Reuters Morning Bid Week ahead: Bubble, oil and trouble
Mar 22, 2026
A review of recent political and market shocks shaping the quarter, from Iran tensions to tech swings. A look at the shift from AI euphoria to growing anxiety about jobs and sector impacts. Discussion of an energy-driven shock, investor positioning and stagflation risks. Preview of upcoming PMI surveys as an early test of how the conflict is affecting business activity.
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Bull Market Shift From AI Euphoria To Energy Shock
- The quarter saw rapid rotation from political and AI euphoria to anxiety, yet the economy looked robust until the Iran attacks.
- Mike Dolan notes markets moved from an "uber bull" positioning into growth and AI before the energy shock hit.
Investors Reluctant To Abandon High Octane Winners
- Despite the Iran conflict and energy shock, investors largely stayed invested in high-flying markets rather than fleeing to safety.
- Mike Dolan highlights South Korea still up about 40% after halving a near-50% gain, showing reluctance to abandon winners.
Dollar Strength And Limited Safe Haven Rush
- The dollar strengthened and U.S. equities regained ground in recent weeks, bucking earlier expectations of broad dollar weakness.
- Anna Schmansky points out safe-haven flows were limited outside energy and some Asian pullbacks.