The weekend’s events and ongoing conflict in the Middle East have caused disruption and concern across financial markets and, more importantly, in the daily lives of those in the region, and our thoughts are with all those affected.
In markets, the initial reaction has followed the typical risk-off pattern: global equities have come under pressure, the US dollar has strengthened due to its safe-haven status, and precious metals have benefited from heightened geopolitical uncertainty. The main exception has been US Treasuries, which have been constrained by concerns that the sharp rise in oil and gas prices could add to inflationary pressures.
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