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Markets bounced higher when the Iran ceasefire took place, but the situation remains uncertain, and many assets are likely to remain volatile, says Dr. Jacky Tang, the Private Bank's emerging markets CIO. Jacky also discusses why central banks are likely to remain cautious and the kick-off to Q1 earnings season.

In this PERSPECTIVES Viewpoint Commodities: Risks becoming reality, we examine how the duration of current disruptions and shifting macro conditions are likely to shape energy and metals markets over the coming months.

In a dramatic turn of events, just hours before US President Donald Trump’s deadline expired, both the US and Iran agreed to a two-week ceasefire, aiming to negotiate a sustainable peace agreement. Israel has also joined the ceasefire, though it specified that the arrangement does not extend to Lebanon. Read more.

In this PERSPECTIVES Special we examine how exposed European economies are, how this conflict differs from the 2022 energy crisis, and what this means for markets and policy. We present our latest scenarios and address the implications for investors as Europe navigates increasingly challenging crosswinds.

In this PERSPECTIVES Special, we explore how the Hormuz-specific conflict with Iran has become a defining macro shock, disrupting global energy flows, lifting inflation risks, and reshaping cross asset and regional market dynamics, with the US relatively insulated but still exposed to higher prices and tighter financial conditions.