Analyst: The US-Iran agreement does not represent a complete return to the world before the conflict.

Tickmill Group analyst Patrick Munnelly stated in a report that the US-Iran peace agreement does not mean a complete return to the world before the conflict. He pointed out that although the agreement is a positive development for risk and has triggered a strong rebound in global stock markets, oil prices are still higher than they were in February, and inflation risks have not disappeared overnight. He noted that even after the agreement, the market still reflects expectations of a Federal Reserve rate hike of about 15 basis points. "This indicates that investors do not see the agreement as a comprehensive macro reset," Munnelly said, adding that investors maintain a more cautious view on inflation, labor market resilience, and central bank decisions.