US IPO Bankers Face ‘Paralysis' After Trump Tariffs Halt Plans

Bankers are trying to game out when US initial public offerings could potentially recover after the blow dealt by President Donald Trump's tariffs put deals on hold.
With the S&P 500 down 11% over the past three days and the VIX — Wall Street's so-called fear index — at levels not seen for any length of time since the early days of the Covid pandemic in 2020, companies are taking a wait-and-see approach. Dealmakers are on tenterhooks, with those leading IPOs for ticket platform StubHub Holdings Inc., payments firm Klarna Group Plc and trading platform eToro Group Ltd. freezing their preparations.

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USA Today

26 minutes ago

• USA Today

Oil hits five-month high after US strikes key Iranian nuclear sites

SINGAPORE - Oil prices jumped on Monday, local time, to their highest since January as Washington's weekend move to join Israel in attacking Iran's nuclear facilities stoked supply worries. Brent crude futures rose $1.88 or 2.44% at $78.89 a barrel as of 1122 GMT. U.S. West Texas Intermediate crude advanced $1.87 or 2.53% at $75.71. Both contracts jumped by more than 3% earlier in the session to $81.40 and $78.40, respectively, five-month highs, before giving up some gains. The rise in prices came after President Donald Trump said he had "obliterated" Iran's main nuclear sites in strikes over the weekend, joining an Israeli assault in an escalation of conflict in the Middle East as Tehran vowed to defend itself. Iran is OPEC's third-largest crude producer. Market participants expect further price gains amid mounting fears that an Iranian retaliation may include a closure of the Strait of Hormuz, through which roughly a fifth of global crude supply flows. Iran's Press TV reported that the Iranian parliament approved a measure to close the strait. Iran has in the past threatened to close the strait but has never followed through on the move. "The risks of damage to oil infrastructure ... have multiplied," said Sparta Commodities senior analyst June Goh. Although there are alternative pipeline routes out of the region, there will still be crude volumes that cannot be fully exported out if the Strait of Hormuz becomes inaccessible. Shippers will increasingly stay out of the region, she added. Brent has risen 13% since the conflict began on June 13, while WTI has gained around 10%. The current geopolitical risk premium is unlikely to last without tangible supply disruptions, analysts said. Meanwhile, the unwinding of some of the long positions accumulated following a recent price rally could cap an upside to oil prices, Ole Hansen, head of commodity strategy at Saxo Bank, wrote in a market commentary on Sunday. (Reporting by Siyi Liu in Singapore; Editing by Himani Sarkar)

Bloomberg

35 minutes ago

• Bloomberg

Japan PMI Pickup Points to Front-loading Ahead of US Tariff Jump

Japan's manufacturing activity expanded for the first time in more than a year in June in a likely sign of front-loading of output ahead of a scheduled increase in US tariffs next month. The au Jibun Bank purchasing managers' index of manufacturing activity rose to 50.4 from 49.4 in May, crossing the boom-or-bust 50 threshold for its highest reading since May 2024, according to data released Monday by S&P Global. The index for services also increased to 51.5 from 51.0.

Yahoo

an hour ago

• Yahoo

Rupee under fire after US strikes on Iran jolt oil, stoke risk aversion

By Nimesh Vora MUMBAI (Reuters) -The Indian rupee is set to open weaker on Monday, pressured by the rise in crude oil prices and risk-off sentiment following the U.S. military action against Iran. Non-deliverable forwards indicate the currency will open around 86.75-86.80 per dollar, compared to 86.5850 in the previous session. Oil prices jumped to their highest level since January after the U.S. joined Israel in attacking Iranian nuclear facilities over the weekend, increasing concerns over the potential impact on energy supply. Tehran vowed to defend itself. [O/R] The attack came just after U.S. President Donald Trump said on Friday that such a decision would come 'within the next two weeks". Fears that Iran may disrupt traffic through the Strait of Hormuz, a key conduit for about a fifth of world crude flows, lifted oil prices and weighed on risk assets. Goldman Sachs warned that if oil flows through the Strait of Hormuz — a key chokepoint for crude shipments — were halved for a month and remained down by 10% for the following 11 months, Brent could temporarily spike to $110. Brent crude hit a high of $81.40, before retracing a part of its rally. The rupee, which had caught a bit of a breather on Friday, unfortunately has to contend with the U.S.-Iran news, a currency trader at a bank said, "and we're back to watching if 87 breaks". An FX trader at another bank noted that the rise in oil prices was milder than expected, and attention now shifts to how Iran chooses to respond. "While Iran may feel it needs to retaliate to US strikes, blocking the Hormuz might be a step too far," ING Bank said in a note, and said that the price action in Asian trading suggests markets do not yet believe crude flows through Hormuz will be blocked. KEY INDICATORS: ** One-month non-deliverable rupee forward at 86.90; onshore one-month forward premium at 10.25 paisa ** Dollar index up at 98.92 ** Brent crude futures up 1.8% at $78.4 per barrel ** Ten-year U.S. note yield at 4.39% ** As per NSDL data, foreign investors bought a net $235.3 million worth of Indian shares on June 19 ** NSDL data shows foreign investors bought a net $34.4 million worth of Indian bonds on June 19 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data