Fahad Hassan, CIO The last few weeks have seen a reset of inflation expectations, as the US and Israel entered a conflict with Iran. The Strait of Hormuz, a narrow body of water responsible for 20% of the world’s seaborne oil supply, is effectively closed. Oil prices are materially higher and could go much higher still. Natural gas, a key input into fertiliser production, has seen a large jump in price, which in turn is causing an increase in food prices.   Like in 2022, governments have...

February ended with a sharp escalation in the Middle East that may have materially altered the risk landscape for global markets.

The start of 2026 has seen a continued bout of volatility despite a largely positive backdrop for risky assets like shares.