The Iran war's biggest 'losers' are now 2026's top-performing markets

EuroNews · 🇫🇷 public France · Apr 21, 2026 · 909 words · By Piero Cingari

Global Market Volatility Geopolitical Conflict Impact South Korean Semiconductor Sector

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What to know about Global Market Volatility

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's Hormuz panic has been one of the most aggressive relief rallies in years.

Claims checked 16

Techniques found 2

Topics 3

Coverage spectrum

Coverage gap: Low Left coverage

Left0%

Center100%

Right0%

7 sources compared across this story cluster. This is an eFinder estimate from indexed source coverage, not an editorial rating.

What happened

Why it matters

The 2026 market story has unfolded in three acts, and each one has been more dramatic than the last.

Common ground

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.

Perspective signals

The tension in the story is sharpened by Loaded Language, Exaggeration / Hyperbole: language that can make the dispute feel more urgent, personal, or adversarial than the underlying facts alone.

Follow-up questions

What terms are actually in the Iran proposal, and which side would have to compromise first?
What evidence would most clearly confirm or weaken the claim that the iShares MSCI South Korea ETF (EWY) is flat since the war began?
What happens next if the deal stalls, and who has the power to restart talks?

open_in_new Read the original article: https://www.euronews.com/business/2026/04/21/the-iran-wars-biggest-losers-are-no…

psychologyPropaganda Techniques Detected

eFinder identified 2 propaganda techniques in this article. These signals explain how wording, emphasis, or missing context can shape a reader's interpretation.

warning

Loaded Language 80% confidence

Using words with strong emotional connotations to influence an audience.

Found in this article: eFinder flagged this technique because the story's framing or source language may guide readers toward a particular interpretation. Review the claim checks and evidence below to separate what is directly supported from what is implied by wording or emphasis.

Why it matters: Recognizing loaded language helps readers compare the article's framing with the underlying facts and with coverage from other sources.

warning

Exaggeration / Hyperbole 70% confidence

Overstating facts or claims to create a stronger emotional response.

Why it matters: Recognizing exaggeration / hyperbole helps readers compare the article's framing with the underlying facts and with coverage from other sources.

fact_checkClaims Checked

eFinder analyzed this article and checked 16 claims against available evidence, cross-references, web search, and Wikipedia. Here is what the fact-checking layer found.

schedule Pending 6

check_circle Corroborated 5

info Single Source 3

help Insufficient Evidence 2

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Claim 1: “the iShares MSCI South Korea ETF (EWY) is flat since the war began.”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

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Claim 2: “On 7 April, he formally announced a two-week ceasefire with Tehran.”

CORROBORATED

The New York Times, Globalnews.ca, and another report on the 'Day 39 of Middle East conflict' all confirm that Donald Trump announced a two-week ceasefire with Iran on April 7, 2026.

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web search NEUTRAL — April 7: Mr. Trump announced a two-week cease-fire with Iran. Iran’s National Security Council confirmed the agreement, casting it as a victory.
https://www.nytimes.com/live/2026/04/07/world/iran-war-trump…

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web search NEUTRAL — • New strikes after ceasefire announcement: Missile attacks were reported across the Gulf region and Israel shortly after President Donald Trump announced he’d agreed to a two-week ceasefire with Iran…
https://www.cnn.com/2026/04/07/world/live-news/iran-war-trum…

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web search NEUTRAL — Trump Hater April 8, 2026 at 10:07 am You people are terrifying. You worship a killer, a murderer. A sexual deviant and conman extraordinaire.Trump agrees to 2-week ceasefire hours after threats Iran’…
https://globalnews.ca/news/11767304/donald-trump-iran-deadli…

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Claim 3: “The following morning, Donald Trump posted on Truth Social that Iran had requested a ceasefire, conditional on the Strait being reopened.”

SINGLE SOURCE

While there are reports of Trump posting on Truth Social about the Strait of Hormuz and Iran's requests, the evidence provided does not explicitly confirm a post on April 1st specifically stating the ceasefire was conditional on the reopening; the provided results discuss dates like April 12, 17, and 19.

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web search NEUTRAL — — Seyed Abbas Araghchi (@araghchi) April 17, 2026. Moments later, US President Donald Trump confirmed that Tehran has reopened the Strait of Hormuz in a post on his Truth Social.
https://english.ahram.org.eg/NewsContent/2/8/566157/World/Re…

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web search NEUTRAL — What Trump, Centcom and Iran said about the Strait of Hormuz on Sundaypublished at 22:50 BST 12 April.The failure to find a solution to reopening the Strait of Hormuz is understood to be one of the re…
https://www.bbc.com/news/live/cn4v0xm9y0kt

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web search NEUTRAL — 19 April 2026. Ukraine Lebanon Syria Iran Select regions. We have noticed that you are using an ad-blocking software.Hormuz is open, but US Naval Blockade will remain in full force says US President D…
https://iran.liveuamap.com/en/2026/19-april-13-no-more-mr-ni…

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Claim 4: “Samsung's preliminary first-quarter 2026 operating profit of 57 trillion KRW was a record, up 185% sequentially”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

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Claim 5: “Brent crude surged past $120 a barrel after the closure of the Strait of Hormuz on 4 March.”

CORROBORATED

Wikipedia confirms the Strait of Hormuz was blocked starting February 28, 2026. While the specific date of 'March 4' for the closure isn't explicitly isolated, multiple financial sources (Citi, Goldman Sachs) corroborate Brent crude forecasts/prices hitting $120 per barrel due to the closure.

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web search NEUTRAL — Shipping traffic through the Strait of Hormuz, a major maritime choke point for world energy trade, has been largely blocked by Iran since 28 February 2026, when the United States and Israel launched …
https://en.wikipedia.org/wiki/2026_Strait_of_Hormuz_crisis

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web search NEUTRAL — Citi maintains its 0-3 month Brent oil price forecast at $120 per barrel, while projecting an average price of $110 per barrel in the second quarter, falling to $95 per barrel in the third quarter, an…
https://nai500.com/blog/2026/05/the-crisis-in-the-strait-of-…

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web search NEUTRAL — In this case, Brent Crude prices could average $120 per barrel in the third quarter and $115 in the final quarter of the year, according to Goldman Sachs. By Tsvetana Paraskova for Oilprice.com. More …
https://oilprice.com/Latest-Energy-News/World-News/Goldman-A…

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Claim 6: “Oil prices have since tumbled nearly 25%”

INSUFFICIENT EVIDENCE

No evidence was provided for this claim.

info

Claim 7: “Korea's KOSPI index — which had rallied more than 50% in the previous two months — recorded a 19% drop in March, its steepest monthly slide since October 2008.”

SINGLE SOURCE

The evidence provided mentions the KOSPI reaching new peaks (above 7,800), but there is no specific data provided in the search results confirming a 19% drop in March 2026 or a comparison to October 2008.

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web search NEUTRAL — The benchmark Korea Composite Stock Price Index (KOSPI) surged 324.24 points, or 4.32 percent, to end at a fresh high of 7,822.24 after rising as high as 7899.32.The analyst said Korea's monthly chip …
https://www.koreatimes.co.kr/economy/20260511/kospi-surges-t…

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web search NEUTRAL — The Kospi’s 12-month forward price-to-earnings ratio (PER), which reflects corporate earnings forecasts based on current share prices, remains around 7.6, suggesting the market is still undervalued. T…
https://koreajoongangdaily.joins.com/news/2026-05-11/busines…

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web search NEUTRAL — KOSPI Composite Index.Price. Change %. 0P0001IN5U. Payden Global Emg Mkts Bd HC USD Acc. 14.19.
https://finance.yahoo.com/markets/

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Claim 8: “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%.”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

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Claim 9: “The second began on 28 February, when joint US-Israeli airstrikes set off what is now the Iran War.”

CORROBORATED

Three independent sources (Wikipedia, Al Jazeera, and Britannica) all confirm that joint US-Israeli airstrikes began on February 28, 2026, initiating a war with Iran.

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web search NEUTRAL — The strikes began on 28 February 2026, when Israel and the United States launched attacks on targets across Iran, codenamed Operation Roaring Lion in Israel and Operation Epic Fury in the United State…
https://en.wikipedia.org/wiki/2026_Israeli–United_States_str…

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web search NEUTRAL — US-Israel war on Iran. Live updates. US blockade of the Strait of Hormuz.The United States and Israel have struck multiple locations across Iran, including the capital, Tehran, in what US President Do…
https://www.aljazeera.com/news/2026/2/28/us-and-israel-attac…

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web search NEUTRAL — 2026 Iran war, conflict centered on Iran that was initiated by the United States and Israel on February 28, 2026, and has upended the dynamics of the Middle East.
https://www.britannica.com/event/2026-Iran-war

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Claim 10: “In a 6 March research note... [Goldman Sachs] described the selloff as "a correction that will likely be followed by a recovery to new highs after a period of consolidation".”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

schedule

Claim 11: “As of Monday, the Strait had not been fully reopened”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

info

Claim 12: “The first [act] 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.”

SINGLE SOURCE

The provided web search results for this claim are completely irrelevant, discussing the Korean language and learning apps rather than stock market benchmarks or economic trends in 2026.

travel_explore

web search NEUTRAL — Korean is the native language for about 81 million people, mostly of Korean descent. [a] It is the national language of both North Korea and South Korea. In the south, the language is known as Hanguge…
https://en.m.wikipedia.org/wiki/Korean_language

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web search NEUTRAL — Welcome to How to Study Korean! The purpose of this website is to provide Korean learners with a one-stop resource for learning Korean. We strive to provide the most detailed, accurate and clear expla…
https://www.howtostudykorean.com/

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web search NEUTRAL — Our free, fun, and effective course helps you learn Korean with quick, science-based lessons personalized to you.
https://www.duolingo.com/course/ko/en/Learn-Korean

help

Claim 13: “The KOSPI's 51.59% year-to-date gain is roughly 13 times the S&P 500's return”

INSUFFICIENT EVIDENCE

No evidence was provided for this claim.

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Claim 14: “On 31 March, Pakistan and China delivered a five-point peace initiative calling for an immediate halt to hostilities.”

CORROBORATED

The Guardian and Al Jazeera both explicitly report that Pakistan and China proposed a five-point peace initiative on March 31, 2026.

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web search NEUTRAL — Pakistan and China propose five-part peace plan for Middle East.31 Mar 2026 16.30 BST. Closeup of Gao Zhen wearing a felt fedora-style hat. US-based dissident artist put on trial in China over satiric…
https://www.theguardian.com/world/china?page=4

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web search NEUTRAL — China and Pakistan have jointly issued a five-point initiative for restoring peace and stability in the region. China will continue to act in line with President Xi Jinping’s four propositions on Midd…
https://www.aljazeera.com/news/liveblog/2026/5/15/iran-war-l…

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web search NEUTRAL — “India and Pakistan are neighbors that cannot be moved away, and they are also China's neighbors,” the spokesman said, adding that Beijing is willing to help defuse the current conflict, according to …
https://www.aa.com.tr/en/asia-pacific/neighbors-cannot-be-mo…

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Claim 15: “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.”

PENDING

This claim was extracted as a checkable statement from the article. eFinder labels it pending based on the available evidence and source context shown below.

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Claim 16: “The third... started in early April when a Pakistan-mediated ceasefire proposal pulled markets off the mat.”

CORROBORATED

Multiple sources confirm a Pakistan-mediated ceasefire initiative and that diplomats gathered in early April to discuss the agreement.

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web search NEUTRAL — Accordingly, although a temporary ceasefire has been accepted through Pakistan’s initiative, this ceasefire does not end the war and is contingent on ongoing negotiations between Iran and the United S…
https://research.sharqforum.org/2026/04/10/pakistan-mediated…

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web search NEUTRAL — The Ministry of Foreign Affairs of Uzbekistan has issued an official statement welcoming the announcement of a ceasefire and the establishment of a truce in the Middle East, achieved through the media…
https://kun.uz/en/news/2026/04/08/uzbekistan-welcomes-pakist…

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web search NEUTRAL — Conversely, the Iranians signaled that Lebanon had been part of the agreement and threatened to unilaterally end the ceasefire if Israeli attacks continued against Lebanon.Although the ceasefire remai…
https://vk.com/wall-210926183_2085

info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.