The semiconductor industry is one of most important in the world. Virtually all modern technology relies on semiconductors in some way shape or form, from the device you're reading this on to the most sophisticated supercomputers in the world. Semiconductors are the reason the iPhone in your pocket has millions of times the computational horsepower in it than NASA had when it put men on the moon. And the majority of these chips, about 60% of the world's supply, are produced in Taiwan by a single company, Taiwan Semiconductor Manufacturing (TSM 2.79%). That company is also the reason 90% of the most advanced semiconductor chips are also made in Taiwan. The invisible monopoly In all, Taiwan Semiconductor has a near-monopoly in the semiconductor market. It controls 72% of the pure foundry market as of the end of Q3 2025. Its nearest competitor is Samsung (SSNL.F 2.79%) with a paltry 7% market share. But the reason it flies under the radar is the fact that Taiwan Semiconductor is a pure foundry company. It doesn't design any of the chips it produces. All it does is provide the raw manufacturing base needed by the companies that do design chips. And the company's list of clients includes every major chip designer in the world. Taiwan Semiconductor's two biggest customers are Apple and Nvidia. However, it also produces chips for Advanced Micro Devices, Broadcom, Intel, Qualcomm, and many more. So, if it just produces chips, how does it have such a stranglehold on the market? Couldn't those chip designers go to someone else or, better yet, build their own manufacturing base? Expand NYSE : TSM Taiwan Semiconductor Manufacturing Today's Change ( -2.79 %) $ -9.46 Current Price $ 329.33 Key Data Points Market Cap $1.7T Day's Range $ 325.90 - $ 337.49 52wk Range $ 134.25 - $ 390.20 Volume 660K Avg Vol 13M Gross Margin 58.73 % Dividend Yield 1.02 % An unassailable fortress They could, but semiconductor factories are incredibly expensive. The extreme ultraviolet (EUV) lithography...

格隆汇3月23日｜消息人士称，因伊朗局势紧张，沙特阿美CEO阿明·纳赛尔取消赴美参加CERAWeek会议行程。而科威特石油公司CEO萨巴赫将以线上形式出席该活动。

格隆汇3月23日｜特朗普此前向伊朗发出48小时最后通牒，要求立即重新开放霍尔木兹海峡，否则可能面临对伊朗电力基础设施的打击。这一期限将于美东时间周一晚间（北京时间周二早间）到期，使市场高度警惕事态进一步发展。伊朗以严厉警告回应，称美国任何袭击都将引发针对海湾地区美以关联能源设施的广泛报复行动。官员们还表示，霍尔木兹海峡可能无限期关闭，这增加了全球石油运输出现严重且长期中断的风险。分析人士称，当前对峙标志着冲突显著升级，双方似乎都愿意加大赌注而非缓和局势。这场对峙为能源市场注入了新的地缘政治风险，随着最后期限临近，交易员们正为进一步波动做准备。

格隆汇3月23日｜马斯克：除非我们实行带照片的身份证件投票制度，否则选举显然很容易发生大规模且无法查证的舞弊行为。

阿爾巴尼亞反政府示威持續 警放催淚彈、水炮驅散 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】阿爾巴尼亞反政府示威持續，警方施放催淚彈驅散示威者。 大批示威者不斷向市政府大樓投射煙花彈，首都地拉那的總理辦公室、政府大樓至執政社會黨總部一帶都爆發衝突。示威者又向警車投擲汽油彈，多處著火，警方發射催淚彈和水炮驅趕示威者。 示威者響應反對派號召，要求捲入貪腐醜聞的總理拉馬和多名政府官員下台，成立看守政府，提前大選。

中東局勢｜伊朗要脅全面封鎖海峽 揚言反擊美資機構 美國務院籲公民提高警惕 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】伊朗強硬回美國總統特朗普的威脅，警告若美國攻擊發電廠，將全面封鎖霍爾木茲海峽，並反擊美國在區內的能源及金融機構。總統佩澤希齊揚指目前並沒有封鎖海峽，僅不准侵略者通行。 面對美國總統特朗普威脅要全面開放霍爾木茲海峽，否則攻擊伊朗發電廠，伊朗強硬回應。革命衛隊指若美軍發動攻擊，伊朗會全面封鎖霍爾木茲海峽，直至所有受損的發電廠完成重建，又威脅攻擊美國、以色列以至區內國家的能源、供水和資訊科技設備，並摧毀美國持股的相關企業，議長卡利巴夫更警告財政支援美軍行動的金融機構也是合法攻擊目標。總統佩澤希齊揚聲言會在戰場上回應威脅，重申霍爾木茲海峽開放予所有人，但不准侵略伊朗的國家通行。 美國和伊朗威脅升級，美國財長貝森特接受全國廣播公司訪問時，稱特朗普的威脅是伊朗人才會明白的語言，有時要升級行動才能換取局勢降溫，兩者並不矛盾。國務院發警示指，全球的美國外交機構被視為攻擊目標，已提醒各地的美國公民，特別是身處於中東的人提高警惕。 總統特朗普與英國首相施紀賢通電話，磋商重開霍爾木茲海峽、恢復全球航運，亦同意對穩定全球能源市場至關重要。

美國財長貝森特表示，當局有足夠資金應對伊朗戰事，毋須加稅。伊朗警告美軍一旦攻擊發電廠，就會全面封鎖霍爾木茲海峽。黎巴嫩局勢亦持續緊張，以色列炸毀黎主要橋樑，試圖切斷真主黨補給線，黎巴嫩總統奧恩質疑以軍準備發動地面戰。 以色列軍方在周日向黎巴嫩真主黨加強攻勢，為了切斷對方補給線，以軍炸毀黎巴嫩南部利塔尼河的所有橋樑，其中這條位於提爾市的卡西米耶大橋，據報遭以軍戰機發射3枚導彈轟炸。 黎巴嫩總統奧恩譴責以軍，空襲橋樑及民用設施，是公然侵犯黎巴嫩主權，違反國際人道法，並將戰事嚴重升級，甚至是以軍地面入侵黎巴嫩的先兆。 在戰火洗禮下，不少民眾逃往首都貝魯特，隨處紮營避難，連法國駐黎巴嫩大使官邸外的空地，都成為他們的避難所。 霍爾木茲海峽繼續成為各界焦點。美國總統特朗普本港時間周日早上7時44分，在網上帖文並向伊朗發出最後通牒，警告德黑蘭必須在48小時內全面開放海峽，否則美軍將摧毀伊朗發電廠。 伊朗總統佩澤希齊揚回應稱，會對所有人開放海峽，唯獨不歡迎侵犯伊朗領土的侵略者。而伊朗武裝部隊發言人重申，未有全面關閉海峽，僅禁止敵方及對通行有害的船隻通過，但美軍一旦摧毀伊朗發電廠，伊朗必定會報復，包括立即全面關閉海峽，直至當局完成維修受損發電廠。 發言人又稱，武裝部隊將大範圍打擊以色列的所有發電站、能源及通信基礎設施，並徹底摧毀中東區內所有美國持股公司。至於設有美軍基地的中東國家，其發電廠亦是伊朗合法打擊目標。 對於美國總統特朗普日前稱，逐步減少對伊朗軍事行動，之後又威脅要摧毀伊朗發電廠，外界質疑特朗普無意為中東局勢降溫。 美國財長貝森特在周日，接受美國全國廣播公司訪問，為特朗普辯護，他稱這是伊朗唯一聽得懂的說法。 主持人問：「總統是在將戰事降級或升級？」 美國財長貝森特表示：「兩者沒有互相排斥，有時將(衝突)升級才讓(局勢)降溫。」 貝森特強調，美國聯邦政府庫房有充裕資金，應付伊朗戰事開支，毋須加稅，但需要國會通過額外撥款，確保軍方將來獲得充分供應。 國防部早前要求國會，增撥2,000億美元，應付伊朗戰事，在國會面對極大阻力，有民主黨參議員揚言，結束戰事及拯救平民的最佳方法就是切斷撥款。

Interviews with Apple insiders reveal a growing consensus that John Ternus is the leading contender to become the company's next CEO. Mark Gurman has more. (Source: Bloomberg)

Clinton-Appointed Federal Judge Blocks Trump's Pentagon Media Access Restrictions Authored by Matthew Vadum via The Epoch Times (emphasis ours), A federal judge on March 20 issued an order blocking the Trump administration’s media access policy at the Pentagon after The New York Times sued over the restrictions. An aerial view of the Pentagon in Arlington, Va., on Dec. 15, 2025. Madalina Kilroy/The Epoch Times The Department of War tightened its rules for the media in September 2025 after officials said reporters were roaming the halls of the Pentagon. The department took the position that the restrictions were reasonable and designed to safeguard national security. The new rules provided that soliciting non-public information from department personnel or encouraging employees to break the law “falls outside the scope of protected newsgathering activities.” They also stated that reporters would be denied press passes if officials determined they posed a safety or security risk. Most members of the Pentagon press corps declined to sign an acknowledgement of the new policy and lost their press passes. In December 2025, The New York Times sued , arguing that the policy violated the U.S. Constitution’s First Amendment by restricting “journalists’ ability to do what journalists have always done—ask questions of government employees and gather information to report stories that take the public beyond official pronouncements.” U.S. District Judge Paul L. Friedman wrote in his new ruling that the drafters of the First Amendment “believed that the nation’s security requires a free press and an informed people and that such security is endangered by governmental suppression of political speech.” “ That principle has preserved the nation’s security for almost 250 years. It must not be abandoned now.” Friedman held that the Pentagon press policy ran afoul of both the First and Fifth Amendments. Friedman repeated a comment he made in open court in which he said the federal gover...

The aide said of the prince: "As he looks ahead to the responsibilities he will one day assume as Supreme Governor, he is keen to build a strong and meaningful bond with the Church and its leadership, one that respects tradition while speaking to a modern Britain, and reflects his broader belief that institutions must continue to remain relevant and connected to the people they serve.

When the first Manchester City goal went in, with the Wembley clock on 60 minutes, Pep Guardiola’s response was to attack a pitchside hoarding – but to do even this in a very Pep kind of way, methodically, relentlessly trousers billowing, brown lace-ups whirring in perfect concert, like an uncle doing the running man at a wedding. When the second goal was scored four minutes later, the trophy-clincher, and Nico O’Reilly’s second of the afternoon, Guardiola was up and off down the touchline, bounding, star jumping, revolving his arms. There he goes, out there kicking down saloon doors, karate chopping blocks of concrete, bending iron bars with his bare hands. And why not? Finals aren’t supposed to be fun. This one was. Finals are supposed to be close. This one most certainly was not. In the event City spent almost the entire live period of this Carabao Cup final victory walking Arsenal around the Wembley turf in a headlock. Above all this was an afternoon of Total Pep. Guardiola even looked great out there. After the grunge tailoring of Madrid in midweek, Wembley got deep brown high-end baggy slacks and the classic roll neck sweater (think: Captain Haddock at a point-to-point). And for long periods this was like watching peak Imperial City, playing like this is their space, their grass, like the ball is only ever on loan, their opponents a necessary structural peg in the overall design. City didn’t just dominate the ball but all of the spaces in between when they didn’t have it, the midfield duo Rodri and Bernardo Silva, in full ambling football-dad mode. From here they have a shot at a domestic treble. But of course this is a defeat that will speak to Arsenal just as loudly. And in many ways the Arsenal arc from here is more interesting. We know Guardiola and this City team are very, very good at winning trophies. How good are Arsenal at losing them? Before this final the talk of having to win the EFL Cup or face the prospect of total collapse had always seemed ludi...

Amazon (AMZN) Up or Down on March 23? Trading Odds & Predictions (Mar. 23, 2026) Polymarket

AI for investors MLQ.ai

Oracle (ORCL) unveils Java 26 with AI and cryptographic functionality for developers MSN

Key Points SaaS stocks have been hit hard this year on artificial intelligence (AI) disruption fears. However, SaaS companies are built on top of proprietary data and complex workflows. Companies like ServiceNow are well-positioned to be AI software leaders. 10 stocks we like better than ServiceNow › One of the hardest-hit parts of the market this year has been software stocks. There has been a growing fear among investors that artificial intelligence (AI) will completely disrupt the software-as-a-service (SaaS) industry. As such, there has been pretty indiscriminate selling in the space, with few SaaS stocks spared. There are three main tenets to the bear case against software stocks. One is simply that AI will result in fewer workers, which will hurt SaaS company revenue, since most price their subscriptions based on the number of users who have access to their platforms. The second is that with AI, those organizations will be more easily able to develop custom software, bypassing third-party vendors. Finally, some see large language model (LLM) developers like Anthropic and OpenAI looking to use AI to bypass the software layer entirely. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » In my view, all three sound like long shots. SaaS models will likely evolve over time from being more seat-based to consumption-based, which should address the first issue. Meanwhile, it's never been difficult to create front-end software, but most organizations don't want to be responsible for the maintenance and governance hassles, as it's not worth the cost and risk. Finally, AI likely isn't going to eliminate the software layer but instead increase its importance by helping organizations better apply AI to increase efficiency and drive growth. AI needs structured data, and the software companies that control th...

【有線新聞】屯門公路貨櫃車與消防車相撞後翻側 司機昏迷送院

Source: Bloomberg, 4:58

格隆汇3月23日｜俄罗斯航天集团称，国际空间站内的宇航员将远程控制进步MS-33货运飞船，将其与国际空间站对接，他们已做好相应的准备。

Pep Guardiola's wild run and dance down Wembley's touchline demonstrated the hunger for success remains and his competitive fire still burns as fiercely as ever. It came after Nico O'Reilly's second header in four minutes effectively sealed Manchester City's 2-0 Carabao Cup final victory against Arsenal, giving Guardiola a record fifth win in the competition. Guardiola was lost in the moment as he pumped his fists in delight towards City's jubilant supporters, the significance of the victory underlined by the crushing bearhugs he gave his players and backroom staff after the final whistle. Arsenal, in contrast, were desolate as they missed the chance to win a first trophy since the FA Cup in 2020, the result of a timid performance lacking in attacking ambition until it was too late. City and Guardiola's mission was not simply to win the EFL Cup. It was to put on the sort of dominant performance that might sow seeds of doubt in Arsenal's minds as they hold a nine-point lead in the Premier League title race. It was the ideal stage for both sides to make a statement. Manchester City made theirs. Arsenal fluffed every line. Whether this result has wider ramifications remains to be seen. Will it fuel City for a late rally in the league? Will the disappointment of this defeat derail Arsenal? City must hope it has inflicted psychological damage on Arsenal. The Gunners must regroup and show the reserves of strength that have sustained their season. What is beyond doubt is the better - much better - team prevailed on this day. Manchester City may not have the relentless consistency of the Guardiola team that won four successive Premier Leagues, but this latter-day rebuilt version still looks the best football team in the country when they get it right.

兩元兩折｜料大幅改善「長車短搭」 孫玉菡：每年省5.5億元 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】勞工及福利局局長孫玉菡預計，「兩元兩折」實施後會大幅改善長者「長車短搭」的情況，他們在區內移動不會再選乘過海巴士，又指措施每年可節省5.5億元開支。 孫玉菡：「其實區內的短程車很多都是10元以內，但一些很長程的跨區過海路線，說的可能是20多元一程，即使是『兩元兩折』，相對於便宜的車可能要多付3元、2元。老人家當然會精打細算，可以通過這個安排，既方便他用2元在區內行動，亦可以令一些『長車』留給需要上班上學人士使用。」

兩蚊兩折｜料大幅改善「長車短搭」 孫玉菡：每年省5.5億元 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】勞工及福利局局長孫玉菡預計，「兩元兩折」實施後會大幅改善長者「長車短搭」的情況，他們在區內移動不會再選乘過海巴士，又指措施每年可節省5.5億元開支。 孫玉菡：「其實區內的短程車很多都是10元以內，但一些很長程的跨區過海路線，說的可能是20多元一程，即使是『兩元兩折』，相對於便宜的車可能要多付3元、2元。老人家當然會精打細算，可以通過這個安排，既方便他用2元在區內行動，亦可以令一些『長車』留給需要上班上學人士使用。」

格隆汇3月23日｜美国财政部长贝森特声称，中东局势背景下，由于华盛顿放宽对俄罗斯能源运营商的制裁，俄罗斯将获得20亿美元的额外预算收入。

Key Points Chevron has a very diversified business. Occidental is more of a U.S.-focused oil and gas producer. Chevron has greater growth visibility due to its long-term expansion projects. 10 stocks we like better than Chevron › Oil prices have skyrocketed this year. Brent oil, the global benchmark, has surged more than 75% to over $105 a barrel. Meanwhile, WTI, the primary U.S. oil price benchmark, has jumped to nearly $95 a barrel. The rapid rise in oil prices due to the war with Iran likely has you wondering if now's a good time to invest in oil stocks. Here's a head-to-head comparison of Chevron (NYSE: CVX) and Occidental Petroleum (NYSE: OXY). Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Similar, yet very different Chevron and Occidental Petroleum are both global oil and gas producers. Chevron has very balanced operations. It produced 3.7 million barrels of oil equivalent per day (BOE/d) last year, split roughly evenly between its U.S. and international operations. The company grew its output by 12% last year, driven by recently completed expansion projects and its acquisition of Hess. Occidental, meanwhile, produced nearly 1.5 million BOE/d last year, with 84% of its output coming from its U.S. operations. This distinction is noteworthy in the current environment, as Chevron has greater exposure to higher Brent oil. Chevron's larger international operations aren't the only difference between these two energy companies. Chevron is an integrated energy company. Its upstream oil and gas production flows through its midstream transportation assets to its downstream refining and chemicals operations. This integration enables it to maximize the value of its production and helps mute the impact of commodity price volatility. Occidental Petroleum, on the other hand, has gotten much less integrat...

Nico O'Reilly has a tattoo of the Manchester area code etched on his arm and the Englishman will be the pride of the city following his man-of-the-match showing in his side's brilliant Carabao Cup final victory over Arsenal on Sunday. Academy product O'Reilly won the game for City with a pair of second-half headers into the goal in front of his club's ecstatic supporters. For a boyhood City fan to score twice at Wembley Stadium, this fairytale story has produced an unforgettable moment for the player, manager Pep Guardiola and supporters alike. O'Reilly was drafted into the City team last season to aid the squad's injury crisis in defence and has grabbed his opportunity - he now gets his hands on major silverware after delivering a performance that he will never forget. "Unbelievable feeling," O'Reilly told Sky Sports. "To win a final, to beat this team ... we know how good they are. We need to build on it, it will give us good momentum. Buzzing with today." Guardiola said of O'Reilly's impact: "He has been so surprising so far even for me, the season he has done so far has been extraordinary."

New Zealand bond yields rose to the highest in about a year after the country’s AA+ credit rating outlook was cut to negative by Fitch Ratings. Yields on benchmark 10-year bonds jumped nine basis points to 4.83%, the highest since April. Yields on policy-sensitive two-year notes had a similar move to 3.69%, the highest since March 2025. The New Zealand dollar slipped 0.3% to 58.16 US cents amid a broadly stronger greenback. Fitch said a substantial debt reduction is becoming more difficult as fiscal consolidation has been delayed the past few years. New Zealand’s debt-to-GDP ratio has also climbed over the past six years after the economy was buffeted by a number of shocks and may hit 56% in fiscal year 2027, Fitch said, well above the the agency’s forecast when it upgraded the country’s rating in 2022. Fitch’s decision adds further pressure to the bonds as yields climbed late last year due to an economy that had been showing signs of improvement prior to the Iran war, prompting traders to anticipate a hawkish pivot by the central bank later in 2026. The spike in crude oil prices has fanned further inflation fears and caused traders to price at least two RBNZ rate hikes this year, according to data compiled by Bloomberg. “Bond markets everywhere are under extreme stress” and the outlook cut may get “lost in the mix,” said David Croy, a rates strategist at ANZ Group Holdings in Wellington. “It is nonetheless a shot across the bow for the government and markets.”

格隆汇3月23日｜法拉第未来：美国证交会（SEC）已结束历时多年的调查，未对公司或相关人员采取任何执法或其他行动。随着SEC结束调查，公司获得了监管明确性，并得以将全部精力集中于核心业务。

兩元兩折｜下周五起實施 市民指加價壓力大需精打細算 長者：邊度著數就去邊 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】長者兩元乘車優惠下周五起改為「兩元兩折」，有長者表示日後更精打細算，亦有人稱不會「長車短搭」。 長者外出坐長途車未來要給多些車費，60歲或以上長者及合資格殘疾人士車費超過10元將按原價兩折計算，10元以下車費繼續收2元。曾先生：「壓力當然大些，樣樣都加，各樣有加。（之後會精打細算些？）需要坐都要坐。」周先生：「我很少坐車，長洲過來，星期一才過來港島買餸。（長洲船費都會加？）不知道，要加都沒有辦法。現在來灣仔來回8元，船費兩元，車費兩元，是要計算，哪裡著數就去哪裡。」 有長者稱不會長車短搭。黃先生：「我們需要時才乘搭，不需要的地方減少去，不要一個站坐長途車，阻礙其他人不是太好。」吳先生：「政府津貼很多人很多錢，我見過有些乘車40多元都是給兩元。可以的，坐長途車機會不是太多。」 至於每月限搭240程的方案，預計明年4月推行。 長者兩元乘車優惠計劃2012年推出，原本受惠門檻是65歲，2022年擴大至60至64歲。

兩蚊兩折｜下周五起實施 市民指加價壓力大需精打細算 長者：邊度著數就去邊 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】長者兩元乘車優惠下周五起改為「兩元兩折」，有長者表示日後更精打細算，亦有人稱不會「長車短搭」。 長者外出坐長途車未來要給多些車費，60歲或以上長者及合資格殘疾人士車費超過10元將按原價兩折計算，10元以下車費繼續收2元。曾先生：「壓力當然大些，樣樣都加，各樣有加。（之後會精打細算些？）需要坐都要坐。」周先生：「我很少坐車，長洲過來，星期一才過來港島買餸。（長洲船費都會加？）不知道，要加都沒有辦法。現在來灣仔來回8元，船費兩元，車費兩元，是要計算，哪裡著數就去哪裡。」 有長者稱不會長車短搭。黃先生：「我們需要時才乘搭，不需要的地方減少去，不要一個站坐長途車，阻礙其他人不是太好。」吳先生：「政府津貼很多人很多錢，我見過有些乘車40多元都是給兩元。可以的，坐長途車機會不是太多。」 至於每月限搭240程的方案，預計明年4月推行。 長者兩元乘車優惠計劃2012年推出，原本受惠門檻是65歲，2022年擴大至60至64歲。

matejmo Investors are preparing for another volatile stretch in financial markets as the U.S. conflict with Iran moves into its fourth week with little indication of de-escalation. Late Saturday, President Donald Trump delivered a 48-hour ultimatum demanding that Tehran reopen the Strait of Hormuz or face potential strikes on its power infrastructure. The deadline is set to expire Monday evening in New York. Iran pushed back, warning that any such attack would trigger a prolonged closure of the key shipping route and retaliatory strikes against U.S. and Israeli energy assets, raising the stakes and increasing the likelihood of further escalation. Trading in U.S. stock futures, Treasuries and oil is set to resume Sunday evening following a bruising week across markets. Equities and bonds declined together, gold posted sharp losses, and Brent crude climbed above $112 per barrel, its highest level in nearly four years. Bitcoin also retreated, slipping below $69,000 as investors reduced exposure to riskier assets. The downturn in U.S. markets gathered pace Friday as traders began to factor in the possibility that the Federal Reserve could return to raising interest rates amid surging oil prices and renewed inflation concerns. Similar expectations are building for central banks in Japan, Europe and the U.K., even as the conflict clouds the global growth outlook. The S&P 500 fell 1.5% on Friday, marking its fourth consecutive weekly decline and its longest losing streak in a year. Meanwhile, the yield on the 10-year Treasury rose 13 basis points to 4.38%, the highest since late July, reflecting global bond selloffs tied to expectations of tighter monetary policy. The dollar strengthened alongside oil prices and was poised to gain against most major peers as trading opened in Asia. “The dramatic escalation in rhetoric appears likely to see a further risk-off move when markets open, as the prospect of long-term disruption to global energy supplies becomes harder to downplay...