Hormuz has been the whole conversation for a month, and it made everyone slightly blind. Brent crossed $100 this week for reasons that had almost nothing to do with the strait everyone was watching. Plus: Europe picks a strange moment to grow while its gas storage runs fifteen points light, the producer price wedge nobody wants to discuss, and a benchmark index moved by two stocks.
Read Full Report →“The strait stayed open all week and oil still went through $100. That should tell you where the binding constraint actually sits.”
Issue No. 4 · The Week in Question
Brent went through $100 without Hormuz closing, Europe grew while its gas storage ran fifteen points light, and producer prices kept running two points hotter than consumer prices.
Read Report ›The financial system does not own its foundation. It rents it, one night at a time, in a market almost nobody watches until the morning it stops working.
Read Report ›US strikes on Iran hit a sixth night, Iran fired back at Gulf bases and Kuwait's power and water, and Brent jumped about 14%. The calm markets kept for two weeks finally bent.
Read Report ›The week's four stories that actually mattered: what happened, why it matters, and what to watch next. Five minutes, no paywall.
Follow on LinkedInThe Fed meets July 28 to 29 with oil back above $100 and a live minority pricing a hike, which makes the press conference matter more than the decision. Microsoft, Meta and Amazon report Wednesday to Thursday, then Apple: after Alphabet and Tesla dragged the index down, the gross margin lines are where to look for who is absorbing the producer price wedge. The Bank of England follows on July 30 with a Monetary Policy Report. Also worth watching: whether Red Sea reroutings spread beyond the seven vessels that have already changed course.
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Wealth in Question is a weekly attempt to connect the dots between markets and the world that moves them. Each Sunday it covers the handful of stories that actually mattered that week: central banks, geopolitics, energy, trade, and tries to explain not just what happened, but what it means and what's worth watching next.
The premise is simple: most financial news is either too shallow or too long. This is the five-minute version that respects your intelligence. Wealth in Question is independent, carries no advertising, and answers to no one.