Public Markets 3d Briefing
×Last updated: March 13, 2026, 3:30 AM ET
ENERGY &COMMODITIES
Oil prices surged above $100/barrel ft.com as escalating tensions in the Middle East triggered a scramble for supplies, with futures rising 2.8% bloomberg.com in Asian trade. This spike followed reports of a surge in aluminum prices bloomberg.com that catapulted China Hongqiao's Zhang Bo past the $48 billion mark, highlighting how commodity volatility is reshaping corporate fortunes. The Iran war nytimes.com also disrupted global shipping bloomberg.com, diverting iron ore cargoes mid-voyage to East Asia as the Strait of Hormuz remained a chokepoint, further straining supply chains for manufacturers reliant on key components like plastics. Meanwhile, U.S. airline bonds weakened bloomberg.com as jet fuel costs spiked 8% on Middle East supply fears, and Chicago's planned muni bond sale wsj.com tested investor appetite amid geopolitical uncertainty.
FIXED INCOME
Japanese government bonds extended gains ft.com tracking overnight Treasury rallies, with traders increasingly pricing in a September Federal Reserve rate cut. Conversely, U.S. airline bonds weakened bloomberg.com after jet fuel costs spiked 8% on Middle East supply fears, and Chicago's planned muni bond sale wsj.com tested investor appetite amid geopolitical uncertainty. The Iran war bloomberg.com also pushed U.S. Treasuries volatility to a nine-month high bloomberg.com, as oil price surges fueled inflation concerns and upended expectations for the Federal Reserve's policy path. This volatility was mirrored in the dollar options market bloomberg.com, where the dollar was on course for a fresh 2026 high, reflecting investor hedging against sustained energy price pressures.
GLOBAL MARKETS & GEOPOLITICS
The escalating conflict in the Middle East forced India to scramble to keep stoves lit bloomberg.com, as the nation relies heavily on Persian Gulf shipping for cooking gas. This energy shock also pushed Indian equities lower bloomberg.com and drove the rupee to record lows, as foreign investors remained defensive. Simultaneously, U.S. refiners felt the squeeze from Middle East oil cuts bloomberg.com, despite America's position as the largest crude producer, highlighting the conflict's global reach. The Iran war ft.com further boosted Russian oil revenues ft.com, as tankers carrying Russian crude headed to India, providing vital income for Tehran while complicating Western sanctions efforts. This surge in energy prices also lifted Australian gold prices bloomberg.com, as the conflict provided a safe-haven bid amid uncertainty.
CORPORATE & FINANCE
Hong Kong moved to lower the threshold for dual-class share listings bloomberg.com, aiming to revive its status as a premier IPO destination after a recent surge in listings. This came alongside a push to expand its ‘name-and-shame’ regime for listing applications bloomberg.com to include law firms and auditors, stepping up efforts to improve IPO quality. Meanwhile, SoftBank-backed PayPay secured a $880 million trading debut in New York bloomberg.com, signaling renewed confidence in digital payments, and Honda scrapped plans for electric vehicles nytimes.com, echoing moves by other traditional automakers as the industry divides between EV haves and have-nots. In a separate development, China's pension fund Rest Super sought private US assets bloomberg.com, underscoring strong demand from the world's fastest-growing retirement savings pool.
ECONOMIC IMPACT & POLICY
The Iran war tested Xi's plan to build China's stockpiles ft.com, as Beijing drove a major increase in strategic commodity inventories, though their scale remained unclear. This came against a backdrop where China's consumer spending posted the worst start to any year outside the pandemic bloomberg.com, highlighting the challenge for a government targeting a bigger domestic demand role. The conflict also pushed Malaysia's subsidy bill higher bloomberg.com due to increased oil prices, while Philippines braced for labor market pain bloomberg.com after a jobless surge. In Europe, Germany's economy could weather the Iran war if it doesn't escalate bloomberg.com, though the conflict already strained efforts to revive industrial production. The U.S. Treasury eased Russian oil sanctions ft.com, allowing purchases of cargoes already at sea, a move aimed at easing global energy pressures amid the Gulf disruption.