CITIC Securities: Middle East Conflict Tests Global Resilience; Strait Of Hormuz
Shows Signs Of Resumed Navigation; US To See Uneven Moderate Growth This Year;
EU Recovery Delayed; Japan Private Demand Hit By Energy Shortages; High Oil
Pushes Global inf; US/EU inf To Remain Elevated This Year; Japan inf To Stay
Moderate; Fed Likely No Cuts This Year; ECB, BOJ Could Hike Soon; Loose Fiscal
Stance In Japan, Europe Adds Market Risk; Maintain US Stocks > US Treasuries;
Dollar Index Supported; Gold To Recover As Tail inf Risk Eases
