GM

The UNGA is underway in New York today. There are rumors of possible talks between the Iranian delegation and the US on the sidelines but most commentators are skeptical that much will come of this as either 1) these will be more of the same: talks take place but with no concrete outcome or, 2) the Iranian delegation simply aren’t empowered to negotiate. Either way, signs point to any meeting being purely theater.

Critical alerts

Tripwire notifications from the last 24 hours

🇨🇳🇮🇷 Xi Jinping calls for ceasefire in Iran at BRICS summit · 10:03 UTC — Xi Jinping Calls for Ceasefire in Iran at BRICS Summit · Sources: straitstimes.com

🇸🇦🇾🇪🇺🇸 Saudi airstrikes on Yemen's Mokha port kill at least six · 04:03 UTC — Middle East live: Yemen fighting escalates as Trump heads to UN · Sources: france24.com

🇮🇷 Gulf states use dark fleets to bypass Iran's Hormuz control · 03:18 UTC — Gulf States Use 'Dark Fleets' to Bypass Iran's Control of the Strait of Hormuz · Sources: telegraph.co.uk

🇵🇰🇦🇫 Pakistan airstrikes in Afghanistan kill 28 militants, 3 civilians · 02:48 UTC — Pakistan Airstrikes in Afghanistan Kill 28 Militants, 3 Civilians · Sources: apnews.com

🇸🇦 Saudi Arabia forced back to Strait of Hormuz after Red Sea attacks · 02:03 UTC — Saudi Arabia Forced Back to Strait of Hormuz After Red Sea Bypass Attacks · Sources: livemint.com

🇮🇷🇮🇶 Iran blockade and war cripple Iraqi oil hub Basra · 01:33 UTC — Iran Blockade and War Cripple Iraqi Oil Hub Basra, Causing Mass Job Losses and Economic Fallout

🇫🇷 France drafts UN resolution to unblock Strait of Hormuz · 00:48 UTC — France Drafts UN Resolution to Unblock Strait of Hormuz

Big movers

Countries moving beyond their normal range — last 3 days vs their 28-day baseline

🇭🇺 Hungary ▲ +0.94 · +2.8σ

Baseline month was dominated by International Relations and Economic Resilience reporting (avg severity 2.2); the last 72 hours shifted to International Relations and Internal Social Harmony reporting (avg severity 1.7).

🇹🇼 Taiwan ▲ +0.95 · +2.7σ

Baseline month was dominated by International Relations and Economic Resilience reporting (avg severity 2.1); the last 72 hours shifted to International Relations and Economic Resilience reporting (avg severity 1.8). Supply exposure: 77% of world Leading-edge logic fab (major); 33% of world PCB / IC substrates (noteworthy)

🇰🇭 Cambodia ▲ +0.88 · +2.1σ

Baseline month was dominated by Law and Order and International Relations reporting (avg severity 2.1); the last 72 hours shifted to Economic Resilience and International Relations reporting (avg severity 1.4).

Headline events

Noteworthy events from the last 24 hours — may not be reflected in the ratings yet

🇨🇩 Democratic Republic Of The Congo — Amnesty accuses M23 of abuses amounting to war crimes at Congo mines [Law and Order] · abcnews.com

🇮🇷 Iran — Recap: Iran says it is prepared for prolonged war [International Relations] · middleeasteye.net

Commodities

Watchlist prices vs their 28-day baseline — same ruler as the country movers

🍫 Cocoa price (beans · CC=F daily settlement) ▼ 5351.0 -11.2% · -2.1σ

Concentrated producers: Cote d'Ivoire (CIV) 38% (noteworthy)

Carpe tomorrow