CORE REGIME — Renewed US–Iran strikes and contested Hormuz navigation lift Oil and the inflation tail, while functioning nightly flows prevent a full supply panic. Fed, ECB, RBNZ and BoJ pricing is hawkish; long yields and narrow equity breadth keep ES/NQ fragile. AUD carries the strongest complete score, CAD and CHF the weakest, but physical escalation can override every relative-value signal.
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