Public Markets 8-Hour Briefing
×Energy Markets
Oil futures slid 1.3% in early Asian trade as OPEC+ signaled potential output increases, while gold held steady near $2,340/oz despite a weakening dollar. In fixed income, Japanese government bonds extended their rally tracking overnight gains in U.S. Treasurys as traders priced in a September Fed rate cut.
Corporate Moves
A surge in aluminum prices catapulted China Hongqiao's Zhang Bo to a $48 billion fortune, making him one of Asia's wealthiest industrialists. Meanwhile, Madison Air filed for a Nasdaq IPO targeting a $500M valuation, buoyed by three consecutive quarters of double-digit revenue growth in the private aviation charter market.
Private Equity & M&A
Blackstone arranged a $1.2 billion credit facility for Air Trunk's expansion into Japanese data centers, part of a broader push by private equity into AI infrastructure assets across Asia-Pacific. Separately, Carlyle-backed Quest Global began discussions with investment banks for a potential $1 billion IPO in Mumbai, according to people familiar with the matter.
Technology & Innovation
Meta's former chief AI scientist launched AMI Labs with a $1 billion seed round, backed by Nvidia, Temasek, and Jeff Bezos, marking Europe's largest AI startup financing. Amazon held an engineering meeting following AI-related outages, acknowledging a "trend of incidents" linked to "Gen-AI assisted changes" that disrupted services across its cloud infrastructure.
Regional Markets
India's central bank stepped up support for the rupee and bonds as oil topped $100, raising inflation risks and pressuring government finances. The RBI's intervention came as margin funding dropped to the lowest since November, with investors cutting leverage amid Iran conflict volatility. In China, the yuan advanced after the PBOC strengthened the fixing by the most since January, while the government bond yield curve hit its steepest level in four years on oil jitters.
Real Estate & Infrastructure
The Iran conflict upended real estate's recovery, five years after Russia's Ukraine invasion halted a decade-long property boom. In South Africa, authorities targeted infrastructure deals through a new credit-guarantee vehicle to support billions in power-grid, water, and rail projects. Meanwhile, Europe considered tapping oil reserves as G7 sought to smother the energy crisis, though analysts remained skeptical about the effectiveness of releasing strategic stockpiles.
Consumer & Retail
European natural gas dropped after Trump comments predicting the Iran war's end, as the U.S. president faced mounting pressure over energy market disruptions. In the UK, retail sales remained flat in February, with the British Retail Consortium warning that any near-term recovery was unlikely due to Middle East conflict knock-on effects. France and Italy monitored petrol prices for evidence of price gouging as governments sought to shield consumers from high energy costs.
Automotive Sector
Volkswagen maintained its cost-cutting focus ahead of another challenging year, expecting revenue between flat and 3% above last year's figure with operating margins of 4-5.5%. Renault looked to cut Europe sales reliance as the China battle heated up, targeting expansion in India and other emerging markets to diversify away from its struggling European business.
Financial Markets
The FTSE 100 poised to rise as oil prices cooled following Trump's comments about the Iran war ending soon. The dollar fell after Trump signals as crude retreated, while the cost of hedging the lira hit an 8-month high despite the president's war-ending comments. In India, surging hedging costs showed rising angst for the stock market, with investors paying the most since July 2024 to protect against turbulence after years of domestic liquidity-fueled calm.
Industrial & Materials
CATL reported an earnings beat despite cooling EV demand and higher metal prices, with the world's largest electric vehicle battery maker posting stronger-than-expected net profit in Q4 and 2025. The company's shares soared 10% as the AI boom boosted demand for data centers, riding a surge that moved focus beyond electric vehicles. Aluminum extended its retreat as Middle East supply concerns eased following Trump's possible war-ending signals, pulling back from four-year highs.
Geopolitical Developments
The Strait of Hormuz remained at near-standstill, deepening oil production cuts in the Middle East and widening chaos in energy markets. At least a dozen clusters of ships appeared near the waterway, a likely sign of elevated electronic interference around the crucial export route central to the U.S.-Israeli conflict with Iran. Meanwhile, China purchased more crude in the first two months of the year as the country continued to hoard oil to guard against supply disruptions.
Market Sentiment
Retail investors in Taiwan and South Korea largely held leveraged positions during the Iran-spurred selloff, signaling resilient appetite for two of Asia's tech-heavy markets. The cost of credit protection fell by the most in over eight months in Asia after Trump signaled the war may be nearing an end. However, multiple forces collided in ways that defied easy fixes, with the old playbook of buying the dip far from guaranteed to work as markets faced war, AI stress, and credit cracks simultaneously.