Public Markets 3d Briefing
×Last updated: March 17, 2026, 3:30 PM ET
Geopolitical Turmoil & Energy Markets
Global energy markets remain highly volatile as the intensifying Middle East conflict nytimes.com continues to roil supply chains, with Oil in Oman soaring above $150 ft.com due to the closure of the Strait of Hormuz, creating a severe dislocation between global benchmarks and physical supply costs. Asian refiners are now scouring the globe for crude bloomberg.com purchases outside the Middle East, while US natural gas futures rallied alongside oil bloomberg.com amid lingering fears over prolonged disruption. The crisis has already resulted in an estimated cumulative loss of more than $15bn for Gulf energy producers ft.com, and the US Energy Chief signaled the conflict may last several more weeks bloomberg.com, keeping prices elevated.
The surge in crude prices is directly impacting consumers and central banks globally; UK petrol prices have climbed to their highest level in 18 months bloomberg.com, and the Bank of Canada is likely to hold interest rates steady bloomberg.com as policymakers balance the inflation risk from higher oil against overall weak economic data. In fixed income, the price shock has benefited commodity currency carry trades, which are seeing their best returns in years bloomberg.com. However, investors are seeking cover elsewhere, with reports indicating that money managers are piling into cash at the fastest pace since the pandemic ft.com due to the perceived lack of places to hide from market disruption.
European energy resilience is partly due to alternatives, as renewables are cushioning power prices bloomberg.com from the fossil-fuel supply shocks, though Spain is weighing buying more Algerian gas bloomberg.com via pipeline to bolster supplies. Conversely, the war is causing financial strain in emerging markets, with Pakistan’s dollar bonds heading for their biggest monthly drop in three years bloomberg.com due to the combined fallout from surging oil and border conflict. Furthermore, a Russian nitrogen fertilizer plant, struck by a drone last month, will remain idle until May bloomberg.com, adding strain to global agricultural supply metrics.
Corporate Dealmaking & Sector Performance
In corporate news, the bidding contest for asset manager Janus Henderson is intensifying ft.com as Victory Capital presented a new offer, setting up a contest against Trian and General Catalyst, with a related leveraged loan sale reaching $2 billion bloomberg.com to finance the acquisition. In the technology and industrial sectors, US industrials reported the biggest earnings surprise bloomberg.com last quarter, buoyed by demand in defense, commercial aerospace, and artificial intelligence infrastructure, while Foxconn expects AI demand to remain strong wsj.com despite geopolitical uncertainty. Meanwhile, the retail sector shows divergence: discount retailer TJX, owner of T.J. Maxx, is surging due to savvy buying and supply, while Dollar Tree projects slowing sales growth wsj.com amid tariff and freight cost worries.
Luxury and auto sectors face headwinds; Bentley is cutting jobs ft.com as profits decline amid Chinese slowdown and US policy changes, contrasting with the progress seen in electric vehicles where China is touting five-minute charging wsj.com while US firms race to catch up. In M&A, the EU is considering changes to rules that allow national governments to block mergers, prompted by several failed banking takeovers ft.com. On the regulatory front, Arizona has filed the first criminal case against prediction platform Kalshi, charging it with operating an illegal gambling business ft.com.
Political Economy & Regulatory Shifts
Political maneuvering continues to influence market sentiment, with President Trump reiterating his vow to block wind turbines bloomberg.com during his presidency, actions that Senate Democrats claim have also driven up energy costs by stifling clean energy development according to a new report nytimes.com. Separately, the administration’s stance on digital assets is causing friction, as Comptroller of the Currency Jonathan Gould's crypto views are ruffling banking feathers wsj.com. On the transit front, New York MTA officials are suing the administration to release nearly $60 million nytimes.com in overdue federal funding for the Second Avenue Subway extension.
In European finance, Brussels plans to delay an increase in bank capital requirements ft.com to neutralize the short-term impact of the Fundamental Review of the Trading Book amid competitiveness concerns, while the UK is moving to curb the powers of the Financial Ombudsman Service bloomberg.com following perceived oversteps in the motor finance scandal. In asset management, the former compliance head of Odey is accusing financier Crispin Odey of falsifying minutes of a key meeting ft.com, amid broader allegations of misconduct where Odey allegedly exhibited ‘pure rage’ bloomberg.com.
Asset Management & Financial Structure
The wealth management industry is adapting its service model, with private bankers now handling travel and shopping needs wsj.com in an effort to retain high-net-worth clients. In the credit markets, Morgan Stanley predicts private credit default rates will climb to 8% bloomberg.com, driven by AI disruption in the software sector. Meanwhile, struggling real estate investment trust Office Properties Income Trust, owner of over 120 buildings, is nearing a deal to hand ownership to creditors bloomberg.com to settle its months-long restructuring.
Fixed income issuance saw the London Stock Exchange Group successfully raising $3 billion in a three-part bond sale bloomberg.com that attracted solid demand despite AI concerns. In telecom infrastructure, rival to Starlink, SES SA, has launched the sale of unusually structured hybrid bonds bloomberg.com aimed at helping it regain an investment-grade credit rating. Furthermore, the travel sector, despite rising fares due to fuel costs, shows demand remains robust among deep-pocketed travelers ft.com, with Delta, United, and American executives noting strong bookings even amid Middle East conflict.
Global Tech & Corporate Developments
The race for quantum computing supremacy is heating up as Xanadu Quantum Technologies prepares for a public listing bloomberg.com, promising the first quantum-powered data center by 2030. This push for AI infrastructure is mirrored in the real estate sector, where T5 Data Centers is seeking $2 billion in equity bloomberg.com for new sites. However, these developments are meeting local resistance; in rural New York, opponents of a proposed data center argue it will raise electric bills and harm a tribal reservation nytimes.com. In the AI software sphere, excitement over tools like OpenClaw is colliding with government security concerns nytimes.com over autonomous software systems.
In other corporate movements, Warner Bros Discovery is drawing interest from a mystery Singapore suitor ft.com, while its CEO, David Zaslav, stands to reap rewards potentially reaching $700 million ft.com from the Paramount takeover. In related media news, Canadian financier Stephen Smith has acquired a 27% stake in The Economist for £300 million ft.com. On the consumer front, Coca-Cola’s Sprite has successfully wrested the NBA sponsorship away from PepsiCo’s Starry wsj.com.