Weekly Market Snapshot

Global markets weakened over the week as optimism around a potential U.S.–Iran ceasefire faded, pushing U.S. and global equities lower and drove oil prices higher. The tensions in the Middle East weighed on investor sentiment, disrupted supply chains and lifted Brent crude above $109 per barrel. Inflation remained elevated in parts of Europe, along with softer-than-expected Canadian retail sales and expanding Eurozone manufacturing activity. Volatility also rose due to regulatory pressures on major technology firms in the U.S., and sector-specific developments. United Airlines negotiated wage agreements with flight attendants’ union and Courts found Meta and Alphabet liable for addictive features. 

In global geopolitics, earlier in the week President Trump indicated a possible ceasefire with Iran which would allow the Strait of Hormuz to be reopened, along with the possibility of bombing Iran’s energy infrastructure. President Trump later extended the deadline for the Strait’s opening by 10 days. Iran later announced the rejection of the 15-point U.S. ceasefire plan and demanded official recognition of its control over the Strait of Hormuz. Iran continued its attacks on Israel and infrastructure in its neighboring countries, including an attack on the Kuwait International Airport. Foreign ministers of G7 countries met in France, to discuss the ongoing conflicts in Iran and Ukraine. U.K. prime minister Keir Starmer reiterated that Britain would not join the U.S. in the Iran war.

Weekly Market Movers — Key Highlights
  • Surging oil and gas prices pressured equities, and revived inflation worries amid escalating U.S.-Iran regional conflict.
  • Higher European inflation and weak Canadian retail sales reinforced policy caution.
  • American courts found Meta and Alphabet liable for misleading consumers.
  • QatarEnergy estimated a 17% reduction in exports and an infrastructure reconstruction timeline of five years.
Global Updates
  • The MSCI All Country World Index fell over the week, as global stocks were dragged down by the fading optimism of an Iranian ceasefire. Global equities initially rose in the week following President Trump’s suggestion of ongoing talks between U.S. and Iranian representatives. Iran later announced the rejection of the 15-point U.S. ceasefire plan. GCC countries, while condemning Iranian attacks on their infrastructure, have also indicated their intention to increase their defensive measures against Iran. 
  • The inflation rate in the United Kingdom remained steady at 3% in February, due to the rising prices for clothing, housing and utilities, which was offset by declining petrol prices.
  • Spain’s inflation rate rose to 3.3% in March, the highest in 2 years. 
  • Canadian retail sales rose by 0.9% in February, coming in lower than expected.
  • The rise in S&P Global Eurozone Manufacturing PMI to 51.4% in March indicated an expansion in European manufacturing, due to a higher number of new orders. However, supply chain disruptions from the Iran war persisted. 
  • QatarEnergy announced that the reconstruction of its LNG infrastructure would require three to five years, following a 17% reduction of its export capacity due to the Iranian strike on its production facility.
  • Japan’s largest trade union federation, Rengo, secured a 5.26% wage increase for its members.
  • Pernod Ricard and Brown-Forman have initiated merger talks amid the ongoing downturn in the alcohol industry. 
  • China’s National Bureau of Statistics reported a 15.2% surge in industrial profits over the January-February 2026 period, driven by the profits in the high technology manufacturing sector. However the outlook for China’s manufacturing sector remains tenuous due to downstream effects of global conflicts.
  • The Korea Exchange authority implemented a sidecar trading curb after the KOSPI declined by 6%, to manage the heightened market volatility driven by program trading following the U.S.-Iran war.
  • The Indian government has announced a reduction in excise duties on petrol and diesel to support consumers during the rise in global oil prices. 
  • Brent crude futures rose to $109.84 per barrel, reversing earlier declines in the week below the $100 mark. Reports of plans to send 10,000 U.S. ground troops to the middle east contributed to market uncertainty.
U.S. Equity
  • U.S. equities ended the week lower due to the waning optimism for a U.S.-Iran ceasefire and rising oil prices, reversing the gains earlier in the week.
  • Federal Reserve Governors Bowman and Waller publicly expressed their concerns regarding the labor market weakness accompanied by the inflationary pressures due to ongoing U.S.-Iran conflict.
  • Meta was fined $375 million by a New Mexico court for allegedly misleading consumers about the efficacy of its child safety features.
  • Meta and Alphabet stock declined after a Californian court found the tech giants liable for incorporating features in their services that facilitated addiction among children.
  • Epic Games announced the layoff of more than 1,000 employees, citing a sustained downturn in Fortnite engagement.
  • The Federal Communications Commission has limited the imports of foreign manufactured categories of communications equipment and services to countries that have been approved by the Department of War.
  • United Airlines CEO Scott Kirby communicated the possibility of oil crossing $175 per barrel to employees and airfares could rise by 20% in response to surging jet fuel prices which would raise operation costs.
  • Circle Internet Group’s stock price declined following reports that U.S. lawmakers are considering the inclusion of restrictions on passive yield on stablecoins in the ‘Clarity Act’.
  • Nvidia’s chip design firm Arm Holdings’ stock rose after the company unveiled its in-house AI chip, the AGI CPU and projected $15 billion in sales by 2031.
  • United Airlines and the Association of Flight Attendants-CWA union have agreed upon wages that could reach $100 per hour, scheduling reform, signing bonuses, boarding pay, pay for long gaps between flights and other improvements.

 

Fixed Income
  • The Bloomberg U.S. Aggregate Bond Index declined over the week due to resurgent oil prices. 
  • The U.S. 10-year Treasury yield rose to 4.452% and the yield on the 2-year note jumped to 3.984%, as investors digested the rising oil prices and conflicting reports of an Iranian ceasefire.
  • The U.S. Dollar Index rose to 100.1 over the week due to rising safe haven demand.

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