Asian shares on Tuesday recorded their steepest fall since 2022, as the Middle East war completed a month, fuelling fears of higher inflation and slower economic growth.MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.55 per cent and was on track for a monthly decline of more than 12 per cent, marking its worst performance since September 2022.Japan’s Nikkei dropped 0.93 per cent and was set to lose 12.6 per cent for the month, while South Korea’s Kospi was headed for a decline of over 17 per cent, its sharpest fall since 2008, according to Reuters. The sell-off capped a volatile month across global markets, with investors rattled by escalating tensions and repeated attacks in the Middle East involving the United States, Israel and Iran. “It appears markets have gone from just mechanically trading headlines into a little bit more of a fear mode, taking risk off the table,” said Vishnu Varathan, head of macro research for Asia ex-Japan at Mizuho.Investor sentiment briefly improved after a report said US President Donald Trump was open to ending the military campaign against Iran even if the Strait of Hormuz remains largely closed. US futures recovered early losses, with Nasdaq futures rising 0.34 per cent and S&P 500 futures gaining 0.4 per cent.Despite this, oil prices remained elevated, with Brent crude hovering near $115 per barrel and on course for a record monthly surge of nearly 59 per cent.Rising energy prices have intensified inflation concerns, particularly for Asian economies that rely heavily on Middle East oil. Analysts warned that if oil prices remain elevated, the focus could soon shift from inflation risks to slowing growth.Bond markets also came under pressure as expectations of prolonged higher interest rates gained traction. The Federal Reserve is now widely expected to keep rates unchanged this year, compared to earlier bets on rate cuts before the conflict began.Meanwhile, the US dollar strengthened, emerging as a key safe-haven asset amid the uncertainty, while gold prices also edged higher as investors sought refuge from market volatility.

Bank holiday today: As March comes to a close, several banks across India are observing a holiday today on the occasion of Mahavir Jayanti.Customers planning visits to bank branches are advised to check the holiday schedule in advance to avoid inconvenience.

States observing bank holiday

Banks are closed today in the following states: Gujarat, Maharashtra, Tamil Nadu, Rajasthan, Uttar Pradesh, West Bengal, New Delhi, Bihar, Chhattisgarh, Jharkhand.

Are all banks closed today?

While the holiday is observed in many states, the Reserve Bank of India (RBI) has directed all agency banks (branches handling government receipts and payments) to remain open on March 31. These branches will process transactions related to the financial year-end, including government revenue, payments and settlements for FY 2025-26.RBI in a statement said: “The Government of India has made a request to keep all branches of the banks dealing with government receipts and payments open for transactions on March 31, 2026 (Tuesday-public holiday) so as to account for all the government transactions relating to receipts and payments in the Financial Year 2025-26 itself. Accordingly, agency banks are advised to keep all their branches dealing with government business open on March 31, 2026 (Tuesday).”

Digital banking services

Customers can continue to use online and mobile banking for transactions such as fund transfers and tax payments. However, it is recommended to check with individual banks for any specific instructions.

What are agency banks?

Agency banks are appointed under Section 45 of the RBI Act to conduct government transactions. Currently, all public sector banks and select private sector banks act as agents of the RBI. Only designated branches of these banks can carry out government-related banking business.Customers visiting banks today should remember that non-agency branches may remain closed and agency banks may conduct only government-related transactions.

US military is constructing a massive underground complex beneath a new, privately funded ballroom at the White House. The facility will include a Presidential Emergency Operations Centre (PEOC), a secure command centre that has existed since the second World War.Speaking to reporters on Sunday evening aboard Air Force One, Trump confirmed the project, saying, “The military is building a massive complex under the ballroom, that’s under construction.” He added that the new ballroom will have advanced security features, including bulletproof glass and drone-resistant design, and will host international dignitaries as well as major events such as presidential inaugurations.Earlier reports suggested that the existing PEOC had been dismantled during renovations in the East Wing, and a new, modernised facility was being built. White House Press Secretary Karoline Leavitt told reporters on Monday, “I cannot tell you more about that, actually, as a matter of fact. However, the military is making some upgrades to their facilities here at the White House, and I’m not privy to provide any more details on that at this time.”Trump also spoke about the design of the ballroom, saying it would feature high-end architectural details, including hand-carved Corinthian columns. “They’ll be Corinthian, which is considered the best, most beautiful by far,” he said. Reports indicate that the classified nature of the underground work allowed it to bypass approval by the National Capital Planning Commission (NCPC).White House official Joshua Fisher told the NCPC that the project would enhance “mission-critical functionality,” improve security, and create “resilient, adaptive infrastructure” for future needs, CNN reported.The NCPC held a review meeting on March 5 to hear presentations on preliminary and final plans for the East Wing Modernisation Project, including input from members of the public. The commission said it would take action on April 2, noting that there would be no public testimony during deliberations.Architects and preservationists have also criticised the design, arguing that the 90,000-square-foot ballroom is too large and would overshadow the 55,000-square-foot White House. The Trump administration has also proposed a separate 33,000-square-foot screening facility for visitors beneath Sherman Park.The National Trust for Historic Preservation has moved court to stop the project, and the case is expected to be heard this week.

Oil prices surged sharply on Tuesday, with Brent crude climbing above the $110 per barrel mark and US West Texas Intermediate (WTI) crude trading above $100, as supply concerns intensified amid the widening conflict in the Middle East.Brent crude rose $2.26, or about 2 per cent, to $115.04 a barrel in early trade, after hitting their highest level since March 19 in the previous session.US WTI crude gained $3.10, or around 3 per cent to $105.96 a barrel, marking its highest level since March 9.Oil prices have surged sharply this month, with Brent rising nearly 59 per cent in March, while WTI has jumped about 58 per cent, the most since May 2020, according to Reuters. The surge has been driven largely by disruptions linked to Iran’s effective closure of the Strait of Hormuz, a strategic narrow waterway that handles roughly one-fifth of global oil supply and a significant volume of liquefied natural gas shipments.Tensions escalated further after Kuwait Petroleum Corp said its fully loaded crude tanker, Al Salmi, capable of carrying up to 2 million barrels was struck in an Iranian attack at Dubai port. Authorities have also warned of potential oil spills in the region, further escalating concerns over supply disruptions.Adding to the volatility, Yemen’s Iran-aligned Houthi forces launched missile strikes targeting Israel over the weekend, raising fears of renewed disruption at the Bab el-Mandeb strait. It is another key maritime route linking the Red Sea and the Gulf of Aden and is vital for global trade between Asia and Europe.Analysts warn that simultaneous disruptions at both the Strait of Hormuz and the Bab el-Mandeb could severely impact global energy flows. “If the Houthis successfully resume a blockade of the Bab al-Mandab Strait, both of the world’s most critical energy arteries would be under simultaneous pressure. This ‘twin chokepoint’ crisis is a nightmare scenario for global supply chains,” said Tim Waterer, chief market analyst at KCM Trade.In response to the risks, Saudi Arabia has rerouted a significant portion of its crude exports through the Red Sea. Data from Kpler showed shipments to the Red Sea port of Yanbu surged to 4.658 million barrels per day last week, up sharply from an average of 770,000 barrels per day in January and February.Meanwhile, US President Donald Trump warned that Washington could target Iran’s energy infrastructure if Tehran does not reopen the Strait of Hormuz. Iran, however, has dismissed US peace proposals as unrealistic, even as the White House said talks between the two sides were continuing.Market participants remain wary, with analysts observing that there is little clarity on a potential resolution.“The markets do not see any offramp for the conflict as the two sides are very wide apart in terms of their demands despite the rosy picture that President Trump is painting,” said Edward Meir, an analyst at Marex.