Market flash: Early this morning local time, air‑raid sirens sounded across multiple locations in Kuwait.

欧元区4月欧洲央行1年CPI预期 4%，前值4.00%。

Bank of China Securities said markets remained volatile at elevated levels this week. Structurally, previously strong technology sectors faced profit-taking as capital rebalanced from crowded high-fliers into lower-valued, higher-certainty sectors. Drivers: oil prices remain elevated; expectations of tighter offshore liquidity have strengthened recently; Kevin Warsh formally assumed the Fed chair and market odds of a hawkish U.S. policy path have risen. Market pricing for a Fed rate increase in 2026 has notably increased. The combination of high oil and higher rates has materially compressed the space for global liquidity easing. On the sector side, anticipated summer peak power demand supports utilities and coal supply tightness is driving prices higher; amid greater market volatility and muted fundamentals, investors are placing higher weight on dividend yields and lower-risk valuation cushions.