Are global stock markets heading for a crash?

AI desk brief

Global markets are under strain as the Middle East conflict intensifies, oil surges above $100/barrel, and US 10-year Treasury yields jump above 5%, a level some see as potentially destabilising for risk assets. The article argues that the inflation shock from higher energy prices could force further central-bank tightening, with the Fed, BoE, ECB and BoJ all either hiking or expected to tighten despite growth risks.

For precious metals, the mix is supportive on a risk-off and inflation-hedge basis, but tempered by the rise in nominal yields and tighter policy expectations. The piece also flags stretched equity valuations and growing credit stress, which could drive safe-haven demand if the selloff broadens.