China A-shares opened higher then reversed: ChiNext Index down 1.0%, Shenzhen Composite Index down 1.39%, Shanghai Composite Index down 0.23%.

Strait of Hormuz 24-hour monitor: the current number of inbound VLCCs (very large crude carriers) has fallen sharply.

At the NATO summit in Ankara President Erdogan said the US has pledged aircraft, signaling a substantive thaw in defence ties frozen over Turkey’s purchase of Russia’s S-400 system. The Trump administration reportedly moved to bypass congressional restrictions to advance F110 engines and potential backing for Turkey’s F-35 participation, reflecting transactional diplomacy to court a geopolitically pivotal Ankara. The package drew strong opposition from Israel and other regional allies but directly bolstered confidence in Turkey’s defence supply chain and eased tensions on NATO’s southeastern flank in the near term. Macro/market takeaways: a warmer US‑Turkey relationship could prompt regional realignments after multi-front Middle East clashes, support TRY stabilization, and shift georisk premia from acute bilateral isolation toward a broader geopolitical tug-of-war.