Public Markets 8 Hours

Last updated: March 31, 2026, 11:30 AM ET

Geopolitics, Energy Markets, and Inflationary Pressures

Global markets absorbed mounting tension from the Middle East conflict, as Brent crude tracked toward its largest monthly price rise on record while US gasoline prices topped $4 a gallon, marking a 35 percent increase since late February. The escalating disruption saw a major Saudi chemical plant halt production, and in Europe, German power prices surged to four times French levels due to strained natural gas supplies, backing expectations for further rate hikes from the European Central Bank. While President Trump signaled a willingness to end the war, even if the Strait of Hormuz remained partially closed, this news initially buoyed US stock futures and eased European gas prices, although volatility in European rates markets remains historically high.

Further stressing global supply chains, Chile’s copper output fell to a nine-year low, compounding worries about raw material availability, which also extends to chipmaking components due to the helium shortage exacerbated by regional conflict. In Asian energy, Russian oil exports plunged from Baltic ports following drone strikes, though Ghana showed resilience to supply shocks due to diversified sourcing, including Russian shipments. Meanwhile, fresh food distributors globally added surcharges to perishable goods as diesel costs climbed, and South Africa cut fuel taxes to offset the steepest oil price increase in nearly two decades.

Corporate Dealmaking and Activism

Pharmaceutical mergers saw activity as Eli Lilly announced its plan to acquire Centessa for $6.3 billion to bolster its pipeline, and Biogen moved to purchase Apellis Pharmaceuticals for $5.6 billion to expand its rare-disease offerings. In the food sector, McCormick agreed to combine with Unilever’s food unit, creating a massive spice conglomerate, while activist investor Irenic Capital built a stake in Snap Inc. and is reportedly pushing for operational improvements. Elsewhere, wearable tech firm Whoop achieved a $10 billion valuation following a $575 million funding round courting everyday health enthusiasts, while credit data provider 9fin secured a $1.3 billion valuation in fresh capital.

Fixed Income and Private Credit Risks

The structural solvency of the Treasury market is under question, with Barclays strategists predicting a need for occasional official interventions to manage the instability caused by its explosive growth. This environment is punishing riskier debt; US junk bonds are set for their worst quarterly returns since 2022 amid rising Treasury yields and AI disruption fears, while European managers are putting CLO refinancing plans on hold due to rising war-related funding costs. This mirrors a trend where private equity-owned firms borrowed $94 billion last year to fund shareholder payouts, a leverage surge that Germany’s DZ Bank warned poses a systemic risk to the US economy.

Automotive Sector Shifts and Tech Financing

Facing severe industry overcapacity, Volvo’s owner indicated a desire to integrate production with its Chinese sister brand models, a move contrasted by rivals like BYD which expands internationally, while Volvo itself increased its stake in Polestar to 19.9%. In enterprise technology, CoreWeave secured an $8.5 billion chip-backed loan, the largest of its kind, bolstered by a deal with Meta Platforms. Meanwhile, Huawei reported an 8.7% rise in net profit, with the fastest growth stemming from its intelligent automotive solutions business, as a separate development saw Delta Air Lines plan to use Amazon’s satellite internet for in-flight Wi-Fi starting in 2028.

Regulatory and Social Developments

In Washington, the Supreme Court rejected Colorado’s ban on ‘conversion therapy’ for minors, while the FDA is reportedly expected to lift restrictions on certain peptides, heeding calls from figures like RFK Jr. In corporate governance, Tether Holdings dismissed senior gold traders just months after hiring them from HSBC as part of a restructuring of its precious metals desk. Separately, the legacy of civil rights icon Cesar Chavez faced intense scrutiny following a detailed investigation revealing a history of sexual abuse, prompting questions about the lionization of historical figures.