QCP Asia Colour – 13 June 2025 Missiles, Markets, and Macro Risk – Global Sentiment Takes a Hit Asia woke to a potent blend of geopolitical escalation and digital disruption. Israel’s preemptive airstrike on Iran’s nuclear infrastructure, reportedly resulting in the death of IRGC commander Hossein Salami, rippled across risk assets, injecting renewed volatility into global markets. With Tehran vowing retaliation and Washington attempting to distance itself, safe-haven flows dominated, sending oil and gold prices sharply higher. S&P 500 futures fell back below the psychologically significant 6,000 mark, while crypto was caught in the crossfire. Bitcoin (BTC) slipped ~3%, and Ethereum (ETH) posted a steeper ~9% decline. Volatility spiked, particularly on the front end, as traders rushed for gamma exposure ahead of next week’s FOMC decision. Risk reversals flipped decisively, with BTC front-end puts now commanding up to 5 vols over equivalent calls. This is a clear sign of elevated demand for downside protection.…