Shares of banks and other financial institutions ticked up as private-credit fears percolated.
Treasury yields tested their highs of the year as traders braced for knock-on inflation from a spike in oil prices.
Alternative-investment firms are particularly vulnerable to "rising tail risks tied to ongoing events in the Middle East," said analysts at brokerage Morgan Stanley, in a note to clients. "Continued disruption to oil and liquefied natural-gas supply raises the risk of energy price spikes, tighter financial conditions, heightened volatility, and broader second-order effects." Firms that manage large hedge funds, leveraged buyout funds, real-estate investments and private-credit vehicles "rely on relatively stable markets to monetize investments and on a supportive backdrop that sustains investor confidence in private markets to drive fundraising," said the Morgan Stanley analysts.
Victory Capital withdrew its proposal to acquire Janus Henderson, after Trian Fund Management and General Catalyst boosted the value of their agreement to buy the firm by $3 to $52 a share.
British digital bank Revolut reported record annual profit and a surge in its customer numbers, cementing its $75 billion valuation as it expands aggressively in Europe and beyond.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
March 24, 2026 17:31 ET (21:31 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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