Economy
Houthis Hit Aramco, Iran Keeps Hormuz Shut: What Markets Are Pricing In for Oil, the Dollar and Europe’s Bonds This Week
TODAY'S NUMBERS: $102 (Brent crude) · 5.18% (US 10-year Treasury yield, Friday) · $4,137 (Gold, down 3% on the week). A wartime oil price...
Why Are Oil Prices Still Above $100 as Gulf Crude Exports Recover?
Oil markets are confronting a new kind of supply shock. The problem is no longer simply how much crude is available, but whether the...
The End of Cheap Money? Why Record Global Bond Yields Matter for the Global South
5.34% and a Finance Minister's Problem
On Thursday the yield on the 10-year US Treasury touched 5.34%, its highest since 2002. The same day, Britain's...
Why Are European Firms Funding the AI Race With Their Own Cash?
Europe wants to build a competitive artificial intelligence industry, but a new financing divide is emerging between European companies and their US counterparts.
While American...
The World Is Spending $8 Trillion on Weapons and AI Is at the Center of It
The global investment boom is no longer being driven by artificial intelligence alone. Governments are preparing to pour trillions of dollars into defence, creating...
Can the Euro Survive Europe’s New Energy Shock?
The euro’s strong run against the dollar is facing a new test as higher energy prices, political uncertainty and renewed pressure on European bond...
America Now Pays 5% to Borrow: Where Japanese, Norwegian and Gulf Money Is Going Instead
TODAY'S NUMBERS
5.17% (US 10-year yield, highest since 2007) · 54.3% (indirect bid at Wednesday's five-year auction; average 65.2%) · $1.10trn (Japan's Treasury holdings, down...
Europe Trades Two Oligarchs for a Three-Year Freeze as Washington Aims at Russia’s Oil Buyers: Who Wins, Who Pays?
TODAY'S NUMBERS
36 months (the EU's new Russia asset-freeze renewal cycle, up from six) · 100% (top US tariff on Russia's five biggest buyers) ·...
Why a Rate Hike Can Still Weaken a Currency
Japan did what economic intuition says should strengthen a currency. On September 18, the Bank of Japan (BOJ) raised its policy rate by 25...
Treasuries Break 5% as the Fed Turns Hawkish: What Happens to the Dollar, Gold and America’s Borrowing Power?
TODAY'S NUMBERS
5.06% (US 10-year Treasury yield, highest since 2007) · 100.9 (Dollar index, seven-week high) · 1,000+ tonnes (China's gold imports, January–August)
The world is...