SNB cuts through zero to defend the inflation mandate have not produced the franc depreciation the historical playbook implied, and safe-haven demand has held the currency firm.
Above: The financial district at first light, viewed from North Sound. The territory administers more than $4 trillion in regulated assets — roughly four percent of the world's hedge fund capital. — for The Journal
Commercial crude buffers that muted the early-conflict spike are drawing down fast. With the strait shut for a third week, the physical market — not paper — now sets Brent.
The peso-denominated TES market that lost foreign real-money participation in 2022 has quietly seen those buyers return, and the fiscal underperformance the market feared has not materialized.
The 2024 production-linked tax credit for critical minerals processing has moved from legislation to disbursement, and downstream project economics have repriced.
The steelmaking decarbonization shift toward direct reduction and blast furnace efficiency has widened the premium on Carajás high-grade product structurally.
The corporate tax receipts that were supposed to normalize after the 2023 spike have instead persisted, and reshored pharma manufacturing is the structural driver.
The Northvolt insolvency reset has produced a leaner ownership structure, and the restarted Skellefteå cell lines are now generating the output the original capital never delivered.
The second-generation production-linked incentive framework for advanced chemistry cells has moved past the announcement phase, and domestic cell shipments have crossed a threshold that materially changes the sourcing map.
The two-year effort to unwind the multiple exchange rate system and clear the accumulated dollar demand backlog has concluded, and the naira is now finding a clean market-clearing price.
Nigeria's FX reform under the Tinubu administration and the CBN has reached the endpoint the reform architects promised in 2023. The dollar demand backlog that had accumulated over years of multiple exchange rates has been cleared, the parallel market premium has collapsed to near zero, and the naira is now trading at a market-clearing price that both impor
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