Public Markets 8 Hours

Last updated: April 13, 2026, 8:30 AM ET

Geopolitical Tensions and Commodity Shocks

Markets braced for escalated energy supply disruptions as the U.S. confirmed plans to blockade the Strait of Hormuz, raising fears of a deepening global energy crisis. This threat sent oil futures back above $100 per barrel, while emerging-market assets broadly declined along with currencies and bonds as risk sentiment soured. The Middle East turmoil is already impacting downstream economies; India’s inflation edged up in March due to soaring crude prices, and Japanese toilet maker Toto halted new orders for prefabricated bathrooms amid material shortages stemming from the oil supply chain squeeze. Furthermore, aluminum prices surged to a four-year high as the Gulf conflict threatened supply routes accounting for about 9% of global output.

Financial Sector Earnings & Dealmaking

Goldman Sachs reported a 19% jump in first-quarter profit, driven by its best-ever performance in banking and markets, even as the fixed-income division fell short of expectations. The firm's equities unit powered earnings, with stock traders posting their second consecutive quarterly record, beating their prior all-time high by more than $1 billion, fueled by volatility linked to the Iran conflict. Elsewhere in M&A, Somnigroup agreed to acquire supplier Leggett & Platt in a strategic $2.5 billion transaction aimed at furthering vertical integration between component engineering and mattress design. In corporate restructuring, GFL Environmental will acquire Secure Waste Infrastructure for an enterprise value approaching $4.62 billion, expanding its specialized waste management footprint.

Private Markets Fundraising Surge

The private credit sector demonstrated its ongoing appeal, with Josh Harris's 26North Partners raising almost $6 billion for its debut private equity strategy, setting a U.S. record for a first-time fund. Similarly, Adams Street Partners secured $7.5 billion for its third private credit vehicle, more than doubling the size of its predecessor fund, despite broader market jitters around private credit stability. Simultaneously, Bill Ackman commenced formal marketing for the IPO of his closed-end fund and hedge fund complex, proceeding even as geopolitical uncertainty dampens dealmaking optimism. Concurrently, Baker Hughes announced the sale of its Waygate unit to Hexagon for $1. 45 billion, as industrial conglomerates streamline operations.

Global Economic Pressures & Policy Responses

Inflationary pressures persist across Asia, exacerbated by energy costs, prompting policy adjustments. Indonesia hiked benchmark prices for nickel ore, adding strain to local processors already facing cost increases from Middle East instability. In the Philippines, President Marcos Jr. removed excise taxes on kerosene and LPG in an effort to temper food inflation, while the government simultaneously ordered Meta to tighten measures against ‘panic-inducing’ fake news on its platforms. Meanwhile, in China, credit expansion slowed more than anticipated in March, indicating continued weakness in household and business financing demand, prompting traders to bet Beijing might scale back issuance duration on its 30-year government bonds to ease supply pressure.

Corporate Strategy & Regulatory Shifts

Meta is projected to overtake Google as the world's largest digital ad player, capitalizing on growth from new AI-driven advertising products. In European corporate governance, Holcim’s Lafarge unit was found guilty by a Paris court for making payments to terrorist organizations to maintain operations during the Syrian civil war. Automotive sales figures revealed weakness, with Volkswagen Group vehicle deliveries falling 4% year-on-year due to softness in both China and the U.S. markets. In financial technology, Wise Plc confirmed it is on track for a Nasdaq listing next month after its key fourth-quarter income figure jumped 24%, surpassing analyst expectations.