Public Markets 8 Hours

Last updated: June 12, 2026, 8:32 AM ET

Space & Equity Markets

SpaceX shares are indicated 35% higher in shadow trading ahead of the company's historic $75 billion IPO debut, setting up what could be the largest public offering ever and instantly transforming Elon Musk into a trillionaire. The listing broke records and arrived as US futures climbed on optimism about the offering and potential Middle East de-escalation, with the stock poised to become one of the world's largest publicly traded companies.

Energy & Commodities

Oil futures slid below $90 a barrel after President Trump canceled planned Iran strikes and signaled a peace deal could emerge within days, while UK power prices turned negative for the first time since late April as strong wind and solar generation flooded the grid. The world's oil reserves are draining amid the US-Israeli conflict, raising pressure for diplomatic resolution as Brent and WTI benchmarks extended losses from the previous session.

Fixed Income

European bonds surged broadly as oil prices tumbled on renewed hopes for Middle East peace, while Italian financial stocks soared after Banca Monte dei Paschi di Siena SpA saw revived deal speculation. The ECB signaled readiness to hike again in July if Middle East energy shocks require it, and economists pushed Fed rate-cut expectations into 2027 according to a Bloomberg survey, seeing steady rates through mid-next year.

Corporate Developments

BlackRock's 20-year reign atop the US ETF market ended as Vanguard Group seized the lead in the $15.2 trillion industry, while ENN Natural Gas ditched a $12 billion restructuring plan including a buyout offer for ENN Energy Holdings and second Hong Kong listing. Metinvest BV tested investor demand for a potential bond return after the Ukrainian steel group funded an earlier redemption with cash, and Prestige Estates planned $6.3 billion in project launches with backing from BlackRock and Vanguard.

Currency & Macro

The dollar's fall could prove limited even if a US-Iran deal materializes, according to ING, while India's inflation accelerated to 3.93% in May but stayed below the Reserve Bank of India's 4% target despite higher fuel costs. South Africa's credit upgrades show a path back to investment grade if policies stay on track, and Kioxia became Japan's most valuable firm as AI mania lifted the memory chipmaker past Toyota in market value.

M&A & Restructuring

Warburg Pincus neared acquisition of Japanese housing firm JSB, and Deutsche Bank arranged debut SRT financing for renewables lender DKB in Germany's growing significant risk transfer market. Triton Partners secured €1.7 billion debt from Deutsche Bank and Goldman Sachs backing its Flender buyout, while Danske Bank eyed its first acquisition since the laundering crisis nearly a decade ago.

Retail & Consumer

Fortress-backed Poundstretcher won court approval for rent cuts to keep the UK discount retailer trading amid deteriorating finances, and US plastic suppliers warned of cost absorption limits that could trigger price increases for consumer goods. Sleep Number filed for bankruptcy sale to merge with Sleep Country Canada after years of weak demand, while several Indonesian bond funds delayed redemptions amid market turmoil.

Technology & Crypto

Tether briefly flipped Ether in value, giving crypto markets a reality check as the stablecoin surpassed the second-largest cryptocurrency for several hours. Kioxia's market cap surge underscored how AI excitement is reshaping Japan's corporate hierarchy, while banks curbed hedge fund bets on SK Hynix and Samsung after leveraged positions surged amid the chip rally.

Geopolitical Risk

More than 500 ships remain stranded in the Persian Gulf as shipping companies face the costly dilemma of navigating the Strait of Hormuz amid ongoing tensions. The Iran conflict leaves the world in dangerous limbo with low-intensity violence becoming the new normal, while the global weather pattern faces El Nino risks that threaten worsening floods and heat waves already intensifying from climate change.