Public Markets 3 Hours

Last updated: April 13, 2026, 8:30 AM ET

Geopolitical Risk & Energy Markets

Markets remain highly sensitive to escalating tensions in the Middle East, as plans for the U.S. to blockade the Strait of Hormuz threaten to severely disrupt the global energy supply chain. While observers note that obstructing the key waterway faces practical obstacles, the mere threat has already fueled price increases; for instance, Indonesia hiked its nickel ore benchmark price, further straining local processors amid rising costs stemming from the Middle East conflict. This volatility is also impacting broader economic indicators, with India's inflation edging up in March due to elevated crude prices and constrained gas supplies, even as the ECB assesses energy costs near baseline.

Wall Street Earnings & Dealmaking

Goldman Sachs Group Inc. reported a 19% jump in first-quarter profit, achieving its best performance in five years, largely driven by soaring activity in its equities trading unit. Specifically, the bank’s equity traders posted a record-breaking quarter, beating their previous all-time high by over $1 billion, benefiting from heightened market volatility linked to the Iran conflict. Conversely, the fixed-income, currencies, and commodities division underperformed expectations, masking strength elsewhere as strategists at Morgan Stanley noted accelerating earnings shield the S&P 500 from deeper losses despite a broader pullback in US equities. Meanwhile, Bill Ackman kicked off marketing for the IPO of his closed-end fund, proceeding despite dampened dealmaking optimism due to the Middle East situation.

Private Markets & Corporate Activity

The fundraising circuit continues setting new benchmarks, as Josh Harris’ 26North Partners collected nearly $6 billion for its inaugural private equity strategy, establishing a US first-time fundraising record. Similarly, Adams Street Partners raised $7.5 billion for its third private credit vehicle, more than doubling the size of its predecessor fund. In M&A, Somnigroup agreed to purchase supplier Leggett & Platt for $2.5 billion, emphasizing a strategy of deeper vertical integration between component engineering and mattress design. Separately, GFL Environmental entered an agreement to acquire Secure Waste Infrastructure for an enterprise value near $4.62 billion in a major sector consolidation.

Global Corporate & Sovereign Stress

While major US banks report strong results, stress is evident elsewhere in global finance, with the Shapoorji Pallonji Group seeking to delay payments on a separate debt tranche, underscoring pressure on the conglomerate behind India’s largest private credit deal. In Europe, the conviction of Holcim Ltd.’s Lafarge unit in Paris for making payments to Syrian terrorist groups to maintain operations adds to corporate governance scrutiny. Furthermore, shifts in political sentiment are having financial repercussions: the defeat of Viktor Orban in Hungary offers hope that a previously blocked €90 billion loan for Ukraine may now be disbursed.