Public Markets 8-Hour Briefing
×Last updated: March 13, 2026, 8:31 AM ET
Energy Markets
Oil prices remained above $100 as Middle East tensions persisted, with Brent crude testing $101 per barrel amid escalating conflict in Iran. The energy sector's rally showed signs of fatigue as investors anticipated potential supply increases from OPEC+ members, while lagging energy stocks signaled skepticism about the sustainability of crude's surge. In response to market volatility, Japan announced plans to sell oil from national reserves at pre-war prices, attempting to stabilize domestic energy costs as the crisis deepens.
Currency Markets
The dollar strengthened to three-month highs as investors sought safe-haven assets amid Middle East turmoil, with the euro falling to its lowest level since August. The yen slid to seven-month lows as rising oil prices pressured Japan's import costs, while Hungary's forint emerged as the worst-performing emerging market currency, suffering a triple hit from energy price shocks, election uncertainty, and existing economic vulnerabilities.
Emerging Markets
Emerging-market stocks headed for their first back-to-back weekly losses since October as Middle East conflict showed no signs of abating. India's benchmark index capped its worst week since June 2022, with energy-intensive sectors bearing the brunt of oil price shocks. Meanwhile, Nigeria's central bank prepared contingency measures to defend the naira as investors dumped riskier assets, while Indonesia warned it would struggle to maintain its 3% budget deficit limit as oil prices soared beyond initial forecasts.
Fixed Income
European bond yields rose to multimonth highs as Brent crude surpassed $100 again, with Commerzbank advising investors to avoid Bunds amid Middle East uncertainty. A burst of volatility in European rates markets unleashed by the war revived discussions about hedge funds' role in amplifying price swings. In Asia, Thailand's growth outlook was halved if the conflict lasted three months, as weaker tourism, softer exports, and higher energy prices threatened to drag the economy even lower.
Corporate Developments
Berkeley Group Holdings warned that Middle East conflict was weighing heavily on risk sentiment, though the UK housebuilder reiterated its profit guidance. In Hong Kong, JPMorgan Chase secured a major office lease in West Kowloon, marking one of the city's largest deals amid a prolonged commercial property downturn. Meanwhile, Eurasian Resources Group urged Congo to stop illegal mining activities following a deadly landslide at one of its copper licenses.
Technology & Media
The Dubai crypto conference Token2049 was postponed as the UAE and other Middle Eastern countries faced ongoing missile threats. In regulatory news, Hong Kong proposed to "name and shame" lawyers and auditors for sloppy IPO work as authorities grappled with an influx of Chinese companies seeking to raise funds in the city. The European exchange proposed looser listing rules to strengthen the city's appeal as an IPO venue.
Private Markets & Investment
BNP Paribas held discussions with investors about a potential €2.5 billion significant risk transfer tied to corporate loans. India's Shapoorji Pallonji Group aimed to raise $1 billion through its first dollar bond sale to refinance local-currency debt maturing in April. In a sign of growing concerns, some investors were cashing out of private-credit funds, potentially leaving banks more exposed to these instruments.
Regional Markets
South Africa's stock benchmark fell 10% since late February as investors pulled away from overheated markets while Middle East conflict dragged on. The rand faced pressure from prolonged higher oil prices, with Goldman Sachs warning that the South African central bank might need to raise rates to combat inflation from a weaker currency. In Europe, stocks headed for a second weekly drop as Iran war stoked fears about higher inflation and slower growth.
Trade & Supply Chains
Germany's chemical industry warned of supply-chain disruptions spreading beyond oil and natural gas, with companies dialing down output as supply chains seized up. The Gulf oil shock deepened crisis for Asia's petrochemicals industry, with Japan and South Korea exposed to shortages of key components for plastics. Thailand's rice exports to the Middle East were halted as war disrupted shipments to the nation's largest market for the grain.
Geopolitical Impact
President Trump suggested Putin was "aiding Iran a little bit" in the ongoing conflict, while Romania's inflation slowed but faced threats from surging global energy prices that could prevent the central bank from easing monetary policy. In Southeast Asia, Malaysia's subsidy bill was set to rise due to higher oil prices caused by Middle East tensions, according to the country's second finance minister.