Magic Markets

Magic Markets #267: Oil and Toil - a Bruising Q1

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The first quarter of 2026 was a reality check for global markets. If you had oil, you made money. If you had almost anything else, you didn't. 

With pressure across asset classes, this was a risk-off quarter thanks to the conflict in Iran. Defensive (and defence!) stocks were a decent place to hide, while riskier assets (including AI names) suffered substantial sell-offs.

In this episode, Mohammed Nalla looks at the Q1 performance of major asset classes. The Finance Ghost digs into the sectoral performance on the JSE and some of the more notable moves - like Sasol!

Today’s Topics:

  • Q1 2026 market recap across equities, commodities, bonds and crypto.
  • Oil’s standout performance and the knock‑on effects for inflation.
  • Gold’s reversal and the impact of rising real yields.
  • Global equity performance: US, Europe, Japan, China and India.
  • South African markets: bond yields, property, financials and industrials.
  • Big winners and losers on the JSE (including Sasol’s incredible run).
  • Currency moves, dollar strength and what it means for the rand.
  • Defensive rotations in US markets and the tech sell‑off.

    • Get in touch:

    • The Magic Markets Website
    • @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X)
    • Pop us a note on LinkedIn

      • Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.

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