BIS Quarterly Review (March 2026): shifts under the surface, volatility rises on Middle East conflictUnder a calm-looking market surface, the flow of money was changing
On March 16, 2026 the BIS published its Quarterly Review. It says markets appeared calm on the surface during the review period, but there were significant shifts under the surface as investors rotated away from previously high-performing assets, and the conflict in the Middle East in early March exacerbated volatility. Concerns over AI spending weighed on richly valued tech stocks, and gold, silver, oil and natural gas all moved sharply.The BIS, an international organisation, has summed up what happened in the world’s financial markets. On the surface things looked calm, but investors were moving their money from what had been popular to other things. Then the conflict in the Middle East in early March added to this, and prices swung more widely.
- Late 2025Funds move from US large cap stocks to European, Japanese and emerging market equities
- Early 2026Gold and silver surge
- Late January 2026The gold and silver rally ends abruptly
- Early March 2026The Middle East conflict escalates, oil and natural gas rise, and the dollar’s depreciation reverses
- (1) MovesFrom big US tech stocks to shares in Europe, Japan and emerging economies
- (2) WorryVoices ask whether too much is being spent on AI
- (3) ShockIn early March the conflict in the Middle East escalates
- (4) SwingsOil and natural gas rise and market prices swing more widely