Odaily News QCP Capital's official channel said that the market welcomes the tentative progress in Sino-US relations. President Trump announced a partial withdrawal of the proposed tariff increase plan, and the agreement has entered the final stage and is awaiting formal approval. However, optimism remains suppressed. The US Secretary of Commerce took a tough stance on technology exports, making it clear that the United States "will not provide China with the most advanced chips." This highlights the trend of differentiation in the global supply chain, and the market is increasingly incorporating this factor into the pricing considerations of cross-border trade dynamics.

Geopolitical tensions have risen again, with the US beginning to withdraw its diplomats from the Middle East as nuclear talks have reached an impasse. Washington has reportedly received warnings from Israel that it may launch a strike on Iran's nuclear facilities, triggering a sharp reaction in the oil market. Brent crude oil rose 7%-9% during the day, and risk assets were sold off as investors turned to defensive assets.

In addition, speculation that Bessant might succeed Jerome Powell as Fed Chairman intensified, but was quickly downplayed. Bessant publicly reiterated his commitment to serve in the Treasury Department until 2029. Meanwhile, after the US CPI data was lower than expected, President Trump again pressured the Fed to "cut interest rates by 100 basis points across the board" on the grounds that high debt servicing costs were unsustainable. QCP Capital believes that despite a small pullback, the macro environment is still conducive to further institutional participation in digital assets and capital allocation.