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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: 2026-08-25
🇨🇳 China holds rates for a 15th month running as retail sales nearly stall
🌏 Brazil's consumer confidence craters while Singapore's factories keep humming
🇬🇧 BoE's hawkish dissenters are looking better by the day as UK inflation reaccelerates
🇪🇺 Germany just gave the ECB every excuse it needed to hike again
🇺🇸 Home prices beat forecasts, but builders are pulling the other way
The week in view
📰 Weekly Macro Roundup: 2026-08-22
🇨🇳 China holds rates steady as property slump enters its fifth year, betting on exports to buy time
🇬🇧 UK inflation jumps to 2.9%, and a split Bank of England is already behind the curve
🌏 Emerging-market central banks stop moving in lockstep
🇪🇺 The eurozone's inflation problem is arriving at exactly the wrong moment
🇺🇸 Markets shrug off hawkish Fed minutes as housing cracks beneath sentiment surveys
The Watchlist
The Strategy
Industry focus
🏭 AI infrastructure financing is slipping from vendor balance sheets to private credit
🏭 Chipmaking's five-decade price deflation is ending just as AI needs it most
🏭 Memory chips, not GPUs, are quietly running this AI supercycle
🏭 Meta's plan to resell its own AI compute is the semiconductor rally's first warning sign
🏭 Broadcom's record AI quarter wasn't enough for a market pricing in perpetual acceleration
🏭 Broadcom guided short, the SOX had its worst day since March 2020, and the miss may say more about the custom silicon cycle than about AI demand
The week in geopolitics
♟️ The Mecca pact quietly extends a nuclear-adjacent shield over the Gulf
♟️ Ukraine's tanker war in the Sea of Azov exposes Russia's economic soft underbelly
♟️ Hormuz tanker strikes expose the deniability gap in Iran's leaderless ceasefire
♟️ Markets are pricing an Iran peace dividend that Israel hasn't endorsed
♟️ Oil markets crowd a best-case Iran settlement the Islamabad MOU cannot yet guarantee
♟️ Iran shot down a US Apache, Washington struck back within 24 hours, and the G7 couldn't hold the room on Ukraine
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