The ECB froze rates at 2 percent, declaring the eurozone “in a good place” while traders squint at the horizon for any excuse to cut. Germany, watching exports sag and rivals sharpen knives, is busy fattening up its spy agency—because when the economy sputters, surveillance always gets dessert. And the IEA says oil supplies are set to outpace demand, flooding the barrel while prices sulk, a surplus disguised as stability.

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