Key points of the global economic news on March 17, 2026

HSBC: Gas prices in Europe will remain high until 2027: HSBC bank predicts that natural gas prices in Europe will remain high until the end of 2027 due to tight supply linked to the conflict in the Middle East and disruptions in maritime traffic in the Strait of Hormuz. According to its latest report, gas prices in 2026 could be up to 40% higher than previous forecasts. The bank also estimates that the price of term contracts for gas in the Netherlands – a reference for the European market – will average around $14/million BTU in 2026, before dropping to around $8.5/million BTU from 2028.

Asian maritime transport sector sees recovery: After a year of declining profits, the container shipping sector in Asia is showing positive signs of recovery. According to the Drewry World Container Index, which tracks container freight rates on eight major global maritime routes, rates increased by 8.4% in the week ending March 12, reaching $2,123 per 40-foot container.

Naphtha crisis hits many Japanese companies: Several Japanese petrochemical companies have announced production cuts, fearing that the conflict in the Middle East may disrupt naphtha supply, an essential raw material for plastic production. This decision signals a potential crisis that could cripple production and impact profits across various sectors, from food to technology.

EU adopts new rules to promote sustainable transportation: On March 16, the European Commission officially adopted guidelines on state aid for road and multimodal transport (LMT guidelines) and the EU regulation on transport exemptions (TBER). These legal instruments aim to promote more sustainable modes of transport for passengers and goods, while modernizing the legal framework for state aid in the road and multimodal transport sector.

EU ends energy imports from Russia: The European Union (EU) has announced it will end its energy dependency on Russia and take steps to stop importing natural gas and oil from the country in the near future. This decision comes as EU member states intensify efforts to find alternative sources of supply to ensure energy security and reduce geopolitical risks.

UK aims to lead G7 in AI adoption: UK Finance Minister Rachel Reeves has reaffirmed the country’s ambition to become the fastest-growing G7 nation in terms of adopting artificial intelligence (AI). She views this technology as a crucial pillar of the British government’s efforts to boost economic growth.

Bitcoin reaches six-week high on hopes of Middle East tensions easing: Bitcoin reached its highest level in over six weeks on the morning of March 17, driven by hopes of reduced market volatility due to easing tensions in the Middle East, prompting investors to turn back to riskier assets. At market opening on March 17, the world’s largest cryptocurrency briefly rose by about 4% to reach $74,512/BTC, its highest level since February 4.

Caution in currency markets ahead of interest rate decisions: Global currency markets showed caution on March 17, with investors closely monitoring the conflict in the Middle East and awaiting central bank decisions regarding interest rates. The US dollar index held steady at 99.913 points, while the Japanese yen weakened, approaching 160 JPY/USD, due to concerns about rising energy costs.

Surge in insurance costs for vessels transiting the Strait of Hormuz: According to market sources, insurance costs for vessels transiting the Strait of Hormuz have reached extremely high levels. Insur…