We remain positive on equities, but the disruption to energy supplies caused by the Middle East conflict may persist longer than originally thought.

After the spike in oil prices, the outlook is more balanced from here – but that doesn't mean volatility is over. Find out more in our latest multi-asset views.

We remain positive on equities and are upgrading commodities. Find out more in our latest multi-asset views.

We have downgraded our view on commodities to neutral but continue to like gold as a diversifier.

You might have forgotten but global markets fell by almost 20% in April following "Liberation Day" – before rebounding to all-time highs. As we enter a renewed period of jitters, this long-term data provides a broader perspective.

We maintain a positive view on equities, supported by steady growth, Fed easing and resilient earnings. Credit has been upgraded to neutral after a reset in spreads, while we turn negative on energy as we expect supplies to exceed demand forecasts. Read more in this month’s multi-asset views.