Despite the turbulence, it is important to keep things in perspective. Global equities are down by just 0.2 per cent in local terms so far in 2026, equity markets are still well away from the kind of ten per cent fall that’s typically seen as a meaningful setback, and bond markets remain orderly. Oil futures are still well below spot prices, suggesting investors see scope for an eventual de‑escalation or supply responses, including potential releases from strategic reserves. Gold prices have remained soft, having fallen by 3.8 per cent since the beginning of March.

Aviva Investors and Bloomberg. Data as of March 13, 2026