Public Markets 8-Hour Briefing
×Last updated: March 18, 2026, 5:30 AM ET
Geopolitics & Energy Markets
Global energy markets remain elevated as the conflict in the Middle East continues to reshape trade flows, despite Iran moving its own crude through the Strait of Hormuz at pre-war transit rates. Asia's largest importer, China, is reportedly moving to tap vast commercial oil reserves to mitigate disruption, while analysts warn Tehran retains the capability to prolong disruption to gas and oil flows. The fallout is forcing a regression in green investment, with the world’s largest oil and gas majors cutting spending on the energy transition for the first time since 2017. Furthermore, the supply shock to liquefied natural gas is pushing major Asian importers back toward coal consumption to ensure stable power generation.
Asian Equities & Central Banks
Asian equities posted broad gains following positive cues from Wall Street, even as oil prices retreated but maintained a high floor amid ongoing Middle East tensions. In South Korea, the stock market extended its rally after regulators moved to prohibit the practice of double listing subsidiaries, which had previously diluted shareholder value. Meanwhile, central banks are bracing for inflationary pressure; Citigroup predicts the Bank of Korea will raise its policy rate toward 3% this year due to rising global oil prices. In contrast, South Africa’s central bank is unlikely to cut interest rates next week despite February’s cooling CPI, as it factors in the regional conflict’s wider impact.
Corporate Earnings & Dealmaking
Tencent Holdings posted revenue that grew 13% for the quarter, showing solid momentum across gaming and advertising as the tech giant accelerates its investments in agentic artificial intelligence. Elsewhere in Asia, Malaysian carrier PT Garuda Indonesia reported a wider net loss last year amid slipping revenue from scheduled services, while Japan’s inbound tourism finally returned to growth in February, bolstered by visitors from regions outside a persistently weak Chinese market. On the primary market front, the National Stock Exchange of India set modest advisory fees of approximately 0.65% of the issue size for its forthcoming $2.5 billion IPO, as Hong Kong faces regulatory scrutiny that threatens its fundraising boom prospects.
Fixed Income & Private Markets
The global rush into private credit is encountering turbulence, with mounting strains in the $1.8 trillion sector prompting investors to reconsider the asset class’s inherent illiquidity risks. Financial firms, however, continue to allocate capital to the space; Sumitomo Life Insurance plans to commit roughly $1.9 billion to private credit in the coming fiscal year. In Japan, Elliott Investment Management has built a strategic stake in shipping giant Mitsui O.S.K. Lines, arguing the firm is materially undervalued. Amid these shifts, global majors are re-evaluating energy spending, yet European airlines are scouting opportunities to offer direct flights, briefly circumventing disrupted Gulf hubs due to the shipping market turning into a ‘wild west’ with soaring freight rates.
Global Policy & Regulatory Focus
The fallout from geopolitical instability is prompting governments to consider fiscal interventions, with the UK’s Green Party preparing to demand tax hikes on oil and wealth to subsidize soaring household energy bills. In technology policy, a rift is widening between major players after Microsoft weighed legal action concerning a $50 billion cloud agreement between Amazon and OpenAI, testing the limits of Microsoft’s exclusive hosting rights for the startup’s models. Further afield, the Philippines is actively pursuing supply agreements with Russia and China for fertilizer, fearing exporters may default on contracts due to ongoing high prices driven by the Middle East war.
US & European Corporate Activity
European banking integration appears to be advancing, as UBS completed the transfer of 1.2 million clients from the recently acquired Credit Suisse, offering relief as the merged entity faces new capital requirement proposals. Meanwhile, the media sector saw deal activity, with Warner Bros. Discovery’s David Zaslav potentially realizing a $700 million payout upon the proposed sale of his studio to Paramount following leadership changes. The debt markets face a significant test as banks prepare to offload $18 billion in debt tied to a large take-private transaction, which will gauge investor appetite amid general market nervousness over AI-related disruptions.