Fat Tail Daily – ASX Updates | Small caps | Commodities

These aren’t isolated currency wobbles. They’re stress gauges for global leverage and a referendum on whether the US dollar stays dominant through higher rates, or loses ground through political chaos at the Fed.

Rio Tinto and Glencore begin discussions to form a copper behemoth. Should the deal proceed, it would forge one of the largest mining companies in the world. But is everyone happy?

The macro regime has shifted. Fiscal dominance, sticky inflation, and constrained central banks create a structural case for real assets. This isn’t a rotation. It’s a regime allocation.

2025 was dominated by political theatre, but the structural story was unfolding in technology. AI capex driving growth while application-layer delivery lagged. That tension will define 2026.