Public Markets 8-Hour Briefing
×Last updated: March 12, 2026, 5:31 AM ET
Auto Industry Crisis
Honda warned of up to $15.7 billion in charges after reassessing its electric vehicle strategy, joining a growing list of global automakers battered by the U.S. EV market slowdown. The Japanese carmaker is canceling launches and development of certain models, with Honda Motor Co. expecting charges of up to ¥2.5 trillion ($15.7 as it rethinks its electric vehicle strategy. BMW projected flat automaking margins this year due to tariff costs and intensifying competition in China, while Daimler Truck reported a 29% drop in adjusted earnings before interest and taxes, though its order intake grew.
Energy Market Turmoil
Oil prices briefly topped $100 a barrel as Middle East conflict stokes supply disruption fears, with crude futures climbing on concerns about shipping through the Strait of Hormuz. European natural gas followed oil higher as shipping turmoil expands in the Middle East, while European natural-gas prices rose on LNG supply fears due to Middle East squeeze. Palm oil futures extended a rally, heading for the fifth gain in six sessions, as oil's jump back above $100 a barrel increases demand prospects for biofuel feedstocks.
Global Bond Markets
German 10-year yields climbed to their highest since 2023 on inflation fears as rising energy prices fuel concerns about price stability. Global bonds surrendered their year-to-date gains as elevated oil prices stoke fears that inflation will reignite, triggering a selloff across fixed-income markets. Italian insurer Generali posted a 12% increase in net profit to €4.17 billion and proposed a dividend of €1.64 a share.
Financial Sector Developments
Deutsche Bank raised its bonus pool 6.6% after mixed performance, less than some Wall Street peers amid a challenging environment. The German lender disclosed combined claims of almost $1 billion from five former managers who say they were wrongfully blamed for the Italian banking scandal. JPMorgan Chase & Co. and UBS Group AG cut prime brokerage ties with the investment firm raided by Hong Kong authorities during an insider trading probe.
Asian Markets Under Pressure
Overseas investors sold the most Japanese stock futures and cash equities since November last week on a net basis, part of a broad risk-off move following the outbreak of the Iran war. The Indian rupee slid to record lows on the back of soaring crude prices, sending local importers rushing for cover and driving up the cost of protecting against a further drop in the currency. A sharp energy shock from the Iran war is extending a slide in Indian equities and pushing the rupee to record lows as foreign investors stay on the defensive.
Defense and Aerospace
Leonardo targets higher revenue and earnings as the defense order boom continues, with orders this year expected to rise to about 25 billion euros from 23.8 billion reached last year, and targeting 32 billion euros in orders by the end of the decade. The Middle East energy shock revived interest in nuclear power as surging prices from reliance on gas-fired generation prompt reconsideration of prior opposition.
Private Markets and Investment
Private credit gets a shoulder tap as JPMorgan has marked down the value of private credit loans to software companies. Partners Group sounded an alarm on private credit default rates, warning the pace could double to above 5% in coming years. Blue Owl's private credit portfolio faces valuation questions from Glendon Capital Management, which says debts are marked higher than similar publicly traded securities.
Technology and Innovation
Tesla Inc.'s energy division was granted a license to supply electricity in the UK, giving the company access to potential customers in British homes and businesses. Uber Technologies, Nissan Motor and U.K. self-driving car startup Wayve joined forces to offer robotaxi services, with a pilot program in Tokyo planned for late 2026. The AI-driven 'kill chain' is transforming how the US wages war, with systems from Palantir and Anthropic helping to turn torrents of battlefield data into thousands of strikes.
Corporate Moves
RWE plans to invest heavily in the U.S. over the next five years in a bid to grow earnings and shareholder returns, part of a $40 billion investment plan. South Korea approved a $350 billion U.S. investment package, establishing a fund to put money into American industries as part of a trade deal. UI Boustead REIT is set to begin trading Thursday after an initial public offering that raised about S$973.6 million ($764 , Singapore's biggest this year so far.