AI ETF inflows persist despite weak earnings, Brent crude retakes $100

In this briefing

• JPMorgan: AI-themed ETFs see sharp inflows even as underlying earnings disappoint.
• Brent crude jumps over 6% in a day, back above $100 on Middle East escalation fears.
• Middle East banks like Emirates NBD hold up despite regional conflict.
• WSJ Market Talk roundup covers EasyJet, Gulf exchanges, Bitcoin and more.

Desk Analysis

The notable feature of the day is risk-off and risk-on showing up side by side. Middle East escalation is a classic flight-to-safety trigger, yet AI-theme flows kept coming in the same day. That suggests geopolitical risk hasn't yet spread to risk assets broadly — it's still being priced selectively, mainly into directly linked assets like oil.

For informational purposes only. Not investment advice.