Public Markets 8-Hour Briefing
×Last updated: March 13, 2026, 6:30 AM ET
Energy & Commodities
Oil prices held above $100 as markets braced for an extended Middle East conflict, with Brent crude futures edging up 0.8% amid fears of supply disruptions through the Strait of Hormuz. The euro fell to its lowest level since August against the dollar as the conflict escalated, while China raised its yuan fixing for a record 15th consecutive week to support the currency. Japan announced plans to sell oil from national reserves at pre-war prices, and Algeria's government expressed hope that sustained high oil prices would provide a lifeline to its energy-dependent economy.
Global Markets
European stocks fell for a second consecutive week as the Iran war stoked fears about higher inflation and slower growth, while emerging market equities headed for their second weekly drop with Brent oil staying above $100 a barrel. South Africa's benchmark index dropped 10% since late February as investors pulled away from overheated markets, with Goldman Sachs warning that prolonged oil price volatility could force the South African central bank to raise rates to combat rand weakness and inflation. India's struggling equity market faced a pivotal technical test, with the benchmark index nearing a key long-term support level as surging oil prices intensified strain.
Fixed Income
U.S. Treasury volatility jumped to a nine-month high as the Iran war fanned inflation concerns and upended expectations for Federal Reserve policy, while European natural gas futures open interest dropped to a five-month low as traders struggled to navigate intense price swings driven by unpredictable Middle East newsflow. German chemical firms warned of output cuts as supply chains seized up, with the VCI trade group reporting early signs of disruption beyond oil and natural gas. Berkeley Group Holdings reiterated profit guidance but warned that the Middle East conflict was "weighing heavily on risk sentiment."
Corporate & IPO Markets
Hong Kong Exchange proposed easing listing rules to strengthen the city's appeal as an IPO venue, including lowering the minimum market value for dual-class share debuts. The exchange also proposed naming and shaming lawyers and auditors for sloppy IPO work as regulators grapple with an influx of Chinese companies seeking to raise funds. SoftBank-backed Pay Pay kept dual listing on the table after its $880 million New York IPO, while India's Shapoorji Pallonji Group aimed to raise $1 billion through its first dollar bond sale to refinance local-currency debt maturing in April.
Regional Developments
Malaysia's subsidy bill will increase due to higher oil prices from the Middle East war, Second Finance Minister Amir Hamzah Azizan said, while the Philippines reviewed its 30-year-old oil law to gain better control over fuel prices that have surged amid the conflict. Thailand's growth could be halved if the Middle East conflict lasts three months, hit by weaker tourism, softer exports, and higher energy prices. Vietnam's government faced warnings of potential legal action from foreign investors over a long-running dispute about payments to solar and wind power projects.
Financial Services
Hedge fund firm Infini Capital Management became a subject of intrigue in Hong Kong's close-knit financial community before being swept up in the city's biggest financial-industry raids since 2017. JPMorgan Chase will lease Sun Hung Kai's office tower in West Kowloon, marking one of Hong Kong's largest leasing deals amid a prolonged commercial property downturn. The UK government planned to overhaul nuclear regulation after a review criticized it for being too risk-averse and process-focused.
Technology & Innovation
Anthropic's designation as a supply-chain risk put every business at the mercy of President Trump's political priorities, according to industry analysts. Fintech Airwallex earmarked $1.1 billion for European expansion, targeting clients with global customer bases across the UK, France, Germany, Netherlands, and UAE. The Pentagon's AI dealmaker Emil Michael became Anthropic's nemesis in the fight over military use of artificial intelligence.
Real Estate & Construction
The UAE's real estate bond bonanza faced an abrupt end as the Iran war hammered bonds and threatened to stall a borrowing binge, with investors nursing losses. In London, Berkeley Group warned of sentiment impact from Middle East conflict while reiterating profit guidance. The German company Vincorion approached its IPO price, setting a share price of 17 euros and offering up to 345 million euros of shares.
Trade & Supply Chains
German chemical industry warned of supply-chain hits from the Middle East war, with risks spreading beyond oil and natural gas. Gulf states lost $15 billion in energy revenues since the conflict began, with millions of barrels of crude oil trapped by the Strait of Hormuz shutdown. China's plan to build strategic commodity stockpiles faced its first major test as the Iran war disrupted global supply chains, while illicit Iranian oil shipments continued hiding in plain sight, providing vital income for Iran and allowing China to stock up large reserves.
Geopolitical Developments
Serbia bought Chinese supersonic missiles as part of $17 billion defense upgrades, with President Vucic alleging hostile intentions from nearby NATO countries. The UAE cut partners' crude shipments by about a fifth for March, redirecting flows to Fujairah port outside the Strait of Hormuz. Canada planned military expansion in the Arctic following Trump threats, with Prime Minister Mark Carney announcing plans to build three bases and improve northern infrastructure.