Editorial companion

What stands out

Bloomberg's three-minute clip boiled today's market choreography down to two inputs: the US Consumer Price Index (CPI) and the unfolding Iran conflict. Guy Johnson, Tom Mackenzie and Adam Linton made the point crisply, a CPI surprise re-prices interest-rate expectations while the Iran shock re-routes risk appetite through oil, supply chains and risk premia. The conversation also explains why analysts are haircutting earnings, especially among frothy AI names. If you want the week's why in under three minutes, those two forces are it.