The Next Supply Shock Is Already Underway
The next inflation shock may not begin with oil. It may begin with diesel shortages in Russia, dry fields in Europe and a growing inability...
Africa’s Yield Advantage Is Becoming an Investment Story
For years, African local-currency debt was priced primarily as compensation for risk. Today, investors are beginning to look at it differently. The extraordinary yields available...
The Black Sea Is Becoming the World’s New Supply Chokepoint
For most of the war, the economic significance of the Black Sea was measured through energy. Oil terminals, pipelines, refineries and Russia’s ability to finance...
The BOJ’s Yen Dilemma
The United States and Japan have shown an unusual degree of coordination in defending the yen. Yet beneath that apparent unity lies a fundamental disagreement...
Hormuz: The Illusion of Control
Donald Trump has declared that the United States has “total control” over the Strait of Hormuz. “It belongs to us,” he said, adding that Iran...
The Bond Market Is Starting to Set the Rules
For years, financial markets were conditioned to believe that central banks controlled the price of money. Today, that assumption is becoming much less comfortable. Two...
The World Is Running Out of Safe Energy Routes
The latest developments in the Middle East make one thing increasingly clear: the energy shock is no longer only about oil prices. It is about...
Copper’s Rally Is More Than an AI Story
Copper is once again making headlines, approaching a record close on the London Metal Exchange after another powerful rally. While the market continues to focus...
Japan Is Winning the Battle, Not the Currency War
Japan has spent extraordinary amounts of money defending the yen. The result, so far, is less impressive. After the first coordinated US-Japan intervention since 1998,...