Capital Markets Review
In Q1, price action was driven by the military conflict in the Middle East and an abrupt downward re-rating of valuations for companies viewed as threatened by artificial intelligence (AI). Global equities declined modestly, with significant variation across regions and sectors. US equities underperformed international markets. Market leadership rotated decisively toward energy, materials, utilities, and defense...
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Insights
Oil shocks are not new, and their transmission through the economy follows a documented sequence. The disruption to Strait of Hormuz shipping that began in late February has rapidly rattled global energy markets and supply chains—and while history won’t tell us how this one ends....
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