Public Markets 8-Hour Briefing
×Last updated: March 16, 2026, 3:30 PM ET
Geopolitical Tensions & Energy Markets
Global energy markets remained highly reactive to the escalating Middle East conflict, though oil prices retreated from recent peaks allowing the dollar to head for its worst day in over a month. The easing of some concerns over the Strait of Hormuz closure spurred US stock advances, particularly for technology firms as Nvidia Corp.’s AI conference commenced. However, the threat persists, with shipping insurance costs to traverse Hormuz soaring significantly even as the US Treasury Secretary confirmed the administration is prepared to tolerate Iranian oil trade to prevent critical supply shortages. Meanwhile, the energy crunch has broader implications, as reflected by Cuba reporting a total nationwide blackout amid a de facto US fuel blockade, and even major exporters like Australia show vulnerability to the widening energy crunch.
Commodities & Infrastructure
The volatility stemming from regional instability caused the London Metal Exchange to halt trading due to a technical outage during a period of price turbulence. Beyond oil, the disruption is impacting raw material flows, with the global semiconductor industry facing mounting threats to vital chipmaking supplies. In contrast to the energy crunch, Guinea, the world’s largest bauxite producer, is attempting to arrest its domestic price slump by discussing stricter supply control rules with miners. On the infrastructure front, the US is planning its first new coal-fired power plant since 2013, with Terra Energy Center committing $1 billion to the Alaska project, while Shell Plc maintained its outlook, asserting that long-term global demand for liquefied natural gas will continue growing.
Corporate Finance & M&A Activity
The debt markets saw significant activity as Novartis AG sought high-grade debt to finance its $12 billion acquisition of Avidity Biosciences Inc, adding to a busy period for M&A financing. In leveraged buyouts, debt offerings led by JPMorgan Chase & Co. attracted $19 billion in orders for the financing backing Electronic Arts Inc’s buyout. Private credit is also expanding, with Goldman Sachs Asset Management targeting $13 billion for its newest mezzanine debt fund aiming to capitalize on credit market disruptions. Conversely, market volatility caused Jaguar Land Rover Automotive Plc to pull a planned US bond sale, while in private markets, Apollo is negotiating for a stake in Syntegon at a €4 billion valuation.
Real Estate & Regulatory Shifts
Shifts in working patterns continue to impact real estate, evidenced by LandSec’s London office deal collapsing after the buyer demanded a last-minute price reduction, and National Car Parks entering administration due to falling post-pandemic demand. In the US, Public Storage agreed to a $5.7 billion all-stock deal to acquire National Storage Affiliates, creating a combined entity valued at $57 billion. Regulatory changes are underway in the UK, where the Treasury is proposing reforms to curb the Financial Ombudsman Service’s powers following its perceived overreach in handling the motor finance scandal. Furthermore, the Bank for International Settlements warned that leveraged ETF activity worsened the silver rout earlier this year, while also suggesting stress tests should incorporate synthetic risk transfers to assess SRT risks.
Political and Media Scrutiny
Political rhetoric intensified as President Trump accused media organizations of undermining military efforts through claims of "treason," while simultaneously employing the Federal Communications Commission to police speech on major television networks. These domestic tensions extend internationally, as several European nations rejected Trump’s demand for warships to reopen the Strait of Hormuz, despite the President also launching fresh criticisms against the UK’s stance on the Iran war further straining transatlantic ties. Separately, in corporate legal news, Bank of America settled a lawsuit alleging ties to Jeffrey Epstein, while the BBC seeks dismissal of Trump’s $10 billion suit on jurisdictional grounds.