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Capital Ideas™ 
Investment insights from Capital Group

Categories
World Markets Review
Iran conflict knocks global markets: Q1 roundup
April 8, 2026

Global stocks declined as an escalating war in the Middle East heightened concerns about rising inflation, energy supply disruptions and slowing economic growth. U.S. and European markets sank, outweighing gains in Japan. Emerging markets were essentially flat. Overall, the MSCI All Country World Index (ACWI) fell 3%.


MSCI ACWI growth-oriented sectors were hit hardest, led by consumer discretionary’s double-digit loss. Communication services, financials and information technology stocks also lagged. In contrast, the energy sector surged as the conflict disrupted global oil flows and pushed prices higher. Utilities also delivered strong gains as investors turned toward more defensive sectors.


Bonds declined and yields rose as investors responded to higher inflation expectations driven by the surge in energy prices. The Federal Reserve held interest rates steady at its January and March meetings, contributing to expectations for fewer rate cuts over the remainder of the year. Likewise, the European Central Bank and Bank of Japan left their key policy rates unchanged.


Learn more about
World Markets Review
Emerging Markets
Global Equities
U.S. Equities
Europe
Asia
Monetary Policy

The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

 

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (msci.com)

 

MSCI All Country World Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed- and emerging-market country indexes. When applicable, results through December 31, 2000, reflect dividends gross of withholding taxes, and dividends net of withholding taxes thereafter. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

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