23 March 2026
If you're covering stock market volatility driven by the ongoing Iranian conflict and the impact on central banks, please see the following comment from Jonathan Raymond, investment manager at Quilter Cheviot:
"The latest bout of volatility reflects markets beginning to price in meaningful medium‑term damage to Western economies. The UK and Europe look more exposed than the US because of their reliance on imported energy, and that is now feeding into expectations of weaker consumer spending, softer growth and pressure on corporate earnings. Discretionary sectors in particular are struggling as investors reassess how resilient demand will be.
"Central banks are in a tough spot. They cannot afford to let inflation expectations drift higher, yet labour markets are already weakening and any further tightening risks amplifying that slowdown. The result is a policy backdrop that feels tougher than the data would normally warrant, which is amplifying the swings we are seeing across equity markets.
"For investors, periods like this are uncomfortable but not unusual. It is a good moment to check that portfolios still reflect long‑term objectives rather than short‑term market noise. For those with the ability and appetite to take a longer‑term view, volatility can create opportunities to add to high‑quality companies at more attractive valuations. Markets are repricing risk, not writing off the prospects for disciplined long‑term investors.”
