Group 1 - The Israel-Iran conflict has caused significant volatility in the energy market, particularly in oil prices, but the overall global impact is expected to be low due to Iran's strong motivation to avoid large-scale war and ensure oil output in the Persian Gulf [1] - A potential easing of tensions in the Middle East could lead to a decrease in energy prices, which may help suppress inflation and prompt the Federal Reserve to reconsider interest rate cuts this summer [1] - If the conflict escalates, energy prices may surge, leading to sustained high global inflation and a prolonged period of high short-term interest rates in the U.S., negatively impacting stock and fixed income markets [1] Group 2 - Emerging markets have remained relatively calm following the bombing incident, primarily due to stable oil prices and the dollar, which are key factors influencing emerging market stock performance [2] - The investment outlook remains cautiously optimistic, as the main drivers for emerging market performance in 2025 are still intact, despite potential geopolitical tensions [2] - In uncertain market conditions, bonds provide relative stability, and the investment portfolio is positioned for economic slowdown and normalization of the yield curve [2]