Last week’s key market movers:
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Geopolitical tensions between the US and Iran remained elevated - current key market focus with odds of ground troops deployed. Trump hinted that negotiations progressing well, but more marines are being sent to the area;
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Equity correction & risk‑off extreme: equities extending multi‑week losses, entering correction territory;
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Stagflation fears on the rise due to higher-for-longer energy prices + weakening growth and consumer sentiment;
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Extreme cross‑asset moves: bond yields rose, oil surged while gold fell sharply, highlighting forced positioning and liquidity stress.
Looking ahead:
- Iran military conflict (During the week): Potential land invasion will be the key concern markets will be assessing. Promising messages regarding end of the war from Trump vs. non-de-escalation reality are the key market concerns.