Bloomberg — 2026-03-31#

Lead Story#

Global markets experienced a euphoric rally as both the US and Iran signaled a potential diplomatic offramp to their weeks-long conflict. President Donald Trump reportedly indicated a willingness to end military operations even if the vital Strait of Hormuz remains largely closed, while Iranian President Masoud Pezeshkian reiterated his country’s readiness to halt the war provided certain guarantees are met. The breakthrough triggered a surge in equities and a sharp drop in oil prices, abruptly reversing earlier spikes caused when an Iranian drone struck a fully laden Kuwaiti oil tanker off the coast of Dubai.

Markets & Economics#

• Euro-Zone Inflation Jumps Most Since 2022 on Energy Costs: The euro area recorded its steepest inflation spike in four years as the Iran war drove energy costs sharply higher. The surge has prompted European Central Bank officials, including Madis Muller, to warn that borrowing costs will likely need to rise in the coming quarters to contain the fallout.
• US Consumer Confidence Rises on Improved Views of Job Market: US consumer confidence unexpectedly advanced in March on improved views of the labor market and business conditions. The upbeat sentiment contrasts with February data showing a notable drop in job openings and slowing hiring before the Middle East conflict intensified.
• Colombia Raises Rates as Petro’s Minister Walks Out in Protest: Colombia’s central bank delivered a full percentage-point interest rate increase, underscoring a deepening rift with President Gustavo Petro. Finance Minister German Avila abruptly walked out of the policy meeting in protest ahead of the widely expected hike.
• US Bonds Are Caught in a Tug-of-War Between Inflation and Growth: Treasuries extended a nascent rally as bond traders abandon bets on rising inflation. Investors are increasingly viewing the Iran war’s massive oil shock as a primary threat to economic growth, making the securities more attractive.

Business & Industries#

• Unilever Food Arm to Join With McCormick in $44.8 Billion Deal: Unilever agreed to combine its food business with spice maker McCormick & Co. in a massive $44.8 billion transaction. McCormick will pay $15.7 billion in cash and $29.1 billion in stock, giving the Hellmann’s mayonnaise owner control over a newly formed global condiments giant.
• Lilly to Buy Sleep Drug Maker Centessa in $7.8 Billion Deal: Eli Lilly & Co. is acquiring Centessa Pharmaceuticals for up to $7.8 billion, signaling the weight-loss drug titan’s ambition to expand its pipeline into sleep disorder treatments.
• Biogen to Buy Apellis for $5.6 Billion to Boost Kidney Franchise: Biogen agreed to acquire Apellis Pharmaceuticals for $5.6 billion in one of its largest-ever deals. The acquisition aims to significantly expand Biogen’s footprint in immunology and rare diseases.
• CoreWeave Raises $8.5 Billion GPU Loan Backed by Meta Deal: Cloud computing provider CoreWeave secured $8.5 billion from banks and investors to finance its infrastructure expansion. The company touted the transaction as the largest chip-backed debt deal in history.
• SpaceX Lead IPO Banks to Hold Kick-Off Meeting Monday, IFR Reports: Investment banks leading the highly anticipated initial public offering for Elon Musk’s SpaceX are scheduling a syndicate kick-off meeting for April 6, offering a ray of hope for a US IPO market otherwise paralyzed by geopolitical volatility.

Policy & World#

• Trump Tells Allies to ‘Go Get’ Jet Fuel From Iran Via Hormuz: As global aviation fuel supplies face severe disruption, President Trump lashed out at allies, telling them to simply “take” jet fuel from the Strait of Hormuz. The US is churning out record amounts of jet fuel but lacks the capacity to significantly boost exports to offset the crisis.
• Trump Aims to Upend Long-Held Citizenship Rules at Supreme Court: The US Supreme Court is hearing President Trump’s bid to end automatic birthright citizenship for children born to undocumented immigrants or temporary visa holders. The move threatens to overturn more than a century of legal precedent.
• Europe Hardens Stance Against Trump’s Iran War in Threat to NATO: NATO allies are increasingly resisting President Trump’s demands for assistance in the Iran conflict. The refusal to get involved risks a deeper rupture in the already strained military alliance.
• Japan, Indonesia Pledge Deeper Ties Amid Energy Concerns: Indonesian President Prabowo Subianto and Japanese Prime Minister Sanae Takaichi pledged deeper economic cooperation. The agreement focuses heavily on energy security as both nations grapple with market instability stemming from the Middle East.

Opinion & Analysis#

• Pete Hegseth’s Culture Wars Are Inviting a Military Disaster: Bloomberg Opinion columnist Tobin Harshaw argues that Defense Secretary Pete Hegseth’s efforts to rewrite military culture are actively replicating the exact psychological defects that led to the UK’s biggest historical wartime fiascos.
• The Ecoterrorism Is Coming From Inside the White House: Despite his rhetoric against environmentalists, President Trump’s war in Iran is destroying more oil and gas infrastructure—and potentially more long-term fossil-fuel demand—than the most radical ecoterrorists could have ever dreamed.