Global markets faced heightened volatility this hour as geopolitical tensions intensified, driving a risk-off environment marked by a surge in oil prices and a broad bond market sell-off. The expiration of the U.S.-Iran ceasefire, compounded by concerns over the Strait of Hormuz, pushed Brent crude above $90 per barrel, while the German 10-year Bund yield hit its highest level since 2011, signaling an escalating global bond rout. European equity markets are trending toward their longest losing streak since 2025, pressured further by these rising borrowing costs and energy prices. Simultaneously, conflict in Eastern Europe escalated significantly, with Russia reporting a major Ukrainian drone barrage involving over 600 UAVs targeting Moscow and surrounding infrastructure, leading to civilian injuries and regional air traffic suspensions. Amid this climate, gold retreated due to higher Treasury yields. In corporate activity, the macro headwinds impacted specific sectors, with salmon producers presenting mixed results—Mowi reported 23% profit growth on record volumes, while Salmon Evolution faced margin pressure from weak market prices. Meanwhile, the technology sector saw notable shifts; Innolux is pivoting toward packaging amid display market weakness, Coherent remains buoyed by interest in its new SiC substrates, and Chinese robotics developer Unitree is signaling a potential IPO that could catalyze regional fundraising. Meta drew scrutiny for implementing migration warning prompts that redirect users to UN-affiliated asylum and resettlement resources. Additionally, government-linked software activity remains active, with cBrain and Made Tech both announcing significant state contracts.