Public Markets 24 Hours

Last updated: June 12, 2026, 8:34 AM ET

Equity Markets & IPOs

US equity futures climbed broadly ahead of Friday's open as optimism builds around SpaceX's historic $75 billion IPO, which is expected to deliver a 35% pop in shadow trading and instantly ranks among the world's largest public companies. The offering drew at least $5 billion in orders from BlackRock and other large asset managers, though Chinese investors remain largely locked out of the global spectacle. Bank stocks hit record highs on dual catalysts of IPO euphoria and hopes for an Iran peace deal, while Italian financials soared on renewed M&A activity following a potential bidding war for Banca Monte dei Paschi.

Energy & Commodities

Oil futures sank below $90 a barrel after President Trump signaled a peace deal with Iran could be reached within days, extending Thursday's sharp slide that saw Brent and WTI post their largest one-day decline since early April. The drop helped lift European bonds and sent UK power prices turning negative for the first time since late April as wind and solar generation floods the grid. Copper prices surged alongside mining stocks on the diplomatic breakthrough, while natural gas futures retreated to late-May lows amid milder weather forecasts and above-expectation storage data.

Fixed Income & Credit

European sovereign bonds extended their rally as credit traders unwound $20 billion in wartime shorts on the Iran ceasefire hopes, though ECB policymakers signal readiness to hike rates again in July if Middle East tensions reignite. German bunds benefited from peace optimism even as Bundesbank chief Joachim Nagel warned of ongoing energy shock risks, while South Africa's recent credit upgrades validate the country's path back toward investment-grade status. Indonesian bond funds delayed redemptions to manage liquidity pressures amid ongoing market turmoil.

Asia-Pacific Developments

China's credit growth topped forecasts in May with a rebound from April's rare loan contraction, while Kioxia became Japan's most valuable firm by market value as AI-driven memory chip demand reshapes corporate hierarchies. India's inflation accelerated to 3.93% in May but stayed below the Reserve Bank's 4% target despite higher fuel costs, and the diaspora deposit drive targets $50 billion in new overseas funding. Jakarta plans Indonesia's first municipal bond within a year to diversify revenue sources after budget cuts.

Market Structure Shifts

Vanguard ended BlackRock's 20-year run as the largest US ETF issuer, seizing the top spot in the $15.2 trillion industry through aggressive fee competition and passive investing inflows. Flutter Entertainment will delist from London to trade solely in New York, citing high costs and low trading volumes, while ENN Natural Gas abandoned its $12 billion restructuring plan including a major buyout offer for its energy unit. Warburg Pincus nears acquisition of Japanese housing firm JSB in a sign of continued private equity appetite for Asia assets.

Corporate Actions & Restructurings

Sleep Number Corp. filed for bankruptcy and agreed to merge with Sleep Country Canada through court supervision after years of weak demand, while Poundstretcher Ltd. won court approval for rent cuts to secure its restructuring. Bayer AG shares face make-or-break court decisions that could stem a more than $60 billion market value wipeout, and Victoria's Secret secured board re-election with all nine directors surviving a proxy contest.

Currency & Economic Indicators

The WSJ Dollar Index fell 0.31% to 96.27 after Trump pulled back from Iran strike threats, though ING analysts expect limited further downside even with a peace deal. Gold prices rose 2% initially on reduced geopolitical risk but headed for weekly declines as traders weigh lasting peace prospects. Czech central bank Governor Ales Michl sees stronger case for June rate hike to contain inflation, while South Korea's market swings intensified after the National Pension Service suspended portfolio rebalancing.

Special Situations

Metinvest BV tests investor demand for potential bond issuance after funding an earlier redemption with cash, and Deutsche Bank arranges debut SRT financing for renewable lender DKB in the growing risk-transfer market. Banks curb hedge fund leverage on SK Hynix and Samsung after chip stocks' blistering rally raised concerns of overheating. Danske Bank CEO eyes first acquisition since the laundering crisis, potentially ending a decade-long deal hiatus for Denmark's largest lender.