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Geopolitical tensions + US-China trade tensions = risk off markets.
Markets are paring back hopes for a de-escalation in the ongoing Middle East conflict, while China's just-launched investigations into US trade practices add to the downcast sentiment across major financial assets:
Brent Oil (Bybit: UKOUSD): +2.5%, trading around $108/bbl
Gold (Bybit: XAUUSD+): +0.9%, still keeping within the $4350 - $4600 range for most of this week