Market UpdatesMar 13, 20263 Min

Global Market Wrap: Asian Stocks Slide On Iran War Concerns, Oil sustains above $90

Asian stocks slumped on Friday, March 13, and were headed for a second straight weekly loss. Fast-dwindling hopes of a quick end to the US and Israel's war with Iran kept oil prices high, casting a shadow over global markets and raising fears of higher inflation.

We are back with quick updates about global stock markets and major developments across some of the top companies worldwide.

Asian stocks fell on Friday as investors remained cautious about risks from the Iran war ahead of the weekend.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.5% and was on track for a weekly decline of about 1.5%.

Japan’s Nikkei 225 fell about 1.1% to 53,819, while the broader Topix lost 0.4% to 3633. Similarly, South Korea’s Kospi dropped 1.7% to 5487.

Elsewhere in the region, Hong Kong’s Hang Seng Index slipped 0.8% to 25,495, while Taiwan Weighted declined about 1.% to 33215.

Meanwhile, oil prices were headed for weekly gains as of March 13 despite the US trying to ease supply concerns by issuing a 30-day licence allowing countries to buy Russian oil and petroleum products stranded at sea.

In the first half of Friday’s session, the May futures for Brent crude were down 1%, to $100.36 a barrel, putting the contract on track for a weekly gain of over 7%. April futures for West Texas Intermediate fell 1.1%, to $95.57 a barrel, though the benchmark was still set for a weekly rise of around 5%.

The licence was issued in what US Treasury Secretary Scott Bessent described as a step to stabilise global energy markets shaken by the war involving Iran.

Separately, Australia said it will release about six days’ worth of petrol and five days’ worth of diesel from its emergency fuel reserves. It marks the first use of the country’s strategic stockpiles since the Russian invasion of Ukraine. As of March 13, Australia reportedly holds about 36 days’ worth of petrol supply, 29 days of jet fuel and 32 days of diesel.

Here’s a look at some of the important developments across the global markets:

Adobe shares fall as long-time CEO Shantanu Narayen plans exit amid AI shift

Adobe’s long-time CEO Shantanu Narayen will step down once a successor is appointed, ending an 18-year run at the helm of the software maker. The announcement sent Adobe’s shares down more than 7% in extended trading on March 12, as investors worried about the company’s strategy at a time when artificial intelligence is reshaping the software industry.

Narayen has led Adobe since 2007. He has overseen the growth of key products such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro and Adobe InDesign, which are widely used by designers and content creators. Adobe said Narayen will remain as chairman of the board and help support the next CEO. His planned exit comes as Adobe pushes deeper into artificial intelligence through partnerships and possible acquisitions, while also facing rising competition from new AI-driven design tools. Adobe’s shares ⁠have fallen around 22% so far this year after declining over 21% in 2025, reflecting investor apprehension over the company’s AI strategy and outlook.

Dubai introduces law to regulate outsourcing of government services

Dubai has introduced a law to regulate how government services can be outsourced to private companies, aiming to improve efficiency and make services easier for residents and businesses to access. The legislation allows government entities to contract private firms to provide some or all public services under agreed terms. Under the law, the Dubai Department of Finance will oversee the outsourcing process and set the procedures for these contracts.

Government entities may appoint more than one contractor to deliver the same service. Exclusive contracts will only be allowed if a company is the sole bidder. The law also outlines what must be included in outsourcing agreements, such as the duration of the contract, termination procedures and measures to protect contractor assets. Government entities will be required to monitor contractors using performance indicators.

The legislation also requires outsourcing firms to employ at least one Emirati for every non-national employee, with salaries and incentives set according to existing regulations and contract terms.

HSBC’s Singapore insurance unit draws interest from Allianz, Sun Life: Report

Allianz SE and Sun Life Financial are reportedly considering bids for HSBC Holdings’ insurance unit in Singapore, after the bank launched a strategic review of the business. Japanese insurers Dai-ichi Life Holdings and Nippon Life Insurance are also expected to consider bids for HSBC Life Singapore.

A sale process began earlier this month and non-binding bids could be submitted in the coming weeks. However, the companies are still evaluating their options and may ultimately decide not to proceed. Other potential bidders could also emerge.

HSBC launched a review of the Singapore insurance business in January as part of a broader effort to streamline its global operations. At the time, the bank said Singapore remained a priority market. A potential deal could value HSBC Life Singapore at more than $1 billion.

Tesla gets licence to supply electricity in Great Britain

Elon Musk’s Tesla has received approval to supply electricity to households and businesses in Great Britain. The country’s energy regulator, Ofgem, has granted Tesla an electricity supply licence. This allows the company to provide power to homes and businesses in England, Scotland and Wales. Tesla is expected to expand its energy business in Britain in a way similar to its operations in Texas, US, where it runs a service called Tesla Electric. The programme allows customers to power their homes, electric vehicles and communities using renewable electricity.

However, the licence in Britain allows Tesla to supply only electricity. It cannot offer combined electricity and gas contracts to households.

In Texas, Tesla runs a “virtual power plant” that allows customers to charge their cars at low cost and sell electricity stored in their Tesla Powerwall batteries back to the grid. In Britain, a similar virtual power plant programme for Powerwall users is currently offered through Octopus Energy.