
Global equity markets have experienced broad sell-offs since the onset of the U.S.-Iran conflict. An analysis of 45 major U.S.-listed country ETFs reveals that only two have maintained positive performance as of Friday's close (March 20).
Key Market Movements:
The Outliers (Positive Yields): Norway $ENOR leads with +2%, followed by Israel $EIS at +1%.
The Hardest Hit: The UAE $UAE has seen a steep decline of 18%. Major European economies are also heavily impacted, with Germany $EWG down 14% and France $EWQ down 13%.
Gulf State Reactions: Qatar $QAT and Kuwait $KWT have shown moderate declines of 6% and 5%, respectively.
U.S. Resilience: Domestic markets have held up relatively well compared to global peers, with the S&P 500 $SPY down 5%.
Note: All data reflects USD returns (including FX impact) and is accurate as of the March 20 close, prior to the recent news regarding negotiations.
Chart credit: Bluekurtic Market Insights.

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