3 equity market observations

April 1, 2026

Time to Read: 4:03 mins

Murdo MacLean shares Walter Scott’s perspective on three headwinds facing equity markets.

Key points:

Market volatility is being driven by three developments affecting equities.
First, the risk around private credit is rising and defaults are increasing, albeit from a low base.
Second, the Middle East conflict is disrupting oil, airlines, and supply chains. Markets appear relatively calm, but vigilance is key.
Third, AI advances like Anthropic’s Claude unsettled software in February but not all software companies are created equal and volatility often creates opportunity.

3195459 Exp: 3 July 2026

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