Public Markets 8-Hour Briefing
×Last updated: March 13, 2026, 10:31 AM ET
Global Markets & Geopolitics
U.S. stocks rose modestly as tepid economic data boosted hopes for a Fed rate cut, while Treasury yields fell sharply after retail sales and GDP revisions suggested weaker growth. The dollar extended gains to a three-month high as investors sought safe-haven assets amid escalating Middle East tensions, with the euro hitting its lowest level since August against the greenback. In emerging markets, the Hungarian forint became the worst performer as energy price shocks amplified pre-election economic risks, while India's foreign reserves fell by the most since November as the RBI intervened to support the rupee. European equities erased earlier losses after oil prices dipped below $100, though volatility remains elevated with hedge funds under scrutiny for potentially amplifying bond market swings.
Energy & Commodities
Crude oil retreated from $100 after reports of an Indian tanker passing through the Strait of Hormuz, though Brent futures remained volatile amid ongoing supply concerns. Raw sugar headed for a fourth weekly gain buoyed by crude's rally, with traders watching Brazil's potential fuel policy shifts. Aluminum prices surged, lifting China Hongqiao's Zhang Bo to a $48 billion fortune, while jet fuel costs spiked 8% on Middle East supply fears, pressuring airline stocks. Japan announced plans to sell oil from reserves at pre-conflict prices, and Algeria hopes for an energy windfall as prices remain elevated.
Fixed Income & Credit
The 60/40 portfolio struggled as stocks and bonds fell in tandem amid stagflation fears, while European bond yields hit multimonth highs as Brent surpassed $100 again. UBS Asset Management bet against rate hike expectations, positioning for ECB and BoE cuts, as BNP Paribas explored significant risk transfers on €2.5 billion in corporate loans. Additional Tier 1 bonds remained resilient as investors hoarded the risky bank debt, shielding it from broader market selloffs. South Africa's stock benchmark fell 10% as investors pulled back from overheated markets, while India's Raajmarg Infra Trust IPO was subscribed four times, signaling strong demand for yield-focused assets.
Corporate & Industry News
Berkeley Group warned of sentiment headwinds from Middle East conflict despite reiterating profit guidance, while Charles Schwab forecast 16% revenue growth as retail investors remained engaged despite economic uncertainty. BlackRock maintained its bullish stance on U.S. equities across its $220 billion model platform, even as retail investors showed first signs of buyer fatigue amid Middle East escalation and inflation concerns. Rio Tinto slowed Quebec lithium plant construction after cost overruns, and Lundbeck shifted investment focus to U.S. and China as European drug pricing pressures mount. Andreessen Horowitz-backed firms planned to revive abandoned copper mines to test automated mining technology.
Regional Markets
India set aside $6.2 billion to cushion its economy from global shocks while considering export relief measures. Indonesia warned of budget deficit pressures as Middle East tensions pushed oil prices beyond initial assumptions. Thailand's growth could be halved if the conflict lasts three months, while India's stock market suffered its worst week since 2022 on oil shock and geopolitical concerns. Vietnam's government faced foreign investor warnings over unresolved power payment disputes, and Nigeria's central bank prepared naira defense measures as emerging market assets were dumped.
Technology & Innovation
China's BYD challenged Porsche and BMW with 5-minute "flash charging" technology for EVs, while China's credit showed surprise growth as firms increased borrowing despite slower government bond sales. The yuan strengthened for a record 15th week as Beijing continued supporting the currency despite Iran war volatility. Meanwhile, Exail Technologies rallied on Hormuz tensions as its mine-destroying drones gained prominence, and Ukraine's defense firms reported surging demand from Middle Eastern clients seeking military expertise.
Real Estate & Infrastructure
Dubai's real estate bonds faced potential "abrupt end" as the Iran war hammered returns and threatened to stall a borrowing binge. JPMorgan leased Hong Kong's West Kowloon office tower in one of the city's largest deals amid a commercial downturn. Turkey and South Korea discussed joint nuclear plant construction as Ankara diversifies energy sources, while the UK planned nuclear regulation overhaul to accelerate projects after criticism of excessive caution.
Financial Services & Regulation
Hong Kong proposed looser listing rules to strengthen its IPO appeal, while regulators planned to "name and shame" sloppy IPO work amid an influx of Chinese companies. The National Stock Exchange of India opened a share sale window for thousands of shareholders as part of its IPO, and India's highway authority launched a $649 million infrastructure trust IPO. Goldman Sachs-backed hedge fund Infini Capital faced scrutiny after Hong Kong's financial industry raids, while concerns mounted over private credit's vulnerability as markets resembled 2008.