Monthly Market Insights – Mar 2026

Monthly Market Insights – March 2026

March was dominated by a major energy shock triggered by the escalation of the US–Israel conflict with Iran, which disrupted flows through the Strait of Hormuz, a key global oil route, and pushed energy prices sharply higher . This environment complicated the disinflation trend and increased stagflation risks, as growth remained uneven across regions. The US showed easing inflation but slowing growth and a softening labor market, while the Eurozone faced rising inflation and weak activity. The UK continued to experience labor market weakness, China showed modest resilience, and Japan saw cooling inflation.

Markets turned decisively risk-off during the month. Global equities declined sharply across regions, with Emerging Markets and Asia leading losses, while energy was the only sector posting positive returns. Bond markets sold off as higher energy prices pushed yields higher and reduced expectations for rate cuts. Commodities diverged, with oil and gas surging while precious metals fell sharply. The US dollar strengthened on safe-haven demand, and cryptocurrencies delivered mixed performance.

Download the full report below for detailed analysis, market data, and our assessment of the implications for global investors.