Sustained Rally 'Difficult to Believe,' GAM Says

GAM Investments’ global equities head Paul Markham expressed skepticism about the longevity of the current US stock and bond rally, calling a sustained rebound "difficult to believe" in a March 2026 Bloomberg interview. The relief rally extended for a second session after initial panic over a potential US-Israeli conflict with Iran eased, which had previously caused volatile swings in oil markets and broader financial instability. Markham’s comments highlight lingering uncertainty in global markets, suggesting investors remain cautious despite short-term gains, as geopolitical tensions could reignite at any moment. The rally follows sharp sell-offs triggered by fears of prolonged Middle East conflict, which had disrupted energy markets and spooked equity investors earlier in the week. Analysts warn that while temporary rebounds may occur, structural risks—including oil price volatility and escalating geopolitical strife—could undermine any prolonged market recovery.