Allies Balk As Trump Pushes Joint Military Action To Reopen Hormuz - Iran Says No Ceasefire On Table

Summary:

• Trump declares 'victory' while simultaneously urging coalition help: President Trump claimed the US has "essentially defeated Iran" and vowed "we will finish the job," while pressing NATO allies and other countries to join a naval coalition to reopen the Strait of Hormuz.

• Iran rejects ceasefire and signals escalation: Iranian FM dismissed any truce, saying Tehran wants the war to end in a way that ensures enemies "never again think of repeating these attacks," adding Iran has "sent no messages and do not request a ceasefire."

• US weighing major escalation at Kharg Island: The White House is considering seizing Iran’s main oil export hub on Kharg Island, a move that would require US boots on the ground.

• Europe reluctant to join Hormuz operation, Germany outright rejects it alongside Italy and Greece: Trump warned of a "very bad" future for NATO if allies don't help reopen the strait. UK also says it won't be 'NATO-led'.

• Regional attacks and oil shock intensify: Iran continues missile and drone strikes on Gulf energy infrastructure and US-aligned states, while Israeli forces launched "wide-scale" strikes. Saudi Arabia, Dubai continue to get hit.

* * *

President Trump and his top officials spent the weekend on the one hand touting the Iran campaign a decisive military win and supposed success, while on the other racing to assemble a naval coalition to force open Tehran's chokehold on the Strait of Hormuz, all the while imploring other countries for help. Europe appears deeply reluctant, with some key NATO countries already slamming the door on this prospect.

"As far as I’m concerned, we have essentially defeated Iran," President Trump said in some of latest remarks aboard Air Force One. "They want to negotiate badly, as they should, but I don't think they're ready to do what they have to do... We will finish the job," he claimed.

But then on Monday Iranian Foreign Minister Abbas Araghchi rejected calls for a ceasefire, insisting Tehran intends to impose steep and bloody costs on the aggressors. "The reason we say we do not want a ceasefire is not because we are seeking war, but because this time this war must end in such a way that our enemies never again think of repeating these attacks," Araghchi said at a press conference.

Site of airstrikes on an oil depot in Tehran, AFP/Getty Images

"I think they have already learned a good lesson and understood what kind of nation they are dealing with." He also dismissed reports that Iran had quietly sought negotiations: "As we have said many times and I reiterated last night in an interview with an American network, we have sent no messages and do not request a ceasefire."

Still, Trump is pressing forward on plans for NATO to send allied ships. According to US officials cited in The Wall Street Journal, there are plans for as soon as this week to announce that multiple countries have agreed to join a coalition escorting ships through the strait. All of this, and especially a timeline, still seems up in the air.

And separately per Axios, the White House is simultaneously considering the far more aggressive option of seizing Iran's main oil export hub on Kharg Island, after much of it has been subject of heavy US bombing, which started overnight Friday, but reportedly left oil terminals and vital export infrastructure in place.

There remains widespread speculation that this is what the multi-thousand strong Marine Expeditionary Force currently en route is all about, raising the states even higher. A direct Kharg Island seizure would require American boots on the ground -  already as Iran's retaliatory blockade of the narrow strait has sent oil and gas prices climbing as a major share of global crude supply remains effectively frozen.

Trump on NATO and Iran:

Whether we get support or not, but I can say this — and I said it to them — we will remember. pic.twitter.com/uki36COerk

— Clash Report (@clashreport) March 16, 2026

This is apparently what's behind Trump's growing urgency - and some might day desperation - for allies to step up, with the US president having told European leaders there could be a "very bad" future for NATO if member states fail to help reopen the Strait of Hormuz, according to Financial Times. But by the looks of it most of Europe wants to avoid what's looking like a recipe for another quagmire in the Middle East. Ironically, Iran is bordered by two countries which were subject of over two decades of US-led war and occupation.

For example, after Italy had earlier made very clear it will have no involvement, Al Jazeera reports:

The ⁠war ⁠in Iran has nothing to do with NATO, ⁠a German government spokesperson says, adding that Germany ‌would not take part in the war nor in keeping the Strait of Hormuz open through ⁠military means.

"As long ⁠as this war continues, there will be no participation, ⁠not even in ⁠any effort ⁠to keep the Strait of Hormuz open by military ‌means," the spokesperson said. Greece ⁠also will not ⁠engage in ⁠any military operations ‌in the Strait of Hormuz, ⁠Greek government spokesman ⁠Pavlos ⁠Marinakis said.

And Britain too while signaling openness says it won't be NATO-led:

Prime Minister Keir Starmer said on Monday Britain would not be drawn into a wider war in Iran but would work with allies on a "viable collective plan" to reopen the key Strait of Hormuz, though he acknowledged that would not be a simple task.

...Starmer told a press conference that reopening the strait was the only way to stabilize energy markets, and that he was talking to allies in Europe, the Gulf and the U.S. on a plan to secure freedom of navigation. He said it would not be a NATO-led mission.

Iran meanwhile continues to send missile and drones on America's gulf allies and energy infrastructure, with Saudi Arabia saying it intercepted 61 drones over its territory since midnight, though potential impact sites of projectiles what got through weren't immediately disclosed.

Iranian Foreign Minister Abbas Araghchi says the regime is not in a war of survival, telling @margbrennan the regime is “stable and strong enough.”

“We don’t see any reason why we should talk with Americans, because we were talking with them when they decided to attack us, and… pic.twitter.com/AQdyeWBiFu

— Face The Nation (@FaceTheNation) March 15, 2026

Flights at Dubai International Airport have been suspended after a fuel take went up on flames. "An Iranian drone attack ignited a fuel tank at Dubai International Airport early Monday, authorities said, as Tehran continued to strike civilian infrastructure across the Persian Gulf," Washington Post reports. Fujairah has also been hit again.

The Israeli military has said Monday it has begun “wide-scale wave of strikes targeting infrastructure” in the Iranian cities of Tehran, Shiraz, and Tabriz simultaneously. It has vowed to keep hitting Iran "as long as needed" - suggesting no quick end amid the war's third week.

But Israel also faces unprecedented bombardment by Iran's sophisticated missile and drone arsenal. Israel’s Health Ministry has newly announced that at least 3,369 people, including civilians and military personnel, have been wounded and injured - with many hospitalized - since the war's start. At least a dozen people have been killed, but the true numbers could be significantly higher as Israel's military has censored a lot of wartime information.

Fresh US-Israeli strikes on Tehran.

Below is a running death toll via Turkish media as of Sunday:

IRAN - The most recent death toll, reported by state media on Monday, was at least 1,270 people. But Iran's ambassador to the U.N. said on March 6 that at least 1,332 ⁠people had been killed since the war began. There has been no clarification of the discrepancy. It was not clear if those figures include at least 104 people that the Iranian military said were killed in a U.S. attack on an Iranian warship off Sri Lanka's coast on March 4.

LEBANON - At least 850 people have been killed in Israeli strikes, according to Lebanese authorities. The World Health Organization said at least 98 of those killed were children.

IRAQ - At least 30 people have been killed, according to Iraqi health authorities. Most of those were members of the Shi'ite Popular Mobilization Forces. One foreign crew member was killed in an attack on tankers near an ⁠Iraqi ⁠port, according to port security officials.

ISRAEL - Twelve people have been killed, including nine people in an Iranian missile strike on Beit Shemesh near Jerusalem on March 1, according to Israel's ambulance service. The Israeli military said two of its soldiers were killed in southern Lebanon.

UNITED STATES - Thirteen service members have been killed. Six were confirmed dead after a U.S. military refueling aircraft crashed over Iraq, the U.S. military said, while seven others have been killed in action during operations against Iran.

UNITED ARAB EMIRATES - Six people have been killed in Iranian attacks, according ⁠to the UAE's defense ministry.

KUWAIT - Authorities have reported six deaths - including two people killed in Iranian attacks, two interior ministry officers and two army soldiers.

SYRIA - Four people were killed when an Iranian missile struck a building in the southern Syrian city of Sweida on February 28, state news agency SANA said.

OMAN - Two people were killed in a drone strike on an industrial zone in Sohar province, marking the first fatalities inside the country, which has been hosting mediation talks between the U.S. and ⁠Iran. One ‌person died ‌earlier when a projectile hit a tanker off the coast of Muscat, ⁠the vessel's manager said.

SAUDI ARABIA - Two people were killed ‌when a projectile fell on a residential location in Al-Kharj city, southeast of the capital Riyadh.

BAHRAIN - Two people were killed in two separate Iranian attacks, with ⁠the most recent hitting a residential building in the capital Manama, according ⁠to the interior ministry.

FRANCE - One French soldier was killed and six others were wounded after ⁠a drone attack in northern Iraq, where they were providing counterterrorism training.

⚡️#BREAKING Fires erupt in Dubai following Iranian drone strikes pic.twitter.com/sBDs9JX809

— War Monitor (@WarMonitors) March 16, 2026

The Trump White House has been angered by media headlines and reports saying the war is expanding and escalating across the region, but the above widening casualties point to this precisely being the case, as Washington continues to struggle to define objectives, timeline, or even what 'winning' looks like.

Tyler Durden Mon, 03/16/2026 - 08:50

Futures Jump, Oil Slides On Fresh Hormuz Hopes

Stock futures are higher AS energy prices dip modestly even as the war in the Middle East enters a third week, with Trump’s endgame unclear amid requests for international help to reopen the SoH.  As of 8:00am ET, S&P futures are up 0.8% and and Nasdaq futures gain 1.0% with all Mag 7 names higher in premarket trading led by Meta which is reportedly planning layoffs that could affect 20% or more of the company. The bounce in futs and the slide in oil coincided with comments from the Iranian Foreign Minister that the US has already learned a good lesson. However, he did also note that the nation is not requesting a ceasefire and has not messaged the US.  Cyclicals outperform Defensives in what appears to be a relief rally. As JPM writes this morning, "it is unclear if futures are following the recent trend of a higher Monday into a sell off for the balance of the week, or if the market is pricing a pivot despite the likelihood that oil production curtailments will approximately double this week." Bond yields are lower by 1-2bp as the curve bull steepens, and USD is lower. Commodities are weaker ex-Energy. Initially oil jumped at the start of futures trading on Sunday night following a second attack in three days on Fujairah, a vital port in the UAE that’s just outside the Strait of Hormuz, but has since turned red. And while shipping through the Strait has been all but halted since the war started, several Iranian tankers as well as a vessel controlled by have made the journey. Today’s macro data focus is on Industrial Production, home prices, and regional activity indicators. The Fed meeting (plus other major CBs) and PPI are the other major releases this week.

In premarket trading, Mag 7 names are all higher: Meta rises 2% after Reuters reported that the social media giant is planning layoffs that could affect 20% or more of the company (Nvidia +1%, Tesla +0.9%, Apple +0.3%, Microsoft +0.6%, Amazon +0.5%, Alphabet +0.1%).

• Micron Technology (MU) climbs 4% — lifting other memory and storage companies — as analyst optimism grows ahead of the chipmaker’s results later this week.
• Nebius shares jumped 15% in premarket trading after Meta said it will pay as much as $27 billion over the next five years for access to artificial intelligence infrastructure from the cloud provider
• National Storage Affiliates Trust (NSA) rises 25% after agreeing to be purchased by Public Storage Operating Co.
• Sable Offshore Group (SOC) rises 6% after the energy company said it restarted oil transportation at its California pipeline after the Trump administration invoked the Defense Production Act.

While attacks on oil facilities kept crude trading well above $100 a barrel, prices slipped about $4 off levels hit earlier in the day. Following the transit of two vessels on the weekend, India is attempting to get six others to cross, while several other nations are trying back channels to Iran to ensure safe passage for their tankers. 

“The market is trying to stabilize, but it is not one that has turned optimistic,” said Charu Chanana, chief investment strategist at Saxo Markets. “Equities may welcome any sign that Hormuz could be reopened, but with further strikes still being threatened and diplomacy still patchy, conviction is low and positioning is likely to stay very twitchy.”

On tech, after the Mag-7 entered a technical correction on Friday, investors will turn attention to Nvidia’s annual AI conference this week. CEO Jensen Huang is giving a keynote speech at 2 p.m. ET today. In other AI news, Nvidia partner Hon Hai reported 4Q net income below consensus. Helping the tech space, the US Commerce Department withdrew ​its planned rule on ​AI chip exports, Reuters reported.

Turning to the broader market, several strategists are calling the bottom for equities: Morgan Stanley’s Michael Wilson says the market’s correction phase is nearing its end, and JPMorgan’s Mislav Matejka recommends buying the dip, while on the other side Goldman warns that in a severe oil shock the S&P could fall to 5,400. Meanwhile, Deutsche Bank strategists write that inflows to equity funds (+$13.2b) picked up last week, with the biggest inflows into Japan (+$6.3b) since May 2013 and record Korea inflows (+$8.9b) while China saw outflows (-$7.8b).

As we noted last night, Goldman predicts that the AI investment boom should offset the drag from modestly weaker economic activity for corporate earnings in the US, reiterating a forecast for 12% EPS growth for the S&P 500 in 2026. Global equities are at risk of a correction, though probably not a bear market, according to other strategists at the bank. On the other hand if the oil crunch extends, the S&P could drop as low as 5,400 in a worst case scenario according to Goldman.

Wild swings in oil have led to an unusual range of moves across rates, commodities and equities, fueling significant trading activity in exotic options by hedge funds. Financial stocks are off to their worst start to a year since the Covid pandemic, with investors expecting more pain ahead as worries over everything from private credit to the Iran war roil the troubled sector.

Attention will also focus this week on a slew of central bank meetings, including at the Federal Reserve, European Central Bank, Bank of Japan and the Bank of England. Those will be crucial to gauge policymakers’ thinking on how the oil shock will impact economy and the prospect for interest rates.

While oil near $100 a barrel fanning inflation fears, it’s also likely to dampen economic growth, casting uncertainty on how policymakers will respond.  “Every day that goes by with the Hormuz Strait closed is another bad news for the global economy,” said Francois Rimeu, senior strategist at Credit Mutuel Asset Management. “If the crisis continues there will be at some point some kind of trigger that will make investors realize the scale of the supply shock that’s building up.”

European stocks bounced off the day’s lows as Brent crude futures have pulled back from earlier highs. The moves have coincided with comments from the Iranian Foreign Minister that the US has already learned a good lesson. However, he did also note that the nation is not requesting a ceasefire and has not messaged the US. The Stoxx 600 is down a fourth session, falling 0.2%. Energy stocks rally after fresh attacks on oil infrastructure in the Middle East caused Brent prices to surge, while automakers lag.  Here are some of the biggest movers on Monday:

• GN Store Nord shares jump as much as 42%, the most on record, after Amplifon agreed to buy its hearing-aid business. Amplifon shares drop as much as 13%.
• Commerzbank shares climb as much as 5.3% after UniCredit made a €35 billion for the lender that will allow it to increase its shareholding beyond 30%, easing the path for a potential future acquisition.
• MTN shares surge as much as 7.4%, the most in two months as Africa’s largest wireless carrier returned to profit, declared a dividend that beat estimates and said it plans to buy back shares.
• Tecan shares drop as much as 6.3% to the lowest level in more than a decade after the Swiss maker of laboratory equipment provided guidance for 2026 which analysts said will spur downgrades to estimates.
• Idorsia shares fall as much as 18% to a six-month low after the Swiss pharma company said Srishti Gupta will step down as chief executive officer and from the board of directors by mutual agreement.
• Standard Life shares drop as much as 3.6% after 2025 earnings with analysts noting that, while results were broadly as expected, IFRS numbers were below forecasts.

In FX, the Bloomberg Dollar Spot index falls 0.4%, with the greenback down versus all majors. USD/JPY has continued to back away from 160 following comments from the Japanese Finance Minister.

In rates, 10-year yields slipped two basis points, after rising for five straight sessions with globaL bond yields are generally softer heading into a busy week for G-10 central banks as traders weigh how policymakers will weigh the inflation and growth implications from rising energy prices. The US Treasury market has erased all its gains for the year amid concerns about both inflation and growth risks. A batch of rate decisions are due this week, including the Fed on Wednesday. It’s expected to hold rates steady, though not without dissent. Bloomberg Economics expects the central bank to signal an extended pause ahead and add two-sided language around the rate path — flagging upside risks to inflation as well as downside risks to employment.

As Wall Street dialed back its bets on rate cuts for this year, bonds from the US to Japan and Australia have dropped. A gauge of global debt has also ceded its year-to-date gains. Gold traded below $5,000 as high oil prices threaten Fed rate cuts. Still, analysts at Goldman Sachs Group Inc. expect Treasuries and most other government bonds to edge higher by year-end, seeing growth risks outweighing the inflation pulse.

In commodities, spot gold and silver are down 0.7% and 3.3% respectively. Bitcoin continues to climb, up 2.2%. WTI drops 2.5% to $96.25 after rising as high as $101 early in the session.

Looking at today's calednar, Empire manufacturing for March is due at 8:30 a.m. New York, followed by February readings for industrial production and capacity utilization at 9:15 a.m. The Fed’s external communications blackout continues. 

Market Snapshot

• S&P 500 mini +0.7%
• Nasdaq 100 mini +0.9%,
• Russell 2000 mini +0.6%
• Stoxx Europe 600 -0.2%,
• DAX -0.2%,
• CAC 40 -0.4%
• 10-year Treasury yield -2 basis points at 4.26%
• VIX -1.2 points at 26.03
• Bloomberg Dollar Index -0.3% at 1213.82,
• euro +0.3% at $1.1449
• WTI crude +0.6% at $99.34/barrel

Top Overnight News

• Donald Trump demanded other countries, including China, help secure passage for ships in the Strait of Hormuz. He told the FT his planned summit with Xi Jinping may be delayed if Beijing doesn’t assist. Iran’s foreign minister denied it’s seeking talks or a ceasefire after Trump told NBC he’s willing to make a deal but wants better terms. BBG
• Top U.S. and Chinese economic officials were due to conclude talks in Paris on Monday, with potential areas of agreement in agriculture, critical minerals and managed trade that could be taken up by U.S. President Donald ‌Trump and Chinese President Xi Jinping in Beijing. In the talks, the Chinese side showed openness to potential additional purchases of U.S. agricultural goods. RTRS
• Japan’s defense minister said the nation has no current plans to send warships to the Strait of Hormuz. Separately, the finance minister said officials are prepared to respond boldly to currency market movements. BBG
• Volodymyr Zelenskiy said a drone deal with the US is still possible despite Trump’s public rejection. BBG
• American oil executives delivered a bleak message to Trump officials in recent days: The energy crisis the Iran war has unleashed is likely to get worse. Exxon CEO Darren Woods said that oil prices could rise past current elevated levels if speculators unexpectedly bid up prices and that markets could see a supply crunch of refined products. WSJ
• China's economy began the year on a firmer footing as factory output quickened while retail sales and investment rebounded in January-February, offering early relief for policymakers as the U.S.-Israeli war with Iran injects fresh uncertainty for growth. China saw retail sales (+2.8% vs. the Street +2.5%) and industrial production (+6.3% vs. the Street +5.3%).  RTRS
• Socialist Emmanuel Gregoire led the first round of Sunday’s Paris mayoral election. Runoffs for the municipal polls will be held March 22. BBG
• Wealthy individuals have sought to pull more than $10bn from some of the largest private credit funds in the 1st quarter, prompting investment managers to limit withdrawals and threatening to stall one of Wall Street’s most important sources of growth. FT
• Meta will pay up to $27 billion over the next five years for access to AI infrastructure from neocloud firm Nebius, as it seeks to compete with the industry’s top frontier models. Meta shares rose premarket after Reuters reported it’s planning layoffs that may affect 20% or more of its workforce. The cuts are aimed at offsetting costly investments in AI. BBG

A more detailed look at global markets courtesy of Newsquawk

APAC stocks mostly declined amid cautiousness at the start of a busy week of central bank activity and following the continued conflict after the US struck military targets in Iran's Kharg Island oil export hub, but left oil infrastructure intact. ASX 200 was led lower by mining, materials, resources and tech, while the RBA kicked off its two-day policy meeting, where the central bank is widely expected to hike rates for the second consecutive meeting amid inflationary pressures. Nikkei 225 retreated amid losses in utilities and electric names due to the ongoing energy-related uncertainty, despite Japan beginning its emergency oil release, while the Japanese data calendar is quiet to start the week, but begins to pick up on Tuesday, and the BoJ are also set to conduct a policy meeting later in the week. Hang Seng and Shanghai Comp were mixed as participants digested stronger-than-expected activity data for China, and with US-China trade talks in Paris on Sunday said to be constructive and will resume today. However, there were also comments from US President Trump, who called for China to help open the Strait of Hormuz and suggested a potential delay to the Trump-Xi summit scheduled later this month.

Top Asian News

• China's stats bureau's spokesperson expects consumption to rise steadily this year as policy measures gain traction, but noted that more support is needed.
• Japanese Finance Minister Katayama said prepared to take decisive steps on FX.

European bourses are mixed to start the week as the Middle East conflict remains the dominant macro theme. The FTSE 100 outperforms as oil majors gain with crude above USD 100/bbl, while the FTSE MIB lags after Amplifon declines on news it will acquire GN Store Nord’s hearing unit for DKK 17bln. European Sectors are also mixed. Energy leads as Brent holds above USD 100/bbl, with Real Estate also firmer as Segro gains following a broker upgrade and UK Rightmove house prices rise M/M. Basic Resources initially underperformed as spot gold dips below USD 5,000/oz, while Banks remain pressured.

Top European News

• Swiss Sight Deposits (w/e 13th Mar), CHF: Domestic 433.5bln (prev. 428.8bln), Total 454.4bln (prev. 454.07bln).
• UK Rightmove House Prices YY (Mar) -0.2% (Prev. 0.0%).
• UK Rightmove House Prices MM (Mar) 0.8% (Prev. 0.0%).

FX

• DXY is marginally softer as the index takes a breather after reclaiming the 100.00 level, while traders brace for a heavy central bank week and monitor Middle East tensions. US President Trump is reportedly seeking a coalition to reopen the Strait of Hormuz and weighing the seizure of Iran’s Kharg Island, while also warning NATO and calling on China to help secure the waterway. DXY trades in a narrow 100.18–100.48 range after Friday’s 99.59–100.54 band. The FOMC is widely expected to leave rates unchanged at 3.50–3.75% on Wednesday, with markets not pricing a cut until Q4 2026.
• EUR/USD rebounds from around a seven-month low amid the softer dollar but remains below 1.1500 (1.1414–1.1456 range) amid quiet Eurozone newsflow and geopolitical uncertainty. The pair remains within Friday’s 1.1411–1.1530 range. The ECB is expected to keep rates unchanged at 2.0% on Thursday, though higher energy prices have pushed market pricing slightly more hawkish, with a 25bp hike now fully priced by year-end.
• GBP/USD edges higher alongside the weaker dollar after recently hitting a year-to-date low. UK ministers are set to announce a GBP 50mln support package for households facing the energy shock from the Iran conflict, while the UK is also exploring an EU tuition fee cut to reset post-Brexit relations. The BoE is expected to keep the Bank Rate at 3.75% on Thursday, though energy-driven inflation risks have prompted a more hawkish repricing.
• USD/JPY is choppy in the absence of Japanese data, with comments from Japanese Finance Minister Katayama stating authorities are ready to take decisive FX steps if needed. The pair trades within 159.17–159.75, inside Friday’s 159.01–159.76 range. The BoJ this week is expected to keep rates unchanged at 0.75%, although markets still price a possible hike by June.
• Antipodeans outperform. NZD/USD leads gains despite mixed domestic data, while AUD/USD reclaims the 0.7000 level ahead of the RBA decision tomorrow, where the central bank is widely expected to deliver another rate hike.

Fixed Income

• USTs are slightly firmer as Treasuries digest the weekend’s modest geopolitical escalation and higher energy prices. Futures trade in a narrow 111-12+ to 111-21+ range, but remain near recent lows at the bottom of March’s 111-11 to 114-06 band and close to the January and February troughs of 111-06+ and 111-08+ as markets await a busy central bank week.
• Bunds edge higher in quiet trade, with gains of around nine ticks in narrow sub-20 tick ranges. Focus in Europe centres on energy-related meetings this week, including a press conference later today that could discuss EU-wide measures to stabilise energy markets and updates on proposals for a “coalition of the willing” to reopen the Strait of Hormuz.
• Gilts outperform after gapping higher by 26 ticks and extending gains to an 88.84 peak, leaving futures up just over 30 ticks at best. The move reflects partial recovery after Gilts had previously underperformed peers during the Middle East-driven energy shock.

Commodities

• Crude Futures extend gains as markets digest weekend escalation in the Iran conflict and fresh risks to regional energy infrastructure. WTI trades above USD 100/bbl within a USD 96.74–102.44/bbl range, while Brent hovers around USD 105/bbl (USD 102.04–106.50/bbl), however WTI narrowly underperforms Brent futures on news US called for oil producers to increase output to combat surging global energy prices. The US conducted strikes on military targets on Iran’s Kharg Island, from where most Iranian oil exports originate, though oil infrastructure was left intact. Prices also rise after reports the UAE’s Fujairah port was struck with loadings suspended, while Saudi Crown MBS reportedly urged Washington to maintain military pressure on Iran. Meanwhile, Trump says China should help reopen the Strait of Hormuz ahead of a planned Beijing visit.
• Nat Gas is firmer alongside the broader energy complex as geopolitical risks underpin prices, with front-month Dutch TTF near EUR 52/MWh.
• Spot Gold is flat in choppy trade within a USD 4,967.77–5,036.01/oz range as the metal tracks USD movements while traders monitor oil-driven inflation risks ahead of a heavy central bank week.
• Base Metals are softer across the board. Copper recovers from Friday’s lows but upside is capped by cautious risk sentiment. Meanwhile, Aluminium Bahrain begins a phased shutdown of Reduction Lines 1–3 (around 19% of its 1.62mln-tonne annual capacity) in response to the effective closure of the Strait of Hormuz.
• Senior US administration official acknowledges that prices will continue to rise but admits there is little the government can currently do at the moment, according to a CNN reporter.
• Oil executives warned the Trump administration the energy crisis will likely worsen and that the closure of the Strait of Hormuz might push up oil prices further, according to WSJ.

Trade/Tariffs

• US and Chinese officials held candid and constructive talks in Paris on Sunday and agreed to enhance stability in the trade relationship, according to sources familiar with the talks, while the sides met for six hours and will resume talks on Monday. US Treasury Secretary Bessent and USTR Greer raised the need for China to buy more Boeing aircraft, US coal, oil and gas, while US and Chinese officials discussed solutions to difficulties faced by some American firms in obtaining rare earths. Talks will continue on a technical level on Monday.
• China responded to US allegations of forced labor in the Section 301 probe and has lodged a formal representation with the US over the investigation.
• Indian Trade Secretary said the US-India trade deal will be signed when the US re-establishes global tariff rates. The US is working on recreating global tariff architecture.
• Indian Trade Secretary said exports to West Asia have been impacted by the Middle East situation; India is considering measures to support exports to the Middle East.

Geopolitics

• US President Trump said he ordered a strike that wiped out every military target on Kharg Island, which is where Iran exports nearly all of its oil from, but left the oil infrastructure intact which he would reconsider if Iran interferes with the safe passage of ships in the Strait of Hormuz.
• US President Trump said he is hearing that Iran’s new Supreme Leader Khamenei may be dead, and that it is not clear if Iran has laid mines in the Strait of Hormuz, while he also stated that he is not ready to make a deal with Iran because the terms aren’t good enough yet. Furthermore, Trump said recent strikes on Kharg Island demolished most of the island and commented that they “may hit it a few more times just for fun”.
• US President Trump posted that they have destroyed 100% of Iran’s military capability and that many countries will send warships to help keep the Strait of Hormuz open and safe.
• US President Trump said they have had strong results in Iran and he does not believe Iran is ready to negotiate, but will be ready to negotiate at some point. Trump also said the US is talking to other countries about policing the Strait of Hormuz and cannot say which countries will help yet, while a few countries would rather not get involved. Furthermore, he called on NATO to help and thinks China should come in to help on the Strait of Hormuz.
• US President Trump seeks a Hormuz coalition and is weighing seizing Iran's critical oil depot on Kharg Island — a move that would require US boots on the ground — if tankers remain bottled up in the Persian Gulf, according to US officials cited by Axios.
• US President Trump warned that NATO faces a very bad future if US allies fail to assist in opening up the Strait of Hormuz, according to FT.
• US lawmakers have begun talking about a supplemental funding bill for the Iran war, Punchbowl reports; package could have a USD 100bln or greater price tag, according to sources.
• Israel's IDF has launched a focused ground operation in southern Lebanon, including a build-up of forces in order to capture more forward lines, N12 reported.
• Israeli Home Front notifies of a missile attack from Iran targeting areas in central Israel.
• Iran's Foreign Minister Araqchi says no messages have been exchanged with the US and that Tehran has not asked for a ceasefire as the "war needs to end in a way that ensures it does not happen again".
• Iran's Foreign Ministry Spokesperson Baghaei says parties not involved in the war have had vessels pass through Hormuz with coordination and permission from Iran's military. The Strait of Hormuz is only closed to the enemies of Iran.
• The Iranian Army Spokesperson said the support centre of the USS Ford in the Red Sea are considered as targets, Al Arabiya reported.
• Iran's media operations centre warns residents in specific areas of Dubai and Doha of possible attacks in the coming hours, while it stated that US military personnel are hiding in locations in Doha and Dubai and urges residents to evacuate immediately.
• Oil loading at UAE's Fujairah suspended after the port was hit, Bloomberg sources report.
• UAE's Fujairah port was hit and the damage is being assessed, Bloomberg reported citing sources.
• Multiple locals are said to confirm smoke rising in the vicinity of Dubai International Airport, but it is unclear what has been targeted, according to Faytuks News.
• Explosions heard in Bahrain's skies as air defences intercept an Iranian attack, according to Sky News Arabia.
• Missile bombardment targets US military base for logistical support at Baghdad airport, according to Al-Haddath.
• The meeting of European foreign ministers will discuss the protection of sea lanes and the Strait of Hormuz, Al Jazeera sources report.
• Russia's Kremlin says we are open to continuing Ukraine negotiations and that US President Trump has not lost interest, instead he recommended Ukrainian President Zelensky make a deal

US Event Calendar

 

DB's Jim Reid concludes the overnight wrap

After Friday's revelation that it was the first consecutive monthly Friday 13th for 11 years, today's nearly-as-impressive revelation is that this week sees the Fed, ECB, BoJ and BoE all meet in a single calendar week for the first time since December 2021. So a "super week" for central banks. All of them will have a very complex backdrop to deal with, shaped by geopolitical risk, volatile energy prices, and unsettled inflation dynamics.

Clearly the Middle East is the centre of attention for markets right now, and as we go to press this morning, the market turmoil is showing no sign of easing. Brent crude oil prices are up another +1.65% to $104.84/bbl, building on their +42% rise over the previous two weeks since the strikes began. Moreover, that’s actually beneath the overnight highs, as Brent had been as high as $106.50/bbl when markets reopened on Sunday night.

The latest gains for oil follow the news late on Friday (after the US close) that the US had conducted bombing raids on Kharg Island. That’s particularly significant because around 90% of Iran's crude exports are shipped from there. For now, Trump said in a post that he’d chosen not to destroy the oil infrastructure, but he also said he’d reconsider that if Iran interfered with ships’ passage through the Strait of Hormuz. So markets are still concerned about further escalation, and with each passing day investors have moved to price in a more protracted conflict. For instance, 6-month Brent futures are up another +0.33% this morning at $85.94/bbl.

In the meantime, there’s also been no sign of the two sides moving towards negotiations. For instance, Trump said to NBC on Saturday that “Iran wants to make a deal, and I don’t want to make it because the terms aren’t good enough yet”. However, on the Iranian side, their foreign minister Abbas Araghchi said “We don’t see any reason why we should talk with Americans”. So the rhetoric has only added to the fears about an extended conflict and a sustained period of high oil prices.

When it comes to oil prices, all eyes are still on the Strait of Hormuz, and when that will begin to reopen. Interestingly, the WSJ reported last night that the Trump administration would announce plans this week about a coalition of multiple counties that would escort ships through the Strait of Hormuz. However, the report also said it was still under discussion whether it would start before or after the hostilities actually ended. So clearly that’s one we need to get the details on.

Overnight in Asia, we’ve seen a mixed performance across the major equity indices. Most have fallen back, including the Nikkei (-0.45%), the Shanghai Comp (-0.32%), the CSI 300 (-0.25%) and the S&P/ASX 200 (-0.39%). However, South Korea’s KOSPI is up +0.72%, and in Hong Kong the Hang Seng is up +1.30%. Looking forward as well, futures on the S&P 500 are up +0.50%, signalling a pickup from Friday’s close, when the index hit its lowest since November.

Meanwhile, the Chinese activity data for February has also been stronger than expected overnight. For instance, industrial production is up +6.3% on a year-on-year basis over the first two months of the year (vs. +5.3% expected), and retail sales also beat expectations at +2.8% (vs. +2.5% expected). However, given the strikes on Iran began on February 28, we’ll have to wait for the March and April releases to get a better sense of how that’s impacting the data.

Whilst the conflict is set to dominate the week ahead, we do still have those four big central bank meetings, where all eyes will be on their reaction functions to the war’s impact and the latest oil shock. Starting with the Fed, our economists expect them to keep rates unchanged this week (see their full preview here) and think they’ll emphasise elevated geopolitical uncertainty. They only expect minor statement tweaks, including smoothed language on recent labour data (especially given January and February’s conflicting payrolls) and a nod to geopolitical risks, highlighting uncertainty and near-term upside pressure on inflation. Then at the press conference, they think Chair Powell is likely to stress that recent events mainly transmit through financial conditions—particularly oil prices. For now, however, our economists think he’ll avoid signalling any meaningful shift in the near term policy outlook.

For the Fed, an important consequence of the conflict is that higher energy prices have begun to feed into inflation assumptions. So our economists have nudged up their headline inflation estimates for this year, and they expect Fed officials to reflect a similar adjustment when they publish their updated Summary of Economic Projections. Indeed, core PCE inflation has registered back-to-back 0.4% monthly increases now, pushing the year-on-year rate to 3.1%, the highest since early 2024. For the dot plot, our economists are still expecting it to signal one rate cut this year, although it wouldn’t take much to shift the median dot for 2026. Clearly though, the outlook is going to remain heavily dependent on the oil price. For example, our economists have found that a sustained oil price around $100/bbl would still see the projected tax benefits to consumers from the One Big Beautiful Bill Act outweigh the drag from higher effective energy costs (see here). However, a move toward $150/bbl would pose a more material risk to consumer spending and the broader outlook.

Beyond the Fed, this week’s incoming data is unlikely to materially alter the tone of the meeting. Our economists expect February’s industrial production today to rise by 0.3%, slower than January's 0.7%, largely due to softer utility output, though oil and gas extraction will be worth monitoring. Otherwise, the regional manufacturing surveys from New York and Philadelphia could reflect some drag from geopolitical uncertainty, with particular attention on capital spending components. And given the recent labour market volatility, Thursday’s initial jobless claims will take on added importance as they fall within the March employment survey window.

Away from the US, this Thursday will bring the ECB, BoE and BoJ meetings, with our economists expecting all three to leave rates on hold, with the emphasis firmly on guidance rather than action. At the ECB, our economists expect the Governing Council to acknowledge heightened uncertainty and near-term upside risks to inflation, while stopping short of explicitly flagging medium term risks. They also expect a strong reiteration of policy flexibility and a clear message underscoring the ECB’s unwavering commitment to price stability, with officials keen to signal that they stand ready to act to avoid a repeat of the 2022–23 inflation episode. See their full preview here.  

Then in the UK, our economist thinks the MPC will lean into a dovish wait and see stance amid a more clouded outlook following the Iran related energy shock. He expects a less divided vote than in February, with the majority favouring an unchanged Bank Rate, while two members continue to favour a cut. Although our economist still sees two rate cuts this year, recent developments have pushed back the expected timing. For more info, see the full preview here.

Over in Japan, our economist expects the BoJ to maintain its current stance, with attention focused on Governor Ueda’s press conference. While underlying fundamentals could justify an early hike, elevated oil prices and growth risks are likely to temper near term action, and sustained crude prices above $100/bbl would reduce the likelihood of an April move. His full preview is here. Meanwhile, other central banks making decisions this week include the RBA (Tuesday; our economists expect a hike), the BoC (Wednesday), the SNB and the Riksbank (Thursday). The latter three are widely expected to see no change in rates.

Finally this week, notable data includes Germany’s Zew survey for March tomorrow and UK labour market data due Thursday. In the geopolitical sphere, President Trump and Japanese PM Takaichi are meeting in Washington, with defence cooperation expected to be the primary topic (see more in our Chief Japan economist’s week ahead here). In Europe, this week’s events include an EU leaders’ summit (Thursday to Friday). And on earnings, the lineup includes Micron, FedEx and Lululemon in the US as well as Tencent and Alibaba in China. See the day-by-day calendar of events at the end as usual for more.

Recapping last week now, the market moves were clearly dominated by events in the Middle East, with oil prices jumping as the conflict showed no sign of ending. So that left Brent crude up +11.27% (+2.67% Friday) at $103.14/bbl, whilst WTI was up +8.59% (+3.11% Friday) at $98.71/bbl, even as the highs for the week actually happened early Monday morning in Asia. Investors were particularly concerned by an extended closure of the Strait of Hormuz, and there were notable rises for oil futures further out the curve as well, as investors increasingly priced out a swift end to the disruption. So the 6-month future was up +12.31% (+1.47% Friday) to $85.66/bbl, marking its biggest weekly jump since 2022. However, there was a bit of pullback in natural gas prices, with front-end European futures down -2.82% last week (+0.57% Friday) to €50.75/MWh.

Although the most direct moves were in the oil price, the effects cascaded across other asset classes as investors priced in a stagflationary shock. For instance, there was a clear reaction in central bank pricing, as speculation mounted about a hawkish response. So by the end of the week, markets were pricing 47bps of ECB rate hikes by the December meeting, with a rate cut fully priced in by the July meeting.

Meanwhile for the Fed, the amount of cuts priced by December’s meeting fell from 44bps to just 24bps.
That repricing had a clear effect on sovereign bonds, which suffered steep losses. In fact, the 10yr bund yield was up +12.2bps (+2.3bps Friday) to 2.98%, marking its highest level since July 2011 during the Euro crisis. Moreover, the 2yr German yield rose +13.1bps (+2.4bps Friday) to an 18-month high of 2.43%. It was a similar story for the US as well, where the 10yr Treasury yield rose +13.8bps (+1.5bps Friday) to 4.28%, its highest level since January.

All this proved a tough backdrop for risk assets, with equities losing ground around the world. So the S&P 500 fell -1.60% (-0.61% Friday) to its lowest since November, whilst Europe’s STOXX 600 fell -0.50% (-0.47% Friday), and Japan’s Nikkei was down -3.24% (-1.16% Friday). There was also a decent move wider for credit spreads, with US IG spreads up +9bps last week, marking their biggest weekly jump since the Liberation Day tariffs were announced last April. Meanwhile US HY spreads were up +15bps, Euro IG up +7bps, and Euro HY up +22bps.

Tyler Durden Mon, 03/16/2026 - 08:38

This Polycrisis Is Unique

Authored by Charles Hugh Smith via OfTwoMinds blog,

When understood as a wave, the current Everything Bubble is not sustainable.

The problem with predictions based on the past is the analogies we discern are interpretations which means if we like one interpretation more than the alternatives, we stretch the present crisis and past crises to fit our preferred interpretation.

Two round pegs pounded into square holes? No problem.

Past eras are never perfect analogies because Things Change (March 3, 2026) If we're not trying to force an analogy that fits our pre-selected preferred interpretation, then we have to be open to the possibility that the present crisis has no historical analog of predictive value.

Consider the remarkable confluence of cycles and waves in the present era. Richard Bonugli and I discussed this confluence in our podcast Current Waves and Cycles: Energy, Commodities, Inflation (38 min). Such a confluence generates a polycrisis, a series of overlapping, inter-connected, mutually reinforcing crises that are immune to simplistic solutions.

Even if you're skeptical of cycles (for the reason stated above, that timelines seem shoehorned into a model that doesn't actually fit), it's noteworthy that so many cycles have reached crisis points in this historical moment.

1. The Fourth Turning cycle of 80 years / four generations. (1781, 1861, 1841, 2021)

2. the 18-year stock market cycle. (1973, 1991, 2008-09, 2026-27)

3. Peter Turchin's 50-year cycle (which occur in 50-year increments in long-wave cycles).

There are other cycles that might in play: sunspots, etc. These three are representative, not comprehensive.

These cycles identify the present as a period of unavoidable, transformative crisis / resolution / dissolution. This confluence alerts us to the possibility that analogs from the past will mislead rather than enlighten.

If you're skeptical of cycles, then the difference between cycles and waves is worth studying. Author David Hackett Fischer (The Great Wave: Price Revolutions and the Rhythm of History) described the difference between cycles and waves:

"Cyclical rhythms are fixed and regular. Their periods are highly predictable. Great waves are more variable and less predictable. They differ in duration, magnitude, velocity, and momentum. One great price wave lasted less than ninety years; another continued more than 180 years. The irregularities in individual price movements make them no more (or less) predictable than individual waves in the sea.

Even so, all great waves had important qualities in common. They all shared the same wave-structure. They tended to have the same sequence of development, the same pattern of price relatives, similar movements of wages, rent, interest rates; and the same dangerous volatility in later stages. All major price revolutions in modern history began in periods of prosperity. Each ended in shattering world crises and was followed by periods of recovery and comparative equilibrium."

Examples of waves range from rogue waves in the sea to bond yields / interest rates which arise and decline over periods of time that vary too much to qualify as cycles but match the dynamics of waves described by Fischer. After declining for roughly 40 years, bond yields have recently turned up in what looks like a change in long-term trend.

In other words, the business cycle, the Kondratieff credit cycle, the Debt Super-Cycle, etc. are defined not by the calendar but by their internal dynamics and measurable qualities. Credit/debt, for example, builds up in a wave of speculative excess that then crashes.

As Fischer observed, waves of human history share characteristics with ocean waves, which can accrete energy and become giant rogue waves that cannot be predicted even as they can be foreseen as recurring phenomena.

Both waves and cycles tend to follow the dynamics of S-curves in which a trend takes off in a boost phase, matures into a peak and then decays or reverses.

Perhaps the closest analogous period was the 1970s, an era characterized by external energy shocks that raised the cost of energy to a higher plateau, unleashing inflationary pressures throughout the economy, and stagnant productivity. These two dynamics generate stagflation, which when exacerbated by an institutional tropism to "run the economy hot," embeds self-reinforcing inflationary expectations that push enterprises and households into risk-off frugality or insolvency.

The net result of these dynamics was a massive erosion of the purchasing power of wages and currency. As this chart shows, everyone who held on to their stock portfolio from 1966, when the Dow Jones Industrial Average (DJIA) topped 1,000 for the first time, until 1982 when it finally rose above 1,000 and continued higher, might have cheered the restoration of their stock portfolio's value, but adjusted for inflation, their wealth had shrunk by 2/3rds as every dollar of their portfolio had fallen to 34 cents by 1982.

When understood as a wave, the current Everything Bubble is not sustainable. Energy, commodities, currencies, inflation, credit, interest rates, risk, "growth" and every other aspect of the socio-economic system will be in flux, and cycles and waves offer us a useful context / orientation as things become, um, dynamic.

The confluence of cycles, waves and conditions of the present may well be unique, and historical analogies may be misleading while instilling us with false confidence in our projections. Every analogy from the decline of the Western Roman Empire to the 1640s to the 1970s to the 2008-09 Global Financial Crisis may illuminate human psychology, but offer little in the way of predictive value in the decade ahead.

This bubble is hyper-normalized, a gigantic wave that's cresting and about to crash.

A few fortunate surfers will get the ride of a lifetime, the rest of us will experience wipeout. How bad it gets will depend partly on luck and partly on how well we've prepared ourselves for events we don't control. As this unprecedented wave breaks, the only thing we can control is our response.

*  *  *

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Tyler Durden Mon, 03/16/2026 - 08:25

Sector Watch: The Energy Security Pivot Accelerates

Authored by Boredom Baron via Substack,

Four sectors demand specific attention this week, and the supply chain dynamics within each are more nuanced than the headlines suggest.

Logistics and Transportation face existential cost pressure, but the picture is bifurcating exactly as I suggested it would. The Denmark story, with the government begging citizens to “please, please, please” avoid driving, tells you how directly the energy shock is hitting consumer behavior and by extension transportation demand. European road freight is already under structural pressure: contract freight rates climbed 2.6 points quarter-over-quarter in Q4 2025 as major shippers locked in rates ahead of anticipated capacity tightening. The spread between contract and spot rates is a real-time barometer of corporate panic: when shippers are willing to pay a heavy premium for guaranteed truck availability over volatile spot pricing, it suggests boardrooms expect logistics disruptions to persist. Add the Hormuz closure on top of a pre-existing 444,000 driver shortage across Europe, and the pressure on transport-dependent small-caps is severe. But the restructuring of global trade routes around the Hormuz blockade is also creating winners. European logistics hubs positioned as alternative gateways for Asian goods, particularly those with rail connections to Central Asian corridors, could see structural increases in volume. The Global Baku Forum this week highlighted the “Middle Corridor” linking Asia and Europe through the Caucasus as a strategic transport opportunity that is gaining momentum.

Defense and Dual-Use Infrastructure continues to be the most structurally advantaged sector in our universe. European governments are demonstrating a strict, legislatively mandated preference for domestic procurement to guarantee sovereignty and the security of supply, which means the multi-decade rearmament cycle (anchored by Germany’s €500 billion infrastructure plan and the Readiness 2030 initiative) flows disproportionately to European small- and mid-cap precision component manufacturers, not just the headline-grabbing prime contractors. Modern defense platforms require vast networks of deeply specialized suppliers producing complex avionics, precision optical sensors, hardened materials, and secure communications equipment. The qualification processes in aerospace (3-7 years to certify a component, then specified for the aircraft’s 30+ year lifecycle with recurring maintenance revenue) create the most durable competitive moats in European small-cap investing. Companies strategically positioned at the intersection of civilian infrastructure and defense mobility are essentially insulated from standard cyclical downturns by the non-discretionary nature of sovereign budgets.

Warehouse Automation and Industrial Robotics is the sector that directly benefits from the nearshoring paradox I described in Contrarian #4. Every factory relocated from Asia to Central Europe needs automated systems to offset higher labor costs. The European warehouse automation market is projected to compound at double-digit rates through 2034, driven by labor shortages and vacancy rates exceeding 12% in European logistics, which sent robot installations up 28% in Central and Eastern Europe. The ecosystem extends beyond traditional robotic arms to encompass Autonomous Mobile Robots (AMRs), high-resolution LiDAR sensors, force-torque sensors, and AI-driven Warehouse Management Systems. Companies like Kardex Holding, Interroll Holding, and AutoStore aren’t selling into a cyclical demand pulse. They’re selling shovels during a structural gold rush, as European supply chain leaders confirm that cost reduction has definitively superseded innovation as the paramount objective for technology integration. Approximately 25% of EU firms have now invested in proprietary digital tracking systems to fortify supply chain visibility, and that percentage will only grow as Hormuz-related disruptions persist.

Energy Infrastructure and Alternatives are seeing renewed interest. Europe switched on its first microgrid-connected data center this week in Ireland, a niche story that nonetheless signals the direction of travel. Every week that Hormuz remains closed strengthens the investment case for distributed energy generation, waste-to-energy operations, and grid infrastructure companies. SoftBank’s $33 billion US power plant deal shows that institutional capital is making enormous bets on energy security. But there’s a contrarian wrinkle here too: the green transition requires exponential increases in critical raw materials, most notably rare earth elements, lithium, and cobalt, whose extraction and processing are dominated by China. The EU’s Critical Raw Materials Act aims to boost domestic recycling and extraction, but actual operational progress is dangerously slow relative to the pace of mandated decarbonization. Companies accelerating the energy transition could find themselves swapping a dependency on Middle Eastern hydrocarbons for a dependency on Chinese processed metals. That’s not energy security. That’s energy dependency with different geography.

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Tyler Durden Mon, 03/16/2026 - 07:20

Supply Chain Layoffs Spread Across Warehouses, Factories And Rail Terminals

By Noi Mahoney of FreightWaves

A wave of layoffs across U.S. supply chains — from EV battery plants and auto parts factories to warehouses and rail terminals — has affected nearly 4,000 workers in recent weeks, according to company announcements and WARN filings across multiple states.

Recent WARN filings and company announcements show job cuts across at least a dozen companies in states including California, Georgia, Tennessee, Texas, Ohio, South Carolina, Pennsylvania and Alabama.

The largest layoffs in the recent wave are coming from the automotive and industrial supply chain. SK Battery America said it laid off 958 workers — about 37% of its workforce — at its electric vehicle battery plant in Commerce, Georgia, citing shifting EV demand as automakers reassess production plans.

Meanwhile, bankrupt auto parts manufacturer First Brands Group announced major workforce reductions, including 572 layoffs across three facilities in Brownsville, Texas, and 333 jobs cut at a plant in Fayetteville, Tennessee, as part of its Chapter 11 restructuring.

In food manufacturing, Campbell’s said it will cut 205 jobs at its Paris, Texas plant as it repurposes the facility to focus on sauce production. Technology services firm Bluum USA also filed notice it will close its Irving, Texas distribution facility, eliminating 60 jobs as part of a restructuring.

Distribution centers and warehouses reduce staff

Several logistics and distribution operators have announced layoffs tied to restructuring, contract losses or network consolidation.

Third-party logistics provider Saddle Creek Logistics Services plans to lay off 151 workers at a warehouse facility in Bessemer, Alabama.

GEODIS Logistics will eliminate 105 jobs at a facility in Ashville, Ohio, after a client ceased operations at the site.

GXO Logistics also filed notice that it will shut down operations for a client at its West Jefferson, Ohio, warehouse, affecting 102 workers.

In California, CJ Logistics America announced 71 layoffs at a warehouse facility in Fontana scheduled for April 30.

Rail and intermodal logistics hit by contract losses

Intermodal logistics operator Parsec LLC is closing multiple rail cargo handling facilities after losing key customer contracts.

The company will shut down a Columbus, Ohio, intermodal terminal, eliminating 115 jobs by May 1.

A WARN filing with Ohio regulators shows the layoffs will affect loader operators, mechanics, warehouse staff and management roles.

Parsec is also closing a Jacksonville, Florida facility after losing a major customer contract.

In North Charleston, South Carolina, Parsec is shutting down an intermodal logistics operation at the Norfolk Southern terminal, eliminating 39 jobs.

Parcel network restructuring leads to FedEx closure

Package delivery giant FedEx is closing a facility in Pittston, Pennsylvania, affecting 63 employees as part of its “Network 2.0” initiative aimed at consolidating package pickup, transportation and delivery operations.

The company said the effort is designed to simplify its network through a “one van, one neighborhood” delivery model intended to improve efficiency.

Manufacturing and trucking supply chain layoffs

Manufacturing operations tied to heavy-duty trucking and industrial supply chains are also reducing staff.

Furniture manufacturer Ashley Furniture Industries is laying off 266 workers at a manufacturing center in Mesquite, Texas, according to a WARN notice filed with the state on Wednesday.

Commercial Vehicle Group, which produces seating systems used by truck manufacturers such as Freightliner and Mack, will lay off 76 workers at its Bostrom Seating plant in Piedmont, Alabama, amid softer demand in truck and construction markets.

In Ohio, Boelter Companies is closing its Custom Deco manufacturing facility in Toledo, affecting 63 workers.

Grocery and produce closures add more layoffs

Retail grocery and food distribution operations are also contributing to the job losses.

Several California grocery locations are shutting down:

• Food 4 Less #364, Inglewood — 64 employees affected.
• Foods Co. #371, Sacramento — 58 employees affected.

Produce distributor FreshKO Produce Services will close a facility in Fresno, eliminating 58 jobs.

Meanwhile, a Walgreens distribution center in Houston is slated to close, affecting 159 workers, as the retailer consolidates its distribution network.

Recent layoffs and closures across supply chain companies

Tyler Durden Mon, 03/16/2026 - 06:30

Sleepless In Sweden

Recent data from a Statista Consumer Insights survey casts light on the prevalence of sleeping problems in different countries, affecting more than a third of respondents in 25 out of the 32 populations surveyed.

You will find more infographics at Statista

Respondents were asked if they had experienced a sleep disorder in the 12 months prior to the survey.

Additionally, Statista's Felix Richter notes that in all of the countries included on the chart, women were more likely to have experienced a sleep disorder than men.

In Sweden, the country where trouble sleeping was most prevalent, 56 percent of women had experienced symptoms of sleep disorder in the past year versus 45 percent of men.

In the U.S., there was a 4 percentage-point difference (39 percent women to 35 percent men).

According to the Sleep Foundation, women and people assigned female at birth are more likely to experience insomnia.

Researchers say this is the result of a combination of sex-based factors such as hormone production as well as gender-based differences, which “may be driven by social and cultural disparities”.

Predispositions to certain physical or mental health issues are also cited as possible factors believed to lead to higher rates of sleeplessness in women.

Tyler Durden Mon, 03/16/2026 - 05:45