New week incoming, new volatile – new drawdown.
Note: Please get yourself updated with the current status of this war as it will update per seconds, any volatility from the next morning is getting the charts among the highest levels. Stay in the highest cautious.
Data:
- [🟦 Global Rates | Yields extend higher on inflation repricing]
Global sovereign yields continued to rise as markets priced persistent inflation and reduced expectations for policy easing.
S.: 2Y ~3.90% | 10Y ~4.34% | 30Y ~4.95%
UK 10Y ~4.75% | Germany 10Y ~3.00% | France 10Y ~3.65% | Italy 10Y ~3.82%
Canada 10Y ~3.50% | Australia 10Y ~5.00% | Japan 10Y ~2.25% | China 10Y ~1.87%
Bond markets remain under pressure as oil-driven inflation risks dominate pricing. - [🟥 U.S. Equities | Broad-based decline continues]
Wall Street extended losses amid higher yields and tightening financial conditions.
S&P 500 ~6,560 (-0.6%)
Dow Jones ~45,900 (-0.5%)
Nasdaq ~21,900 (-0.7%)
Growth and rate-sensitive sectors led declines, while energy stocks outperformed. - [🟥 Europe Equities | Regional underperformance persists]
European equities declined as macro risks intensified.
Euro Stoxx 50 ~5,660 (-0.7%)
DAX ~23,150 (-0.8%)
CAC 40 ~7,880 (-0.5%)
Weak sentiment and energy exposure continue to weigh on the region. - [🟨 Asia Equities | Mixed performance amid global headwinds]
Asian markets traded cautiously with limited upside momentum.
Nikkei 225 ~54,700 (-0.5% to -0.7%) - [🟥 Macro “Red News” | Policy outlook remains restrictive]
S.: Markets continue to digest hawkish Fed guidance and reduced rate-cut expectations.
Global: Central banks signal prolonged restrictive policy amid inflation risks. - [🟧 High-impact headlines]
- Oil remains above $100/bbl, anchoring inflation expectations
- Global bond selloff accelerates
- Equity volatility rises with tighter financial conditions
- Europe growth outlook deteriorates
- USD supported by yield differentials
- Defensive positioning dominates flows
Companies.
+) Alphabet traded mixed as investors evaluated monetization prospects for its latest generative-AI products.
+) Nvidia and broader semiconductor stocks remained strong as AI capex expectations continued to rise across hyperscalers.
+) Palantir Technologies gained as government and defense contracts for AI analytics platforms continued expanding.
+) CrowdStrike and Palo Alto Networks remained supported by strong enterprise security spending trends.
+) ASML and Applied Materials stayed in focus as investors monitored long-term chip manufacturing capacity expansion.
+) Energy majors Exxon Mobil and BP held firm as supply risks continued to support crude prices.
General
Across the 20–22 March period, global markets traded in a range-bound but fragile equilibrium, as investors balanced the Federal Reserve’s “higher-for-longer” stance against persistent geopolitical risks in the Middle East. The macro backdrop remained defined by tight policy conditions and energy-driven inflation uncertainty.
Equities:
Global equities showed mixed performance over the three sessions. U.S. markets were supported by technology and AI-linked names, while energy and defense sectors consistently outperformed. In contrast, transport, consumer discretionary, and industrial sectors lagged due to elevated fuel costs and supply-chain disruption risks.
European markets remained subdued, with gains in commodity-linked equities offset by weakness in consumer-facing sectors.
Rates & Monetary Policy:
Markets continued to reprice expectations following the Fed decision, with rate cuts pushed further into the second half of the year. Policymakers emphasized upside inflation risks linked to energy markets, reinforcing a cautious policy outlook.
Bond yields remained volatile but largely range-bound, reflecting competing forces between slowing growth expectations and persistent inflation pressures.
FX & Safe Havens:
The U.S. dollar remained firm throughout the period, supported by rate differentials and safe-haven demand. Gold held near elevated levels as geopolitical and inflation hedging flows remained strong.
Macro Theme:
Markets remained in a policy constraint vs. geopolitical risk regime, limiting directional conviction and keeping volatility elevated.
Across the 20–22 March period, global markets traded in a range-bound but fragile equilibrium, as investors balanced the Federal Reserve’s “higher-for-longer” stance against persistent geopolitical risks in the Middle East. The macro backdrop remained defined by tight policy conditions and energy-driven inflation uncertainty.
Equities:
Global equities showed mixed performance over the three sessions. U.S. markets were supported by technology and AI-linked names, while energy and defense sectors consistently outperformed. In contrast, transport, consumer discretionary, and industrial sectors lagged due to elevated fuel costs and supply-chain disruption risks.
European markets remained subdued, with gains in commodity-linked equities offset by weakness in consumer-facing sectors.
Rates & Monetary Policy:
Markets continued to reprice expectations following the Fed decision, with rate cuts pushed further into the second half of the year. Policymakers emphasized upside inflation risks linked to energy markets, reinforcing a cautious policy outlook.
Bond yields remained volatile but largely range-bound, reflecting competing forces between slowing growth expectations and persistent inflation pressures.
FX & Safe Havens:
The U.S. dollar remained firm throughout the period, supported by rate differentials and safe-haven demand. Gold held near elevated levels as geopolitical and inflation hedging flows remained strong.
Macro Theme:
Markets remained in a policy constraint vs. geopolitical risk regime, limiting directional conviction and keeping volatility elevated.
Upcoming News
Markets open the new week with a post-central-bank recalibration bias, as investors continue to digest last week’s Fed, BoE, and SNB decisions, alongside elevated energy prices linked to geopolitical tensions. Overall market sense is cautiously defensive but stabilizing, with FX and rates trading primarily on yield differentials and risk sentiment rather than heavy macro catalysts. Early-week flows are expected to be more positioning-driven, with conviction building into mid-week data releases.
In the United States, the calendar is relatively light, making today a positioning and consolidation session following last week’s policy-driven volatility. Markets will continue to assess whether central banks’ cautious stance—amid higher energy costs—translates into a more persistent inflation outlook or slower growth trajectory. Treasury yields and the USD are likely to move directionally based on global risk sentiment and commodity price developments rather than fresh domestic data.
Across Europe, attention turns to PMI (flash) releases, which are critical for assessing whether early-Q1 activity is stabilizing despite tightening financial conditions. EUR price action remains primarily influenced by relative rate expectations versus the U.S., though strong activity surprises could provide short-term support. In the Asia–Pacific region, Japan’s PMI and China’s policy signals continue to shape regional sentiment, particularly through commodity and trade channels. Corporate catalysts remain limited, keeping macro interpretation and positioning flows at the forefront.
| Time (GMT+7) | Category | Country / Region | Event | Market Relevance |
| 07:30 | 🔴 Red News | Japan | PMI (Flash) – Manufacturing | Activity momentum; JPY sensitivity |
| 07:30 | 🔴 Red News | Japan | PMI (Flash) – Services | Domestic demand outlook |
| 16:00 | 🔴 Red News | Germany | PMI (Flash) – Manufacturing | Eurozone growth signal; EUR impact |
| 16:00 | 🔴 Red News | Germany | PMI (Flash) – Services | Services-sector resilience |
| 16:00 | 🔴 Red News | Eurozone | PMI (Flash) – Composite | Overall activity momentum; ECB outlook |
| All day | 🔶 Stress / Headlines | Global | Post-central bank positioning / geopolitical headlines | May drive FX and commodity volatility |
Snapshot (23.3.2026)
🛢 Oil | Mixed, Elevated Levels Hold
- WTI Crude 98.35 (+0.25%)
- Brent Crude 112.30 (-0.16%)
Oil prices remained elevated with WTI edging higher while Brent saw a slight pullback, indicating continued tight supply conditions but some short-term consolidation.
🟢 Dollar Stable | DXY 99.54 (+0.04%)
The U.S. Dollar Index was broadly stable just below the 100 mark, reflecting a neutral stance as markets await further macro catalysts.
🔄 G7 FX | USD Mixed, Slight Weakness vs JPY
- EUR/USD 1.1563 (-0.07%)
- GBP/USD 1.3333 (-0.05%)
- USD/JPY 159.21 (+0.01%)
- USD/CHF 0.7864 (-0.05%)
FX markets showed limited movement with the dollar trading sideways, while yen remained weak near the 159 level.
🪙 Crypto | Pullback Continues
- BTC 68,118 (-1.15%)
- ETH 2,063 (-0.99%)
- SOL 86.83 (-0.78%)
Crypto markets extended their decline, with broad-based weakness suggesting ongoing profit-taking after the previous rally.
🥇 Metals | Divergence
- Gold 4,487 (-0.10%)
- Silver 68.43 (+0.78%)
Gold softened slightly while silver outperformed, highlighting divergence within the precious metals complex.
📊 Equities | Risk-Off Tone Returns
- S&P 500 6,502.13 (-0.61%)
- Euro Stoxx 50 5,436.75 (-0.86%)
- Dow Jones 45,602.45 (-0.52%)
- VIX 26.07 (+2.52%)
Equity markets declined with volatility rising, signaling a cautious risk-off sentiment heading into the new trading week.
This report is provided to The Concept Trading from Van Hung Nguyen
