The US faces helium shortages and high mortgage rates, while fiscal concerns intensify in Europe.

The US Department of Energy has listed helium as a critical material, and the semiconductor supply chain faces shortage risks due to production capacity limits and the Middle East conflict. US President Trump plans to reduce mortgage insurance fees through executive order, but the 30-year mortgage rate remains around 7.32%, making homeownership still a heavy burden. Moody's maintained France's Aa3 rating but retained a negative outlook; the yield on French 10-year government bonds rose to 5.14%, and net short positions in the euro reached their highest level since 2020. Cross-border litigation concerning Russian oil trade reflects increased risks in energy distribution under sanctions, and the market is currently in a period of cost and risk redistribution.