<div id="readability-page-1"><div><div><p>The energy shock triggered by the Iran war is pushing global financial markets into a rare, simultaneous collapse across multiple assets. Stocks, bonds, and gold all fell in March, with traditional portfolio defenses failing almost entirely, leaving investors facing their most severe risk aversion dilemma in recent years. According to the Financial Times, the MSCI World Index, which tracks stocks in developed and emerging markets, fell by about 9% in March. In the US stock market, the S&amp;P 500 fell for the fifth consecutive week, marking its longest losing streak since 2022, while the Nasdaq 100 entered correction territory for the week. Meanwhile, the composite index of global government and corporate bonds fell by more than 3%, marking the worst monthly performance for the traditional &#34;60-40&#34; stock-bond portfolio since September 2022. Gold also plummeted 15% this month, as investors were forced to liquidate previously heavily bought long positions under liquidity pressure. The core fear in the market lies in the risk of stagflation. Following the outbreak of the Middle East wars, the sharp rise in energy prices has raised concerns about a global economic slowdown coupled with rising inflation, forcing central banks around the world to reconsider the possibility of raising interest rates, which in turn has severely impacted the three major asset classes: stocks, bonds, and gold.</p><p><strong><span><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7443445_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="600" height="407" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7443445_image3.png"/></span></strong></p><p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/6923401_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="600" height="68" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/6923401_image3.png"/></p><h2><strong><span><span>&#34;Nothing is effective&#34;: Three major assets under pressure</span></span></strong></h2><p><span><span>The rarity of this round of sell-off lies in the simultaneous decline of three asset classes: stocks, bonds, and gold, rendering multi-asset diversification strategies almost ineffective.</span></span></p><p><span><span> In the stock market, the MSCI World Index, which tracks stocks from both developed and emerging markets, fell by about 9% in March. In the US stock market, the S&amp;P 500 fell for the fifth consecutive week, marking its longest losing streak since 2022, while the Nasdaq 100 entered correction territory for the week. In the bond market, the yield on 10-year US Treasury bonds climbed to 4.48%, its highest level since July, while the 30-year yield approached 5%. European bond yields also hit their highest levels since the outbreak of the conflict. The bond sell-off doesn't simply reflect rising inflation expectations; it also reflects the market's repricing of the policy paths of major central banks worldwide. The collapse in gold prices was even more unexpected. Gold had experienced a strong rally over the past two years, peaking in January of this year, but has since plummeted 15%. Sophie Huynh, multi-asset portfolio manager at BNP Paribas Asset Management, pointed out that investors are &#34;liquidating high-yield assets like gold&#34; to meet liquidity needs because they have &#34;nowhere to hide.&#34; Raphaël Thuin, Head of Capital Markets Strategy at Tikehau Capital, bluntly stated: &#34;What works for investors? Nothing. This is truly one of the worst situations you can imagine. Managing portfolios has been extremely difficult over the past few weeks.&#34; Trump's statements failed to stop the bleeding, and market confidence has cracked. Trump extended the deadline for attacks on Iranian energy infrastructure, but this statement failed to calm investor sentiment. The S&amp;P 500 fell another 1.7% on Friday, extending the previous trading day's decline (its worst single-day drop since the conflict began), marking the largest two-day drop since last year's tariff dispute. Jordan Rochester, head of fixed income strategy at Mizuho, ​​said that Trump's extension &#34;does not solve the long-standing problem of the Strait of Hormuz blockade,&#34; and &#34;the market may begin to focus less on the White House's verbal pressure and more on the reality of the on-the-ground energy shortage.&#34; US Secretary of State Marco Rubio predicted the war would end &#34;in weeks, not months,&#34; but the market barely reacted. Larry Weiss, head of equity trading at Instinet, said: &#34;A few weeks ago, such news would have driven the market up, but today there's been no reaction. Nobody knows what's going to happen next, and there's an inherent distrust of statements from both the US government and Iran.&#34; Steve Chiavarone, deputy chief investment officer for equities at Federated Hermes, also noted: &#34;Trump previously stabilized the oil and bond markets with his rhetoric, and the market was waiting for the conflict to end, but today the market is no longer responding to it.&#34; src=&#34;https://img.jinse.com.cn/6923408_image3.png&#34; type=&#34;block&#34;&gt;</span></span></p><h2><strong><span><span>Defense tools fail, the logic of diversification faces challenges</span></span></strong></h2><p><span><span>This crisis is not only a market correction, but also a profound test of the multi-asset diversification investment framework of the past few decades.</span></span></p><p>Michael Purves, founder of Tallbacken Capital Advisors, explained this in a report to clients: An investor who had a perfect foresight on February 27th (the day before the conflict broke out) and had bought bonds, gold, VIX call options, and S&amp;P 500 protective options beforehand would now be at a loss in almost all of their positions. Research by Athanasios Psarofagis, an ETF analyst at Bloomberg Intelligence, shows that this year, on trading days when stocks fall, the probability of bonds and gold rising in tandem is only about 43%, and the probability of Bitcoin rising is even lower at about 25%, both significantly lower than the more than 60% level of ten years ago. Goldman Sachs' head of asset allocation strategy, Christian Mueller-Glissmann, pointed out that in the early stages of an inflationary shock, the &#34;only tool that can work&#34; is derivatives betting on rising inflation or commodity prices. His team went overweight in cash a week after the conflict began. A recent Bank of America fund manager survey shows that investors poured cash in at the fastest pace since the COVID-19 pandemic began in March. Despite the current tense situation, some market participants believe that the sustainability of this situation depends on the course of the conflict. Michael Arone, chief investment strategist at State Street Investment Management, stated that the failure of fixed-income diversification may be temporary. His team recently reduced its equity exposure and increased its bond holdings, and expects that once US-Iran tensions begin to ease and inflation risks subside, the bond market will return to a rate-cutting logic. However, Mina Krishnan of Schroders warns that the market environment has undergone a deeper structural shift: &#34;The world has shifted from demand-side shocks to supply-side shocks, and the old investment playbook needs to be revised.&#34; Her team had already purchased protection through credit default swaps before the outbreak of the Middle East conflict and has continued to hold them. Raphaël Thuin of Tikehau Capital points directly to the core contradiction: &#34;The traditional concept of safe-haven assets is increasingly being challenged. The ever-evolving dynamics of the global economy and financial markets have complicated this narrative.&#34;</p></div></div></div>

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<p>Global financial markets are experiencing a rare simultaneous collapse across stocks, bonds, and gold due to the energy shock from the Iran war. The MSCI World Index fell by about 9% in March, with the S&P 500 marking its longest losing streak since 2022. Bond yields rose sharply, and gold prices plummeted 15% as investors liquidated positions under liquidity pressure. The market faces fears of stagflation, with central banks reconsidering interest rate policies. This crisis challenges traditional multi-asset diversification strategies, leaving investors with few options for protection.</p>

- The Iran war has led to a simultaneous collapse of global financial markets, affecting stocks, bonds, and gold, with the MSCI World Index down about 9% in March.  
- The risk of stagflation, driven by rising energy prices, has forced central banks to reconsider interest rate policies, further impacting asset classes.  
- Investors are facing difficulties in managing portfolios as traditional diversification strategies fail, leading to unprecedented market volatility.

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Global stocks, bonds, and gold prices are all slashed: "This is the worst-case scenario; investors have nowhere to hide."