Public Markets 3h Briefing
×Energy Markets
Oil prices surged 2.4% bloomberg.com after volatile trading saw crude recoup part of its steepest one-day slide in four years, as uncertainty over supplies through the Strait of Hormuz continued to rattle markets. The White House walked back ft.com Energy Secretary's claim that the Navy had escorted tankers through the crucial waterway, adding to confusion that saw West Texas Intermediate swing between gains and losses. U.S. officials confirmed nytimes.com Iran appears to be targeting American vulnerabilities in the region, including air defenses protecting troops and assets, while President Trump announced nytimes.com plans for the first new U.S. oil refinery in 50 years with backing from India's Reliance Industries.
Precious Metals
Gold edged higher wsj.com in early Asian trade, trading near $2,340 per ounce as opposing forces played out - a weakening dollar provided support while risk-on sentiment from recovering equity markets created headwinds. The metal's movements came amid divergent signals about the trajectory of interest rates and inflation, with traders parsing conflicting messages from central banks about the timing of potential monetary policy adjustments.
Financial Services
Toronto-Dominion Bank paid bloomberg.com former CEO Bharat Masrani C$3 million ($2.2 last year to advise on anti-money laundering remediation efforts, as the Canadian lender works to address regulatory concerns that have weighed on its stock price. Meanwhile, Microsoft publicly backed ft.com Anthropic in the AI start-up's lawsuit challenging its designation as a supply chain risk by the Pentagon, throwing the software giant's weight behind the legal fight over national security classifications.
Corporate Developments
Japan's Sanae Takaichi confronts ft.com the Iran war's oil shock as the country grapples with energy security concerns, while China warned ft.com shipping giants Maersk and MSC over high freight rates that have disrupted global supply chains. In the U.S., Amazon leads ft.com a record corporate borrowing rush as companies rush to lock in financing before potential interest rate cuts, with investment-grade issuance hitting multi-year highs.
Legal & Regulatory
Two former New York police officers pleaded not guilty nytimes.com to federal charges of conspiring to steal from a prostitute while responding to a complaint about a Queens brothel, with prosecutors alleging they violated the woman's civil rights. The case highlights ongoing concerns about misconduct within law enforcement agencies as federal prosecutors continue to pursue civil rights violations in policing.