Public Markets 8-Hour Briefing
×Global Market Performance
Asian stocks extended losses as Middle East tensions persisted, with South Korean stocks leading declines amid concerns over rising energy costs. The S&P 500 rebounded from an early 1.2% drop to finish nearly flat as energy and tech stocks recovered. US stock futures fell further as Iran fears grew with no de-escalation in sight.
Commodity Markets
Oil prices rose as the Middle East conflict kept supply disruption risks elevated. Aluminum held gains amid concerns about global supplies from the Middle East. Gold might notch a record high above $5,600/oz if signs of de-escalation don't emerge. Coal prices jumped to a three-year high after Qatar's LNG plant shutdown.
IPO and Market Listings
India Highway Authority is preparing to list its infrastructure investment trust units through an IPO that may fetch as much as $656 million. PayPay and an arm of SoftBank are seeking to raise as much as $1.1 billion in the digital payments firm's US IPO, which would be the biggest-ever listing for a Japanese company in the US.
Regional Market Developments
Taiwan's pension fund is considering more overseas mandates, less than a year after its last such allocations. Philippine President Marcos sought to allay concerns about the economic impact of the Middle East war. Singapore is tapping JPMorgan and UBS to boost regional gold market liquidity.
Market Analysis
Howard Marks warned investors against letting emotions cloud judgment regarding the Middle East conflict. Goldman traders see a "painful" path for US stocks before a potential rebound. ETFs attracted flows as escalating conflict in Iran drove investment toward energy sector funds.