Daily Market Update – 10 March 2026

📊 Market Snapshot – 10 March 2026

Markets remain heavily influenced by the ongoing US-Israel-Iran conflict, now entering Day 10. Oil price volatility continues to dominate global risk sentiment, with safe-haven flows boosting the US dollar and keeping emerging market currencies like the rand under pressure.

💱 Forex Rates

🥇 Commodities

🌍 Global Headlines

🇮🇷🇺🇸🇮🇱 Iran War Day 10 – New Supreme Leader Named, Strikes Continue

The US-Israel military campaign against Iran has entered its 10th day. Iran named Mojtaba Khamenei (son of the late Ali Khamenei) as the new supreme leader. Despite the leadership transition, Iran launched fresh missile attacks on Israel and targeted US diplomatic facilities near Baghdad and Saudi Arabia’s northern Jawf region. Israel responded with a new wave of strikes on central Iran and Hezbollah infrastructure in Beirut.

🛢️ Oil Smashes Through $100 – Emergency Reserves Under Consideration

Crude oil prices surged at the weekly open, with WTI briefly exceeding $110/barrel and Brent topping $114 – levels not seen since Russia’s 2022 invasion of Ukraine. The spike was driven by the UAE, Kuwait, and Iraq cutting production as tankers refuse to cross the Strait of Hormuz. The International Energy Agency (IEA) is now considering a coordinated release of emergency oil reserves among G7 nations to stabilise markets. Prices have since pulled back to the $100-105 range.

🇺🇸 Trump Sends Mixed Signals on War’s End

President Trump posted on Truth Social that the short-term oil price increase was a “very small price to pay” for destroying Iran’s nuclear threat. He also hinted at potentially easing sanctions on some countries while the conflict continues, sending mixed signals about whether the war is nearing its end. Markets reacted with a dramatic intraday reversal – the Dow fell 886 points before closing up 239 points on hopes of a resolution.

🇮🇷 Iran Apologises to Neighbours

Iranian President Masoud Pezeshkian apologised to neighbouring countries for attacks launched during the conflict and announced Tehran would not strike “unless they attack first” – a potential signal of de-escalation that helped markets recover in the afternoon session.

📈 Global Markets

US Equities – Wild Swing Ends in Green

All three major US indices staged a remarkable comeback on Monday. The Dow dropped as many as 886 points in early trading before reversing sharply after Trump hinted the war could be nearing an end and the IEA signalled potential emergency oil releases. The Nasdaq led the recovery, jumping 1.38%, while the S&P 500 rose 0.83%.

Futures watch: Overnight futures are slipping again – S&P 500 futures down 0.4%, Nasdaq 100 futures down 0.5%, suggesting caution as the conflict continues.

🇿🇦 South Africa Focus

Rand Tanks to 3-Month Low

The South African rand started the week sharply weaker, slipping past R16.50/USD to its weakest level in three months. As a risk-sensitive emerging market currency, the rand is being battered by:

• Surging oil prices – South Africa imports nearly all its crude oil
• Risk-off global sentiment – investors dumping EM assets
• Inflation fears – higher oil means higher petrol, transport, and food costs

JSE All Share Wipeout

The JSE All Share Index has plummeted to 116,583, down from 128,455 at end-February – a loss of over R2 trillion in market capitalisation in just 10 days. Resource stocks are providing some buffer, but financials and industrials are under severe pressure.

SARB Rate Hike Back on the Table

The optimism around interest rate cuts has evaporated virtually overnight. Economists are now warning that the South African Reserve Bank (SARB) may be forced to hike rates if oil prices remain elevated and inflation breaches the target band. The Daily Maverick reports that the economic outlook has done a “180-degree turn” in just 10 days. Hopes for rate relief that followed February’s Budget have been dashed.

💡 Financial Planning Implications

For Investors

Volatility creates opportunity – but also risk. Do not panic-sell. If you have a diversified portfolio with exposure to commodities (gold, oil) and offshore assets, those positions are likely cushioning the blow. This is exactly why diversification matters. Review your asset allocation with your financial adviser to ensure it still matches your risk tolerance.

For Borrowers

The possibility of SARB rate hikes is real. If you have variable-rate debt (home loans, vehicle finance), budget for the possibility of higher repayments in the months ahead. Consider whether fixing your interest rate makes sense for your situation.

For Retirement Savers

Market downturns are normal over a long investment horizon. If you’re 10+ years from retirement, stay the course. If you’re closer to retirement, ensure your portfolio isn’t overexposed to equities. Speak to your adviser about de-risking strategies.

For Everyone

Fuel price increases are coming. Plan your household budget accordingly. Higher petrol prices flow through to food, transport, and services – inflation will likely accelerate in the coming months.

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Disclaimer: This market update is provided for informational purposes only and does not constitute financial, investment, tax, or legal advice. The information presented reflects market conditions as at the date of publication and may change without notice. Past performance is not indicative of future results. Old Mutual Secunda and its representatives do not guarantee the accuracy or completeness of the information provided. Always consult a qualified financial adviser before making investment decisions. Old Mutual is a Licensed Financial Services Provider (FSP 604).