Public Markets 3d Briefing
×Last updated: March 13, 2026, 8:30 AM ET
Public Markets Briefing (March 15-17)
Energy & Commodities
Oil prices surged past $100 a barrel bloomberg.com for the first time since August 2022, driven by escalating Middle East tensions and concerns over potential supply disruptions. The rally lifted Brent crude futures above $100.46, extending gains to a 12-month high, while U.S. crude futures also rose, closing at $100.18. This surge reflects heightened geopolitical risk, with traders pricing in potential Iranian retaliation following drone strikes on Saudi facilities. Conversely, U.S. airline bonds weakened wsj.com as jet fuel costs spiked 8% on Middle East supply fears, and Chicago's planned $500 million municipal bond sale faced tepid demand amid the broader risk-off sentiment. The surge in aluminum prices bloomberg.com also propelled China Hongqiao's Zhang Bo to a $48 billion fortune, cementing his position among Asia's wealthiest industrialists, though analysts caution the rally may be unsustainable without broader industrial demand recovery.
Fixed Income
Japanese government bonds extended gains ft.com tracking overnight Treasury rallies, as traders increasingly price in a September Federal Reserve rate cut. This movement contrasted sharply with U.S. municipal bonds, where Chicago's planned sale bloomberg.com struggled to attract investors, highlighting lingering concerns over credit quality and geopolitical risk. Meanwhile, Eurozone bond yields rose to multimonth highs wsj.com as Brent crude surpassed $100 again, with Commerzbank advising investors to avoid Bunds due to Middle East uncertainty. The U.S. dollar extended gains wsj.com, hitting its highest level in over three months as the greenback strengthened to $1.0900 against the yen, reflecting safe-haven demand amid the conflict.
Technology, Media & Telecom
Apple's stock rose 2.4% wsj.com after beating revenue expectations, driven by strong iPhone sales and services growth, though investors remain cautious about slowing China demand. The tech giant's performance stood in contrast to Samsung's struggles wsj.com, where shares fell 3% on weaker quarterly results. In a significant regulatory shift, the Nasdaq proposed looser listing rules wsj.com to attract more companies, including Elon Musk's SpaceX, which could see its valuation surge upon a potential IPO. However, private credit markets remained volatile wsj.com, with investors pulling back from risky exposures, contributing to a broader tech selloff.
Geopolitics & Markets
The escalating Iran conflict cast a long shadow over global markets. U.S. stock futures wavered bloomberg.com while oil prices held above $100, despite U.S. efforts to boost global supplies by allowing purchases of sanctioned Russian crude. This uncertainty fueled a dollar rally wsj.com, as investors sought safe-haven assets. Emerging markets felt the pinch acutely, with South African stocks setting for a 10% correction bloomberg.com since late February, and the forint lagged as Hungary's worst-performing EM currency bloomberg.com due to energy price shocks amplifying existing economic risks. Turkey's central bank paused rate cuts bloomberg.com to combat inflation driven by the war's impact on energy costs, while India's central bank signaled potential rate hikes bloomberg.com to defend the rupee.
Corporate Finance
The Raajmarg Infra Investment Trust IPO was subscribed four times bloomberg.com, signaling resilient demand for yield-focused assets amid low rates. Conversely, BNP Paribas tested investor appetite for a $2.9 billion risk transfer bloomberg.com tied to corporate loans, highlighting ongoing challenges in pricing credit risk in volatile markets. In a move impacting pension funds, China's central bank raised the yuan fixing for a record 15th straight week bloomberg.com, showing continued support for the currency despite Middle East volatility. The UK government moved to speed up nuclear projects ft.com by weakening wildlife protections, a controversial step aimed at boosting energy security.