Public Markets 3d Briefing
×Last updated: March 13, 2026, 12:30 AM ET
Energy & Commodities
Brent crude surged above $100 bloomberg.com for the first time since August 2022, settling at that level as millions of barrels remain trapped in the Persian Gulf following Iran’s efforts to strangle the Strait of Hormuz. The conflict has created what analysts describe as the biggest oil market disruption in history. In response, the G-7 endorsed strategic reserve use bloomberg.com to address supply volatility, while the U.S. moved to ease Russian oil sanctions ft.com to facilitate additional flows, a decision Treasury Secretary Scott Bessent called "unfortunate" but necessary for the short term. The dollar-oil linkage bloomberg.com dominated currency markets, with the U.S. currency rising 0.45% as oil prices dictated risk sentiment. The war's impact rippled globally: the Philippines is reviewing its 30-year-old oil law bloomberg.com to gain better control over Surging fuel prices, and India scrambled for cooking gas supplies nytimes.com normally shipped from the Gulf. Meanwhile, UAE cut crude shipments to onshore partners bloomberg.com by about a fifth, rerouting flows to Fujairah, and Iraq's output fell to 1.2 million barrels daily bloomberg.com as Baghdad pushed to restart Kirkuk exports. Despite Trump lifting some Russian sanctions, oil prices edged lower in Asia wsj.com on a technical correction after the prior week's spike.
Fixed Income & Volatility
U.S. Treasuries volatility surged bloomberg.com to a nine-month high as the Iran war fueled inflation concerns and upended expectations for the Federal Reserve's policy path. The 30-year Treasury yield climbed toward 4.9% bloomberg.com, part of a global move higher in borrowing costs as bond traders priced in bigger deficits worldwide. This environment triggered a rush into leveraged ETFs bloomberg.com and borrowed cash across Asia, reviving fears of a repeat of last week's war-induced selloff. The turmoil also exposed fractures in the private credit market. Morgan Stanley capped withdrawals bloomberg.com from a private credit fund, leading its shares to fall and sparking a broader selloff in asset managers. Earlier, investors had asked to cash out 14% of Cliffwater's $33 billion fund. ECB's Villeroy warned bloomberg.com that semi-liquid retail vehicles pose liquidity risks to firms like Blackstone and BlackRock. In corporate actions, Brookfield sought an $800 million loan bloomberg.com to back its World Freight buyout, while Samsung and SK canceled $14 billion in treasury shares bloomberg.com in a major reform push.
Equities: AI Divergence & Sector Stress
A hyped Chinese AI agent, OpenClaw bloomberg.com, heightened investor focus on Tencent and Alibaba's earnings, with a top emerging markets fund arguing these hyperscalers offer better value than U.S. peers pouring vast sums into AI. This contrasted with Wall Street's ongoing pain in software stocks bloomberg.com, which appear to have found a bottom after months of selling on AI disruption fears. The AI trade is separating winners from losers wsj.com, with a Point72 team scoring hundreds of millions while a smaller firm shuts down. In electric vehicles, Rivian's $57,990 SUV arrived wsj.com at a terrible moment as the EV downturn deepens. Xiaomi faced a $1.8 billion payout for short sellers bloomberg.com as memory prices rose and EV sales weakened. Ulta Beauty forecast slowing growth bloomberg.com as consumers focus on value, projecting 6-7% sales growth versus 9.7% last year. Jennifer Garner's snack company, Once Upon a Farm bloomberg.com, fell 9.8% after its first post-IPO report forecast 2026 sales slowdown.
Geopolitical Spillovers & Regional Markets
The Iran war's economic fallout nytimes.com is delivering a blow to countries already reeling from trade breakdowns and chaotic U.S. policymaking. Emerging market central banks face a new energy crisis ft.com, with higher oil prices "significantly changing the game plan." The Philippines braced for labor market pain bloomberg.com after joblessness hit a near-four-year high, with Middle East conflict threatening overseas worker remittances. Australian markets were rattled bloomberg.com as hedge fund Regal Partners saw its backing, biotech Immutep, suffer a 93% crash, wiping out A$582 million in market value. Northern Star Resources sank bloomberg.com to a six-year low after cutting gold output guidance due to mill problems. In Asia, Singapore disputed U.S. trade surplus data bloomberg.com as new tariffs loomed, while Asian banks paused Gulf expansion goals bloomberg.com after the war deflated recent buzz. China's consumer spending had its worst start bloomberg.com outside the pandemic, highlighting the domestic demand challenge.
Currencies & Safe Havens
Investors bought U.S. dollars bloomberg.com at the strongest pace in nearly two years, seeking safe-haven assets as Middle East conflict escalated. The dollar's strength was directly tied to oil prices bloomberg.com, overshadowing other factors. The euro fell wsj.com as higher oil prices outweighed bets on an ECB rate hike. The Indian rupee's slide to record lows bloomberg.com sent importers rushing for hedges, driving up protection costs. The Singapore dollar consolidated wsj.com against the greenback on possible position adjustments. These moves came as bond traders priced in bigger global deficits bloomberg.com and gold edged higher in early Asian trade wsj.com amid ongoing conflict, though it later settled 1.2% lower as the dollar strengthened.
Corporate & Regulatory Developments
S&P Dow Jones considered rule changes bloomberg.com to fast-track SpaceX's entry into the S&P 500 after its IPO. Meanwhile, special purpose vehicles lured investors bloomberg.com into potentially murky pre-IPO deals for SpaceX and OpenAI. The Fed and other regulators planned to ease some capital rules nytimes.com for big banks, a move cheered by Wall Street but watering down post-2008 protections. JPMorgan marked down private credit loans ft.com to software companies, adding to sector woes. Meta delayed a new AI model rollout nytimes.com after performance concerns despite billions in spending. Ukraine planned to share drone footage nytimes.com for AI training, raising ethical questions. BuzzFeed issued a going concern warning wsj.com, citing a lack of liquidity and persistent losses. Lennar's first-quarter sales fell 13% wsj.com as the housing market remained tough. Qantas agreed to pay $74 million wsj.com to settle a class action over Covid-era flight credits.