Public Markets 3d Briefing
×Public Markets
The S&P500 bloomberg.com dropped 1.2% in its worst week since June, marking its first two-week loss since June. Entrata ft.com is working with Goldman Sachs and JPMorgan on an IPO, signaling continued M&A activity in the private equity sector. Schroders ft.com will keep its wealth manager Cazenove after a £9.9bn takeover by US fund manager Nuveen, according to Richard Oldfield, the Schroders chief, who stated there is "no reason to think" the business will be sold. The UK’s private equity sector faces a "dry spell" worse than the 2008 crisis, with Bain & Company reporting a record $3.8 trillion of unsold assets, as firms struggle to sell portfolio companies and raise new funds . Qatar’s $580 billion sovereign wealth fund is investing in a private credit firm run by former Goldman Sachs partners Tom Connolly and Michael Koester , highlighting continued capital deployment despite industry headwinds.
Trade Policy Uncertainty
The US Supreme Court’s ruling against President Trump’s tariffs created significant market volatility, with Asia FX investing.com ticking up as the dollar slipped amid uncertainty. US Footwear Retailers’ Group bloomberg.com expressed concerns about potential tariff refunds following the court decision, while Am Cham Hong Kong bloomberg.com noted some members are reconsidering China supply chain shifts. Fesharaki bloomberg.com warned that a US-Iran conflict could push oil prices into the $75-$90 range, adding to market jitters. China bloomberg.com emerged as a significant winner after the ruling, with Chinese stocks in Hong Kong rallying as countries hardest hit by US tariffs faced lower duties. The tariff turmoil also spurred traders to renew selling of the dollar and US stocks bloomberg.com, while India investing.com paused its US trade pact negotiations amid the tariff uncertainty.
Private Credit & Infrastructure
Private equity ft.com firms are grappling with a "logjam" as the value of companies sitting in buyout funds reached $3.8 trillion last year, according to Bain & Company. BlackRock bloomberg.com saw its active equity veteran Belinda Boa depart after over 25 years, while Goldman Sachs remains active in the infrastructure space, partnering with Entrata on an IPO. Data centres ft.com are seeking credit ratings to unlock billions in funding for their AI push, with agencies rushing to rate projects still under construction. Qatar bloomberg.com’s sovereign wealth fund’s investment in a former Goldman Sachs credit firm underscores the sector’s ongoing capital needs.
Commodities & Tech
Gold ft.com entered "storybook stage" as its price surged above levels suggested by fundamentals, with renewed trade tensions driving haven-buying. Copper bloomberg.com advanced as dollar weakness spurred by tariff uncertainty supported the metal. US Natural Gas bloomberg.com prices rose due to a winter storm boosting heating demand and rising LNG exports. Tesla investing.com speculation sent Samsung shares to a record high, while SK Hynix finance.yahoo.com pledged to boost AI memory chip output. Bitcoin investing.com tumbled below $65k amid whale selling and US tariff jitters, contrasting with Gold investing.com extending gains on fresh tariff fears.
Global Markets
Australia bloomberg.com planned its first Trump-branded hotel, a 91-storey tower in Surfers Paradise, while Ecuador eyed a $4B bond sale. Thailand bloomberg.com exports jumped on an AI-led electronics boom, and South Korea yahoo.com urged Russia to remove a "victory" banner near Ukraine’s anniversary. Japan ft.com sought rare earth resources in Pacific mud to counter China’s export bans. India bloomberg.com faced a rupee rebound challenge due to insufficient foreign inflows, while China bloomberg.com evaluated the US tariff ruling. Indonesia bloomberg.com saw increased FX hedging as the peso swung sharply, and Philippines companies stepped up FX risk management efforts.
Macro & Policy
Japan considered currency intervention to support the yen, while Lebanon ft.com eyed selling gold reserves to rescue its economy. UK bloomberg.com sought carbon cost cuts for oil refineries after closures, and US ft.com banks recorded record $300bn profits under Trump. Fed inflation gauge hit 3% as expected, while EU bloomberg.com warned the US "a deal is a deal" on tariffs. South Africa bloomberg.com saw potential for a sovereign credit upgrade after a budget improvement, and Mexico bloomberg.com mourned cartel leader "El Mencho" after his death. New Zealand bloomberg.com retail sales rebounded, and Singapore ft.com saw a slight SGD strengthening.
Regional Focus
China and India were among the biggest winners after the tariff ruling, while Australia bloomberg.com retained US beef tariff exemptions. Taiwan exports surged on electronics demand, and Hong Kong investing.com stocks advanced amid tariff uncertainty. Indonesia saw FX hedging increase, and Philippines companies managed peso volatility. Vietnam also benefited from the tariff shift, with exports rising on electronics and raw material demand.
Financial Services
Am Cham Hong Kong reported some members reconsidering China supply chains, while Regis Healthcare investing.com shares surged on strong Q1 earnings. IDFC First Bank bloomberg.com tumbled 15% after fraud disclosures, and Schroders’s Cazenove wealth manager was retained. F&G sold a life reinsurer to a Blackstone veteran, and Rolls-Royce ft.com sought UK subsidies for a £3bn engine project. Central banks were rushing to rate data centres for AI funding, and Goldman Sachs sweetened terms on a $1.73bn loan tied to Du Pont’s Aramids business.
Market Wrap
The market wrap highlighted US stock futures investing.com decline on tariff turmoil and Nvidia earnings anticipation, while Oil wsj.com fell amid Iran nuclear talks. Gold bloomberg.com climbed post-gains, and Asia stocks were skittish on tariff risks. Euro bloomberg.com neared a one-month low, and US Treasury yields were influenced by inflation data. The briefing concluded with China’s tariff reversal boosting its leverage ahead of the Trump summit and AI bloomberg.com sector dynamics under scrutiny.