Asia Market Quick Take – 11 March, 2026

Key points:

• Macro: IEA plans its largest oil reserve release to counter rising prices
• Equities: Oracle shares jumped 10%, NIO's ADR climbed 15% on revenue growth
• FX: USD mixed; AUDUSD hits yearly high on strong Chinese data, metals
• Commodities: Oil prices drop as IEA reserve release plan stabilizes markets
• Fixed income: Treasuries decline; yields rise amid military news and record bond deal

------------------------------------------------------------------

Disclaimer: Past performance does not indicate future performance.

Macro:

• IEA plans its largest oil reserve release to counter rising prices due to escalating Middle East tensions, surpassing the 182 million barrels released in two instances during Russia's invasion of Ukraine in 2022.
• ECB President Christine Lagarde vowed to control inflation despite surging energy prices, expressing commitment to prevent past price spikes. In a Tuesday interview, she assured that Europe is better prepared to absorb current shocks due to stronger policies, though market uncertainty remains high.
• China plans to flexibly use monetary policy tools based on changing conditions, as reported by the China Securities Journal. This year, the People's Bank of China has injected around 2 trillion yuan in medium- and long-term liquidity to promote a stable financial environment.
• Traders anticipate the Bank of England will cut rates by 12 basis points this year. However, geopolitical tensions and rising oil prices have made the anticipated cut to 3.5% uncertain.
• Tensions between the US and Iran are escalating, with President Trump warning Iran about militarily responding to mines placed in the Strait of Hormuz. The US reportedly destroyed 10 mine-laying vessels, and Trump indicated the conflict might end soon as the operation progresses ahead of schedule, calming oil price jitters. Market volatility was exacerbated by mixed messages from administration officials, including a retracted post by Energy Secretary Chris Wright.

Equities: 

• US - The S&P 500 fell 0.2%, while the Dow and Nasdaq remained mostly flat as investors balanced optimism about de-escalation with reports of intensifying military strikes. Initially, indices recovered on hopes of resolving Middle East tensions but turned volatile after the White House clarified that no naval escorts were yet in the Strait of Hormuz. Cooling oil prices offered some relief, but concerns grew as Iran might deploy mines in the area. Chip stocks like Nvidia, Micron, and Intel advanced on strong TSMC sales data. Defense stocks, including Lockheed Martin, faced pressure due to diplomatic signals. Oracle surged 10% after hours, exceeding expectations with an 84% infrastructure revenue increase, driven by strong AI demand. Amazon raised $37bn in USD bonds; with a euro tranche, total could near $50bn, as the US book hit ~$126bn—among the largest.
• EU - European stocks rose sharply on Tuesday, recovering from recent lows as key energy commodity prices eased, alleviating stagflation concerns. The Eurozone's STOXX 50 increased by 2.5% and the STOXX 600 by 1.8%. Banks like Santander, BBVA, UniCredit, and ING saw gains between 4% and 5.5%, supported by improving government bond conditions. Industrial giants Schneider and Siemens rose 4% and 5%, respectively. AI-related stocks gained on positive TSMC sales, with ASML up 4.6%, Infineon 6%, and Prosus 10%. Volkswagen advanced 3% on optimistic operational guidance.
• Asia - Asian markets saw significant gains, with KOSPI leading at 5.3%. Nikkei rose 2.9%, Hang Seng 2.2%, Taiwan 2.1%, ASX 200 1.2%, and China's Shanghai Composite 0.6%. This regional rally contrasts with mixed US market outcomes. NIO posted a Q4 2025 net profit of 122.4 million yuan, reversing a prior loss, with revenue at 34.65 billion yuan, ADR rose 15%. Foxconn Industrial's net income grew 52% to 35.29 billion yuan, matching expectations. Revenue rose 48% but missed estimates. TSMC's January-February sales increased 30%, below projected quarterly growth, suggesting memory chip price impacts on smartphone and PC demand.

Earnings this week:

• Wednesday: Campbell's, Sprinklr, UiPath, Algoma, OppFi, Descartes
• Thursday: Adobe, Li Auto, Dollar General, Dick's Sporting Goods, SentinelOne
• Friday: VEON, Century Casinos, Acurx Pharmaceuticals

FX:

• USD's performance was mixed amid Middle East tensions. DXY rose off lows but stayed below the 98.939 highs after oil prices rebounded on CBS reporting Iran's potential mine deployment in the Strait of Hormuz.
• AUDUSD reached yearly highs at 0.7169 before settling at 0.7134, supported by improved risk sentiment, strength in base metals, positive Chinese data, and expectations of an RBA rate hike. Comments from RBA’s Hauser about an upcoming “genuine policy debate” also contributed.
• GBP, EUR, JPY and CHF lagged with slight weakness due to a lack of significant currency-specific news. Expectations for rate hikes from the BoE and ECB diminished in light of fluctuating oil prices. Overall, geopolitical developments overshadowed upcoming economic data releases, such as the February CPI.

Commodities:

• Oil prices fell after the IEA's proposal for a record oil reserve release, surpassing the 182 million barrels released in 2022 due to the Ukraine crisis. Brent crude reversed a 3.7% gain and WTI slid 1.1% intraday.
• Gold was little changed near $5,190 an ounce after a 1% rise as traders weighed conflicting US statements on the Middle East war—after the White House denied escorting a tanker through Hormuz, contradicting a now‑deleted post by Energy Secretary Chris Wright—while oil rebounded from Tuesday’s plunge.

Fixed income:

• Treasuries finished just off session lows, extending losses late after the US military said it hadn’t escorted a tanker through Hormuz, as a soft 3‑year auction kept yields elevated ahead of 10‑ and 30‑year sales and oil’s rebound—still about 8% below Monday’s close—added pressure, while 30‑year yields peaked back above 4.78% and rates drifted higher after a jumbo Amazon deal, with 11 issuers flooding the US IG market for a record single‑day volume of $65.75.

For a global look at markets – go to Inspiration.

This content is marketing content and should not be considered investment advice. Trading financial instruments carries risks and historic performance is not a guarantee for future performance.
The instrument(s) mentioned in this content may be issued by a partner, from which Saxo receives promotion, payment or retrocessions. While Saxo receives compensation from these partnerships, all content is conducted with the intention of providing clients with valuable options and information.