Public Markets 3d Briefing
×Market Moves
The S&P 500 dropped 1.2% bloomberg.com in its worst week since June, marking its first two-week loss since June. Entrata wsj.com is working with Goldman Sachs and JPMorgan on an IPO, signaling continued private equity activity in public markets. Francisco Partners bloomberg.com completed a $2.2 billion take-private of Jamf, a software company, as private equity firms continue to target tech firms. Aier Eye Hospital Group bloomberg.com is considering a Hong Kong listing, joining a growing queue of mainland China companies seeking to sell shares. Koenigsegg bloomberg.com is weighing an IPO to raise funds for expanding production of its high-performance sports cars.
Macro & Policy
Oil prices surged past $100 a barrel, driven by escalating Middle East tensions and supply disruptions, particularly impacting Asian markets. The conflict has intensified concerns about stagflation, with Stagflationary forces ft.com building as the US labor market weakens and inflation pressures mount. Ecuador bloomberg.com is eyeing a $4 billion bond sale to bolster its economy amid global volatility. Japan bloomberg.com may intervene to buy yen as speculation mounts, while Germany bloomberg.com saw unexpected drops in industrial production and factory orders. The ECB bloomberg.com is seeing rising bets on rate hikes due to soaring energy prices.
Deals & Finance
UBS bloomberg.com increased its bonus pool by 10% for 2023 as the Credit Suisse integration nears completion, while CEO Sergio Ermotti's pay remained unchanged at $19 million. Agilent Technologies bloomberg.com acquired privately held Biocare Medical for $950 million, focusing on cancer research instruments. Cobalt Technologies ft.com is positioning Liftoff Mobile for an IPO, aiming to capitalize on the growing demand for mobile gaming. Starboard Value wsj.com took a significant stake in French-fry maker Lamb Weston, pushing for cost cuts and improvements.
Global Markets
Asian markets tumbled as oil prices surged, with Japan’s Nikkei ft.com falling 7% and South Korea’s KOSPI ft.com declining. Taiwan bloomberg.com set a cap on oil-price increases to cushion its economy. India bloomberg.com faces pressure on bank earnings and interest rates due to the oil spike. Emerging markets bloomberg.com saw a 10% drop from their peak, as currencies weakened and risk appetite waned. Russia bloomberg.com emerged as a clear winner from the conflict, with Indian refiners snapping up Moscow barrels.
Geopolitics & Energy
The war in the Middle East disrupted global energy flows, with Qatar’s LNG bloomberg.com outage erasing a 2026 supply surplus. Saudi Aramco bloomberg.com offered prompt crude supply through rare tenders to address the effective closure of the Strait of Hormuz. Iran bloomberg.com is selecting its next Supreme Leader, a process that could further shape regional dynamics. The G-7 ft.com is discussing a potential joint release of emergency oil reserves to ease price pressures. Ecuador ft.com is eyeing a $4 billion bond sale return, while Bahrain’s Bapco bloomberg.com declared force majeure on refinery operations.