Markets are operating under a different regime.

Risk has become structural rather than episodic, shaped by the interaction of monetary policy, fiscal decisions, geopolitics, and corporate execution. In this environment, volatility is not noise, it’s a consequence.

This week reinforced that shift. Efficiency, capital discipline, and execution have moved back to the center of investment decisions, while simple narratives lost relevance.

In this week’s report, we explore the forces that truly shaped asset behavior, beyond the headlines.

The full analysis is available in the document.