Global markets were primarily driven by geopolitics rather than macroeconomic data, with energy security becoming the key determinant of inflation and growth expectations.

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The defining global macro theme was the inflationary energy shock caused by geopolitical tensions, which delayed expected monetary easing across
many major economies.

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The defining global macro theme was the inflationary energy shock caused by geopolitical tensions, which delayed expected monetary easing across
many major economies.

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Middle East conflict triggers global oil shock, accelerating inflation pressures and weakening growth outlook across all major economies.

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Global markets were dominated by a geopolitical energy shock from the US–Iran conflict, driving inflation risks, growth downgrades, and volatility, temporarily offset by a ceasefire-triggered risk rally, but leaving a fragile and uncertain macro outlook.

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Across all regions, the dominant macro driver is clear:
Geopolitics → energy shock → inflation → tighter financial conditions

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Geopolitical tensions in the Middle East, particularly the Iran conflict and Strait of Hormuz risks, dominated markets and politics worldwide, driving energy price volatility, shaping economic policy, and overshadowing domestic macroeconomic trends.

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Geopolitical tensions in the Middle East, particularly the Iran conflict and Strait of Hormuz risks, dominated markets and politics worldwide, driving energy price volatility, shaping economic policy, and overshadowing domestic macroeconomic trends.

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