Public Markets 8 Hours

Last updated: June 11, 2026, 11:30 PM ET

Oil & Energy Markets

Crude futures extended losses in Asian trading after President Trump signaled a potential Iran peace deal could be signed over the weekend, easing supply disruption fears that had pushed prices higher earlier in the week. The drop in oil prices accelerated following Trump's announcement on social media that he was cancelling planned strikes on Iran, with Brent crude falling more than 2% from Wednesday's highs. However, the energy crisis in Asia reached worst-case scenario levels according to the Asian Development Bank, with 15 countries requesting $4 billion in emergency support amid ongoing Middle East tensions that threaten global energy flows through the Strait of Hormuz.

Equity Markets Rally on Diplomatic Hopes

South Korean shares jumped 8% in Seoul trading as chip stocks led gains after Trump's Iran deal comments lifted risk appetite across Asian markets. The rally in bank stocks pushed U.S. lenders to record highs on Thursday, driven by optimism over both the potential diplomatic breakthrough and SpaceX's blockbuster IPO. Japanese equities rose broadly following similar sentiment, with investors pricing in reduced geopolitical risk after Trump's claims of progress toward ending the Iran conflict. The surge in equities marked a sharp reversal from Wednesday's volatility, with major indices recovering from AI jitters that had prompted big swings earlier in the week.

Fixed Income & Currency Moves

The dollar weakened by the most in over a month as haven demand receded following Trump's Iran war-ending vows, with the WSJ Dollar Index falling 0.31% to 96.27. Japanese government bonds tracked Treasury gains in early Tokyo trade, rising alongside U.S. Treasurys as traders adjusted rate cut expectations. Gold held its March gains near $2,340 an ounce despite the risk-on move, remaining below key consolidation levels as investors weighed potential Federal Reserve rate increases against easing geopolitical tensions. The Singapore dollar edged lower against the greenback during position adjustments but may benefit from improving risk sentiment.

Corporate Developments & Earnings

Homebuilder Lennar cut its full-year target to 82,000-83,000 home deliveries, citing stubborn housing market headwinds from high interest rates and geopolitical uncertainty. Adobe's strategic shift toward "freemium" AI offerings comes amid CFO transition as the company prioritizes user base growth over short-term recurring revenue. Scaffolding firm Brand Industrial Services reported sharply lower earnings as its data-center pivot increased costs amid broader infrastructure spending trends. Meanwhile, furniture retailer RH raised its outlook to 4.5%-8% revenue growth, buoyed by luxury offerings that are outperforming in the current economic climate.

SpaceX IPO Sets Records

SpaceX priced its IPO at $135 per share for more than 555 million shares, raising $75 billion in the world's largest public offering and setting the stage for Friday's trading debut. The record valuation drew blockbuster investor demand as the rocket maker joins a wave of mega-cap IPOs that have injected optimism into markets. However, Asian investors have been largely shut out of the offering, forcing creative workarounds to gain exposure to the company's $75 billion global spectacle. The shareholder payout puts Justin Fishner-Wolfson, a longtime Musk associate, at the helm of multibillion-dollar distributions to early investors.

Geopolitical Tensions & Policy Moves

Indonesian authorities deployed thousands of security forces ahead of planned student protests against rising living costs and President Prabowo Subianto's economic policies. The Trump administration blocked a Florida-based Vanguard Energy deal to supply 250,000 barrels of fuel to Cuba, citing lack of authorization amid bilateral tensions. Meanwhile, China's top coal region pushed chemical expansion as an energy security measure, despite concerns about climate goal setbacks. The ADB emergency support reflects growing fears about energy security across emerging markets as the Iran conflict continues disrupting global supply chains.