Bloomberg — 2026-03-29#

Lead Story#

The Middle East conflict has escalated into a fifth week as Houthi militants officially join the war, prompting the deployment of 3,500 US Marines and preparations at the Pentagon for potential ground operations. The hostilities have triggered a severe energy shock, effectively cutting off the Strait of Hormuz and inflicting the first combat loss of a US E-3 early warning jet. The disruption is forcing a massive global supply reshuffle: Egypt is securing Libyan oil to replace halted Kuwaiti flows, while Philippine refiner Petron Corp. is buying millions of barrels of Russian crude to secure its domestic energy needs.

Markets & Economics#

• [JPMorgan, Pimco Say Bond Market Is Underestimating Slowdown Risk] (Source): Heavyweight bond-fund managers warn that financial markets are failing to properly price in the risk of a sharp economic slowdown caused by the ongoing war in Iran.
• [Banks Urge RBI to Relax New Rules as $30 Billion Unwinding Looms] (Source): Indian lenders are pressing the central bank to ease foreign-exchange transaction regulations as market bets that could strain the rupee climb to at least $30 billion.
• [Emerging Markets Rout Lures Contrarians Betting on Rate Cuts] (Source): Despite emerging markets hovering on the brink of their worst month since 2022, contrarian firms like TT International and AllianceBernstein are making bold wagers that the current selloff presents a prime buying opportunity.
• [Most CFOs Lift US Economic Outlook Despite War in Iran, Tariffs] (Source): A Duke University and Federal Reserve survey reveals that corporate financial chiefs see improving US economic prospects, looking past the geopolitical turmoil and trade pressures.

Business & Industries#

• [Apollo Pushes to Open a Second Headquarters in Florida or Texas] (Source): Apollo Global Management is actively looking to open a second US headquarters, considering potential bases in South Florida or Texas.
• [Lilly, Insilico Ink Deal on AI Drugs Worth Up to $2.75 Billion] (Source): Eli Lilly & Co. has signed a lucrative drug development partnership with Insilico Medicine to leverage artificial intelligence, in an agreement that could reach $2.75 billion in value.
• [Chevron Says Damage at Wheatstone LNG Will Hamper Restart] (Source): Recent storm damage to Chevron’s Australian Wheatstone gas plant is delaying restart operations, adding further strain to the global LNG market.
• [French Factory Closures Jump 30% on Asia Pressure, US Tariffs] (Source): Rising pressure from Asian competitors and the impact of US tariffs drove a nearly 30% surge in French factory closures last year, alongside a decline in new openings.

Policy & World#

• [Russia’s Ust-Luga Port Takes New Damage in Ukraine Drone Attack] (Source): As Kyiv escalates its strikes against Russian energy infrastructure, the Ust-Luga port sustained fresh damage from a Ukrainian drone attack.
• [China Summons US Envoy to HK Over Alert on Security Law Changes] (Source): Beijing summoned the top US envoy to Hong Kong after the consulate issued an alert regarding new rules that allow authorities to demand device passwords during national security investigations.
• [WTO Members Debate Five-Year Extension of E-Commerce Tariff Ban] (Source): World Trade Organization members are currently weighing a five-year extension to the global ban on e-commerce tariffs, according to a draft statement circulating among delegates.

Opinion & Analysis#

• [America Is Depleting a More Powerful Weapon Than Its Missiles] (Source): Bloomberg Opinion notes that the US and its allies are facing significant munitions shortages, now forced to ration Patriot missiles against incoming airborne threats as both sides of the Middle East conflict deplete their arsenals.
• [China Can Win Big With ‘Little Treats’] (Source): As the Iran war threatens global demand and raises recession fears, an analysis suggests China’s massive manufacturing sector may find a strategic hedge by pivoting toward resilient consumer “little treats”.