Public Markets 24 Hours

Last updated: March 31, 2026, 11:30 PM ET

Asia Equities Rebound on De-escalation HopesAsian equities** [*surged broadly as hopes for a swift conclusion to the Middle East conflict soothed inflationary concerns stemming from elevated oil prices. Japanese shares climbed sharply following President Trump’s indication that the U.S. aimed to conclude the war within three weeks, further supported by better-than-expected results from the Tankan business survey. South Korean stocks also posted a rebound, driven by gains in chipmakers like Samsung & SK Hynix, as risk appetite revived across the region on geopolitical easing. Meanwhile, Taiwanese stocks outperformed Korean peers by the widest margin since 2009, reflecting relative market resilience during the turmoil.**

Fixed Income & Currency Markets React to Geopolitics

The prospect of an imminent end to the conflict sent US Treasuries rallying modestly as traders scaled back expectations for persistently high oil prices that threatened growth. Conversely, Indian bonds experienced jolts following the Reserve Bank of India’s foreign exchange curbs, which made hedging rupee weakness offshore less viable for foreign investors, potentially pushing the rupee toward a record low of 100 per dollar if the war had persisted. In contrast, Chinese government bonds emerged as a rare haven, seeing marginal yield declines since the conflict began while yields elsewhere rose. The Singapore dollar strengthened slightly against the USD, benefiting from the overall risk-on sentiment sweeping regional trading floors.

Energy Market Volatility and Supply Chains

Although hopes of de-escalation caused oil futures to decline initially, the market saw some whipsawing, with futures later rising on expectations of a technical recovery. Key US offshore oil grades are commanding the highest premium since Covid-19, illustrating the underlying supply stress caused by the conflict. The disruption has forced unusual trade reroutes, with New York sending jet fuel shipments to England, while Singapore warned residents to expect costlier power bills. In Saudi Arabia, one of the world’s largest petrochemical facilities halted production due to supply chain disruptions, compounding global energy uncertainty.

Corporate Finance & Asset Management Deals

BlackRock Inc. has solidified its position with Australia’s sovereign wealth fund, seeing its mandate grow by 74% over the last two years, making it the largest recipient of the fund’s expanding alternatives portfolio. In private credit, Blue Owl Capital successfully closed its Asset Special Opportunities Fund IX above target, gathering $2.9 billion in commitments, signaling continued investor appetite for private debt. Separately, Blackstone is reportedly preparing for a potential $500 million initial public offering for its AGS Health Pvt. unit in Mumbai. Meanwhile, in the biotech sector, Biogen announced a deal to acquire Apellis Pharmaceuticals for $5.6 billion to bolster its immunology and rare-disease pipeline.

Regulatory Scrutiny and Market StructureThe Commodity Futures Trading Commission is actively** [*monitoring spikes in oil futures trading for any unusual activity, while a top official also issued warnings against insider trading within prediction markets. In the private lending space, Canada’s securities regulator alleged that KPMG LLP failed to properly value loans during its audit of collapsed lender Bridging Finance Inc.’s funds. In Asia, Indonesia signaled reforms aimed at transparency, giving some listed companies up to three years to raise their public float to a minimum of 15%. Furthermore, Tether Holdings SA abruptly cut two senior precious metals traders it had hired from HSBC only months prior as part of its gold trading floor buildout.**

Tech Valuations and Corporate Performance

The fervor surrounding artificial intelligence continues to drive valuations, as OpenAI closed its funding round at a staggering $122 billion valuation, including investments from entities like Amazon and Nvidia, with retail investors contributing $3 billion. Ark Investment Management plans to incorporate a stake in the startup across some of its ETFs, testing the feasibility of moving pre-IPO demand into daily traded vehicles. Conversely, established tech and retail players faced headwinds: Nike guided for sales declines due to continued softening in China, and furniture retailer RH projected a revenue fall between 2% and 4% in the current quarter, citing tariff and weather impacts. Oracle stock gained 5% after announcing layoffs alongside heavy AI investment, positioning it as a barometer for the sector’s financial viability.

Sovereign Reforms and Economic Headwinds

The Iranian conflict continues to strain national economies globally: South Africa cut fuel taxes to offset the steepest rise in gasoline costs in nearly two decades, while the central bank noted the war has clouded the economic expansion outlook. In contrast, Australia is expected to realize a multi-billion dollar windfall through higher coal and gas export revenues through 2030, according to Westpac Banking estimates. Meanwhile, market watchers in emerging markets are grappling with political uncertainty; Colombia’s central bank delivered a full percentage-point rate hike after the finance minister walked out of the policy meeting in protest. In Argentina, President Milei achieved a victory as poverty fell to its lowest level since the first half of 2018, despite stalling disinflation efforts.