Public Markets 8-Hour Briefing
×Market Turmoil
Canadian equities stumbled to their worst decline since April's tariff-fueled rout as Middle East conflict unnerved investors. Goldman Sachs private credit chief defended withdrawal limits as "features not bugs" amid growing market pressure. Blackstone faced record $1.7 billion outflows from its $82 billion private credit fund as concerns mounted.
Geopolitical Impact
Oil futures surged as US-Israeli strikes on Iran deepened, with crude prices climbing amid fears of prolonged Middle East disruption. Norsk Hydro shut down its Qatari aluminum smelter after gas supply cuts from Iran attacks. Iraq halted crude shipments via its Kurdistan pipeline to Turkey as regional tensions escalated.
Private Markets
Apollo CEO warned of a "shakeout" in private credit as rising defaults pressure the sector. Ares CEO dismissed UBS's 15% default forecast as "absolutely wrong" while Apollo's Marc Rowan cautioned about market overreaction to geopolitical confrontations. Blue Owl slid below its listing price as private credit worries intensified.
Fed & Policy
Federal Reserve officials cited new uncertainty from the Iran war, with inflation impact still unclear. Minneapolis Fed President Kashkari discussed interest rate outlooks amid geopolitical risks. Fed's Williams said it's too early to assess economic impact from Middle East conflict.
European Markets
European shares fell to one-month lows as Middle East war dragged on. UK Chancellor Reeves delivered her Spring Statement amid market turmoil, with analysts noting limited fiscal flexibility. UK bonds saw potential revival of switch auctions to boost gilt liquidity.
Corporate Moves
Cigna named Brian Evanko CEO as David Cordani retires. Versant Media reported falling profit and revenue in 2025. Vale Base Metals aimed for midyear IPO readiness for its nickel-copper business.
Tech & Innovation
OpenAI modified military contracts amid Middle East warfare. Chrome accelerated its release schedule amid new competition. Rolex enthusiasts gained Kalshi contracts to bet on watch prices.
Commodities & Energy
Diesel prices hit multi-year highs globally as Iran war choked fuel supplies. Gold slumped 5% despite war-risk premium as strong dollar and yields weighed. Natural gas rationing began in Peru as Middle East tensions spiked global prices.
Market Structure
CME rejected trader compensation demands after trading outage disruptions. US crypto-linked perpetual futures are coming soon, CFTC chair announced. Leveraged ETF plans face SEC pushback amid growing concerns.
Regional Developments
UAE markets will resume trading March 4 after Iran crisis closure. Poland's fertilizer maker paused new orders as gas prices surged. Norway said no room to boost gas output as Qatar cuts supply.
Investment Outlook
Soros CIO predicted "painful" 18-24 months for investors amid geopolitical risks. Moody's noted spooked investor base in private credit markets. Russell 2000 exposure to Iran shock drew analyst attention.