...the gap between top 10 market caps & EPS contributions has narrowed to smallest spread in years…

US and Iran conducted tit-for-tat strikes over the weekend, although the sides have since agreed to halt strikes and will meet for talks this week.

The move to Level 1 activation, signifying the most severe health crises, comes as the outbreak, which is now in its second month, has infected more than 1,200 people in Congo, with 321 deaths reported...

Which everyone will now use...

The direction of travel globally is already toward commodity-backed settlement...

...with valuations already reflecting substantial cyclical optimism and AI-driven earnings growth, the hurdle for further upside surprises is higher, and near-term risks center on potential Fed hawkishness...

This is a case for September Rate Cuts that is entirely consistent with Warsh’s messaging...

There was no need for Warsh to nail himself to the cross of restoring 2% price stability during his first press conference. But he deliberately did exactly that...

Increased chatter that Iranians may withhold delegation...

"At some point, capital expenditure may slow and if one peer blinks, the market will immediately question whether others should follow."

"We're still nowhere near returning to conditions before the closure of the Strait of Hormuz..."

Follow the money...

Finally, on Saturday afternoon, the LVB  announced the suspension of all scheduled tram services...
 

These dynamics and the incentives they generate lead to systemic crisis and collapse...

London Mayor repeatedly dodged questions last year...

"The relevant authorities have launched a ​full investigation to determine the cause ​of the crash..."

Iran warns the MoU & ongoing negotiations could immediately come to a halt...