Two key geopolitical updates landed back-to-back ❗

Iran made its position clear to the outside world: at present, it is not holding any negotiations with the United States;
It also revealed that talks with Oman concerning the Strait of Hormuz are unrelated to the U.S. side.

While it continues to send easing signals, market stress has been alleviated. The geopolitical risk-driven hedging premium is gradually fading, which is weighing on risk assets. In the short term, it still remains a rebound-with-bearish-bias outlook. #直通IPO第二期JerseyMikes