Central banks are looking at the Iran-war oil shock through three lenses at once, and that the third lens, financial stability, is the one markets tend to underprice until it suddenly matters. The first lens is the obvious one: higher energy costs feeding into headline inflation and inflation expectations.

The second is the classic macro follow-through: whether the same shock that raises prices also crushes demand enough to cool inflation later, or, in the nastiest version, does both at once, lifting inflation while weakening growth and employment.

India’s draft steel policy sets out an industrial expansion whose consequences would extend well beyond the country’s mills. Raising annual steelmaking capacity from around 220 million metric tons to 604 million tons by 2047 would add 384 million tons, an increase of roughly 175%.

The ambition is to supply the infrastructure and manufacturing base of a much larger economy while reducing emissions per ton of steel. Released for public consultation, the document remains a proposed framework. Its targets signal the government’s direction, but individual projects will still depend on financing, demand, raw materials and infrastructure.

Russia’s fossil fuel export revenues continued to decline in December compared to November, with income from oil and gas exports dropping since September. Fossil fuel revenues for Russia fell by 8% in December, representing a daily decline of $63 million (58 million euros)…