Global Economic Fallout — 2026-03-31
Asian Markets Post Steepest Monthly Declines Since 2008 as Iran War Roils Global Finance
Global stocks have fallen 5.5% since the war began, with Asian markets hit hardest: South Korea's Kospi dropped nearly 20% in March on energy shock sensitivity, Japan's
Analysis
South Korea's near-20% Kospi decline reflects acute energy import dependency; Korea imports virtually all its oil and gas. Korean Air's declaring emergency management over jet fuel doubling illustrates how quickly energy shocks cascade into operational decisions. The gold selloff (worst month since 2008) is counterintuitive during a geopolitical crisis and likely reflectsmargin calls forcing liquidation of safe-haven positions to cover equity losses.
South Korea's near-20% Kospi decline reflects acute energy import dependency; Korea imports virtually all its oil and gas. Korean Air's declaring emergency management over jet fuel doubling illustrates how quickly energy shocks cascade into operational decisions. The gold selloff (worst month since 2008) is counterintuitive during a geopolitical crisis and likely reflects