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Volatility is off the charts as markets react to every headline from the Middle East. Oil spiked toward $120 per barrel on escalating tensions, sending futures and equities sharply lower, only to reverse after reports that the G7 could release strategic reserves. The episode shows just how sensitive markets are to energy prices right now. Investors still know very little about how the Iran conflict will evolve, but oil remains the main barometer for risk sentiment. Rising crude quickly feeds into inflation expectations, shaking central bank rate forecasts, FX and global equities. But the swings are wild and will likely continue as long as geopolitical uncertainty persists.

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Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.

Oil markets are surging as tensions in the Middle East escalate. US crude briefly spiked to $120 per barrel, while Brent crude climbed above $110, with both benchmarks still trading above the $100 mark. The stakes are enormous: the Middle East holds around half of global oil reserves and roughly 40% of the world’s natural gas reserves, and about 20% of global oil and LNG flows through the Strait of Hormuz — one of the most critical energy chokepoints in the world.

If energy prices remain elevated, inflation pressures could return globally, complicating the outlook for central banks, bond markets, and global growth.

Listen to find out more!

Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.

Global markets continue to reel as tensions in the Middle East push oil prices higher, rattling investors and reigniting inflation fears. US crude extends rally, while sovereign yields climbed on worries that central banks may be forced to tighten policy faster than expected. The US government has floated potential measures to tame the rally, including strategic reserve releases and easing fuel-blending requirements, but many warn that financial interventions may do little if physical supply disruptions persist.

All eyes now turn to the US jobs report: with inflation already sticky, a strong payrolls print could calm markets, while weaker-than-expected numbers may fuel stagflation fears. Energy prices, central bank expectations and inflation dynamics are set to dominate investor sentiment in the coming weeks.

Listen to find out more!

Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.

Can technology scale finance without losing the human touch?

In this episode of UNLOCKED, Manon Duez, Senior Sales Executive at Vanguard, joins us to discuss the future of financial advice.

🎙️ Drawing from her experience in a competitive industry where she was often the only woman in the room, she reflects on the lessons that shaped her career.

📊 We also discuss the limits of automation in finance, why many clients still turn back to human advisors, and why trust and relationships remain at the core of long term financial partnerships.

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This content is only intended for those permitted to receive it under local law.

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Volatility remains high as the Middle East conflict enters a sixth day, keeping investors on edge. Early reports of potential Iranian negotiations were dismissed, while disruptions through the Strait of Hormuz have pushed oil prices higher, adding pressure to global inflation and interest rates.

US and European equities rebounded yesterday on strong economic data, but futures don’t point at further gains. Headlines will continue to drive the price action but investors are eager to price in an end to the conflict. This is why tiniest hopes lead to gains that can not be sustainable if the conflict persists.

Listen to find out more!

Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.

The Middle East conflict is intensifying — and markets are feeling it. Equities are under pressure, banks and miners are selling off, and private credit stress is resurfacing. Meanwhile, software stocks are attempting a rebound — but funding conditions may pose a bigger threat than AI disruption itself.

Globally, rising energy prices are also reigniting inflation concerns just as central banks were preparing for rate cuts. If oil and gas remain elevated, markets may have to reprice the entire monetary policy outlook.

Listen to find out more!

Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.

Volatility is back, and markets are reacting in unexpected ways. Oil and gas prices surged on Middle East tensions, European stocks tanked, and yields jumped — yet US equities barely flinched. Big Tech gained regardless of the war headlines.

What’s driving the US resilience? Dip buyers stepped in as oil retraced, showing that even war headlines and fading Fed cut expectations weren’t enough to shake investor confidence… for now.

But the risks remain. Rising energy prices, tighter financial conditions, and geopolitical uncertainty could hit corporate earnings and slow AI investment plans. Bitcoin rebounded despite risk appetite fading, gold remained muted, and the dollar keeps strengthening.

Listen to find out more!

Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.

Nvidia’s blockbuster earnings beat expectations across nearly every metric, yet the stock plunged over 5% to close below $185, despite strong guidance. Michael Burry flagged Nvidia’s $95bn in purchase obligations — up from $16bn a year ago — warning that if AI demand slows, excess capacity could pressure margins. Meanwhile, Salesforce, CrowdStrike, and Snowflake all rose, driven by strong AI adoption and robust bookings. Memory chip makers remain the clear winners, pushing hardware costs higher and impacting PC and smartphone margins. Overall, Nvidia’s drop dragged the S&P 500 slightly lower, though most stocks advanced on falling U.S. yields. Gold consolidates gains near $5,200 per ounce, while crude oil swings on U.S.–Iran headlines. Volatility continues as markets digest AI adoption, macro trends, and geopolitical risks.

Listen to find out more!

Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.

Nvidia delivered a blockbuster Q4, smashing expectations. Forward guidance for Q1 also topped analyst forecasts, cementing Nvidia’s leadership in AI infrastructure and inference.

Yet despite the stellar results, the market reaction was muted. Shares rose modestly in after-hours trading as investors focused on revenue concentration, leverage concerns and broader AI and tech valuation risks. Even with impressive execution, Nvidia alone isn’t enough to reignite global risk appetite.

From software warnings to HALO rotation trades, the market remains selective, with investors weighing growth vs risk in a cautious environment.

Listen to find out more!

Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.