This post was originally published on this site.This is a direct confirmation of the price path our own coverage has been pointing toward, with Citi effectively conceding its earlier timeline for a Hormuz resolution was too optimistic rather than abandoning the resolution thesis altogether. The 5 dollar upward revision to the Q3 number is modest relative to the scale of disruption we have been reporting, including the recent tanker strike in the US-backed southern corridor, which suggests Citi still sees the current elevated flows through the strait’s southern lane as broadly sustainable rather than at serious risk of a full...

This post was originally published on this site.This is a straightforward continuation of the theme we flagged in our gold piece, where the weak US payrolls print pushed traders to slash Fed hike bets, and that same repricing is now the clear driver behind the rally in Korean and Japanese chip stocks. The Kosdaq’s circuit breaker trigger points to genuinely aggressive positioning rather than a modest relief bounce, which is consistent with a market that had been under pressure for seven straight weeks on the Kospi and was primed for a sharp reversal on any dovish catalyst. The Nikkei’s gains...