Core Insights - The report analyzes the impact of geopolitical conflicts on major asset classes, particularly during the initial phase of such events, highlighting that equity assets tend to be negatively affected while the US dollar and commodities perform better [3][4]. Summary by Sections Recent Events - On February 28, 2026, Israel announced an attack on Iran, followed by military actions from the US against Iran, marking a significant escalation in geopolitical tensions [2]. Short-term Asset Performance - In the initial week following geopolitical conflicts, global equity assets generally decline, with the S&P 500 showing a median change of -0.2% and a 42% probability of increase, while the CSI 300 index shows a median change of -1.2% with a 27% probability of increase. Conversely, the US dollar index has a 67% probability of rising, and WTI crude oil shows a median increase of 3.2% with a 67% probability of increase [3][5]. Long-term Asset Performance - Over a longer timeframe (one week to one month post-conflict), the negative impact on equity assets tends to reverse, with the S&P 500 showing a median increase of 1.4% and an 83% probability of increase. In contrast, the previously strong-performing US dollar and commodities begin to weaken, with the dollar and crude oil showing only a 33% and 42% probability of increase, respectively [4][8]. Historical Data on Conflicts - The report includes a table summarizing the performance of various asset classes during specific conflicts since 2000, indicating that while equities often suffer initially, they tend to recover over time, whereas commodities and currencies may not maintain their initial strength [5][8].