Global Markets

Global markets are trading cautiously as investors balance optimism around
artificial intelligence and technology stocks against geopolitical risks
and upcoming economic data.

Asian markets were generally stronger, led by Japan and South Korea, while
mainland Chinese shares underperformed.

Equities

• The S&P 500 remains close to record highs despite recent volatility.
• Technology shares continue to benefit from strong AI-related demand.
• Investors are preparing for the start of the U.S. second-quarter earnings season.
• Major banks, healthcare companies, asset managers and streaming businesses are among the key upcoming reporters.

Commodities

Oil

Oil prices remain sensitive to developments in the Middle East and their
potential impact on global supply and inflation.

• Brent crude: approximately US$76 per barrel
• WTI crude: approximately US$72 per barrel

Gold

Gold has eased modestly as some safe-haven demand has softened, although
prices remain historically elevated.

Cryptocurrency

Bitcoin is trading near US$63,900, supported by improving
sentiment across technology and other risk-sensitive assets.

Economic Events to Watch

• U.S. Consumer Price Index
• U.S. Producer Price Index
• U.S. retail sales
• Federal Reserve commentary
• China’s GDP and trade data

These releases may influence expectations for interest rates, inflation
and global economic growth.

Main Market Themes

• AI and semiconductor demand continue to support technology shares.
• Geopolitical developments remain an important risk for oil and inflation.
• The earnings season will test whether current equity valuations are justified.
• Inflation data will remain central to expectations for future monetary policy.

Market Summary

Markets remain broadly constructive, supported by technology-sector growth
and expectations of solid corporate earnings. However, geopolitical risks
and upcoming inflation data are keeping investors cautious.