Global markets endured another turbulent session as escalating tensions in the Middle East, including aggressive rhetoric from both Iran and the United States, drove oil prices higher and fuelled risk aversion. European and US equities extended their declines, with energy stocks bucking the trend. Strong US macro data contrasted with the geopolitical gloom, but new US trade investigations under Section 301 added to uncertainty. Private credit concerns also intensified, weighing heavily on major alternative asset managers. Asian markets traded lower overnight, gold slipped despite its safe‑haven appeal, and investors now turn their attention to a packed economic data agenda. Joining our show today is Tim Gagie, Head of FX Advisory in Geneva, for the latest on currencies and metals.