Public Markets 3d Briefing
×Last updated: March 24, 2026, 10:30 AM ET
Geopolitical Shocks & Energy Markets
Global markets grappled with conflicting signals wsj.com as hopes for a swift resolution to the Middle East conflict diminished, sending European stocks sinking into correction territory from their February record high bloomberg.com. The ongoing war has created the "largest-ever supply shock" for global oil flows through the Strait of Hormuz, prompting Goldman Sachs to raise its 2026 price forecasts bloomberg.com, while Brent crude momentarily climbed above $100 a barrel wsj.com. The volatility has been particularly acute in UK bonds, which are highly susceptible to inflation jitters stemming from the conflict as noted by analysts bloomberg.com, though U.S. Treasury yields generally declined after de-escalation signals wsj.com offered brief market comfort. Meanwhile, in the U.S. gas market, futures fluctuated as traders weighed bearish weather against oil price moves bloomberg.com, even as top drillers like Expand Energy Corp. and EQT Corp. sought to cut out middlemen bloomberg.com to capture greater profit margins from output.
The conflict’s fallout is hitting energy infrastructure hard, with the war taking days to hobble Persian Gulf oil fields and refineries, a recovery that could take years to restore full potential bloomberg.com. This disruption is forcing governments to adapt rapidly; France announced measures to support farmers threatened by sharp fuel price spikes bloomberg.com, while the U.K. energy supplier EDF warned that one in eight customers are now more than 45 days overdue on bills due to rising prices flagged by the conflict ft.com. In a related geopolitical maneuver, Iran has begun charging transit fees for safe passage bloomberg.com on some commercial vessels moving through the Strait of Hormuz, emphasizing Tehran’s control over the vital maritime channel as President Trump’s messaging collided with geopolitical reality bloomberg.com. Further afield, the World Economic Forum postponed an upcoming conference in Saudi Arabia bloomberg.com as a direct consequence of the instability, and Saudi Prince Mohammed bin Salman reportedly pushed President Trump to continue a war with Iran nytimes.com seeing a "historic opportunity" to reshape the region.
Corporate Strategy & Dealmaking
Alternative asset managers faced renewed pressure as both Ares Management Corp. and Apollo Global Management Inc. began curbing investor withdrawals bloomberg.com from certain credit funds amid a surge in redemption requests. Ares specifically is limiting those withdrawals from its $10.7 billion private credit fund following accelerated exodus from wealthy individuals ft.com, drawing regulatory attention, as the European Central Bank will commence fresh checks on banks’ exposure bloomberg.com to the sector and is inquiring about financing for risk transfer buyers according to official statements bloomberg.com. In other deal news, the joint offer from Trian Fund Management and General Catalyst was increased to $52 per share bloomberg.com for Janus Henderson Group Plc, positioning their bid against a rival offer from Victory Capital Holdings as confirmed by both parties wsj.com. Separately, CVC-backed RAC Group has started sounding out investors bloomberg.com for a potential listing on the London Stock Exchange, signaling progress toward an IPO for the driving services firm.
In executive movements, discount retailer Dollar General tapped Ahold Delhaize veteran Jerry “JJ” Fleeman Jr. wsj.com to succeed Todd Vasos as CEO, effective January 1, 2027, while United Airlines plans to add over 250 aircraft wsj.com in the next two years, prioritizing a push to boost its premium capacity offerings. On the tech front, Amazon’s driverless car division, Zoox, is accelerating its push toward a paid robotaxi service ft.com to compete with Waymo and Tesla, and memory chip stocks remain a favored trade amid market uncertainty bloomberg.com, contrasting with Xiaomi, which reported a slump in quarterly net profit wsj.com caught between soaring memory costs and weak consumer demand. Meanwhile, in Japan, Apollo Global Management’s planned $3.7 billion acquisition of Nippon Sheet Glass wsj.com marks the private equity giant’s largest investment in the country, coming as the Japanese glassmaker struggles following its earlier purchase of U.K. rival Pilkington two decades ago ft.com.
Financial Innovation & Regulatory Scrutiny
The trend toward digital assets in traditional finance continues as Bank of Montreal plans to introduce tokenized cash capabilities wsj.com allowing institutional clients secure, 24/7 fund transfers, a service they are launching in partnership with CME bloomberg.com. Mirroring this institutional push for tokenization, the NYSE is collaborating with Securitize to build a 24/7 tokenized securities platform wsj.com where equities could trade as digital tokens. However, regulatory scrutiny remains intense across financial services; subprime lender Goeasy Ltd. secured concessions from lenders bloomberg.com to keep funding lines open after a sharp slide in its shares and bonds, triggered by increasing loan losses within its troubled auto lending unit. Furthermore, the SEC has begun questioning ratings issued by Egan-Jones ft.com, the agency relied upon by many insurers for ratings on thousands of private loans integral to the private credit boom.
In other financial and legal matters, former hedge fund manager Crispin Odey admitted to grabbing a former employee’s breasts without consent ft.com while providing evidence during his appeal against an FCA ban and an £1.8 million fine, later telling the court that receptionists may have perceived him as just a “creepy old man” bloomberg.com. In the fintech space, the Bank of England fined Revolut £2 million for submitting falsified documents ft.com, where former board members included Peter Mandelson. Separately, in the political sphere, UK Labour’s shadow chancellor suggested targeted support for energy bills ft.com, confirming that government aid this winter would remain within fiscal constraints and would not extend bailouts to wealthier households facing higher costs.
Global Economics & Political Appointments
The Iran war impact is causing synchronized shocks globally, with German private-sector activity contracting bloomberg.com as cost pressures spiked from Middle Eastern tensions, and German firms report the steepest trade barriers in decades amid rising protectionism according to the DIHK lobby group bloomberg.com. Nations are adapting supply chains; France is using its highest nuclear generation since 2019 to shield European power prices bloomberg.com, while Russia has temporarily halted exports of ammonium nitrate bloomberg.com, tightening global fertilizer supplies already strained by the conflict. Australian wheat farmers are paring back plantings due to fertilizer woes bloomberg.com, and Brazil races to prevent a trucker strike threatened by rising diesel prices ft.com. Meanwhile, China's $1.57 trillion sovereign wealth fund is reportedly rekindling ties with U.S. money managers bloomberg.com after having reduced allocations previously.
In political appointments, Oklahoma Governor Kevin Stitt selected energy executive Alan Armstrong nytimes.com to fill the vacant Senate seat held by Markwayne Mullin, casting him as a caretaker until the next election. In corporate governance, the BBC is cautiously optimistic about the expected appointment of former Google boss Matt Brittin as director-general ft.com, believing the organization needs a leader with bold thinking to navigate disruption as previously suggested ft.com. Finally, in the U.S. debt debate, Treasury Secretary Scott Bessent’s goal of reducing the deficit is being undercut by the dual pressures of war costs and tariff news bloomberg.com.