Iran De-escalation Repriced Global Markets

The Iran conflict first pushed oil, yields, and equities toward an inflationary shock before de-escalation reversed much of that move. The energy shock nevertheless kept inflation and interest-rate policy at the center of global pricing, with the ECB tightening and markets retaining some Fed hike expectations.

Markets also repriced long-term stores of value and high-growth equity, as gold gained reserve-share leadership while SpaceX established a $2.2 trillion valuation despite gold's weaker defensive performance. Asian markets diverged as Indonesia defended its currency and tested foreign bond demand while Korea moved closer to a developed-market reclassification.