The news. The narrative. The timeline.
Prime Minister Sharif told parliament Pakistan's monthly fuel import bill went from 300 million to 800 million dollars; the State Bank raised rates a full point and the IMF said no to a subsidy.
Threadneedle Street held the policy rate at 3.75% and for the first time since the war began said the next move could be up, citing Iran-war inflation pass-through.
The headline rebound is a relief; the line underneath it is a warning the Bank of England already pricing into rates.
Hengli rearranged its corporate diagram; four Western brokers told Reuters the diagram does not change the answer.
Treasury issued a new Lukoil contingent-contract license Wednesday and left the Russian crude waiver alone — sixteen days to expiry without an amendment.