EM trades macro stress. Brazil trades commodities and flows. EM is breaking. Brazil isn’t.

"Ceasefire & peace talks are more important tasks at hand..."

As Indian purchases of now-unsanctioned Russian oil soar, refiners are increasingly settling purchases of Russian oil in alternative currencies...

That’s because the metaverse was such a disaster.

First in Asia, then Europe, then everywhere else... 

After dozens of fighters killed, another war front opening?

A service provider is liable for a user’s infringement only if it intended its service to be used for that purpose

Term premium has only been a minority contributor to the rise in US and global yields so far...

"I think it demonstrates where the Florida voter is..."

“A lot of this is hand-holding, particularly for energy markets...”

Yet is there more going on in reality? What Iran says its positions are may not be what they actually are – and the same could be true for the US, to a lesser extent...

Growth gets downgraded, consumers roll over, missing the AI train — and somehow only 23% of stocks are oversold. Europe is structurally sidelined.

When multiple large funds start limiting withdrawals at the same time, that is not random. That is a signal.

"The Strait of Hormuz is a critical route in the global nitrogen fertilizer market, which accounts for 60% of global use..." 

...rapid growth in private lending and changes in the software sector outlook have sparked concerns that credit could deteriorate. How would a bursting of the private credit bubble impact the broader economy? Here are Goldman's thoughts... 

Thunderous chants of “Cuba next,” “patria y vida,” and “libertad” echoed from thousands of Cuban Americans in Hialeah, Florida...

...The real damage is in rates volatility. .. you can’t jawbone molecules.

...and this is before the war started (and fuel costs surge)!