Insights

Weekly Market Commentary – 6th March 2026

6 March 2026

This week’s US-Israeli attack on Iran caught markets off guard. Despite the significant military build-up, recent negotiations about Iran’s nuclear programme had appeared to be making progress and Donald Trump had made little attempt to talk up the case for an attack in advance. The administration’s justification remains muddled, with contradictory rationales still emerging. Markets have reflected that confusion as risk and defensive assets have sold off, an unusual combination suggesting broad uncertainty rather than orderly repositioning. Global equities are down, though modest losses in the US imply some investors expect a short conflict. Even traditional havens - Treasuries and gold - have declined.