Public Markets 8-Hour Briefing
×Market Moves
European bonds stabilized briefly before war concerns resurfaced, ending a one-day reprieve. High-grade issuers returned to the continent’s debt market with deals from Baker Hughes, snapping a week-long hiatus. The euro’s slide deepened as the energy shock highlighted the currency’s vulnerability to oil-price surges. Meanwhile, Treasury yields climbed to a three-week high, with the 10-year yield topping 4.1% on inflation fears. Sterling outperformed the euro amid broader market deleveraging.
Energy Impact
Adani Total Gas tripled prices for industrial users beyond 40% of their allocation as supply tightens. Saudi Arabia began shifting crude exports to the Red Sea’s Al-Muajjiz terminal, loading about 2.5 million barrels daily in early March. Gas stocks are viewed as overinflated amid the disruption, while coal prices jumped as utilities seek alternatives. Bangladesh is preparing to ration fuel deliveries, and fertiliser exports face pressure from the conflict, prompting food shortage warnings.
Corporate Actions
Target will open more than 30 new stores this year as part of its long-term growth strategy. JD.com posted its first quarterly loss in over three years, hurt by China’s food-delivery subsidy war. Airbus gained after a Citi upgrade to Buy with a higher target price. Broadcom sees its AI business booming, though its software segment complicates the outlook. Wizz Air fell 8% after a profit warning tied to the Middle East crisis.
Geopolitical Ripple Effects
South Korea’s Kospi surged nearly 10% in its best day in two decades, leading an emerging-market rebound as Iran signaled de-escalation. President Lee Jae Myung highlighted a 100 trillion won ($68 stabilization fund after historic volatility. Mainland investors sold a record $3.5 billion of Hong Kong stocks in one session. The Canadian dollar has become a top FX pick as traders seek oil-linked havens. ECB Governing Council member Olli Rehn urged a “cool head” amid the Iran war, warning against knee-jerk rate moves.
Sector & Stock Moves
UBS sees limited silver upside over the next year. Heidelberg Materials was upgraded by Citi on EU ETS reform. Rentokil shares jumped 12% on North America growth, while DHL fell 3% on a disappointing 2026 outlook. Nissan warned its Sunderland plant could close if the UK is excluded from “Made in Europe” rules. Campari shares rose after beating forecasts and doubling its tax-hit mitigation. Nexi plunged 20% on guidance signaling earnings downgrades.