Public Markets 3d Briefing
×Market Moves
The S&P 500 wsj.com rebounded from early losses to close slightly higher as energy and tech stocks rallied. Asian stocks bloomberg.com faced pressure from surging oil prices and rising bond yields. Goldman Sachs traders bloomberg.com warned of a "painful" path for US equities, citing fragile sentiment that left the index vulnerable. JPMorgan Chase CEO bloomberg.com Jamie Dimon said he wasn't surprised by the market's sanguine reaction to the Iran strikes, though he flagged inflation as a "skunk at the party" for the economy.
Energy & Commodities
Oil held gains bloomberg.com after a sharp surge as the US and Israel escalated attacks on Iran, with Tehran threatening to close the Strait of Hormuz. Defense stocks surged bloomberg.com on the increased military activity, with air and naval assets seen as central to the strategy. Gold edged higher wsj.com in Asian trading as the conflict stoked safe-haven demand. The Breakwave Tanker Shipping ETF bloomberg.com soared to become the world's top-performing fund on rising shipping costs. US natural gas exporters bloomberg.com stand to gain from Middle East supply disruptions, though benefits may be capped by near-full domestic capacity.
Fixed Income & Currency
The Treasuries rout bloomberg.com intensified as inflation worries re-emerged in the $30 trillion market, with investors fearing a prolonged conflict keeps crude elevated. Yellen bloomberg.com sees the Fed remaining "even more on hold" given the Iran conflict's inflationary risks. Municipal bonds bloomberg.com attracted haven demand as the war escalated. Australia's top pension funds bloomberg.com rushed to hedge against a surging local dollar that threatens to erode portfolio returns.
IPOs & Deals
Middle East volatility bloomberg.com is pressuring IPO candidates to expedite deals, with bankers seeking ways to complete transactions nearing the finish line. PayPay and SoftBank bloomberg.com delayed the start of formal marketing for their planned US IPO, which could raise up to $1.1 billion. Sunbelt Rentals bloomberg.com made its US debut as investors rush into asset-heavy businesses. LS Power bloomberg.com is seeking to raise as much as $2.1 billion from a stake sale in NRG Energy.
Private Markets & Credit
Blackstone's flagship private credit fund ft.com saw net redemptions of $1.7 billion in the first quarter as industry strains intensify. Former Goldman CEO Lloyd Blankfein bloomberg.com warned that opaque, illiquid credit assets require scrutiny, saying people are complacent about crisis risk. Caisse de Depot bloomberg.com executive countered that private credit concerns are overblown, citing a 9.6% return. Ares Management bloomberg.com closed an $850 million continuation fund for Convergint.
Regional & Sector Highlights
China's top liquor maker bloomberg.com Wuliangye disclosed its chairman is under detention, adding to industry struggles. Philippines' top pension fund bloomberg.com sees the stock selloff as a buying opportunity to expand its equities portfolio. Canadian real estate funds bloomberg.com halted redemptions for months while their boards consider going public. Equinor wsj.com and partners made a commercial oil discovery in the North Sea. Barclays investing.com downgraded Blue Owl on BDC outflows but upgraded Step Stone. Jefferies investing.com cut Centrica to "hold," flagging weak growth through 2028.