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The Dig

The week in markets, dug out of the data. Every Sunday: what moved across forex, metals, crypto, commodities, indices and stocks, why it moved, the Alpha Brief calls that came good, and what to watch next.

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Latest issue · Week to 16 October 2026 · 4 min read

Inflation's ghost returns, spooking tech and sinking Seoul

Hotter-than-expected US inflation data revived rate-hike fears, triggering a violent sell-off in semiconductors and a spike in volatility. While tech bled, energy markets caught a bid on supply risks.

We dug through the wreckage of the tech sector to find the week's real story: inflation returned to the driver's seat. A hotter-than-expected US consumer price index print revived fears of another central bank rate hike, triggering a violent rotation out of high-growth technology and into defensive havens.

The mood shifted rapidly from mixed to risk-off, with the risk dial plunging to 24 by midweek before settling at 29. Breadth was decisively negative, with 109 assets falling against just 76 rising, as a broad tech capitulation offset isolated strength in energy and defensive stocks.

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Past issues

  1. Week to 9 October 2026 · 3 min read

    Brazil votes, the Bovespa soars, and the risk dial swings

    Brazil's first-round vote sparked the biggest move of the week, payments stocks had a rare surge, and crypto lurched from liquidation to breakout. The risk dial, which sank to 28 midweek, finished at 70.

  2. Week to 2 October 2026 · 3 min read

    Gold and silver crack as yields keep climbing

    Precious metals had a bruising week as the 10-year yield pushed higher still, the Swiss franc jumped in a single session, and most markets finished lower, though the mood had brightened by Friday.

  3. Week to 25 September 2026 · 3 min read

    Yields break 5%, and markets rally anyway

    The US 10-year yield climbed to its highest level since 2007, yet the Nasdaq, Meta and nearly every coin Kinzan tracks rallied. Here is how a week of rising rates turned into a week of broad gains.

  4. Week to 18 September 2026 · 2 min read

    The Fed hikes, the dollar flexes, and crypto takes off

    The Federal Reserve raised rates for the first time since 2023, the dollar rose against almost everything, a warning from Bank of America hit the banks, and crypto's smaller coins ran hard.

  5. Week to 11 September 2026 · 3 min read

    Oil hits $100 as Hormuz flares and yields climb

    Renewed clashes between the US and Iran around the Strait of Hormuz sent crude through $100 a barrel and pushed bond yields higher, and stock markets from Zurich to Sydney paid for it.