Amundi’s weekly market note makes a broader point: 2026 has become a year of “controlled disorder,” and portfolios concentrated in old winners are feeling it.
- The Iran crisis triggered a repricing across global equities, but the damage was uneven.
- U.S. markets underperformed more than Europe, Japan, and parts of emerging markets year-to-date.
- Latin America and selected emerging markets held up relatively well.
- Energy-importing nations and markets that had previously run hardest were hit most.
The message is straightforward. Diversification is no longer a defensive cliché. It is becoming the source of returns as leadership fragments.
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