Public Markets 8-Hour Briefing
×Market Turmoil
S&P 500 futures plunged 1.2% as military conflict in Iran rattled global markets. Oil prices surged while equities tumbled after US and Israeli strikes on Iran, with Brent crude hitting fresh highs. European stocks fell sharply on Middle East conflict, while UK markets dropped as geopolitical risk hit sentiment and the pound weakened to $1.33.
Energy Crisis
Qatar Energy ceased LNG production at the world's top plant after attacks on its Ras Laffan complex. Saudi Arabia's largest oil refinery at Ras Tanura halted operations after a drone strike. Dozens of oil tankers are hunkering down inside the Persian Gulf as the Strait of Hormuz all but closed to shipping, disrupting global energy shipments.
Airlines & Travel
Airlines extended flight cancellations as conflict worsened, with Indian carriers emerging as the hardest hit outside the Middle East. European airline shares fell up to 9% after US-Israel strikes on Iran. IAG dropped more than 5% as airspace closures hit flight schedules, while Norwegian Cruise Line posted lower profit and warned of 2026 challenges.
Defense & Security
European defense stocks rallied as Middle East conflict escalated, with BAE Systems shares surging amid the crisis. Asian defense stocks also rose as US-Iran conflict stoked geopolitical tensions. Shipping stocks jumped 4% as Iran disruptions forced lines out of the Strait of Hormuz, with container shipping companies rerouting vessels around Africa to avoid key corridors.
Currency & Commodities
The US dollar strengthened versus all major peers as oil's surge curbed bets on Fed rate cuts. Gold prices rallied while investors flocked to traditional havens. European gas prices jumped 30% on Hormuz disruption as Goldman sees upside risks. Oil shipping costs soared as Middle East conflict choked Hormuz, with supertanker charter fees reaching sky-high levels.
Corporate Impact
MTN Group sees full-year earnings quadrupling on Nigeria and Ghana gains. Rio Tinto approved a $473 million South Africa mine expansion. Novo Nordisk faces pressure after Goldman cut the stock to "neutral" following trial data. Oxford Nanopore flagged slower 2026 growth and named a new CEO, sending shares crashing 17%.
Regional Markets
UK house prices rose 0.3% in February as the market recovery continued. Singapore said it may relook GDP outlook on Iran crisis and oil price impact. Italy's deficit breached EU's 3% ceiling in 2025 after all, an unexpected setback for Meloni's government. Turkey defended the lira as Iran war put markets under pressure.
Market Strategy
Morgan Stanley strategists say Iran is unlikely to dent their bullish view on US stocks barring a sharp and sustained surge in oil prices. JPMorgan analysts are telling investors to buy European oil majors like Shell or Total Energies as Gulf supply risks rise. Citigroup sees UK stocks as a good hedge amid Iran war, while UBS sees an entry point for European stocks even amid risks.
Geopolitical Developments
Iran's nuclear ambassador alleged that US-Israeli airstrikes targeted the Natanz enrichment facility. Hezbollah leader Mohammad Raad was killed in IDF retaliation strikes. Iran will not negotiate with the US, says security chief Larijani. The conflict threatens to cause an enduring inflation spike if it persists, according to Commercial Bank of Dubai's Deepak Mehra.