IMF managing director said each new shock raises debt levels.

Semafor reported a Qatar Investment Authority (QIA) executive said Qatar’s fiscal revenue fell 42% in 1H amid the Iran-related conflict, but the sovereign fund has not slowed dealmaking. QIA investment head Muhsin Pirzada said the conflict “has not affected our investment pace. We continue to invest, continue to deploy capital.” He noted the surplus wealth QIA manages is sourced mainly from LNG exports. QIA’s investment arm has allocated tens of billions of dollars this year; last month it launched a $20bn investment partnership with JP Morgan and it agreed a $25bn cooperation with Goldman Sachs on the eve of the Iran-related conflict.

Copper held steady on Wednesday as worries about Chilean supply risks offset pressure from rising oil. TD Securities said Chile supply risk remains the key focus: strike votes, operational outages and mine-restart developments are sustaining a supply-risk premium, and any escalation in Chile would provide additional near-term support for prices. BHP’s Escondida union said mediation failed and will begin strike action on Wednesday. Centinela and two unions returned to talks on Tuesday to try to resolve a week-long stoppage; unions report operations are being affected. Markets also face tariff uncertainty and ongoing inventory adjustments while higher energy costs keep attention on sticky inflation and slower growth.