Trade wars
Global Daily: When a Toll Isn't a Toll
Yields on 10-year Treasuries finished last week up 11bps to 4.48% while yields on 10-year Bunds rose 8.5bps to 2.93%...
Exclusive USMCA Update: The trade jungle | Canada
A principle to keep in mind as we navigate the trade jungle is that, like a forest fire, a temporary event can leave a lasting impact on the environment.
Cheap until it wasn’t: How abundant resin masked a fragile supply chain
Structural oversupply created dependency on low-cost, globally concentrated supply, which left the system fragile and exposed when a geopolitical shock (Hormuz) occurred.
Exclusive USMCA Update: Free trade abandoning the free world?
The USMCA is unlikely to be renewed for a full 16-year extension by July 1, 2026 and we instead expect it to enter a rolling one-year review period, extending uncertainty
Global Daily: Massive Life Support
“On massive life support” was Donald Trump’s characterisation of the US-Iran ceasefire yesterday...
Global Daily: The Little Red Hen
Markets are bulled-up this morning on prospects for peace in the Iran war. The S&P500 and NASDAQ closed at fresh all-time highs...