Summary

• The BNY Mellon Global Stock Fund underperformed the MSCI World Index for the first quarter of 2026.
• The conflict in the Middle East is driving up energy prices and injecting turbulence into asset markets, disrupting what had been a broadly constructive macro backdrop.
• Potential outcomes in terms of economic growth and corporate earnings will largely hinge on the duration and extent of the conflict.

Market Review

The conflict in the Middle East is driving up energy prices and injecting turbulence into asset markets, disrupting what had been a broadly constructive macro backdrop. It is important to stress that we have

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