Public Markets 24 Hours

Last updated: June 12, 2026, 11:32 AM ET

Equity Markets & IPO Debut

Global equities rallied Friday as SpaceX shares surged in their historic trading debut, with early quotes indicating a 20% opening gain that could push the rocket maker's market capitalization toward $90 billion. The $75 billion IPO drew unprecedented demand exceeding $350 billion from institutional and retail investors, while UK platforms reported oversubscribed applications with two-fifths of applicants receiving fewer shares than requested. In a seismic shift for the $15.2 trillion US ETF industry, Vanguard overtook BlackRock as the largest exchange-traded fund issuer, ending a two-decade dominance. Meanwhile, Uber advanced takeover talks for German food delivery firm Delivery Hero by reaching out to parties interested in the company's regional businesses.

Energy & Commodities

Middle East tensions eased as refined fuel exports rebounded from Persian Gulf ports, with more tankers slipping through the Strait of Hormuz and providing relief to markets starved of supply. Oil prices retreated from recent highs as President Trump called off planned strikes against Iran and signaled a peace deal within reach, though global oil inventories have dropped sharply since the conflict began. In European energy markets, UK power prices turned negative for the first time since late April as strong wind and solar generation flooded the grid. The Chicago Mercantile Exchange announced 24/7 trading for both WTI crude oil futures and gold contracts, expanding access to these key commodities beyond traditional market hours.

Fixed Income & Credit Markets

Japanese government bonds extended their rally tracking overnight gains in US Treasurys as traders increasingly price in a September Federal Reserve rate cut. Jakarta plans Indonesia's first municipal bond within a year as part of efforts to diversify city revenue sources following budget cuts. In European credit markets, investors unwound wartime hedges worth approximately $20 billion on corporate debt as risk appetite improved. Lloyds Banking Group tapped Japan's Samurai bond market with a ¥75 billion sale, joining a wave of issuance reaching levels not seen since fiscal 2015 amid strong demand from yield-seeking investors.

Central Banks & Monetary Policy

European Central Bank officials signaled further rate increases may be necessary to combat inflation spreading through the economy, with Governing Council member Peter Kazimir stating rates must be lifted more aggressively. Bundesbank president Joachim Nagel confirmed the ECB stands ready to raise rates again, signaling policymakers will keep "all our options open" in the face of persistent price pressures. On the US front, economists pushed back expectations for Federal Reserve rate cuts into 2027, with a Bloomberg survey showing traders now anticipate the central bank holding rates steady into mid-next year. Goldman Sachs rates traders positioned correctly for continued Fed tightening to combat war-driven inflation, according to a product executive at the firm.

Geopolitical Risk & Market Impact

The Iran conflict strained global energy markets as businesses and governments drained oil reserves, while shipping companies faced costly decisions about navigating the Strait of Hormuz with more than 500 vessels still stranded in the Persian Gulf. Iran came under mounting pressure from the US naval blockade, with ships trapped and oil revenue falling, forcing Tehran into difficult strategic choices. German economic forecasts pointed to recovery in 2026 as fiscal stimulus offsets war-related headwinds, though growth will remain slower than initially expected. The dollar fell the most in a month as Trump's comments about ending the war eased haven demand.

Asia-Pacific Markets & Corporate News

South Korean equities surged on Iran deal hopes with investors piling back into chipmakers after Trump signaled progress toward a potential agreement, while Japanese stocks followed suit on improved risk sentiment. Memory chipmaker Kioxia became Japan's most valuable firm by market value, replacing Toyota and underscoring how the AI boom is reshaping corporate hierarchies. Chinese chipmaker Meta X plans a Hong Kong listing to capitalize on the chip stock rally after a blockbuster IPO in mainland China last year. Australian private credit firm Qualitas expanded into Europe with the acquisition of a UK-based loan manager amid growing demand for commercial financing.

M&A Activity & Corporate Restructuring

Warburg Pincus neared acquisition of Japanese housing firm JSB Co. in what would mark the private equity firm's latest move in Asian markets. Lennar cut full-year delivery targets to approximately 82,000-83,000 homes, citing "stubborn" housing market headwinds from high interest rates and geopolitical uncertainty. ENN Natural Gas scrapped a restructuring plan including a nearly $12 billion buyout offer for ENN Energy Holdings and a proposed Hong Kong listing. Fortress-backed Poundstretcher won court approval for rent cuts, giving the struggling UK discount retailer a lifeline to continue operations amid deteriorating finances.