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    IT ALL RELIES ON THE STRAIT OF HORMUZ…

    05 Mar 2026
    The Middle East war started six days ago, and markets are beginning to assess how it could impact our markets in the coming weeks. The impact on equities has been relatively limited so far (-3% to -4%). The US dollar has strengthened (+4%). The impact on energy markets has been far more significant, with crude oil up around +25% and European gas prices roughly doubling (+100%). For now, energy markets are clearly adding a substantial geopolitical risk premium, while agricultural markets...

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