Latest news from British media: The ceasefire agreement between the US and Iran may take effect on the 6th, and Pakistan has drafted a framework plan to first achieve an immediate ceasefire and reopen the Strait of Hormuz. As soon as the news broke, international oil prices fell sharply, and safe-haven assets showed clear divergence. However, contrary to common sense, gold did not drop significantly but fluctuated around the $4600 mark.

What does this indicate? The market has already reacted in advance to the pricing of 'ceasefire'; the details of execution after the agreement and the pace of sanctions relief are what truly affect the medium to long-term trends. Historical experience shows that the initial period of geopolitical easing is often accompanied by amplified volatility, as funds reassess the risk premium.

The essence of asset allocation is managing uncertainty. A ceasefire is progress, but not the finish line. Within the trifecta of compliance frameworks, execution rhythm, and regional dynamics, a single narrative investment logic is losing its effectiveness.

Are you more bullish on a rebound in risk assets after the situation cools down, or do you think volatility itself is the new normal? During periods of heavy news flow, do you lean more towards a defensive position adjustment or an aggressive one?