The embers are being fanned by a violent wind in the Middle East. The war in Palestine and the growing conflict between Israel and Iran are driving up the price of oil, which has been back in positive territory since ^{1 J}anuary, and consequently energy stocks, which had been penalised until now. The markets are fluctuating between fears of an intensification of the conflict in the Middle East, while remaining on tenterhooks over discussions on US customs barriers. The month of July is expected to deliver a ‘customs’ verdict, which is paralysing the financial markets in June. As a result, equity markets are in a holding pattern, posting broadly neutral performances compared with previous months of high volatility.

Interest rates were stable in June, leading to little movement on the bond markets. Only Swiss property prices have continued to rise since ^{1 Jan}uary. As for currencies, the USD is still under pressure, while the EUR remains strong. Gold followed oil with a clear advance in June, while Bitcoin hit a new all-time high.

The risk indicator fell in June, as did all the sub-indices except commodities.