Public Markets 3d Briefing
×Market Moves
The S&P 500 fell 1.2% bloomberg.com marking its first two-week loss since June, reflecting persistent concerns over tariff unpredictability. Entrata ft.com is working with Goldman Sachs and JPMorgan on an IPO, signaling continued private equity activity. Asian markets rose broadly wsj.com on Monday, with South Korea and Taiwan setting records despite renewed trade uncertainty, as seen in Asian Markets Shrug Off U.S. Tariff Uncertainties wsj.com.
Deals & M&A
Francisco Partners bloomberg.com completed a $2.2 billion take-private of Jamf, highlighting private credit's continued activity. Blackstone bloomberg.com is positioning Liftoff Mobile for an IPO, while Saudi Arabian firms bloomberg.com are pressing ahead with local listings to test investor appetite. KKR bloomberg.com agreed to buy a majority stake in XCL Education Holdings Pte in a $1.3 billion deal, and Schroders ft.com will keep wealth manager Cazenove after its £9.9 billion takeover.
Macro & Policy
Japan may intervene to buy yen ft.com amid speculation, while Ecuador ft.com eyes a $4B bond sale return. The U.S. Supreme Court ruling against Trump tariffs sent gold to a 16-week high ft.com, as reported in Gold wagers hit a 16-week high ft.com. Thailand bloomberg.com sees upside to Trump’s tariff reset, with the Thai forint rallying to two-year highs. Israel’s central bank faces a close call on interest rates, balancing lower inflation against Iran tensions.
Private Markets
Private equity faces a structural problem, with the value of unsold assets reaching $3.8 trillion, as noted in Private credit has a structural problem ft.com. Qatar’s sovereign wealth fund invested in a private credit firm run by former Goldman Sachs partners, per Qatar Wealth Fund Invests in Goldman Alums’ Credit Firm 5C bloomberg.com.
Currency & Rates
The Hungarian forint rallied to two-year highs, with analysts seeing the rally as unlikely to be derailed by a potential rate cut. The Indian rupee’s rebound may be fleeting without stronger foreign inflows, per Indian Rupee Needs Stronger Foreign Inflows to Sustain Rebound bloomberg.com.
Corporate Finance
Schroders ft.com is seeking to raise £2.5 billion via a rights issue to bolster its balance sheet, while Rolls-Royce ft.com urges the UK to commit to subsidies for its £3bn engine project. Bondholders bloomberg.com are pushing for a 15% coupon increase on India’s state debt.
Geopolitics & Trade
The U.S. Supreme Court’s ruling against Trump tariffs reshaped global trade strategy, with China bloomberg.com and India bloomberg.com emerging as winners. Saudi Arabia bloomberg.com advanced IPO plans amid volatile oil prices, while Australia ft.com will keep its beef tariff exemptions.
Fixed Income & Commodities
Gold prices extended gains on fresh tariff jitters, while copper rose on dollar weakness. U.S. natural gas prices surged due to a blizzard and higher LNG exports.