Risk-off wave starts to sweep across markets ahead of European trading

Markets swung into a risk-off mood ahead of European trading as geopolitical tensions (Trump’s China visit and Middle East hostilities) kept investors cautious. Oil rose (WTI and Brent) amid Strait of Hormuz disruptions, boosting the dollar and pushing US Treasury yields higher. Equity futures retreated—S&P 500 futures fell ~0.5% and Nasdaq futures ~0.8%—while gold and silver dropped sharply. Overall the piece frames a broad market pullback driven by geopolitical risk, higher yields and firmer oil, weighing on risk assets.