Macro update
Geopolitics weigh on risk sentiment: Asian equities fell and European futures pointed lower as renewed US-Iran strikes in the Gulf undermined a fragile truce and kept investors risk-averse.
Oil remains elevated despite pullback: Brent and WTI eased after recent sharp gains but stayed above $100 per barrel, with disruption risks in the Strait of Hormuz maintaining a geopolitical risk premium.
Energy supply concerns persist: US naval escorts have enabled limited shipping flows, but Iranian attacks and damage to regional infrastructure continue to threaten a route carrying roughly 20% of global oil supply.
Safe-haven demand supports dollar: The US dollar strengthened amid geopolitical uncertainty, while gold edged higher and broader market moves remained relatively contained without full escalation.
Yen intervention speculation continues: The yen stabilised after recent sharp gains, with markets watching for further action from Tokyo as authorities defend levels near 160 against the dollar.
Central banks and earnings in focus: The RBA delivered a third rate hike this year, while investors look ahead to US payrolls data and major earnings, with S&P 500 results continuing to beat expectations.