NATO Article 5 consultation signals from Baltic states and continued Taiwan procurement signals are driving defense spending acceleration. Markets have partially priced this but procurement backlogs and multi-year contract signals suggest sustained demand not yet in consensus estimates.
Simultaneous supply disruptions in Chile (license backlog clearing), DRC (cobalt export signals), and Australia (port labor signals) are forming a lithium supply squeeze. EV demand signals remain unaffected. Lithium producers priced at prior-risk levels create a meaningful entry opportunity.
No active themes in global financials. 3 routine OFAC updates this week. EM central bank pivot signals are tracked under the Turkey and EM opportunity themes.