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Glonghui March 31｜Greggory Warren of Morningstar stated in a report that as the private credit market faces headwinds, Blackstone’s credit and insurance divisions may experience reduced fundraising and increased redemptions. The analyst noted that the outlook for private credit is bleak due to the way an exchange treats certain private credit funds, which has dealt a heavy blow to asset managers with alternative credit products such as Blackstone. He added that concerns over artificial intelligence (AI) disrupting software companies are also contributing to the pressure, as software companies are a direct lending sector for many private credit funds. Warren said that although Blackstone’s direct lending exposure isn’t as large as that of some peers and other exchanges, the alternative asset manager still has significant private credit exposure and will be affected in coming years. Morningstar has lowered its fair value estimate from $175 to $145.

Golden Ten Data reported on March 31 that due to concerns about the long-term closure of the Strait of Hormuz driving up global fertilizer prices, shares of Malaysian petrochemical producer Kossan Petrochemical have doubled this month. Analysts predict that if the waterway remains closed, the stock price will rise further. Since the outbreak of the Iran war, the stock has surged a total of 102%, making it likely to top the MSCI Asia benchmark index in gains by the end of this month. In contrast, the Asian benchmark has fallen by more than 13%. According to data, at least seven brokers have raised their ratings for Kossan Petrochemical this month. As Malaysia is one of the few net energy exporters in Asia, its stock market has stood out while the Iran war has disrupted global markets. Although foreign investors have sold off shares in most other emerging Asian markets, they recorded net purchases of USD 25.3 million in Malaysian stocks in March.

According to Odaily, citing SoSoValue data, the total net inflow into Ethereum spot ETFs yesterday (March 30, Eastern Time) was 4.9583 million USD. The Ethereum spot ETF with the highest single-day net inflow yesterday was Fidelity ETF FETH, with a single-day net inflow of 10.5609 million USD. Currently, FETH’s total historical net inflow has reached 2.309 billion USD. Next was BlackRock Staked ETH ETF ETHB, with a single-day net inflow of 4.1547 million USD. Currently, ETHB’s total historical net inflow has reached 305 million USD. The Ethereum spot ETF with the largest single-day net outflow yesterday was BlackRock ETF ETHA, with a single-day net outflow of 9.7573 million USD. Currently, ETHA’s total historical net inflow has reached 11.617 billion USD. As of press time, the total net asset value of Ethereum spot ETFs stood at 11.508 billion USD, with an ETF net asset ratio (the ratio of market value to Ethereum’s total market cap) of 4.71%. Historical cumulative net inflows have reached 11.528 billion USD.