Public Markets 8 Hours

Last updated: March 25, 2026, 2:30 PM ET

Geopolitical Shockwaves & Energy Markets

Global markets are bracing for prolonged economic disruption as the Iran war deepens financial crises and dampens economic outlooks, prompting Wall Street to cut US growth forecasts while raising inflation and unemployment projections. The conflict has sent shockwaves through energy supply chains, with Asia preparing for worst-case scenarios involving severe supply disruptions, even as the US pursues diplomatic efforts to end hostilities. European energy importer Uniper warned that new EU methane rules will introduce a "new layer of challenge" to continent's security, while the UK government approved a £100 million plan to temporarily reopen a UK carbon dioxide plant amid shortage fears. Meanwhile, US commercial crude stockpiles climbed 6.9 million barrels last week, coinciding with Saudi Arabia ramping up Red Sea crude shipments to bypass the Strait of Hormuz.

Energy Price Spikes & Corporate Response

Soaring energy costs stemming from Mideast tensions are forcing sharp price adjustments across industries, with BASF raising chemical prices again due to increased input costs linked to the conflict, and Italian ice cream potentially becoming more expensive for consumers. Airlines are attempting to mitigate soaring fuel bills, as seen by British Airways offering pilots bonuses for burning less fuel, while energy producers are struggling with planning due to volatility deemed "insane". The commodity market saw a massive exodus, with ETF investors pulling $11 billion from commodity products in a record outflow, though some regions like the UK are finding relief as renewable output hit a record high, blunting the energy shock. In fixed income, US Treasury yields fell alongside oil prices as investors focused on the diplomatic push to de-escalate the war.

Private Equity & Dealmaking Activity

The pipeline for mergers and acquisitions remains substantial, according to Goldman Sachs M&A head, who cited "massive pools of capital" ready to deploy despite market volatility, a sentiment echoed by the SIX Group operator who sees volatility delaying but not cancelling IPOs. In private equity activity, KKR struck a deal to acquire the U.S. bakery chain Nothing Bundt Cakes from Roark Capital, while the private equity giant is also reportedly looking to trim its stake in German satellite maker OHB SE via a share sale. Further deal news saw Brookfield Asset Management and Caisse de Depot et Placement du Quebec agreeing to acquire Boralex for C$9 billion (US$2.76 to bolster clean energy assets, and Advent earmarking up to $1 billion for new defense technology bets.

Tech Liability & Regulation Shifts

Tech giants faced a landmark legal setback as a US jury found Meta and YouTube liable for social media harm inflicted on a young user’s mental health, awarding $3 million in damages, with the Instagram owner bearing the majority of the cost. This ruling follows findings that the companies were negligent in their app designs due to addictive features. In regulatory news, Apple is rolling out UK age checks for iPhone users following government pressure to protect minors, a theme also present as former Google executive Matt Brittin was named the new BBC head. Meanwhile, the US President is deepening ties with Silicon Valley by appointing figures including Mark Zuckerberg and Jensen Huang to a tech advisory panel to weigh in on AI policy.

Financial Innovation & Market Structure

The convergence of traditional finance and digital assets is accelerating, as Franklin Templeton debuted ETFs tokenized to trade 24/7 via crypto wallets, bypassing conventional trading hours. This move toward real-time settlement is being touted by executives as a way to transform trading via blockchain, though liquidity remains a focus in areas like private credit where concerns persist over "working as designed" constraints at the gates. On the fixed income front, Electronic Arts' new dollar debt rallied following its $15 billion buyout financing, while Barclays is reportedly scaling back asset-based lending following recent failures. Furthermore, Canada is seeing more firms, including Wealthsimple, wading into prediction markets as they await regulatory green lights.

Corporate Earnings & Sector Specifics

Corporate results offered mixed signals, with Chewy posting higher profit and revenue, and Cintas reporting increased third-quarter profit while raising guidance ahead of its UniFirst merger. In contrast, Temu owner PDD reported an 11% profit drop due to domestic e-commerce pressure. In healthcare, Merck reached a nearly $6 billion deal to acquire cancer biotech Terns to bolster its pipeline ahead of the Keytruda patent cliff. Elsewhere, the US administration’s decision to allow summer sales of E15 gasoline provides a boost for corn farmers, while falling London house prices continued for a sixth month, diverging from broader UK growth trends.