Good Morning Mail

Global markets are retreating as escalating Middle East tensions and the blockage of the Strait of Hormuz drive energy prices higher and spark risk-off sentiment. US tech shows sharp dispersion between memory strength and CPU weakness, while major Asian markets remain closed for holidays.

Key Takeaways

• 1.Middle East tensions, specifically the prolonged blockage of the Strait of Hormuz, are driving high energy prices and market volatility.
• 2.US Tech sector is experiencing significant dispersion; strength in Memory (MU +6%) and Neoclouds contrasts with weakness in CPUs (AMD, QCOM, ARM).
• 3.Asian markets, particularly Hong Kong, faced a pullback as risk-off positioning increased following overnight escalations in US-Iran tensions.

Table of Contents

• U.S. Recap
• Europe
• Asia
• Chart(s) of the Day
• Closed Markets
• Key Macro Events Today
• Sector and Factor Rotations
• Markets in a Nutshell
• Notice to Australian Investors
• Additional Disclaimers

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