Public Markets 3h Briefing
×Market Turmoil
US services activity bloomberg.com expanded in February at the fastest pace since mid-2022, with the Institute for Supply Management's index rising to 56.1. Wizz Air bloomberg.com cut its annual profit guidance as Middle East conflict forces flight suspensions and higher fuel costs. Baker Hughes bloomberg.com seeks to raise $10 billion through a cross-border bond sale to fund its acquisition of Chart Industries.
Energy & Commodities
US crude oil stockpiles wsj.com posted a weekly increase of 3.5 million barrels, exceeding analyst expectations of 1.6 million. Iran continued loading crude bloomberg.com at Kharg Island two days after US air strikes, though it's unclear if shipments will proceed. US chemical stocks bloomberg.com are poised to gain from tighter supply and higher prices fueled by the war with Iran, according to analysts.
Regional Markets
Emerging-market ETFs bloomberg.com attracted new investment this week even as regional markets convulsed, indicating confidence that Middle East conflict won't derail risk assets. The Gulf's safe-haven status ft.com faces scrutiny as Iran's retaliatory attacks tarnish the region's stability image. State Street Investment bloomberg.com CEO Yie-Hsin Hung says market reaction to Iran conflict "is not unexpected" with a flight to safe-haven assets.
Corporate Moves
KKR co-CEO Scott Nuttall bloomberg.com expects consolidation to emerge in alternative assets as a k-shaped industry develops. Ford wsj.com posted lower US sales in February, with electric and hybrid vehicle declines driving a 5.5% drop to 149,962 units. Ross Stores investing.com received an upgrade from Telsey Advisory Group after a strong holiday-quarter performance.
Financial Sector
Bank of Canada Governor Tiff Macklem wsj.com urged regulators to step up surveillance of private-credit risk from nonbank lenders like hedge funds. Goldman Sachs bloomberg.com sweetened terms on a $1.25 billion loan for DuPont unit's sale amid ongoing market volatility. Ohio Dominican University bloomberg.com missed a March bond payment, the latest sign of the school's financial distress.
Geopolitical Impact
Shipping through the Strait of Hormuz bloomberg.com has collapsed to near standstill amid US-Israel-Iran conflict. Marsh CEO John Doyle bloomberg.com says shippers are focused on protecting people as they navigate challenges in the vital waterway. Former US Secretary of State Antony Blinken bloomberg.com says any off-ramp with Iran will depend on munitions and markets.