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Daily Update — November 12, 2025

Exploring Sustainable Aircraft Fuel; US Trade Deals with Asia; and Big Picture on Private Markets

Today is Wednesday, November 12, 2025, 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.

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Energy Transition & Sustainability

Listen: Decarbonizing Aviation: Challenges and Opportunities in Sustainable Fuels | Look Forward

 

In this episode of the “Look Forward” podcast, S&P Global Commodity Insights experts Roman Kramarchuk and Ina Chirita joined host Andy Critchlow to discuss the challenges in reducing carbon emissions in aviation, including the rising demand for and high production costs of sustainable aviation fuels.

 

Listeners will gain insights into the state of aviation emissions, the role of various feedstocks and the fragmented policy environment affecting the adoption of sustainable aircraft fuel. The episode also explored the potential of emerging technologies, the importance of global cooperation in setting cohesive policies, and the implications for airlines and consumers as the industry strives for sustainability.

Global Trade

US trade deals progress with focus on investment and eased tensions

 

At the end of October, US President Donald Trump visited multiple Asian countries and furthered trade deals. The US signed Technology Prosperity Deals and refined prior framework agreements with South Korea and Japan, specifying industries and technologies that the US aims to protect through reliable trade or US investment. While many elements affect the industries on which the auto sector depends, the new deals focus on technology and broader economic issues. The investment agreements address issues such as AI adoption, research security, advanced radio access networks, and supply chains for pharmaceuticals and biotechnology.

 

An agreement with China was also announced, though much of it centered on extending suspended tariffs and nontariff trade barriers for another year.

Private Markets

Big Picture 2026 Private Markets Outlook: Private credit shakes up banks

 

Private credit firms have grown considerably with support from large private equity firms, creating more competition for traditional banks. While many traditional lenders are concerned about ceding market share, they have lent directly to and partnered with private credit firms. Depository institutions have also benefited from private credit firms supporting asset values by lending directly against commercial real estate properties or purchasing loans at more favorable prices than expected by market participants a few years ago.

 

The investment community received greater clarity on banks' direct exposures to private credit firms in the fourth quarter of 2024, when the industry began breaking out loans to nondepository financial institutions (NDFIs). Loans to NDFIs include loans to mortgage intermediaries, business credit intermediaries and consumer credit intermediaries; other loans to NDFIs; and loans to private equity firms, which grew 57% through the first six months of 2025. Some traditional lenders have argued that the private credit sector is untested since it has not yet been through a significant downturn. Other banks have called for more nuance and have suggested that not all private credit lenders are created equal.

In case you missed it

  • The working adult population is projected to grow by 5% or more in 203 US counties from 2026 to 2031, and Mid-America Apartment Communities leads real estate investment trusts that own multifamily properties in these counties.
  • Europe's 19th sanctions package aims to stop the remaining flows of Russian energy still trading into the region, including butane and isobutane, which was previously exempted from import bans. 
  • Factor investing has become a key growth area for the Middle East, with increased adoption of the strategy driven by a desire for risk reduction, enhanced returns and cost efficiencies. 

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