CL Iran's Gulf strikes hit oil terminals two hundred miles from where Hong Kong ships load and unload cargo every day. Friday's close priced almost none of it in. Hormuz has closed before and reopened, and traders have learned to treat war as weather. Call that wisdom or call it amnesia. Nobody finds out which until the ships stop moving.-- CL

MB Institutions had a busy weekend announcing things were handled. Washington struck Iran and called it a message. Tehran struck back and called it retaliation. Both statements can be true at once, which tells you more about diplomacy than either strike did. Closer to home, the monetary authority stayed quiet. These days, that counts as good news. *-- MB*-- MB