[MARKET ANALYSIS] Oil futures rebounded overnight amid US self-defence strikes on Iran in response to the Apache helicopter downing, while Iran targeted US bases in the region

**USTs:** ticks​-​**Bunds:** ticks​-​**JGBs:** ticks​-​​## COMMODITIES​​**WTI/Brent:** WTI Jul'26 +1.0% / Brent Aug'26 +1.1%​- Oil prices rebounded from the prior day's trough after US President Trump threatened that the US would respond to the recent downing of a US Apache helicopter. US CENTCOM later announced that their forces launched self-defence strikes against Iran and said it will be a proportional response to Iranian aggression, although Trump described the response as very strong and powerful, while Iran retaliated by targeting US bases in Bahrain, Kuwait and Jordan.​**Gold:** -1.7%​- Steadily declined with the precious metal breaching beneath the USD 4,200/oz level, as a rebound in oil prices stokes inflationary pressures and supports bets for a Fed rate hike before year-end.​**Copper:** Flat​- Copper is flat with demand constrained by the mostly negative risk appetite, while the latest inflation data from China printed mixed as CPI Y/Y printed softer-than-expected (1.2% vs exp. 1.3%), but PPI Y/Y topped forecasts and printed its highest since July 2022. ​EQUITIESAPAC Stocks: Positive/NegativeAsia-Pac Stocks...ASX 200: %-Nikkei 225: %-Hang Seng & Shanghai Comp: Hang Seng % / Shanghai Comp %-US Equity Futures: %-European Equity Futures %-FXDXY: %-EUR/USD: %-GBP/USD: %-USD/JPY: %-Antipodeans: AUD/USD % / NZD/USD %-FIXED INCOMEUSTs: ticks-Bunds: ticks-JGBs: ticks-COMMODITIESWTI/Brent: WTI Jul'26 +1.0% / Brent Aug'26 +1.1%Oil prices rebounded from the prior day's trough after US President Trump threatened that the US would respond to the recent downing of a US Apache helicopter. US CENTCOM later announced that their forces launched self-defence strikes against Iran and said it will be a proportional response to Iranian aggression, although Trump described the response as very strong and powerful, while Iran retaliated by targeting US bases in Bahrain, Kuwait and Jordan.Gold: -1.7%Steadily declined with the precious metal breaching beneath the USD 4,200/oz level, as a rebound in oil prices stokes inflationary pressures and supports bets for a Fed rate hike before year-end.Copper: FlatCopper is flat with demand constrained by the mostly negative risk appetite, while the latest inflation data from China printed mixed as CPI Y/Y printed softer-than-expected (1.2% vs exp. 1.3%), but PPI Y/Y topped forecasts and printed its highest since July 2022.