Market Overview

• Tensions in the Middle East remain high, with further exchanges of missile and drone attacks occurring across the region.
• Yesterday’s session on Wall Street ended with modest declines. After an initially sharp sell-off, U.S. indices recovered a significant portion of their losses and ultimately closed the day slightly lower. The S&P 500 fell 0.3%, the Nasdaq Composite dropped 0.3%, and the Dow Jones lost about 0.4%.
• Markets reacted to reassuring comments from Israeli Prime Minister Netanyahu, who stated that the operation against Iran is proceeding as planned and that most of Iran’s missile infrastructure has been destroyed. He also added that decision-making in Iran is currently fragmented, which may indicate growing internal conflicts within the regime and the beginning of factional struggles.
• U.S. President Donald Trump said that the negative impact of the war with Iran has been less than expected and expressed confidence that the conflict will end soon. However, he did not rule out the possibility of a ground incursion into Iran.
• Europe and Japan are considering involvement in the Strait of Hormuz, focusing primarily on stabilizing missions rather than military action, though the details are still unclear. On Thursday, key European countries together with Japan announced in a joint statement that they would take steps to stabilize energy markets and are ready to participate in initiatives to ensure safe passage through the Strait of Hormuz.
• Brent crude fell below 110 USD per barrel. The decline was driven by signals suggesting that further attacks on Iran’s gas facilities are unlikely.
• Markets in Japan were closed for a public holiday, limiting liquidity in the Asian session. Elsewhere, the situation was mixed. South Korea’s Kospi rose slightly, as did India’s Nifty 50, while markets in Australia and Shanghai were weaker.
• The People’s Bank of China (PBOC) set today’s USD/CNY central parity at 6.8898 versus a forecast of 6.8773. 
• The PBOC also left its key interest rates unchanged, in line with market expectations. The one-year Loan Prime Rate (LPR) remains at 3.00%, while the five-year rate, important for mortgages, stayed at 3.50%.
• On precious metals, gold is recovering some of yesterday’s losses, surpassing 4650 USD per ounce, while silver remains under pressure, falling below 72 USD per ounce.
• On the cryptocurrency market, the picture remains mixed. Bitcoin is slightly up, holding above 70,000 USD, while Ethereum has edged lower, trading just below 2150 USD

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