Intensifying trade wars, a potential ceasefire in Ukraine, continued volatility in the Middle East and consequential elections in key countries will shape the quarter.

The timing and scope of Beijing's retaliatory measures signal a significant escalation of its trade war with Washington, which may nonetheless increase the long-term chance of a trade deal.

The SAF's military victory in Khartoum marks a turning point in the country's civil war, but a firm resolution remains out of reach as the RSF fights to consolidate control in the west.

Trump's sweeping new tariffs will slow both U.S. and global economic growth, with lower-income Americans and emerging markets like Vietnam being hit hardest.