Danske Bank analysts observe that global equities are about 4% above recent lows, with investors increasingly pricing a future de-escalation in the Middle East. Cyclical sectors have outperformed and volatility has declined across regions and asset classes. They note that markets are trying to look through near-term geopolitical noise while tracking US and Asian moves.

Cyclicals lead as volatility eases

“Equity markets traded broadly sideways over the Easter period in the regions th