Public Markets 3d Briefing
×Last updated: March 13, 2026, 8:32 PM ET
Public Markets
Fixed Income & Credit
U.S. corporate bond yields showed mixed signals this week. While U.S. airline bonds weakened nytimes.com after jet fuel costs spiked 8% on Middle East supply fears, TD Securities believes now is the time for investors to consider taking on a little more risk and buying corporate bonds bloomberg.com. This sentiment was echoed by Oaktree Capital Management’s Danielle Poli, who says the moment for the distressed debt shop to scoop up the asset class in droves isn’t here yet as global credit markets remain relatively resilient bloomberg.com. Meanwhile, Blue Owl Capital Inc. fund is urging investors to reject a share purchase offer led by Boaz Weinstein’s Saba Capital Management, saying the offer price is too low bloomberg.com. The planned muni bond sale bloomberg.com in Chicago is testing investor appetite amid geopolitical uncertainty, while China’s state-backed iron ore trader has told steel mills that it’s temporarily easing restrictions on one of BHP Group’s grades bloomberg.com, signaling potential relief for steelmakers facing supply constraints. Conversely, South African stocks set for a 10% correction as losses deepen bloomberg.com, reflecting broader market stress exacerbated by the Iran conflict and commodity volatility.
Equities & Markets
The U.S. equity market faced headwinds this week. Stocks suffered a third straight weekly loss as investors braced for a longer conflict in the Middle East, with oil prices settling above $100 a barrel wsj.com. This sentiment was mirrored in Europe, where European stocks extended their drop after Iranian Supreme Leader Mojtaba Khamenei said the Strait of Hormuz should stay closed, adding to concerns over disruption to global oil supplies bloomberg.com. However, Nvidia prepares to launch an AI ‘inference’ chip to counter rising challengers at its GTC event next week as spending shifts from training to running AI models ft.com. The tech sector saw mixed signals, with Hedge funds turning the most bullish on Brent oil in six years at the outset of one of the crude market’s most volatile weeks ever bloomberg.com. Amazon secured a brief window for a $54 billion global bond sale bloomberg.com, pitching itself as a safe haven amid market turmoil, while JPMorgan warned that commercial real estate remains a key risk, potentially forcing it to raise provisions for credit losses bloomberg.com. The conflict also impacted specific sectors, with U.S. refiners feeling the squeeze from Middle East oil cuts despite America’s position as the largest crude producer bloomberg.com.
Commodities & Energy
Energy markets were dominated by the Iran conflict. Oil futures dropped 1.3% in early Asian trade after OPEC+ signaled potential output increases ft.com, while gold held steady near $2,340/oz as a weakening dollar offset risk-on sentiment nytimes.com. A surge in aluminum prices pushed China Hongqiao's Zhang Bo past the $48 billion mark ft.com, highlighting how commodity volatility impacts individual fortunes. Brent crude settled above $100 a barrel for the second straight session, ending the day at the highest level in more than three years bloomberg.com. The conflict also spurred U.S. to release 172 million barrels of oil from its emergency reserve as part of a coordinated effort to ease surging crude and fuel prices bloomberg.com. Conversely, TotalEnergies shut production in Qatar, Iraq, and UAE offshore, representing about 15% of the company’s total output wsj.com. Private credit has half the ingredients of a financial crisis ft.com, as worries arise that valuations shown on balance sheets don’t match reality, while the oil price war is disrupting global trade wsj.com and U.S. sanctions pause adds political win to Russia’s economic gain from the Iran war nytimes.com.
Fixed Income & Credit (Continued)
The bond market faced volatility. The Fed’s 10-year yield hit a 16-year high wsj.com, and U.S. corporate bonds saw mixed performance, with airline bonds weakening but broader sentiment suggesting opportunities for investors willing to take on more risk bloomberg.com. TD Securities believes now is the time to consider buying corporate bonds bloomberg.com, while Blue Owl Capital urged rejection of Saba Capital’s offer bloomberg.com. South Korea’s Kospi fell 0.5% as the won weakened to its lowest level since July 2024 bloomberg.com, and European stocks extended their drop after Iran threatened to keep Hormuz closed bloomberg.com. The conflict also impacted specific bond markets, with U.S. airline bonds weakening after jet fuel costs spiked nytimes.com, and Chicago’s planned muni bond sale testing investor appetite nytimes.com. The Fed’s 10-year yield hit a 16-year high wsj.com, reflecting tightening financial conditions.