Global Daily: Willy Wonka and the Compute Factories

Oil prices are rising again on news of the shutdown of Saudi Arabia’s East-West pipeline following drone strikes, and the Houthis’ seizure of strategic locations on the Red Sea coast. Bond yields surged late last week on rising oil and inflation (and debt) concerns, while Asian equity indices and US equity futures are broadly in the red today. Geopolitical friction remains at the forefront of investor concerns as the Middle East and Eastern Europe simmer away, leaders of Scotland, Wales and Northern Ireland plot the dissolution of the United Kingdom, and Canada hatches a cunning plan to avoid becoming the 51st US state by (in effect) becoming the 28th EU member state.