Q1 2026 Market Digest

Our quarterly Market Digest looks back at global market developments during Q1 2026, alongside the outlook, topical themes and a summary of market activity over the 12 months to 31 March 2026.

We’ve highlighted a few of the key themes below:

• Markets reacted to major geopolitical and economic developments, including the escalation in the Middle East and its impact on energy prices and inflation expectations.
• Global equities fell slightly over the quarter (-1.2%), despite gains in January and February - with performance varying widely by region.
• Bond returns were negative as yields rose, driven by higher energy prices lifting inflation expectations and reinforcing the “higher for longer” interest rate narrative.

Download our full Market Digest for more detail on:

• asset class returns
• the economic implications of the Middle East conflict, including energy supply risks and inflation pressures
• why UK gilt yields rose as expectations for 2026 rate cuts faded

Download here