Markets & Rates: Asian stocks slid as US inflation came in hotter and renewed US strikes on Iran lifted oil, while traders looked ahead to the Fed and rate-path uncertainty. FX/EM Pressure: Indonesia moved to an off-cycle rate hike to steady investor confidence, a “bitter pill” aimed at halting rupiah and market damage. Central Banking Risk Watch: South Africa’s SARB flagged rising sovereign debt in developed economies as a growing global stability risk. EU Carbon Policy: The EU agreed tighter price controls for ETS2, using a stability reserve if permit prices top €45/ton. Capital Markets/Banking: HKMA set up a group to develop tokenised bond frameworks; ICBC Dubai marketed USD and RMB green bonds. Debt & Infrastructure: Vietnam’s Hanoi proposed bond issuance to fund strategic projects; Seattle advanced social-housing financing flexibility. Energy/Trade Finance: Gunvor backed a US natural gas producer; freight forwarding hit €208.1bn in 2025 with steadier growth ahead. Tech & IPOs: OpenAI filed confidentially for an IPO; SpaceX sustainability compliance questions surfaced in Europe. Crypto/Derivatives: Osaka Exchange plans Bitcoin futures by 2028; Japan’s crypto product rules are evolving. Commodities: Gold and silver prices fell in Nepal amid international swings. Housing/Real Assets: Phoenix affordability stayed tight around the median home price, underscoring income limits. Regulation Watch: The CFTC outlined a prediction-market review framework that could reshape Polymarket and Kalshi.