It is not coming apart in the headline equity indices, where everything looks tight, well-bid, and orderly. It is coming apart one level down - in credit, in positioning, and in the accounting...

A short take

The physical AI race is gathering steam.

There was a maritime incident reported in Bab al-Mandab, with Fars reporting that a Saudi ship was reportedly targeted by the Yemeni army.

For the average person who doesn’t have the backing of a corporation, how could we tap into the power of agentic systems without tapping out our wallets?

Russia has long been fearful over foreign entities making inroads into Russian society...

Everyone got blown out of Korea. Leverage is gone. Vol has crashed. Valuations have reset. Now it gets interesting.

Oil edges higher while Trump returns to strategy of economic pressure & "low-keying" it...

The estimated annualized cost to service the US debt is increasing at a near-parabolic pace - roughly tripling over the past five years. 

...Hormuz hope fades again as AI's circular financing fears reawakened...

Serbian president meanwhile looked stunned at the bloodlust coming from the press...

Local media has drawn comparisons to the Khashoggi case...

Britain has committed billions of pounds to expanding military drone technology and accelerating the introduction of autonomous systems.

An underage boy was also reportedly raped at a time when the Ceuta medical system is completely overwhelmed...

US President Trump said, regarding potential escalation with Iran, that it is certainly possible and still has the ability to escalate.

From India to Israel to America & back again...

Three key debates promptly emerged in conversations on the Goldman trading desk around the potential impact; mainly, why industry leaders continue to gain client traction, capacity and cost efficiency implications, and production base diversification.

The Department of Justice could also decide not to appeal this ruling and let it take effect nationwide.

As Pyongyang hits record temperatures, state media prescribes traditional dog cuisine and tales of Kim Jong Un’s heroic sweating.