Tungsten (W) is a grey-white, strategically critical metal defined not just by its physical extremes, but by its role within tightly constrained global systems. With the highest melting point of any metal (3,422°C) and exceptional density and hardness, it is most commonly deployed as tungsten carbide, an industrial cornerstone material used in cutting tools, drilling equipment, and wear-resistant applications where failure is not an option. Its performance characteristics approach those of diamond, making it indispensable to modern manufacturing, energy extraction, and defence supply chains.

Viewed through The Art of Markets framework, tungsten is not merely a material, it is a pressure point.

Global equity markets are currently characterised by historically high concentration risk, with a small group of mega-capitalisation companies, primarily USA technology leaders such as ‘The Magnificent Seven’ – Alphabet, Amazon Apple, Meta, Microsoft, Nvidia and Tesla, accounting for a disproportionate share of index performance. Recent data indicates that the seven stocks combined hold a record concentration in the S&P 500, exceeding 30% in late 2025 and up to 40% in early 2026. By late 2025, the group’s collective market cap exceeded $19 trillion, and by early 2026, it passed $20 trillion, marking an unprecedented level of market concentration risk. This concentration means that ‘The Magnificent Seven’ stocks now represent more than one-third of the entire index’s market value, meaning the performance of the S&P 500 is heavily driven by this small group.

In global financial markets, market price refers to the prevailing real-time price at which a financial asset, such as equities, bonds, currencies, or commodities is currently being traded in open markets. It is determined by the continuous interaction of buyers and sellers and reflects the point at which current supply and demand meet. This price represents the market’s collective, moment-to-moment valuation of the asset based on available information, expectations, and liquidity conditions.
To understand PRICE let’s focus back on USD/JPY:

OIL hit structural multi-year resistance at 115.00 area on 09 March 2026 (last seen in 2011 & 2022). Yesterday 84.00 level. Now 93.00.

ALL Ords experienced panic selling on 09 March 2026, a two-day reversal. Now selling resumes and down to 8,835.

USD/JPY touch 158.90 area on 09 March 2026, down a big figure on 10 March and now back at 158.90 (having traded above 159.00).

Australian 10 Year Bond Yield touched 5% on 09 March 2026, retraced to 4.84% area and now set to retest 5% again.

OIL hit structural multi-year resistance at 115.00 area on 09 March 2026 (last seen in 2011 & 2022). Now 84.00 level.

ALL Ords experienced panic selling on 09 March 2026, reversal yesterday and up today. Now 8,957.

USD/JPY touch 158.90 area on 09 March 2026, down a big figure yesterday and now back at 158.40.

Australian 10 Year Bond Yield touched 5% on 09 March 2026 and now at 4.85%.

By Tim Langdon 04 March 2026 – 1200PM AEST THE ART OF MARKETS JOURNAL – CONTAGION RISK Abstract Having followed global markets for decades, rarely do you see so many market animals coming into play…...