Not a feed. A record of how the read changed.

Filter by theme, or read straight back. Every morning keeps its date, the regime the desk read at the time, and the words used to say it — unedited afterwards.

Not a feed. A record of how the read changed.

Brent fell 0.84% to $87.84 — a third straight lower close and 6.94% below where it settled on 2026-08-21, its lowest close in 9 sessions — as Iran…

Brent fell 3.89% to $88.58 and WTI 3.12% to $82.36 on the session Washington declared the Strait of Hormuz cleared of mines — Brent's largest…

Monday settled split

Friday reversed the week without redeeming it

Washington said its buybacks would get bigger and the long bond got sold anyway: the 30-year settled at 5.24% and the 10-year at 4.70%, both…

The 30-year fell to 5.20% and the dollar fell with it — EUR/USD +0.86%, USD/JPY -0.80%

Equities fell a third straight session and the selling was concentrated where the discount rate bites hardest: the Nasdaq -1.33%, the S&P 500…

No cash session has printed since Friday

Friday gave the week to oil and took it back from everything else

Thursday settled firm and settled narrow

July inflation landed exactly where it was supposed to: consumer prices up 0.1% on the month, the annual rate 3.4%, core 0.2% and 2.5% — every…

Crude took the week: WTI settled $83.20, +1.30% on the day and +6.4% from Friday's close, with Brent at $88.91 — a third straight gain, and more…

Monday was the first full session since Friday and it moved one thing violently: WTI settled $82.13, +5.05% on the day, Brent $87.72, +4.99%,…

Friday's settled close still stands as the last full session: the S&P 500 at a record 7,757.64, its best week since April, with the 30-year at…

The week ended with the S&P 500 at a record 7,757.64 and the VIX at 14.90, its lowest of the year, on the heaviest week for options volume on record

A soft July payroll drained the September hike out of the market: the dollar closed at its lowest since May and short Treasuries capped their best…

Gold closed at $4,396.20, up 2.25% on the day and its strongest week since January, with silver up 3.02% to $63.47

Iran confirmed it is finalising an accord with Oman over the Strait of Hormuz and the President said a deal could come within days - after weeks…

Crude had its worst two sessions of the war: WTI fell 5.5% on Tuesday to $75.92, taking the two-day fall to 12.5%, after the President called off…

One market changed its mind twice this week; the other never changed it at all

Equities ripped and vol broke - the Nasdaq ~+2.0%, the VIX ~-23% to ~16 - while investors sorted AI winners violently: Amazon ~+14%, Apple ~-9% on…

THE BOND MARKET CALLED THE FED'S BLUFF

THE OIL SHOCK WON'T QUIT, AND BIG TECH'S AI BILL CAME DUE

THE RE-SPIKE - OIL TO $94, GOLD TO A RECORD, THE WAR ENTRENCHES

AN UNEASY BOUNCE ON A DIPLOMATIC FLICKER

THE WAR WENT KINETIC - OIL'S BIGGEST JUMP IN SIX YEARS

THE WEEK THE AI TRADE CRACKED - AND THE OIL SHOCK CAME BACK

TACO TUESDAY - THE TOLL'S GONE, THE WAR ISN'T

THE CAPPED RELIEF. June CPI came in benign - headline -0.4% m/m (the first outright drop since the 2020 pandemic), annual 3.5% from 4.2% - which…

The verdict week opens RISK-OFF: the US and Iran are fighting for control of the Strait of Hormuz, so oil SPIKED ~4% (WTI ~$74, Brent ~$79) and…

A week of narrative whiplash ended at S&P highs - but read what the index hides

The oil shock is round-tripping

Yesterday's shock is now a trend

The regime flipped: Trump declared the US-Iran ceasefire OVER and the US resumed 'powerful strikes' after Hormuz tanker attacks (threat 'severe')

A soft US jobs report last week dialed back Fed rate-HIKE bets - and the tone tilted dovish into Tuesday

Monday's reopen answered the weekend - and it wasn't holiday liquidity: the hard-asset bid HELD

US markets were closed for Independence Day (4 July, a Saturday) - but the markets that never shut kept moving

Wall Street's profit forecasts are rising at the fastest pace since the Covid rebound - enough for the FT to warn of an 'earnings bubble' - and…

Fed Chair Warsh said inflation risks have DIPPED - and the FX/crypto tape read a green light: the dollar fell ~0.7% to 100.7, the yen recovered…

Trump vowed to 'annihilate' Iran - and the safe-haven bid went into GOLD ($4,036, +1.6%; COT net-long a record-scale 115,395), NOT oil (WTI -2%)

Another Iran escalation, another shrug - and the AI-capex story went vertical: Samsung + SK Hynix committing ~$1.3 TRILLION sent semis +4.1% and…

One session, two major sell-offs: the AI trade rolled back over (Oracle's worst week since the 2001 dot-com bust, on AI-FINANCING fears) and the…

The market looked straight through a hot PCE - headline 4.1% (a 3-year high), core 3.4% above forecast - rallying the front end (2Y -8bps) and the…

The disinflation trade arrived - oil -4.5%, gold -3%, the two-year -8bps as the front end pivots from higher-for-longer to pricing relief

Two binary tests resolved in 24 hours and both broke the bull case: the AI trade cracked (semis -8%, Micron -13%) and the Iran deal became real…

The market keeps pricing the US-Iran conflict as resolved, and it keeps fraying - today's tape reads 'deal under strain, once again.' Prediction…

The AI trade hit records the week the Fed scrapped its plan to cut — a contradiction that won't hold, and the reason to own the resolution hedged

MSCI EM +3.3% while STOXX 600 -1.1% — the widest single-session DM/EM divergence in months

Emerging markets surged +3.3% and the S&P 500 advanced as credit spreads tightened, but the US–Iran sanctions standoff and Japan's intervention…

The Federal Reserve's removal of dovish guidance and a live maritime crisis in the Gulf have combined to push equities, gold, and credit spreads…

Reports of an imminent U.S.-Iran signing ceremony sent Brent crude down 4.7% today, the session's dominant price signal and the clearest evidence…

Global risk assets are broadly bid — the S&P 500 up +1.8% and MSCI Emerging Markets up +2.8% — yet simultaneous gold strength and rising Treasury…