Equities
- Favor value and cash-flow visibility
- Japan: strong but policy-sensitive
- China: tactical only
- Emerging markets: selective
Rates
- No clear pivot signal
- Duration risk remains asymmetric
FX
- USD remains structurally supported
- JPY at intervention threshold
- CNY تحت ضغط تدريجي
Commodities
- Oil capped near $100
- Gold lacks momentum despite macro noise