Stocks
Orlen Just Surpassed Gazprom in Market Cap. The Rest of Warsaw Is Having a Much Harder Week.
WIG20 at 3,274. Orlen just surpassed Gazprom in market cap at an all-time high. KGHM is testing key support for the fourth time. PKO BP posted record profits. Warsaw is three different trades right now.
Stocks
The PX Hit an All-Time High in February. It Has Since Lost 10%. Here Is What Actually Happened.
PX hit an all-time high of 2,805 in February. It has since fallen 10% to 2,512. The CNB meets on March 19. Here is what is driving Prague lower and what matters next.
Forex
EUR/USD Is Caught Between Two Forces That Never Usually Move Together
EUR/USD fell to $1.156 as oil topped $100 and the ECB was repriced from cuts to hikes in a week. The pair is now caught between dollar safe-haven bids and ECB hawkishness, both driven by the same Iran shock.
Economy
Germany Is Borrowing €174 Billion in a Single Year. The Factories Just Started Responding.
Germany is borrowing €174 billion in 2026. A €500 billion infrastructure fund and a €83 billion defence budget are rewriting Europe's largest economy from scratch.
Europe
US Gasoline Just Posted Its Biggest Weekly Jump Since Russia Invaded Ukraine. Diesel Is Worse.
US gasoline hit $3.41, up 14% in a week. Diesel surged 15.3%. The biggest weekly pump price jump since Russia invaded Ukraine. And the strait is still closed.
Stocks
Fertiliser Stocks Are the New Oil Trade. The Strait of Hormuz Doesn’t Just Move Crude.
CF Industries hit a record. Intrepid Potash touched a 52-week high. Hormuz carries 33% of global urea. The fertiliser trade is the one nobody saw coming.
Stocks
The Prime Minister Just Told Poland’s Biggest Company to Sacrifice Its Margins. The Market Heard Something Worse.
Tusk told Orlen to absorb oil price shocks. The stock fell 3.8%. WIG20 lost 4.5%. Foreign capital got a lesson in what emerging market political risk costs.
Economy
Day Four in Iran. Insurers Have Left the Strait. The Market Hasn’t Priced What Comes Next.
Day four of Operation Epic Fury. Tanker insurers pulled Gulf cover, VLCC rates hit record $423K/day, Brent surged to $85, and the Stoxx 600 lost 5.2%.
