Summary

• Macroeconomy: Renewed inflationary pressure combined with worsening geopolitical tensions delivered consecutive shocks to global risk assets. The Nasdaq and S&P 500 posted their largest monthly declines since March last year, while global equities broadly opened lower on Monday. Safe-haven flows rapidly shifted into gold and crude oil—both highly sensitive to geopolitical risk. Gold briefly surged above $5,300, and oil spiked to $75 before retracing, indicating a partial release of risk-off sentiment.

• Crypto Market: Amid escalating geopolitical conflict over the weekend, crypto markets were among the first…