A devalued economy of a devalued country

It’s the neighbourhood barbecue next week. I’ll have to try and explain what a financial newsletter is… again. But how would the UK fare? Even worse.

100x more important than the Strait of Hormuz

While markets fixate on energy and geopolitics, something far bigger is unfolding behind closed doors. A new AI system has forced the US government and major banks into action — and it’s exposing patterns most investors still can’t see.

What does China know that we don’t?

China’s oil hoarding may be a signal for a longer game than the West expects.