Institution: High energy prices may start to put pressure on trading

```htmlGolden Ten Data reported on April 9 that Matt Zimmer, Head of Investment Banking at William Blair & Co., stated that companies in industries such as transportation, logistics, and industrial sectors are still successfully passing higher fuel and input costs onto customers. However, if energy prices remain elevated, this support for corporate transaction activity may be difficult to sustain. Transportation and logistics companies have introduced fuel surcharges, while industrial firms—including petrochemical and packaging-related companies—are also raising prices. "At a certain threshold, these companies will have to absorb part or even all of the rising costs themselves." According to compiled data, global merger and acquisition activity started strong this year, with about $1.3 trillion in volume in the first quarter. However, Zimmer noted that if companies lose the ability to pass on costs to consumers, this momentum may weaken. The structure of transactions is also changing, shifting from software and technology sectors to more resilient, demand-driven foundational and labor-intensive service areas, including infrastructure, environmental services, and heating, ventilation, and air conditioning (HVAC) related deals. Meanwhile, private equity investors—especially in Europe and the United States—are showing "universal interest" in defense spending.```