The global markets are still digesting three main themes: economic slowdown, energy risks, and prolonged high interest rates. The Reserve Bank of Australia has raised interest rates three consecutive times, warning of sticky inflation; energy and supply chain uncertainties support a hawkish stance. U.S. data shows signs of slowdown, with a trade deficit of $60.3 billion in March, and markets expect a delay in interest rate cuts. Geopolitically, the phase of US-Iran conflict has ended but tensions remain, with ongoing risks in energy supply and shipping. Bitcoin approaches $82k, but derivative structures are bearish, with negative funding rates, and the market is driven by liquidity, with risk appetite yet to return.