Dominant Theme — the Strait of Hormuz / energy shock remains the regime driver, with UAE’s planned OPEC+ exit adding another supply-side narrative layer. The key pivot is whether the oil impulse keeps lifting inflation expectations and forcing central banks to stay restrictive (ECB inflation-expectations jump, “higher-for-longer” framing), or whether risk stabilizes into the Europe inflation prints, US hard-data batch, and the Bank of Canada decision cluster.
What this issue covers
This preview gives the headline research context without exposing the complete member report. The full issue includes deeper market structure, macro drivers, positioning read, scenario planning, invalidation context, and risk calendar notes.
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