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    A US INTERVENTION IN IRAN COULD TRIGGER A MAJOR REBOUND?

    05 Feb 2026
    There are 2 ways to look at the current Middle East risk. One, for the bearish camp, is to consider that current negotiations could lead to a peaceful solution. The other one, probably more likely, is that a massive strike on Iran is becoming more probable. At this stage we consider the 2nd scenario as more likely. We should thus be ready for very volatile markets and a potential strong rebound if Trump does use force....

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