Last week, global financial markets continued their volatile rotation. News of a potential delay to OpenAI's IPO triggered a sell-off across the AI ​​industry chain, with chip stocks leading the decline. US tech stocks were under pressure, with the S&P 500 falling over 1% and the Nasdaq down nearly 4%. Meanwhile, funds continued to flow into defensive sectors such as healthcare and finance; the gradual resumption of shipping in the Strait of Hormuz caused international oil prices to plummet by nearly 10% this week; the US dollar retreated from its highs, gold saw a technical rebound, while the cryptocurrency market remained weak, with Bitcoin barely holding above the $60,000 mark.

The latest US consumer confidence data was better than market expectations, and inflation expectations also improved, easing market concerns about continued price deterioration. However, Federal Reserve officials have not completely turned dovish. Minneapolis Fed President Kashkari stated that, influenced by the Middle East situation pushing up inflation, he currently expects the Fed will still need to raise interest rates once more this year.

Meanwhile, the situation in the Middle East remains uncertain. Despite the attacks on cargo ships in the Strait of Hormuz, more and more oil tankers have resumed navigation, leading the market to believe that energy supply risks have eased somewhat.

Last Week's Market Performance Recap:

U.S. stocks pared earlier losses last week as falling oil prices eased inflation risks. The S&P 500 and Dow Jones Industrial Average turned positive, with the latter poised to close near its all-time high of 52,100. New uncertainty surrounding artificial intelligence (AI) trades reignited selling pressure on chipmakers and AI companies. The Nasdaq 100 fell 0.7%, the S&P 500 fell 0.5%, and the Dow Jones was flat. Hyperscale cloud service providers in the Magnificent 7 maintained their losses after a sharp drop in the previous session, as continued concerns about potentially excessive AI spending led to declines of over 1% for Nvidia, Tesla, and Oracle.

Spot gold rebounded above $4,000/oz last week after a sharp decline. Currently trading around $4,090/oz, gold rebounded slightly before the weekend, but its losses over the past month remain close to 9%, and the technical damage from the pullback to year-to-date highs has not yet been repaired. The immediate driver of gold's drop below $4,000 was rising expectations of a Federal Reserve rate hike. The US dollar strengthened in tandem. However, a counterintuitive detail is worth noting: oil prices are falling sharply. This means that inflation readings may decline in the next 1-2 months, giving the Federal Reserve room to turn dovish. In other words, the current "hawkish expectations" suppressing gold prices may already be overpriced. If gold finds support in the $3500-$3800 range, historically this area has often seen concentrated buying by central banks.

Last week, silver prices fell nearly 9%, continuing the previous week's losses, as the Federal Reserve's hawkish stance continued to support the dollar. New Fed Chairman Warsh reiterated the central bank's commitment to controlling inflation, easing concerns that he might succumb to pressure from President Trump to cut interest rates prematurely.

Last week, the global foreign exchange market was once again dominated by the strong presence of the Federal Reserve. The dollar index climbed steadily at the beginning of the week, reaching a 13-month high of 101.83. Although it later saw a slight pullback due to economic data, it still recorded its second consecutive weekly gain and is on track for its largest monthly gain since July of last year. This trend not only reflects the market's strong expectations of a hawkish stance from the new Federal Reserve Chairman Warsh, but also incorporates multiple factors such as stock market volatility and geopolitical uncertainty, providing solid support for the US dollar.

The euro is currently fluctuating around the 1.14 level against the dollar. It has fallen 1.96% over the past month. This is not simply a technical correction in the exchange rate, but rather the result of a simultaneous reassessment of three factors: energy prices, pricing in another ECB rate hike, and the duration of the Fed's high interest rates. In the coming weeks, the key variable for the euro against the dollar will not be the daily fluctuations in oil prices, but whether the decline in oil prices will truly transmit to consumer expectations, core service prices, and wage negotiations. The dollar rose to 161.93 against the yen last week, just a step away from its all-time high of 161.96 since 1986. It closed at 161.74 on Friday, up 0.3% for the week, and has risen in six of the past seven weeks. The yen's vulnerability stems from the huge interest rate differential of over 500 basis points between the US dollar and the yen. The Federal Reserve maintained its benchmark interest rate at 3.50%-3.75%, while the Bank of Japan, despite raising its benchmark rate to its highest level since 1995 in June, still maintains a policy rate of only 1%.

The pound's situation this week was equally unfavorable. This week marked the 10th anniversary of the Brexit referendum, and domestic political turmoil resurfaced – Labour Prime Minister Starmer announced his resignation on Monday. The pound fell sharply by about 300 points from the 1.3450 area to a multi-month low near 1.3150. The catalyst was not central bank policy, but rather the uncertainty created by the leadership vacuum: uncertainty regarding fiscal direction, spending plans, and the timing of the election were the first factors priced into by the market. The pound closed near 1.3191 against the dollar, down 0.26% for the week, marking its second consecutive weekly decline. The pound has fallen nearly 2% so far in June and is on track for its worst monthly performance since July last year. The Australian dollar fell 1.68% against the US dollar last week, its biggest weekly drop in nearly three weeks, hitting a low of 0.6875, its lowest since April 3, before closing near 0.6895. The Australian dollar is near a three-month low and faces significant weekly losses as the US dollar remains broadly strong amid expectations of a Federal Reserve rate hike. The dollar has rebounded since the Fed's unexpectedly hawkish stance last week, prompting the market to estimate a 75% probability of a September rate hike.

WTI crude oil prices fell nearly 8% last week, approaching $70 a barrel, its lowest point since February 27, due to accelerated shipping traffic in the Strait of Hormuz. With progress on the US-Iran peace agreement, ships are openly navigating the waterway, and trading volumes have surged, restoring Persian Gulf exports to about 75% of pre-war levels. Crucially, Saudi Arabia began loading tankers at its Rastakhana terminal, marking a significant increase in production in the region.

After three consecutive days of declines and a decisive breach of the $60,000 mark, Bitcoin continued its downward trend over the weekend, currently trading around $59,900. A new round of sharp declines in Asian chip stocks dampened risk sentiment, while the latest US PCE data did not alter bets on rising expectations of a Federal Reserve rate hike, leaving the overall trading environment for Bitcoin challenging.

The yield on the 10-year US Treasury note changed slightly, remaining at 4.39%, down 7 basis points from the previous week. A roughly in-line personal consumption expenditures (PCE) inflation report prompted investors to slightly lower their expectations for a Fed rate hike this year. Expectations for a Fed rate hike remain high, with the market anticipating three rate hikes this year, and the probability of the first hike in September at approximately 62%.

Market Outlook for This Week:

This week (June 29th - July 3rd) sees a flurry of key data releases, including June's non-farm payrolls, PMIs from multiple countries, inflation, and employment data. This is compounded by the joint statements from the heads of the four major European and American central banks at a forum, and the holding of a major domestic industry conference, creating a two-way resonance between policy signals and economic data.

From preliminary Eurozone inflation figures and US and Chinese manufacturing PMIs to key US ADP and non-farm payroll data, each core indicator directly impacts global monetary policy expectations, influencing stock, currency, and commodity market volatility.

With multiple variables intertwined, structural opportunities and risks coexist in the market. Investors need to analyze key turning points in advance, accurately grasp trading rhythms, and mitigate volatility risks.

On Tuesday, Eurozone Central Bank President Christine Lagarde delivered a speech, releasing the latest monetary policy direction for the Eurozone. Simultaneously, the Reserve Bank of Australia (RBA) released its meeting minutes. Having previously maintained its interest rate at 4.35%, the minutes will reveal the RBA's detailed assessment of future interest rate trends, inflation, and economic growth, impacting the Australian dollar and related commodity markets.

This week's key macroeconomic event is the European Central Bank's Central Bank Forum in Sintra. The heads of four major global central banks—Federal Reserve Chairman Warsh, ECB President Lagarde, Bank of England Governor Bailey, and Bank of Canada Governor Macklem—speak together, collectively releasing global monetary policy direction, which is highly likely to trigger significant volatility in global currency and bond markets.

Risk Warning:

Data and Policy Resonance: Multiple Variables Require Attention

Besides core economic data and central bank speeches, investors should pay close attention to four potential trading risks:

First, unexpected fluctuations in PMI, inflation, and employment data from major global economies could quickly overturn existing monetary policy expectations, triggering rapid corrections or surges in stock markets, foreign exchange markets, and commodities.

Second, speeches by the governors of the four major central banks at a forum may signal a shift from hawkish to dovish stances, likely reshaping the global liquidity pricing logic and causing a rapid shift in market style.

Third, the concentrated window for interim earnings reports in late June and early July could lead to spillover effects of risk appetite from fluctuations in smaller equity markets.

Fourth, sudden changes in the global geopolitical situation could disrupt market risk appetite and increase volatility in safe-haven assets such as the US dollar and gold.

This Week's Conclusion:

The market will focus on the flow of oil tankers and merchant ships through the Strait of Hormuz, as the recent rebound in traffic has led to lower energy prices. The US will release a batch of labor market data, led by the June employment report, supplementing the results of the JOLTS, ADP, and Challenger layoffs reports.

In Europe, the European Central Bank will host speeches by its Governing Council members and other central bank governors at its annual forum. Additionally, the Eurozone and its largest economy will release inflation figures.

In Japan, the Tankan index will be in focus, along with industrial production, retail sales, and the unemployment rate.

Meanwhile, China will release official and broader industry purchasing managers' indices.

Oil prices plummeted nearly 10% in a single week; beware of significant volatility next week.

The international crude oil market experienced a dramatic rollercoaster ride last week. Against the backdrop of easing supply risks signaled by high-level US-Iran talks, oil prices initially fell sharply for several consecutive days, hitting their lowest levels since the outbreak of the war. However, with the attack on a cargo ship near Oman and subsequent US airstrikes on Iran and the Iranian Revolutionary Guard's retaliation, geopolitical tensions briefly escalated, driving a technical rebound in oil prices. Overall, however, the gradual resumption of shipping activity in the Strait of Hormuz and the release of stranded crude oil became the core forces driving market trends, ultimately resulting in a significant weekly decline in oil prices.

Early Week Sees Breakthrough in US-Iran Talks Ease Supply Concerns

At the start of last week, the oil market's focus quickly shifted to diplomatic progress. News broke that the US and Iran had concluded their first round of high-level talks in Switzerland, with US Vice President Vance stating that progress had been made and the Strait of Hormuz remained open. This directly eased market concerns about disruptions to Middle Eastern oil supplies. Brent crude futures closed down more than 3% on Monday at $77.90 a barrel, with US crude futures also falling in tandem.

US Airstrikes on Iran Escalate Geopolitical Risks Again

The US military launched airstrikes against Iran on Friday in response to an Iranian drone attack on a cargo ship in the Strait of Hormuz. US Central Command stated that aircraft struck missile and drone storage sites and coastal radar stations. Iranian media reported that a munition struck an area near a port in the strategic waterway city of Sirik.

Iran's response was even stronger. The Iranian Islamic Revolutionary Guard Corps subsequently issued a statement saying that its navy had struck multiple US targets in the Middle East. The statement accused the United States of "breaking its promises" by launching airstrikes against the Iranian coast under the pretext of "ships illegally navigating the Strait of Hormuz." The Revolutionary Guard explicitly stated that, according to the Iran-US memorandum of understanding, traffic control arrangements in the Strait of Hormuz are Iran's responsibility. Iran's response to any further violations will be even more severe.

Meanwhile, Israel and Lebanon signed a preliminary agreement aimed at ending their fighting, but Hezbollah stated it would not cooperate. Iran warned Gulf states not to side with Washington. Iran's Deputy Foreign Minister stated firmly on social media: "Under vague arrangements, parallel shipping routes, or decisions that do not take into account Iran's role as a coastal state, the safety of navigation in the Strait of Hormuz cannot be guaranteed."

Market Outlook: Supply Recovery Dominates, Geopolitical Risks Remain a Variable

In summary, last week's market performance saw sharp fluctuations in crude oil prices essentially a tug-of-war between the speed of supply release and geopolitical uncertainty. The release of US strategic reserves, the temporary easing of sanctions on Iran, the gradual resumption of production in Middle Eastern oil-producing countries, and the recovery of traffic in the Strait of Hormuz all contributed to a clearly bearish market environment. Despite renewed tensions over the weekend, current shipping data indicates that blockages in approximately one-fifth of the global oil supply route are gradually being cleared, putting continued downward pressure on oil prices.

Last week's oil market movements once again demonstrate that, in a complex geopolitical environment, actual oil flow data often carries more pricing power than statements and threats. The calm in the Strait of Hormuz in the coming period will directly determine whether oil prices can stabilize and rebound.

Conclusion:

Looking ahead to next week, investors should continue to focus on the progress of US-Iran negotiations, changes in actual traffic volume in the Strait of Hormuz, US inventory data, and potential production adjustments by OPEC+. UBS and other institutions have lowered their year-end oil price forecasts to the $80-85 range, reflecting a consensus on weak demand and increased supply. However, if either side takes extreme action on the Strait issue, oil prices could still rebound rapidly. Overall, the oil market will remain highly volatile in the short term, with the supply and demand fundamentals gradually shifting towards a more relaxed stance, but the risk of geopolitical black swan events cannot be ignored.

After a 70 billion yen intervention went down the drain, are yen bears targeting a 40-year low?

Last week, the USD/JPY pair hit a two-year low of 161.93 on Monday. Former Bank of Japan policy board member Sayuri Shirai publicly warned that if the Federal Reserve begins raising interest rates this year, the exchange rate could gradually move towards the 163-165 range. This statement quickly ignited market concerns about further yen depreciation. The Ministry of Finance and the Bank of Japan have "allowed" the exchange rate to rise above 160 since early June, making a reversal of the current trend extremely difficult. This statement resonated with market movements.

Interest Rate Contradictions and Policy Dilemmas: How Fundamentals Are Pressing Down on the Yen This Year

The core of the yen's current weakness lies in the persistently high US-Japan interest rate differential. Although the Bank of Japan raised its policy rate by 25 basis points to 1% last week, the highest since 1995, the gap with the Federal Reserve's 3.50%-3.75% interest rate range remains above 250 basis points. More importantly, the Federal Reserve, under its new chairman Warsh, has maintained a hawkish stance and held rates steady, leading to a repricing of market expectations for a rate hike this year. Traders are betting on a 75% probability of a rate hike before September, with the market abandoning its previous assessment of no change in policy and now predicting a resumption of rate hikes this year. If the US takes action, the USD/JPY exchange rate could gradually move towards 163-165, pushing the yen to its weakest level since 1986.

The Bank of Japan's room for further rate hikes is also limited. The BOJ may raise rates by another 25 basis points in October or December, with the mainstream market expectation that the final interest rate next year will be only 1.5%—"which may be the limit the central bank can achieve." Based on calculations that Japan's neutral interest rate should be around 3%, and the belief that the continued depreciation of the yen clearly reveals that investors' judgment of the central bank is outdated, the market seems to disagree with this optimistic projection. The latest data from the US Commodity Futures Trading Commission shows that speculative net short positions in the yen have risen to 150,132 contracts, a new high since July 2024, with both retail and institutional investors increasing their short-selling intentions.

The weakening credibility of intervention is another source of pressure. Tokyo used a total of 11.7 trillion yen (approximately US$72.44 billion) for foreign exchange intervention from late April to early May, but the effects were short-lived. It is difficult to predict whether the Ministry of Finance will intervene again at this stage, as US Treasury Secretary Bessenter has sent a clear signal: Japan needs to curb the yen's depreciation through interest rate hikes, rather than relying on intervention by selling US Treasury bonds. This essentially links the yen's exchange rate issue to the stability of the US Treasury market, significantly narrowing the window for unilateral Japanese action.

Domestic fiscal uncertainties have exacerbated the selling pressure on the asset side. Prime Minister Sanae Takaichi plans to temporarily lower the food consumption tax from 8% to 1%, but has not specified alternative sources of funding. Investors' concerns about lax fiscal discipline have pushed up Japanese government bond yields; the 10-year JGB yield has risen to 2.66%, and Shirai points out that the market even expects yields to rise above 3%, which will significantly increase the Ministry of Finance's interest burden. Tuesday's 5-year government bond auction saw weak demand, with a bid-to-cover ratio of only 3.11, below the average of 3.31 for the previous six auctions. The tail spread reached 1.4 basis points, flattening the yield curve. These supply and demand signals indicate that market concerns about Japan's policy credibility are transmitting from the exchange rate to the bond market, creating a negative feedback loop.

Conclusion:

In the short term, USD/JPY is likely to complete its short-term directional choice within the 161.00-162.50 range. A technical death cross signal typically indicates consolidation at high levels or a mild pullback. As long as the price does not effectively break below the middle band, the medium-term bullish structure can be maintained. However, if Fed officials' speeches reinforce expectations of a rate hike this year, coupled with a break above 162.00, the market may initiate a phase towards 163. Conversely, if the Bank of Japan's meeting summary reveals more urgent discussions on rate hikes, or if fiscal concerns trigger a sharp rise in Japanese government bond yields, the yen may have a brief window for self-rescue, driving the exchange rate down to around 160.86. Traders should monitor the Bollinger Bands' opening; if the bandwidth contracts and then widens again, it usually indicates the next round of one-sided volatility is brewing.

US Dollar: Fed Policy Shift Tests Safe-Haven Status

The US dollar has recently been supported by both safe-haven demand and changing expectations of Fed policy. The bank emphasizes that improved prospects for a US-Iran peace agreement and the reopening of the Strait of Hormuz may reduce safe-haven flows into the dollar. However, the more hawkish stance adopted by new Fed Chairman Warsh is currently supporting the dollar.

Safe-Haven Flows and Fed Repricing

Over the past few months, the dollar's movements have been driven by both safe-haven flows and changes in market expectations of Fed policy. Just yesterday evening, these two factors seemed to collide—the signing of the memorandum of understanding between the US and Iran was quite close to the Fed policy meeting. The dollar index rose in late last week, which may indicate that the net effect of these conflicting factors is positive for the dollar.

The rise in the dollar's value at the beginning of the Iran war seems to prove its continued safe-haven status. Since US President Trump's tariff speech in April 2025, both the dollar and US Treasury prices have fallen, casting doubt on the dollar's safe-haven appeal. We have consistently maintained that demand for liquidity during periods of extreme uncertainty will sustain safe-haven buying of the dollar, and last spring's dollar sell-off was a result of years of "buying America" ​​trade.

Last week brought positive news regarding potential progress on a peace agreement and the reopening of the Strait of Hormuz. The latter should have reduced safe-haven demand, potentially weakening the dollar. However, yesterday's more hawkish stance by new Fed Chairman Warsh at the meeting overwhelmed dollar bears, at least for now, reactivating the bulls.

Conclusion:

The current US tariff system is completely detached from fixed rules, and presidential discretion is creating continuous policy waves. Looking ahead, if expectations of interest rate hikes are reduced, the dollar will face pressure. Nevertheless, I remain skeptical about the euro's ability to reignite strong upward momentum.

My core view is that interest rates will remain stable this year. However, market pricing currently indicates that interest rate hikes over the next six months could approach 40 basis points.

Gold is consolidating in the short term, but the long-term bullish foundation remains intact.

After testing the key support level of $4,024 per ounce mid-month, gold prices held onto their gains and are currently consolidating within a range. A neutral view is maintained in the short term. AI and semiconductor stocks are diverting funds from gold, suppressing short-term price movements, but there has been no large-scale sell-off. In the long term, currency depreciation, expectations of declining real interest rates, and central bank gold purchases remain supportive factors. The uncertain outlook for the Fed's interest rate decision makes it difficult for gold prices to break out of their current range in the short term. Central bank gold purchases could be the core driver for new highs.

Short-term fund outflows are suppressing gold prices, and the market has entered a consolidation and bottoming phase.

A neutral view is maintained on the short-term trend of gold, but the medium- to long-term trend still has upward potential. The current market environment is the most difficult to predict gold's direction in recent years.

At the beginning of this year, gold prices repeatedly hit record highs, mainly driven by two factors: diversified allocations by central banks and the influx of large amounts of speculative funds. The continued reduction of dollar-denominated assets and increase of gold reserves by various countries directly pushed up gold prices; however, the market sentiment subsequently shifted significantly, with funds flowing into high-growth stocks such as artificial intelligence and semiconductors, greatly diminishing the previous driving force behind gold's rise.

The core forces that propelled gold prices at the beginning of the year have left the market, and now interest rates, a traditional core indicator, are dominating gold price fluctuations.

As geopolitical risks gradually ease, gold buying remains weak, and gold prices are becoming increasingly sensitive to expectations of real interest rates. The current market is in a consolidation phase due to fund reallocation, not the start of a new round of sharp declines. Gold prices have already digested multiple negative news and successfully held the key psychological support level of $4,000. Only a decisive break below this level will open up downside potential.

No large-scale selling pressure exists in the market, and investors are choosing a dual-track approach.

Currently, market enthusiasm for going long on gold has clearly cooled, but there has been no concentrated selling of precious metal positions. Most investors are adopting a balanced approach, pursuing higher-performing equities while retaining their existing gold positions, not completely exiting the market. This portfolio structure limits the downside potential of gold prices, lacking the selling pressure for a one-sided decline, and is a key support level that has allowed gold prices to hold above the $4,000 mark. In the short term, the lack of new funds entering the market makes a sustained upward trend in gold prices unlikely; range-bound fluctuations will become the norm.

The long-term bullish logic remains intact, with central bank gold purchases being the strongest catalyst for further gains.

Despite the lackluster short-term market, multiple positive factors supporting gold prices in the medium to long term remain. The demand for hedging due to continued currency depreciation, expectations of declining real interest rates, and the potential for a renewed acceleration in central bank gold purchases after a period of slowdown all contribute to the foundation for a long-term bull market in gold.

Central bank gold purchases are only temporarily slowing down. Once the scale of purchases increases again, gold prices will open up new upward potential. The resumption of large-scale buying by central banks is the most direct driving force for gold prices to return to historical highs. "

Many countries worldwide continue to reduce their reliance on dollar assets, and the long-term trend of gold reserves is unlikely to reverse in the short term. Once central bank purchasing activity rebounds, it will provide strong fundamental support for gold prices.

The Fed's policy sets the tone for short-term gold price fluctuations.

The Fed's two-day policy meeting has officially begun, and the market is clearly divided on the direction of interest rate adjustments this year. Current pricing indicates that the probability of a rate hike and maintaining the current rate at the end of the year are roughly equal. Policy expectations directly constrain the short-term trend of gold, and the market has already fully priced in the expectation of a tightening stance.

The probability of the Fed cutting interest rates this year is extremely low. Even if the current interest rate level is maintained throughout the year without initiating a rate-cutting cycle, it is still a positive signal for gold. Before clear interest rate guidance is issued, gold prices will continue to fluctuate within a range, and it will be difficult to break out of the current trend.

Conclusion:

In summary, gold is currently undergoing a wide consolidation due to the diversion of funds and interest rate uncertainty. There is no concentrated selling pressure in the market. The core demand of central banks to purchase gold and hedge against currency depreciation remains unchanged in the medium to long term. Subsequent statements from the Fed and the pace of global central bank gold purchases will be key variables in breaking the current oscillating pattern."

Overview of Important Overseas Economic Events and Matters This Week

Monday (June 29): Eurozone June Economic Sentiment Index; Eurozone June Industrial Sentiment Index; Eurozone June Consumer Confidence Index (Final); ECB Central Bank Forum in Sintra, until July 1

Tuesday (June 30): Japan May Unemployment Rate (%); Australia ANZ Consumer Confidence Index for the week ending June 28; UK Q1 Production-Based GDP Annualized Rate (Final) (%); US June Chicago PMI; US June Conference Board Consumer Confidence Index; US May JOLTs Job Openings (in thousands); RBA June Monetary Policy Meeting Minutes

Wednesday (July 1st): Australia's June AIG Manufacturing Performance Index; Japan's Q2 Bank of Japan Tankan Large Manufacturing Outlook; Eurozone June SPGI Manufacturing PMI Final; UK June SPGI Manufacturing PMI Final; Eurozone June Harmonized CPI YoY - Unadjusted Preliminary (%); US June ADP Employment Change (thousands);

Thursday (July 2nd): Eurozone May Unemployment Rate (%); US June Non-Farm Payrolls (Seasonally Adjusted) (thousands); US June Average Hourly Earnings YoY (%); US June Unemployment Rate (%); US Initial Jobless Claims for the Week Ending June 27 (thousands); US May Durable Goods Orders MoM (Revised) (%); US May Factory Orders MoM (%); Federal Reserve Releases Annual Bank Stress Test Results

Friday (July 3rd): UK June SPGI Services PMI Final; UK June Government Official Net Reserves Change (USD Billion); The market will be closed for the US Independence Day holiday.

Disclaimer: The information contained herein (1) is proprietary to BCR and/or its content providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely; and, (4) does not constitute advice or a recommendation by BCR or its content providers in respect of the investment in financial instruments. Neither BCR or its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.