ICBC to Issue Up to 40 Billion Yuan TLAC Bonds

Washington strikes first, talks later

By launching a strike on Iran just two days after declaring a two-week period of reflection, the United States has effectively put its doctrine of "peace through strength" into practice. Tehran lacks the military capability to launch a direct response, but may retaliate through other disruptive means, such as obstructing the Strait of Hormuz. As a result, attention is once again shifting towards the oil market. However, investors do not appear particularly unsettled; this outcome was largely anticipated.