Market drivers and catalysts
- Macro: A widening trade deficit met official reassurance on the debt burden
- Equities: Wall Street extended its record run while Asian memory names went the other way
- Volatility: Index volatility eased across every tenor and rates volatility fell hardest of all
- Digital Assets: Tokens sold off against record equity highs as a major ether fund restructured
- Commodities: Ship attacks in Black Sea and Hormuz lift oil and wheat; gold struggles for direction
- Fixed Income: French debt stress eases again. US treasuries quiet, but long-dated yield perched near 24-year highs.
- Currencies: USD firms again ahead of FOMC minutes. EURGBP eyes 17-month lows.










