Geopolitical tensions intensified during the first quarter of 2026, particularly in the Middle East. Protests in Iran escalated into the deadliest unrest since 1979, followed by coordinated military operations by the United States and Israel targeting Iranian capabilities. In response, Iran closed the Strait of Hormuz, contributing to sharp fluctuations in energy markets. At the same time, Russia carried out its largest drone attack on Ukraine since the start of the conflict, highlighting ongoing regional instability.
From a political and economic perspective, the quarter was also marked by significant institutional and geopolitical developments. On January 1, Bulgaria adopted the euro, becoming the 21st member of the eurozone. In Venezuela, Nicolás Maduro was captured following a U.S. military operation. European leaders issued a joint statement supporting Denmark and Greenland amid external strategic interest.
Innovation in artificial intelligence remained a key driver of investment, with Arm Holdings unveiling its first AI-focused chip and Elon Musk announcing new semiconductor projects in Texas. At the same time, corporate developments highlighted changing market dynamics, with Walmart becoming the first traditional retailer to reach a $1 trillion market capitalization, before being overtaken by Amazon as the world’s largest company by sales. In parallel, the price of gold reached a record $5,400 per ounce, reflecting strong demand for safe-haven assets.
The cultural world also attracted global attention during the quarter, with Bad Bunny winning Album of the Year at the 68th Annual Grammy Awards, highlighting the continued global influence of Latin music. Meanwhile, Alex Honnold completed a ropeless ascent of Taipei 101, one of the tallest and most iconic skyscrapers in the world, further capturing international attention.
Against this backdrop of significant impacts on capital markets and M&A activity, we are pleased to present the first edition of our 2026 Quarterly Brief, a publication that offers objective market data, which will keep readers abreast of the latest developments in the relevant financial markets.
