Public Markets 8-Hour Briefing
×Market Turmoil and Leadership Changes
Berkshire Hathaway resumed share buybacks as CEO Greg Abel said he talks with Warren Buffett nearly every day, while the conglomerate has no plans to alter its stake in Kraft Heinz Co. after the food company paused its split plans. Delta Air Lines is shaking up its C-suite with the retirement of its longtime president and the upcoming departure of its operations chief, while American Airlines faces pressure from rising fuel costs after an analyst cut its rating to Neutral. Six Flags Entertainment agreed to sell seven regional amusement parks to EPR Properties for $331 million in cash, as the amusement park operator seeks to streamline its portfolio.
Energy Crisis and Geopolitical Tensions
The Iran war continues to roil markets, with oil prices extending their jump as President Trump expressed confidence in the US military campaign. Saudi Arabia started shifting crude exports to the Red Sea as Hormuz disruptions mount, loading about 10 million barrels from the Al-Muajjiz terminal in early March. Venezuela's oil cargoes are surging at an opportune time, with American fuel makers gobbling up heavy crude even as US-Israeli strikes on Iran stall global shipments. Aluminium supply is facing a crunch with shutdowns across the Middle East, threatening to reprice base metals if outages continue.
Corporate Earnings and Tech Developments
Victoria's Secret logged higher sales in its latest quarter, with CEO saying her strategy to revive the retailer is working. The company forecasts its best year since splitting from L Brands, projecting revenue to climb to the highest level since the separation. JD.com posted its first quarterly loss in over three years as the food-delivery subsidy war in China continued to take a toll. Broadcom faces challenges despite booming AI business, with its software division dragging on performance. Nvidia partner Hon Hai saw sales climb 22% in the global AI buildout, reflecting continued demand for AI infrastructure.
Central Bank Policy and Economic Indicators
The Federal Reserve is still assessing the impact of the Iran war, with Richmond Fed President Tom Barkin saying policymakers are tracking gasoline prices closely. The European Central Bank must maintain a "cool head" amid Iran war risks, according to Governing Council member Olli Rehn, who urged avoiding knee-jerk reactions. The euro is sliding as the energy shock exposes Europe's deepest vulnerability, with trade balances deteriorating when energy gets expensive. UK mortgage costs are set to rise as swap rates hit yearly highs amid Iran war concerns.
Emerging Markets and Global Trade
South Korea's benchmark Kospi bounced nearly 10% after an Iran-driven rout, leading a recovery in emerging-market equities. India is seeking clarity from the US on a Strait of Hormuz insurance plan, holding talks to understand the proposed mechanism for oil tanker coverage. The US won't allow India to become a rival like China, with Deputy Secretary of State Christopher Landau saying the country won't receive the same economic advantages that enabled China's rise. Bangladesh is preparing to reduce petrol pump deliveries as the country tries to stretch existing reserves amid the Middle East conflict.
Private Markets and Investment
BlackRock slashed another private loan value from 100 to zero just three months after its previous assessment, marking the second sudden wipeout to recently hit its private-credit division. USA Rare Earth is poised to buy the rest of its stake in the Round Top deposit in an all-stock transaction valuing the deal at about $73 million. Galvanize hit the $1 billion mark for a commercial real estate strategy fueled by energy bets, as the asset manager co-founded by billionaire Tom Steyer focuses on building resilience to soaring energy costs.