This week's external environment is reshaping at speed: Trump's Strait of Hormuz move, the G7's real agenda in France, and China's strategic shift in deploying its trade surplus. We break down what each means for your competitive position and supply chain assumptions.

The Strait of Hormuz crisis is forcing executives to rethink energy security and supply chain resilience across continents. We examine how geopolitical fragmentation—beyond tariffs—is reshaping the financial and physical infrastructure that underpins commodity markets and strategic planning.

Global bond markets are in retreat while the EU mirrors American protectionism and European security guarantees face existential questions. This week, we examine three simultaneous shifts reshaping capital, trade policy, and geopolitical strategy.

Explore how critical geographic bottlenecks are reshaping energy costs, supply chains, and geopolitical risk—moving from peripheral concern to core business assumption. This briefing maps the structural forces redefining resource access and regional stability for the decade ahead.

This week - We analyze the Iran conflict's cascading impact on energy markets, inflation expectations, and supply chain resilience—the forces reshaping your strategic decisions right now. Understand what's pricing into bonds and energy, and what that signals for your planning horizon

We examine three interconnected pressures reshaping the global operating environment: maritime chokepoint volatility in the Strait of Hormuz, tightening dollar liquidity cycles, and structural instability in Europe's largest economy. Understanding how these forces interact is essential for anticipating supply chain disruption, capital markets stress, and policy responses that will affect your business in the quarters ahead.

This week we cover the Taiwan semiconductor exposure most boards haven't mapped, the IMF data behind the de-dollarisation story, India's structural currency weakness beyond the Iran war, and why the Hormuz toll proposal is more contested than it looks.

This week: Daniel Yergin on why the Strait of Hormuz crisis signals a genuinely different world — and what that means for boards beyond the energy market. The quiet but accelerating infrastructure behind renminbi internationalisation, and why it matters even if you're not in China-adjacent trade. And what the World Bank's new position on industrial policy actually means for executives betting on government support. The IMF's macro layer sitting underneath all of it.