The elephant in the room: The Iran War. The ongoing Iran War has had a significant impact on the economic landscape, most notably through rising energy prices. As energy costs increase, inflation is ...

Export anchor, reflation stirrings. Following our previous update (“China/Hong Kong Equities: First Whiffs of a Pivot”, published on 29 Apr 2026), China’s economic fundamentals have...

Dawn of a new Fed. The new Fed Chair, Kevin Warsh, made his mark by leaving out his dot; we think it communicates a lot by saying nothing at all (more on that later). First, the facts: Markets inter...