Brent crude futures rose above $104 per barrel on Tuesday, rebounding from the previous session’s losses as investors continued to assess the impact of the Middle East conflict on global supply. Iran has stepped up attacks on energy infrastructure in the region, while most countries have so far resisted US President Donald Trump’s call for support in safeguarding commercial activity in the Strait of Hormuz. On Monday, the benchmark tumbled nearly 3% after several tankers safely navigated Hormuz over the weekend, raising hopes the waterway could soon reopen. India is also negotiating six additional vessels as several countries pursue back-channel talks with Iran to ensure safe passage for their ships. The US is allowing Iran to continue shipping crude through Hormuz, while a direct communications channel between the US and Iran has also reportedly been activated.

Brent Rises on Lingering Supply Concerns

WTI crude futures rose above $98 per barrel on Tuesday, rebounding from the previous session’s losses as investors continued to assess the impact of the Middle East conflict on global supply. Iran has stepped up attacks on energy infrastructure in the region, while most countries have so far resisted US President Donald Trump’s call for support in safeguarding commercial activity in the Strait of Hormuz. On Monday, the US oil benchmark tumbled more than 5% after several tankers safely navigated Hormuz over the weekend, raising hopes the waterway could soon reopen. India is also negotiating six additional vessels as several countries pursue back-channel talks with Iran to ensure safe passage for their ships. The US is allowing Iran to continue shipping crude through Hormuz, while a direct communications channel between the US and Iran has also reportedly been activated.

Oil Rises on Lingering Supply Concerns

Malaysian palm oil futures fell around 1% to below MYR 4,650 per tonne on Tuesday, snapping a four-session winning streak as a stronger ringgit and weaker edible oils on the Dalian exchange weighed on prices. Sentiment was further rattled by U.S. President Trump's remarks that he is planning to delay a visit to China later in March by about a month because of the Iran war. Still, the downside was capped by a rally in crude oil amid rising geopolitical risks. On the demand side, exports stayed firm, with cargo surveyors noting shipments of Malaysian palm oil products for March 1–15 surged 43.5%–56.9% mom, boosted by Ramadan and Eid buying. In India, the world’s largest consumer, palm oil imports rose 11% in February to a six-month top as discounts to rival oils prompted refiners to boost purchases. Meantime, top producer Indonesia is reportedly weighing new taxes on commodities, including palm oil, to ease fiscal strains from elevated global oil prices, a move that could tighten supply.

Palm Oil Pulls Back After Four-Session Winning Streak

Crude Oil WTI increased 4% to 97.241 USD/Bbl

Crude Oil WTI is up by 4%

The NZX 50 edged up 18 points, or 0.1%, to close at 13,182 on Tuesday, ending in positive territory for the first time in four sessions. Gains followed Wall Street’s extended advance Monday, ahead of the U.S. Fed’s policy meeting that begins later today and concludes Wednesday, with rates expected to remain steady amid geopolitical risks. Sentiment was also supported by upbeat activity data from China, New Zealand’s largest trading partner, with investors largely shrugging off U.S. President Trump’s remarks that his planned visit to the mainland will be delayed by about a month due to the Iran war. The meeting with President Xi was previously set for March 31–April 2, following their last talks in October 2025. Sector gains were led by utilities, financials, and industrial services, though weakness in consumer, energy minerals, and healthcare capped upside. Notable movers included Chorus Ltd. (2.0%), Seeka Ltd. (1.9%), Meridian Energy (1.7%), and Napier Port Holdings (1.1%).

NZX 50 Ends Slightly Higher After Recent Slide

The Indonesian rupiah edged closer to IDR 17,000 per dollar on Tuesday, declining for a sixth session as the U.S. dollar stayed firm amid elevated global energy prices ahead of the Fed’s policy decision. Indonesia remains vulnerable to higher energy costs as a net oil and gas importer, though authorities have pledged to keep subsidized fuel prices unchanged through the Eid holiday. Persistently high oil prices, however, could force adjustments later. Inflation in February hit a near three-year high of 4.76%, above Bank Indonesia’s target, driven largely by base effects from last year’s electricity tariff discounts. The central bank is set to announce its policy decision later today, with markets expecting a sixth consecutive rate hold. Still, speculation over further easing lingers after a total of 150bps of cuts since September 2024, aimed at supporting growth following disruptions in Sumatra. The economy grew 5.11% in 2025, below the 5.2% target, with 2026 growth projected at 5.4%.

Rupiah Weakness Persists Ahead of BI Rate Decision

India’s BSE Sensex edged up about 0.4% to around 75,793 on Tuesday, marking a second consecutive session of gains amid a volatile market, as rising crude prices tied to Middle East tensions continued to weigh on sentiment. Oil surged above $103 per barrel amid shipping disruptions near the Strait of Hormuz, a critical global supply route, intensified concerns over potential supply constraints. Foreign investors sold about $1.01 billion in Indian equities on Monday, extending a 12-day outflow streak, with roughly $6.9 billion withdrawn so far in March. Monday’s data showed India’s trade deficit widened to $27.10 billion in February from $14.42 billion a year earlier, below the $28 billion forecast, as higher freight costs and West Asia disruptions weighed, the fuller impact of Gulf tensions is yet to emerge and will pressure trade flows. Among individual stocks, gainers included ITI (+3.2%), Eternal (+2.9%), BSE (+2%), and Bajel Projects (+6.4%)

Indian Stocks Up for 2nd Day

Japan’s 10-year government bond yield remained around 2.27% on Tuesday after the latest 20-year JGB sale saw strong demand, as investor appetite stayed resilient despite rising oil prices fueling inflation concerns. Japan’s oil-import-dependent economy has faced pressure from surging energy costs that threatened stagflation. Meanwhile, Bank of Japan Governor Kazuo Ueda said underlying inflation is gradually moving toward the 2% target. The central bank is widely expected to keep interest rates unchanged this week amid heightened uncertainty over the Iran war’s impact on the domestic economy. Japan has so far rejected US President Donald Trump’s call to send warships to escort oil tankers through the Strait of Hormuz, though some market participants are speculating on a possible BOJ rate hike in April.

Japan 10Y Yield Holds Steady

The yield on the US 10-year Treasury note rose to around 4.24% on Tuesday after a sharp decline in the previous session, as investors continued to gauge the impact of the Middle East conflict and volatile oil prices on the economy and inflation. Treasury yields had pulled back on Monday as lower oil prices eased inflation concerns following the safe passage of several tankers through the Strait of Hormuz. Treasury Secretary Scott Bessent also said the US is allowing Iran to continue shipping crude via Hormuz, while President Donald Trump is seeking support from other countries to safeguard commercial activity in the waterway. Meanwhile, the Federal Reserve is widely expected to hold interest rates steady on Wednesday as policymakers navigate uncertainties stemming from the Iran war. Investors will closely watch the central bank’s assessment of the recent surge in energy prices and its implications for inflation and borrowing costs.

US 10-Year Yield Edges Higher

The Australian dollar weakened to $0.70 on Tuesday, trimming gains from the previous session, despite the Reserve Bank of Australia delivering its first back-to-back interest rate hikes since mid-2023. The central bank raised the cash rate to 4.1%, marking a second consecutive month of hike and reversing two of last year’s cuts. The move underscores the RBA’s ongoing struggle to rein in persistent inflation, which has been fueled by rising energy costs amid escalating tensions in the Middle East. Markets also expect another rate hike in May, which could lift the cash rate to 4.35% and fully reverse the 75 basis points of cuts enacted during last year’s six-month easing cycle. Investors will be closely watching RBA Governor Michele Bullock’s post-meeting press conference for hints on the bank’s future policy direction. Attention will then turn to Thursday’s labor market data, which investors will scrutinize after Governor Bullock recently noted that it remains tight.

Aussie Dollar Weakens Despite Rate Hike

Australia’s 10-year government bond dipped to around 4.94%, but remained near its highest level since July 2011, after the RBA delivered back-to-back interest rate hikes. The board raised the cash rate to 4.1% from 3.85%, marking its first consecutive increase since mid-2023 and partially reversing two of the three rate cuts implemented last year. The nine-member policy committee approved the move in a narrow 5–4 vote, according to a statement. The decision comes as the RBA intensifies its fight against persistent inflation, with higher energy costs linked to the escalating Iran conflict adding further price pressures. Expectations of rising consumer prices follow a recent resurgence in inflation, driven by services and housing costs, amid a still-tight labor market. Against this backdrop, the RBA expects inflation to remain above target for some time. Markets are now focused on the February labor data due this week for further signals on monetary policy.

AUS 10Y Yield Remains at Multi-Decade High

China’s 10-year government bond yield hovered around 1.835%, moving in a tight range as investors continued to monitor geopolitical and trade developments. Oil prices remained volatile as Iran intensified attacks on energy infrastructure in the Persian Gulf, though optimism over a potential reopening of the Strait of Hormuz supported sentiment. US Treasury Secretary Scott Bessent said Washington is allowing Iran to continue shipping crude through the route, while Donald Trump seeks broader international support to secure commercial traffic. On the trade front, Trump asked Xi Jinping to delay their summit by about a month to focus on the Iran conflict. Bessent also said any postponement would be due to scheduling considerations rather than pressure on China over the vital shipping route. Meanwhile, China’s solid activity data for January–February showed resilience despite the deepening geopolitical tensions, with industrial output, retail sales, and fixed investment all rising.

China 10-Year Yield Rangebound

The Reserve Bank of Australia raised its cash rate by 25bps to 4.1% at its March 2026 meeting, following a hike in February and in line with market expectations. The latest decision reflected a broad set of data showing renewed inflationary pressures in H2 2025. While some of the pickup is seen as temporary, the board noted modest labour market tightening and stronger capacity constraints than previously assessed. Elevated uncertainty around the Middle East conflict could add to global and domestic inflation risks. Against this backdrop, the RBA expects inflation to remain above target for some time, with risks skewed to the upside, including through expectations, warranting the latest increase. Looking ahead, policymakers stressed a data-dependent approach, monitoring global and financial conditions, domestic demand, and labour trends. They emphasized that policy remains flexible and positioned to respond as needed, with a continued focus on price stability and full employment.

Australia Raises Cash Rate by 25Bps to 4.1%

The offshore yuan strengthened to around 6.884 per USD, extending its recovery from last week’s losses, as the economy signaled resilience despite the deepening Iran war, while markets weighed Trump’s request to delay a planned summit with China. He asked Xi Jinping to postpone their meeting by about a month so he could remain in Washington to oversee the conflict, though the delay may be manageable for Beijing as officials from both sides met in Paris in recent days to continue trade talks. Treasury Scott Bessent also said any postponement would be due to scheduling considerations rather than pressure on China over the vital shipping route. Meanwhile, recent data showed China’s factory output growth accelerated in January-February while retail sales rebounded. Also, despite the US dollar’s strength as investors sought safe-haven assets during the Iran war, the yuan remained supported by China’s lower exposure to oil shocks, resilient exports, and exporters’ continued dollar selling.

Offshore Yuan Extends Recovery

Indonesian stocks rose 70 points, or 0.9%, to 7,086 in Tuesday’s morning session, snapping a four-day losing streak as bargain hunters stepped in after local markets hit an eight-month low in the prior session. Sentiment was lifted by Wall Street’s extended strength overnight as oil prices eased back below USD 100 per barrel. Bets also grew that the U.S. Federal Reserve will keep interest rates unchanged at the conclusion of its two-day meeting on Wednesday. Locally, Jakarta reaffirmed its commitment to fiscal discipline, stressing that the 3% of GDP budget deficit cap would only be breached under severe crisis conditions. Most sectors gained, led by basic materials, transport, and infrastructure. Early gainers included XLSmart Telecom (6.6%), Aneka Tambang (6.0%), and Unilever Indonesia (4.0%). Traders now await Bank Indonesia’s policy decision later today, with expectations for a sixth straight rate hold. Markets will close on Wednesday for holidays and resume on March 25.

Indonesian Equities Rebound Ahead of Long Holidays

The Shanghai Composite rose 0.4% to around 4,100 while the Shenzhen Component gained 0.1% to 14,320 on Tuesday, ending a three-day decline as risk sentiment improved, while investors continued to monitor developments in the Middle East. Oil prices remained volatile as Iran intensified attacks on energy infrastructure around the Persian Gulf, though optimism that the Strait of Hormuz could soon reopen supported investor appetite. Meanwhile, US President Donald Trump requested that China delay his summit with President Xi Jinping by about a month, citing the need to focus on the Iran war. Tech stocks led the gains, with notable rises from Victory Giant (1%), Wus Printed Circuit (7.1%), East Money Information (3.2%), Luxshare Precision (3.8%), and GCL System (10%).

China Stocks Rise as Risk Sentiment Improves

Silver rose above $81 per ounce on Tuesday, gaining support this week as the dollar and Treasury yields eased on lower oil prices, which helped temper inflation concerns. Oil retreated at the start of the week following the safe passage of several tankers through the Strait of Hormuz. US Treasury Secretary Scott Bessent said the US is allowing Iran to continue shipping crude via Hormuz, while President Donald Trump is seeking support from other countries to safeguard commercial activity in the waterway. Investors are also anticipating a likely rate hold from the US Federal Reserve this week as policymakers navigate uncertainties stemming from the Iran war. Silver’s gains are further underpinned by a projected 67 million-ounce supply deficit for 2026 and strong industrial demand from the electronics sector.

Silver Finds Support

Hong Kong shares surged 365 points, or 1.4%, to 26,192 in Tuesday morning trade, extending the prior session’s rally and notching a two-week high. Sentiment was buoyed by Wall Street’s rebound overnight and oil prices slipping below USD 100 per barrel. In China, equities edged higher after recent weakness, supported by solid activity data for January–February, with industrial output, retail sales, and fixed investment all rising. All major sectors in Hong Kong rose, led by tech and property, though gains were tempered by caution ahead of China’s monthly lending rate fix later this week after the PBoC kept them unchanged at record lows for the ninth straight month in February. Meanwhile, the Iran conflict clouds prospects for the upcoming Trump–Xi Jinping summit later this month. Early movers included Pop Mart Intl. (4.8%), Zijin Gold Intl. (4.6%), Meituan (4.2%), Xiaomi Corp. (3.8%), and Laopu Gold (3.3%).

Hong Kong Stocks Jump to Two-Week Peak

Heating oil futures rose toward $3.10 per gallon on Tuesday, after sliding 4.4% in the previous session on hopes that more vessels may soon be able to transit the Strait of Hormuz. Although shipping traffic through the strait remains stalled due to the ongoing regional conflict, several oil tankers successfully passed through over the weekend, raising hopes that the waterway could gradually reopen. India is working to secure safe transit for six additional vessels, while several other countries are reportedly engaging in diplomatic back-channel discussions with Iran to ensure the protection of their ships. Additionally, supply-side support may come from strategic reserves, with the US preparing to release the first tranche of crude from its emergency reserves, while the IEA has indicated that more stockpiles could be made available if needed. Still, uncertainty persists, as the conflict, now in its third week, shows no signs of resolution.

Heating Oil Prices Rebound

The Japanese yen fell toward 159.5 per dollar on Tuesday, giving back gains from the previous session as verbal interventions from authorities have so far failed to halt the currency’s decline. Finance Minister Satsuki Katayama said recent currency moves do not reflect fundamentals, reiterating warnings that authorities could take action to defend the yen. She added that they are fully prepared to respond at any time given the impact of exchange rates and rising oil prices on everyday life. Meanwhile, Bank of Japan Governor Kazuo Ueda said underlying inflation is gradually moving toward the 2% target. The central bank is widely expected to keep interest rates unchanged this week amid heightened uncertainty over the Iran war’s impact on the domestic economy. Japan has so far rejected US President Donald Trump’s call to send warships to escort oil tankers through the Strait of Hormuz.

Yen Slips Despite Verbal Interventions

The Australian dollar held firm around $0.70 on Tuesday after posting strong gains in the previous session, as investors awaited the monetary policy decision from the Reserve Bank of Australia. The central bank is widely expected to raise the cash rate by 25 bps to 4.1%, following its February increase that lifted the rate to 3.85%. The anticipated move reflects the RBA’s ongoing concern over persistent inflation, worsened by a recent surge in oil prices. Energy markets have been unsettled by escalating tensions in the Middle East, particularly disruptions to oil shipments passing through the Strait of Hormuz, a critical route for global crude supplies. Investors will also watch RBA Governor Michele Bullock’s post-meeting press conference for clues on the likely path of interest rates. Attention will then turn to Australia’s labor market data due on Wednesday, which investors will scrutinize after Governor Bullock recently noted that the labor market remains tight.

Aussie Dollar Holds Firm Ahead of RBA Decision

The dollar index steadied just below 100 on Tuesday after coming under pressure in the previous session as investors continued to assess the impact of the Middle East conflict and volatile oil prices on the economy and inflation. The greenback retreated on Monday as lower oil prices helped ease inflation concerns, following the safe passage of several tankers through the Strait of Hormuz. Treasury Secretary Scott Bessent also said the US is allowing Iran to continue shipping its crude through Hormuz, while President Donald Trump has asked other countries to support efforts to safeguard commercial activity in the waterway. Meanwhile, the Federal Reserve is widely expected to hold interest rates steady on Wednesday as policymakers navigate uncertainties surrounding the Iran war. Investors will closely watch the central bank’s assessment of the recent surge in energy prices and its implications for inflation and borrowing costs.

Dollar Steadies After Sharp Drop

US gasoline futures rose to $3.06 per gallon on Tuesday, resuming their rally to hover at their highest level since July 2022, as investors remained focused on developments in the Middle East. Prices had fallen more than 1% on Monday amid hopes that more tankers might be able to pass through the Strait of Hormuz, while signals that rich countries could release additional stockpiles also helped improve sentiment. Although traffic through the strait remains near a standstill due to the ongoing conflict, a small number of vessels have begun navigating the route. President Trump said the US will soon announce which countries have agreed to join a coalition aimed at protecting tankers in the Strait, while Treasury Secretary Scott Bessent added that the US is allowing Iranian oil tankers to transit the waterway. Meanwhile, the US is preparing to release the first tranche of crude from its emergency reserves, and the IEA indicated that more stockpiles could be made available if necessary.

Gasoline Resumes Rally

The benchmark KOSPI climbed more than 2% to around 5,680 on Tuesday, extending gains for a second straight session, as easing oil prices lifted global risk appetite and supported energy-sensitive markets. Crude prices fell after efforts to stabilize tanker flows through the Strait of Hormuz, easing concerns over supply disruptions that had recently pressured inflation and the Korean won. The rally tracked strong gains on Wall Street, where major indexes advanced amid cooling energy prices and improving sentiment around the Middle East conflict, reinforcing a broader risk-on tone across global equities. Gains were led by heavyweight technology shares, with Samsung Electronics and SK hynix advancing 3.9% and 2.3%, respectively, on continued optimism around artificial intelligence demand. Other major stocks also rose, including Hyundai Motor (5.5%), LG Energy Solution (1.6%), SK Square (6.1%), and Kia Corporation (3.8%).

South Korean Shares Rally on Cooling Oil Prices

Singapore’s non-oil domestic exports (NODX) rose 4.0% yoy in February 2026, easing from a marginally revised 9.2% gain in the prior month and falling short of market expectations of 4.9%. This marked the sixth straight month of expansion, but the slowest in the streak, partly reflecting distortions from the Lunar New Year period. Electronics exports remained a key driver, though growth moderated to 43.2% (vs 56.1%), supported by ICs (51.2%), disk media products (96.3%), and PCs (22.9%). In contrast, non-electronic NODX contracted more sharply at -6.9% (vs 3.1%), weighed down by declines in non-monetary gold (-27.4%), food preparations (-51.2%), and petrochemicals (-28.5%). By destination, shipments increased to South Korea (50.5%), Taiwan (31.1%), Hong Kong (21.7%), the EU (7.7%), and Malaysia (5.5%). However, exports fell to China (-1.5%), the U.S. (-44.8%), India (-15.1%), and Indonesia (-24.7%).

Singapore NODX Grows the Least in 6 Months

Gold hovered around $5,010 per ounce on Tuesday, near its lowest level in almost a month, as expectations for near-term US interest rate cuts faded amid rising inflation concerns linked to the Middle East conflict. The US-Israeli war with Iran is now in its third week, with President Trump warning to directly hit Iran’s oil infrastructure on Kharg Island. The conflict has kept energy prices elevated, heightening fears of renewed inflationary pressure and prompting investors to scale back expectations for US monetary easing this year. The Federal Reserve is widely expected to keep interest rates unchanged this week, while other major central banks, including the ECB, BOE, and BOJ are also anticipated to maintain their current policy settings. Meanwhile, investors are closely monitoring reports of a potential multinational naval coalition that could escort commercial shipping through the region, a move aimed at safeguarding vital energy trade routes.

Gold Hovers Near 1-Month Lows

The Nikkei 225 Index rose 0.5% to around 54,000 while the broader Topix Index gained 1.5% to 3,665 on Tuesday, snapping a three-day decline and tracking a rebound on Wall Street overnight as easing oil prices helped lift investor sentiment. The move came as several tankers safely navigated the Strait of Hormuz, while major economies are expected to release petroleum reserves to help offset potential supply disruptions. The recent surge in oil prices had fueled inflation concerns, with oil-importing economies like Japan particularly vulnerable to supply shocks. Meanwhile, the Bank of Japan is expected to keep its policy rate unchanged this week amid heightened uncertainty over the Iran war’s impact on the domestic economy. Defense and financial stocks led the rebound, with notable gains from Mitsubishi Heavy (3.5%), Kawasaki Heavy (2.3%), Mitsubishi UFJ (1.8%), Sumitomo Mitsui (2.4%), and Mizuho Financial (2.4%).

Japanese Shares Rise as Oil Retreats

The S&P/ASX 200 rose 0.3% to 8,611 on Tuesday, snapping a three-session losing streak as market sentiment improved on hopes that more oil tankers could soon pass through the Strait of Hormuz. Tehran has reportedly allowed a limited number of ships from certain countries, including Pakistan, India, and Turkey, to transit the critical waterway. Domestically, investors are awaiting a key policy decision from the Reserve Bank of Australia later today. After raising rates by 25 bps in February, the RBA is widely expected to deliver another hike to the cash rate as inflation risks intensify amid the Middle East conflict, which has disrupted oil flows through the Strait of Hormuz and pushed fuel prices sharply higher. Among individual stocks, mining giants BHP Group (1.3%) and Rio Tinto (1.9%) led gains, alongside Macquarie Group (1.9%), Goodman Group (1.4%), and Evolution Mining (1.2%). Meanwhile, energy stocks Woodside Energy (-1.1%) and Santos (-0.2%) were among the session’s decliners.

Australian Shares Snap 3-Session Decline

US stock futures held steady on Tuesday after the major averages rebounded in the previous session as easing oil prices helped lift investor sentiment. In regular trading on Monday, the Dow rose 0.83%, the S&P 500 gained 1.01%, and the Nasdaq Composite jumped 1.22%. All 11 S&P sectors finished higher, led by technology, consumer discretionary, and communication services. Nvidia advanced 1.7% after CEO Jensen Huang said during the company’s annual GTC conference that he expects $1 trillion in orders for Nvidia’s Blackwell and Vera Rubin systems through 2027. Meanwhile, WTI crude dropped more than 5% as several tankers safely navigated the Strait of Hormuz, raising hopes the waterway could soon reopen. Investors now turn to the Federal Reserve’s upcoming policy decision on Wednesday as the central bank assesses the economic impact of the Iran war. Earnings are also due from Lululemon, Docusign, and Oklo on Tuesday.

US Futures Steady After Market Rebound

Brent crude futures rose to above $101 per barrel on Tuesday after losing nearly 3% in the previous session, as investors continued to assess the impact of the Middle East conflict on global supply. On Monday, oil prices retreated sharply as fears of a prolonged Strait of Hormuz closure eased after several tankers safely navigated the chokepoint over the weekend, raising hopes the waterway could soon reopen. India is also negotiating six additional vessels as several countries pursue back-channel talks with Iran to ensure safe passage for their ships. The US is allowing Iran to continue shipping crude through Hormuz, while US President Donald Trump has asked other nations to support efforts to safeguard commercial activity in the strait. A direct communications channel between the US and Iran has also reportedly been activated. Meanwhile, the US is preparing to release the first tranche of emergency crude reserves, while the IEA signaled room to further tap global stockpiles.

WTI crude futures rose to around $95 per barrel on Tuesday after losing more than 5% in the previous session, as investors continued to assess the impact of the Middle East conflict on global supply. On Monday, oil prices retreated sharply as fears of a prolonged Strait of Hormuz closure eased after several tankers safely navigated the chokepoint over the weekend, raising hopes the waterway could soon reopen. India is also negotiating six additional vessels as several countries pursue back-channel talks with Iran to ensure safe passage for their ships. The US is allowing Iran to continue shipping crude through Hormuz, while US President Donald Trump has asked other nations to support efforts to safeguard commercial activity in the strait. A direct communications channel between the US and Iran has also reportedly been activated. Meanwhile, the US is preparing to release the first tranche of emergency crude reserves, while the IEA signaled room to further tap global stockpiles.

New Zealand shares were little changed in Tuesday’s morning session, holding near 13,174 after three consecutive declines. Investors weighed fresh data showing food inflation accelerated for a second month, rising to 4.5% in February from 4.2%. Focus also turned to Q4 GDP figures due later this week and the U.S. Federal Reserve’s policy meeting, where rates are expected to remain steady, but Powell’s remarks may shed light on how the Middle East conflict could affect the U.S. outlook. In top trading partner China, January–February activity data beat expectations, with industrial output, retail sales, and fixed investment all stronger than forecast. On the NZX 50, gains in consumer durables and industrial services were offset by weakness in financials and communications. Summerset Group (1.1%), Genesis Energy (0.9%), and Auckland Intl. Airport (0.7%) advanced, while Scott Technology (-1.3%), Delegat Group (-1.2%), and South Port NZ (-0.9%) lagged.

Equities in New Zealand Muted After Food Inflation Data

Annual food inflation in New Zealand rose to 4.5% in February of 2026 from 4.2% in the previous month, reflecting the second consecutive monthly acceleration in prices. Costs fell 0.4% in broader grocery groups, with a 7.5% surge for meat, poultry, and fish, while those for fruit and vegetables soared by 9.4%. In turn, prices for soft drinks rose by 6.7%.

New Zealand Food Inflation Accelerates

South Korea’s import prices rose 1.2% year-on-year in February 2026, reversing a 0.9% fall in January. Price changes varied across key categories, with intermediate goods up (4.2% vs. 3.3% in January), consumer goods rising (2.5% vs. 2.5% in January), and capital goods climbing (1.6% vs. 1.9% in January), while raw material prices continued to fall, declining (3.8% vs. -9.5%). On a monthly basis, import prices rose 1.1% in February, accelerating from a 0.7% gain in the prior month.

South Korea Import Prices Rebound

South Korea’s export prices rose 10.7% from a year earlier in February 2026, following a downwardly revised 7.8% increase in January and marking the sharpest rise since June 2024. The increase was largely driven by a 10.7% rise in manufactured goods prices, following a 7.8% increase the previous month. Prices for agricultural, forestry and marine products climbed 11.9% from 6.4% in January. Exports to the US continued to be affected by a 15% tariff, though overall export volumes still increased 16.6% from a year earlier. On a month-on-month basis, export prices rose 2.1%, accelerating from a 4.0% gain in January.

South Korea Export Prices Rises the Most Since Mid-2024

The Dow Jones Index gained 388 points or 0.83 percent on Monday to close at 46946 points. Gains were led by Salesforce (2.86%), Amazon (1.93%) and Boeing (1.66%). Biggest losers were Walt Disney (-0.76%), Verizon (-0.70%) and American Express (-0.68%).

The Dow Jones Index Closes 0.83% Higher

The Ibovespa rose 1.3% to close at 179,875 on Monday as markets stabilized following improved global sentiment and a partial retreat in oil prices after tankers successfully transited the Strait of Hormuz. While the index saw volatility earlier in the day reaching past the 181,000 mark it tempered gains as investors digested the latest Focus bulletin which raised inflation expectations for 2026 to 4.10% and the Selic rate projection to 12.25%. Brazil's economic activity as measured by the IBC-Br index grew 0.8% in January which slightly missed market expectations but helped maintain a constructive view on the domestic recovery trajectory. Major players like Petrobras and Vale ended the session in positive territory, bolstered by improved international risk appetite and despite persistent concerns regarding domestic fiscal policy and long-term interest rates.

Ibovespa

The S&P/TSX Composite Index climbed 1% to close at 32,877 on Monday as markets digested a benign inflation report and found relief in easing geopolitical tensions surrounding crude oil supply. Canada's headline annual inflation rate cooled to 1.8% in February from 2.3% in January which provided a tailwind for domestic equities even as analysts warned that a potential energy price spike could complicate the Bank of Canada's future policy outlook. This upward momentum was further supported by a pullback in oil prices after reports confirmed that tankers successfully navigated the Strait of Hormuz. Financials and technology shares are leading the advance with Shopify and BMO rising 2.6% and 2.8%, respectively, as top performers as investors recalibrate their expectations for global interest rates ahead of the Fed and BoC policy meetings. Energy heavyweights remained in focus following a federal commitment to deliver 23.6 million barrels of oil to the IEA.

TSX Starts Week Strong

US equity indices rebounded on Monday as the S&P 500 gained 1.1%, the Dow rose 1%, and the Nasdaq added 1.2% as markets reassessed the risk of a lasting energy shock. This recovery was primarily driven by news that select tankers successfully navigated the Strait of Hormuz over the weekend, which signaled a degree of leniency in energy exports and pared concerns over a prolonged global supply shortage. As oil prices retreated from their recent peaks, investors rotated back into credit-sensitive sectors, with tech and banks recording gains while chip producers outperformed amid ongoing optimism for artificial intelligence implementation. Nvidia rose 1.6% while Micron jumped 3.7% ahead of its upcoming earnings report, and Meta climbed 2.3% on reports concerning potential workforce restructuring. These equity gains were supported by a retreat in Treasury yields, though trading volumes remained relatively light as investors continued to navigate geopolitical uncertainty.

US Equities Rebound to Kick Off the Week

Uruguay’s manufacturing output declined 1.5% year-on-year in January 2026, reversing December’s 7.4% surge. The steepest drop came from refined petroleum products, down 25.4%. Other major drags included non-metallic mineral products at -21.8% and rubber and plastic products at -12.2%. On the upside, chemical products drove growth with a 30.7% rise, followed by beverages at 5.2% and wood and wood products at 15.5%. The Index of Hours Worked and the Index of Employed Personnel both fell 3.1% compared to January 2025.

Uruguay Manufacturing Output Falls in January

Heating oil futures tumbled to below $3.9 per gallon, retreating from their highest level since June 2022 as markets recalibrate following reports that several oil tankers have successfully navigated the Strait of Hormuz over the weekend. This successful transit has alleviated immediate fears of a total and permanent closure of the key waterway, prompting traders to begin unwinding the aggressive war premium built into energy prices. Furthermore, the International Energy Agency has finalized a record release of 400 million barrels from emergency reserves, which is now flowing to markets in Asia and Oceania to act as a liquidity bridge for constrained supplies. The US administration has also issued temporary licenses allowing countries to purchase stranded Russian oil and petroleum products, which is further easing the intense supply scarcity that characterized recent trading sessions.

Heating Oil Decline From June-2022 Highs

The Brazilian real appreciated toward 5.25 per US dollar as a significant retreat in global risk premiums and cooling inflation expectations helped the currency recover from a six week low. While annual IPCA inflation slowed to 3.81% in February to mark its lowest level since April 2024 the market remains highly sensitive to a 0.7% monthly jump in consumer prices. Investors have pivoted toward a more optimistic outlook following reports that military operations in the Persian Gulf may be concluding which has triggered a retreat in crude oil benchmarks and mitigated the threat of imported energy inflation. This geopolitical de-escalation came ahead of the March 18th monetary policy meeting where the Central Bank of Brazil is widely expected to initiate its easing cycle. Although traders initially favored a 50 basis point reduction the consensus has shifted toward a more cautious 25 basis point cut to the 15% Selic rate to preserve the real's attractive yield cushion.

Brazilian Real Rebounds From 6-Week Lows

European stocks closed higher on Monday, halting the sharp selling from the three previous sessions as markets reassessed the magnitude of the energy supply shock from the Persian Gulf. The Eurozone's STOXX 50 gained 0.4% to 5,740 and the pan-European STOXX 600 rose 0.5% to 599. Oil prices pulled back slightly after LPG tankers crossed the Strait of Hormuz towards India, reflecting Tehran's leniency on energy exports to selected countries that could ease the ongoing energy crunch that triggered inflationary concerns worldwide. Financial companies rose to track their country's bond prices, with Allianz and Deutsche Bank gaining 1.5%. Meanwhile, UniCredit added 0.5% after making a €35 billion offer for Commerzbank (8.5%), which was immediately opposed by the German government, a minority owner of the bank, but paving the way for UniCredit to increase its steak in the German lender rom the current 26% ownership. Lastly, chip producers rose worldwide, supporting ASML with a 1.5% increase.

European Stocks Close Higher

The Mexican peso appreciated toward 17.7 per US dollar as a collective retreat in global bond yields and a softening greenback provided a reprieve for emerging market assets ahead of several major central bank decisions. This recovery is largely driven by a significant narrowing of the dollar's safe haven premium after allies like Japan and Australia declined to join a US led maritime coalition to reopen the Strait of Hormuz which suggested a lower risk of immediate regional escalation. Locally the peso finds strong fundamental support from a 3.25% interest rate differential with the US after Mexico's annual inflation accelerated to 4.02% in February to exceed the central bank's upper tolerance threshold for the first time in eight months. These persistent price pressures led by a 9.88% surge in agricultural costs have effectively priced out a March interest rate cut and reinforced expectations for a hawkish pause by the Bank of Mexico.

Mexican Peso Rebounds as USD Weakens

Rwanda's economy expanded 11.2% year-on-year in Q4 2025, slightly slower than the 11.8% growth recorded in the previous quarter. The services sector contributed the most to GDP growth, expanding by 8%, mainly driven by increases in wholesale and retail trade (15%), transport (13%), and information and communication (20%). The agricultural sector also grew by 8%, supported by higher food crop production (4%) and export crop output (42%). The industrial sector expanded by 16%, with increases in mining and quarrying (44%), construction (17%) and manufacturing (11%). For the full year, Rwanda’s economy grew 9.4%, the highest annual growth in four years. On a quarterly basis, the economy rebounded strongly, expanding 20% following an 8.1% contraction in the previous quarter.

Rwanda GDP Grows 11.2% in Q4, 9.4% in 2025

BVPSI increased to an all-time high of 668.94 Index Points. Over the past 4 weeks, Bolsa de Valores de Panama General Index gained 2.15%, and in the last 12 months, it increased 38.02%.

Stocks in Panama Hit All-time High

The FTSE MIB Index rose 11 points or 0.02 percent on Monday to close at 44328 points. Leading the gains are STMicroelectronics (2.66%), Banca Generali (1.14%) and A2A (1.11%). Top losers were Amplifon (-13.57%), MFE-MediaForEurope (-7.78%) and Nexi (-6.30%).

The FTSE MIB Index Closes 0.02% Higher

The DAX Index gained 132 points or 0.56 percent on Monday to close at 23579 points. Gains were led by Commerzbank (8.72%), Bayer (3.97%) and HeidelbergCement (2.67%). Biggest losers were Beiersdorf (-2.91%), BMW (-2.71%) and Mercedes-Benz AG (-1.80%).

The DAX Index Closes 0.56% Higher

The CAC 40 Index went up by 24 points or 0.30 percent on Monday to close at 7935 points. The rise was led by Unibail Rodamco (2.58%), STMicroelectronics (2.27%) and Accor (1.73%). On the downside, the weakerst performers were Edenred (-3.13%), Capgemini (-2.50%) and Bureau Veritas (-2.27%).

The CAC 40 Index Closes 0.30% Higher

The FTSE 100 Index rose 58 points or 0.56 percent on Monday to close at 10319 points. Leading the gains are Endeavour (2.82%), Unite Group (2.76%) and Segro (2.71%). Top losers were Vistry Group (-4.26%), Rightmove (-2.41%) and Croda International (-2.39%).

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Ibovespa

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European Stocks Close Higher

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Stocks in Panama Hit All-time High

The FTSE MIB Index Closes 0.02% Higher

The DAX Index Closes 0.56% Higher

The CAC 40 Index Closes 0.30% Higher

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