2026, day 237 Good morning from Asia. ‘Bessent Launches ‘Operation Economic Outcast’ to Isolate and Squeeze Iran’ (WSJ); ‘US widens sanctions on Iran but withholds more punishing options’ (Reuters) - “other ‌countries would need to sever business ties with Iran or risk being forced out of the dollar-based financial system.”; ‘What are Iran's options to escalate further in face of US economic threats?’ (Reuters); ‘Iran threatens 46 ships in Strait of Hormuz transit crackdown’ (FT); ‘Houthis claim strike on Saudi tanker in latest Red Sea escalation’ (Euronews); ‘U.S. Says Oil Is Pouring Through Hormuz. Trackers Can't Find It.’ (WSJ); ‘Saudi Arabia holds talks over state-backed war insurance as costs jump’ (FT); ‘Netanyahu says Iran ‘tried to murder one of my sons,’ doesn’t give further details’ (ToI); ‘‘Where to kill Barron Trump?’: Iran said to put $10 million bounty on US president’s son’ (ToI); ‘MBS, Macron urge negotiated solution on Iran, discuss Gaza during state visit’ (Al Arabiya); ‘PLA Air Force elite fleet lands in Egypt for joint drill’ (China Daily); ‘US removes Syria from state sponsor of terrorism list’ (AFP); ‘Greece warns Turkey against violating sovereign rights, vows response from 'position of strength’' (JPost); ‘European leaders rally around Ukraine amid Russian onslaught’ (Euractiv); ‘Ukraine faces €23B defense funding hole as Western cash lags’ (Politico); ‘Ukraine hands UK intelligence ‘goldmine’ to foil Putin’s saboteurs’ (Telegraph); ‘How a country with no army is preparing for war’ (Telegraph); ‘Armenia to start EU bid in 'near future'’ (Euractiv) - “Yerevan will hold a referendum on EU membership”; ‘Burnham: Britain must be bolder about moving closer to EU’ (Telegraph); ‘Trade war could affect defence relationship between Canada and U.S., experts warn’ (Globe & Mail); ‘Australia's woeful ADF spending gaps exposed as Donald Trump targets underspending nations’ (News24); In geoeconomics, ‘Canada's Carney Puts His 'No Deal Is Better Than a Bad Deal' Doctrine to the test’ (WSJ); ‘Trump threatens 50% tariffs on all cars and trucks from Canada amid trade fight’ (Reuters); ‘Why Canada will suffer from Carney trying to ‘out-tough’ Trump’ (Telegraph); ‘Canadian businesses fear ‘vortex of downward pressures’ from Donald Trump’s tariffs’ (FT); ‘'Not viable' to cut off Alberta energy exports to U.S., Danielle Smith says’ (National Post); ‘The Danube is drying up. Europe still has no plan.’ (Politico); ‘Black Sea, drought and Hormuz crises squeeze global food security’ (Euractiv); ‘US Eyes China Overcapacity Tariffs of 7.5% Before Xi Visits’ (BBG); ‘Taiwan Indicts Nvidia Manager Following Chip Smuggling Probe’ (BBG); ‘US plans nuclear-powered merchant fleet to challenge China's shipbuilding dominance’ (FT); ‘S. Korea Denies Report US Proposed It Buy Stake in Westinghouse’ (BBG); ‘US widens Al-driven investment gap with Europe’ (FT); ‘China's Economic Pull Defies Trump's Push for Hemisphere Control’ (BBG); ‘US targets China’s telecoms grip in Venezuela with new sanctions carve-out’ (SCMP); ‘China boosts coal's economic value 700% after turning it to liquids: report’ (SCMP); ‘China Puts Brave Face on Weak Growth in Rare Defense of Economy’ (BBG); In politics, ‘Court Allows Trump to Pursue Mail Voting Limits, for Now’ (NYT); ‘Trump Quietly Asserts Control Over Postal Service Amid Plans to Overhaul Voting’ (NYT); ‘Trump administration proposes $103,000 fee for H-1B visas after legal setback’ (WaPo); ‘Trump administration preparing to revoke visas of up to 200K foreigners in largest mass visa revocation ever’ (The Hill); ‘Germany’s establishment has a plan to contain the far right. Sort of.’ (Politico); In markets, ‘Scott Bessent takes on bond vigilantes in $32tn Treasury market’ (FT); ‘Treasury market interventions are only a band-aid’ (FT) - “Bessent’s moves on the yen and long-dated bonds do little to assuage markets long-term”