Public Markets 8-Hour Briefing
×Market Moves
The S&P500 dropped 1.2% in its worst week since June, marking its first two-week loss since June. Entrata is working with Goldman Sachs and JPMorgan on an IPO, signaling continued private equity interest in public listings despite market volatility. Netflix warned that its Paramount-Warner Bros deal will lead to job losses, with Co-CEO Greg Peters expressing industry-wide nervousness days after the streaming group ceded control of WBD to David Ellison’s company.
Macro & Policy
Japan may intervene to buy yen amid speculation about escalating Middle East tensions. Ecuador is eyeing a $4B bond sale return, seeking to capitalize on global liquidity despite geopolitical risks. The next four weeks will determine whether Europe’s economy faces a fresh crisis or simply a speed bump in its recovery, according to a Bloomberg Markets analysis.
Deals & Corporate Activity
Francisco Partners completed a $2.2 billion take-private of Jamf, marking a significant private equity acquisition in the tech sector. Blackstone is positioning Liftoff Mobile for an IPO, leveraging its platform to capitalize on growing demand for mobile gaming infrastructure. Paramount’s $110bn Warner Bros deal is poised to win FCC backing, with the regulator chair signaling a drastically different level of concern compared to Netflix’s proposed deal.
Economic Signals
Gold could notch a record high above $5,600/oz this week if signs of de-escalation in the Middle East don’t emerge, according to BMI. Asian government bonds sold off Tuesday amid fears that the Middle East conflict will drive inflation and faster interest-rate increases. The yuan rallied after the People’s Bank of China signaled its comfort with the currency’s appreciation via its daily reference rate, ahead of the National People’s Congress.
Energy & Commodities
Qatar LNG shutdown threatens a bigger supply hit than the Ukraine war, driving coal prices to jump the most in three years. Oil rose in the morning Asian session as the ongoing Middle East conflict kept supply disruption risks elevated. Aluminum edged up after US President Donald Trump suggested the military campaign against Iran could last weeks, raising the risk of deeper disruptions to Middle East exports.
Financial Markets
Asian stocks extended losses into a second day as mounting conflict in the Middle East intensified risk-off sentiment. Japan’s 10-year government bond auction drew steady demand, offering some relief as a widening conflict in the Middle East revived inflation concerns. RBA Governor Bullock signaled a possible March rate hike while flagging Middle East risks.
Corporate Finance
India’s National Highways Authority of India infrastructure investment trust is preparing to list its units through an IPO that may fetch as much as $656 million. Taiwan’s $247 Billion Pension Fund is considering tapping asset managers to help it invest in markets abroad, less than a year after its last mandate. UBS told to tone down lobbying in a row with the Swiss government, exploring an extension of CEO Sergio Ermotti’s tenure amid continued uncertainty.
Technology & Media
OpenAI made changes to its controversial Pentagon deal, addressing concerns about mass surveillance provisions. Netflix warned Paramount-Warner Bros deal will lead to job losses, with Co-CEO Greg Peters calling it a “nervous time for the industry.” BlackRock-backed group pushed to close a ports deal without Panama assets, following Panama’s ejection of Hong Kong-based CK Hutchison from canal terminals.
Regional Focus
Singapore is ramping up efforts to turn itself into a regional gold hub, tapping banks like JPMorgan and UBS to boost liquidity. Marcos sought to allay concerns about the economic impact of the Middle East war, as the Philippines looks to ensure worker safety. Ecuador eyes a $4B bond sale return, signaling confidence in global capital markets despite regional tensions.