Public Markets 8-Hour Briefing
×Market Moves
US stock futures dropped as oil's surge past $100 stoked inflation fears, extending the worst weekly selloff since October. JPMorgan warned traders are unprepared for a potential 10% correction in the S&P 500 as Iran war risks build. Traders are now betting the European Central Bank will hike rates twice, a sharp reversal from just a month ago. South African bonds plunged in their worst selloff since Covid as the oil spike fueled inflation concerns. Investor confidence in the euro-zone economy plummeted on the Middle East conflict.
IPOs & Deals
Gabler Group surged 13.6% on its first day of trading in Germany, buoyed by strong demand for European defense firms. Liga Portugal appointed Oakvale Capital to advise on a potential stake sale in its media rights unit. EQT took a 42% stake in Yorkshire Water, injecting funds in a sign of enduring utility investor confidence. Balyasny Asset lost two senior energy traders in a volatile week for the firm.
Corporate Actions
Live Nation settled a US monopoly case with the Justice Department, sparing the concert promoter from a potential break-up. Volkswagen faces a doubtful profit rebound as Chinese rivals pose an "existential threat" despite a historic restructuring. Netflix staged a dramatic stock reversal after walking away from a Warner Bros. Discovery acquisition. Strategy bought $1.3 billion of Bitcoin using mostly common stock, its largest purchase in seven weeks. Nvidia and ABB launched a partnership for AI-enabled autonomous robots being trialed by Foxconn.
Energy & Inflation
The G7 nations pledged "necessary measures" to tackle surging crude prices but stopped short of an immediate emergency reserve release. France stated the group is "not there yet" on organizing a global stockpile release. European Union Economy Commissioner Valdis Dombrovskis said a joint oil reserve release is an option. Saudi Arabia has already started cutting production as the Strait of Hormuz closure fills storage. Russia resumed oil loading at its key Black Sea port, offering some market relief.