Newsletter

Fed dot plot signals a rate hike in 2026. Record number of central banks plan to buy gold. Tech outperformance surpasses the dot-com era. US gas now a cornerstone of Europe’s energy mix. Korean exports suggest semis still have room to run.

US airline fuel costs surge 78%. Apple now trades at 10x sales for the first time. LLM token spending stalling near cycle highs. Hot IPOs are typically a bad deal. Stock-bond correlation at its highest since 1999.

Asian rice prices surge due to Iran war. Oil-importing nations are dumping US Treasuries. US manufacturing expands for a fifth straight month. Exxon warns oil could hit US$150+/bbl. Korea’s export growth hits a four-decade high.

Micron hits US$1trn at record speed. Argentina’s on track to producing 70% more oil. HK overtakes Switzerland as the world’s wealth hub. Emerging markets are outperforming the S&P 500. US food prices are re-accelerating.

The semiconductor price shock brewing in Asia. Gulf oil exports bypassing the Strait of Hormuz. Midterm elections historically mean a rough summer for the S&P 500. US inflation to exceed 5% by November midterms. The Fed may change how it measures inflation.

Nasdaq’s historic melt-up. US inflation is back. Korean DRAM prices hit a record US$64,000/kg. Copper hits a new record high. Japan’s 10-year yield hits a 29-year high.

Taiwan and Korea add US$4.6 trillion in AI surge. Anthropic’s pre-IPO valuation hits US$1.2 trillion. The airline industry hits a fuel wall. Oil inventories heading for operational stress. Nonmonetary gold is surging as America’s top export.

UAE exits OPEC after 59 years. Iran war chokes global fertilizer supply. Bear markets are buying opportunities. EV adoption remains uneven globally. Gold’s historic decoupling from real rates.

Trump extends the US ceasefire with Iran. China is still stockpiling gold. Strong 10-day rallies are bullish. US Gov’t to start refunding US$166bn in tariffs. Moody’s upgrades Thailand’s credit outlook.

The US blockade of Hormuz tightens. Amazon’s exponential capex binge. US consumer sentiment hits a 74-year low. While America sells, China buys. The average person today lives better than yesterday’s kings.