Markets are holding their footing, but the tone remains cautious rather than constructive. The sharp stress phase seen earlier has faded, yet there is still no clear catalyst for a sustained bullish trend.
Oil is hovering near key psychological levels, yields are steady but elevated, and equities continue to grind higher without strong participation.
Core View:
This is a stabilization phase, not a recovery trend.
The macro environment continues to be defined by:
• Tight financial conditions
• Sticky inflation expectations
• Selective risk appetite