Public Markets 3d Briefing
×Last updated: March 12, 2026, 7:33 PM ET
Energy Markets & Geopolitics
Oil futures surged to $100 bloomberg.com for the first time since August 2022 as millions of barrels remained trapped in the Persian Gulf, triggering the biggest oil market disruption in history. Brent crude closed above $100 bloomberg.com as the Strait of Hormuz became a flashpoint, with the UK warning that Iran is laying mines in the waterway bloomberg.com. Russia is raking in $150 million daily wsj.com from surging oil prices, bolstering Vladimir Putin's war chest as tankers carrying Russian crude head to India. Meanwhile, Iraq cut oil output further bloomberg.com to 1.2 million barrels daily as Baghdad pushes to restart Kirkuk exports to compensate for regional disruptions.
Financial Markets & Banking
The Federal Reserve and other regulators plan to ease capital requirements nytimes.com for big US banks, a move Wall Street cheered as it would water down protections designed to prevent another 2008-style crisis. The WSJ Dollar Index rose 0.45% to 96.28 wsj.com as the US dollar remained at the mercy of oil prices amid Middle East turmoil. Bond traders ceased pricing in Fed rate cuts bloomberg.com this year as rising oil prices stoke inflation expectations, with the yield on 30-year US Treasuries climbing toward 4.9% amid global moves higher in borrowing costs. The S&P 500 struggled amid war volatility bloomberg.com, with technical analysts noting early signs of bearish momentum as Wall Street traders hunted for a bottom.
Private Credit Crisis
Investors requested cash outs of 14% wsj.com from Cliffwater's $33 billion fund while Morgan Stanley capped withdrawals wsj.com from its private credit vehicles, signaling deepening distress in the sector. Tikehau's Mayer-Lévi said private credit has become "too noisy," comparing the current turmoil to being stuck at an unwanted event. Private credit funds are now bracing for battles with major banks bloomberg.com over "back leverage" as the sector faces unprecedented investor exodus and defaulting borrowers. JPMorgan marked down private credit loans ft.com to software companies, while the ECB's Villeroy warned of liquidity risks bloomberg.com from semi-liquid vehicles attracting retail investors.
Corporate & IPO Activity
Amazon seized a brief window for a $54 billion bond sale bloomberg.com as war in Iran intensified, with banks pitching the company as a safe bet in an increasingly unpredictable world. MDA Space sought $300 million in a US IPO bloomberg.com, giving the Toronto-listed robotics and satellite company an American ticker. Tesla secured a UK electricity supply licence ft.com, threatening further disruption to Britain's retail energy sector after a decade of upheaval. Buzz Feed issued a going concern warning wsj.com, citing broadly operating at a loss since conception and being burdened by legacy commitments.
Defense & Aerospace
Canada's Prime Minister Carney announced billions for military upgrades bloomberg.com in the far north, boosting the country's military presence after White House complaints about vulnerabilities in the region. The FBI joined the search for a missing Air Force general nytimes.com who oversaw a research laboratory at Wright-Patterson Air Force Base. Swiss arms exports jumped to near-record levels bloomberg.com as European defense spending boomed, rebounding for an industry that feared extinction over the country's strict export rules.
Housing & Consumer Markets
Lennar's first-quarter sales fell 13% wsj.com as the tough housing market persisted, resulting in lower average home sale prices. Mortgage rates rose again nytimes.com, undercutting recent affordability pushes after briefly falling below the critical 6% threshold. More borrowers are turning to adjustable-rate mortgages wsj.com as high rates have made traditional fixed loans less attractive. Ulta Beauty expects growth to slow wsj.com, forecasting 6-7% sales growth compared to 9.7% the prior year as consumers focus on value.
Technology & AI
The AI trade is separating Wall Street's winners and losers wsj.com, with a Point72 team scoring hundreds of millions in gains while a smaller firm closes after losing money on software stocks. S&P Global Ratings said the AI impact on software won't trigger a wave of credit rating downgrades. Anthropic and Microsoft struck an alliance on AI agents ft.com, but the tussle over the technology's future will only intensify. An AI platform war truce ft.com emerged as Anthropic and Microsoft aligned on agents, though competition remains fierce.
International Trade & Supply Chains
Brazil's government cut fuel taxes bloomberg.com to offset oil price surges from the Iran war while introducing a levy on crude exports to protect consumers. Some Brazilian soybean shipments failed inspections bloomberg.com, raising concerns about potential disruptions to crucial China trade. The Port of Los Angeles imports rose 3% bloomberg.com in February as importers brought in goods ahead of the Lunar New Year when many Asian factories pause production. Colombia's presidential hopeful Valencia named Oviedo as running mate bloomberg.com, appointing a former national statistics agency head to her campaign.
Automotive & Manufacturing
Stellantis is exploring deals with Chinese carmakers bloomberg.com, potentially having them invest in the Fiat owner's struggling European operations while the company focuses its own investments on the Americas. Rivian's more-affordable model will debut at $57,990 bloomberg.com, with electric SUV shoppers having to wait until at least 2027 for a sub-$50,000 option. Samsung and SK plan to cancel $14 billion in treasury shares bloomberg.com, one of the largest such moves by South Korean conglomerates as firms respond to governance pressure.
Precious Metals & Commodities
Comex gold settled 1.19% lower at $5167.40 wsj.com, down two of the past three sessions, while silver fell 4.5% wsj.com, snapping a three-session winning streak. The jewelry industry is taking a wild ride as gold and silver prices soar nytimes.com, with some jewelers turning to wood, steel, and platinum while others lean into volatility with bigger designs. Fertilizer stocks jumped as shipments remained stuck at the Strait of Hormuz wsj.com, with CF Industries shares hitting record highs on risks from the Iran war.
Emerging Markets & Currency
The Indian rupee's slide to record lows on soaring crude prices has sent local importers rushing for cover, driving up hedging costs bloomberg.com. State Street reported strongest dollar buying in nearly two years bloomberg.com as Middle East conflict drives demand for safe-haven assets. European banks paused Gulf expansion goals bloomberg.com after the war deflated recent enthusiasm for Middle East investments. European Central Bank officials are confronting war-induced inflation threats bloomberg.com, knowing this time is probably different from the 2022 energy crisis.
Regulatory & Legal Developments
The Commodity Futures Trading Commission issued first guidance on prediction market manipulation bloomberg.com, asking exchanges to engage with regulators before opening certain vulnerable markets. A federal judge dismissed bulk of a lawsuit over Trump's funding freeze nytimes.com, ruling the case mostly moot because the administration resumed flow of more than $200 million in funding. The Trump administration is expected to begin a trade investigation into forced labor policies nytimes.com, targeting whether dozens of countries have adequate protections.
Space & Technology Infrastructure
S&P is considering rule changes to fast-track SpaceX's S&P 500 entry bloomberg.com after its IPO, potentially accelerating the rocket company's inclusion in the benchmark index. NASA's MADCAP team directs lunar traffic nytimes.com, highlighting growing incidents above Earth's neighbor as private Blue Ghost mission encountered a "red alert" in lunar orbit. SpaceX secured a UK electricity supply licence ft.com, marking another expansion into infrastructure markets.