Americas
Gold Just Had Its Worst Wartime Month in 50 Years.
Gold fell 27% from its ATH during the Iran war the worst first month of any conflict in 50 years. GLD lost $9B in three weeks. JPM still targets $6,300.
Americas
The Fed Cannot Cut, Cannot Hike, and Cannot Explain Why.
The US lost 92,000 jobs in February. Wages rose 3.8%. Oil is up 55% in March. The Fed is frozen. The March jobs report drops on Good Friday. Iran deadline Sunday.
Commodities
Brent Just Posted Its Steepest Monthly Gain on Record. Trump Said He Wants to Take Iran’s Oil.
Brent surged 55% in March, the largest monthly gain on record. Trump told the FT he wants to seize Kharg Island. WTI crossed $100. The war just changed shape.
Stocks
The STOXX 600 Lost 8 Percent in Five Weeks. The Recovery Trade Is Collateral Damage.
The STOXX 600 peaked at 628 on Feb 18. Five weeks later it sits at 575. Goldman forecast 8% returns. Lagarde says markets are too optimistic. What happened.
Europe
EUR/USD Lost Four Cents in Two Months. The ECB Just Told You It Cannot Get Them Back.
EUR/USD at 1.1506, down from 1.2016 in January. ECB revised inflation to 2.6% and growth to 0.9%. The euro is pricing stagflation. Here is what it means for your book.
Economy
Europe Was Told the Energy Crisis Would Be Targeted and Temporary. The Commission Just Blocked the Only Tool That Could Make It So.
Dombrovskis warned of a stagflationary shock that could cut EU growth by 0.6pp. Hours later the Commission blocked the fiscal escape clause. G7 meets Monday.
Americas
The Only Person in the White House Who Understood Crypto Just Lost His Desk
David Sacks' 130-day crypto czar term expired March 26. No replacement is coming. The CLARITY Act is stuck in committee. The midterms are in seven months.
Americas
Copper Lost $2,500 From Its January High. The Deficit That Caused the Rally Hasn’t Gone Anywhere.
Copper fell 17% from its $14,527 all-time high but the structural deficit hasn't budged. AI data centres need 475,000 tonnes in 2026 and mines can't keep up.
