Global stocks and bonds fell together in March, marking the steepest combined decline since 2022. The MSCI All Country World index slipped more than 7 per cent as the Iran war and the Strait of Hormuz shutdown pushed energy prices higher. Investors found no safe haven, liquidating gains across the board for investors in the market.

Bond markets mirrored the slide, with a broad gauge of global government and corporate debt dropping over 3 per cent. The 10-year Treasury yield climbed to 4.48 per cent, its highest since July, as traders priced in higher borrowing costs to tame inflation. European yields also hit conflict highs amid fears of rising prices today.

Oil prices surged, with Brent crude leaping more than 50 per cent since the conflict began. The spike fuels a stagflation narrative—slow growth paired with soaring costs—that has dented equities, bonds, and even gold, which fell 17 per cent this month. Cash inflows hit pandemic‑level speeds as investors sought liquidity for short-term risk management.