WS #10492

The dominant signal in this window is a broad risk-off move driven by a tech selloff, with S&P 500 futures down 0.9% and Nasdaq futures down 1.6%, while European futures also slipped (Eurostoxx -0.9%, DAX -1.0%, FTSE -1.0%). Brent crude fell over 1% to $77.04/bbl as markets eye recovery of Hormuz flows, partially offsetting prior supply concerns. Bitcoin slipped toward $63,000, tracking the tech rout. China announced measures to boost auto after-sales consumption, a minor positive for Chinese EV makers. Deutsche Bank cut gold price forecasts by up to 22%, citing fading investment demand. The Ukraine drone strike on Crimea oil depot is a continuation of existing conflict, not a new escalation. The South Korea-Ukraine discussion on North Korean POWs is a new diplomatic angle but unlikely to move markets near-term. Overall, the macro narrative is a tech-led risk-off rotation, with oil easing as a counter-signal to prior supply fears.