Americas
American Consumer Confidence Has Fallen Below the Level That Preceded Every Recession Since 1978
Michigan consumer sentiment crashed to 53.3 in March 2026, below every pre-recession level since 1978, as Iran war drives gas prices and inflation fears.
Commodities
Everyone Is Watching the Oil Price. The One That Matters Is Printed on a Bag of Urea.
Urea jumped from $490 to $700. A third of global fertiliser trade transits Hormuz. There are no strategic reserves. It is planting season. The supply is not arriving.
Economy
Japan Asked the IEA for More Oil. The First 400 Million Barrels Lasted Three Weeks.
Takaichi asked the IEA to prepare a second coordinated oil release. India's PMI hit a three-year low. Malaysia held two emergency meetings in two days. Asia escalated.
Economy
Asia Stopped Debating Oil Prices. It Started Rationing Fuel.
Bangladesh stationed troops at oil depots. The Philippines cut the work week to four days. Nepal is rationing cooking gas. Three weeks in, Asia is in emergency mode.
Crypto
An Eye Drop Company Just Bought 8.78% of a DeFi Protocol. The Ticker Changes April 3.
NovaBay Pharmaceuticals renamed itself Stablecoin Development Corporation, bought 2.06 billion SKY tokens worth $147 million, and will trade as SDEV on April 3.
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.
Economy
ADNOC Can’t Ship Its Own Gas. Goldman Says Gulf GDP Could Drop 14%.
ADNOC cut LNG production because tankers cannot transit Hormuz. Goldman projects Qatar and Kuwait GDP down 14 percent if the war runs through April. Trump's deadline expires Monday.
Stocks
Four Weeks Down. No Floor in Sight.
The S&P 500 closed below its 200-day moving average for the first time since May. Four losing weeks. Dip buyers gone. The war hasn't given the market a floor yet.
