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March 18, 2026 – 09:51

(Bloomberg) — Stocks rose across the world as sharp swings in oil markets subsided while traders awaited Wednesday’s Federal Reserve meeting.

Futures for the S&P 500 climbed 0.5% after the benchmark posted its first back-to-back advance since the start of the Iranian war. Brent crude dropped 0.6% below $103 a barrel, with its trading range the narrowest this month. Global bond gains pushed 10-year Treasury yields down two basis points to 4.18%. The dollar was little changed.

Europe’s Stoxx 600 touched its highest level in more than a week. Asian shares rose 2%, led by gains in South Korea’s Kospi as Samsung Electronics Co. jumped more than 6%.

“The last couple of weeks have been about trying to protect portfolios from oil’s record rally. As the speed of that curve slows, or even retraces, with the commodity’s implied volatility starting to subside, equities are finding a floor,” said Carl Dooley, head of EMEA trading at TD Cowen.

Markets remain on high alert over the Middle East conflict and the risk that a near-closure of the Strait of Hormuz stokes inflation. How policymakers respond is now top of mind for investors, with the Fed expected to hold rates unchanged for a second straight meeting.

“The macro outlook is very uncertain depending on how long the war would last,” wrote Mohit Kumar, chief strategist for Europe at Jefferies International Limited. “Powell is likely to adopt a wait-and-watch tone to get better clarity on the geopolitical front.

What Bloomberg strategists say…

The stabilization in oil is supporting a bid in Treasuries, but without a durable easing in price pressure, markets remain driven more by geopolitics than monetary policy.

— Brendan Fagan, Macro strategist. For full analysis, click here.

Corporate Highlights:

Unilever Plc, the maker of Hellmann’s mayonnaise, is in the early stages of considering a separation of its food assets as it seeks growth from beauty, personal care and wellbeing brands, people with knowledge of the matter said. UniCredit SpA Chief Executive Officer Andrea Orcel said his takeover bid for Commerzbank AG is designed to bring about negotiations between the stakeholders. BHP Group has appointed Brandon Craig as its new chief executive, as the world’s biggest miner grapples with the ripple effects of a war in the Middle East, a cooling Chinese economy and the wider industry’s shift toward growth, particularly in copper. Tencent Holdings Ltd. posted a 13% rise in quarterly revenue, underscoring solid momentum in its core gaming and advertising units while it ramps up a bet on agentic AI. Samsung Electronics Co. is considering a shift toward multi-year contracts for memory chips, a much longer timeframe than is typical that may help stabilize supply and ease concerns about a shortage of the essential components. Some of the main moves in markets:

Stocks

The Stoxx Europe 600 rose 0.4% as of 8:50 a.m. London time S&P 500 futures rose 0.5% Nasdaq 100 futures rose 0.6% Futures on the Dow Jones Industrial Average rose 0.5% The MSCI Asia Pacific Index rose 2% The MSCI Emerging Markets Index rose 1.8% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1530 The Japanese yen was little changed at 158.96 per dollar The offshore yuan rose 0.1% to 6.8743 per dollar The British pound was little changed at $1.3348 Cryptocurrencies

Bitcoin fell 0.6% to $74,083.35 Ether fell 0.2% to $2,323.18 Bonds

The yield on 10-year Treasuries declined two basis points to 4.18% Germany’s 10-year yield declined one basis point to 2.89% Britain’s 10-year yield declined four basis points to 4.66% Commodities

Brent crude fell 0.6% to $102.82 a barrel Spot gold fell 0.3% to $4,988.29 an ounce This story was produced with the assistance of Bloomberg Automation.

©2026 Bloomberg L.P.