Last week, amid the war in the Middle East and inflation concerns, the downward trend in U.S. stock markets continued. On a weekly basis, the S&P 500 declined by 1.9%, while the Nasdaq Composite and the Dow Jones fell by about 2%. At the same time, the energy sector recorded its 13th consecutive week of growth.

Against the backdrop of escalating conflict in the Middle East, high oil prices, and rising risks in global investments, hedge funds actively sold Asian equities last week, marking the largest sell-off since April 2025. According to Goldman Sachs, the sales mainly involved stocks from Taiwan, South Korea, and India, while pressure on Chinese equities was relatively milder. Market pressure continued at the beginning of this week, with the Taiwan Weighted Index falling by about 5% and the KOSPI by around 3%.

Last week, European stock markets also maintained a downward trend. On a weekly basis, the pan-European STOXX 600 index declined by 3.8%. All major sectors showed negative dynamics: the defense sector fell by 3.2%, while the financial and energy sectors declined by about 2%.

Last week, global equity funds recorded net outflows of approximately $20.3 billion, the largest figure in the past three months. The largest outflow occurred in the United States at about $24.78 billion, while European funds saw outflows of $2.13 billion. In contrast, Asian markets attracted $5.45 billion in investments.

Shares of British nutritional supplements manufacturer Applied Nutrition fell sharply—by up to about 18.6%—amid expectations of reduced sales in the region due to the conflict in the Middle East. Despite this, the company maintained its annual revenue forecast at £140 million and reported approximately 56% profit growth in the first half of the year ending January 31, reaching £21.5 million.

Shares of semiconductor manufacturer Micron declined by about 5% despite better-than-expected financial results, due to concerns over a sharp increase in capital expenditures. The company announced that it will increase investments by an additional $5 billion in 2026, bringing total spending to more than $25 billion.

Among companies with a market capitalization of at least $10 billion, the biggest gain last week was recorded by satellite imaging provider Planet Labs PBC (PL). Its shares rose by 36.47% over the week (to $33.83 per share). It was followed by semiconductor manufacturer Tower Semiconductor Ltd. (TSEM), which gained 31.21% (to $163.63). The top three was completed by Venture Global, Inc. (VG), engaged in the production and export of liquefied natural gas (LNG), with a 20.69% increase (to $15.81).

The trio of large-cap companies with the biggest losses last week was led by Super Micro Computer, Inc. (SMCI), which produces servers and high-performance computing systems; its shares fell by 33.24% over the week (to $20.53). It was followed by Tencent Music Entertainment Group (TME), a provider of music streaming services in China, which declined by 28.89% (to $10.09). The third was Wheaton Precious Metals Corp. (WPM), engaged in precious metals mining, which fell by 18.05% (to $114.62).

The European Central Bank kept its refinancing rate unchanged but stated that it is ready to tighten policy amid inflation risks driven by rising oil prices. Markets already expect at least two rate hikes this year (25 basis points each). Under the ECB’s baseline scenario, inflation in 2026 is projected at 2.6%, while markets expect it to reach up to 3.7%.

The U.S. Federal Reserve also kept its refinancing rate in the 3.50%–3.75% range, while raising its inflation forecasts and projecting high uncertainty amid the war in the Middle East. The Fed still expects only one 25-basis-point rate cut this year, but markets are already pushing expectations for rate cuts to 2027. According to the Fed’s estimates, inflation will reach about 2.7% by year-end, up from the previous 2.4%, while unemployment will remain around 4.4%.

In the United States, the Producer Price Index (PPI) rose by a higher-than-expected 0.7% month-on-month in February (the highest in the past seven months), reaching 3.4% year-on-year. The increase was mainly driven by higher prices for services and goods, as well as a more than 40% rise in oil prices.

On March 23, 2026, government bonds worth 3 billion drams were placed on the Armenian securities market, with maturity on October 5, 2026. The public auction had two participants, and the total volume of bids submitted amounted to 6.3 billion drams. The weighted average price of the placed government bonds was 96.4 drams, with a yield of 6.9%.

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