玉米 (Corn) 加自选

市场忽视地缘政治风险、Chase AI反弹和抛售美元。上周，市场在很大程度上无视中东地缘政治紧张局势的同时，积极追逐人工智能驱动的股市上涨。尽管承诺的和平协议再次出现不确定性，但股市飙升至新纪录，而美元因强烈的风险偏好而普遍走弱。

Markets Ignore Geopolitical Risks, Chase AI Rally, and Dump Dollar.Markets spent last week aggressively chasing the AI-driven equity rally while largely ignoring geopolitical tensions in the Middle East. Despite renewed uncertainty over a promised peace deal, stocks surged to new records while Dollar weakened broadly on strong risk appetite.

未来一周：传祺-Xi和美中CPI。上周有几个事态发展值得注意，但可以说最重要的是，尽管有一些违反停火的行为，投资者仍乐观地认为中东战争正在结束。6月WTI下跌7%，至每桶95美元左右，此前两周上涨了22%以上。

Week Ahead: Trump-Xi and US-China CPI.There were several developments to note last week, but arguably the most important was that investors are optimistic that the Middle East war is winding down despite some violations of the ceasefire. June WTI fell by 7% to around $95 a barrel, after rising by more than 22% in the previous two weeks.

美元/日元周展望：日本央行干预抑制看涨基本面。美元/日元在新的一周开始时，感觉像是永久性的僵局，风险偏好高涨，美国经济数据稳健，全球经济增长背景改善，继续对该货币对施加上行压力。与此同时，日本央行干预的持续威胁以及美国和伊朗之间最终达成和平协议以重新开放霍尔木兹海峡的不懈希望提供了近乎完美的抵消，将美元/日元控制在略低于几十年高点的窄幅横盘区间。

USD/JPY Weekly Outlook: BOJ Intervention Suppresses Bullish Fundamentals.USD/JPY begins the new week in what feels like perpetual gridlock, with buoyant risk appetite, solid US economic data and an improving backdrop for global economic growth continuing to exert upside pressure on the pair. At the same time, the ongoing threat of BOJ intervention and relentless hopes for an eventual peace agreement between the US and Iran to reopen the Strait of Hormuz have delivered a near-perfect offset, keeping USD/JPY contained to a narrow sideways range just beneath multi-decade highs.

每周底线：尽管能源冲击，劳动力市场仍具有弹性。本周油价跌破100美元（WTI基准），因对美伊潜在协议的乐观情绪，帮助债券和股市重新站稳脚跟。加拿大标准普尔/多伦多证交所综合指数本周上涨0.6%，但涨幅不足以阻止其将全球第七大股市的地位拱手让给韩国。

The Weekly Bottom Line: Labor Market Resilient Despite Energy Shock.The price of oil prices slid below $100 this week (WTI benchmark) on optimism surrounding a potential U.S.-Iran deal, helping both bond and equity markets regain their footing. Canada's S&P/TSX Composite Index rose 0.6% on the week, though the gain was not enough to prevent it from surrendering its position as the world's seventh-largest equity market to South Korea (the KOSPI).