jittawit.21/iStock via Getty Images By Peter C. Earle Private credit is emerging as a key force tightening financial conditions. That feedback loop amplifies macro headwinds. The strains emerging in the roughly $3 trillion private credit market are no longer isolated anecdotes; they are coalescing into a coherent signal of tightening financial conditions at precisely the wrong moment for the broader economy. As discussed previously , a growing list of developments has unsettled investors. Now, on top of those at Blue Owl Capital, Apollo Global Management, and Morgan Stanley’s North Haven Private Income Fund , JPMorgan Chase has begun marking down private credit loans . Concerns have gone international. These are not systemic failures, but they do mark the transition of private credit from a benign, yield-enhancing allocation into a market experiencing its first meaningful credit cycle. The sector, which expanded rapidly after the Global Financial Crisis as banks retreated from riskier lending, now faces the test of higher rates, weaker borrower fundamentals, and more discerning capital. It is critical to mention ( or reiterate ) that this is not shaping up as a 2008-style solvency crisis. The private credit market is small, leverage is generally lower, and there is little evidence of the kind of widespread fraud or securitization opacity that defined the subprime mortgage crisis. But that comparison risks missing a more relevant dynamic: private credit is a tightening mechanism. Its problems do not need to trigger bank failures to matter. Instead, they transmit stress through funding channels, into refinancing constraints, and ultimately into valuation pressure. Banks’ exposure — variously estimated from under $100 billion to potentially near $1 trillion globally when commitments are included — creates a feedback loop whereby losses or even perceived risks in private credit lead to tighter lending standards broadly. The nature of that tightening is not to remain con...

This fantastic business has been on my radar for years, but has persistently traded at expensive valuations. Due to the recent broad market sell-off, I finally upgraded this stock to a buy. *Stock prices used were the afternoon prices of March 22, 2026. The video was published on March 24, 2026. Continue reading

Citadel Securities posted a record $12.2 billion in trading revenue last year, as the market-making arm of billionaire Ken Griffin’s empire continues in its bid to compete with the largest trading desks globally. Katherine Doherty reports. (Source: Bloomberg)

Senate nominee in Texas James Talarico says ‘Christian nationalism kills’ in response to Brooks Potteiger remark James Talarico, the Texas Democratic state representative and Presbyterian seminarian, has said he forgives Pete Hegseth’s pastor for praying for his death. On Tuesday, Texas’s popular Democratic nominee for a US Senate seat pushed back against comments from Brooks Potteiger, the defense secretary’s closest spiritual adviser , who said: “We want him crucified with Christ.” Talarico said on X: “Jesus loves. Christian Nationalism kills. You may pray for my death, Pastor, but I still love you. I love you more than you could ever hate me.” Continue reading...

格隆汇3月26日｜据Business Insider：xAI联合创始人Kroiss在备受瞩目的IPO前夕离职。

Compagnie Lebon résultats annuels 2025 : hausse du résultat net et de l’ANR. Dividende proposé de 12€, dont 4€ à titre ordinaire et 8€ à titre exceptionnel

格隆汇3月26日｜伊朗外长阿拉格齐：我对邻国的信息是，远离美国。

财联社3月26日讯（编辑 史正丞） 当地时间周三，全球化工巨头巴斯夫（BASF）宣布鉴于美以伊战争导致的成本上升，公司将提高更多产品的价格。 巴斯夫宣布，将在 欧洲地区 对旗下 基础胺类产品组合 提价，涨幅最高可达30%，部分产品涨幅可能更高。该调价措施即刻生效，或在现有合同条款允许的情况下实施。 此次提价涉及的产品包括：乙醇胺（Ethanolamines）、乙烯胺（Ethyleneamines）、异丙醇胺（Isopropanolamines）、甲胺（Methylamines）、N,N-二甲基乙醇胺（DMEOA）、3-（二甲基氨基）丙胺（DMAPA）、二甲基甲酰胺（DMF）、丙胺（Propylamines）以及乙胺（Ethylamines）。 这些产品都是所谓的通用中间体原料，虽然名字看上去很抽象，但实际上是 电子、农化、医药等产业链工业配方中不可或缺的关键材料 。 举例来说，乙烯胺是环氧树脂固化剂的重要原料之一，而环氧树脂则是 风电叶片复合材料 与 PCB电子板基材 的关键基础材料。 二甲基甲酰胺是生产PVDF（聚偏氟乙烯）的关键溶剂，而PVDF又是 锂电池正极材料 的重要粘结剂之一。 这也是开战近一个月来，巴斯夫在官网发布的第五份涨价公告。 公司再度重申， 这是对中东军事冲突导致的原材料价格、能源和物流成本大幅上升的回应。 化工巨头最早在3月4日宣布，在全球范围内上调其用于 塑料应用的抗氧化剂、加工稳定剂和光稳定剂产品组合 的价格，涨幅最高可达20%。 随后在3月18日，巴斯夫连发3份涨价公告，宣布对其在欧洲地区的 家用护理、工业与机构清洁（I&I）以及工业配方业务组合 中的全部产品提价最多30%，同时调高欧洲地区 甲酸 和 新戊二醇 的定价。 受石油、天然气供应不确定性的冲击，涨价已经成为化工行业的日常。 另一家德国化工供应商 朗盛 本周表示，受原材料和能源成本上升影响，公司将对旗下多种产品提价最高达50%。美国化工巨头 陶氏化学 周二称，将把聚乙烯（polyethylene）的提价幅度提高至此前宣布水平的两倍。聚乙烯是以天然气或石脑油为原料生产的塑料制品关键基础材料之一。 摩根大通周三在一份报告中指出，战争对全球供应链造成的扰动，可能正在为欧洲化工企业创造更大的提价空间。 分析师们指出，这可能在短期内为整个行业带来具有实质意义的盈利上行空间，不过 其幅度和持...

Iran on Wednesday dismissed an American plan to pause the war in the Middle East and launched more attacks on Israel and Gulf Arab countries, including an assault that sparked a huge fire at Kuwait International Airport. Iran’s defiance came as Israel launched air strikes on Tehran and as the United States deployed paratroopers and more Marines to the region. Iranian state television’s English-language broadcaster quoted an anonymous official as saying Iran rejected America’s ceasefire proposal...

Key PointsIran damaged two LNG trains in Qatar, taking 17% of its capacity offline for the next three to five years.

New unitary councils will replace 43 county and district councils, in latest round of local government overhaul Fifteen new councils will be created in the south and east of England under the latest round of a major local government overhaul, aimed at boosting economic growth and accelerating mass housebuilding plans. The new unitary councils will replace 43 counties and districts across Norfolk, Suffolk, Essex and Hampshire, with hundreds of councillors’ roles axed. A decision on future arrangements for East Sussex and West Sussex has been delayed. Continue reading...

格隆汇3月26日｜布伦特原油站上98美元/桶，日内涨2.02%。

Source: Bloomberg, 0:00

Apple (AAPL) Implements Age Verification in the UK to Enhance On GuruFocus

Khanchit Khirisutchalual/iStock via Getty Images The last time I spoke about Absci Corporation ( ABSI ), it was in a Seeking Alpha article entitled " Absci: AI-Driven Platform Could Establish Best-In-Class TL1A Drug Targeting Profile. " The hope here was that upon the release of data, the company could show a competing half-life when it came to its TL1A candidate ABS-101 in the targeting of patients with irritable bowel syndrome [IBS]. Today, I'm downgrading the stock to a Hold rating for several reasons. The first of which is that while ABS-101 showed an extended half-life versus 1st-generation TL1A candidates, it failed to make a mark in differentiation compared to 2nd-generation ones. Thus, the second reason for the downgrade is because the company has chosen to shift away from further development of ABS-101. The only way it intends to advance this forward is if it can find a partner willing to move it forward in clinical development [likely toward another indication, not IBD, as this landscape is crowded]. The third reason is because the company has chosen to pivot over to the development of prolactin receptor antagonist [anti-PRLR] ABS-201 for the treatment of patients with androgenetic alopecia [AA]. As a matter of fact, in the most recent update, it is noted that it had successfully dosed the first three dose cohorts in the single-ascending dose [SAD] portion of its ongoing phase 1/2a HEADLINE trial using ABS-201 to treat these androgenetic AA patients. While this program advancement appears to be good, there are a few problems here. The first of which is that it is early in the process. What I mean by that is that in the first half of 2026, it only expects to release the initial safety, tolerability, and pharmacokinetic [PK] profile of this study. The true test of whether or not this drug is effective in being able to treat these patients won't happen until proof-of-concept data is released in the 2nd half of 2026 and early 2027, respectively. In addition, t...

格隆汇3月26日｜据外媒援引知情人士透露，SpaceX正在考虑为其IPO设定约750亿美元的筹资目标。该公司已与潜在投资者讨论筹集超过700亿美元的可能性，这两个数字都将远高于此前报道的500亿美元目标SpaceX可能在IPO中寻求超过1.75万亿美元的估值，并正考虑于6月上市，但时间仍有可能变动。

Source: Bloomberg, 0:00

格隆汇3月26日｜伊朗外长阿拉格齐：美国未能实现其战争目标，包括速胜和政权更迭。

News outlets reported that SpaceX may go public as soon as next week.

Key PointsA prominent tech outlet reported that SpaceX may go public next week.

Shonnel Malani, Advent's global head of aerospace and defense, says the company plans to invest as much as $1 billion in defense tech because of increasing global geopolitical tensions. He speaks with Dani Burger on "Bloomberg Deals." (Source: Bloomberg)

After weeks of speculation and behind-the-scenes intrigue over the delayed summit between President Xi Jinping and US President Donald Trump, the White House announced on Wednesday new dates for the long-anticipated, high-stakes meeting. “I’m pleased to announce that President Trump’s … long-awaited meeting with President Xi in China will now take place in Beijing on May 14 and 15,” White House spokeswoman Karoline Leavitt said. In a social media post, Trump described Xi as “the highly respected...

NVIDIA (NVDA) closes above ___ on March 25? Trading Odds & Predictions Polymarket

Key PointsA Delek director reported the sale of 7,343 shares for about $338,000 on March 19, 2026.

The startup provides an e-prescribing marketplace for the booming cash-pay clinic market.

SimonSkafar/E+ via Getty Images By Timothy Rahill , Credit Strategist and Jeroen van den Broek , Global Head of Sector Research We expect developments in the private credit market to remain in the headlines and contribute to the imminent repricing of higher-beta credit markets. We coined this Baby Bear as one of the key risks to the Goldilocks credit story for 2026 . We don’t view this as a systemic risk event. Banking system exposure, both direct and indirect, appears manageable and recent analysis from the Office of Financial Research and Moody’s provides reassurance. However, important questions remain about the broader consequences for spread markets, default rates, and the impact of questionable rating practices. There are growing concerns that ratings shopping and limited oversight have fuelled ratings inflation aimed at securing investment-grade status for insurance sector allocations. The likes of BIS are already investigating some ratings, and the ECB is set to start a new round of checks on banks’ private credit holdings. Whilst there is certainly unease rising, we do not expect a full implosion. The system is not collapsing, but it is re-pricing risk. Given the recent news flow, continued redemption pressure across private credit funds seems unavoidable, and most funds are likely to maintain caps or gates on withdrawals. A high level of redemptions matters. It creates a situation where funds facing sustained outflows must reserve liquidity to meet withdrawals. As such, they may be forced to sell assets rather than originate new loans. This slows distribution cycles, reducing the sector’s ability to underwrite new deals. Market commentary is broadly aligned in suggesting that the credit cycle appears close to turning. As the Goldman Sachs CEO remarked only last week, the credit cycle “has not been repealed”, identifying AI disruption as a potential catalyst. However, the deeper concern lies in the multiple potential channels of contagion should pressure in...

gopixa/iStock Editorial via Getty Images By Ezequiel Gomes ​XRP ( XRP-USD ) traded near $1.42 on Wednesday, March 25, holding firmer after another test of the low $1.40 zone. The move was constructive without being especially strong, which left the token in a familiar spot: supported, but still in need of a reason to run. XRP has spent the past several sessions acting like a market that wants to settle down before it decides anything bigger. Price is no longer sliding with the same speed seen earlier in March, yet every bounce still seems to lose energy before it can turn into a proper breakout. That is usually what a hesitant market looks like. The first line that matters remains $1.40. Buyers have shown up there often enough for it to count, but repeated visits to support can become their own warning sign when rebounds stay shallow. A break below that zone would put the mid-$1.30 region back in play, and that would change the feel of the chart fairly quickly. Above the market, the problem is easier to name than to solve. XRP still needs to clear $1.45 with some authority before traders start looking more confidently toward $1.50. Until then, rallies are being treated as profit-taking opportunities rather than the start of a new uptrend. XRP price dynamics (February 2026-March 2026) (Source: TradingView) A better backdrop than the chart admits Ripple said Wednesday it had joined the Monetary Authority of Singapore ’s BLOOM initiative and was working with Unloq on a programmable settlement project tied to trade finance. The use case involves XRP Ledger infrastructure and Ripple’s RLUSD stablecoin, which gives the market a fresh real-world payments angle at a time when utility stories matter more than they used to. That development lands in a market already adjusting to a less-hostile policy tone in the U.S. this month. The SEC has issued interpretive guidance for the digital market, and agency records indicate that its staff met Ripple representatives on March 20 to...

Washington State's Race-Based Housing Finance Program Faces Federal Probe Authored by Naveen Athrappully via The Epoch Times (emphasis ours), The Trump administration’s housing department launched an investigation into the Washington State Housing Finance Commission for allegedly violating the Fair Housing Act via its race-based housing finance program , according to a March 24 press release. President-elect Donald Trump's nominee for Secretary of the U.S. Department of Housing and Urban Development, Eric Scott Turner, testifies before the Senate Committee on Banking, Housing, and Urban Affairs on Capitol Hill in Washington on Jan. 16, 2025. Madalina Vasiliu/The Epoch Times The Department of Housing and Urban Development’s (HUD) Office for Fair Housing and Equal Opportunity (FHEO) notified the commission of the investigation into the state’s Covenant Homeownership Program. Launched in 2024, the program offers down payment and closing cost assistance to homeowners, which, according to its website, seeks to rectify “state-sanctioned racial discrimination in housing.” Applicants for the program must have a household income at or below 120 percent of the area median income, and be a first-time homebuyer who had family living in the state before April 1968. Also, those relatives must have been black, Hispanic, Native American/Alaska Native, Native Hawaiian or other Pacific Islander, Korean, or Asian Indian. Persons of European, Japanese, Arab, or Jewish ancestry do not appear to qualify, said the HUD statement. “ Fair housing is about equal rights, not extra rights. As HUD secretary, I will not stand for illegal racial and ethnic preferences that deny Americans their right to equal protection under the law, ” HUD Secretary Scott Turner said in an X post. According to the Fair Housing Act, direct providers of housing, including lending institutions, must not discriminate based on the applicant’s race or color, religion, sex, national origin, familial status, or disability...