Markets continue to hold steady, but the tone remains cautious rather than optimistic.
The sharp stress phase seen earlier has clearly faded, yet there is still no strong catalyst to drive a sustained bullish trend. Price action suggests stabilization, not expansion.
Core View:
This is a holding pattern, not a recovery phase.
The macro backdrop is still defined by:
- Tight financial conditions
- Persistent inflation expectations
- Selective and cautious risk-taking