Public Markets 3h Briefing
×Geopolitical & Energy Impact
Oil prices wsj.com surged above $100 per barrel as Iraq's output fell to under one-third of pre-conflict levels. The surge strains Asia's bloomberg.com cash-strapped governments while European gas prices bloomberg.com jumped 30% amid Middle East supply disruptions. Mainland investors bloomberg.com reversed course with a record HK$37.2 billion purchase of Hong Kong shares through the trading link after unprecedented selling last week.
Market Reactions
Stagflationary forces ft.com are building in the US as labor market weakness combines with inflation concerns from the Iran conflict. Traders bloomberg.com boosted bets on European Central Bank and Bank of England interest-rate hikes after energy prices soared. Optimism bloomberg.com for a quick Middle East resolution is rapidly fading in financial markets.
IPO Pipeline
GIC-backed Greenko bloomberg.com Energies is weighing a $1 billion India IPO to test investor appetite. China's Victory Giant bloomberg.com Technology is preparing for a Hong Kong listing that may raise more than $2 billion, joining Aier Eye Hospital bloomberg.com Group which is also considering a Hong Kong listing.
Corporate Developments
Nigel Farage ft.com took a stake in Stack Bitcoin, investing £215,000 in the company run by Kwasi Kwarteng. UBS Group bloomberg.com increased its bonus pool by 10% as the Credit Suisse integration nears completion, while CEO Sergio Ermotti's pay remained unchanged at $19 million.