Global Equities

BofA's March survey shows cash allocations surging to 4.3% — biggest jump since March 2020 — as stagflation expectations hit 51% and China's CSI 300 outperforms all major peers.

US equities down just 5% from highs while MSCI ACWI plunges 10%, Nikkei −5.2% weekly, DAX in correction. Oil, the dollar, and today's FOMC dot plot explain the divergence.

Industrial output +6.3% YoY — fastest since September 2025 — but new home prices fell 3.2% and urban unemployment rose to 5.3%, revealing structural fragility beneath the headline beat.

S&P 500 at 6,632, Nikkei -3.24% on the week, German factory orders -11.1% MoM — the Iran conflict has sorted global markets by energy import dependency.

Global equity funds shed $7.05bn — worst week since December — as the Iran oil shock pushed investors into money markets, short-term bonds, and industrial sector funds.

S&P 500 fell to a YTD low of 6,672 as the Iran oil shock delivered the steepest global equity drawdown since COVID — Nifty –1.3%, Nikkei –1.2%, KOSPI –11% at trough.

Dow falls 785 points and S&P 500 turns negative for 2026 as the Iran war triggers a cross-regional equity rout, dollar surge, and rotation into defense names.

South Korea activates a Won100tn market fund after a 19% two-day rout; China's NPC sets a 4.5–5% growth target as Middle East volatility roils Asian equities.