Public Markets 3h Briefing
×Energy Markets & Geopolitics
Oil prices ft.com surged above $90 a barrel for the first time since the Iran conflict began, with traders bracing for prolonged fighting and potential production shutdowns. Crude prices bloomberg.com in Europe are now surging as Asian refiners aggressively buy, tightening the global market after an initial muted reaction. Kuwait investing.com cut oil output as storage facilities filled up amid the regional turmoil.
Economic Data & Policy
The US jobs report delivered a significant miss investing.com, with nonfarm payrolls unexpectedly falling by 92,000 in February. Fed's Daly investing.com says the weak data raises labor market concerns, while Goolsbee bloomberg.com hopes rate cuts can start by year-end. White House's Hassett bloomberg.com called the report an "outlier" blaming bad weather, while BlackRock's Rosenberg bloomberg.com says the weak jobs data undermines the benign economic outlook.
Regional Markets & Debt
Colombia's local debt bloomberg.com saw a dramatic turnaround, rallying on oil's surge from the Iran war after being the worst performer in emerging markets. The price of Colombia's main export commodity drove the shift to leading gainer status. Qatar bloomberg.com appears to have loaded its first LNG cargo since declaring force majeure amid the widening Middle East conflict.
Financial Sector Developments
Western Alliance wsj.com sued Jefferies over $126.4 million in loan charge-offs linked to First Brands. Blue Owl bloomberg.com revealed £36 million exposure to collapsed UK lender Century Capital Partners. The Bank of England ft.com is scrutinizing lenders including Barclays over due diligence concerns regarding failed mortgage provider MFS.
Corporate & Investment News
Servier wsj.com agreed to buy Day One for $2.5 billion, expanding its oncology portfolio with a 68% premium to Thursday's close. IG4 Capital bloomberg.com signaled it may abandon talks to acquire controlling stake in Brazilian petrochemical giant Braskem as antitrust delays continue. BMO investing.com upgraded Okta on demand for AI identity security, while BofA investing.com upgraded Ciena on cloud data center spending growth.
Market Sentiment & Outlook
Dealmakers bloomberg.com see the Iran war stymieing M&A with delays and heightened due diligence requirements for the second consecutive year. Barclays investing.com says the AI-related selloff in life science tool stocks is overdone. BlackRock's Rieder bloomberg.com maintains the US economy is "doing fine" despite conflicting signals from the jobs report and oil price surge.
Inflation & Treasury Markets
US bonds bloomberg.com saw their worst week since April 2025 as surging oil prices fuel inflation concerns, overshadowing the weak jobs report that might otherwise support bonds. The National Economic Director bloomberg.com says there are no plans to tap the Strategic Petroleum Reserve to bring down oil prices, citing multiple available tools instead.