{"id":60231,"date":"2026-03-27T00:38:26","date_gmt":"2026-03-27T04:38:26","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/india-imposes-refinery-export-tax-amid-global-energy-crisis-hong-kong-property-hits-22-month-high\/60231\/"},"modified":"2026-03-27T00:38:26","modified_gmt":"2026-03-27T04:38:26","slug":"india-imposes-refinery-export-tax-amid-global-energy-crisis-hong-kong-property-hits-22-month-high","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/india-imposes-refinery-export-tax-amid-global-energy-crisis-hong-kong-property-hits-22-month-high\/60231\/","title":{"rendered":"India Imposes Refinery Export Tax Amid Global Energy Crisis; Hong Kong Property Hits 22-Month High"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>India has imposed a new export tax on all refineries selling petrol and diesel to overseas markets<\/strong> to ensure domestic energy security amid soaring global prices and the ongoing West Asia conflict.<\/li>\n<li><strong>Oil Minister Hardeep Singh Puri officially debunked rumors of a nationwide lockdown<\/strong>, labeling them &quot;false and misleading&quot; while assuring the public that fuel supplies remain fully secure.<\/li>\n<li><strong>Hong Kong home prices surged to a 22-month high in February<\/strong>, though the escalating Iran war and regional geopolitical instability have begun to cloud the long-term market outlook.<\/li>\n<li><strong>Jefferies issued a massive downgrade for Future PLC (<a href=\"\/stock\/FUTR\">FUTR<\/a>)<\/strong>, slashing its target price by over <strong>60%<\/strong> from <strong>1,220p to 466p<\/strong> and moving the stock to a &quot;Hold&quot; rating.<\/li>\n<li><strong>Alphabet (<a href=\"\/stock\/GOOGL\">GOOGL<\/a>) officially debuted its Gemini AI app in Hong Kong<\/strong>, marking a phased rollout that ends the previous requirement for VPN access for individual users.<\/li>\n<\/ul>\n<h2>India Strengthens Energy Defenses Amid Global Volatility<\/h2>\n<p>India\u2019s Union Minister for Petroleum and Natural Gas, <strong>Hardeep Singh Puri<\/strong>, announced a significant policy shift on Friday, imposing an <strong>export tax on all refineries<\/strong> selling fuel to overseas markets. The move is designed to prioritize domestic availability and shield Indian consumers from the &quot;skyrocketing&quot; international prices triggered by the <strong>19-day-old conflict in West Asia<\/strong>. The Minister emphasized that India has demonstrated remarkable resilience, maintaining a <strong>60-day stock cover<\/strong> and ensuring that refineries continue to operate at over <strong>100% capacity utilization<\/strong>.<\/p>\n<p>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 <strong>rumors of a nationwide lockdown are entirely false<\/strong>, attributing the panic to a misinterpretation of recent government speeches regarding economic preparedness. The Ministry of Petroleum and Natural Gas (<strong>MoPNG<\/strong>) confirmed that domestic supply chains for petrol, diesel, and LPG are functioning normally, despite the force majeure disruptions affecting some Qatari gas imports.<\/p>\n<h2>Hong Kong Markets: Property Peaks and AI Expansion<\/h2>\n<p>The Hong Kong residential market reached a significant milestone as <strong>home prices climbed to a 22-month high<\/strong> in February. This recovery, fueled by interest rate stability and strong demand from mainland buyers, has seen major analysts like <strong>J.P. Morgan<\/strong> and <strong>Goldman Sachs<\/strong> revise their 2026 growth forecasts upward to as high as <strong>15%<\/strong>. However, the <em>South China Morning Post<\/em> reports that the &quot;Iran war clouds&quot; are now weighing on sentiment, as investors weigh the risks of prolonged regional instability against the current property upturn.<\/p>\n<p>Simultaneously, the technology sector in the region received a boost as <strong>Alphabet (<a href=\"\/stock\/GOOGL\">GOOGL<\/a>)<\/strong> launched its <strong>Gemini AI app<\/strong> 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\u2019s business and education sectors.<\/p>\n<h2>Equity Analyst Moves: Future PLC Faces Steep Downgrade<\/h2>\n<p>In the equity markets, <strong>Future PLC (<a href=\"\/stock\/FUTR\">FUTR<\/a>)<\/strong> saw its valuation outlook drastically reduced by <strong>Jefferies<\/strong>. The investment bank downgraded the media company from &quot;Buy&quot; to &quot;Hold,&quot; citing a challenging outlook that necessitated a reduction in the target price from <strong>1,220p to 466p<\/strong>. The downgrade reflects broader caution among analysts regarding UK-listed media and retail stocks as global economic pressures mount.<\/p>\n<p>This move follows a series of recent downgrades by Jefferies across the UK market, including a shift to &quot;Hold&quot; for <strong>Centrica<\/strong> and <strong>Hunting PLC<\/strong>, as the firm points to a more balanced risk-reward profile in the face of volatile energy markets and shifting consumer confidence.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways India has imposed a new export tax on all refineries selling petrol and diesel to overseas markets to 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