Asia Market Movers | WSJ: Rising defaults and redemption pressure push Apollo to weigh $3bn credit fund sale

Monday, 11 May, 2026 Stock market update WSJ: Rising defaults and redemption pressure push Apollo to weigh $3bn credit fund sale Apollo Global Management is in talks to sell its $3bn BDC MidCap Financial Investment Corp after defaults jumped to 5.3% and the fund posted a $61m first-quarter loss, the Wall Street Journal ( gated Central Banks Iran oil shock has put Fed rate cuts off the table and hikes back on, Pimco says Pimco's CIO warned the Financial Times (gated) that the Iran war's energy shock could make Fed rate cuts counter-productive and may even necessitate hikes, with Franklin Templeton echoing the concern. Learn more Central Banks PBOC is expected to set the USD/CNY reference rate at 6.7988 – Reuters estimate The People’s Bank of China is due to set the daily USD/CNY reference rate at around 0115 GMT (2115 US Eastern time), a fixing that remains one of the most closely watched signals in Asian foreign exch Commodities UK and France convene 40-nation defence meet on Hormuz as Iran issues war warning The UK and France will co-chair a 40-nation defence ministers' meeting Tuesday on plans to restore Hormuz shipping, hours after Iran warned any foreign warships would face a decisive response. Summary Commodities Two tankers slip through Hormuz dark as Gulf oil crisis grinds on. Yeah, two. Yippee. Two VLCCs carrying a combined 4 million barrels of Gulf crude exited the Strait of Hormuz last week with transponders switched off to avoid Iranian attack, Kpler data showed. Summary: The VLCC Basrah News Economic and event calendar in Asia Monday, May 11, 2026 - China inflation data We had Chinese trade data over the weekend: China's April exports surge 14.1% as Iran war fear drives global stockpiling rush Today we get inflation data. China's deflation story appears to have run i Commodities Japanese markets are about to get more active and respond to the US-Iran war of words Iran Hormuz sovereignty claim Summary: Iranian state media reported that the U.S. proposal amounted to a demand for Iran to surrender to what it characterised as excessive American demands, per Irania Commodities US futures trade has opened for the new week, oil is higher and equites a bit lower Oil is higher. Up more than 3%. ES and NQ are a touch lower. Barely off at all. Globex open now. Catch up on the news from here if you need: Futures aren't open yet, but early FX is pointing to risk o Learn more Forex Futures aren't open yet, but early FX is pointing to risk off gap EUR down, AUD down, NZD down as examples. Yen hanging in there. Earlier: Iran state media says Iran wants sovereignty over the Strait of Hormuz Iran demand Trump says no Iran rejects Trump

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