Monthly review - March 2026 – profits and losses resulting from the war with Persia

In March, the war in the Middle East triggered a surge in energy prices and interest rates, leading to a steep fall in equity markets. Europe fell more sharply than the US, with energy the only sector to rise, while utilities and telecoms limited the damage, and many sectors suffered a significant de-rating. The conflict will remain investors’ main concern, with the central banks’ response to inflationary risks being the second. In the very short term, hold on to positions that could continue to rebound if a ceasefire is signed quickly, but prepare to adjust your portfolio to the medium-term consequences of this conflict.