{"id":1894390,"date":"2026-04-21T10:43:37","date_gmt":"2026-04-21T07:43:37","guid":{"rendered":"https:\/\/analyse.optim.biz\/?p=1894390"},"modified":"2026-04-21T10:43:37","modified_gmt":"2026-04-21T07:43:37","slug":"the-iran-wars-biggest-losers-are-now-2026s-top-performing-markets","status":"publish","type":"post","link":"https:\/\/analyse.optim.biz\/?p=1894390","title":{"rendered":"The Iran war&#8217;s biggest &#8216;losers&#8217; are now 2026&#8217;s top-performing markets"},"content":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/72\/96\/20\/1200x675_cmsv2_8600cc4b-4f1c-566e-8d2c-52c49d9f9e0d-9729620.jpg&#8221;]<\/p>\n<article id=\"abe-2887804-pos1-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2887804\" data-cid=\"9729763\" data-part-label=\"Partner content\">\n<figure id=\"abe-2887804-label-pos1-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/72\/97\/63\/189x106_cmsv2_eec764e3-4b65-5864-95bd-36d6f8b7e5d1-9729763.jpg\" loading=\"lazy\" alt=\"File - A technican welds a streetlamp in a production hall of the Hess Lichttechnik firm in Loebau, eastern Germany, Friday,  25 May 2007.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<div class=\"the-media-object__title  \">\n<p>    German business expectations fall to their lowest levels since 2022\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2887881-pos2-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2887881\" data-cid=\"9730123\" data-part-label=\"Partner content\">\n<figure id=\"abe-2887881-label-pos2-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/73\/01\/23\/189x106_cmsv2_3c94a193-eaac-53c4-aad2-9dfa5d89c597-9730123.jpg\" loading=\"lazy\" alt=\"North Korean and Russian flags are seen at the Vostochny cosmodrome outside the city of Tsiolkovsky, 13 September, 2023\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    North Korea<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Russia and North Korea connect road bridge ahead of summer opening\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2887772-pos3-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2887772\" data-cid=\"9729512\" data-part-label=\"Partner content\">\n<figure id=\"abe-2887772-label-pos3-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/72\/95\/12\/189x106_cmsv2_8aa220f0-0306-52e7-86d5-3a38f26f36fa-9729512.jpg\" loading=\"lazy\" alt=\"Commercial drones, illustration of an article discussing how shared infrastructure enables high-value drone operations.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Business<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Thales: Defence orders surge as Iran war drives military spending\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2887860-pos4-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2887860\" data-cid=\"9730015\" data-part-label=\"Partner content\">\n<figure id=\"abe-2887860-label-pos4-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/73\/00\/15\/189x106_cmsv2_12a42b88-a9a3-5737-b83e-19fe8965a769-9730015.jpg\" loading=\"lazy\" alt=\" With a total investment of around \u20ac11 million, the projects will boost tourism across Portugal\u2019s inland regions\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Travel News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Looking inland: Portugal to boost regional tourism with \u20ac11m projects\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2887804-pos1-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2887804\" data-cid=\"9729763\" data-part-label=\"Partner content\">\n<figure id=\"abe-2887804-label-pos1-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/72\/97\/63\/189x106_cmsv2_eec764e3-4b65-5864-95bd-36d6f8b7e5d1-9729763.jpg\" loading=\"lazy\" alt=\"File - A technican welds a streetlamp in a production hall of the Hess Lichttechnik firm in Loebau, eastern Germany, Friday,  25 May 2007.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Economy<\/p>\n<div class=\"the-media-object__title  \">\n<p>    German business expectations fall to their lowest levels since 2022\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2887881-pos2-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2887881\" data-cid=\"9730123\" data-part-label=\"Partner content\">\n<figure id=\"abe-2887881-label-pos2-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/73\/01\/23\/189x106_cmsv2_3c94a193-eaac-53c4-aad2-9dfa5d89c597-9730123.jpg\" loading=\"lazy\" alt=\"North Korean and Russian flags are seen at the Vostochny cosmodrome outside the city of Tsiolkovsky, 13 September, 2023\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    North Korea<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Russia and North Korea connect road bridge ahead of summer opening\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2887772-pos3-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2887772\" data-cid=\"9729512\" data-part-label=\"Partner content\">\n<figure id=\"abe-2887772-label-pos3-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/72\/95\/12\/189x106_cmsv2_8aa220f0-0306-52e7-86d5-3a38f26f36fa-9729512.jpg\" loading=\"lazy\" alt=\"Commercial drones, illustration of an article discussing how shared infrastructure enables high-value drone operations.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Business<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Thales: Defence orders surge as Iran war drives military spending\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2887860-pos4-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2887860\" data-cid=\"9730015\" data-part-label=\"Partner content\">\n<figure id=\"abe-2887860-label-pos4-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/73\/00\/15\/189x106_cmsv2_12a42b88-a9a3-5737-b83e-19fe8965a769-9730015.jpg\" loading=\"lazy\" alt=\" With a total investment of around \u20ac11 million, the projects will boost tourism across Portugal\u2019s inland regions\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Travel News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Looking inland: Portugal to boost regional tourism with \u20ac11m projects\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article class=\"helper-site-row o-article-newsy\">\n<div class=\"helper-site-container o-article-newsy__container\">\n<div class=\"o-article-newsy__main\">\n<header class=\"h-grid o-article-newsy__main__header\">\n<nav aria-label=\"Breadcrumbs\" class=\"c-article-breadcrumbs\">\n<div id=\"adb-article-breadcrumb\" class=\"c-article-breadcrumbs__list\">\n<p>                          Business<\/p>\n<p>                          Markets<\/p><\/div>\n<\/nav>\n<h1 class=\"c-article-redesign-title\">\n                            The Iran war&#8217;s biggest &#8216;losers&#8217; are now 2026&#8217;s top-performing markets<\/h1>\n<div class=\"c-article-image-video u-position-relative \">\n<div class=\"js-superdiv u-aspect-ratio-16x9 u-position-relative \" data-sponsored=\"Partner content\"><img fetchpriority=\"high\" decoding=\"async\" class=\"js-poster-img c-article-media__img\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/72\/96\/20\/1536x864_cmsv2_8600cc4b-4f1c-566e-8d2c-52c49d9f9e0d-9729620.jpg\" width=\"1536\" height=\"864\" loading=\"eager\" alt=\"Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, \"><\/div>\n<div class=\"c-article-caption u-position-absolute\"><i id=\"article-caption-content\" class=\"c-article-caption__content\"><span class=\"c-article-caption__text\"><br \/>\n              Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won,<br \/>\n                    <span class=\"u-color-white\">&#8211;\u00a0<\/span><span class=\"c-article-caption__copyright\">Copyright\u00a0<\/span><span class=\"c-article-caption__credit\">Copyright 2026 The Associated Press. All rights reserved<\/span><\/span><\/i><\/div>\n<div class=\"c-article-image-copyright c-article-image-copyright--novideo\">\n      Copyright\u00a0Copyright 2026 The Associated Press. All rights reserved\n  <\/div>\n<\/div>\n<\/header>\n<div class=\"h-grid o-article-newsy__main__body u-article-content\">\n<div class=\"o-article-newsy__contributors-publication-date\">\n<div class=\"c-article-contributors\">\n  By&amp;nbspPiero Cingari\n<\/div>\n<div class=\"c-article-publication-date\" data-timestamp=\"1776768217\">\n         Published on<br \/>\n            <time datetime=\"2026-04-21 12:43:37 +02:00\">21\/04\/2026 &#8211; 12:43 GMT+2<\/time><\/div>\n<\/div>\n<div class=\"c-article-partage-commentaire u-align-items-center u-display-flex\"><span class=\"c-article-partage-commentaire__links u-align-items-center u-display-flex u-justify-content-center js-c-article-partage-commentaire-share\"><span>Share<\/span><\/span><span>Comments<\/span><\/div>\n<div class=\"c-article-partage-commentaire-popup-overlay js-c-article-partage-commentaire-popup-overlay u-display-none\">\n<div id=\"js-c-article-partage-commentaire-popup\" class=\"c-article-partage-commentaire-popup 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alt=\"vk\" loading=\"lazy\"><span>VK<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-vk.svg\" width=\"48\" height=\"48\" alt=\"vk\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-bluesky.svg\" width=\"24\" height=\"24\" alt=\"bluesky\" loading=\"lazy\"><span>Bluesky<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-bluesky.svg\" width=\"48\" height=\"48\" alt=\"bluesky\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-threads.svg\" width=\"24\" height=\"24\" alt=\"threads\" loading=\"lazy\"><span>Threads<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-threads.svg\" width=\"48\" height=\"48\" alt=\"threads\" class=\"u-show-for-desktop\" loading=\"lazy\"><span class=\"u-display-flex u-gap-1 u-show-for-mobile-only\"><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"24\" height=\"24\" alt=\"whatsapp\" loading=\"lazy\"><span>Whatsapp<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"48\" height=\"48\" alt=\"whatsapp\" class=\"u-show-for-desktop\" loading=\"lazy\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"c-article-summary\">\n        The stock markets that were supposed to pay the highest price for the Iran war are now the ones leading the 2026 league table, and the rebound from March&#8217;s Hormuz panic has been one of the most aggressive relief rallies in years.<br \/>\n    <\/h2>\n<div class=\"c-article-content c-article-content--business js-article-content\">\n<p>The 2026 market story has unfolded in three acts, and each one has been more dramatic than the last.<\/p>\n<div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<p>The first ran from January through late February, when global equities rode a wave of expected central bank cuts and a memory-chip supercycle that pulled Korean and Taiwanese benchmarks to record highs.<\/p>\n<p>The second began on 28 February, when joint US-Israeli airstrikes set off what is now the Iran War.<\/p>\n<p>The third, and the one we are currently living through, started in early April when a Pakistan-mediated ceasefire proposal pulled markets off the mat.<\/p>\n<p>In between those acts, the damage was enormous. Brent crude surged past $120 a barrel after the closure of the Strait of Hormuz on 4 March. <\/p>\n<p>Korea&#8217;s KOSPI index \u2014 which had rallied more than 50% in the previous two months \u2014 recorded a 19% drop in March, its steepest monthly slide since October 2008. <\/p>\n<p>The S&amp;P 500 drifted within a hair of correction territory. European indices tumbled as economists warned of rising stagflation risk.<\/p>\n<p>Then the tape turned.<\/p>\n<p>On 31 March, Pakistan and China delivered a five-point peace initiative calling for an immediate halt to hostilities. <\/p>\n<p>The following morning, Donald Trump posted on Truth Social that Iran had requested a ceasefire, conditional on the Strait being reopened. On 7 April, he formally announced a two-week ceasefire with Tehran.<\/p>\n<p>Oil prices have since tumbled nearly 25%, handing equity markets across the globe a relief rally already written into the history books.<\/p>\n<h2>How top stock markets fared in 2026<\/h2>\n<p>The table below shows the best-performing major country equity benchmarks year-to-date through 21 April 2026, according to Investing.com&#8217;s Major World Indices screener.<\/p>\n<div class=\"widget widget--type-flourish widget--size-fullwidth widget--align-center\">\n<div class=\"widget__wrapper\">\n<figure class=\"widget__figure\"><figcaption class=\"widget__caption\"><span class=\"widget__captionWrap\"><span class=\"widget__captionText\">Year-to-date returns through 21 April 2026 for major country equity benchmarks, in local currency.<\/span><\/span><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<h2>Why Korea keeps winning<\/h2>\n<p>Korea leads the table by a margin that looks almost implausible compared to its peers. The KOSPI&#8217;s 51.59% year-to-date gain is roughly 13 times the S&amp;P 500&#8217;s return and nearly double Turkey&#8217;s high-inflation-driven rally. <\/p>\n<p>For context, the American benchmark is up just 3.85% on the year. The Nasdaq sits at 5% and the pan-European Euro Stoxx 50 at 3.40%. <\/p>\n<p>The KOSPI&#8217;s resilience has a concentrated answer. <\/p>\n<p>Samsung Electronics Co., Ltd. and SK Hynix Inc. together account for around 41% of total KOSPI market capitalisation and both are up close to 80% year-to-date. <\/p>\n<p>The memory-chip supercycle is the engine. Samsung&#8217;s preliminary first-quarter 2026 operating profit of 57 trillion KRW was a record, up 185% sequentially, driven by AI-related DRAM and high-bandwidth memory pricing. <\/p>\n<p>SK Hynix has locked in long-term agreements with cloud and GPU customers that analysts describe as a structural extension of the memory shortage.<\/p>\n<p>This concentration cuts both ways: it is why Korea led the world before the war, why it fell hardest during it and why the recovery has been so violent.<\/p>\n<p>Goldman Sachs analysts flagged the opportunity early. In a 6 March research note, at the depth of the Korean drawdown, they described the selloff as &#8220;a correction that will likely be followed by a recovery to new highs after a period of consolidation&#8221;. <\/p>\n<p>That call has aged well.<\/p>\n<div class=\"c-widget-related\" data-stories-id data-event=\"widget_related\">\n<div class=\"c-widget-related__title\"><b class=\"c-widget-related__title__text\" lang=\"en\">Related<\/b><\/div>\n<ul class=\"c-widget-related__list\">\n<li class=\"c-widget-related__item\">Oil prices fall as renewed hopes for peace talks feed a stock market rally<\/li>\n<li class=\"c-widget-related__item\">Global markets on edge as investors await outcome of US-Iran negotiations<\/li>\n<\/ul>\n<\/div>\n<h2>How country ETFs have held up<\/h2>\n<p>The rankings look very different when measured from the day the war began.<\/p>\n<p>According to CountryETFTracker, these are the top 10 country ETFs since the 27 February 2026 close \u2014 the session before the US-Israeli strikes on Iran.<\/p>\n<div class=\"widget widget--type-flourish widget--size-fullwidth widget--align-center\">\n<div class=\"widget__wrapper\">\n<figure class=\"widget__figure\"><figcaption class=\"widget__caption\"><span class=\"widget__captionWrap\"><span class=\"widget__captionText\">Returns for the top 10 country ETFs measured from the 27 February 2026 close, the last session before the US-Israeli strikes on Iran.<\/span><\/span><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<p>Notably, the iShares MSCI South Korea ETF (EWY) is flat since the war began. The pre-war winner has, in dollar ETF terms, given back every point of its post-Hormuz recovery to cover the March drawdown.<\/p>\n<p>The leaders on this measure fall into three buckets: oil-linked winners (Saudi Arabia, Norway, Brazil, Colombia), tech hubs that held up through the crisis (Taiwan), and high-beta emerging markets (Argentina, Turkey, Poland).<\/p>\n<h2>Hormuz ceasefire winners<\/h2>\n<p>The third measure starts from the pre-ceasefire low. Taken from the 30 March close, the rebound looks even more dramatic.<\/p>\n<p>CountryETFTracker data for the best-performing country ETFs since that date.<\/p>\n<div class=\"widget widget--type-flourish widget--size-fullwidth widget--align-center\">\n<div class=\"widget__wrapper\">\n<figure class=\"widget__figure\"><figcaption class=\"widget__caption\"><span class=\"widget__captionWrap\"><span class=\"widget__captionText\"> Returns for the top 10 country ETFs from the 30 March 2026 close, the day before Pakistan and China delivered their 5-point peace initiative.<\/span><\/span><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<p>South Korea ranks first, Taiwan second. Both are Asian manufacturing hubs that had been punished hardest for their dependence on Middle East crude.<\/p>\n<p>Greece in third place is the quieter signal. The Greek market has none of Korea&#8217;s semiconductor leverage, but its bank-heavy benchmark rallied on the ceasefire, on falling oil, and on the possibility that the ECB can now avoid the rate-hiking cycle the war had forced upon it.<\/p>\n<p>Poland, the Netherlands, Sweden and Austria tell the same story in different accents.<\/p>\n<h2>What the three screeners tell you<\/h2>\n<p>The 2026 league table measures three things at once: who came into the year strongest, who had the least to lose in the shock, and who had the most to win back.<\/p>\n<p>Korea is the only market that appears at the top in two of those three cuts \u2014 and that is why it is the single most important equity story of 2026 so far.<\/p>\n<p>The catch is that Trump&#8217;s two-week ceasefire is running out.<\/p>\n<p>The agreement expires this week, with talks under way in Islamabad to produce either an extension or a collapse. As of Monday, the Strait had not been fully reopened, and both sides had already accused each other of violations.<\/p>\n<p>Korea is running away with 2026. But the next two weeks will decide whether April was the launchpad or the peak.<\/p>\n<\/div>\n<p>                                  Go to accessibility shortcuts<\/p>\n<div class=\"c-article-partage-commentaire u-align-items-center u-display-flex\"><span class=\"c-article-partage-commentaire__links u-align-items-center u-display-flex u-justify-content-center js-c-article-partage-commentaire-share\"><span>Share<\/span><\/span><span>Comments<\/span><\/div>\n<div id=\"adb-article-you-might-also-like\" class=\"perf-cv-auto c-article-you-might-also-like\">\n<h2 class=\"c-article-you-might-also-like__title\">\n        Read more<br \/>\n      <\/h2>\n<div class=\"c-article-you-might-also-like__container\">\n<article id=\"abe-2887766-pos0-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2887766\" data-cid=\"9729506\" data-part-label=\"Partner content\">\n<figure id=\"abe-2887766-label-pos0-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/72\/95\/06\/480x270_cmsv2_ec3a5a35-876b-5cca-bf56-8a48f197ccde-9729506.jpg\" loading=\"lazy\" alt=\"A police officer walks past billboards near the Serena Hotel ahead of the second round of negotiations between the US and Iran in Islamabad, 21 April, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Iran<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    No Iran delegation sent to talks with US yet as truce set to expire<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2886917-pos1-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2886917\" data-cid=\"9725449\" data-part-label=\"Partner content\">\n<figure id=\"abe-2886917-label-pos1-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/72\/54\/49\/480x270_cmsv2_84113e7b-5f20-596c-baf4-5ad2b7f976ea-9725449.jpg\" loading=\"lazy\" alt=\"Europe Today\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe Today<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Israel ties, Ukraine support top agenda as EU foreign ministers meet<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2887743-pos2-c-article-you-might-also-like__item\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2887743\" data-cid=\"9729373\" data-part-label=\"Partner content\">\n<figure id=\"abe-2887743-label-pos2-c-article-you-might-also-like__item\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/72\/93\/73\/480x270_cmsv2_6aea33a7-fd82-5c02-9435-3be60faf4a5b-9729373.jpg\" loading=\"lazy\" alt=\"Apple CEO Tim Cook pictured in Jan 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Business<\/p>\n<h3 class=\"the-media-object__title  \">\n<p>    Tim Cook names successor as he steps down as Apple CEO<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto\">\n<ul id=\"adb-article-tags\" class=\"c-tags-list\">\n<li class=\"c-tags-list__item\">\n<p>    Iran war<\/p>\n<\/li>\n<li class=\"c-tags-list__item\">\n<p>    Donald Trump<\/p>\n<\/li>\n<li class=\"c-tags-list__item\">\n<p>    South Korea<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<aside class=\"o-article-newsy__aside\">\n<div class=\"c-ad-wrapper o-article-newsy__aside__content-1\" data-ad-name=\"adzone-halfpage\">\n<div class=\"c-ad c-ad-halfpage 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src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto c-most-viewed\">\n<h2 class=\"c-most-viewed__title qa-section-title\">Most read<\/h2>\n<div class=\"c-most-viewed__list\">\n<div class=\"c-most-viewed__item\"><span class=\"c-most-viewed__item__number\">1<\/span><\/p>\n<article id=\"abe-2886836-pos1-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2886836\" data-cid=\"9725051\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Which European countries will be the richest by 2030?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-most-viewed__item\"><span class=\"c-most-viewed__item__number\">2<\/span><\/p>\n<article 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id=\"abe-2887772-label-pos2-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/72\/95\/12\/320x180_cmsv2_8aa220f0-0306-52e7-86d5-3a38f26f36fa-9729512.jpg\" loading=\"lazy\" alt=\"Commercial drones, illustration of an article discussing how shared infrastructure enables high-value drone operations.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Thales: Defence orders surge as Iran war drives military spending<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2887743-pos3-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--has-video the-media-object--no-label\" data-nid=\"2887743\" data-cid=\"9729373\" data-part-label=\"Partner content\">\n<figure id=\"abe-2887743-label-pos3-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/72\/93\/73\/320x180_cmsv2_6aea33a7-fd82-5c02-9435-3be60faf4a5b-9729373.jpg\" loading=\"lazy\" alt=\"Apple CEO Tim Cook pictured in Jan 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Tim Cook names successor as he steps down as Apple CEO<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2887784-pos4-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2887784\" data-cid=\"9729621\" data-part-label=\"Partner content\">\n<figure id=\"abe-2887784-label-pos4-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/72\/96\/21\/320x180_cmsv2_af6fd9c4-57cf-592a-81ea-fc980ce49c20-9729621.jpg\" loading=\"lazy\" alt=\"Options trader Andrew Longer works with colleagues on the floor of the New York Stock Exchange, 20 April 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Global markets on edge as investors await US-Iran negotiations<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2887804-pos5-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2887804\" data-cid=\"9729763\" data-part-label=\"Partner content\">\n<figure id=\"abe-2887804-label-pos5-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/72\/97\/63\/320x180_cmsv2_eec764e3-4b65-5864-95bd-36d6f8b7e5d1-9729763.jpg\" loading=\"lazy\" alt=\"File - A technican welds a streetlamp in a production hall of the Hess Lichttechnik firm in Loebau, eastern Germany, Friday,  25 May 2007.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    German business expectations fall to their lowest levels since 2022<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2887613-pos6-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2887613\" data-cid=\"9728667\" data-part-label=\"Partner content\">\n<figure id=\"abe-2887613-label-pos6-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/72\/86\/67\/320x180_cmsv2_aa5553b6-23bb-5847-842b-0128d1c29782-9728667.jpg\" loading=\"lazy\" alt=\"FILE - A customs agent wears a patch for the U.S. Customs and Border Protection agency, 27 October 2017, at John F. Kennedy International Airport in New York. \" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Businesses start claiming refunds on Trump&#8217;s &#8216;unlawful&#8217; tariffs<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2886836-pos1-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2886836\" data-cid=\"9725051\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Which European countries will be the richest by 2030?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2887743-pos2-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-video the-media-object--has-related the-media-object--no-label\" data-nid=\"2887743\" data-cid=\"9729373\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Tim Cook names successor as he steps down as Apple CEO<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2887491-pos3-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2887491\" data-cid=\"9728083\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Egypt\u2013Italy Ro-Ro link gains traction connecting Europe and Gulf trade<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2887450-pos4-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-related the-media-object--no-label\" data-nid=\"2887450\" data-cid=\"9727813\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Oil prices climb as US-Iran stand-off keeps Strait of Hormuz in limbo<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2886238-pos5-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--no-label\" data-nid=\"2886238\" data-cid=\"9722198\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Zara owner Amancio Ortega becomes the world&#8217;s biggest property tycoon<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<div class=\"articleBody\" data-key=\"articleBody\">The 2026 market story has unfolded in three acts, and each one has been more dramatic than the last.The first ran from January through late February, when global equities rode a wave of expected central bank cuts and a memory-chip supercycle that pulled Korean and Taiwanese benchmarks to record highs.The second began on 28 February, when joint US-Israeli airstrikes set off what is now the Iran War.The third, and the one we are currently living through, started in early April when a Pakistan-mediated ceasefire proposal pulled markets off the mat.In between those acts, the damage was enormous. Brent crude surged past $120 a barrel after the closure of the Strait of Hormuz on 4 March.Korea&#8217;s KOSPI index \u2014 which had rallied more than 50% in the previous two months \u2014 recorded a 19% drop in March, its steepest monthly slide since October 2008.The S&amp;P 500 drifted within a hair of correction territory. European indices tumbled as economists warned of rising stagflation risk.Then the tape turned.On 31 March, Pakistan and China delivered a five-point peace initiative calling for an immediate halt to hostilities.The following morning, Donald Trump posted on Truth Social that Iran had requested a ceasefire, conditional on the Strait being reopened. On 7 April, he formally announced a two-week ceasefire with Tehran.Oil prices have since tumbled nearly 25%, handing equity markets across the globe a relief rally already written into the history books.How top stock markets fared in 2026The table below shows the best-performing major country equity benchmarks year-to-date through 21 April 2026, according to Investing.com&#8217;s Major World Indices screener.Why Korea keeps winningKorea leads the table by a margin that looks almost implausible compared to its peers. The KOSPI&#8217;s 51.59% year-to-date gain is roughly 13 times the S&amp;P 500&#8217;s return and nearly double Turkey&#8217;s high-inflation-driven rally.For context, the American benchmark is up just 3.85% on the year. The Nasdaq sits at 5% and the pan-European Euro Stoxx 50 at 3.40%.The KOSPI&#8217;s resilience has a concentrated answer.Samsung Electronics Co., Ltd. and SK Hynix Inc. together account for around 41% of total KOSPI market capitalisation and both are up close to 80% year-to-date.The memory-chip supercycle is the engine. Samsung&#8217;s preliminary first-quarter 2026 operating profit of 57 trillion KRW was a record, up 185% sequentially, driven by AI-related DRAM and high-bandwidth memory pricing.SK Hynix has locked in long-term agreements with cloud and GPU customers that analysts describe as a structural extension of the memory shortage.This concentration cuts both ways: it is why Korea led the world before the war, why it fell hardest during it and why the recovery has been so violent.Goldman Sachs analysts flagged the opportunity early. In a 6 March research note, at the depth of the Korean drawdown, they described the selloff as &#8220;a correction that will likely be followed by a recovery to new highs after a period of consolidation&#8221;.That call has aged well.How country ETFs have held upThe rankings look very different when measured from the day the war began.According to CountryETFTracker, these are the top 10 country ETFs since the 27 February 2026 close \u2014 the session before the US-Israeli strikes on Iran.Notably, the iShares MSCI South Korea ETF (EWY) is flat since the war began. The pre-war winner has, in dollar ETF terms, given back every point of its post-Hormuz recovery to cover the March drawdown.The leaders on this measure fall into three buckets: oil-linked winners (Saudi Arabia, Norway, Brazil, Colombia), tech hubs that held up through the crisis (Taiwan), and high-beta emerging markets (Argentina, Turkey, Poland).Hormuz ceasefire winnersThe third measure starts from the pre-ceasefire low. Taken from the 30 March close, the rebound looks even more dramatic.CountryETFTracker data for the best-performing country ETFs since that date.South Korea ranks first, Taiwan second. Both are Asian manufacturing hubs that had been punished hardest for their dependence on Middle East crude.Greece in third place is the quieter signal. The Greek market has none of Korea&#8217;s semiconductor leverage, but its bank-heavy benchmark rallied on the ceasefire, on falling oil, and on the possibility that the ECB can now avoid the rate-hiking cycle the war had forced upon it.Poland, the Netherlands, Sweden and Austria tell the same story in different accents.What the three screeners tell youThe 2026 league table measures three things at once: who came into the year strongest, who had the least to lose in the shock, and who had the most to win back.Korea is the only market that appears at the top in two of those three cuts \u2014 and that is why it is the single most important equity story of 2026 so far.The catch is that Trump&#8217;s two-week ceasefire is running out.The agreement expires this week, with talks under way in Islamabad to produce either an extension or a collapse. As of Monday, the Strait had not been fully reopened, and both sides had already accused each other of violations.Korea is running away with 2026. But the next two weeks will decide whether April was the launchpad or the peak.<\/div>\n<p>[analyse_source url=&#8221;https:\/\/www.euronews.com\/business\/2026\/04\/21\/the-iran-wars-biggest-losers-are-now-2026s-top-performing-markets&#8221;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/72\/96\/20\/1200x675_cmsv2_8600cc4b-4f1c-566e-8d2c-52c49d9f9e0d-9729620.jpg&#8221;] Economy German business expectations fall to their lowest levels since 2022 North Korea Russia and North Korea connect road bridge ahead of summer opening Business Thales: Defence orders surge as Iran war drives military spending Travel News Looking inland: Portugal to boost regional tourism with \u20ac11m projects Economy German business expectations fall [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[90],"tags":[226,36],"class_list":["post-1894390","post","type-post","status-publish","format-standard","hentry","category-international","tag-crawlmanager","tag-euronews-com"],"_links":{"self":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/1894390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1894390"}],"version-history":[{"count":0,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/1894390\/revisions"}],"wp:attachment":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1894390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1894390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1894390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}