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</html><description>Macro Macro conditions continue to deteriorate at the margin, with the Iran conflict now clearly feeding through into growth, inflation and confidence channels. The IMF is set to downgrade its 2026 global growth forecast from 3.3%, reinforcing the shift from a modest early-year recovery toward a more fragile, shock-driven regime. Policy guidance remains cautious, with [&hellip;]</description></oembed>
