Markets continue to show resilience, but the tone remains cautious rather than convincingly constructive. The earlier stress phase has faded, yet there is still no clear macro catalyst supporting a sustained bullish trend.
Oil is testing key psychological levels, yields remain elevated, and equities are grinding higher with limited breadth.
Core View:
This remains a stabilization phase, not a recovery cycle.
The macro backdrop is still defined by:
- Tight financial conditions
- Sticky inflation expectations
- Selective and uneven risk appetite