Markets 24-Hour Briefing
×Public Markets
Last updated: March 13, 2026, 6:30 PM ET
Energy & Commodities
Oil futures surged above $100 for the second consecutive session, capping a volatile week as Brent crude settled at its highest level in over three years. The Middle East conflict triggered a wild price swing that jolted markets, with Brent briefly topping $107 before retreating. Hedge funds turned most bullish on Brent oil at the outset of one of the crude market's most volatile weeks ever, while retail traders sparked an ETF boom amid institutional caution. The oil price war has become a key measure of success for Iran's regime facing existential struggle, with Total Energies shutting production in Qatar, Iraq, and UAE offshore—representing about 15% of its total output. The conflict is disrupting global trade and threatening food, energy, and other supplies, with Thai rice exports to the Middle East halted as war disrupts shipments to the nation's largest market for the grain.
Stock Markets
U.S. stocks suffered their third straight weekly loss as investors braced for a longer conflict, with the Nasdaq composite falling around 0.9% and the S&P 500 declining 0.6%. European stocks ended the week lower after oil prices moved back above $100 a barrel, while emerging-market assets recorded their second week of losses as the Middle East crisis shows no signs of abating. Indian stocks capped their worst weekly performance since June 2022, as escalating tensions sent oil prices surging and rattled investor sentiment in one of the world's largest energy importers. The WSJ Dollar Index rose 1.23% this week to 96.89, with the forint lagging emerging peers as energy price shocks amplified Hungary's economic risks ahead of next month's elections.
Fixed Income & Credit
Market stress is building at the fastest pace since last year's tariff shock, as the war in Iran pushes oil prices higher, drives up borrowing costs, and strengthens the dollar—a combination that is threatening emerging markets. The rapid surge in oil prices has jolted quant trades, with a $134 billion complex of systematic strategies facing unprecedented volatility. Meanwhile, U.S. blue-chip bond sales flirted with records despite Middle East war, rising yields, and private credit distress barely seeming to matter for corporate borrowers. Charles Schwab expects revenue growth of around 16% for the first quarter as retail investors remain engaged despite uncertainty about the economy and the war in the Middle East.
Corporate & M&A
The London Stock Exchange Group seeks to sell as much as $3 billion of high-grade US corporate bonds as soon as early next week. 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. Berkeley Group Holdings warned that the conflict in the Middle East was "weighing heavily on risk sentiment", while Vivid Seats' debt sank further into distressed territory after the ticket reseller reported earnings that missed estimates. Venture Global greenlit an $8.6 billion US LNG export expansion, with its third liquefied natural gas project in Louisiana.
Technology & AI
Nvidia prepares to launch AI 'inference' chips to counter rising challengers, with Jensen Huang set to unveil new products at GTC next week as spending shifts from training to running AI models. Elon Musk pushed out more xAI founders as the AI coding effort falters, drawing on his past playbook with SpaceX taking over xAI ahead of the orbital launch company's initial public offering. Meanwhile, Anthropic's Pentagon battle matters to every business, as the designation of the AI company as a supply-chain risk puts every business at the mercy of President Trump's political priorities.
Geopolitics & Policy
President Trump softened his call for protesters to take over Iran, warning they risk getting shot "right through the head"—a change in tone from his earlier comments. The U.S. said it had stepped up strikes on Iran to unprecedented levels as both sides in the war threatened to escalate a conflict hitting its two-week mark. The Trump administration authorized Venezuela to sell fertilizers to US companies, further loosening sanctions just as the Iran war tightens global supplies of critical crop nutrients. President Trump insists the US can fight 'forever' despite rapid depletion of munitions, rebuffing Ukraine's offer for help with anti-drone defense.
Emerging Markets
Nigeria's central bank has prepared contingency measures to stabilize the naira if it comes under pressure, as investors dump riskier emerging-market assets because of the Middle East crisis. South Africa's investment in mineral exploration dropped for a seventh consecutive year, despite the government's ambitions to arrest the decline. Ghana's cocoa regulator hasn't repaid more than $400 million in loans, raising the risk that it won't have enough cash to buy beans next season—a setback that could ripple through global chocolate 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.
Defense & Security
A U.S.-made launcher fired missiles from Bahrain toward Iran, though it remains unclear whether the U.S. or Bahraini military launched the missiles. Iran has arranged special transportation to return about 180 sailors from India. The U.S. is investigating an attack on an Iranian girls school that killed about 180 people, with Defense Secretary Pete Hegseth assigning investigators to the case. Serbia bought supersonic air-to-surface missiles from China as part of $17 billion defense upgrades against what President Aleksandar Vucic claimed were hostile intentions of nearby NATO countries.
Real Estate & Construction
Berkeley Group Holdings reiterated its profit guidance but warned that the conflict in the Middle East was "weighing heavily on risk sentiment." The UK government said it would overhaul its nuclear power sector after a review criticized it for being too risk averse and favoring process over outcomes. Carlyle overhauled its European private equity team after poor performance, with the US private capital group expected to restart fundraising in its flagship European buyout fund. The German company Vincorion set a sale price of 17 euros a share, offering investors up to 345 million euros of shares in its IPO.
Private Equity
Last updated: March 13, 2026, 6:30 PM ET
Venture & Growth Equity
AI infrastructure continues to draw significant capital, with Nyne securing $5.3 million in seed funding to embed human context into AI agents. This deal punctuated a week dominated by large checks in artificial intelligence and robotics, as the two largest global rounds underscored investor appetite for foundational technologies. The trend extends to less visible plays, including a phlebotomy robot developer and a company building specialized inboxes for AI agents, indicating diversification within the AI value chain beyond pure model development.
Secondaries Market Surge
The European secondaries market is booming, with one observer noting "who isn’t selling?" to describe the pervasive liquidity-seeking among LPs. High-profile transactions include Vinted and ElevenLabs completing major secondary sales, providing exits for early investors. This activity follows Overbay receiving backing from Charlesbank funds, a structure that allowed the general partner to retain full control of its investment activities while facilitating partial liquidity for its own investors.
Leadership & Fund Structuring
Firms are strengthening their senior ranks and adapting fund structures for a evolving market. Goldman Sachs hired Darren Schluter from Rothschild to bolster its GP solutions team, reflecting heightened demand for sophisticated secondaries and continuation fund advice. Concurrently, Vistria appointed David Schuppan and Phil Alphonse as co-heads of its flagship funds, a move to support its operating structure amid strategic growth. Industry veteran Christophe Browne of Lexington Partners also advised that CVs should be structured in an "LP-friendly" manner, suggesting that higher rollover rates would signal market health.
Sector-Specific Investment Plays
Private equity is deploying capital into high-conviction, specialized sectors. Firms including Ardian, Charterhouse, CVC and L Catterton are investing across diverse women's health segments, from fertility to menopause care, betting on demographic-driven tailwinds. In parallel, PE is hitting high multiples for assets in data center refrigeration and structural design, driven by insatiable demand for AI compute infrastructure. Lincoln International's advisers noted that these niche industrial plays command premium valuations due to their critical role in the AI build-out.
European Regulatory & Fundraising Push
The European private equity industry
Sector Investment
Last updated: March 13, 2026, 6:36 PM ET
Public Pensions & Consulting
California's MCERA issued an RFP seeking investment consulting services, signaling a potential shift in its $30 billion portfolio strategy. The pension fund's move comes as public plans increasingly turn to external advisors for navigating volatile markets and ESG mandates. Industry sources suggest the selection could impact allocations across private equity, real estate, and infrastructure sectors.
Real Estate & Investment Banking
Savills' $921 million acquisition of Eastdil Secured will expand its U.S. capabilities while minimizing operational overlap. The deal accelerates Savills' push into investment banking services, giving it deeper access to commercial real estate transactions and capital markets. Analysts note the timing is strategic, with transaction volumes rebounding in major markets after pandemic-era slowdowns.
Technology & Infrastructure
OpenAI CEO Sam Altman expressed concerns about short-term AI infrastructure buildout despite long-term confidence in power generation solutions. Speaking at a tech conference, Altman emphasized the urgent need for data center capacity expansion to meet growing AI compute demands. His comments highlight the tension between rapid AI adoption and infrastructure bottlenecks, particularly in energy-constrained regions.
Real Estate Credit Outlook
PIMCO Prime Real Estate's François Trausch outlined opportunities in Europe's evolving real estate credit market for 2026, citing competitive dynamics and shifting capital flows. The firm sees potential in distressed assets and refinancing as interest rates stabilize. Trausch's outlook suggests institutional investors may increase allocations to European real estate debt as traditional fixed-income yields remain compressed.