African bunkering hubs gain as ships reroute around the Cape
Reuters14:00 UTC

AIS queues point to a reroute, not a demand collapse

The ships are still moving, just not through the lanes anyone expected at the start of the year.

No inventory arrives on schedule; capital is stranded offshore.·Shipping·Africa, Mediterranean·14:00 UTC

Beneath the surface

Selected for non-obvious structure
MarketsCross-asset · live · 02:22 UTC · Yahoo Finance / FRED / CFTC
Equities
7,656.98
S&P 500
+0.86%
Normal
Rates
4.975
US 10Y yield, %
+3.1bp
Normal
Credit
270
US high-yield spread, bp
-1
Normal
FX
99.10
Dollar index (DXY)
+0.01%
Normal
Commodities
99.99
WTI crude, $/bbl
-2.43%
Elevated
Volatility
15.84
VIX
-2.00
Normal
Rates
Curve steepening shows funding stress is in the short end

Short-term rates are repricing fast; growth views shift only later.

Credit
Risk clusters by borrower, not sector

An index average can conceal default clustering within a handful of balance sheets.

Liquidity
Market depth thins quietly before volatility spikes

Liquidity risk materializes before benchmarks move, reflected first in canceled quotes.

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