese firms reported a decline in share buyback announcements for the fiscal year ending Tuesday, marking the first reduction in repurchases since 2020, even as early earnings reports from retail giants like the owners of Uniqlo and 7-Eleven are expected to be mixed amid lingering uncertainty. Foreign selling of Japanese stocks reached an 18-month high last week, driven by escalating fears over the Iran war’s economic impact across Asia. In contrast, China is demanding that its private refiners maintain 2025 production levels despite potential operating losses due to the Middle East conflict. Separately, in a sign of luxury consolidation, Nordstrom’s revenue recovered to its pre-pandemic peak less than a year after its $6.25 billion privatization deal.

US Trade Policy & Political Turmoil

The administration continued to reshape trade policy, unveiling new or revised tariffs of up to 100% on branded pharmaceuticals, though lower levies are available for companies making US investment commitments. This aggressive stance on trade and foreign policy, including threats to withdraw from NATO, has prompted rival nations to seek new pressure points against the US economy. Domestically, President Trump dismissed Attorney General Pam Bondi, reportedly due to her failure to deliver on the President’s need for personal retribution against enemies, installing Todd Blanche as interim replacement. Furthermore, the US economy’s resilience amidst high gas prices is being tested; while US jobless claims fell to a near two-year low, consumers in places like Malawi are seeing petrol prices surge over three times the US rate due to global oil spikes.

Technology, Regulation, and Corporate Finance

SpaceX is reportedly targeting an IPO valuation exceeding $2 trillion, setting the stage for potentially the largest-ever debut on global markets. Elsewhere in tech, Microsoft unveiled a new “mid-class” AI model as compute limitations become apparent, though the company expects to build frontier systems later in the year. In finance, the fallout from the war in Iran has prompted security tightening at US banks in Paris, with Goldman and Citi instructing staff to work from home following security alerts. On the M&A front, WME sold its sports agency 160over90 to Publicis as the latter seeks to capture more advertising spending in the sports sector.

UK and European Corporate Developments

FTSE 100 retailer M&S urgently called on UK ministers to boost police support to tackle what it termed “brazen” shoplifting across the country. European economic outlooks are darkening, with an ECB Governing Council member suggesting the damage from the Iran conflict will persist even if hostilities cease soon, pushing the euro-area economy closer to the ECB’s adverse scenario. In corporate deals, Unilever’s food division deal deepened investor worry over the stock, which has historically been viewed as a defensive staple. Meanwhile, in the world of private equity, a fund established by the Pritzker family refinanced debt for PLZ using private credit.