Public Markets 8 Hours

Last updated: March 24, 2026, 10:30 AM ET

Geopolitical Fallout & Energy Markets

Global markets continued to grapple with uncertainty as hopes for a swift resolution to the Middle East conflict faded, causing U.S. stock futures to dip and European equities to retreat, though Asian indexes managed a partial rebound. The conflict’s impact on energy remains severe, pushing Brent crude above $100 a barrel despite President Trump easing threats of strikes against Iranian assets earlier in the week. Furthermore, Iran has begun charging transit fees for some commercial vessels navigating the Strait of Hormuz, underscoring Tehran's leverage over the vital maritime chokepoint. This instability is having widespread economic effects, with French business activity declining at its fastest pace since October, while German private-sector activity fell more than expected due to spiking cost pressures.

Energy & Commodities Volatility

Natural gas futures in the U.S. fluctuated narrowly as traders balanced bearish weather forecasts against rising oil prices, which have been pulling the gas contract higher since the war began. In response to supply concerns, top U.S. drillers like Expand Energy Corp. and EQT Corp. are actively seeking to cut out middlemen traders to secure greater profit margins on their output. Meanwhile, the conflict’s impact on physical logistics is evident, with shipping rates for Saudi crude plunging from Yanbu as tankers arrive to haul flows diverted from the closed Strait of Hormuz. On the nuclear front, France is channeling its highest March nuclear generation since 2019, which is helping to stabilize power prices across Europe amid the energy shock.

Asset Management & Private Credit Stress

Shares of major alternative asset managers declined sharply after both Ares Management Corp. and Apollo Global Management Inc. imposed restrictions on investor withdrawals from some of their private credit funds, signaling growing redemption pressure across the industry. Ares specifically limited withdrawals from its $10.7 billion private credit fund as the exodus of wealthy individuals accelerates. This sector stress has drawn regulatory attention, with the European Central Bank launching fresh checks on supervised banks regarding their exposure to private credit loan quality. Adding to the regulatory scrutiny, the SEC has questioned the ratings issued by Egan-Jones, an agency relied upon heavily for grading the private loans driving this sector boom.

Corporate Dealmaking & Executive Moves

In corporate governance, Trian Fund Management and General Catalyst raised their cash offer for Janus Henderson Group Plc to $$52$ a share, moving to defend their proposal against a competing bid from Victory Capital Holdings. Elsewhere, discount retailer Dollar General tapped Ahold Delhaize veteran Jerry “JJ” Fleeman Jr. to succeed Todd Vasos as CEO, effective January 1, 2027. In aviation, United Airlines plans to introduce over 250 new aircraft within two years, prioritizing the expansion of its premium capacity. Separately, fintech firm Revolut reported record pretax profit of £1.7 billion for 2025, benefiting from expanding customer numbers and higher fees from card payments.

Political and Fiscal Policy Shifts

U.K. Chancellor Jeremy Hunt stated that the government will not provide broad bailouts for wealthy households facing elevated energy bills this winter, confirming that any support will remain highly targeted and adhere to fiscal guidelines. This contrasts with localized support efforts, as France’s agriculture ministry announced measures to assist farmers grappling with soaring fuel and fertilizer costs stemming from the Middle East conflict. On the political front in the U.S., Oklahoma Governor Kevin Stitt selected fellow Republican Alan Armstrong, an energy executive, to fill Markwayne Mullin’s Senate seat in a caretaker capacity until the next election.

Market Structure & Digital Finance

The push toward digital asset infrastructure is gaining traction, with the New York Stock Exchange partnering with Securitize to build a platform where stocks could trade as digital tokens on a 24/7 basis. In parallel, Bank of Montreal is preparing to roll out tokenized cash capabilities, allowing institutional clients to securely move funds around the clock, a development also being explored in collaboration with the CME. Meanwhile, alternative asset managers are looking at staffing changes; hedge fund Millennium is reportedly considering relocating staff from Dubai to Jersey following requests from employees to move.

UK Regulatory Action & Consumer Costs

The U.K.'s antitrust watchdog, the CMA, imposed price caps on veterinary services to promote competition and manage rising pet ownership costs, limiting the price of prescriptions to a maximum of £21. This move targets the £6.7 billion veterinary market, aiming for greater pricing transparency. In unrelated regulatory news, fintech firm The Bank of London was fined £2 million by the Bank of England for submitting falsified documents, involving former board members like Peter Mandelson and Harvey Schwartz.