Week of 3 August 2026
Weekly markets 03 08 2026
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The Strait of Hormuz blockage is now visible from space: satellite images show 60% of Asia saw abnormal nighttime power declines since the Iran conflict began, hitting poorer countries like Cambodia, Bangladesh and Pakistan hardest as gasoline costs surge and the region's energy bill roughly doubles to $160bn. We unpack the fallout, and why Southeast Asia is turning to Russia and China for energy instead of the US. On the micro side, the AQR tax avoidance strategy is pulling in $1bn a week and now drawing Treasury scrutiny. In markets, AstraZeneca is in talks to combine with Bristol Myers Squibb, a deal that would create the world's fourth biggest pharma company, worth nearly $400bn.
