Multi Asset chart of the week

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22 April 2026 Multi-asset

Week to 24 April 2026

Since the start of the war, precious metals such as gold have not served as diversifiers

Stephanie Chan, CFA, Portfolio Manager, said: “Since the start of the war, the price of energy commodities such as crude oil has increased by more than 20%, and remains volatile as uncertainty persists over the re-opening of the Strait of Hormuz. The price of agricultural commodities, such as corn, wheat, and soybeans, has also increased, given that the war has also disrupted about a third of global supplies of raw materials that go into fertilizers. Furthermore, many factories that produce the fertilizers are located in the Gulf Region and have been disrupted by the war. One anomaly, however, is that the price of precious metals such as gold has declined about 10% since the start of the war. Historically, gold has been a safe-haven in periods of market drawdown or geopolitical uncertainty, but in this case has not served as a diversifier to risk assets.”^†

CHart of the week 24 april V3.png

Source: Insight Investment, Bloomberg as at 20 April 2026.

Week to 17 April 2026

Despite the Iran war, global equity indices continue to have strong, positive earnings revisions

Stephanie Chan, CFA, Portfolio Manager, said: “Earnings revisions across global equity indices, including the MSCI World Index and the MSCI Emerging Market Index, have remained positive over the past 3 and 6 months despite the ongoing Iran War. The earnings revisions have also generally been more positive compared to recent history. The resilient earnings backdrop helps to support a generally constructive outlook despite the recent market volatility. Fundamentals remain stable across regions and private-sector balance sheets remain healthy for now. Risks around inflation and growth will increase, however, the longer the Strait of Hormuz remains closed.”^†

Source: Insight Investment, Bloomberg as at 14 April 2026.

Week to 03 April 2026

March was a volatile month across asset classes

Stephanie Chan, CFA, Portfolio Manager, said: “Since the Iran war started at the end of February, US equities have fallen by 5% and global developed equities outside the US have fallen by 10%. Commodities, meanwhile, have risen 11%, with the price of crude oil up more than 60%. Due to the supply shock in oil and natural gas, the war has driven a sharp increase in energy prices. The uncertainty over the duration of the war has further stoked fears of elevated inflation and a negative impact on growth globally.”^†

Source: Insight Investment, Bloomberg as at 31 March 2026.

Important information

Since the start of the war, precious metals such as gold have not served as diversifiers

Despite the Iran war, global equity indices continue to have strong, positive earnings revisions

March was a volatile month across asset classes

Most read

Since the start of the war, precious metals such as gold have not served as diversifiers

Despite the Iran war, global equity indices continue to have strong, positive earnings revisions

March was a volatile month across asset classes

Most read

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