Public Markets 8-Hour Briefing
×Last updated: March 12, 2026, 10:35 PM ET
Energy Markets Turmoil
Brent crude closed above $100 a barrel for the first time since August 2022 as millions of barrels remain trapped in the Persian Gulf, marking the biggest oil market disruption in history. The Treasury Department eased Russian oil sanctions after escalating crisis in the Gulf sent Brent above $100 again, with Treasury Secretary Scott Bessent calling the move "unfortunate" but maintaining it was only for the short term. Oil prices edged lower in Asia on a likely technical correction, while analysts now forecast longer-lasting upheaval—and higher crude prices—as markets brace for lasting turmoil in the Gulf. The Trump administration removed sanctions on Russia to help oil flow amid Iran conflict, though the move could benefit Russia in the short term.
Asian Financial Markets
Asian currencies consolidated against the dollar as traders closely monitored oil price trends, with inflows into leveraged exchange-traded funds and elevated levels of borrowed cash to buy stocks reviving fears of a repeat of last week's war-induced selloff in some of Asia's largest markets. China's consumer spending may have booked the worst start to any year outside the pandemic, highlighting the challenge to a government that has targeted a bigger role for domestic demand. Singapore disputed US trade surplus data as new tariffs loom, claiming it ran a trade deficit with the US in 2024. A top-performing emerging markets fund is increasing exposure to Chinese AI hyperscalers, betting they offer better value than US tech giants pouring vast sums into artificial intelligence.
Fixed Income & Banking
The Federal Reserve and other financial regulators will soon release proposals to loosen some planned rules on how much capital banks must hold in reserve to mitigate risks, with Wall Street cheering plans that would water down protections designed to avoid a repeat of the 2008 financial crisis. The basic assumptions that have underpinned hedging strategies for decades are coming undone by the escalating war in Iran, as investors hunt for new hedges. Meanwhile, S&P Dow Jones Indices is considering changes to rules governing how companies join the S&P 500 Index, a move that would potentially fast-track SpaceX's entry after its IPO.
Geopolitical Developments
An earthquake with a magnitude of 5.3 struck eastern Turkey, while Cuba pledged to release 51 prisoners amid pressure from Washington, where the Trump administration has been trying to choke the Cuban government through an oil blockade. The Trump administration is expected to begin a trade investigation into whether dozens of countries have policies to combat forced labor as part of a global tariff scheme. Brazil Supreme Court Justice Alexandre de Moraes barred a US State Department official from visiting Jair Bolsonaro, the right-wing former president serving a 27-year prison sentence.
Corporate & M&A Activity
Brookfield Asset Management is seeking a loan of around $800 million to back its proposed purchase of air cargo specialist World Freight Co., while Blackstone arranged a $1.2 billion credit facility for Air Trunk's expansion into Japanese data centers, part of a broader push by private equity into AI infrastructure assets across Asia-Pacific. One of Australia's biggest pension funds, Rest Super, is on the hunt for more private markets investments in the US, underscoring the strong appetite from the country's fast-growing A$4.5 trillion ($3.1 superannuation system. Qantas agreed to pay about $74 million to settle a class action over its decision not to offer immediate cash refunds for flights it canceled during the Covid-19 pandemic.
Technology & Media
Meta delayed the rollout of its new AI model after spending billions to be on the cutting edge of artificial intelligence, while concerns about performance led to the timeline being pushed back. Ukraine's defense ministry said it needs to improve AI targeting to compete with Russia and will make drone videos available for training AI models despite ethical concerns about using battlefield videos. Once Upon a Farm PBC shares fell 9.8% after the organic kids snacks maker forecast slowing sales growth in 2026 in its first earnings report as a public company.
Real Estate & Consumer
Lennar's first-quarter sales fell 13% as a tough housing market has resulted in lower average home sale prices, while Ulta Beauty expects growth to slow this fiscal year as consumers focus on value, forecasting sales to grow 6% to 7% compared with a 9.7% increase in the prior fiscal year. New York City's proposed $30 minimum-wage increase rattles small businesses following a host of other cities boosting pay in recent years.