Key Takeaways
- India has imposed a new export tax on all refineries selling petrol and diesel to overseas markets to ensure domestic energy security amid soaring global prices and the ongoing West Asia conflict.
- Oil Minister Hardeep Singh Puri officially debunked rumors of a nationwide lockdown, labeling them "false and misleading" while assuring the public that fuel supplies remain fully secure.
- Hong Kong home prices surged to a 22-month high in February, though the escalating Iran war and regional geopolitical instability have begun to cloud the long-term market outlook.
- Jefferies issued a massive downgrade for Future PLC (FUTR), slashing its target price by over 60% from 1,220p to 466p and moving the stock to a "Hold" rating.
- Alphabet (GOOGL) officially debuted its Gemini AI app in Hong Kong, marking a phased rollout that ends the previous requirement for VPN access for individual users.
India Strengthens Energy Defenses Amid Global Volatility
India’s Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, announced a significant policy shift on Friday, imposing an export tax on all refineries selling fuel to overseas markets. The move is designed to prioritize domestic availability and shield Indian consumers from the "skyrocketing" international prices triggered by the 19-day-old conflict in West Asia. The Minister emphasized that India has demonstrated remarkable resilience, maintaining a 60-day stock cover and ensuring that refineries continue to operate at over 100% capacity utilization.
In a direct address to the public, Minister Puri also moved to quell rising anxiety regarding a potential return to pandemic-style restrictions. He clarified that rumors of a nationwide lockdown are entirely false, attributing the panic to a misinterpretation of recent government speeches regarding economic preparedness. The Ministry of Petroleum and Natural Gas (MoPNG) confirmed that domestic supply chains for petrol, diesel, and LPG are functioning normally, despite the force majeure disruptions affecting some Qatari gas imports.
Hong Kong Markets: Property Peaks and AI Expansion
The Hong Kong residential market reached a significant milestone as home prices climbed to a 22-month high in February. This recovery, fueled by interest rate stability and strong demand from mainland buyers, has seen major analysts like J.P. Morgan and Goldman Sachs revise their 2026 growth forecasts upward to as high as 15%. However, the South China Morning Post reports that the "Iran war clouds" are now weighing on sentiment, as investors weigh the risks of prolonged regional instability against the current property upturn.
Simultaneously, the technology sector in the region received a boost as Alphabet (GOOGL) launched its Gemini AI app for all users in Hong Kong. Previously restricted to enterprise clients or accessible only via VPN, the app is being rolled out in phases, starting with a web-based interface followed by a mobile application. This move is expected to intensify competition in the local AI market and support productivity across the city’s business and education sectors.
Equity Analyst Moves: Future PLC Faces Steep Downgrade
In the equity markets, Future PLC (FUTR) saw its valuation outlook drastically reduced by Jefferies. The investment bank downgraded the media company from "Buy" to "Hold," citing a challenging outlook that necessitated a reduction in the target price from 1,220p to 466p. The downgrade reflects broader caution among analysts regarding UK-listed media and retail stocks as global economic pressures mount.
This move follows a series of recent downgrades by Jefferies across the UK market, including a shift to "Hold" for Centrica and Hunting PLC, as the firm points to a more balanced risk-reward profile in the face of volatile energy markets and shifting consumer confidence.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.