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Last updated: March 29, 2026, 11:30 AM ET

Geopolitical Tensions & Energy Markets

The ongoing Middle East conflict entered its fifth week with continued escalation, as Israel reportedly struck Tehran and Saudi Arabia intercepted nearly a dozen drones following attacks by Yemen-based Houthi militants. This instability is forcing regional players to secure supplies far afield; the Philippines’ sole refiner, Petron Corp., purchased 2.48 million barrels of Russian crude, as the nation actively seeks alternatives should the wider war persist, particularly if tensions involving Iran escalate further. Simultaneously, the disruption is causing routing anomalies, with a small cargo of Saudi crude transiting the Strait of Hormuz along the Iranian coast en route to Pakistan in a relatively rare passage. The war’s economic implications are broad, with India warning that energy and shipping shortages could weigh on economic growth and potentially widen its fiscal deficit. Further fallout is pushing energy-importing nations to reconsider long-term strategies, as disruptions prompt some countries to explore alternatives like solar, nuclear, and coal rather than relying heavily on natural gas from the region.

Market Strategy & Fixed Income

Wall Street strategists are advising clients to position for a slow, protracted decline in equities, touting “grind lower” trades as the Iran war continues into its fifth week. Despite this persistent geopolitical risk, the initial stock market drop has been relatively muted given the scale of disruption, suggesting underlying supports are keeping share prices elevated. However, fixed-income markets reflect growing fiscal anxiety; Eurozone government bonds are facing one of their worst months in the last decade, with investors citing a perceived deterioration in public finances due to the shock. This broad market unease, coupled with inflation concerns, has driven a sharp increase in Treasury yields, where investors found little relief in bonds despite equity losses. Meanwhile, in Asia, some contrarian investors like TT International and Alliance Bernstein are boldly buying into emerging markets, betting that the recent rout, the worst since 2022, signals an opportune moment ahead of anticipated rate cuts.

Corporate Finance & Dealmaking

In corporate news, the pursuit of AI and pharmaceutical innovation continues to drive significant cross-border investment, evidenced by Eli Lilly finalizing a $2 billion deal with a Hong Kong biotech firm for AI-driven drug development, reflecting aggressive global sourcing within China. Elsewhere in Asia, the conglomerate Vedanta plans to split into five distinct entities next month, with the chair suggesting the newly formed companies could command a combined valuation of as much as $50 billion following a determined deleveraging drive. In the Philippines, internal corporate governance issues surfaced as a leadership dispute at Lopez Inc. resulted in the ouster of its president over a disagreement concerning a 2-billion peso, or $33 million, capital infusion plan. On the regulatory front, lenders in India are actively petitioning the central bank to rethink new foreign-exchange rules designed to defend the rupee, warning that the current measures will impose substantial losses on them as a $30 billion unwinding looms.

Technology, Regulation, & Domestic Politics

The rapid integration of advanced technology into public services is meeting resistance on multiple fronts. In the UK, ministers are exploring triggering a break clause in Palantir’s contract with the National Health Service amid pressure to eject the American firm from England’s data systems. This scrutiny extends to the question of corporate control over powerful AI, where the dispute between the Pentagon and Anthropic serves as a test case regarding private sector boundaries on deployable systems. US domestic politics remains volatile; protests organized under the banner “No Kings” swept across the country, galvanizing thousands of demonstrators focused on President Trump’s immigration policies, while in Texas, internal Republican dynamics were on display as Senator John Cornyn faced boos at CPAC while his colleague Ted Vance won the straw poll. Furthermore, the recent focus on infrastructure safety intensified after the LaGuardia runway incident, prompting questions about whether the minimum standard of two overnight air traffic controllers is adequate for safe operations.