Markets

• Blackstone Said to Be in Talks to Buy Canada Property Firm H&R REIT
  Blackstone Inc. is in discussions with Canada’s H&R Real Estate Investment Trust about a potential acquisition, according to people with knowledge of the matter.
• Centerview, Venezuela Discussed $150 Million Fee for Debt Rework
  Centerview Partners was in negotiations with Venezuela as recently as last month for a contract worth at least $150 million for its work as the sole financial adviser on the country’s debt restructuring, a sum that would far exceed payouts for past sovereign deals, according to a draft of the agreement seen by Bloomberg.
• BlackRock’s SpaceX IPO Share Order Said to Target $5 Billion
  BlackRock Inc. is seeking to buy shares in SpaceX’s initial public offering and is targeting an amount of about $5 billion, according to people familiar with the matter, as investors jockey for allocations in what’s expected to be the biggest listing ever.
• SEC Proposes to Scrap Trade-Through Rule for Equities Execution
  The Securities and Exchange Commission proposed eliminating a rule that aims to ensure investors get better prices for their transactions.
• Wall Street Races to Turn SpaceX Into a Leveraged Retail Trade
  The $15 trillion ETF industry isn’t waiting long to see how SpaceX performs before turning it into a leveraged trading vehicle.
• Trafigura and Vitol Sell More Venezuelan Oil to Asia as War Roils Supply
  Commodity traders Trafigura Group and Vitol Group are expanding efforts to sell Venezuelan oil into Asia, a move that comes as the South American country’s production rises and the Iran war disrupts competing supplies from the Middle East.
• Oaktree Sees Distressed Opportunities as Kick-the-Can Era Ends
  Higher-for-longer interest rates means over-leveraged companies are running out of ways to repay their borrowings ahead of a looming maturity wall, according to Brook Hinchman, a managing director at Oaktree Capital Management LP.
• Bitcoin Selloff Leaves Half of All Supply Trading at a Loss
  Bitcoin’s latest retreat has been so severe, it has pushed more than half its circulating supply into loss-making territory.
• A $600 Billion Experiment Kicks Off at the Biggest US Pension Fund
• Why Tomatoes Are the Most Expensive They’ve Been in Four Decades
• Why Indonesia’s Rupiah Keeps Hitting Record Lows
  Indonesia’s rupiah — Asia’s worst-performing currency this year — has been under pressure since late 2024 when investors began reassessing the country’s fiscal outlook following the election of President Prabowo Subianto. Before this current period of volatility, the currency hadn’t traded at such weak levels since the Asian Financial Crisis of 1997-98.
• How Houthis’ Red Sea Shipping Threat Risks Bigger Oil Shock
  One thing that’s helped limit the Iran war’s disruption to global oil supply is the ability of Saudi Arabia to use an alternative export route to the Strait of Hormuz: the Red Sea.
• Sitting Out the SpaceX IPO? Why That’s Hard to Do
  Wall Street has been fixated on the stock market debut of Elon Musk’s SpaceX. The rocket-and-AI company’s initial public offering on June 12 is set to be the largest in history.