Business
Options market eyes 2022 playbook for Iran war risks
The key concern: an inflation shock that lifts correlations within stock indexes and spurs an extended period of higher volatility.
The spike in oil and natural gas is rippling through supply chains, threatening to raise prices not just for gasoline but for a wide range of goods and services. That’s shifted traders’ attention away from single stocks, as macroeconomic worries begin to outweigh more granular themes such as artificial intelligence. This, in turn, has narrowed the volatility premium for individual shares versus the wider S&P 500 Index and shrunk trading volumes.
BloombergWhile the VIX has been more sensitive to drops in the S&P 500, the overall realized moves at the index level have remained muted compared with past crises. The volatility gauge hasn’t closed above 30 points this year, after spending two weeks above that level during the tariff turmoil of last April.
In 2022, the VIX surpassed 30 points periodically following Russia’s invasion of Ukraine and averaged 25.64, more than 6 points above this year’s mean. The S&P 500 fell 19% that year as the Federal Reserve hiked rates multiple times.
“Investors are looking to the 2022 playbook for clues on how the current situation in Iran plays out for markets,” said UBS Group AG derivatives strategist Kieran Diamond. “The risk is an inflation shock, which could drive higher correlations within equity markets, and potentially switch the index volatility regime from fast VIX rises and reversals to one where the VIX floor rises and volatility is sustainably higher.”At the same time, the Cboe Skew Index of market stress has calmed in recent days, possibly because of the unwinding of hedges as investors became disillusioned with vanilla index puts, according to UBS strategists. The low level of realized volatility to the downside since the Middle East escalation may have also caused a general re-pricing of the skew curve.
BloombergWhile some discretionary traders have leaned into the short volatility trade via VIX put structures, the QIS space hasn’t seen a material shift in investor behavior, according to Michele Cancelli, global head of structuring for the multi-asset group at Citigroup Inc. and global head of QIS trading and structuring.
“Despite the elevated volatility risk premium in SPX, there’s little evidence of a rush into the short volatility trade,” he said. “We’re likely not far enough through the Iran-driven volatility window for investors to have conviction in monetizing it.”
Low realized volatility for the S&P 500 is at odds with the positioning of options dealers. Consensus has emerged among most derivatives strategists that dealers were short gamma heading into the quarterly expiry date. Realized volatility is notably higher intraday versus close-to-close, which may potentially be where dealer gamma is having the greater market impact.
Meanwhile, the broader market micro-structure does not appear to have changed all that much: There’s still significant call overwriting at the index level, as well as one-day-to-expiry condors being sold on an ongoing basis.
BloombergHowever, the bleeding out of index hedges — whether outright S&P 500 puts or trades like long VIX calls — doesn’t take away the risk-reward from such positions if the market does crack. Furthermore, some investors still see the value in leaning against popular trades such as volatility dispersion.
“We see better opportunities right now from being long index volatility and long intra-index correlation in terms of risk/reward,” said David Elms, head of diversified alternatives at Janus Henderson Group Plc. “Within that space, long correlation via reverse dispersion is interesting given the low levels of implied correlation and the floor to correlation being effectively zero.”
He noted that long convexity is also attractive given the carry cost is lower than historical norms, due to a flow imbalance.
BloombergAnother feature of markets has been intraday reversal, highlighting that while option dealers may be short gamma, they are not the key driver of prices in a macro headline-driven environment. The reversals on some level explain muted close-to-close realized volatility — suggesting a cohort of investors are still trading countertrend. On Thursday, the stock market was weak intraday but staged a big rebound into the close.
A flip of such price movement could see reversals giving way to genuine momentum, leading to an acceleration of stock gains as the end of the trading session nears.
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Business
Kim Kardashian Fuels Dating Rumors with Lewis Hamilton in Tokyo While Reflecting on Viral Oscars Mishap
Los Angeles — Kim Kardashian sparked fresh speculation about her personal life this week after photos surfaced of her stepping out with Formula 1 champion Lewis Hamilton in Tokyo, just days after a viral tumble at the 2026 Vanity Fair Oscars after-party. The 45-year-old entrepreneur and reality star, known for her business empire and high-profile relationships, continues to dominate headlines with a mix of fashion moments, family life, and entrepreneurial milestones.
The Tokyo sighting, captured in photos shared across social media on March 22, showed Kardashian and Hamilton walking closely together, with the SKIMS founder linking arms with the racing icon. Fans quickly interpreted the casual outing as evidence of romance, though neither has confirmed any relationship. The pair’s connection has drawn attention since earlier collaborations and mutual admiration, adding another layer to Kardashian’s post-divorce chapter following her 2022 split from Kanye West.
The Tokyo trip follows Kardashian’s high-profile appearance at the Vanity Fair Oscars party on March 15 at the Los Angeles County Museum of Art. Dressed in a curve-hugging gold Gucci gown from the Fall/Winter 2026 collection, she paired the look with sky-high Pleaser platform heels and icy blue contact lenses that gave her an almost unrecognizable appearance. The ensemble evoked her 2016 aesthetic, complete with a tousled bob hairstyle and dramatic makeup.
Behind-the-scenes footage shared on TikTok and Instagram on March 18 captured a lighter moment: while navigating an outdoor path with friend Stephanie Shepherd, Kardashian questioned if her shoes needed tightening. Moments later, she lost balance, stumbling and partially falling into a bush. She twisted her ankle but recovered quickly, with help from those nearby, and proceeded to the red carpet. Kardashian laughed off the incident in her posts, writing captions that embraced the relatable mishap. “Every girl has been here before,” one viral clip echoed.
The near-fall became a social media sensation, with outlets like Page Six, E! News, and Complex highlighting the clip. Kardashian attended alongside sisters Kendall Jenner, Kris Jenner, and Kylie Jenner, reinforcing the family’s strong presence at Hollywood events. Her gold glitter look drew praise for its elegance, though the footwear proved challenging in the skin-tight dress.
Business remains a priority for Kardashian in 2026. She was named a CNBC Changemaker earlier this year for leading SKIMS to a $5 billion valuation in 2025 and driving global expansion. The brand’s ongoing partnership with Nike produced the NikeSKIMS Spring 2026 collection, released in March. Kardashian fronted the campaign, showcasing a mix-and-match system of two-toned activewear essentials designed for versatility. The drop, available online since March 12, highlights her influence in shaping inclusive, performance-driven apparel.
Kardashian has also completed her six-year legal apprenticeship, earning her law license and positioning herself as an advocate for criminal justice reform. Through her private equity firm SKKY Partners, she pursues investments aligned with her values. These professional strides underscore her evolution from reality TV star to multifaceted mogul.
Family moments provide balance amid the spotlight. Kardashian frequently shares content with her four children—North, Saint, Chicago, and Psalm—co-parented with West. Recent TikToks featuring North highlight their close bond, with fans anticipating more collaborative content.
The divorce from West, finalized years ago, occasionally resurfaces in discussions. Kardashian has spoken positively about maintaining civility for the children’s sake and even praised certain YEEZY designs in interviews. She has emphasized personal growth post-split, describing a “new me” with renewed confidence independent of past relationships.
As speculation swirls around her Tokyo appearance with Hamilton, Kardashian maintains focus on her brands, philanthropy, and family. Her ability to turn everyday mishaps into viral, relatable content—while commanding attention at elite events—demonstrates why she remains one of entertainment’s most influential figures.
With SKIMS’ continued growth, potential legal advocacy expansions, and an active social presence, Kardashian’s 2026 trajectory blends glamour, business acumen, and authenticity. Whether navigating heels or headlines, she navigates the spotlight with characteristic poise and humor.
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A measles warning has been issued for western Sydney as well as the Blue Mountains.
The warning was issued after a confirmed case visited public locations in these areas while unknowingly infectious.
Measles Warning Issued for Western Sydney, Blue Mountains
According to Sky News, the Nepean Blue Mountains Local Health District (NBMLHD) said that the unnamed person attended several locations after coming in contact with another confirmed case earlier this month.
The public is advised to check the full list of locations posted by NSW Health. If you have visited any of these locations during the indicated dates and times, you are advised to watch out for symptoms and contact a medical professional should they occur.
NSW Health recommends that those affected should monitor for symptoms for 18 days.
It likewise recommends those who were at any of these locations at the specified date and time and to contact the local Public Health Unit should any of the following apply:
- you know you are unvaccinated and it has been less than three days since your exposure
- you are pregnant, have a weakened immune system, or have an infant who was exposed and it has been less than six days since the exposure
What Are Measles?
The World Health Organization (WHO) calls measles “a highly contagious disease caused by a virus.”
“It spreads easily when an infected person breathes, coughs or sneezes,” WHO explains. “It can cause severe disease, complications, and even death.”
It can take around 10 to 14 days before symptoms usually appear. The most visible symptom of measles is a rash, which typically begin seven to 18 days after exposure. It typically starts on the face and neck before spreading to other parts of the body.
Other early symptoms include:
- Running nose
- Cough
- Red and watery eyes
- Small white spots inside the cheeks
“There is no specific treatment for measles,” says WHO. “Caregiving should focus on relieving symptoms, making the person comfortable and preventing complications.”
One of the ways to prevent measles is by being vaccinated against it. WHO assures that the vaccine is safe to use, inexpensive, and effective.
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