Risks rise, but the bull won’t budge

Middle East tensions are back in focus as the US-Iran ceasefire nears its end and Israel strikes Lebanon, yet oil prices remain surprisingly calm as Gulf producers find alternative ways to keep crude flowing. Bond markets look more nervous: Japanese, Australian and New Zealand yields are pushing higher, but equities start the week on a positive note. Oil remains a crucial risk: another push higher could revive inflation fears, lift yields and challenge the rally. But as long as the latter is contained, the strong Q2 earnings, particularly from energy companies and banks, will likely continue to support risk appetite despite mounting geopolitical and economic risks. Listen to find out more! Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.