Market sentiment has remained volatile throughout the week. Iran's strikes to Israel last weekend sparked uncertainty, which eased gradually through the week, only to be re-ignited by Israel's retaliation last night. The jury is still out on whether this leads to a wider regional escalation, but at the time of writing, Iranian sources have said there is no plan for immediate retaliation. Oil prices are still below levels seen a week ago, equity markets are down, and government bond yields are relatively little changed despite the volatility.