There are weeks where markets are noisy, and then there are weeks where the underlying regime quietly changes. This week looks like the latter.

At the surface level, the narrative is familiar. Geopolitical escalation in the Middle East, rising oil prices, central banks on hold, and markets attempting to stabilise. That framing, however, risks missing what is actually taking place beneath the surface.

The key shift is this - markets are transitioning from treating geopolitics as temporary noise to recognizing it as a primary macro driver. And, more importantly,...