Public Markets 8 Hours

Last updated: March 24, 2026, 2:30 PM ET

Geopolitical Tensions & Fixed Income Markets

Treasury yields jumped most since 2024 following renewed Middle East conflict, driving a broad sell-off in U.S. debt markets after investors showed poor demand at a two-year auction. Concerns are mounting that protracted fighting will spark an inflationary resurgence, a view supported by French inflation expected to accelerate to 2% in April driven by soaring oil prices. This environment has prompted some investors to bet against the prevailing narrative, with Pimco touting opportunities to invest against rate hike expectations, while others are pricing in a Fed rate hike despite growth risks. The dollar’s recent rally faces potential deceleration if markets pivot from inflation concerns to growth worries stemming from the Iran conflict, according to Goldman Sachs strategists.

Energy Markets & Supply Shocks

Global energy markets are grappling with supply disruption, evidenced by reports that Shell warned Europe faces fuel squeezes similar to Asia due to the ongoing war; meanwhile, Russia achieved a four-year high in oil revenues as higher prices boosted shipment values. The conflict is also creating ripple effects in agricultural commodities, with West Africa bracing for a fertilizer shock that will heavily impact cocoa and cotton farmers. On the corporate side, Jim Ratcliffe’s Ineos saw debt pressure ease as investors anticipated earnings benefits from petrochemical supply disruptions, while Chevron plans to buy initial crude shipments from Sable’s restarted Santa Barbara platforms in the U.S. domestically. Furthermore, Iran is reportedly charging transit fees for commercial vessels navigating the Strait of Hormuz, reinforcing Tehran’s control over a vital energy transit channel.

Corporate Strategy & Tech Shifts

In the technology sector, Arm launched its own AI chip, securing major initial customers including Meta and OpenAI as part of a significant strategic pivot, while software stocks broadly retreated on news of Amazon developing new AI tools. In aviation, United Airlines warned of potential 20% fare hikes if elevated jet fuel costs persist, even as the carrier simultaneously announced plans to add over 250 planes in the next two years to bolster its premium offerings. Separately, Volkswagen is shifting a plant’s focus to missile defense through a new deal with Israel’s Iron Dome developer to safeguard 2,300 jobs, illustrating industrial adaptation amid geopolitical pressures.

Financial Services & Dealmaking

The alternative asset management space is showing signs of strain as redemption requests surge, leading both Ares Management and Apollo to curb withdrawals from some private credit funds; Ares specifically limited redemptions on its $10.7 billion fund. In merger activity, the bidding war for Janus Henderson Group escalated after Trian Fund Management and General Catalyst increased their all-cash offer to $52 per share to counter a surprise swoop from Victory Capital. In capital markets infrastructure, the NYSE is partnering with Securitize to develop a platform allowing stocks to trade as digital tokens 24/7, mirroring Bank of Montreal’s plan for tokenized cash services. Meanwhile, governance scrutiny is intensifying, as an Anglican clergy pension fund plans to vote against directors at Nat West, Santander, and HSBC over alleged backtracking on climate commitments.

Emerging Markets & Real Assets

Economic stability in emerging markets is threatened by the war, with the FNB CEO expressing concern over derailing South Africa’s recovery due to higher fuel and food prices, while Turkey mulls tapping its $135 billion gold reserves to defend the lira after spending $30 billion supporting the currency. In the Gulf, the conflict has caused six Dubai real estate bonds to fall into distress amid mounting refinancing risks, and Saudi Arabia’s Neom project scrapped a structural steel contract with a Malaysian firm. On a more positive note for debt issuance, Angola plans to raise approximately $2 billion in a eurobond sale, hoping higher crude prices will attract investors, while simultaneously planning to repurchase $1.75 billion of existing notes.

Sports, Media & Regulatory Action

The allure of top-tier talent in media was evident as Netflix’s BTS comeback show attracted 18.4 million global viewers, underscoring demand for real-time events. In Indian sports finance, the Royal Challengers Bengaluru IPL franchise was sold for $1.8 billion to a consortium including the Aditya Birla Group and The Times of India Group. On the regulatory front, the SEC is questioning ratings issued by Egan-Jones, the agency relied upon for rating thousands of private loans, while the fintech firm Bank of London received a £2 million fine from the Bank of England for submitting faked documents. Separately, the UK competition watchdog has given a "light ride" to veterinary groups, allowing the six largest to maintain control over 60% of the £6.7bn market.