Public Markets 8-Hour Briefing

Market Performance

Asian stocks extended losses for a second consecutive day as Middle East tensions intensified risk-off sentiment. South Korean stocks suffered their worst selloff since 2024 with global funds offloading more than $3 billion of local equities. Meanwhile, US stock futures fell further as Iran fears grew with no de-escalation in sight.

Corporate Results

Fresnillo delivered record earnings and its highest dividend since 2008, benefiting from surging precious metal prices. On the flip side, Nidec warned of potential $1.6 billion in charges from an accounting scandal, while Kuehne+Nagel reported a 17% drop in full-year recurring earnings. Elsewhere, VAT Group maintained stable 2025 profit and boosted its dividend on AI demand, and MiniMax surged as AI revenue soared in its first results since Hong Kong IPO.

Energy & Commodities

Oil prices held above $80 per barrel as Middle East conflict escalated. Brent crude extended gains for the fourth straight day. The Iran war has exposed China's geopolitical vulnerability and raised concerns about energy supplies. Qatar's LNG shutdown threatens a bigger supply hit than the Ukraine war, causing coal prices to jump the most in three years as power stations switched fuels.

Geopolitical Impact

The US Embassy in Riyadh was hit by drones, with President Trump vowing retaliation. Asian oil refiners are considering reducing operating rates as shipping through the Strait of Hormuz becomes increasingly difficult. Howard Marks warned investors not to let emotions cloud judgment on the Middle East conflict, while Goldman Sachs assessed the