Public Markets 3d Briefing
×Last updated: March 13, 2026, 4:30 AM ET
Energy & Commodities
Oil futures slipped 1.3% wsj.com in early Asian trade as OPEC+ signaled potential output increases, while gold held steady bloomberg.com near $2,340/oz despite a weakening dollar and geopolitical tensions. A surge in aluminum prices bloomberg.com catapulted China Hongqiao's Zhang Bo past the $48 billion mark, cementing his position among Asia's wealthiest industrialists and highlighting the commodity's critical role in the energy transition. Meanwhile, 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 is testing investor appetite amid geopolitical uncertainty. The Iran war's impact bloomberg.com on global oil markets remains profound, with the IEA reporting unprecedented disruption affecting 7.5% of global supply and an even larger share of exports, while U.S. crude oil stockpiles rose wsj.com for the third straight week as exports fell and refineries increased capacity use.
Fixed Income
Japanese government bonds extended gains bloomberg.com tracking overnight Treasury rallies as traders increasingly price in a September Fed rate cut, while U.S. airline bonds weakened bloomberg.com due to soaring jet fuel costs. A surge in aluminum prices bloomberg.com also pressured energy-linked corporate credits, with U.S. airline bonds weakening bloomberg.com as a direct consequence. The Iran war's volatility bloomberg.com drove U.S. Treasuries volatility to a nine-month high, as inflation concerns and shifting Fed expectations heightened market uncertainty. Simultaneously, China's strategic commodity stockpiling ft.com continues, though its scale remains opaque, while Singapore's trade deficit bloomberg.com disputes U.S. data amid tariff tensions, challenging the dollar's dominance.
IPO & Listings
The National Stock Exchange of India Ltd. opened its IPO door bloomberg.com for thousands of shareholders to sell stock, aligning with regulatory requirements, while Vincorion approached a $1 billion market cap wsj.com under its IPO price of 17 euros per share. Hong Kong moved to lower thresholds bloomberg.com for dual-class share listings, part of a broader push to revive its status as a premier global IPO destination, and SoftBank-backed Pay Pay remained open to a dual listing bloomberg.com after its solid U.S. IPO. However, Hong Kong plans to expand its "name-and-shame" regime bloomberg.com to include law firms and auditors, stepping up efforts to improve listing quality amidst a crowded market.
Technology & Innovation
Meta delayed the rollout nytimes.com of its new AI model after performance concerns, pushing back its timeline despite billions spent to lead the AI race. Tesla's AI ambitions bloomberg.com continue to attract investor interest, with buyers joining SPVs to gain exposure before potential public offerings, though the opacity of some deals raises questions. Meanwhile, China's AI giants bloomberg.com are seen as offering better value than U.S. peers, with a top-performing emerging markets fund increasing exposure to Tencent and Alibaba, betting on their AI-driven growth potential.
Geopolitics & Macro
The Iran war's escalation bloomberg.com is reshaping global markets, with higher oil prices wsj.com acting as a key driver of inflation fears and currency volatility. The conflict has forced India to scramble nytimes.com to secure cooking gas supplies, while Thailand's growth bloomberg.com faces a potential halving due to tourism losses, weaker exports, and soaring energy costs. China's consumer spending bloomberg.com may have recorded the worst start to any year outside the pandemic, underscoring the challenge to Beijing's domestic demand strategy. The euro fell bloomberg.com to its lowest level since August, as the dollar strengthened amid the Middle East turmoil, while Japan's yen sank bloomberg.com to its weakest level since July 2024. U.S. strategic oil reserves bloomberg.com are being considered for release to address market volatility, and G-7 nations bloomberg.com have formally asked the IEA to prepare scenarios for potential releases.