Is this a warning sign of a private credit crisis, or just market panic?
Blue Owl Capital, often considered a poster child for the private credit boom, closed at a record low as worries grow about the health of the $1.8tn market. The stock fell 1.4% to $8.45, slipping below its previous low from late 2022. It is now down 68% from its all-time high. Source: HolgerZ, Bloomberg
The Strait of Hormuz is the lifeline of the global economy: Saudi Arabia is the largest source of crude oil transiting the Strait at 38%, followed by Iraq at 22% and the UAE at 14%.
Iran, Kuwait, and Qatar follow at 11%, 10%, and 5%, respectively. On the destination side, China receives the largest portion at 37%, followed by India at 14%, Other Asia and Oceania at 16%, South Korea at 12%, and Japan at 12%. This means ~75% of all crude oil passing through the Strait flows to Asia, making the region overwhelmingly the most exposed to the current disruption. Saudi Arabia and Iraq alone represent 60% of all crude transiting the chokepoint, meaning any prolonged closure disproportionately impacts their export revenues and Asian buyers simultaneously. The Strait of Hormuz is the most critical chokepoint in global energy flows. Source: Global Markets Investor
Iranian “missile hit rates against Israel have risen from 3% during the first two weeks of the war to 27%.”
Source: Carl Quintanilla
New paper from Hendrik Bessembinder just analyzed 100 years of stock market data.
And it's shocking. Out of nearly 30,000 stocks analyzed... Just 30 companies generated ~44% of all wealth created. Source: Oktay Kavrak, CFA @OKavrak
The new deadline from the US President: 8PM ET on Tuesday for a deal before "“Every bridge in Iran will be decimated" by 12 midnight ET.
Source: David Ingles
Rate-change expectations for The Fed in 2026 shifted dovishly back into 'cut' territory today
Source: zerohedge
Iran's attacks on Arab countries
Source: AlMajallaEN
The Gulf "is now home to both the best-performing global bourse over the past month and the worst"
"Dubai’s main stock index is the world’s worst performer so far in March .. Oman’s benchmark surged to the top of global rankings" Source: Ziad Daoud, Bloomberg
