Blain’s Morning Porridge April 29th, 2026 – Malta, The King, The Gulf and whatever next….“America’s words carry weight and meaning… the actions of this great nation matter even more...”Interesting times indeed. Mr Market seldom looks beyond the end of his own nose, but the World is looking increasingly fraxious these days. Big nations have ever bigger problems. Maybe smaller ones will do better? The end of strong states often results in smaller nations competing harder to thrive! Apologies for the lack of Morning Porridge the last few days. I’ve been in Malta – a mix of business and pleasure. Having withstood two incredible sieges in the last 500 years, Malta resonates with lessons from history – and history informs markets (if they are prepared to listen.) What has Malta got to do with markets you wonder? Little and everything. Today the market is trading small wave to small wave – weighing up the implications of what the solved Fed Head impasse means, disappointing OpenAI numbers mean for the change AI promises to enact across the whole economy, or wondering what the next Trump outburst might do to sentiment. They pay less attention to developing situations, like what the long-term consequences of the exit of the UAE from OPEC and the rift between the Gulf States and Saudi might ultimately mean. Watch events carefully. They highlight how the world is changing and evolving – not necessarily to the advantage of the powers in positions of apparent strength. NATO has been the cornerstone of the most successful defence and economic alliance of all time. OPEC has dominated energy markets as a Cartel threat for over 50 years. All things change... and to figure out how… You can read the Morning Porridge by subscribing on ⁠www.morningporridge.com⁠, and have it delivered fresh to your inbox every morning!

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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