Global markets remain in a fragile stabilization regime driven primarily by energy-market volatility and geopolitical developments around the Strait of Hormuz.
Key Themes
- Persistent geopolitical risk premium in oil
- Markets adapting to shocks faster than fundamentals improving
- Strong earnings continue supporting equities despite macro pressure
- Rising yields limiting valuation expansion
Core Assessment
Markets remain resilient tactically, but structurally vulnerable.
The dominant macro variable is still oil.