Trajectory (Intensification): Overnight markets priced geopolitical risks rapidly and violently, spreading from crude oil to all risk assets.; Major New York stock indices fell significantly, with declines all exceeding 1.5%, led by industrial and consumer discretionary sectors (Xinhua). Key events: Major New York stock indices fell significantly on the 12th - Xinhua; International oil prices rose sharply on the 12th, with New York crude up 9.72% - Xinhua Watch: Market sentiment has entered risk-off mode, with volatility expected to remain elevated. Any news regarding conflict de-escalation or escalation will trigger sharp two-way swings in asset prices.