9th March 2026 – Soft Labour market and higher oil prices deliver 1-2 punch to Investor sentiment

Global markets endured their worst week in months as the US–Israel–Iran conflict drove oil prices to multi-year highs — with WTI up over 35% in five days — while a shockingly weak February nonfarm payrolls report (-92,000 jobs) compounded stagflation fears. Stocks, bonds and traditional safe havens all fell in tandem, breaking the typical crisis playbook and leaving investors with few places to hide except energy. The ASX is set for a cautious open, with Wednesday's US CPI print and ongoing geopolitical developments the key focus for the week ahead.Key Takeaways• The S&P 500 posted its worst weekly performance since October, falling approximately 2% as the Middle East conflict and a weak jobs report hit sentiment simultaneously.• US WTI crude surged 35.63% over the week — its biggest-ever weekly gain — with Brent rising to US$92.88 per barrel on fears the Strait of Hormuz could be disrupted.• February US nonfarm payrolls unexpectedly shed 92,000 jobs against forecasts for a gain of 58,000, raising the unemployment rate to 4.4% and stoking stagflation concerns.• Stocks and bonds fell together — the opposite of the usual crisis playbook — as oil-driven inflation fears pushed Treasury yields higher, rendering traditional diversification strategies ineffective.• BlackRock's HPS private-credit fund enforced redemption limits on its $26 billion vehicle, amplifying stress across the broader $1.8 trillion private credit market and sending BlackRock shares down 7.7%.• Investors piled into inflation-protected securities (TIPS) and CPI swaps, with one-year inflation swap rates surging to near 2.9%, as markets priced in a sustained energy-driven inflation shock.