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•    The markets initially welcomed every sign of de-escalation: Government bond yields eased, equity markets rebounded and Brent crude fluctuated between $100-110.
•    Donald Trump’s address on Wednesday evening soured the mood. He said the war would be short, just another two to three weeks, but threatened to destroy Iran's energy infrastructure if Washington's demands were not accepted. 
•    In China, March PMI hit a high not seen since March 2025, providing confirmation that manufacturing was resilient, while in Japan, the Tankan manufacturing index trended higher in the first quarter.

•    The week was dominated by escalating tensions between the United States and Iran over the Strait of Hormuz, followed by a relative lull with the postponement of the US ultimatum.
•    Negotiations with Iran remain highly complicated, as Tehran’s demands are largely incompatible with those of the United States and Israel, despite indirect contacts via intermediaries.
•    Several central banks have adopted a more hawkish tone in response to inflationary fears linked to rising energy prices, particularly the ECB, which now expects more than three rate hikes by the end of 2026.

Edmond de Rothschild Corporate Finance acted as financial advisor to Swiss Life Asset Managers France, alongside Clearwater Italy, on the acquisition of a real estate portfolio comprising selected premium resorts in Emilia‑Romagna (Italy). 

Strong business growth 

•    Three weeks after the US-Iran conflict began, there is no clear resolution in sight.
•    Meanwhile, US-China tensions persisted even though talks had resumed.
•    Central banks are caught between the energy shock and the risk that inflation expectations might de-anchor.

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In recent weeks, virtually all the attention of financial market participants has been focused on the conflict in the Middle East, with the state of trade flows through the Strait of Hormuz taking centre stage. Indeed, the Strait is a key choke point for maritime traffic. 

It has now been nearly three weeks since the conflict between the United States and Iran began—another geopolitical crisis in a world where the dividends of peace seem to have vanished for good. With every geopolitical incident, it is usual for superlatives to be thrown around to describe the gravity of the situation, but in this specific case, it is no exaggeration to say that this is the most significant crisis in the history of the oil market. The closure of the Strait of Hormuz had long been a tail-risk scenario in the minds of all investors—and perhaps in Donald Trump’s as well. But the U.S. president’s decision to overthrow the Iranian regime by eliminating its Supreme Leader on the very first day of the conflict has pushed Tehran to effectively block the world’s most important maritime chokepoint. Before the war, nearly 20% of the world’s oil supply passed through there. For nearly three weeks now, the world has lost nearly 12 Mb/d of oil flow, which is by far the largest supply disruption in history, far exceeding the 5 Mb/d lost during the two oil crises in the 70’s or the 4 Mb/d that disappeared during the two previous Gulf Wars in the 80’s and 90’s. 

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•    Mojtaba Khameinei’s appointment as Iran's supreme leader marked another notch higher in Middle East tensions.
•    Last Monday, Donald Trump claimed US operations in Iran had already made significant progress and that they could end soon.
•    China, meanwhile, is still in remarkable export health.

Edmond de Rothschild Asset Management announces the appointment of Cédric Van Kerrebroeck as Sales Representative Belgium, effective on March 2nd. In his new role, Cédric will be responsible for developing new business with professional clients in Belgium and for managing and strengthening relationships with existing clients and consultants across the country. He will cover wholesale and retail segments, as well as selected institutional clients and life insurers. Based in Brussels, Cédric reports to Nicolas Bonardo, Head of Distribution France and Benelux, Edmond de Rothschild Asset Management.