Bob Elliott
· Nonconsensus
· June 21, 2026 at 22:06
| Read on Substack ↗
Summary
The article argues that the Iranian war MoU and oil price decline have dominated markets, making near-term data releases less impactful, but this shift allows the semi/AI investment mania to retake center stage, especially against the backdrop of soft Chinese consumption data.
•Iranian war Memorandum of Understanding (MoU) and falling oil prices were the dominant market drivers last week.
•Most economic data releases are considered temporarily useless for market direction due to the geopolitical noise.
•The semi/AI mania is expected to regain focus as the immediate geopolitical distraction fades.
•Soft Chinese domestic consumption data was highlighted as the most economically meaningful global data point from the prior week.