Global Markets Pause Amid Iran Tensions and AI Boom

Global markets experienced significant turbulence during the first half of the year due to the Iranian war, which led to a decline of nearly $9 trillion in March, driven by oil prices soaring to $120 per barrel and diminished hopes of interest rate cuts. Despite this, global equities managed to recover and increased their total gains by $7 trillion compared to the end of 2022, with the MSCI index recording a strong performance of nearly 10%. At the same time, the foreign exchange markets faced fluctuations, with the Japanese yen falling to its lowest levels in 40 years, while the U.S. dollar remained strong, gaining 3%, amid ongoing global economic and political uncertainties.

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