Weekly Market Snapshot

Global and U.S. markets ended the week lower as escalating U.S.–Iran tensions, rising energy prices, and a weak jobs report heightened volatility and dampened investor sentiment. Geopolitical risks intensified with regional military strikes, leadership transition in Iran, evacuation orders in Saudi Arabia, and the continued closure of the Strait of Hormuz.

Weekly Market Movers — Key Highlights
  • Equities declined globally as energy‑driven volatility and geopolitical tensions undermined risk appetite.
  • The U.S. Treasury issued a temporary license allowing trade of Russian crude to cushion global energy markets.
  • Escalating Middle East conflict included Israeli strikes on Tehran, reciprocal attacks on Gulf states, and U.S. Navy action in the Strait of Hormuz.
  • Mojtaba Khamenei was selected as Supreme Leader of Iran.
  • The IEA, Japan and Germany announced release of strategic oil reserves to mitigate price volatility.

Global and U.S. equities faced heightened volatility and ended the week lower as escalating U.S.–Iran tensions and rising energy prices weighed on sentiment. Investor sentiment weakened further following a disappointing jobs report, rising Treasury yields, and growing uncertainty over the duration and economic fallout of the conflict. Oil volatility persisted, leading to a general license issued by the U.S. Treasury permitting the trade of Russian crude, to mitigate global energy shocks, through April 11, 2026.

In global geopolitics, Israeli strikes on Tehran led to reciprocal strikes on Saudi Arabia and the U.A.E. The U.S. Embassy in Riyadh has issued its first departure directive, requiring non‑emergency government personnel to leave Saudi Arabia. Mojtaba Khamenei, the son of Ayatollah Ali Khamenei, was selected by the Assembly of Experts as Iran’s new Supreme Leader. The Strait of Hormuz, a critical transit route for global oil shipments, continues to remain closed to maritime traffic. U.S. Navy reportedly sank Iranian ships attempting to mine the Strait to block shipping. Ukrainian forces conducted a major strike on a microchip manufacturing plant in Russia, leading to the death of seven people.

Global Updates
  • The MSCI All Country World Index plunged driven by combination of geopolitical uncertainty, inflationary pressures from surging oil prices, and renewed fears of slowing global growth collectively weighing on investor sentiment.
  • China’s CPI rose to 1.3% year-on-year in February — its fastest pace in nearly three years — following a 0.2% increase in January.
  • Japan’s core consumer price index, which excludes fresh food but includes energy, rose 2% year-on-year in January 2026.
  • India’s retail inflation rose to 3.21% year-over-year in February, driven by higher prices of food, personal care products and precious metals.
  • German wholesale ​prices rose by 1.2% in ‌February compared with ​the ​same month last ⁠year, ​as per ​the ​federal statistics office.
  • Russian mid‑sized oil producer Tatneft reported a 48.1% drop in its 2025 full‑year net profit, declining to approximately $2 billion.
  • Russia’s state‑controlled tanker giant Sovcomflot reported a net loss of $648.4 million for 2025.
  • Singapore‑based logistics firm GLP is aiming for a valuation of around $20 billion in a planned Hong Kong IPO that could take place as early as this year, as per reports.
  • Air New Zealand said it will cut 5% of its flights—about 1,100 services—through early May as the Iran war drives jet fuel prices sharply higher and disrupts travel even in regions far from the conflict.
  • The International Energy Agency (IEA) has proposed the largest ever release of crude oil from strategic reserves in its history. Japan and Germany have also announced that they will begin releasing strategic oil reserves due to concerns over global energy supply disruptions, following the Middle East conflict.
  • According to maritime security reports, three commercial vessels transiting the Strait of Hormuz were struck by unknown projectiles. The Strait of Hormuz remains largely closed to oil shipments, though some Iranian vessels have reportedly managed limited passage in recent days.
  • Iranian strikes on desalination facilities are threatening Gulf water supplies, with Bahrain reporting damage to one of its plants. Kuwait relies on desalination for about 90% of its drinking water, Oman for 86%, and Saudi Arabia for roughly 70%. Iran also launched a drone strike on Dubai’s International Financial Centre causing minor damage, in response to an earlier strike on one of its banks.
  • Mojtaba Khamenei has been appointed Iran’s supreme leader by the Assembly of Experts following the death of his father, Ayatollah Ali Khamenei, who was killed in recent U.S.–Israeli strikes.
U.S. Equity
  • U.S. equity markets declined over for the second consecutive week, weighed down by the continued disruptions in oil markets due to the U.S.-Iran war. Earlier in the week U.S. equity market recovered after President Trump and U.S. Energy Secretary Chris Wright suggested a quick end to the U.S.-Iran conflict. However, crude oil prices crossed the $100 per barrel mark for the first time since 2022. The Trump administration announced the release of 172 million barrels from the Strategic Petroleum Reserve to stabilize prices. The International Energy Agency also released 400 million barrels of it strategic reserves to support global market ​stability and lowered the projected increase in global 2026 oil supplies to 1.1 million barrels a day from its earlier projection of 2.4 million barrels a day. Despite the strategic release oil prices spiked again following the attack on three cargo vessels and the continued blockade of the Strait of Hormuz.
  • The Bureau of Labor Statistics reported an annual inflation of 2.4% in February, in line with the January inflation, due to the steady increase in food and energy prices.
  • U.S. economy is estimated to have cut 92,000 jobs in February, leading to a 3% points decline in the expected quit rate to 15.9% in February, as reported by the New York Federal Reserve consumer survey for February.
  • The Trump administration has announced a trade investigation under Section 301 of the Trade Act of 1974 to identify unfair practices like excess capacity and forced labour, employed by U.S. trading partners including China, India.
  • Honda Motor’s stock price declined after the company projected charges up to $15.75 billion, due to the transition away from electric vehicles (EV). The decision to pivot from EVs was precipitated by the decline in profitability following President Trump’s tariffs and the expiration of EV tax credits.
  • Adobe CEO Shantanu Narayen has announced his plans to retire, after the company reported a higher-than-expected 12% growth in its adjusted EPS of $6.06 from its fiscal first quarter revenue of $6.40 billion. The company has projected a revenue in the $6.43 billion to $6.48 billion range for the fiscal second quarter.
  • The shares of Hims & Hers Health rose after Novo Nordisk dropped its patent infringement case against the telehealth company and permitted the company to sell Ozempic and Wegovy.
  • Oracle stock rose following the company’s strong 22% growth in revenue to $17.19 billion and adjusted EPS of $1.79 in its fiscal third-quarter. Cloud revenue rose by 44% to $8.9 billion, and cloud infrastructure revenue by 84% to $4.9 billion. Oracle raised its revenue outlook to $90 billion for fiscal 2027 and plans to invest $45 billion to $50 billion in cloud infrastructure expansion.
Fixed Income
  • The Bloomberg U.S. Aggregate Bond Index declined over the week.
  • The U.S. 10-year Treasury yield rose to 4.28% and the yield on the 2-year note jumped to 76% over the week due to the continuing U.S.-Israel-Iran war.
  • The U.S. Dollar Index rose to 100.02 over the week due to safe have demand for the U.S. dollar.

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