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U.S. stocks fell on Tuesday (Dow -0.7%, S&P -0.84%, Nasdaq -0.91%) as Trump left the G7 early amid Israel-Iran tensions, dampening hopes for tariff talks. Investors await the Fed decision, with May retail sales missing forecasts despite solid wage growth. UST 10Y yield dropped 5.7 bps to 1.28% on safe haven demand, while the USD Index rose 0.84% to 98.82. Commodities closed mixed on Tuesday: Coal +1.83% to USD111.5/ton, supported despite rising supply from China and India near 4-year lows; CPO -0.66% to MYR4,066/ton, after a 3-day rally driven by soybean oil gains and U.S. biofuel blend proposals; Brent Oil +4.4% to USD76.45/bbl, as the Iran-Israel conflict escalated, though major infrastructure remains unaffected; Gold -0.01% to USD3,389/oz, pressured by geopolitical risks and ahead of the Fed policy update. Asian markets closed mixed on Tuesday (Kospi +0.12%, Hang Seng -0.34%, Shanghai -0.04%, Nikkei +0.59%) as investors weighed Israel-Iran tensions and Trump’s early G7 exit. The Bank of Japan held rates steady at 0.5% as expected. JCI rose +0.54% to 7,155.9, led by IDX Trans, and gains in AMMN, BBCA, and TPIA, with IDR196.8 bn in foreign inflows. Asian markets opened mixed (Kospi -0.11%, Nikkei +0.08%). We expect JCI to weaken today, pressured by negative global sentiment and cautious tone ahead of the upcoming Fed and BI rate decisions.