Daily Update — April 8, 2026
US Tax Credit Changes; Crypto’s New Threats; and US Labor Market Momentum
Today is Wednesday, April 8, 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
Listen: Return Of The...Crux: OB3 And Tax Credits
Alfred Johnson, co-founder and CEO of Crux, returned to the “EnergyCents” podcast to catch up with hosts Hill Vaden and Sam Humphreys on what’s been happening in the US tax credit space since the introduction of 2025’s One Big Beautiful Bill Act. They discussed the uncertainties companies faced at the end of 2025 and how things are moving forward into 2026.
Digital Assets
The Frontier Of Cyber Risk: Maturing Crypto Markets Give Rise To New Threats
Crypto markets’ integration into the financial mainstream promises increasingly frictionless access to a wide range of assets, including digital bonds, funds and stablecoins. However, this growth is also ushering in a new era of cyberrisk, threatening digital asset holders, crypto ecosystems and financial systems. Over the past decade, each of the top 10 cyber breaches by value has resulted in losses exceeding $200 million. The scope for continued losses, including systemic damage, is evident, and new cyberrisks are emerging as crypto assets and applications evolve.
According to S&P Global Ratings, the speed of this change means that cyberrisks affecting crypto assets and infrastructure — and the risk-transmission channels between asset classes and operators — are not fully understood or accounted for. This could expose issuers, investors and crypto markets to unnecessary or unforeseen risk, making ongoing education a priority to mitigate these threats.
Private Markets
Solid Jobs Numbers For March Overstate The US Labor Market's Momentum
S&P Global Ratings Economics believes that the headline numbers from the newly released jobs report overstate the US labor market's underlying momentum. Payrolls rose by 178,000 in March, well above the consensus forecast, while the unemployment rate edged down to 4.3%. But the decline in the unemployment rate was driven by a decline in labor force participation — not a rise in employment.
The participation rate and the employment-to-population ratio remained meaningfully below year-ago levels, pointing to the gradual erosion of labor supply rather than renewed labor demand. A key measure of labor underutilization — the U-6 unemployment rate, which is now at 8% — is slightly higher than it was in February and 12 months ago. In addition, wage growth continues to slow. Average hourly earnings rose just 0.2% month over month and 3.5% year over year, almost a five-year low.
In case you missed it
- Demand destruction may ease some upward pressure from tight supply in the Asian jet fuel/kerosene complex, as reflected by the pullback in cash differentials for Singapore-loading cargoes.
- The resilience of Japan's automakers is under increasing strain, with a slowing recovery of profitability a key risk to creditworthiness over the next one to two years.
- Global food prices rose for the second consecutive month in March, with energy-driven cost pressures linked to the escalating Middle East conflict affecting vegetable oil and sugar markets, according to April 3 data from the Food and Agriculture Organization.
Upcoming events
- Mercury Rising: European Corporates Have Stepped Up Climate Adaptation Planning | April 9 (Webinar)
- From Data to Drivers: Linking SNL + Visible Alpha Financials to Research Insights in S&P Capital IQ Pro | April 14 (Webinar)
- Powering AI Infrastructure in a Volatile World: Fact Checking Supplier Escalations for Transformers & the Role of Copper | April 15 (Webinar)