SpaceX is set to list on the Nasdaq after raising $75 billion in the world’s largest IPO, with shadow markets indicating a potential 35% jump on debut. This highlights strong investor appetite for AI and space infrastructure assets and could set a positive precedent for future mega-IPOs. The MSCI Asia Pacific Index rallied 2.7%, led by a sharp rebound in South Korea’s Kospi, as investors across Asia, without direct access to the SpaceX IPO, looked for alternative ways to gain exposure to the company.
Risk sentiment is firmer heading into the end of the week after Trump said the US is nearing an agreement with Iran. Brent crude fell more than 2% toward $88 as markets priced in a lower probability of renewed US strikes and prolonged supply disruption. That has helped ease inflation concerns and supported bonds, with the 10-year Treasury yield holding around 4.47% after Thursday’s rally. Rate markets have also softened expectations for Fed tightening, shifting the timing of a fully priced hike from December into early 2027, although ECB officials remain alert to any renewed energy shock.
We are light on macro data releases today. On the calendar, we have a series of ECB speakers: Kocher (8:00 AM), Rehn (9:00 AM), and Nagel (3:30 PM). Joachim Nagel has already indicated that the ECB is prepared to raise interest rates again at its July meeting if necessary.
• Bitcoin was little changed at $63,321.28
• Ether fell 0.5% to $1,663.34
• Spot gold is trading at $4,180.21/oz
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