A blowout August jobs report is violently repricing global capital, pushing the era of cheap corporate borrowing further out of reach. Meanwhile, unexpected backchannel talks between Moscow and Kyiv could force a massive recalculation of European defense spending, even as $97 oil threatens to unleash a new wave of stagflation. • **Eastern Europe's Diplomatic Shift:** High-level US envoys open backchannel talks in Moscow and Kyiv; any resulting ceasefire framework will immediately test NATO unity and reshape European industrial contracts. • **Strait of Hormuz Bottleneck:** Iran's threat of a maritime exclusion zone neutralizes spare oil capacity, driving Brent crude to $97.62 and creating a potent stagflationary headwind for the global economy. • **The End of Cheap Debt:** Hot US hiring data shatters rate-cut hopes, sending the 10-year Treasury yiel ...