Pre Market: Global Markets Slide as Oil Surges Past $110 Amid Iran Conflict

Pre Market: Global Markets Slide as Oil Surges Past $110 Amid Iran Conflict

1. GLOBAL MARKET SUMMARY

US Market Overnight (Last Week Performance):

• S&P 500: Down 2% last week
• Nasdaq Composite: Down 1.2% last week
• Dow Jones Industrial Average: Down around 3% last week

US Futures (Early Monday):

• Dow Jones Industrial Average futures: Down over 800 points (2.33%)
• S&P 500 futures: Down 1.59-2.05%
• Nasdaq-100 futures: Down 1.6-2.34%

Asian Markets (Early Monday Trading):

• Nikkei 225 (Japan): Down 6.48%, falling below 53,000 mark
• Hang Seng Index (Hong Kong): Down 3%
• KOSPI (South Korea): Down over 8%, triggered circuit breaker (20-minute trading suspension)
• Shanghai Composite (China): CSI 300 down 2%
• S&P/ASX 200 (Australia): Down 4.15%

European Markets:

• Market data delayed; European exchanges set to open later Monday

Commodity Markets:

• Brent Crude Oil: Spiked 27.78% to $119.04 per barrel
• West Texas Intermediate (WTI) Crude: Jumped 30% to $118.46 per barrel (largest one-day gain since 1988)
• Gold: Down 2.5% as stronger dollar pressures bullion
• Silver: Slipped around 4%

2. KEY HEADLINES & EVENTS (Last 16-17 Hours)

Government Announcements (India)

• RBI Regulatory Update: The Reserve Bank of India revised its earlier approval for AU Small Finance Bank’s transition to a universal bank, allowing promoter shareholding to continue without creating a Non-Operating Holding Company (NOHC) for now.

• Foreign Banking Data: RBI data showed several foreign lenders saw declines in their active credit card base in 2025, while the overall credit card market continued growing, driven largely by private sector banks. American Express active cards declined to 1.334 million in January 2026 from 1.453 million a year earlier.

Company Results & Announcements (India)

Earnings & Financial Results:

• Kwality Walls: Reported Q3FY26 revenue of Rs 222 crores. The impulse portfolio delivered mid-single digit volume growth during the quarter, while in-home portfolio saw muted response and is planned for relaunch with improved offerings for 2026 season.

Corporate Actions & M&A:

• PB Fintech: Large block deals worth approximately Rs 695 crore executed on Friday. Goldman Sachs, mutual funds, and foreign institutional investors picked up shares from an existing investor. Tencent Cloud Europe BV offloaded 48.40 lakh shares at Rs 1,435 per share.

• Tata Power: Announced collaboration with Salesforce to digitally transform its rooftop solar (RTS), EV charging, and smart home solutions businesses, aligning with India’s net-zero ambitions.

Management Changes & Board Appointments:

• YES Bank: Board approved appointment of Vinay Muralidhar Tonse as MD and CEO (Designate), effective from March 12, 2026, until he formally takes charge on April 5. Tonse was previously Managing Director (Retail Business and Operations) at State Bank of India.

Regulatory & Compliance Issues:

• Cipla: US-based subsidiary Cipla USA, Inc. is recalling over 400 cartons of generic anti-cancer medication (Nilotinib Capsules in 150 mg and 200 mg strengths) due to a manufacturing issue, according to the US Food and Drug Administration (USFDA).

Global News & Events

Geopolitical Developments:

• US-Iran Conflict: Major escalation in the Middle East conflict with Strait of Hormuz remaining closed, causing severe disruption to global oil supplies. Iranian projectiles continued to strike Gulf countries’ infrastructure.

• Leadership Change in Iran: Reports indicate Iran has named Ayatollah Khamenei’s son, Mojtaba, as its new supreme leader.

• Oil Production Cuts: Major Middle Eastern oil producers, including Kuwait, Iran, and the United Arab Emirates, cut oil production. Iraq reported production falling approximately 70%.

Market Impact:

• Oil Price Surge: Crude oil prices crossed $100 per barrel for the first time since 2022, with Brent at $119.04 and WTI at $118.46. The 30% jump in oil prices is the largest one-day gain since late 1988.

• Saudi Aramco: Shares saw significant surge as Iran conflict intensified, with ongoing situation causing oil supply disruptions.

Corporate Developments:

• US Earnings Schedule: Investors monitoring Hewlett Packard Enterprise earnings due after the bell on Monday. Kohl’s, Oracle, Dollar General, and Dick’s Sporting Goods scheduled to report later in the week.

US Federal Reserve & Economic Data:

• Fed Stance: Bulk of Federal Reserve members in “wait and see” mode according to KPMG’s Diane Swonk.
• Economic Calendar: No major economic data slated for Monday, but inflation, employment, and GDP reports due throughout the week.

Asian Central Banks:

• Philippines: Central Bank Governor indicated the bank will consider a rate hike if oil reaches $100 a barrel.

3. WHAT TO WATCH TODAY

Scheduled Corporate Events:

• SEDEMAC Mechatronics IPO: IPO allotment status expected to be finalized today (March 9). Shares set to list on Wednesday, March 11 on both NSE and BSE. Grey market premium (GMP) stands at Rs 13 per share (0.96% over IPO price).

Companies in Focus:

• PB Fintech: Following block deals worth Rs 695 crore
• Kwality Walls: After Q3FY26 revenue announcement
• AU Small Finance Bank: After RBI approval revision for universal bank transition
• YES Bank: Following MD and CEO (Designate) appointment announcement
• Tata Power: After Salesforce collaboration announcement
• Cipla: Monitoring impact of USFDA recall announcement
• Coal India: Analyst recommendations amid geopolitical concerns
• HDFC Bank, SBI, Tata Steel, Vedanta: On technical watchlists

Market Sectors to Monitor:

• Oil & Gas: Upstream companies (Reliance Industries, ONGC) as crude surges above $100
• Defence: Stocks benefiting from increased geopolitical tensions
• Banking: Impact of FPI rotation from IT to financials and regulatory changes
• IT: Foreign portfolio investor selling amid AI concerns
• Energy: Oil marketing companies, aviation, and auto sectors sensitive to crude price movements

Commodities Watch:

• Crude Oil: Continued focus on Strait of Hormuz situation and production cuts
• Gold: Monitoring inflation concerns and dollar strength
• Bullion: Safe-haven demand amid geopolitical uncertainty

Economic Data & Events:

• No major economic data scheduled for Monday in India
• US inflation, employment, and GDP data expected later in the week
• Market participants monitoring further developments in Middle East conflict

4. SUMMARY

Global markets are experiencing significant volatility as the ongoing US-Iran conflict escalates, with the closure of the Strait of Hormuz disrupting oil supplies and pushing crude prices above $110 per barrel for the first time since 2022. The 30% surge in oil prices marked the largest one-day gain since 1988, triggering broad-based sell-offs across Asian markets. South Korea’s KOSPI dropped over 8% and triggered a circuit breaker, while Japan’s Nikkei 225 tumbled 6.48% below the 53,000 mark. US stock futures pointed sharply lower, with Dow futures down over 800 points. Gold prices fell over 2% as a stronger dollar pressured precious metals. In India, Foreign Portfolio Investors continued their rotation from IT stocks to financial services, capital goods, automobiles, and construction sectors, driven by concerns over AI’s impact on IT and a positive outlook for other sectors. Key corporate developments include PB Fintech’s Rs 695 crore block deals, RBI’s revised approval for AU Small Finance Bank’s universal bank transition, YES Bank’s appointment of a new MD and CEO, and Tata Power’s collaboration with Salesforce. The SEDEMAC Mechatronics IPO allotment is scheduled for today. Market participants will closely monitor further geopolitical developments, crude price movements, and upcoming US economic data releases for directional cues.

Details for information purposes only. Don’t treat this as financial advice.