US vs RoW – Diverging narrative The latest round of macro data has reinforced a clear divergence between the US and the rest of the world. While activity indicators outside the US remain relatively soft, the US economy continues to show signs of resilience, with growth momentum still firm and inflation risks not fully contained. […]

Iran – Closing in on a deal Last week, the US and Iran reportedly agreed on a Memorandum of Understanding that would extend the ceasefire by 60 days, ensure unrestricted passage through the Strait of Hormuz, and require the demining of the Strait within 30 days. However, the agreement still needs to be approved by […]

The AI wave lifts all boats Building on the sharp April recovery, equity markets extended their gains through May, with ceasefire talks between Washington and Tehran continuing to set the tone, oscillating between optimism and setback before Trump declared negotiations were in their “final stages” late in the month, pulling oil back from its highs. The dominant […]