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Market Turmoil Amid Iran Conflict
US stocks plunged Friday after a shocking February jobs report showed payrolls fell 92,000, the worst drop since 2020. The S&P 500 and Nasdaq both dropped about 1% as energy markets reeled from the Middle East war. Treasury bonds pared their worst weekly loss since April amid inflation concerns.
Oil prices surged as Asian refiners aggressively bought crude, tightening global supplies. Brent crude climbed above $70 a barrel as the Strait of Hormuz saw traffic grind to a halt. The International Energy Agency said no emergency stockpile release is needed yet, citing plentiful global supplies.
Corporate & Deal News
Oracle and OpenAI scrapped their deal to expand a Texas data center, with Meta now in talks to take up the computing capacity. Cerebras Systems picked Morgan Stanley to lead its IPO as the AI chipmaker mounts a return to public markets. Hims & Hers will sell Novo Nordisk's weight-loss drugs, ending their highly public feud.
Alphabet CEO Sundar Pichai received a new pay package worth up to $692 million, including stock options tied to Waymo's growth. Nvidia linked CEO Jensen Huang's $4 million bonus to 2027 revenue milestones. SK Innovation is laying off 958 workers at its Georgia battery plant amid EV sales slowdown.
Economic Policy & Central Banks
Cleveland Fed President Beth Hammack expects interest rates to remain on hold for some time, citing two-sided risks. Federal Reserve Governor Christopher Waller warned of war-related inflation risks and ongoing tariff concerns. National Economic Director Kevin Hassett called the jobs report an "outlier" affected by bad weather.
China's central bank extended its gold buying streak to 16 months as Middle East tensions simmered. The Bank of England grilled lenders over collapsed mortgage provider MFS amid due diligence concerns. Czech wage growth unexpectedly accelerated, dealing a fresh blow to rate cut odds.
Private Markets & Alternative Assets
Private debt faces a "full-blown default cycle" as Pimco warns of loosened underwriting standards post-2008. Secondary buyers are eyeing private-credit assets as redemptions mount from interval funds and BDCs. Tiger Global alum Greg Mazlin bets hybrid work and AI will pry people off screens.
Kalshi and Polymarket are each eyeing roughly $20 billion valuations as prediction markets seek to double previous valuations. SpaceX's surging stake raises doubts over private assets in ETFs as a niche fund's modest investment morphed into a monster position.
Regional Markets & Global Trade
Brazil's antitrust regulator cleared the sale of Braskem shares to IG4 Capital. Vietnam's richest man Pham Nhat Vuong named his wife chair of EV taxi firm GSM. Diana Shipping increased its offer to acquire Genco as Star Bulk agreed to buy 16 vessels if the deal closes.
Boeing is reportedly nearing a 500-aircraft deal with China ahead of Trump's visit. Saudi Arabia increased diplomatic efforts with Iran to contain the conflict. Russia suggested an immediate halt to LNG supplies to Europe amid the continent's vulnerability.
Financial Technology & Innovation
Anthropic said it will fight Pentagon's "supply chain risk" label amid an AI clash. AI pension advisers are already here as millions turn to Chat GPT for retirement planning. Alphaton launched Vera, a blockchain-based whistleblowing platform to protect identities.
UBS cut Infineon to neutral, trimming its target on AI and China risks. Baird upgraded Union Pacific on merger synergy outlook with Norfolk Southern. Citi upgraded Holcim to buy, seeing 19% upside after an ETS-driven selloff.
Energy & Commodities
US energy secretary Wright called to reopen the Indian Point nuclear plant to meet surging power demand. Qatar's main LNG equipment remains intact according to satellite analysis, indicating drone strikes missed key production facilities. Kuwait cut oil output as storage filled up.
Only nine empty oil supertankers are visible in the Persian Gulf as storage dwindles fast. US-sanctioned LPG tanker sailed through the Strait of Hormuz, one of few vessels to make it through recently. Treasury Secretary Scott Bessent said the US may lift sanctions on further Russian oil supply after allowing Indian refiners to purchase crude.
Market Structure & Regulation
The SEC and CFTC are discussing plans to move into the same building complex in Washington. Kennedy-Wilson bondholders organized to push back on a tender offer, seeking cash payments instead. Western Alliance sued Jefferies over loans linked to First Brands in New York state court.
Allowing 401ks to invest in private markets is a bad move at a bad time, critics argue, potentially hurting savers and the economy. The move might help asset managers but poses risks to retirement savers. Rules don't even have to be effective to provide gainful employment for advisers, observers note.
Private Equity
Market Moves
The S&P 500 dropped 1.2% in its worst week since June, marking a retreat from recent gains. Robinhood’s startup fund stumbled in its NYSE debut, offering retail investors exposure to eight startups including Mercor, Ramp, and Stripe, though expansion plans remain on hold. Wynnchurch-backed ORS Nasco acquired industrial wholesalers AD Member Supply and Alliance, solidifying its position in MRO product distribution. Blackstone and Ares Management deployed $5bn in private credit financing for Thoma Bravo’s logistics deal, highlighting continued private credit demand.
Funding Rounds
The first week of March saw brisk startup fundraising, with three deals exceeding $500 million, led by space tech and AI infrastructure sectors. Serent’s investment in health tech firm Saisystems will accelerate its technology roadmap, while City Detect raised $13M Series A to expand its AI-driven urban safety solutions across cities like Dallas and Miami. BlackPeak sold eu Shipments.com, an e-commerce logistics provider, to Austrian Post, signaling consolidation in European fulfillment networks.
Sector Trends
Greenbelt-backed Saber Power acquired Houston-based Bounds Construction, strengthening its electrical power system services portfolio. Astorg, EQT, and TA Associates remained active in pharmaceutical ingredients manufacturing, while PLD Space’s €180m growth plan focuses on next-generation space technology. Eurazeo, Atomico, and Vitruvian Partners were shortlisted to manage the EU’s planned €5bn technology investment fund, underscoring institutional interest in European tech.
Policy & Social
Private equity investor Brydell backed £75m bulk home purchases from Vistry Group, expanding residential real estate holdings. However, the UK’s flagship female founder fund faces criticism for failing to improve gender disparity in financial services, per a Fox & Partners report. Mutares exited its logistics platform in Time Group to Tawin Holdings, though gender disparity metrics remain unchanged.
The S&P 500 fell 1.2% marking its first two-week loss since June. Robinhood’s startup fund stumbled in its NYSE debut. Wynnchurch-backed ORS Nasco acquired industrial wholesalers. Serent invested in health tech firm Saisystems. Eurazeo, Atomico, and Vitruvian Partners shortlisted for EU tech fund. Astorg, EQT, and TA Associates active in pharma ingredients. City Detect raised $13M Series A. Black Peak sold eu Shipments.com to Austrian Post. Mutares exited logistics platform in Time Group. PLD Space’s €180m growth plan focuses on space tech.
Sector Investment
Real Estate Fundraising
MSREI is nearing its fundraising target for its latest global opportunity fund after a strong first close. Zaga Capital secured approximately €210 million for its debut German residential fund, targeting opportunistic investments. Separately, Bouwinvest is expanding beyond its Dutch home market by opening to third-party capital, with a strategic focus on Asian markets like Korea’s multifamily sector.
Infrastructure Strategy
Six months into his role, Igneo's global head of capital formation, Carolyn Gilchrist, is unifying the firm's investor relations function to drive growth. Starwood president Jonathan Pollack indicated that managing relationships with insurance capital is a key pillar of the firm's forward investment strategy, balancing this with evolving geopolitical risks.
Investor Appetite
Italy’s INPGI pension fund has issued two requests for proposals, seeking to allocate about €70 million to infrastructure funds, targeting both local and international managers. In the U.S., the Jacksonville Police and Fire Pension Fund anticipates meeting its target allocation to non-core real estate by 2027, signaling steady institutional demand.
Geopolitical & Market Impacts
Delegates at the PERE Asia Summit highlighted the region's relative insulation from global volatility as a key characteristic, while also noting an early-stage opportunity in AI-driven data centers. Meanwhile, Starwood's Pollack warned that shifts in U.S. immigration and tourism policy are negatively impacting the world's largest property market, with effects "coming home to roost." Conference attendees also expressed concern that an Iran war would have mostly indirect, yet significant, ripple effects for global real estate.