Global context: the fuse lit in the Middle East
After a brilliant recovery of the markets between April and May, June was marked by a military escalation in the Middle East that fueled a wave of risk-off sentiment. Investors reduced their exposure to riskier assets, resulting in an increase in perceived economic uncertainty.
Fortunately, the Geneva peace talks led to a temporary truce between the United States and China, culminating in a trade agreement that reduced tariffs and countermeasures by the end of the month.
These developments have marked the end of short-term commercial uncertainty, but they have highlighted the different nature of two crucial assets: Bitcoin and US tech stocks.