Markets 24-Hour Briefing
×Public Markets
Market Moves
US stock futures crept higher after a bruising week of losses driven by tariff concerns and AI jitters. The S&P 500 sank as fresh AI worries hit financials while Nvidia gained, with software weakness sparking broader market concerns. Oil companies secured a Supreme Court hearing on climate suits as the industry fights city and state lawsuits blaming them for climate change.
Tariff Turmoil
FedEx became the first major American company to file suit over Trump's tariffs after the Supreme Court deemed them illegal, seeking full refunds plus interest. The Supreme Court ruled that Trump overstepped authority on tariffs, with Nevada Attorney General Aaron Ford saying he was not surprised by the decision. Businesses now face more litigation to get tariff refunds as the Court was silent on the issue of refunds, likely sending the decision back to the Court of International Trade.
Commodities & Currencies
Copper jumped as China traders cheered the prospect of lower US levies, with base metals gaining as markets reopened after the Lunar New Year break. Gold pulled back after a four-day ascent as traders took profits, though ongoing tariff risks continued to support prices. The forint remained undeterred as Hungary's rate-cut cycle approaches, with the currency holding two-year highs despite potential interest rate cuts.
Global Markets
Asian stocks edged up, bucking Citrini-fueled AI angst as investors bet the region's chipmakers stand to benefit from supply chain shifts. Chinese stocks gained after the holiday on tariff relief hopes and AI buzz, with onshore shares rising as traders returned from a nine-day Lunar New Year break. Most Asian currencies weakened slightly against the dollar amid lingering US-Iran tensions.
Corporate & Deals
Abbott Laboratories sold $20 billion of bonds to help fund its acquisition of cancer-screening company Exact Sciences Corp., marking one of the US high-grade market's biggest offerings this year. Carlsberg began preparations for a potential $700 million IPO of its India unit, appointing three banks for the listing. KKR-backed Global Medical Response selected banks for an initial public offering as the air and ground emergency medical services company joins the IPO pipeline.
Tech & AI
Anthropic kicked off a share sale for staffers of up to $6 billion, offering current and former employees the ability to sell shares at a valuation of about $350 billion. IBM stock tumbled 10% after Anthropic launched a COBOL AI tool, highlighting competitive pressures in enterprise software. Binance fired staff who flagged $1 billion moving to sanctioned Iran entities, weeks after Trump pardoned the company's founder.
Economic Data & Policy
US factory orders fell 0.7% in December while durable goods orders were down 1.4%, according to Census Bureau data. The Fed unveiled a plan on eliminating reputation risk in bank exams as Christopher Waller said his March rate call depends on upcoming labor market data. ECB President Christine Lagarde emphasized that central bank independence is critically important for dealing with inflation expectations.
Private Markets
Private equity saw its dry spell worsen beyond the 2008 crisis, with firms returning fewer profits to investors for a fourth straight year while sitting on $3.8 trillion of unsold assets. Blue Owl anxiety rattled the $1.8 trillion private credit market after the firm permanently closed one of its tech-focused funds. European private lenders saw their shares tumble as the selloff intensified amid fears about the strength of underlying holdings.
Regional Markets
Australia's real estate firms were buoyed by staff returning to office more often than required, with office landlords in the country's two biggest cities set to gain. Singapore's UOB missed Q4 profit estimates as trading income weakened, leading shares to tumble the most in almost four months. Canada's Loblaw plans to add discount stores as food costs continue to shape Canadian shopping habits, building more than two dozen new grocery stores under its discount banners in 2026.
Private Equity
Market Moves
The S&P 500 surged to a record $904bn in buyout deal value in 2025, driven by a "12 is the new 5" dynamic reshaping returns, according to Bain. Entrata is working with Goldman Sachs and JPMorgan on an IPO, signaling continued private equity activity in tech. Kinderhook is taking home health firm Enhabit private for $1.1bn, offering $13.80 per share in cash to stockholders.
Deals & Transactions
Broadband provider Vero Networks secured $500m from Hamilton Lane, Braemont Capital, and Delta-v Capital, expanding its investor base. Haveli invested in Sirion, a software firm, to accelerate product innovation and global market expansion. Green Heron acquired Regency Plumbing Contractors, with the executive team retaining leadership and ownership.
Macro & Policy
Private equity firms are eyeing a $2bn Permian asset sale as Conoco Phillips streamlines its portfolio, highlighting strategic shifts in energy sector investments. Qatar Investment Authority committed several hundred million dollars to 5C to expand private credit, reflecting growing capital allocation to alternative credit strategies.
Industry Dynamics
A majority of GPs expect to consider a capital call vehicle (CV) within two years, driven by the need to return capital to LPs, as per Bain's study. ECI Partners welcomed Marijn Pangemanan as investment director, continuing its growth trajectory. KKR outbid rivals to secure a majority stake in $1.3bn XCL Education, demonstrating competitive fervor in education services.
Regional Focus
Bluestone Equity Partners strengthened its sports portfolio with a three-year partnership with USA Archery, positioning for the 2028 Games. Vistria acquired insurance holding company Lumen Holdings, expanding its presence across commercial property and liability markets. L Squared snapped up Functional Devices, with existing leadership retaining control and ownership.
Sector Investment
Healthcare
West View Capital invested in Benefits All In healthcare provider.
Infrastructure
Prime Capital extends fundraising for infrastructure debt fund.
Real Estate
Stoneweg targets €1B European residential investment.