Public Markets 8-Hour Briefing
×Last updated: March 13, 2026, 11:30 AM ET
Public Markets
US stocks rallied at the open Friday as tepid economic data boosted hopes for Federal Reserve rate cuts, with traders pricing in a June cut after January consumer prices rose 0.2% month-over-month before Middle East war price pressures hit. The S&P 500 futures gained 0.4% as oil prices hovered around $100 a barrel, while BlackRock maintained its bullish stance on US equities across its $220 billion model platform despite geopolitical turmoil. Charles Schwab forecast 16% revenue growth for Q1, citing resilient retail investor engagement despite economic uncertainty and Middle East conflict.
Energy & Commodities
Oil prices retreated from $100 as European nations negotiated safe passage through the Strait of Hormuz, though OPEC output rose last month with Saudi Arabia boosting production amid regional tensions. Raw sugar headed for a fourth weekly gain as crude rallied, with traders watching Brazil's potential gasoline price hikes that could divert more cane to sugar production. South Africa's mineral exploration fell for a seventh straight year, dropping 3% in 2025 despite government efforts to reverse the decline.
Fixed Income
US Treasuries advanced as data supported Fed cuts, with traders pricing in nearly one rate reduction this year after retail investors showed first signs of buyer fatigue. European bond yields hit multimonth highs as Brent crude surpassed $100 again, while UBS Asset Management positioned for fewer ECB hikes, betting the market had gotten ahead of itself on Bank of England and ECB rate hike expectations. The euro fell to its lowest level since August amid broader dollar gains as Middle East war escalated.
Corporate & M&A
Venture Global greenlit an $8.6 billion LNG expansion in Louisiana, with its third export project as European nations seek alternatives to Russian gas. Danish drugmaker Leo Pharma invited bankers for IPO pitches, while Hims & Hers shares jumped 15% on a new partnership with Novo Nordisk for weight-loss drugs. Berkeley Group warned of Middle East impact on risk sentiment despite reiterating profit guidance.
Emerging Markets
India's foreign exchange reserves fell by the most since November as the central bank intervened to support the rupee amid Iran war volatility. The National Stock Exchange of India opened IPO subscription, potentially allowing thousands of shareholders to sell stock. Indonesia warned 3% deficit cap would be hard to maintain as Middle East tensions pushed oil prices beyond initial assumptions, while Nigeria's central bank prepared contingency measures to stabilize the naira if pressure mounted from emerging market selloffs.
Geopolitical Impact
European airlines faced earnings pressure as jet fuel prices soared 8% with carriers only partially hedged against Middle East disruptions. The war in Iran ended Canadian drivers' carbon tax reprieve, wiping out nearly a year of lower gasoline prices after Prime Minister Carney eliminated the consumer carbon tax. Hungary's forint became the worst-performing EM currency during the conflict, amplifying existing economic risks ahead of April elections.
Technology & Innovation
China's BYD launched 5-minute "flash charging" technology to compete with Porsche and BMW, enabling EVs to charge almost as quickly as filling a fuel tank. Andreessen Horowitz-backed startup planned to revive Utah copper mine to test automated mining technology. Airwallex earmarked $1.1 billion for European expansion, targeting clients with global customer bases across the UK, France, Germany, Netherlands and UAE.
Market Structure
Nasdaq considered special IPO rules for hot offerings from SpaceX and OpenAI, while Hong Kong Exchange proposed looser listing rules to strengthen the city's appeal as an IPO venue. Hong Kong regulators planned to "name and shame" lawyers and auditors for sloppy IPO work amid an influx of Chinese companies seeking to raise funds. The UK government announced nuclear regulation overhaul after a review criticized it for being too risk-averse and process-focused.
Private Markets
Peyton Manning-backed women's soccer team sold private debt as private credit markets showed signs of stress, with half the ingredients of a financial crisis emerging as valuations on balance sheets diverge from reality. Market Financial Solutions' CEO lost bid to control insolvency after a London court blocked his attempt to install preferred officials. Hedge fund Infini Capital Management faced scrutiny after Hong Kong's largest financial industry raids since 2017.
Global Trade & Supply Chains
Turkey and South Korea discussed joint nuclear plant construction as Ankara diversifies energy sources. China's credit expansion surprisingly picked up in February, helped by improved corporate lending despite slower government bond sales. Thailand authorities seized 100,000 fake goods valued at nearly $1 million in a Bangkok mall raid as part of steps to tackle intellectual property violations after US tariffs. Serbia bought Chinese supersonic missiles as part of $17 billion defense upgrades against alleged NATO threats.
Regional Markets
South African stocks fell 10% from late February peaks as investors pulled back from overheated markets while Middle East conflict dragged on. Emerging-market stocks headed for first back-to-back weekly losses since October amid crisis showing no signs of abating. European stocks rebounded Friday as oil prices slipped below $100 following reports of European negotiations with Iran for safe tanker passage.
Financial Services
BNP Paribas discussed €2.5 billion SRT tied to corporate loans as war reprices credit risk. Additional Tier 1 bonds helped shield the market from global risk selloff as investors hoarded them for fear of missing out again. The spike in oil prices and private credit concerns caused markets to resemble 2008, according to Bank of America's Michael Hartnett.