"I can not get my head around how a market that has this much going on had a vix last week with a 19 handle..."

The SaaSpocalypse makes for dramatic headlines, but the idea that AI agents will simply devour enterprise software whole ignores both the data and the institutional complexity of the businesses being disrupted.

...did 'retail' just try to call the bottom in 'software'?

He suggested that Trump not only abused a minor, but that she was later bumped off to keep her from speaking...

In a nightmare deja vu moment for Europe, LNG prices exploded after Qatar shut LNG production in the world's largest export facility. 

History shows that oil prices can rise significantly, and well above fair-value estimates when geopolitical uncertainty is high and when the market puts some weight on supply disruptions persisting

There is no safety net if the US doesn’t manage to land this manoeuvre" - Rabobank

Production growth slowed in response to a near-stalling of orders from customers...

Key focus this week will be on the US jobs report on Friday, retail sales on the same day, the ISM indices (today and Wednesday), and the Fed’s Beige Book, also due on Wednesday

...this is what you see when investors get nervous but don’t want to “fully de-risk” at the index level.

"The endgame remains highly uncertain, ranging from a relatively swift political exit to a broader regional spillover. In such a fog of war, markets tend to trade probabilities rather than shifting facts."

"From Venezuela, to JGBs, to Greenland, to tariff policy, to Iran, a new risk event seems to emerge on an almost weekly basis. And maybe the trickiest dynamic has been the shifting views around AI. Like T-1000, the antagonist in Judgement Day, AI can be almost anything."

Germany is losing its competitiveness at ever-shorter cycles. Recent international trade data show that, with this trend, geopolitical options are literally evaporating...

A bottleneck is threatening to spill over from AI servers into broader electronic products, pushing up device costs and adding an inflation impulse that could weigh on risk sentiment. 

United Arab Emirates, Bahrain, Kuwait, Qatar, Jordan report destroying waves of projectiles, including 400 ballistic missiles, aimed mostly at U.S. forces.

The German Chancellor is returning from his three-day official trip to China. In his luggage: a major order for Airbus and the bitter realization that Germany has been run down into an international lame duck. The detailed reception protocol only underscored respect for European history.

"What started as a single stock flinch early in the month turned into an index flinch mid-month, and finished with the first signs of a credit flinch as CDX IG widened 5 points on the week, amid surging put open interest... of all these (and for good reason), the credit flinch worries me the most" - Goldman