Markets 24-Hour Briefing
×Public Markets
Market Volatility and Tech Sector Turmoil
US stocks sank Monday as fresh concerns about artificial intelligence's impact on financial and software companies intensified, while President Donald Trump's new across-the-board levy added to market uncertainty. The S&P 500 fell sharply amid renewed AI worries hitting financial shares. Nvidia wavered as the chipmaker's stock faced pressure from a dystopian AI-driven job crisis report, with analysts noting the company's valuation had reached bizarre levels. PayPal shares surged on takeover interest reports after the stock's recent slump, while software and payments stocks tumbled following a Citrini Research report outlining AI risks to various market segments.
Corporate Earnings and Strategic Moves
Novo Nordisk faced another setback as its next-generation obesity shot delivered less weight loss than Eli Lilly's rival blockbuster, sending shockwaves through Denmark's stock market. Abbott Laboratories is seeking to raise approximately $20 billion through a bond sale to fund its acquisition of cancer-screening company Exact Sciences Corp. Eutelsat Communications is raising €1.5 billion to refinance outstanding debt after a government rescue. Salzgitter AG received increased funding of €1.3 billion from Germany for its low-carbon steel project.
Tariff Impact and Trade Policy
The Supreme Court's ruling against large swaths of Trump's tariff regime created fresh uncertainty, with Treasury Secretary Scott Bessent warning officials are closely monitoring the private credit market. Footwear distributors have been preparing to file for tariff refunds ahead of the court decision. The European Union is poised to freeze US trade deal approval as it awaits more details on Trump's new tariff program. Colombia's peso defied economic and political woes after a surprisingly hawkish monetary policy pivot reinforced the dominant carry trade.
Energy and Commodities
Copper wavered as traders weighed uncertainty around US tariffs and potential impact on Chinese demand. Oil prices steadied as markets digested US-Iran talks and Trump tariff uncertainty. Natural gas futures rose slightly as a blizzard slammed into the Northeast, pushing up demand for heating and power-plant fuel. Soybeans reversed earlier losses to turn higher as traders analyzed changes to Trump's tariff regime and their impact on US crop shipments.
Infrastructure and Utilities
Exchange Income Corp. is preparing to sell up to C$500 million in bonds in its first note sale as the company acquires and operates aerospace, aviation, and manufacturing businesses. Eversource Energy is set to raise $1.5 billion from selling its first hybrid bonds as the New England utility operator looks to refinance debt. Generate Biomedicines is seeking to raise as much as $425 million in an initial public offering, using artificial intelligence in drug development.
International Markets and Policy
Thailand's exports jumped to their highest levels in four years, driven by an AI-led electronics boom and stronger inbound demand for raw materials and machinery. India's finance minister said the country has "every reason" to attract foreign funds despite modest overseas inflows lagging behind regional peers. Australia will keep its exemptions from Trump's tariff regime as one of the biggest foreign suppliers of beef to the US. South Africa is poised for a sovereign credit-rating outlook upgrade following improvements in public finances outlined by Finance Minister Enoch Godongwana.
Banking and Financial Services
Lebanon's commercial banks lack the required liquidity to repay depositors under a government proposal aimed at plugging an $80 billion gap in the financial system. Qatar's oldest private lender plans to sell its first Additional Tier 1 bond since 2021 as it joins a spate of issuers offering risky bank debt in the region. F2i SGR brought its credit assets close to €1 billion as demand grows for private financing to modernize European infrastructure.
Manufacturing and Industrial
US factory orders fell 0.7% in December while durable goods orders were down 1.4%, according to Census Bureau data. Deere faced a downgrade as valuation prices in full farm recovery expectations. Vans parent VF Corp was downgraded as margin recovery is likely to take longer than expected. Belimo beat on FY25 sales but missed EPS estimates as tariff impacts loomed.
Technology and Innovation
SK Hynix pledged to boost output of AI memory chips amid growing demand. ASML unveiled an EUV light source advance that could yield 50% more chips by 2030. Centrum remained bullish on Indian consumer staples including Dabur, Marico, Nestle, Britannia, HUL, Godrej Consumer, and Emami amid tariff uncertainty. Mawer Investment Management appointed Eric Wetlaufer as interim CEO while Bruce Geddes takes a leave of absence.
Real Estate and Construction
Weak home sales are curbing shoppers' appetite for appliances, cabinets, and flooring, battering US manufacturers. The frozen housing market continues to impact consumer spending patterns across related industries. Virginia Democrats proposed ending data center tax exemptions in their budget as the state grapples with infrastructure demands from the tech sector's expansion.
Healthcare and Pharmaceuticals
Merck split operations to separate oncology from non-cancer drugs in preparation for the 2028 US patent expiry of its blockbuster cancer treatment Keytruda. Novo Nordisk's CSO discussed recent clinical trial results of the company's weight loss obesity shot Cagri Sema, which underperformed compared to Eli Lilly's offering. The disappointing data rippled through Denmark's stock market, underscoring how tightly the country's fortunes are tied to the obesity-drug maker.
Market Infrastructure
The New York Stock Exchange and Nasdaq Inc. said they will operate markets as normal Monday despite a powerful winter storm sweeping through the New York area. Bank of Montreal CEO Darryl White said market reaction to the US Supreme Court ruling on tariffs has been subdued as some outcomes were already priced in. UBS Chief European Equity Strategist Gerry Fowler noted tariff concerns are just one factor weighing on the dollar, not the most important driver.
Private Equity and Investment
The private equity logjam hit record levels as firms struggle to sell, with the value of companies sitting in buyout funds reaching $3.8 trillion last year according to Bain & Company. Blue Owl became a warning sign for private credit's sales pitch after exotic products did not go to plan. Nuveen completed a £9.9 billion takeover of Schroders' wealth manager Cazenove, with Richard Oldfield vowing to keep the business intact.
Private Equity
Major Deals & Exits
KKR is exploring a $1.5 billion sale of BMC Helix as the firm tests the AI-driven IT services market. Meanwhile, Kinderhook agreed to take home health provider Enhabit private for $1.1 billion at $13.80 per share. In the energy sector, Conoco Phillips is exploring a $2 billion sale of Permian Basin assets as private equity firms circle the opportunity.
Acquisitions & Investments
EQT-backed Scale Microgrids acquired Reload to expand its advanced energy solutions portfolio. Frazier Healthcare-backed Rev Spring purchased healthcare tech firm Trust Commerce from Waud Capital Partners. Goldman Sachs-backed CSD acquired autism services provider Behavior Change Institute, while Vistria acquired insurance holding company Lumen Holdings, which underwrites across 30+ states.
New Capital & Partnerships
Ardian partnered with Legal & General to provide private equity access to 5.6 million UK DC savers. Qatar Investment Authority committed several hundred million dollars to 5C to expand private credit operations. Hamilton Lane, Braemont Capital, and Delta-v Capital led a $500 million investment in broadband provider Vero Networks.
Strategic Moves & Portfolio Updates
Turning Rock exited food company Ameri Qual, which remains majority-owned by the Harlan family. Bluestone Equity Partners announced a three-year partnership with USA Archery ahead of the 2028 Games. Green Heron invested in Regency Plumbing Contractors, with the executive team retaining significant ownership.
Industry Trends & Market Analysis
Global buyout deal value surged to $904 billion in 2025 as "12 is the new 5" reshapes returns, according to Bain. Lazard reports that 50% or more of mid-market GPs' latest flagship vehicles now run continuation vehicles, with CV-on-CVs expected to become more prevalent. Over half of GPs cited returning capital to existing LPs as the primary reason for launching CVs, per Bain's latest study.
Fundraising & Secondaries
Evercore appointed Adams Street Partners' executive to lead its new APAC secondaries practice following Shane Gong's January departure. The move signals growing demand for secondaries expertise in the Asia-Pacific region as firms seek liquidity solutions.
Regional Market Dynamics
Europe is drawing capital as dealmakers weigh US tariff uncertainty, according to Lincoln International. Meanwhile, KKR outbid rivals to secure a majority stake in $1.3 billion XCL Education, highlighting continued appetite for education sector investments despite market volatility.
Firm Developments
ECI Partners welcomed Marijn Pangemanan as new investment director while appointing Scarlett Salamon as investor relations analyst. Haveli backed software firm Sirion to accelerate product innovation and global expansion. GHK Capital acquired architecture, engineering, and consulting firm CPL, which employs over 500 people across 25 offices.
Long-Term Hold Strategies
Permira's extended hold of Evelyn Partners showcases UK wealth management's M&A evolution, with the firm selling to Nat West at a £2.7 billion enterprise value in February. The transaction with Warburg Pincus highlights strategic approaches to portfolio management in the wealth management sector.
Sector Investment
Healthcare & Life Sciences
West View Capital Partners has made a minority investment in Benefits All In (BAI), a Cincinnati-based provider of employee healthcare benefits founded in 2014. The investment was announced through a news release, though financial terms were not disclosed.
Infrastructure & Energy
Quinbrook Infrastructure Partners is exploring a minority stake sale as part of its ongoing portfolio strategy. Meanwhile, CVC DIF has reached €3.5 billion in its latest infrastructure fundraise, while Macquarie completed two major deals in the same week.
Prime Capital is extending its fundraising timeline for its debut infrastructure debt fund by approximately six months. The firm aims to capitalize on resurgent investor appetite for infrastructure assets despite lowering its initial target.
Real Estate
Stoneweg is targeting €1 billion in European residential investments for 2026. The firm's expansion follows its acquisition of Cromwell's European business in 2024, positioning it for significant growth in the regional market.