lower, as heightened geopolitical tensions and mounting economic uncertainty triggered a broad risk-off shift in global markets. The decline followed Israel’s preemptive strike on Iran, targeting its nuclear facilities and prompting immediate retaliation from Tehran via drone attacks.
The rapid escalation raised fears of a prolonged conflict in the Middle East, weighing heavily on investor sentiment. Adding to the bearish tone, US President Donald Trump renewed threats of unilateral tariffs to pressure trade partners, further clouding the global demand outlook.
Meanwhile, concerns over weakening demand from top consumer China continued to mount. Domestic smelters have increasingly turned to exports, indicating oversupply and sluggish local consumption.
