Daily Update — April 20, 2026
EU Carbon Pricing; Disruptions to Emerging Markets; and Building Better Businesses
Today is Monday, April 20, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Energy Transition & Sustainability
War and energy crisis spur EU carbon market soul-searching: IETA chief
Geopolitical shocks and an energy crisis spurred by the Middle East war are compelling European policymakers to reconsider how carbon pricing fits with energy security and industrial competitiveness, Dirk Forrister, president and CEO of the International Emissions Trading Association, told Platts, part of S&P Global Energy, in an interview.
"We're in unprecedented times in terms of global energy markets and wars and really how business is responding to this new world order that's emerging," Forrister said on the sidelines of the European Climate Summit in Barcelona. "I think it's natural that there's some nervousness about what it means for the [Emissions Trading System]."
The comments reflect growing pressure on Brussels to introduce greater flexibility into the world's most established carbon market as European industry grapples with volatile energy costs and mounting competition from regions with lower climate compliance burdens.
Economy
Emerging Markets Monthly Highlights: Energy Shock Tests Resilience
Energy prices have reemerged as a key inflation risk for emerging markets. Higher energy prices due to the Middle East war have pushed median emerging market inflation to a post-2024 high, driven by housing and transport energy costs. Price controls dampened inflation for some countries in March, but broader second-round effects from persistent energy pressures remain a risk. Rising energy and food price risks linked to the Middle East war are keeping central banks cautious, pushing market-implied policy rates higher. Rate cuts will likely be delayed, with renewed hikes possible if inflation expectations become unanchored.
Credit vulnerabilities are also rising for emerging markets as the Middle East war and energy disruptions persist. Strong growth and supportive financing conditions can provide near-term resilience, but prolonged supply shocks would erode purchasing power, weaken fiscal and external positions, and tighten financing conditions.
Private Markets
Listen: Building Better Businesses
In this episode of the “Private Markets 360°” podcast, Cathrin Petty, managing partner, cohead of North American private equity and global head of healthcare at CVC, shared her journey leading the firm’s €26 billion healthcare portfolio. With over three decades of experience across science, finance and global investment, Petty offered insights into CVC’s “think globally, act locally” strategy, highlighting the importance of partnership, innovation and a global perspective.
In case you missed it
- India's export quota is likely to double from 2.5 million metric tons for wheat and 500,000 mt for wheat products amid rising inventory levels, sources told Platts, part of S&P Global Energy.
- A prolonged oil shock will unevenly affect Asia-Pacific corporates, according to S&P Global Ratings, varying across companies even within the same sector. S&P Global Ratings believes that credit could deteriorate for firms with a limited financial buffer against supply disruption and/or higher energy and raw material costs.
- Gold prices corrected sharply in early 2026 but remain structurally supported. After peaking above $5,500/ounce in January, gold fell nearly 15% in March, yet held above $4,400/oz, supported by sustained central bank and exchange-traded fund demand.
Upcoming events
- Of Fire on Water: The Asia-Pacific Offshore Oil and Gas Supply Chain in the Wake of the Middle East War Webinar | April 22 (Webinar)
- Navigating Shockwaves in Agriculture: Middle East Conflict, Fertilizer Prices, and the Future of EMEA Food Security | April 22 (Webinar)
- Dips, ships and chips: Supply chain outlook for Q2 2026 and beyond | April 22 (Webinar)