Public Markets 3 Hours

Last updated: June 12, 2026, 8:31 AM ET

IPO Markets

SpaceX debuts as the largest IPO ever with shadow-market trading suggesting a 35% pop in early action, potentially making Elon Musk trillionaire status as the aerospace giant's valuation eclipses $1 trillion. US futures rallied overnight on optimism surrounding the historic listing, while investors seeking SpaceX exposure can turn to newly launched themed funds that track the stock. The offering marks a dramatic shift in market dynamics, with bullish sentiment lacking precedent in recent equity trading patterns.

Fixed Income

European credit investors unwound $20 billion in wartime hedges as geopolitical tensions ease, while Metinvest BV readies a potential bond return after funding an earlier redemption with cash reserves. Deutsche Bank arranged a debut SRT transaction for renewable lender DKB, signaling growing appetite for risk-transfer deals in sustainability financing. These moves come as economists pushed Fed rate-cut expectations into 2027, with markets now pricing in steady policy through mid-next year.

Energy & Utilities

UK power prices turned negative for the first time since April as wind and solar generation floods the grid, while India's inflation accelerated to 3.93% in May despite staying below the RBI's 4% target amid elevated fuel costs. ENN Natural Gas abandoned a $12 billion restructuring plan that included a buyout offer for ENN Energy Holdings and secondary Hong Kong listing. The developments reflect mounting pressure across energy markets, with plastic costs rising as suppliers exhaust capacity to absorb raw material prices.

Asset Management

Vanguard Group overtook BlackRock as the largest US ETF issuer, ending a 20-year reign atop the $15.2 trillion industry in a seismic shift that could reshape passive investment flows. The transition coincides with renewed focus on SpaceX-themed funds launching alongside the IPO, while fixed-income demand shows mixed signals across emerging and developed markets.

International Developments

Jakarta plans Indonesia's first municipal bond within a year to diversify revenue after budget cuts, contrasting with Swiss firms' expectation of watered-down population caps if voters approve the measure. South Africa's recent credit upgrades signal potential return to investment grade status, while banks court $50 billion from the Indian diaspora in a global deposit drive. European automakers unite behind Made in Europe plans to counter Chinese vehicle imports, even as those same cars surge globally but stall domestically.