News

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Gold traded in a narrow range as traders weighed inflationary risks against attempts to contain an oil-supply shock arising from the war in the Middle East.

Bullion was steady near $5,000 an ounce, after posting a small loss on Monday. Oil advanced after its first decline in almost a week, as Iran stepped up attacks on energy infrastructure around the Persian Gulf and the US prepared to release the first tranche of emergency crude stockpiles.

US stocks advanced on Tuesday (March 17) as investors buy the dip, signalling confidence in the markets even as Iran war tensions escalated.

The S&P 500 Index rose 0.3% as of 3:24 p.m. in New York, bouncing off a key support level after breaking a four-day losing streak on Monday. Exxon Mobil Corp. is among the leaders in the gauge on strong US gas demand due to the war, while Micron Technology gains ahead of its highly-anticipated earnings on Wednesday after market close.

The tech-heavy Nasdaq 100 increased 0.5%, while Brent crude oil prices hovered around $103. The Cboe Volatility Index fell to 22 from last week’s highs.

Cryptocurrencies have stood out as winners among asset classes since the outbreak of the war with Iran, but the resilience of digital assets may be a matter of timing.

Bitcoin, the largest token, and a cohort of smaller digital assets have been an oasis of calm relative to the volatility in equities, gold and oil. As crude oil has surged more than 40%, bullion is down roughly 5% for the month and the MSCI World Index is down 4%.

Meanwhile, Bitcoin pushed through a crucial psychological mark of $75,000 on Tuesday in Asia, taking its gains since the war started at the end of February to nearly 14%. The token was last trading at around $74,700.

Amazon CEO Adam Jassy said in an internal meeting that he projects artificial intelligence will help Amazon Web Services double its previously forecasted sales estimates, according to a Reuters report.

Reuters said Jassy told staff on Tuesday he thinks AWS sales could rise to $600 billion over the next 10 years, adding that he previously estimated that figure was closer to $300 billion. Amazon shares rose to session highs on the news of the report, up 1.3%

Spain is considering buying more natural gas via pipeline from Algeria to help boost supplies as the war in the Middle East is causing a surge in prices.

The Spanish government and Naturgy Energy Group SA, which operates a pipeline between the country and Algeria, have held talks about increasing orders, according to people familiar with the matter. The idea would be to use the conduit close to full capacity, one of the people said, asking not to be named, discussing non-public information.

A group of banks led by JPMorgan Chase & Co. halted a $5.3 billion debt deal for software firm Qualtrics International Inc. after failing to win over investors amid deepening anxiety surrounding artificial intelligence disruption.

The banks paused early discussions on the sale after investors in the leveraged loan and junk-bond markets balked because of Qualtrics’ exposure to the software rout, according to people familiar with the matter, who asked not to be identified discussing private information.

US President Donald Trump said he wanted to have no wind turbines built during his presidency, reiterating his distaste for the renewable energy source after his administration has made multiple moves to thwart its development.

“I’m proudly telling you that we’re going to try and have no windmills built in the United States during my” administration, Trump said in remarks from the Oval office on Tuesday. “They’re very bad environmentally.”

Microsoft Corp. has shaken up its artificial intelligence operation by consolidating teams that build versions of its Copilot AI assistant and naming a new chief to run the organisation.

Jacob Andreou, who joined the company last year, will manage the development of Copilot products aimed at consumers and corporate customers, Chief Executive Officer Satya Nadella said in a memo to employees on Tuesday.

Iran has stepped up attacks on Saudi Arabia in recent days, signalling it’s targeting the oil-rich kingdom more aggressively than earlier in the war.

Tehran launched almost 100 drones at Saudi Arabia on Monday, far above the previous daily average of less than 25, according to data released by the Saudi defence ministry. The barrage marked the largest single-day strike on the country since the war began.

A new wave of attacks on the United Arab Emirates’ energy infrastructure is heightening concerns about prolonged supply disruptions amid the Iran conflict. A drone strike hit the Shah gas field—one of the world’s largest ultra-sour gas projects—forcing operations to remain suspended. Fires were also reported at the Fujairah Oil Industry Zone, while a tanker was struck near the Strait of Hormuz, a key global energy chokepoint.

The UAE briefly shut its airspace following another drone-triggered fire at a fuel facility, before reopening it on Tuesday.

The Shah field, operated by ADNOC and Occidental Petroleum, is a critical asset with significant gas output capacity. While no injuries have been reported, the attacks signal rising risks to regional energy infrastructure—fueling market anxiety over supply stability and pushing geopolitical tensions further into global oil pricing.

Europe’s financial markets are at a critical juncture, according to Nicolai Tangen, CEO of Norges Bank Investment Management, the world’s largest sovereign wealth fund. Speaking at the Euronext Annual Conference in Paris, Tangen urged Europe to “get its act together” on unifying capital markets, warning that global investors naturally gravitate toward regions with deeper liquidity and higher valuations.

His comments reflect a broader shift already underway. Over the past decade, NBIM has significantly increased its exposure to US equities, with American stocks now making up about 55% of its portfolio, up from 37%. In contrast, European equities have dropped sharply from 41% to just 21%.

The fund’s top holdings—including stakes in Nvidia, Apple, and Microsoft—highlight where global capital is flowing. The message is clear: unless Europe reforms quickly, it risks falling further behind in the global investment race.

Oil prices edged higher as fresh signals from US President Donald Trump added uncertainty around efforts to secure shipping through the Strait of Hormuz. After initially suggesting a coalition was in the works, Trump later said the US did not need support from NATO or other allies, citing recent military success against Iran. The mixed messaging unsettled markets, with stocks easing from their highs even as crude prices ticked up.

Oil has surged since the US-Israel strikes on Iran, driven by fears that a prolonged disruption in the Strait—through which a fifth of global oil flows—could trigger a supply shock.

Investors are now closely tracking geopolitical developments, including reports of Iran’s security chief being killed in airstrikes. While markets remain supported by strong earnings and resilient growth, experts warn that risks are rising, particularly with signs of weakness emerging in the labour market.

Energy stocks and ETFs hit fresh highs as the US-Iran war continues. APA and BP rose nearly 3%, while ConocoPhillips, Coterra Energy and Devon Energy gained about 1%, with all hitting 52-week highs. 

Energy ETFs, including XOP, FCG, IXC, VDE and XLE were up over 1%, also touching 52-week highs, while IXC, VDE and XLE hit record levels.

CNBC

Bank of America on Tuesday reiterated its buy rating on German software major SAP, citing its “defensive business profile,” according to a note to clients.

The brokerage has set a price target of $308 on the stock, implying a 60.7% upside from Monday’s close.

“We reiterate our Buy rating on SAP into Q1. Although we do expect the current geopolitical uncertainty to modestly impact Q1 bookings, results should illustrate SAP’s defensive business profile, with top line accelerating to 11.5%, driving 15% EBIT growth,” analyst Frederic Boulan said in the note.

He added that concerns around disruption risks from artificial intelligence are “overstated.”

SAP shares have declined nearly 29% over the past year, amid a broader sell-off in software stocks driven by AI-related concerns.

Shares of Nebius fell 10% on Tuesday after the AI infrastructure company said it will raise $3.75 billion through convertible debt, following major deals with Meta and Nvidia.

Nebius said it plans to sell convertible senior notes to institutional investors in two tranches—$2 billion due in 2031 and $1.75 billion due in 2033. The neocloud company, which offers cloud services tailored for artificial intelligence, said the proceeds will be used to fund business expansion, including building data centres and purchasing chips.

US stocks opened higher on Tuesday, extending gains from the previous session, even as rising oil prices and ongoing tensions in West Asia kept investors cautious.

The Dow Jones Industrial Average rose around 0.9% at the open, while the S&P 500 gained about 0.5% and the Nasdaq Composite advanced 0.6%.

The move comes as oil prices remained elevated amid concerns over supply disruptions linked to the Iran conflict. Brent crude traded above the $100 per barrel mark, while US benchmark WTI hovered in the mid-$90s, after gaining earlier in the session.

Crude prices have been volatile in recent days on fears that prolonged tensions could disrupt flows through the Strait of Hormuz, a key global energy route. Fresh comments from US President Donald Trump around efforts to secure shipping in the region also kept oil markets in focus. However, its NATO partners have all rejected Trump’s offer to secure the strait.

Rising energy prices are seen as a key risk for markets, with investors assessing the potential impact on inflation and the broader economic outlook.

Focus is also on the US Federal Reserve, which begins its two-day policy meeting on Tuesday. Markets are largely pricing in no change in interest rates, with commentary from Chair Jerome Powell expected later this week.

Overall, while equities are seeing some support from recent momentum, geopolitical risks and oil price volatility continue to influence sentiment.

US airline executives are seeing some of the strongest booking trends in the industry’s history as premium leisure and corporate travellers rush to buy tickets ahead of a likely surge in prices because of fuel costs.

Delta Air Lines Inc. now expects sales to grow in the high single digits through March, after previously guiding for a range of 5% to 7% growth. American Airlines Group Inc., meanwhile, said revenue in the quarter will rise more than 10% — a record for the company — even as more-expensive fuel pushes earnings projections to the more pessimistic end of its range.

Stock futures rose modestly as oil trimmed an advance that was driven by attacks on key energy infrastructure in the Middle East. US diesel topped $5 a gallon for the first time since 2022.

S&P 500 contracts climbed 0.2% after the benchmark’s biggest gain since the start of the war. Brent crude rose as much as 4.8% after Iran struck energy facilities around the Persian Gulf, before paring the move. Treasuries were little changed after ADP Research reported a slowdown in private payroll growth. The dollar held steady.

Lemonade stands to benefit from its improving positioning in autonomous auto insurance, according to Morgan Stanley.

The bank upgraded the insurance stock to an overweight from equal weight. Analyst Bob Jian Huang’s new price target of $85, up from $80, corresponds to a rally ahead of 47% from Monday’s close.

The Trump administration has moved to locate backup sources of fertilisers for American farmers at the start of the planting season after the Iran war shut down a key source of supply.

“We have been all over the fertiliser problem,” White House National Economic Council Director Kevin Hassett said on CNBC Tuesday. “I’m not saying that we can eliminate what disruption there is so far, but we can minimise it for sure.”

Hassett said the US has “established licenses for Venezuela to produce more fertiliser,” and has held discussions with Morocco, which he said has the world’s largest reserve of potash. The administration has been engaged “as an insurance policy against disruption,” he said.

Bentley Motors Ltd. is planning to cut 275 jobs as the British luxury-car maker grapples with falling sales in China, tepid electric-vehicle demand and US tariffs.

The reductions — roughly 6% of its workforce — will affect office roles rather than manufacturing, the Volkswagen AG-owned company said Tuesday. The number could fall as vacancies are closed and people choosing to leave aren’t replaced, it said.

US markets inched lower early Tuesday (March 17) with a retreat in oil prices to start the week proving to be short-lived. US benchmark crude climbed 3.5% to $96.80 per barrel after dipping to about $93 on Monday, just its second decline since the Iran war began a little more than two weeks ago. Brent crude, the international standard, rose 3.2% to $103.43 a barrel.

With US benchmark crude on Monday heading to only its second day of declines since the U.S. and Israel attacked Iran, the S&P 500 climbed 1% for its biggest gain in five weeks. The Dow Jones Industrial Average added 0.8%, and the Nasdaq composite finished 1.2% higher.

Markets have moved polar to oil prices, which have spiked almost 40% since the war began. Iran has nearly halted traffic through the narrow Strait of Hormuz, where a fifth of the world’s oil sails from the Persian Gulf to customers worldwide.

Delta Air Lines traded more than 4% higher after the company raised its first-quarter revenue growth guidance, calling for high single-digit expansion. The airline previously called for growth between 5% and 7%

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