The world in a glance.

Markets are churning furiously beneath the surface

AI is prompting investors to reassess every business model under the sun

Donald Trump answers a Supreme Court rebuke with new tariff threats

The immediate economic impact will be more uncertainty

Did America’s war on poverty fail?

Deprivation has fallen dramatically—but not necessarily because of the welfare state

Prediction markets are rife with insider betting

That does not mean regulators should stamp it out

How big is the prize of reopening Russia?

The Kremlin is promising $12trn-worth of deals to Donald Trump’s administration

The financialisation of AI is just beginning

Get ready for a new wave of securities, hedges and collateral

Donald Trump’s schemes to juice the economy

Watch out for sneaky stimulus

Ethnic minorities are driving America’s startup boom

The covid-19 pandemic set entrepreneurial spirits surging—for some

Why China’s central bank won’t save the country from deflation

It’s not about the exchange rate any more

Chinese homebuyers are enraged by shoddy building standards

Crooked walls and broken promises are harming China’s property market

How to put a price on a human life

As ghoulish as it sounds, it is far better than the alternative

What drives the wage gap between men and women?

Surprise: it’s still motherhood

Who wrangled the best trade deal from Donald Trump?

The agreements look one-sided. Their consequences may not be

The coldest crypto winter yet

An asset class that is all about vibes suddenly has awful vibes

How to hedge a bubble, AI edition

Protecting your portfolio from a crash looks harder than ever

Untangling the ideas of Donald Trump’s Fed nominee

What is Warshonomics?

Why the dollar may have much further to fall

It is hard to be a safe haven when trouble starts at home

Can emerging markets’ stellar run continue?

There is a lot more going for them than “sell America”

America and India strike a long-awaited trade truce

Will it last?

AI is not the only threat menacing big tech

Are Meta and Google ads really recession-proof?

Has America hit “peak tariff”?

Uncle Sam’s take may go downhill from here

What will Kevin Warsh’s Federal Reserve look like?

Donald Trump’s nominee was an inflation hawk—until he wasn’t

The fate of Japan’s $6trn foreign portfolio rattles global markets

The knock-on effects of a sell-off in Japanese-held foreign investments would be far-reaching

Why is the yen still so weak?

Newly alluring yields on Japanese bonds have not propped up the currency

Our Big Mac index carries an Asian warning

It isn’t just Japan: other currencies also look cheap

Just how debased is the dollar?

Not nearly as much as it could be

Why AI won’t wipe out white-collar jobs

The technology will expand their scope and raise their value

Can America’s bond market keep defying the vigilantes?

Donald Trump’s threats over Greenland are the latest test

An audacious new book about a “precocious” country

There is no such thing as “the” Indian growth model

National job stereotypes need updating

Unemployment rates in rich countries are becoming topsy-turvy

The ascent of India’s economy

It has benefited from a slice of luck, a commitment to economic reform and a shove from Donald Trump

American decay versus American dynamism

Only a decline in corporate America’s vigour will dent the country’s dominance of financial markets

Japan’s bond-market tremble reflects a fiscal-monetary clash

As investors worry about budgetary laxity, the central bank prepares for more rate hikes

Denmark braces for Donald Trump’s Greenland tariffs

The economy is well prepared, but more exposed than it used to be

Donald Trump’s Greenland tariffs are no great blow to Europe

An escalating trade war would be another matter, however

China hits its GDP target—in a weird way

Strong exports make up for weak investment

Why America’s bond market just keeps winning

Vigilantes have shrugged off ballooning debt and attacks on the Fed

Jerome Powell punches back

The administration’s latest attack on America’s central bank has not gone well

Donald Trump’s crusade against usury reaches Wall Street

His fight against high interest rates could get messy

It’s not just the Fed. Politics looms over central banks everywhere

But can the public stomach higher inflation?

The Trump administration threatens the Fed with a criminal cudgel

The president denies all knowledge. A bizarre fight could get nasty

Pessimism is the world’s main economic problem

Gloomy expectations are starting to matter more than the data

Vietnam’s growth is fast—but fragile

The economy is unduly reliant on a handful of conglomerates

Why Europe’s biggest pension funds are dumping government bonds

Dutch reforms will push up borrowing costs across the continent

Venezuela’s astoundingly messy debts are about to get messier

Oil majors, hedge funds, Chinese lenders—all have a stake

Is it better to rent or buy?

Much depends on long-term interest rates

An American oil empire is a deeply flawed idea

Donald Trump’s ambitions are expansive. His plans are limited

China’s property woes could last until 2030

Despite the best efforts of its social-media censors

Investors head into 2026 remarkably optimistic

Few expect a crash in the year to come

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