Public Markets 3 Hours

Last updated: April 12, 2026, 8:30 PM ET

Geopolitical Tensions Drive Commodity & Haven Flows

Escalating Middle East tensions immediately pressured energy markets after US peace talks with Iran collapsed, driving crude prices higher. President Donald Trump followed the failed diplomatic effort by ordering an American naval blockade of the Strait of Hormuz, causing gold to tumble sharply as risk aversion intensified. Concurrently, European natural gas jumped in early Asia trading on the blockade threat, while Japanese equity analysts were forced to slash forecasts for corporate earnings due to the sustained high cost of crude. Amid the volatility, Singaporean stocks neared a record high, with the nation’s assets benefiting from their perceived status as a safe haven against global instability.

UK Living Standards & Corporate Deals

In the UK, surging energy prices stemming from the Middle East conflict are set to inflict further pain on consumers, with a report from the Resolution Foundation indicating that typical households will be left nearly £500 ($672) worse off. This setback severely complicates Prime Minister Keir Starmer’s mandate to boost living standards, prompting calls for ministers to implement only highly targeted support for the most vulnerable families. In M&A news, GFL Environmental Inc. is nearing a deal to acquire Secure Waste Infrastructure Corp., a Canadian firm, for a transaction valued at over C$6 billion (or $4.3 billion including debt. Meanwhile, a2 Milk, the New Zealand infant formula producer, lowered guidance for revenue and earnings, specifically citing supply chain disruptions related to the ongoing Iran conflict that have hampered shipments into mainland China.

Asia Market Activity & Real Estate Expansion

The Australian dollar’s year-long rally against its New Zealand counterpart may be reaching its apex, as strategists suggest that hawkish rhetoric from the Reserve Bank of New Zealand is beginning to bolster the kiwi's attractiveness. In the property sector, a unit of KKR & Co. plans a “big expansion” within Japan’s massive real estate market, estimating the target universe for divestitures at ¥450 trillion (or $2. 8 trillion, focusing on assets corporations are eager to offload. Separately, Victory Giant Technology Huizhou Co. began taking orders for its secondary listing in Hong Kong, an offering that could potentially raise as much as HK$17.5 billion ($2. 2 billion and become one of the city’s largest capital raises this year.

Miscellaneous Political & Tech Developments

Billionaire Elon Musk, who owns X, appeared on TikTok, while his verified social media handle also surfaced on Instagram, as attention turns to the potential public listing of his rocket enterprise, SpaceX. In Canadian politics, the governing Coalition Avenir Québec selected Christine Fréchette to take the helm and lead the party into the critical election this fall, despite the party lagging significantly in recent polling data.