The outbreak of war in the Middle East has upended some of the most popular trades of 2026 so far, catching global investors off guard in their widespread bets against the US dollar and in favour of stock markets outside America.
As investors have rushed to de-risk their portfolios in the face of soaring energy prices and fears of higher inflation, Wall Street indices have weathered the fallout much better than global peers, and the US dollar is on course for its best week in four months.
Meanwhile, previously buoyant Asian and European equities have suffered big losses and even gold — typically considered a safe harbour from inflation fears and geopolitical turmoil — has been swept up in the sell-off.
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