Markets are nonplussed by Israel-Iran. Here's why.

Brent is still only at $77, VIX is contained, gold is trading flat. Bigger market risks lie elsewhere.

Can tariffs result in higher imported inflation?

Trump's levies could send U.S. inflation 1.4 percentage points higher.

The time for geographic diversification is now

U.S. Treasuries lose their safe haven status amid a secular rotation away from U.S. assets

The Times They Are a-Changin'

EM sovereign debt will no longer be the exclusive focus of this newsletter.

Mr. Zelensky goes to Washington

The Ukrainian president will sign a minerals agreement with Donald Trump on Friday.

Kyrgyzstan plans maiden Eurobond amid sanctions controversy

The Central Asian republic is aiming to place a $1.7bn debut hard currency bond as sanctions-busting accusations mount.

Can European governments meet Trump’s defense spending demands?

The incoming U.S. President has set a 5% of GDP defense expenditure threshold.

The 2024 "Country of the Year"

The Economist's annual designation is notable for how poorly past winners have fared in ensuing years.

Rising uncertainty fails to rattle global markets

High economic-political uncertainty paired with low volatility amplifies market risks

Should investors worry about Israel-Iran?

The recent escalation presents downside market risks, albeit these are limited.

Right-wing populism on the rise in EM

2024: string of electoral victories for right-wing populists across emerging markets

China's lending to developing nations declines

Though Chinese creditors still hold more LMIC external debt than the G7 ex-Japan

Berlin Energy Forum - Trip Notes

Limited impact of energy sanctions against Russia

Are markets underpricing geopolitical risks?

Oil prices have actually declined in the wake of Iran-Israel

The dollar-debt imbalance

Unsustainable USD dominance here to stay

Wall Street's fear gauge rises

Plus IMF/WB Spring Meetings policy updates

2024 Elections - Global Snapshot

Populist forces on the march

Senegalese exceptionalism, for now 🇸🇳

The ethnic X factor: why democratic stability is so rare in the Sahel

On the hunt for Russia's reserves

Ukraine: two, ten, or thirty years on?

Quick take on Gabon’s coup d’Etat

Russia’s trading partners steer clear of rubles

De-dollarization musings