Indian equities are navigating a volatile phase as geopolitical tensions trigger a sharp correction. With markets down nearly 8–9% since the war began—and about 15% from their peak—valuations are beginning to look appealing. Yet, uncertainty around oil prices and the duration of the conflict continues to cloud the outlook.

Market expert Aman Chowhan from Abakkus Asset Manager believes the correction has opened up opportunities, albeit with caution.

“Yes, prices are definitely attractive… otherwise we would have been in much better shape. Hopefully, when the war ends, oil will be back to 60–70, giving a reason to look at equity and maybe another 5–10% move over the next 12 months.”

Oil Remains the Key Risk

The biggest variable, according to Chowhan, is crude oil. If prices stay elevated, the broader market could face deeper challenges. “If the war prolongs… nine out of ten companies would be negatively impacted. Trade deficit goes haywire, currency goes haywire… we can see another 5% to 10% shaved out of Nifty.”

Cost Pressures Already Visible
Even before earnings fully reflect the impact, companies are beginning to feel the heat from rising input costs. “Plastic prices are up 30–40%… some companies are feeling the pinch. The full impact will be visible in the first quarter.”
Few Safe Havens
The correction has been broad-based, and sectoral immunity is limited. “Pharma and IT are relatively less impacted… but IT has its own challenges. Banking also gets indirectly impacted… not much remains unimpacted.”
Strategy: Focus on Valuation, Not Size
With smallcaps falling more sharply than largecaps, investors face a familiar dilemma. Chowhan suggests focusing on fundamentals over market cap. “High PE stocks have not performed… the bounce will happen in reasonably valued stocks. Over 3–5 years, mid and smallcaps can give better returns if one can handle volatility.”

Where Value is Emerging
Despite near-term disruptions, select sectors are starting to offer value. “Engineering and EPC look attractive… IT midcaps valuations are looking good. Financials are fairly priced and can still deliver 20–30% returns.”

Private Banks Still Preferred
Within financials, the preference remains clear. “Preference is towards private banks… and selectively non-fund-based financials like NBFCs, broking and AMC companies.”

The Bottom Line
While valuations are turning favourable, markets remain hostage to global developments—especially oil. Investors may find opportunities, but discipline, stock selection, and a long-term perspective will be critical in navigating this uncertain phase.

As the 2026 FIFA World Cup draws near, soccer’s eternal question echoes louder than ever: If Cristiano Ronaldo lifts the trophy with Portugal, will he finally claim the title of undisputed Greatest Of All Time?

The Portuguese superstar, who turns 41 during the tournament co-hosted by the United States, Canada and Mexico, has confirmed 2026 will be his last World Cup — and quite possibly the final chapter of his playing career. Ronaldo has already qualified for a record sixth appearance, having led Portugal through UEFA qualifying despite a red card suspension in November 2025.

Portugal secured its spot with a 9-1 thrashing of Armenia while Ronaldo watched from the sidelines, extending his remarkable international longevity. The five-time Ballon d’Or winner has scored a men’s world-record 143 international goals and continues to defy age at Al Nassr in Saudi Arabia, where he signed a contract extension through 2027.

Yet one prize has eluded him: the World Cup. Ronaldo’s best finishes remain quarterfinal exits in 2006 and 2010, with Portugal falling in the round of 16 in 2014 and 2018, and the quarterfinals again in Qatar 2022. Lionel Messi’s triumph with Argentina in 2022 shifted the GOAT conversation heavily in the Argentine’s favor for many observers. A Portuguese victory in 2026 would neutralize that argument for Ronaldo’s supporters.

Portugal coach Roberto Martinez has been unequivocal: Ronaldo does not need a World Cup to be considered the greatest. “He will be the greatest player ever, whether he wins the World Cup or not,” Martinez said in a February 2026 interview. The coach praised Ronaldo’s relentless work ethic, professionalism and impact on the sport beyond any single trophy.

Still, the narrative persists. Fans and pundits widely view the World Cup as the ultimate measure of legacy in international football. Messi’s 2022 success — capped by a memorable final against France — cemented his place for legions of admirers who argue it completed his résumé in a way Ronaldo’s club dominance could not match.

Ronaldo himself has never shied from the debate. He maintains he is the GOAT “of course,” pointing to his record-breaking goal tallies, Champions League triumphs and consistent excellence across multiple leagues. At 41, he remains a goal-scoring machine, recently revealing through fitness tracker WHOOP that his biological age registers as low as 28.

Teammates echo the optimism. Midfielder Vitinha declared Portugal must be viewed among the favorites for 2026, citing the squad’s depth and Ronaldo’s leadership. Former Spain coach Luis Enrique agreed, calling Portugal one of the teams “capable of winning the World Cup” thanks to its individual quality.

The expanded 48-team format gives Portugal a favorable path as a top seed. Should they top their group, favorable matchups could await in the knockout stages. Ronaldo’s presence, even if limited by age or a potential lingering suspension from qualifying, would carry symbolic weight. He has already hinted he could play a mentor or impact-sub role if needed, though his competitive fire suggests he will fight for starts.

Analysts note that a Ronaldo-led title would not end the debate but would reopen it forcefully. Ronaldo’s club achievements dwarf many legends: five Champions League titles, league titles in England, Spain and Italy, and nearly 900 club goals before adding hundreds more internationally. He stands on the brink of 1,000 career goals, a milestone that would further bolster his statistical case.

Messi, by contrast, boasts superior playmaking numbers, dribbling mastery and a more decorated international record post-2022, including Copa América titles. Many argue Messi’s natural talent edges Ronaldo’s manufactured excellence, while Ronaldo’s backers highlight his physical transformation, mental resilience and clutch performances.

A 2026 final pitting Portugal against Argentina — a dream scenario for fans — would add cinematic drama. Yet even without that showdown, Ronaldo hoisting the trophy at 41 would rank among sport’s greatest underdog stories, rivaling his own journey from Madeira to global superstardom.

Portugal enters 2026 with genuine contenders’ credentials. The squad blends youthful talent — Bernardo Silva, Bruno Fernandes, Rafael Leao — with experienced figures around Ronaldo. Recent Nations League success demonstrated their ability to compete against elite sides.

Ronaldo’s qualifying red card against Ireland raised questions about his temperament and fitness, but his quick recovery and continued scoring form have quieted doubters. He missed the decisive Armenia qualifier but celebrated enthusiastically on social media: “We’re in the World Cup! Let’s go Portugal!”

Injuries have occasionally sidelined him in early 2026 club action, yet his longevity remains unmatched. No male player has appeared in six World Cups; Ronaldo would join Messi as the only two to achieve the feat.

Pundits remain divided on legacy impact. Some insist a single tournament cannot erase decades of head-to-head comparisons. Others believe the World Cup’s unique prestige would tilt the scales. Former players like Emile Heskey have backed Ronaldo’s ability to chase even the Golden Boot at 41, citing his record-breaking mentality.

The financial and commercial stakes are enormous. A Ronaldo World Cup win would boost his already massive brand, potentially influencing Ballon d’Or voting and endorsement deals. FIFA itself would celebrate the narrative of one of its greatest ambassadors closing his international career in glory.

For Portugal, a first-ever World Cup title would transcend Ronaldo. The 2016 European Championship victory — secured without him on the pitch in the final due to injury — already elevated the nation. A 2026 triumph would cement its place among football’s elite.

Ronaldo has spoken candidly about retirement timelines, suggesting he may hang up his boots within one or two years after 2026. A victory would provide the perfect send-off; failure would not diminish his unparalleled body of work, according to supporters.

As qualification wrapped in late 2025, Ronaldo continued training rigorously. His biological metrics suggest he can still produce at the highest level, though managing minutes will be key for coach Martinez.

The GOAT conversation has evolved since Messi’s Qatar heroics. Polls and social media remain split, often along national or stylistic lines. Ronaldo’s fans emphasize volume and versatility; Messi’s highlight creativity and efficiency.

Should Portugal prevail in 2026, expect an explosion of revisionist history. Ronaldo would join an exclusive club of players who delivered at the pinnacle when it mattered most in their twilight. His story — from humble beginnings to record books — would gain another unforgettable chapter.

Even Martinez’s strong endorsement that Ronaldo needs no World Cup for GOAT status acknowledges the public’s hunger for that crowning moment. The coach’s words reflect a broader truth: greatness is multifaceted, encompassing leadership, inspiration and statistical dominance alongside silverware.

With less than three months until the tournament opener, speculation intensifies. Bookmakers list Portugal among dark horses, behind traditional powers like Brazil, France, Argentina and England, but ahead of many others in an expanded field.

Ronaldo’s mere participation already writes history. Leading his country to glory would rewrite it further. Whether that makes him the sole GOAT or simply strengthens his claim remains subjective — a debate likely to rage long after both icons retire.

For now, the 41-year-old focuses on preparation, fitness and one final shot at football’s ultimate prize. “I feel very good,” he said recently. “I score goals, I still feel quick and sharp.”

If that sharpness carries Portugal to the summit in North America, the football world may never view Cristiano Ronaldo the same way again. The GOAT debate, far from settled, would gain fresh fuel — and perhaps a new champion in the eyes of millions.

The ongoing US-Iran war has exposed Australia’s precarious fuel security, with stockpiles dipping to roughly 30-36 days for key products and petrol prices surging toward A$2.20 per litre, but the crisis is also fast-tracking the nation’s shift to sovereign green hydrogen production as policymakers and industry leaders seize the moment to reduce dependence on imported fossil fuels.

Energy Minister Chris Bowen and senior officials have described the situation as a “national fuel crisis,” prompting emergency releases from domestic reserves, temporary relaxation of fuel quality standards and calls for greater self-reliance. With the Strait of Hormuz partially disrupted and global oil prices spiking above US$100 per barrel, the conflict has underscored vulnerabilities in Australia’s import-heavy refined fuel supply chain despite the country’s status as a major exporter of crude, LNG and coal.

International Energy Agency Executive Director Fatih Birol, speaking in Canberra on March 23, warned that no country is immune if the conflict drags on, labeling it a “major, major threat” to the global economy. Australia, holding far below the IEA’s recommended 90-day net import coverage, has joined coordinated stockpile releases but is now confronting the limits of relying on distant supply chains.

In response, voices across government, industry and think tanks are invoking the adage “never waste a crisis.” The war is providing fresh political and economic impetus to accelerate green hydrogen initiatives that were already central to Australia’s long-term energy strategy but had faced headwinds from high costs, project delays and investor caution. Green hydrogen — produced via electrolysis using renewable electricity — offers a pathway to domestic energy security, export revenue and decarbonization of hard-to-abate sectors such as heavy industry, shipping, aviation and chemicals.

Australia’s updated National Hydrogen Strategy, bolstered by solar and wind resources, positions the country to become a global supplier. Federal funding commitments exceed A$8 billion, including the A$6.7 billion Hydrogen Production Tax Incentive over 10 years and additional support through the Hydrogen Headstart program. Recent announcements include A$814 million for the 1.5 GW Murchison Green Hydrogen Project in Western Australia and A$283 million for Orica’s green hydrogen initiative aimed at decarbonizing explosives and ammonia production.

Large-scale projects are gaining momentum in the Pilbara region and elsewhere. The Australian Renewable Energy Hub (AREH), revived after BP’s withdrawal, secured A$21 million in federal funding in February 2026 to advance a 26 GW renewable complex that could produce up to 1.6 million tonnes of green hydrogen annually for green iron and ammonia exports. The Western Green Energy Hub envisions 50 GW or more of renewables across 15,000 square kilometers to generate millions of tonnes of green hydrogen and ammonia.

Proponents argue the Iran crisis highlights the strategic value of sovereign green hydrogen. Unlike oil and gas, which rely on vulnerable sea lanes, green hydrogen can be produced domestically using abundant sunshine and wind, creating a more resilient energy system. It also aligns with Australia’s goal of becoming a “renewable energy superpower” while addressing cost-of-living pressures from fuel price spikes that are feeding inflation.

Critics of the pace of transition note that green hydrogen remains expensive to produce at scale — currently A$5-10 per kilogram — and many projects have stalled or been canceled due to uncertain offtake agreements and integration challenges. Some analysts caution that hydrogen cannot immediately replace diesel in agriculture, mining or long-haul transport, where electrification or biofuels may play larger near-term roles. Others point out that synthetic fuels derived from green hydrogen could eventually help, but scaling requires massive renewable electricity build-out and infrastructure.

Still, the crisis is shifting the debate. National Cabinet discussions on fuel security have included explicit references to accelerating the green transition. Treasury modeling suggests prolonged high oil prices could shave GDP growth and push inflation higher, making domestic clean energy alternatives more attractive. Calls for a windfall tax on fossil fuel exporters to fund hydrogen and renewables have intensified, with some estimates suggesting a 25% levy on gas exports could raise up to A$17 billion annually.

Industry leaders are responding. Fortescue is advancing green iron projects using solar-powered hydrogen, while other developers eye Pilbara hubs for green ammonia exports to Asia and Europe. The government’s Future Made in Australia plan channels additional billions into critical minerals and hydrogen-related innovation, including skills training centers.

The IEA and other observers note that countries with strong renewable resources like Australia could emerge as winners from the current shock if they invest wisely. Birol has encouraged Australia to leverage its solar and wind potential to build resilient transport energy systems less vulnerable to geopolitical disruptions.

Challenges remain. Hydrogen production demands vast amounts of cheap renewable power, water resources and export infrastructure such as dedicated ports and pipelines. Community acceptance, grid connections and workforce development are also hurdles. Some projects face delays from environmental approvals or financing gaps.

Yet the Iran war has injected urgency. With diesel shortages threatening regional Australia and panic buying reported in some areas, the case for diversifying away from imported fuels has strengthened. Electrification of light vehicles, combined with green hydrogen for heavier applications, is viewed as a dual strategy to enhance security.

As the conflict enters its fourth week with no swift resolution in sight, Australian officials are balancing short-term measures — such as boosting local refining where possible and securing alternative import sources — with long-term planning. The May budget is expected to reflect these priorities, potentially including further incentives for hydrogen and critical minerals.

For a nation rich in sunshine, wind and critical resources, the crisis presents an opportunity to turn vulnerability into strength. Green hydrogen could not only power domestic industry and transport but also position Australia as a reliable supplier to allies seeking to reduce their own dependence on volatile fossil fuel markets.

Whether the current shock translates into accelerated action or merely temporary rhetoric will depend on political will and investment follow-through. For now, the phrase “never waste a crisis” is echoing in boardrooms and cabinet rooms across the country as Australia charts a path toward greater energy sovereignty through green hydrogen.

The coming months will test whether the Iran war becomes the catalyst that propels Australia’s hydrogen ambitions from aspiration to reality, securing both economic resilience and a cleaner energy future.

UK inflation remained at three per cent in the year to February

Inflation in the year to February remained well above the Bank of England’s target rate in the final piece of price data covering the period before warfare in the Middle East erupted. The Office for National Statistics (ONS) disclosed that CPI inflation over the 12-month period stood at three per cent, holding steady from the previous month.

City economists anticipated inflation to remain at three per cent, matching the reading for the year leading up to January. Analysts are expected to be troubled by official figures demonstrating that inflation remained considerably above the Bank of England’s two per cent target, even before President Trump and Prime Minister Netanyahu launched strikes in Iran at the beginning of March.

Policymakers at the Bank of England may search for more nuanced indicators that inflation was moderating in data published on Wednesday prior to the war, as reported by City AM.

Services inflation, which can help gauge the impact of wage costs on firms, eased marginally to 4.3 per cent whilst core inflation, which excludes volatile food and energy items, stood at 3.2 per cent.

It is improbable, however, that Bank rate-setters will scrutinise the latest inflation figures too closely.

The Confederation of British Industry’s lead economist Martin Sartorius described the data as “old news” and suggested a return to the two per cent inflation target may only materialise next year.

Chancellor Rachel Reeves said the government’s approach to tackling inflation as “responsive and responsible” in the face of an “uncertain world”.

The Middle East conflict has resulted in the blockade of the Strait of Hormuz, the vital waterway responsible for approximately a fifth of global oil and gas supplies, along with fertilisers and essential chemicals.

The international benchmark for oil prices approached $120 per barrel at the height of the conflict, surging from roughly $68 prior to the war’s outbreak. The Brent Crude oil price remained above $100 during Tuesday’s trading session.

The UK natural gas futures price has rocketed by more than 80 per cent since hostilities began.

A sharp rise in energy prices across financial markets has already fed through into higher fuel costs at petrol stations, whilst Britons have been cautioned that the Ofgem price cap will reflect changes from July.

Prior to the war, the Bank of England indicated inflation would decline to its target rate from April. It has now adjusted inflation projections for next month upwards to three per cent, with additional increases anticipated in following months.

During its meeting last week, the Bank’s Monetary Policy Committee cautioned it remained “ready to act” should prices surge higher.

In a speech on Tuesday, chief economist Huw Pill said uncertainty could not serve as an “excuse” as the Bank concentrated on restoring price stability.

Economists at Wall Street banks have suggested that interest rates could be raised twice amid concerns that households and businesses were more vulnerable to cost of living pressures.

WPI Strategy economist Martin Beck indicated it was “more likely” that the MPC would “sit tight” and maintain interest rates for an extended period.