Q1 2026 initially looked like a fairly constructive phase of cyclical reacceleration across the major developed economies, underpinned by a stabilizing U.S. labor market, an industrial upturn in Europe, and a modest return of momentum in the U.K. and Japan. That reading broke down abruptly in March.
The Israeli-American war against Iran, the near closure of the Strait of Hormuz, and the resulting energy shock sharply reordered the macro and market risk hierarchy. Within a matter of weeks, the quarter ceased to be about reacceleration and became instead a quarter defined by renewed fears of imported inflation, central bank caution, and a marked deterioration in the visibility on global growth.
Renalco’s Q1 2026 review offers a sharp, forward-looking analysis of global financial markets. To automatically receive our Quarterly Review of Financial Markets and Outlook by email in PDF format, we invite you to subscribe for free by clicking on "Sign-Up" in the top menu.
