Bank of America warns "oil-importing countries" are losing stock market funds, with safe-haven capital shifting to U.S. technology and defense sectors.

Golden Ten Data reported on March 6 that Michael Hartnett of Bank of America stated that investors may shift towards assets that are "beneficiaries of prolonged conflicts," at the expense of "oil-importing countries with minimal exposure to energy stocks" such as South Korea, Japan, and Europe. U.S. tech stocks and the global defense industry are sectors likely to benefit from this round of rotation. Since the U.S. and Israel launched attacks on Iran and the conflict escalated, this trend has already begun to emerge. European stock markets are heading for their worst weekly decline since the tariff turmoil in April last year, and the Nikkei 225 in Japan is experiencing a similar situation. The South Korean stock market has seen intense volatility, with the composite stock price index recording both a record drop and the largest single-day gain since 2008.