The Lombard Review

World

Central banks, currencies and economies beyond the U.S.: China, Japan, Europe, Britain, India and the oil states.

Politics

Trump dusts off a 1930 law to hit Canada

Discrimination statute as tariff tool

Markets & Finance

Long-term rates climb as Iran talks stall

Diplomacy risk in 30Y

World

Hormuz reopens, on paper

MOU without verification

World

Iran closes the strait again

Re-closure shock to curve

World

Three ways the Hormuz crisis could end

Probability-weighted Hormuz scenarios

World

Iran charges ships a toll, in yuan

Non-dollar settlement for transit

World

Why ships won't sail through Hormuz

Insurance premia block transits

World

Asia pays the most for Hormuz

Asia bears most crude exposure

World

The oil shock the world feared

Chokepoint removes ~20% of seaborne oil

Special Report

Lunar New Year: China keeps the yuan steady

Fixing management in legal limbo

World

The yen nears Japan's line in the sand

Pace-based intervention trigger

Markets & Finance

Japan's 30-year bond hits a record

Life-insurer demand gap

World

Japan's last cheap-money trade

BoJ hike narrows differential

Markets & Finance

Japan's bond yields hit 17-year highs

BoJ hike priced into curve

Special Report

Singles' Day: A truce, but will China shop?

De-escalation vs weak demand

World

America and China call a truce, again

Tariff cut for export-control pause

Special Report

Diwali: The rupee hits a record low

50% tariff hits export flows

World

China's rare earth counterpunch

Escalation before summit

World

Japan's new leader weakens the yen

Fiscal dovishness weakens yen

World

Nvidia's China problem

Guidance ex-China

World

Nvidia pays Washington to sell to China

Government take on China sales

World

India hit with 50% tariffs

Secondary tariff on rupee assets

World

Europe settles for 15%

Euro reaction to asymmetric deal

World

Japan's deal: 15% and $550bn

Investment pledges as tariff price

Markets & Finance

Japan's bond market turns nervous

Fiscal-populism risk in long JGBs

U.S.

America bombs Iran. Oil falls

Contained retaliation deflates premium

World

Oil jumps as Israel strikes Iran

Oil shock into inflation swaps

World

China's rare earths are its best weapon

Export controls vs tariffs

World

America and China call a truce

90-day de-escalation

World

Britain gets the first trade deal

Quota-based auto relief

Markets & Finance

China holds the yuan steady

PBoC resists competitive devaluation

World

Germany rewrites its debt rules

Infrastructure fund outside fiscal rule

Markets & Finance

Germany opens its wallet, and bonds tumble

Debt-brake reform reprices Bunds

World

Tariffs on Canada and Mexico go live

USMCA content carve-outs

Special Report

Valentine's Day: America and Europe's trade breakup

Reciprocity threatens euro

Special Report

Lunar New Year: DeepSeek and China's tech comeback

Efficiency shock re-rates China tech

Markets & Finance

Britain's borrowing costs hit a 27-year high

Fiscal rule headroom erodes with yields

World

China finally promises to loosen up

Policy stance language upgrade

World

Trump threatens Mexico and Canada

Tariff threat vs integrated supply chains

Special Report

Singles' Day: China fixes its local debt, not its shoppers

Local-debt relief vs demand stimulus

Special Report

Diwali: India's record IPO rush

Primary supply absorbs liquidity

World

How Chinese goods reach America through Mexico

Trade diversion masks China content

World

China finally fires its stimulus bazooka

Monetary easing vs deflation expectations

Markets & Finance

The carry trade that blew up

Funding-currency squeeze unwinds leverage

World

Japan hikes into the world's most crowded trade

Positioning asymmetry before hike

World

Japan steps in to save the yen

Suspected intervention after data

World

China's cheap EVs meet Europe's tariffs

Subsidised capacity meets tariff walls

Markets & Finance

Is France the eurozone's next crisis?

TPI eligibility and spread ceiling

World

What happens to the euro when the ECB cuts first

Rate differential vs growth differential

Economy

How far can Europe cut before the Fed does?

ECB cut ahead of Fed via FX pass-through