Financials Down as Oil Shock Reverberates in Global Markets -- Financials Roundup

Dow Jones03-21 05:55

Shares of banks and other financial institutions fell as the oil shock reverberated through global stock and bond markets.

One strategist said there were surefire signs of chart-based stock and bond sales, which caused cascading losses in stock and credit markets.

"We've broken all technical levels now," said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund. "The systemic selling started today and has more to go. Absent some sort of resolution in Iran, the path of least resistance is lower." The oil shock triggered by the Iran war caused the Federal Reserve and other major central banks to strike a hawkish, inflation-fighting tone in updates this week, said Di Mattia.

Swiss bank UBS received a license to offer full-service banking in the U.S., part of a plan to tap rich Americans for their deposits and investments.

The yield on the 10-year Treasury note, a benchmark for many consumer loans, closed near its highest levels since May.

Shares of private-credit firms such as Blue Owl, Blackstone and Ares Management tested recent lows, amid fears that skittish investors would resume efforts to withdraw capital from funds designed to be locked up.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

March 20, 2026 17:55 ET (21:55 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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Absent some sort of resolution in Iran, the path of least resistance is lower.\" The oil shock triggered by the Iran war caused the Federal Reserve and other major central banks to strike a hawkish, inflation-fighting tone in updates this week, said Di Mattia. \n</p>\n<p>\n  Swiss bank UBS received a license to offer full-service banking in the U.S., part of a plan to tap rich Americans for their deposits and investments. \n</p>\n<p>\n  The yield on the 10-year Treasury note, a benchmark for many consumer loans, closed near its highest levels since May. \n</p>\n<p>\n  Shares of private-credit firms such as <a href=\"https://laohu8.com/S/OBDE\">Blue Owl</a>, <a href=\"https://laohu8.com/S/BX\">Blackstone</a> and Ares Management tested recent lows, amid fears that skittish investors would resume efforts to withdraw capital from funds designed to be locked up. \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  Write to Rob Curran at rob.curran@dowjones.com \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 20, 2026 17:55 ET (21:55 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; 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