Emerging Asian currencies were lower, with the Korean won and the Thai baht leading losses amid a stalemate in the Middle East talks to end the 10-week-long US-Iran conflict. The Korean won fell as much as 1%, while the Indian rupee saw its biggest fall in over a month amid a rise in crude prices and gains in the dollar. The Thai baht and the Philippine peso also fell more than 0.8% each. Monday’s...
Emerging Asian currencies were lower, with the Korean won and the Thai baht leading losses amid a stalemate in the Middle East talks to end the 10-week-long US-Iran conflict. The Korean won fell as much as 1%, while the Indian rupee saw its biggest fall in over a month amid a rise in crude prices and gains in the dollar. The Thai baht and the Philippine peso also fell more than 0.8% each. Monday’s losses dial back some of last week’s gains in the region’s currencies when oil prices eased on hopes of a resolution in the conflict. President Donald Trump and Iran rejected each other’s latest peace proposals, leading to worries of a potential resumption of hostilities in the Strait of Hormuz. “As energy-related disruptions linger, rising risks of fuel shortages could pose a more differentiated challenge for regional FX, particularly for economies with relatively low crude inventory buffers,” Lloyd Chan , currency strategist at MUFG Bank, wrote in a note. Most Asian nations, including India and the Philippines, are large oil buyers. Brent has surged nearly 50% since the Iran war began, straining their economies. Morgan Stanley warns the oil market is in “a race against time” as factors that have so far restrained price rises may no longer hold if the Strait of Hormuz stays closed into June. Authorities across the region have tried to cushion the impact. India’s Prime Minister Narendra Modi late Sunday urged citizens to cut fuel use and limit travel, as rising oil prices threaten to widen the import bill and strain foreign-exchange reserves. The fall in currencies was in contrast to the region’s equities, which rose on AI trades as investors brushed off concerns over stalled peace talks between the US and Iran.
GamePH/iStock via Getty Images Key takeaways 1 Market volatility amid economic and AI uncertainty Volatility rose in the first quarter amid shifting interest rate expectations, geopolitical tension and mixed economic data. The S&P 500 Index had its largest quarterly decline since 2022 ¹ . The US Federal Reserve (Fed) paused its rate cuts, adopting a cautious stance. 2 Performance drivers Top perfo...
GamePH/iStock via Getty Images Key takeaways 1 Market volatility amid economic and AI uncertainty Volatility rose in the first quarter amid shifting interest rate expectations, geopolitical tension and mixed economic data. The S&P 500 Index had its largest quarterly decline since 2022 ¹ . The US Federal Reserve (Fed) paused its rate cuts, adopting a cautious stance. 2 Performance drivers Top performers exhibited strong operations, capital discipline and strategic leadership. Underperformers suffered from cautious growth amid transformation, delays related to supply constraints and execution challenges. 3 Portfolio positioning focused on quality The fund maintained a quality bias, emphasizing companies that have sustainable free cash flow and healthy balance sheets, with exposure to secular growers in areas like cloud computing, automation and health care to navigate volatility. Manager perspective and outlook US financial markets experienced a turbulent first quarter driven by shifting interest rate expectations, geopolitical instability and mixed economic data. Equities began the year supported by solid corporate earnings and broader market leadership, but volatility increased in late February and March. Rising tensions involving Iran, higher energy prices and continued uncertainty about artificial intelligence ( AI ) disruption seemed to weigh on investor sentiment. After three interest rate cuts in late 2025, the Fed held rates steady, signaling a more cautious approach with interest rates remaining higher for longer. Economic growth remained positive but showed signs of slowing, with smaller job gains, a rise in unemployment and inflation still above the Fed's 2% target. The S&P 500 Index returned -4.33%, its weakest quarterly result since 2022 ¹ . Value stocks outperformed growth, as rising rates and a selloff in technology stocks appeared to pressure growth-oriented benchmarks. The potential for further downside in risk assets has increased, though stronger pr...
Blackstone Inc. has agreed to acquire a majority stake in Greek online market place Skroutz from CVC Capital Partners Plc , expanding its footprint in the Mediterranean country. Skroutz’s founders will sell a portion of their shareholding but retain a stake and continue to lead the business, with George Chatzigeorgiou remaining chief executive officer, according to a statement reviewed by Bloomber...
Blackstone Inc. has agreed to acquire a majority stake in Greek online market place Skroutz from CVC Capital Partners Plc , expanding its footprint in the Mediterranean country. Skroutz’s founders will sell a portion of their shareholding but retain a stake and continue to lead the business, with George Chatzigeorgiou remaining chief executive officer, according to a statement reviewed by Bloomberg News. Financial details were not disclosed. The deal values Skroutz at €635 million ($746 million) including debt, people familiar with the matter said, asking not to be identified discussing confidential information. Skroutz has been expanding beyond its home market into Cyprus, Romania and Bulgaria. The e-commerce platform offers more than 12 million products from about 9,000 merchants to around 2.5 million active users. It also operates last-mile logistics, fulfilment services, a licensed fintech offering and a retail media business. Over the past decade, Greece has been transformed from an economic outcast shunned by investors into a poster child for fiscal prudence, with the country growing faster than the European average. Blackstone’s other holdings in the country include Hotel Investment Partners, which owns hotels across Greece, and airport operator Fraport Greece, which runs regional airports in locations such as Corfu, Rhodes and Crete. CVC, meanwhile, was among the first major private equity firms to venture into the Greek market, where it has backed companies including Hellenic Healthcare Group, insurer Ethniki and electricity firm Public Power Corp.
StudioEasy Apollo Global Management ( APO ) is in talks to sell MidCap Financial Investment (MFIC), its publicly traded private credit fund, in a deal valued at about $3B, according to a Wall Street Journal report that cites people familiar with the matter. The potential buyer is expected to be another business development company, and the transaction could involve shares rather than an all-cash p...
StudioEasy Apollo Global Management ( APO ) is in talks to sell MidCap Financial Investment (MFIC), its publicly traded private credit fund, in a deal valued at about $3B, according to a Wall Street Journal report that cites people familiar with the matter. The potential buyer is expected to be another business development company, and the transaction could involve shares rather than an all-cash purchase, the report added. MFIC’s default rate reportedly rose to 5.3% in Q1 from 3.9% at the end of 2025, while the fund posted a $61M quarterly loss. MFIC shares have also been trading at roughly 85% of NAV, reflecting investor concerns over potential future losses. The discussions come as the private credit industry faces rising defaults, weaker investor demand, and increased redemption pressure. Apollo ( APO ) bought MidCap in 2013 to strengthen its direct-lending platform. More on Apollo Global Management Apollo Global Management, Inc. (APO) Q1 2026 Earnings Call Transcript Apollo's Private Credit Infrastructure Is Heavily Discounted Apollo Global: I'm Downgrading To Buy Ahead Of A Tougher Q1 Apollo, Blackstone, other private credit firms in talks for ~$35B financing for Broadcom - report Apollo reaffirms 20% FRE growth and 10% SRE growth outlook as it targets daily pricing across credit by 9:30