It's a rapid snapback in equities, led by US and tech-heavy Asian names. May seem reckless given higher energy costs, but US is well-supplied with energy.

Market wanted to buy the dip all through the crisis. Economic resilience, good earnings, and Trump stimulus are propelling markets. Asia story is not clear-cut: tech-heavy gauges (Taiwan, South Korea, Japan) are rising, but energy-importing EMs (Indonesia, Philippines, India) are lagging.

AI is a theme. More models rolling out. Funding market stresses have ebbed, people focusing on upside opportunities again.

Upcoming earnings from these companies will be key to understand opportunities next year.

It feels like the market has priced out the worst-case scenario. We are a long way from a concrete agreement, but ceasefire is holding and talks are positive.

There's a race against time for physical oil supply. Economies struggling with energy inputs will continue to face challenges.

BOJ raised inflation forecast, will need to respond at some point. For the Fed, market expectations are flatlining. If oil price sustainably comes down, people may think Fed can lower rates, helping bonds.

BOJ likely to have a strong debate, possibly a split vote. The Fed's path is the interesting question now.