Public Markets 24 Hours

Last updated: April 13, 2026, 8:30 PM ET

Geopolitical Tensions Drive Commodity & Equity Moves

Markets reacted sharply to the escalating tensions in the Middle East, as the U.S. implemented a blockade of Iran’s ports and the Strait of Hormuz, though oil prices ultimately declined on tentative signs Washington and Tehran might revive peace talks. The blockade, which experts view as riskier than Venezuela precedents, has already caused Saudi Arabia to halve its crude sales to China next month, intensifying the worldwide scramble for barrels; the IEA head warned that current prices do not yet reflect the full severity of the supply shock. Amid this turbulence, the S&P 500 Index rallied to erase all losses sustained since the beginning of the Iran conflict, buoyed by accelerating corporate earnings shielding the index from deeper pullbacks, while BlackRock strategists shifted to an overweight stance on U.S. stocks viewing the conflict’s economic damage as “likely contained.”

Gold, meanwhile, edged slightly higher amid dollar weakness, though the metal steadied after two days of losses as the mere expression of readiness to renew talks provided some relief. The shifting metal prices are forcing jewelers to rethink designs to curb costs, with many makers seeking creative benefits in using less expensive alternatives like steel and bronze as precious metal costs soar; some luxury houses are also emphasizing recycled gold to appeal to shifting buyer values. Separately, the U.S. administration’s reversal of the temporary waiver on Russian oil sanctions is adding further complexity to global energy flows.

Corporate Finance & Deal Activity

Investment banks are preparing for a wave of capital raising, with bankers hitting the road to secure over $15 billion across IPOs even as they nervously gauge volatility stemming from the Iran standoff. In private markets, a Blue Owl Capital Inc. private credit fund successfully raised $400 million from bond investors, marking the first deal of its type in over a month, even as Governor Andrew Bailey warned of higher risks from one-off hits threatening sector confidence. On the software side, Thoma Bravo is winding down its growth equity segment, less than five years after launching it, to instead concentrate on acquiring established firms, exemplified by its construction management software provider HCSS being acquired by Nemetschek SE.

In the luxury sector, revenue for LVMH posted weaker-than-expected results of $22.42 billion for the quarter, primarily due to the disrupted economic environment caused by the Middle East war, while the owner of Louis Vuitton is seeing sales dips in the region. Meanwhile, in Asia, Chinese rare earth companies saw their shares advance after key producers announced a sharp hike in second-quarter product prices, suggesting tighter supply conditions, while CATL is reportedly considering a massive $5 billion share sale in Hong Kong following a recent stock rally.

Political Shifts & Regulatory Focus

Political upheaval in Europe saw voters in Hungary deliver a landslide victory to opposition leader Péter Magyar, ousting longtime Prime Minister Viktor Orban amid exhaustion over a struggling economy and concerns about corruption which fueled record turnout. The election outcome is expected to ease tensions between Budapest and the European Union, with the incoming leader vowing to work with the central bank governor and suggesting eventual adoption of the Euro. Elsewhere in politics, Texas Congressman Tony Gonzales announced his resignation following accusations of coercing a staff member, prompting calls from Representative Luna for an immediate expulsion vote alongside Representative Eric Swalwell, whose own resignation punctuates struggles for California Democrats.

Regulatory scrutiny intensified in the farm sector, as the Trump administration seeks input from farmers to aid a Justice Department probe into soaring costs for fertilizer and machinery inputs, while the UN warned that trade curbs on these essential items risk exacerbating global food price spikes. In the crypto space, Kraken confirmed it is being extorted by a criminal group claiming access to some customer data, a situation that contrasts with the aggressive fundraising in related tech sectors, such as Taiwan’s convertible bond issuance surging to a record driven by AI firms.

Financial Infrastructure & Market Commentary

The financial services sector is grappling with both technological shifts and geopolitical uncertainty; Goldman Sachs traders posted their second consecutive quarterly record, beating their prior high by over $1 billion, largely fueled by market volatility stemming from the Iran conflict. In contrast, the closure of the $2 billion Alua Hedge Fund after five years signals inadequate returns despite strong performance periods, while Bank of England Governor Andrew Bailey noted that private credit faces heightened risks from one-off hits that could undermine broader confidence. Across the Atlantic, SEC chief Paul Atkins dismissed concerns regarding systemic risk from private credit, even as European insurers feel insulated due to structural risk aversion and strict capital buffers, according to a Generali executive. Furthermore, the world’s oldest watch brand, Rolex, is celebrating its Oyster’s 100th anniversary, while in the U.S., activists are protesting Adani’s push to shift cargo carriers to its new Mumbai airport amid U.S. concerns.