Public Markets 3d Briefing
×Market Turmoil and Oil Surge
Oil prices bloomberg.com extended their jump as the Middle East conflict entered its fifth day, with traders bracing for prolonged supply disruptions. The S&P 500 bloomberg.com futures showed little change at 7:45 a.m. in New York, even as crude oil surged to multi-month highs amid escalating tensions. European bond markets bloomberg.com saw a brief stabilization last just one day as the energy crisis quashed rate-cut expectations across the continent.
Central Bank Responses
Federal Reserve Bank of Richmond President Tom Barkin bloomberg.com said the central bank's response to the US-Israel war with Iran will depend on how long the economic impact lasts. European Central Bank Governing Council member Olli Rehn bloomberg.com urged maintaining a "cool head" amid the conflict, warning against knee-jerk reactions to the war. Bank of Japan Governor Kazuo Ueda bloomberg.com warned that the Middle East conflict could have a major impact on Japan's economy, likely firming up expectations for authorities to hold policy steady.
Corporate Earnings and Deals
Berkshire Hathaway wsj.com resumed share buybacks, departing from Warren Buffett's recent avoidance of repurchases. Prada Sp A bloomberg.com reported 2025 results that met expectations while warning that its newly acquired Versace brand will dilute profit margins during integration. Victoria's Secret & Co. bloomberg.com projected its best year since splitting from L Brands, expecting revenue to climb to the highest level since the separation. JD.com wsj.com posted its first quarterly loss in over three years as the food-delivery subsidy war in China continued to weigh on the e-commerce giant.
Defense and Aerospace
Sierra Space Corp. bloomberg.com raised $550 million, lifting its valuation to $8 billion as it drives to become a defense contractor for the US government. South Korea's Kospi investing.com bounced nearly 10% after an Iran-driven rout, leading a recovery in emerging-market equities. Gulf unrest bloomberg.com fueled a 20% stock surge to record levels for a Korean arms firm, with executives citing abundant regional threats as justification for deeper Middle East forays.
Energy Market Disruption
Iraq bloomberg.com started shutting oil production at its biggest fields, making deeper reductions in coming days as the clearest sign yet of stress on Middle East producer giants. Saudi Arabia wsj.com began shifting crude exports to the Red Sea as Hormuz disruption mounted, with about 10 million barrels loaded from Al-Muajjiz terminal in early March. Adani Total Gas Ltd. bloomberg.com tripled prices for industrial consumers beyond 40% of their daily allocation as the war squeezed fuel availability.
Emerging Markets and Currency Moves
Investors bloomberg.com haven't lost faith in emerging markets despite Middle Eastern conflict roiling riskier assets, according to Bank of America strategists. The Canadian dollar bloomberg.com became a top pick in the $9.5 trillion-a-day foreign exchange market due to its link to oil prices as the war grinds on. Korea bloomberg.com led the emerging market rebound with Iran driving volatility, as South Korea's stock market posted its best day in nearly two decades.
Private Markets and Credit
BlackRock Inc. bloomberg.com slashed the value of a private loan to zero just three months after assessing it at 100 cents on the dollar, marking the second sudden wipeout to recently hit its private-credit division. Ares Management Corp. bloomberg.com emerged as the primary buyer for a $2.2 billion private credit portfolio sold by Arcmont Asset Management in the market for secondhand stakes. Galvanize bloomberg.com hit the $1 billion mark for a commercial real estate strategy designed to make buildings more resilient to soaring energy costs.
Technology and AI
Meta finance.yahoo.com plans to allow AI rivals on WhatsApp in a bid to stave off EU action. Colgate-Palmolive wsj.com appointed Iraklis "Kli" Pappas to drive employees toward using AI for more than just polishing emails. Wall Street bloomberg.com sees AI's "creative destruction" coming for entire companies, with fears rippling across the stock market that businesses themselves may be thrown out of work.
Regional Market Impacts
European gas prices wsj.com extended gains after top LNG exporter Qatar halted production at a key plant and declared force majeure on shipments. The UK bloomberg.com mortgages about to get pricier as swap rates rise on Iran war, with a key gauge reflecting future interest rate expectations hitting the highest level this year. France, Italy, and Greece bloomberg.com coordinated efforts in the Eastern Mediterranean as tensions over the war in Iran flared.
Supply Chain and Industrial
The US Defense Department bloomberg.com is seeking information for potential stockpiling of five critical minerals as the country steps up efforts to reduce supply chain risks. Pakistan's bloomberg.com largest gas distributor is set to cut supplies to some industrial customers, suggesting growing strain in one of the economies most dependent on energy exports from Qatar. The Democratic Republic of Congo's bloomberg.com mines ministry reported a landslide in a major tantalum mining area occupied by rebels left many dead.
Financial Sector Moves
Barclays investing.com cut TF1 stock to underweight on potential impact of Middle East conflict. JPMorgan bloomberg.com said European investment banks' selloff on geopolitical tensions looks excessive. Morgan Stanley investing.com warned that one UK airline stock is most exposed to Middle East fuel shock. High-grade firms bloomberg.com snapped a week-long Europe debt market absence as borrowers including Baker Hughes offered the continent's first corporate debt deals in a week.
Regulatory and Policy
The US bloomberg.com won't allow India to become a rival like China, with Deputy Secretary of State Christopher Landau saying the country won't receive the same economic advantages that enabled China's emergence as a major competitor. Singapore bloomberg.com tapped JPMorgan and UBS to push its regional gold hub ambition, cranking up efforts to turn itself into a liquidity center for the precious metal.