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The current state of play, organised by section. Daily and weekly briefings, ordered by what just happened.
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The day in view
📰 Daily Macro Roundup: 2026-10-08
🇨🇳 Beijing pumps ¥1.2tn into the system as an oil-driven inflation print looms
🌏 With oil above $100, the real-rate cushion is what separates emerging-market central banks
🇬🇧 Gilts are tightening for the Bank of England, and Bailey is aiming his message at the Treasury
🇪🇺 Berlin lifts its growth forecast to 1.3%, and Lane says the fiscal tailwind turns into a headwind
🇺🇸 Waller says Fed hikes need not come back to back, and claims under 200,000 give him cover
The week in view
📰 Weekly Macro Roundup: 2026-10-10
🇨🇳 China sold more holiday trips at lower prices, and Beijing's stimulus is going to producers
🌏 Emerging markets pay for $104 oil five different ways, and only Taiwan comes out ahead
🇬🇧 Gilts are pricing the Budget, not the PMIs, with the 10-year at 5.5%
🇪🇺 France's bond market is tightening for the ECB, with the 10-year near 5% and euro area inflation at 3.8%
🇺🇸 Bond investors are tightening faster than the Fed, and the 10-year is at 5.22%
The Watchlist
The Strategy
Industry focus
🏭 Chip supply chains are now bankrolled like power plants, not laptops
🏭 BMW's margin retreat shows Europe is absorbing China's EV shock, not blocking it
🏭 Washington is ordering memory chipmaking onshore, and the economics don't want to follow
🏭 Semiconductor capacity is now funded by warrants, not purchase orders
🏭 The AI buildout's new bottleneck isn't GPUs, it's Taiwan's optical packaging lines
🏭 AI infrastructure financing is slipping from vendor balance sheets to private credit
The week in geopolitics
♟️ Riyadh's allies take back Bab el-Mandeb, and the Gulf stops waiting on Washington
♟️ Trump rejected the Hormuz deal just as US troops walked out of Iraq
♟️ Iran's collapsing rial, not US airstrikes, is what forced it to the table
♟️ Houthis capture the Bab al-Mandab, and Saudi Arabia's oil bypass goes dark
♟️ US strikes on Iranian tankers are pulling the Gulf toward open war
♟️ Washington's Iran sanctions blitz reveals a financial war, not a physical one
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