Emerging

Americas

Three Americas Currencies. Three Unrelated Bets. Zero Overlap.

CAD is a petro-hedge. MXN carry depends on Hormuz reopening in 60 days. BRL is an October election option. Running all three as a basket kills the edge.
Americas

Markets Open in Hours and Nobody Knows the Price of Oil. Khamenei Is Dead and Monday Will Reprice Everything.

Iran's supreme leader is dead, Hormuz shipping has paused, and crude futures open Sunday at 6 p.m. ET. Here is what investors need before Monday's bell.
Americas

Brazil’s Minimum Wage Has Outrun Its Economy by Six to One – and the Bill Is Coming Due

Real wages up 188% since the Plano Real, productivity up 30%. With debt heading for 95% of GDP and the Selic pinned at 15%, Brazil's social model is running out of room.

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