Market UpdatesMar 11, 20264 Min
Global Market Wrap: Asian Stocks Advance While Oil Slips On Reports Of Historic IEA Reserve Release
Asian markets traded higher on Wednesday, March 11, as investors continued to assess the impact of the ongoing war in the Middle East. Meanwhile, oil prices see-sawed after reports that the International Energy Agency (IEA) is considering the release of emergency oil reserves to counter supply disruptions stemming from the war.
We are back with quick updates about global stock markets and major developments across some of the top companies worldwide.
Most Asian markets rebounded on Wednesday as oil prices pulled back from recent highs. Japan’s Nikkei 225 rose 1.4% to 55,025, while South Korea’s Kospi advanced 1.4%.In Hong Kong, the Hang Seng Index surrendered initial gains and ended the session 0.2% lower, while China’s SSE Composite Index closed the session 0.2% higher. The S&P/ASX 200 in Australia rose 0.5%.
Oil prices moved lower, following reports that the International Energy Agency could consider the release of emergency oil reserves. However, the Brent Crude futures rebounded from the day’s low in the afternoon session and advanced 0.7% to $92 a barrel by 15:18 GMT. West Texas Intermediate rose 1.6% to $88 a barrel.
Gold prices remained flat and confined in a range as inflation concerns remain elevated amid a sharp surge in crude oil prices.
Spot gold was trading at $5,190 per ounce as of 15:23 GMT.
Markets are now watching the February US Consumer Price Index due later on March 11, followed by the Personal Consumption Expenditures (PCE) index, the Fed’s preferred inflation gauge, scheduled for release on Friday, March 13.
Investors expect the Fed to keep interest rates unchanged at the end of its two-day meeting on March 18, according to the CME Group’s FedWatch tool.
Here’s a look at some of the important developments across the global markets:
IEA considers largest-ever oil reserve release
The International Energy Agency (IEA) is considering the release of strategic oil reserves to ease surging crude prices triggered by the ongoing US-Israel war with Iran. The proposal was circulated during an emergency meeting of energy officials from the IEA’s 32 member countries. Member states are expected to decide on the plan on March 11. The move is aimed at offsetting the severe supply disruption caused by the near-total shutdown of the Strait of Hormuz, the key waterway linking the Persian Gulf to global markets. Nearly one-fifth of the world’s oil supply passes through the strait each day, but the risk of attacks on tankers by Iran has brought shipments close to a halt.
Meta acquires AI social network Moltbook
Meta has acquired Moltbook, a viral social network designed for AI agents. The acquisition brings Moltbook’s creators, Matt Schlicht and Ben Parr, into Meta Superintelligence Labs (MSL), led by former Scale AI CEO Alexandr Wang. Meta did not disclose the purchase price. The deal is expected to close in mid-March.
Moltbook’s network was built to run alongside a separate project, OpenClaw, which was previously known as Clawdbot and briefly as Moltbot. Last month, OpenAI hired Peter Steinberger, the creator of OpenClaw, which is now being open-sourced with OpenAI’s support.
Airlines across Asia raise fares, fuel surcharges as Iran war sends oil prices swinging
Many airlines are raising fares and increasing fuel surcharges as the Iran war is driving sharp swings in oil prices, reported Bloomberg.
Qantas, Australia’s largest airline, is increasing fares on international routes by about 5% on average. Hong Kong Airlines will also raise fuel surcharges from March 12 on many routes.
Air India and Air India Express will introduce new fuel surcharges on various routes starting March 12. Flights and services to South Asia, West Asia and the Middle East will have a surcharge of $4.35.
Charges on flights to Southeast Asia will rise from $40 to $60, while routes to Africa will increase from $60 to $90. From March 18, the surcharge for flights to Europe will go up by $25 to $125, and for North America and Australia, it will rise by $50 to $200.
Oracle bets big on AI infrastructure, names Cerebras alongside Nvidia and AMD
Oracle has said that the booming demand for AI data centres is expected to drive its revenue above Wall Street estimates through 2027. During the company’s earnings call, CEO Clay Magouyrk also highlighted Cerebras as an important maker of artificial intelligence hardware, alongside industry leaders Nvidia and AMD.
Securing Oracle as a customer could be a major boost for Cerebras, which is preparing to go public after withdrawing its initial IPO filing last year. OpenAI has already begun using Cerebras chips to power a generative AI model designed for software development.
https://www.reuters.com/technology/oracle-beats-quarterly-revenue-estimates-2026-03-10/
