Market UpdatesMar 16, 20262 Min

Global market wrap: Asian stocks fall as oil surges, some markets pare early losses

Asia-Pacific markets fell on Monday, March 16, as investors weighed elevated oil prices and monitored the latest developments in the escalating US-Iran war, though some markets pared their opening losses during the session. Oil prices also moved higher as market attention returned to potential threats to Middle Eastern oil infrastructure, despite calls from US President Donald Trump for countries to help safeguard the Strait of Hormuz, a key route for global energy shipments.

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

Most Asian stock markets fell on Monday, weighed down by persistently high oil prices as the war in the Middle East entered its third week with no clear signs of easing. However, during the course of the session, many markets pared the early losses, amid a report that suggested possible efforts to secure oil shipments. According to The Wall Street Journal, the Donald Trump administration could announce as early as this week that multiple countries have agreed to form a coalition to escort ships through the Strait of Hormuz.

Japan's Nikkei 225 index fell 0.1% to 53113, while South Korea’s KOSPI recovered initial losses and closed 1.1% higher at 5,549. Singapore’s Straits Times Index rose 0.4% to 4,864. Hong Kong’s Hang Seng Index jumped 1.4% to 25,834

Stock futures edged higher as Wall Street attempted to recover from another losing week. Futures tied to the S&P 500 gained 0.5% to 6,669.

In Australia, the local share market was slightly lower ahead of an expected interest rate hike by the Reserve Bank on Tuesday, March 17. The S&P/ASX 200 index fell 0.4% to 8,583 points.

Meanwhile, oil prices started the week on a positive note and sustained the gains above $100 a barrel. On Monday, the Brent crude futures climbed 1.9%, to $105 a barrel by 13:00 GMT, while US West Texas Intermediate crude gained 1.6%, to $100 a barrel.

Both benchmarks have surged more than 40% this month, reaching their highest levels since 2022. The rise follows the US-Israeli attacks on Iran, which prompted Tehran to halt shipping through the Strait of Hormuz, choking off a fifth of global oil supply in what is seen as the biggest disruption ever.

Over the weekend, Trump threatened further strikes on Iran’s Kharg Island, which handles about 90% of the country’s oil exports, after US forces hit military targets on the island.

Meanwhile, the Federal Reserve is expected to keep the interest rates steady on Wednesday, March 18, while the chances of a rate cut by June have fallen to 26% from 69% a month ago.

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

Meta may slash more than 20% of staff in fresh restructuring move: Report

Meta is reportedly planning sweeping layoffs that could affect 20% or more of its workforce. The move is aimed at offsetting heavy spending on artificial intelligence infrastructure and preparing for greater efficiency from AI-assisted work. No timeline has reportedly been set for the layoffs, and the final size of the cuts has not been decided. Senior executives have recently informed other leaders at the company about the plans and asked them to begin preparing for possible reductions.

If the cuts reach around 20%, they would be the largest since the company’s restructuring in late 2022 and early 2023, which Mark Zuckerberg described as the “year of efficiency.” The company had nearly 79,000 employees as of December 31, 2025, according to its latest filing.

Ride-hailing app inDrive revenue jumps 31% in 2025, eyes delivery expansion

Ride-hailing app inDrive reported strong revenue growth last year as profitability per ride improved following several years of rapid expansion, founder and CEO Arsen Tomsky said. The privately held, US-headquartered ride-hailing company posted a 31% rise in net revenue to $601.6 million in 2025 compared with the previous year, Tomsky said, as reported by Reuters.

The company is now looking to expand its delivery business in developing markets through acquisitions. In the past two years, it has bought online grocery delivery services in Pakistan and Kazakhstan. inDrive differentiates itself from rivals such as Uber and Grab by allowing drivers and riders to negotiate fares, a model that has appealed to price-conscious consumers in emerging markets. The company has one of its largest employee hubs in Kazakhstan.

According to the company, its ride-hailing app has been downloaded more than 400 million times since its launch in 2013.

JD.com enters Europe with Joybuy platform, taking on Amazon

JD.com launched its European online shopping platform, stepping up competition with Amazon in the region’s e-commerce market. The Chinese e-commerce giant launched its international brand Joybuy across six European markets, including the UK and Germany. The company has built its own logistics network to support quick deliveries in the six countries in an effort to attract customers.

Customers in Europe can receive same-day delivery for orders placed before 11 a.m., while orders above £29 in the UK qualify for free delivery. Joybuy will also host brand stores from companies such as L’Oréal Paris and De’Longhi, allowing brands to showcase their official products within the platform.

The move places JD.com in direct competition with major players including Amazon, as well as several local e-commerce platforms across Europe.

Australia’s Perpetual to sell wealth management business to Bain Capital for A$500 million

Perpetual Limited said on Monday it had agreed to sell its wealth management business to private equity firm Bain Capital for an upfront cash payment of A$500 million ($350 million).

The deal could also include an additional upfront payment linked to the performance of the advice business before completion. It also carries a potential earn-out of up to A$50 million tied to the performance of its accounting and wealth operations after the deal closes.

Founded in 1886, Perpetual has received several takeover approaches in recent years.

In 2022, it rejected a A$1.7 billion bid from a consortium that included Regal Partners. A year later, it also turned down a A$3.1 billion offer from its largest shareholder, Washington H Soul Pattinson.

The company had earlier announced a A$2.18 billion deal with KKR in 2024 to sell its wealth management and corporate trust businesses, but later ended those talks and decided to pursue a separate sale of the wealth management unit.