Public Markets 3d Briefing
×Energy Markets & Geopolitics
Oil futures surged past $100 wsj.com as the Strait of Hormuz conflict disrupted global supply chains, while refiners balked at premiums bloomberg.com for available barrels, threatening to slow the world's most traded commodity. The US military estimated $4 billion bloomberg.com in munitions used in the first 72 hours of attacks against Iran, including 400 cruise missiles and 800 air defense interceptors. Meanwhile, Saudi Arabia ramped up output bloomberg.com by roughly 8% ahead of the Middle East conflict, according to OPEC data, as Qatar pushed back LNG expansion bloomberg.com to 2027 after a drone attack forced the unprecedented closure of its Ras Laffan plant.
Fixed Income & Credit Markets
Treasury yields climbed after inflation report wsj.com as February CPI landed in line with expectations, while corporate bond sales resumed bloomberg.com after a two-day hiatus as oil and US stock prices stabilized. In leveraged loans, liquidity paradoxically hit hardest bloomberg.com the most liquid debt, creating unusual market dynamics. Meanwhile, Ardagh CDS holders prepared bloomberg.com for a 66% payout following a debt restructuring that saw unsecured bondholders take over the Irish packaging firm, and BNP Paribas, Bradesco, and Rabobank emerged bloomberg.com as some of Raízen's top creditors as the Brazilian sugar and ethanol company sought to restructure $12.6 billion of debt.
Equity Markets & Corporate Moves
US stocks erased losses bloomberg.com as President Trump said the war with Iran was progressing ahead of schedule, while Netflix staged a reversal bloomberg.com after management's decision to walk away from its proposed acquisition of Warner Bros. Discovery. In private markets, Cliffwater fund redemptions reached 14% bloomberg.com in the first quarter, forcing the firm to cap repurchases at 7%, and Boaz Weinstein began buying pessimism bloomberg.com with discount bids on Blue Owl and Starwood funds. Meanwhile, Rivian's AI robotics startup raised $500 million wsj.com, joining the electric-vehicle maker on training and testing factory robots.
Tech & Innovation
Yann LeCun's AI startup raised $1 billion ft.com in Europe's largest ever seed round, while Oracle's credit risk improved bloomberg.com the most since February 2 after the database giant's quarterly report helped ease investor fears about AI-related capital spending. In semiconductor news, Intel faced shareholder claims ft.com that its board gave the US government an equity stake to avoid Trump's social media attacks, with the lawsuit also criticizing law firm Skadden for advising both Intel and the government.
International Markets & Policy
The G7 held off on emergency oil releases nytimes.com as finance ministers said they would consider releasing oil from reserves but weren't ready to do so now. In Asia, Taiwan and Korea investors held fast bloomberg.com to leveraged bets during the Iran war selloff, signaling resilient appetite for two of the region's tech-heavy markets. Meanwhile, Colombia sought to revive pipeline imports bloomberg.com from Venezuela, and Indonesia's free meals plan faced court challenge bloomberg.com from civil groups questioning funding arrangements for the $20 billion initiative.
Real Estate & Infrastructure
In the UK, nearly 500 mortgage deals withdrawn ft.com in two days as the average rate on a two-year fix climbed back above 5%. Legal & General planned a £1.2 billion share buyback bloomberg.com as profits climbed, while Persimmon led FTSE 100 gainers wsj.com on higher revenue and pretax profit, guiding for growth in the year ahead. Meanwhile, Lufthansa said more than half of flights would run wsj.com Thursday and Friday despite planned strikes by the pilot union.
Emerging Markets & Debt
Bolivia pledged to meet debt payments bloomberg.com this month to private bondholders as it looked to swap notes held by local public institutions into local currency debt. Argentina missed an early window to sell bonds bloomberg.com as ambitious government goals to bring down country risk were at odds with reality, investors said. Meanwhile, oil shock upended emerging bond bets bloomberg.com as investors scrambled to reassess interest-rate bets amid the Iran war.
Healthcare & Pharmaceuticals
CVS Health's Aetna agreed to pay $117.7 million wsj.com to resolve False Claims Act allegations, accused of submitting false patient diagnosis data for its Medicare Advantage Plan enrollees to get higher monthly payments from the Centers for Medicare and Medicaid Services. In biotech, Agilent acquired Biocare Medical bloomberg.com for $950 million in an all-cash transaction, buying the privately held company that makes instruments and materials used in cancer research.
Consumer & Retail
Campbell's cut its outlook wsj.com as it reported a decline in second-quarter sales, dragged down by weak demand for its snacks. Meanwhile, McDonald's prepared new discounts wsj.com to feed budget-minded diners for $3 or less, introducing a lower-priced menu and new $4 breakfast meal deals as it sought to reclaim its value image. Target's shopper boycott over DEI changes wound down wsj.com as activists said the retailer had made progress reinforcing its diversity efforts.
Media & Entertainment
In Hollywood, Warner Bros. backed both Oscar nominees nytimes.com "One Battle After Another" and "Sinners," working hard to not favor one over the other. Meanwhile, Netflix went from M&A loser to market winner bloomberg.com without the Warner deal, staging a dramatic reversal triggered by management's decision to walk away from the acquisition late last month.
Financial Services & Regulation
In banking, banks topped estimates bloomberg.com in an otherwise mixed European earnings season, buoyed by trading income and cost discipline. Meanwhile, Pimco's commodity fund slumped 17% bloomberg.com in March as the war in Iran rattled oil prices and global markets. In private credit, Asia-based funds chased gains bloomberg.com as stress mounted for US peers, emerging as a possible hedge against turmoil gripping the $1.8 trillion industry.
Aviation & Transportation
Cathay Pacific profit rose wsj.com as the Hong Kong flag carrier signaled confidence in weathering Middle East conflict that disrupted aviation and drove a surge in fuel prices. Meanwhile, Wizz Air CEO saw travel demand shifting bloomberg.com from the Middle East to Europe as passengers remained wary about getting stuck by Gulf airlines hamstrung by airspace restrictions in their region.
Commodities Beyond Oil
Coffee prices stayed at record highs bloomberg.com despite a sharp drop in the commodity market for beans, signaling how long supply chain snarls can upend food prices. In metals, Mercuria led a rush to withdraw LME aluminum bloomberg.com as war cut supply, becoming the main trader behind a surge in orders to take delivery of aluminum on the London Metal Exchange.