Interesting times indeed. Mr Market seldom looks beyond the end of his own nose, but the World is looking increasingly fraxious these days. Big nations have ever bigger problems. Maybe smaller ones will do better? The end of strong states often results in smaller nations competing harder to thrive, leading to competitive frictions!

Last week the Axis of Autocracy gathered to watch a spectacular military parade. Here in the West governments are tripping over themselves as politics become ever more polarised and ineffective. How should these factors inform investment decisions?

Lots of stuff going on this week! Top of the list is how hard-line Republican Hawks in Washington have reset Trump’s Big, Beautiful Bill. Don’t make him angry… We also have the UK doing a deal with Europe. And, Mark Blyth gives a masterclass in how we should think about inflation.