Public Markets 3d Briefing – Mar 24, 2026

523 articles summarized · Last updated: March 24, 2026 at 4:30 AM ET v705

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Last updated: March 24, 2026, 4:30 AM ET

Geopolitical Shockwaves Rattle Markets and Supply Chains

Markets spent the last three days grappling with the fallout from escalating rhetoric surrounding the conflict in the Middle East, leading to a sharp reversal in risk sentiment that saw European stocks sink into correction territory bloomberg.com and U.S. Treasury yields climb higher by 4.4 basis points bloomberg.com. Crude oil prices, after an initial 10% plunge on Monday nytimes.com following President Trump backing away from striking Iranian infrastructure nytimes.com, subsequently rebounded sharply wsj.com as reports surfaced that U.S. allies were moving closer to engagement, keeping the Strait of Hormuz central to pricing models, as Vitol noted markets are ‘singularly focused’ on the waterway bloomberg.com. This uncertainty caused UBS to signal it might slow investments bloomberg.com, though not fundamentally alter strategy, while Japanese insurers gained as stocks rebounded on the delay of strikes bloomberg.com, illustrating the volatile, bifurcated risk appetite.

The energy crunch immediately propagated through global economies, with South Africa’s farmers facing surging diesel prices threatening winter planting bloomberg.com of wheat and corn, while South Korea faced disruptions to everyday goods like trash bags and ramen due to crude shortages bloomberg.com. In response to rising input costs, some Chinese exporters began raising prices bloomberg.com on goods ranging from toys to medical catheters, compounding global inflationary pressures that led Goldman Sachs to cut its Indonesia rate-cut forecast bloomberg.com and flag potential hikes for India and the Philippines bloomberg.com. Furthermore, the disruption stemming from the conflict reportedly put US oil and gas dealmaking ‘in paralysis’ as rising energy prices made transaction valuations challenging ft.com.

The Middle East turmoil drove a flight to safety that simultaneously pressured precious metals and boosted the dollar, with gold wiping out its year-to-date gains bloomberg.com after falling for a ninth straight session due to inflation risk and higher rate expectations. Concurrently, the dollar strengthened wsj.com as optimism over a quick easing of tensions faded, while U.S. government debt saw yields rise, pushing the 10-year Treasury yield to its highest level since July 2025 wsj.com. In Asia, despite the geopolitical risk, Japanese government bond demand for the 40-year auction held steady against its 12-month average bloomberg.com, though the worsening conflict put the yen back in the danger zone for potential unilateral intervention wsj.com. Meanwhile, Philippine President Ferdinand Marcos Jr. stated he would tolerate peso weakness bloomberg.com, indicating a limit to currency defense as market forces drove the dollar higher, while simultaneously forecasting 6% growth by 2028 bloomberg.com.

In corporate news, UK fintech giant Revolut reported a record pretax profit of £1.7 billion for 2025 ft.com, up from £1.1 billion the prior year, benefiting from an expanding customer base and higher card payment fees wsj.com. This strong performance contrasted sharply with other sectors; Italian holding company Exor swung to a net loss wsj.com due to poor results from listed holdings, including Stellantis, while consumer electronics firm Bang & Olufsen slashed guidance wsj.com following a disappointing launch of its Beosound Premiere soundbar amidst global uncertainty wsj.com. In banking, Sumitomo Mitsui Financial Group is reportedly exploring a takeover of Jefferies ft.com, which currently holds a minority stake in the US investment bank.

Asian markets experienced an initial sharp sell-off followed by a rebound as geopolitical risks temporarily receded, though underlying stress remains, evidenced by surging rupee volatility signaling more pain for Indian equities bloomberg.com. India’s economic activity decelerated in March, with manufacturing hitting a near 4.5-year low as gas shortages curtailed factory output bloomberg.com, prompting Goldman Sachs to drop its easing call for Indonesia bloomberg.com. Amid this environment, Temasek-backed Manipal Hospitals filed for a $1 billion IPO bloomberg.com, potentially marking India’s largest hospital operator listing, while South Korean memory chipmaker SK Hynix is eyeing up to $10 billion from a potential US listing bloomberg.com. Regulatory scrutiny intensified in Indonesia, where regulators are probing underwriters UOB, Mirae, and Shinhan ft.com over alleged capital market crimes following a January stock price plunge.

The energy transition narrative saw mixed signals, with Tesla achieving its first European sales increase in over a year wsj.com amid fierce competition from Chinese makers like BYD, even as other global carmakers like Rolls-Royce retreated from EV plans due to persistent demand for petrol engines ft.com. Conversely, the oil shock spurred a massive rotation toward clean energy, causing Chinese battery manufacturers to collectively gain $70 billion as investors bet on a shift to renewables ft.com. In the crucial AI sphere, SoftBank is testing investor nerves with a $30 billion bet on OpenAI ft.com, while lawmakers continue to push the Commerce Department to suspend Nvidia’s advanced semiconductor export licenses to China ft.com. Meanwhile, private equity confidence in Asia-Pacific is building, though the Middle East war threatens recovery prospects bloomberg.com.

European policymakers are reacting to inflation risks while attempting to secure supply lines. France’s largest lobby, Medef, stated it does not foresee inflation surging due to the Iran war bloomberg.com, offering a counterpoint to central bank concerns, as ECB member Vujcic urged vigilance against stagflation risks bloomberg.com. The EU also clinched a trade deal with Australia that will grant improved access to critical minerals like lithium and aluminum for the bloc nytimes.com, while the US warned the EU to ratify the Turnberry LNG deal or risk losing favorable access ft.com. Back in the UK, the antitrust watchdog imposed reforms on the £6.7 billion veterinary market to boost pricing transparency and control escalating pet owner costs bloomberg.com, and new legislation mandates that companies pay UK supplier invoices within 60 days or face penalties ft.com.

In US corporate finance, Blackstone arranged a $1.2 billion credit facility for Air Trunk’s expansion ft.com into Japanese data centers, as private credit markets experience turmoil that Dell’s family office is viewing as a buying opportunity bloomberg.com. On the political front, President Trump’s use of Immigration and Customs Enforcement at airports nytimes.com—ostensibly to address long security lines, though critics view it as a political tool—drew commentary, even as his confirmation of Markwayne Mullin as Homeland Security Secretary passed smoothly nytimes.com. In M&A, Apollo agreed to a $3.7 billion rescue of Japanese glassmaker NSG ft.com, the largest such deal in Japan, while Estée Lauder is reportedly in talks to acquire Puig for approximately $10 billion wsj.com.