Global markets are entering a phase of tactical stabilization following recent geopolitical disruptions, particularly those impacting energy supply dynamics.
However, this stabilization should not be misinterpreted as a transition into a sustained risk-on environment.
Key themes:
• Persistent geopolitical risk premium
• Oil acting as the dominant macro driver
• Institutional positioning remains cautious
Bottom line:
The market is stable — but lacks conviction for a structural upside move.