Global equities surged following President Trump's announcement of a planned troop withdrawal within three weeks, with the MSCI Asia Pacific Index achieving its largest single-day gain since April 2025 and the Euro Stoxx 600 rising 2.5%. Despite the rally, trading volumes remained weak, highlighting the fragility of the recovery. The Korea Composite Stock Price Index's volume was only 80% of its monthly average, reflecting ongoing investor concerns. Persistent shipping blockades in the Strait of Hormuz and elevated energy costs continue to weigh on market sentiment. Brent crude prices, although below $100, are still 37% higher than pre-war levels. Analysts warn that increased energy costs could squeeze corporate profits and reduce purchasing power, particularly in energy-import-dependent emerging Asian markets, which experienced $68 billion in capital outflows last month. As earnings season approaches, the impact of the conflict on corporate profitability may become more apparent, potentially halting the current market rebound.