Public Markets 8-Hour Briefing
×Market Turmoil
European stocks fell sharply as Middle East conflict sent crude soaring, with the FTSE 100 dropping as investors sought havens. The S&P 500 and Nasdaq-100 futures declined around 1% as oil prices surged amid widening regional tensions. Asian airline stocks fell on Iran tensions and surging oil prices, while Indian carriers emerged as the hardest hit outside the Middle East with widespread cancellations and diversions.
Oil & Energy
Oil tanker rates skyrocketed on key Middle East-to-China routes as war disrupted logistics, with provisional rates more than doubling since Friday. European natural gas jumped 28% as Middle East war threatened global flows, with traders watching how long ship traffic through the Strait of Hormuz would remain disrupted. Abu Dhabi National Oil delayed its bond sale as credit markets wobbled, while Rio Tinto suspended Japanese aluminum fee talks after Iran attacks.
Currency & Fixed Income
The dollar rallied as oil's surge curbed bets on Fed rate cuts, strengthening versus all major peers. The Turkish lira came under pressure as Iran war put markets under strain, prompting the central bank to intervene. Bond deals in Europe were put on hold as Mideast war rattled markets, sending credit-risk gauges higher. Pakistan's stock exchange halted trading after record falls triggered circuit breakers amid regional tensions.
Defense & Aerospace
European defense stocks rallied on Middle East conflict as investors flocked to the sector. Asian defense stocks rose as US-Iran conflict stoked geopolitical tensions. Insurance clubs announced they would end ship war-risk cover in the Persian Gulf starting Thursday, removing protection for vessels entering the strategic waterway.
Corporate & M&A
Barrenjoey's $1.1 billion sale showed desire for M&A boutiques as global dealmaking picked up. Toyota bowed to Elliott in a $38 billion buyout battle, raising its offer to privatize its largest subsidiary. Novo Nordisk invested $507 million on a Wegovy pill plant in Ireland to produce the weight-loss drug for markets outside the US.
Regional Markets
Singapore said it may relook GDP outlook on Iran crisis and oil price, with Deputy Prime Minister Gan Kim Yong warning of potential revisions. India's economy was at risk if Middle East conflict persisted, with growth threatened by potential disruptions to oil supplies. UK stocks were seen as a good hedge amid Iran war according to Citigroup strategists.
Technology & Innovation
China's annual parliament was set to unveil a roadmap for the tech race with the West. Oxford Nanopore flagged slower 2026 growth and named a new CEO, sending shares down 13%. BYD's February sales fell by the most since the pandemic, marking a striking change from years of largely uninterrupted growth.
Commodities & Metals
Gold prices surged after the Iran attack but could fade according to Pepperstone analysts. Silver squeeze was expected to persist in the near term, with analysts noting continued pressure. Rare-earth supply fell short of rising global demand from EVs and defense, setting the stage for shortages and stronger pricing power for China.
Financial Services
Bank of Ireland posted H2 profit that beat expectations but shares fell 3% on 2026 targets. Centrica was cut to "hold" by Jefferies, which flagged weak growth outlook through 2028. Big Yellow stock slipped as CEO Jim Gibson announced his retirement.
Infrastructure & Utilities
National Grid raised its earnings growth outlook to 10% through 2031. UK house prices rose 0.3% in February as the market recovery continued. UK regulators investigated hotel chains over data sharing, probing whether Hilton, Marriott and IHG shared competitively sensitive information.