Market update

July 2026 was dominated by three interlocking themes: a return to hostilities in the Middle East, a reversal in ‘big tech’ stocks, and a US Federal Reserve decision that unsettled bond markets.

June delivered a market rebound as geopolitical tensions eased, but shifting investor sentiment and equity rotation kept volatility firmly in focus.

Global equity markets maintained their strong momentum in May, recovering from March lows.

April saw markets rebound as investors embraced risk despite Iran tensions, supported by strong earnings, AI momentum, and an economy absorbing higher energy costs well.

In our April Investment Market Update, we take a brief look back at the contrasts seen in Q1 across markets. The launch of the attacks on Iran ended much of the optimism that had previously been thriving with equity markets falling sharply.

Geopolitical tensions have risen sharply reaching their highest level in over 20 years just two months into the year.