Search

Payrolls set the tone into the close as markets weighed growth resilience against rate sensitivity.

Ahead of payrolls, traders leaned cautious as auction demand and rates direction stayed central.

A mixed data backdrop kept rates, equities, and FX in a measured holding pattern.

Equities held gains as the dollar softened and credit stayed orderly.

Risk assets opened the week firmer as yields held range and the dollar paused.

Futures firmed as Asia traded higher and focus turned to the next data cycle.

Markets paused after a volatile week as month-end positioning settled.

Cooler inflation data and month-end flows pulled yields lower and lifted equities.

Markets digested the hawkish hold with weaker equities and wider credit spreads.

The Fed held rates but signaled patience, lifting yields and the dollar.

Markets stayed flat as traders waited for the Fed decision.

Strong demand at the 2-year auction pulled yields lower ahead of the Fed.

A steadier futures open hinted at stabilization before the Fed decision.

Crypto softened and futures sagged slightly after a tech-led selloff.

Cautious tech guidance weighed on equities as Treasuries caught a bid.

Softer PMIs trimmed yields while equities digested mixed growth signals.

Bank results beat expectations, lifting financials and steepening the curve.

Soft China data pressured commodities and nudged US yields lower.

US cash markets were closed, leaving global trade subdued.

Futures were steady ahead of the US holiday as traders looked to earnings.

Crypto eased and futures were quiet as markets paused after a busy data week.

Options expiration stirred intraday swings but left the week essentially unchanged.

Hot retail sales lifted yields and pushed leadership back to cyclicals.

A mixed producer inflation print kept markets balanced after the CPI rally.

A cooler CPI print hit yields and ignited a broad equity rally.

Higher yields kept money flowing into value while growth remained under pressure.

Futures were calm as traders braced for the CPI print and earnings kick-off.

Crypto steadied after the payrolls week while broader markets stayed quiet.

A strong jobs report with softer wages lifted yields and split equity leadership.

Jobless claims ticked higher as markets held steady into payrolls.

A firm private payrolls print kept yields elevated and equities cautious.

A strong services print lifted yields and pushed leadership toward banks and cyclicals.

Equities climbed while Fed commentary tempered hopes for fast cuts.

Futures were steady as traders waited for a packed economic calendar.

Crypto retraced part of Friday's gains as liquidity thinned again.

Fresh inflows lifted equities as manufacturing data and oil prices pointed higher.

Global cash markets were closed, leaving only light futures and crypto activity.

Fixing flows stirred FX while equities closed flat into the new year.

Mega-cap buying met a modest rate bounce as dealers managed year-end books.

Portfolio rebalancing pushed value higher as yields dipped and the dollar softened.

A soft futures open and steady FX underscored the lack of conviction into Monday.

With cash markets shut, crypto and futures were the only real risk signals.

Thin reopening trade kept the dollar soft while energy and value led a quiet risk bid.

With US cash markets closed, futures and global risk stayed subdued as desks focused on year-end positioning.

A half-day session kept markets pinned as dealer gamma and thin books muted any move.

Index calm masked thinning breadth and volatility suppression driven by systematic flows.

Dollar slippage and persistent bids in energy and defense show the rotation is intact even in holiday liquidity.

Thin holiday liquidity kept the tape calm while soft dollar tones and steady energy flows showed rotation hadn’t stalled.

Fiscal headlines eased stress while the dollar stayed firm and flows kept favoring real assets over growth.

An expiry-driven volatility spike met dollar strength and pushed flows back into defense and energy.

Rebalancing kept risk flat while the dollar cooled and commodities held a quiet bid.

BoJ tightening chatter cooled dollar pressure while tight liquidity and energy/commodities rotation resumed.

Volatility tension around options positioning met a dollar rally and an energy bid, fueling another round of rotation.

A soft retail print eased stress, weakened the dollar, and pushed more flow into energy and real assets.

Fresh geopolitical risk lifted oil, firmed the dollar on haven flows, and kept liquidity thin.

Calmer tape let dollar drift down while energy and defense flows kept the rotation alive.

A steady Fed cooled stress, eased the dollar, and sent commodities higher as the rotation widened.

Liquidity stress crept in ahead of the Fed; the dollar stayed bid while energy and defense drew steady rotation flows.

A softer CPI eased dollar pressure, sparked a rotation squeeze, and gave cyclicals a clean afternoon bid.

Markets idled ahead of CPI; liquidity stayed steady while a strong dollar and energy bid signaled cautious rotation.

Sideways equities hid a steady energy bid and a softer dollar that kept rotation humming.

Cooler payrolls slipped the dollar and kept energy as the only clean December bid.

AI-heavy equities paused while haven dollar strength, energy bids, and defense flows signaled that macro is steering early December.

Capital left crowded tech for real assets as oil jumped, the dollar slipped, and long-end yields eased.

Supply-side oil pop, a softer USD, and early sector rotation put energy in the driver’s seat.

Oil dips on inventories while markets pause for NFP; dollar firms on flow-driven bids.

Markets stayed flat into year-end as traders waited for hard data, not sentiment.

Frankfurt trimmed rates by 25 bps even as it acknowledged inflation remains above target.

Japan lifted rates to 0–0.1% and scrapped explicit yield-curve control after a generation of easing.

The SEC approved 11 spot bitcoin ETFs, pulling crypto into mainstream wrappers.

Inflation slowed more than expected, knocking bond yields lower and lifting stocks.

A milestone move in long Treasuries flashed the cost of higher-for-longer policy and deficits.

The biggest US IPO of 2023 priced at the top and jumped on debut, testing risk appetite.

A post-debt ceiling downgrade revived debates on US creditworthiness and Treasury supply.

Another 25 bps kept policy at a 22-year high while officials kept options open.

Swiss authorities pushed UBS to take over Credit Suisse for CHF 3B with massive liquidity backstops.

A classic bank run toppled Silicon Valley Bank; regulators stepped in after a single brutal day of withdrawals.

A smaller hike came with a higher terminal dot, signaling tightening wasn't done.

A speech hinting at smaller moves sparked a risk rally before year-end.

Unfunded tax cuts sent gilt yields soaring, forcing the market to test the Bank of England.

A surprise 75 bps hike signaled the Fed's urgency after May inflation hit a 40-year high.

A half-point hike and a balance-sheet runoff plan marked the Fed's biggest move since 2000.

The Fed raised rates for the first time since 2018 and mapped out six more moves for 2022.

Russia's invasion sent oil above $100, sank European equities, and sparked a rush for safety.

October CPI surprised to the upside, jolting rate expectations and the dollar.

Tight supply and a global gas squeeze pushed oil to multi-year highs ahead of winter.

A family office blow-up triggered forced block trades and multibillion-dollar losses for lenders.

Payrolls reset the tape; yields and dollar repriced higher early before risk closed mixed and conviction stayed selective.

Auction demand held the long end in check; desks de-risked into payrolls while volatility stayed contained.

Mixed data kept markets in balance; rates chopped intraday, equities drifted firmer, and volume stayed light.

Dollar drifted softer and credit stayed orderly; risk held gains with no sign of broad stress.

Week-one momentum built as cyclicals led; yields held range and a softer dollar supported risk sentiment.

February opens with a steady risk bid; Asia firmer, rates calm, and the dollar flat keep liquidity stable ahead of data.

Month-end flows cleared and risk steadied; crypto quiet, volatility cooled, and the dollar held flat into February.

Core PCE cooled, yields slipped, the dollar softened, and month-end rebalancing revived the risk bid.

Post-Fed digestion kept risk heavy; dollar firm, yields elevated, and credit spreads wider with volatility still bid.

Fed held but sounded hawkish; front-end yields spiked, the dollar rallied, and rotation snapped back to defensives.

Pre-Fed holding pattern; liquidity thin, dollar steady, yields flat, and volatility muted.

Auction demand pulled yields lower; dollar softened and risk held steady into the Fed with liquidity calm.

Futures stabilized before Fed week; volatility eased, dollar quiet, and risk appetite steadied.

Weekend risk-off tone lingered; crypto soft, volatility elevated, and defensives held the bid.

Cautious tech guidance hit growth; yields fell, volatility jumped, and rotation tilted toward value.

Soft PMIs cooled yields; the dollar eased while defensives caught a bid and commodities held steady.

Bank earnings beat; curve steepened, credit spreads tightened, and rotation favored financials.

Soft China data pressured commodities; dollar firmed, yields slipped, and risk appetite cooled.

MLK holiday thinned liquidity; dollar steady, rates quiet, and energy nudged higher on supply chatter.

Quiet Sunday; futures flat, rates stable, and volatility low ahead of the holiday reopen.

Weekend drift kept risk paused; crypto softer, liquidity thin, and volatility muted.

Opex swings lifted volatility but closed flat; dollar firm, yields steady, and rotation unresolved.

Retail sales strong; yields up, dollar bid, and rotation leaned toward cyclicals and value.

PPI mixed; yields steady, dollar calm, and risk consolidated after CPI.

Cool CPI hit yields and the dollar; risk-on flows sparked a broad rotation into growth.

Value held the upper hand as yields stayed elevated; dollar firm and rotation away from duration continued.

CPI week setup kept liquidity thin; volatility compressed and the dollar steady.

Weekend crypto rebound steadied sentiment, but thin liquidity kept signals noisy.

Payrolls beat with cooler wages; front-end yields rose, dollar firmer, and rotation favored banks over growth.

Claims ticked higher; markets paused with steady liquidity and a flat dollar into payrolls.

ADP strength kept labor heat; yields elevated, dollar firm, and risk cooled slightly.

Hot services data pushed yields up; dollar bid and rotation shifted toward cyclicals.

Opening-week gains held, but Fed pushback lifted front-end yields; dollar firm and rotation leaned value.

Calm Sunday; futures flat, rates steady, and liquidity thin ahead of data.

Weekend crypto giveback cooled risk; liquidity thin after Friday surge.

New-year inflows lifted risk; yields up, dollar softer, and energy bid as rotation returned.

New Year holiday kept liquidity thin; futures quiet, dollar flat, and volatility muted.

Year-end fixings whipsawed FX; dollar swings, liquidity thin, and risk closed flat.

Window dressing lifted mega-cap demand; yields bounced after auction, credit steady, and dollar stabilized.

Year-end rebalance favored value; yields eased, dollar slipped, and commodities held a bid.

Sunday futures softened but stayed calm; rates and dollar steady as risk waited on Monday flows.

Weekend crypto led the risk tone; thin liquidity kept signals noisy.

Post-holiday reopen kept rotation alive; dollar soft, yields lower, and energy bid.

Christmas closure left liquidity thin; dollar steady, volatility low, and year-end positioning the only signal.

Holiday liquidity thinned trading ranges, but gold stayed bid and the softer dollar kept hedging demand intact into year-end.

Equity strength is sustained by passive flows. Dollar weakness and firm gold signal hedging. AI spending and crypto mask balance-sheet pressure.

Dollar is slipping while energy and defense stay bid; rotation is intact even as holiday liquidity is tightening.

Thin holiday liquidity kept markets calm, but dollar softness and steady energy flows show rotation hasn’t stalled.

Fiscal headlines eased stress, yet the dollar stayed firm and flows still favored real assets over growth.

Volatility spike around expiry as dollar strength and rising yields forced flows back into defense and energy.

Rebalancing kept risk flat while the dollar cooled and commodities held a quiet bid.

BoJ chatter cooled dollar pressure, but liquidity stayed tight and rotation into energy and commodities resumed.

Options positioning kept volatility tension high; the dollar rally and energy bid signaled another round of rotation.

Soft retail data eased stress, dollar weak, and flows leaned harder into energy and real assets.

Geopolitical risk lifted oil and energy equities; dollar firmed on haven bid while liquidity stayed thin.

Post-Fed calm held, but dollar drifted down as energy and defense flows kept the move alive.

Fed’s hold cooled stress; dollar easing and commodities caught an immediate bid as rotation widened.

Pre-Fed jitters raised liquidity stress; dollar stayed bid and energy/defense kept attracting rotation flows.

Cooling CPI eased dollar pressure and volatility; USD soft and rotation squeezed back into cyclicals.

Traders paused ahead of CPI; liquidity stayed steady while dollar strong and energy bids signaled cautious rotation.

Dollar soft and steady energy bid signaled rotation was still humming while liquidity stayed calm.

Payroll relief cooled stress, the dollar slip was real, and rotation into energy stayed the only clear bid.

Oil rising, metals surging, dollar slipping. Flows are tilting — real assets hold tonight’s upper hand.

Energy is tightening, the dollar is weakening, and capital is rotating into real assets — the clearest December signal the market has given so far.

Oil is tightening, the dollar is fading, and rotation is no longer a whisper—it’s the market’s first real tell.

Markets are pretending to be calm, but the micro-signals are screaming: liquidity is thinning, the dollar is tightening its grip, and one messy jobs print can torch risk faster than anyone is positioned for.

Futures already penciling in next-year easing despite hawkish optionality.

Policy rate after July’s 25 bp move.

The 10-year briefly topping a 16-year high.

Inflation at a three-decade high.

Pressure on the Fed to speed asset-purchase runoff.

A private-sector employment estimate released ahead of NFP.

Subordinated bondholders taking zero in the deal structure.

High demand that lowers yields.

A bond auction clearing at a higher yield than expected.

Monitoring demand quality as term premia drift.

Spot above futures, signaling tight prompt supply.

Holdings used to steady a portfolio during volatility.

Tens of billions in deposits fleeing in a day.

Risk that the spread between a hedged asset and its hedge moves unexpectedly.

Yields rise, with long rates rising faster than short rates.

Gap between buy and sell quotes; widens when liquidity thins.

Heavier Treasury supply hitting the market post-ceiling.

Temporary purchases to stabilize long-end yields.

The number of stocks participating in a move.

Market-implied inflation expectations from TIPS.

Long yields fall faster than short yields, flattening the curve.

Long-end yields fall faster than the front end, steepening the curve in a rally.

Price difference between futures of the same commodity with different maturities.

AT1 markets widening as hierarchy fears grow.

Borrow low-yielding currency to fund longs in higher-yielders.

Credit default swap; insurance-like contract against default.

How growth data affects commodity prices.

An economic release that lands close to market expectations.

A market mood that is positive but cautious.

Futures prices above spot, often reflecting storage and financing costs.

Strength of investor commitment to a direction.

The Fed's preferred inflation gauge excluding food and energy.

Inflation in services excluding housing, a Fed focus.

Consumer price index, a key inflation gauge.

Refining margin between crude input and fuel outputs.

The health of loan books and default risk.

The yield premium for credit risk over Treasuries.

Spreads rising on weaker risk appetite.

Crypto acting as a high-volatility proxy for risk sentiment.

Front-end repricing faster than long yields on growth worries.

Short-term yields exceed long-term yields, often seen as a recession warning.

Long yields rising relative to short yields.

Growth fears showing up as long yields lag.

Futures moving 2024 easing expectations closer.

Outperformance from sectors tied to growth.

The sequence of key economic releases in a given period.

Policy guidance tied to incoming economic data.

Markets waiting on incoming economic releases.

Fed willing to hike again only if inflation progress stalls.

Markets idling ahead of the jobs report before taking direction.

Traders waiting for December prints before taking risk.

Reducing exposure to lock in gains or limit drawdowns.

Net option position of dealers that can dampen or amplify price moves.

Investor preference for stable, low-beta sectors.

Preference for lower-risk exposures.

Hot data could send flows back into safe assets.

Fresh evidence on consumption or inventories that shifts commodity pricing.

Survey metric where readings above 50 show expansion and below 50 show contraction.

Slower shelter and goods prices pulling CPI below forecasts.

Greenback strengthening on hawkish repricing.

USD strengthens in stress and strong U.S. growth; weakens in stable global expansions.

A rising U.S. dollar that pressures gold and EM assets.

A decline in USD value that boosts commodities and EM assets.

Year-end rate projections reset sharply higher.

Ending the string of 75 bp hikes.

Strong demand for longer-dated bonds.

Valuation pressure on assets sensitive to rates.

Investor appetite for longer-maturity bonds at prevailing yields.

Long-dated Treasuries eroding capital as rates rose.

Sensitivity of asset prices to changes in yields.

Futures pulling 2022 hikes forward.

How many sectors participate in earnings strength.

Company results that can shift market direction.

Success boosting hopes for Instacart and Klaviyo.

Emerging market currencies.

Pressure on emerging markets from a stronger dollar.

Higher fuel costs complicating central bank tightening.

Ending equity-buying support alongside normalization.

Potential for sharp moves around major announcements.

Flows shift between style factors like growth, value, momentum, and quality.

Bond downgraded from investment grade to high yield.

Calls for clearer disclosure of private leverage.

Markets yanking near-term hikes after the failure.

Guidance aimed at cooling rate-cut expectations.

Issuers slashing costs to win early assets.

The combined effect of rates, credit, and FX on the economy.

ECB trimming the deposit rate after its hike cycle.

Debut rally as investors test risk appetite.

Price moves amplified by technical positioning.

USD strength fueled by liquidity flows more than macro shifts.

Price action dominated by positioning rather than new data.

Banks dumping concentrated media and tech stakes.

Markets still baking in aggressive summer hikes.

Short-term yields moving on policy expectations.

Short-term yields moving sharply on policy news.

Stable short-term rates and easy access to liquidity.

Pricing from derivatives that offers a hint, not a full signal.

Investors shifting from futures products and trusts.

A daily benchmark rate used for index and corporate flows.

Dealer hedging flows that influence price action.

Dealer hedging on short calls forces buying, driving the underlying up.

Power generators shift from gas to oil when gas prices spike.

Market direction led by high-growth sectors.

Slower activity used to justify easing.

Earnings outlook that can shift valuations.

First 50 bp hike since 2000 to tackle inflation.

Safe-haven buying that lifts the dollar when risk assets wobble.

Capital moving into protective assets during uncertainty.

Stocks that move more than the market, amplifying upside and downside.

Emphasis that inflation is still too high.

Markets moving sideways ahead of an event.

A session where major cash markets are closed, reducing price discovery.

Markets moving in a narrow band into year-end.

Trading conditions with reduced participation.

The first full session after a market closure, often with thin liquidity.

Sessions with reduced participation and liquidity.

Rising stockpiles that can pressure prices.

Crude easing on stock builds even without new fund shorts.

Weekly filings for unemployment benefits.

Pension hedges strained by 100 bp yield spikes.

How broadly market leadership extends across sectors and factors.

Thin order-book stretch where prices gap quickly.

SNB providing over CHF 100B to steady funding.

A bounce driven by thin trading rather than fundamentals.

Periods when thin participation can produce outsized moves.

Bond desks bracing for yield spikes if payrolls surprise.

Cooling PMIs pulling Treasury yields lower.

Real assets (energy, commodities, infrastructure) that stabilize portfolios during policy or geopolitical uncertainty.

The schedule of key economic releases.

Index gains driven by a narrowing subset of constituents.

Volume available at quoted prices without moving the market.

Price action snapping back after a sharp move.

Markets pricing gradual follow-on cuts.

A two-path market dynamic that oscillates between euphoric rally and orderly correction.

USD easing slightly amid cautious positioning.

Portfolio adjustments at the end of the month.

Lowest level seen so far in the current month.

Elevated yields pushing housing costs toward multi-decade highs.

Stock prices rise faster than earnings, lifting valuation multiples.

BOJ lifting the overnight rate to 0–0.1%.

The monthly US employment report outside agriculture.

Powell’s pushback that briefly calmed risk assets.

Crude spiking on invasion-driven supply fears.

Gradual output hikes despite a tight market.

Options expiration that can intensify short-term moves.

Keeping flexibility for more 25 bp moves.

Difference between actual GDP and potential GDP.

Markets betting the hiking cycle is effectively done after this print.

Purchasing managers index, a gauge of business activity.

A central bank decision that can move markets.

Central bank messaging aimed at tempering market bets.

A market move driven by central bank messaging.

Low exposure that can magnify reactions.

Price moves driven by existing exposure rather than new news.

Policy settings now above inflation, tightening conditions.

Producer price index, measuring inflation at the wholesale level.

Markets holding steady ahead of the payrolls report.

Markets finding a level through active trading.

Ability to raise prices without losing demand.

Scrutiny of margin and concentration limits.

Balance-sheet reduction flagged as the next tightening step.

Balance-sheet roll-off starting at $47.5B then stepping to $95B.

First hike since 2018 ending the zero-rate era.

Markets moving within a defined band.

Trading within a tight band without a clear trend.

How strongly an asset moves when interest-rate expectations change.

Implied swings in interest rates.

Long-end yields influencing tech multiples.

Physical or commodity-linked assets that hedge inflation risk.

Nominal yields adjusted for inflation expectations.

Investor preference for commodities and tangible assets.

Softer inflation easing pressure on risk assets via lower real rates.

Portfolio adjustments that can move markets around month-end.

A reset in market expectations after a key data release.

Stress spreading to peer bank stocks.

Buying that follows a less hawkish outcome.

Fresh flows that hit markets at the start of a new period.

Markets adjusting expectations after new information.

Monthly measure of consumer spending.

An asset used to gauge overall sentiment.

A market tone without strong directional bias.

Extra return investors demand to hold assets exposed to geopolitical shocks.

Equities jumping and the dollar weakening on the tone.

Symbolic hit to the U.S. credit halo.

Investor shift toward safety and away from high beta assets.

Capital moving into higher beta assets.

A shift of capital between sectors as risk appetite changes.

Flow into perceived stable currencies when risk assets sell off.

Treasuries bid as equities sell off.

Pricing risk of restricted Russian commodities and banks.

Possibility that trade or financial restrictions disrupt assets or flows.

Flows leaving megacap tech for real-asset plays.

Short-term price action used to gauge mood.

Short-term price action used as a mood check rather than a signal.

Council focused on wage and service pressures.

Data print above consensus for the services sector.

Median outlook mapping six more moves in 2022.

UBS absorbing Credit Suisse under regulator pressure.

Relative pricing of out-of-the-money puts versus calls.

Execution price deviates from the intended price due to market impact.

Powell flagging smaller moves ahead.

Outperformance from smaller, more cyclical stocks.

Inflation cools without a sharp rise in unemployment or a recession.

A weaker dollar amplifying commodity strength globally.

Fitch citing debt standoffs and rising burdens.

Markets parsing language for pause timing.

SEC greenlighting exchange-traded bitcoin funds.

Credit yields rise relative to Treasuries, indicating higher perceived risk.

Markets pricing a faster path to regain policy credibility.

Markets settling after a volatile period.

Currency punished alongside the gilt selloff.

Governments weighing releases to cap prices.

A durable shift in market leadership driven by fundamentals rather than short-term flows.

The first futures trading session of the week.

The Fed’s leap after the hot May CPI print.

Unconfirmed news that can move commodities.

News about production that can move commodities.

Heavy Treasury issuance pressuring long-end yields.

Shifting trade routes to avoid conflict zones or restricted regions.

Drone strikes tightening near-term crude availability.

Extra yield investors demand to hold long-duration bonds over rolling short rates.

The gradual return of extra compensation required for holding long-dated bonds under uncertainty.

Extra compensation rising with fiscal and duration risk.

Higher peak projected for 2023.

Warning that rates may still end up above prior peaks.

Low volume sessions with limited liquidity.

IPO set at $51 valuing Arm above $54B.

Synthetic exposure that masked position size.

Steady long-end yields signaling investors are bracing for data risk rather than crisis.

Markets moving up and down without a clear trend.

Thin spare capacity keeping prices jumpy into winter.

Tax cuts without offsets jolting gilt markets.

Portfolio bias toward cheaper, cash-generating stocks.

Loss in option value as implied volatility drifts lower over time.

Systematic funds that cut equity exposure as realized volatility rises.

Options pricing that reflects low expected swings.

Rising expected price swings.

Price swings as inflows meet profit-taking.

Slower pay growth that eases inflation pressure.

Market focus on pay growth as an inflation signal.

Slow price changes in thin trading conditions.

Potential for jumps when liquidity returns.

Reduced participation that can exaggerate price swings.

Low-liquidity moves that need confirmation.

Buying to make portfolios look better at reporting dates.

Scrapping the hard cap on JGB yields while keeping flexibility.

Adjustments made for reporting or risk limits rather than new views.

Shifting allocations to meet target weights or reporting needs.

Currency strengthening as rate differentials narrow.

Listening (Phobos) • Level 4 • Lesson 1

Listening (Phobos) • Level 4 • Lesson 2

Listening (Phobos) • Level 2 • Lesson 1

Listening (Phobos) • Level 1 • Lesson 4

Listening (Phobos) • Level 2 • Lesson 2

Listening (Phobos) • Level 5 • Lesson 3

Listening (Phobos) • Level 1 • Lesson 1

Listening (Phobos) • Level 4 • Lesson 4

Listening (Phobos) • Level 4 • Lesson 3

Listening (Phobos) • Level 1 • Lesson 3

Listening (Phobos) • Level 3 • Lesson 1

Listening (Phobos) • Level 3 • Lesson 3

Listening (Phobos) • Level 1 • Lesson 5

Listening (Phobos) • Level 4 • Lesson 5

Listening (Phobos) • Level 1 • Lesson 2

Listening (Phobos) • Level 5 • Lesson 1

Listening (Phobos) • Level 2 • Lesson 4

Listening (Phobos) • Level 3 • Lesson 5

Listening (Phobos) • Level 3 • Lesson 4

Listening (Phobos) • Level 2 • Lesson 3

Listening (Phobos) • Level 1 • Lesson 6

Listening (Phobos) • Level 3 • Lesson 2

Listening (Phobos) • Level 5 • Lesson 2

Reading (Olympus Mons) • Level 4 • Lesson 3

Reading (Olympus Mons) • Level 2 • Lesson 1

Reading (Olympus Mons) • Level 3 • Lesson 3

Reading (Olympus Mons) • Level 2 • Lesson 3

Reading (Olympus Mons) • Level 1 • Lesson 1

Reading (Olympus Mons) • Level 3 • Lesson 2

Reading (Olympus Mons) • Level 3 • Lesson 4

Reading (Olympus Mons) • Level 1 • Lesson 3

Reading (Olympus Mons) • Level 5 • Lesson 1

Reading (Olympus Mons) • Level 2 • Lesson 4

Reading (Olympus Mons) • Level 4 • Lesson 2

Reading (Olympus Mons) • Level 1 • Lesson 2

Reading (Olympus Mons) • Level 4 • Lesson 1

Reading (Olympus Mons) • Level 5 • Lesson 2

Reading (Olympus Mons) • Level 1 • Lesson 4

Reading (Olympus Mons) • Level 2 • Lesson 2

Reading (Olympus Mons) • Level 1 • Lesson 5

Reading (Olympus Mons) • Level 5 • Lesson 3

Reading (Olympus Mons) • Level 3 • Lesson 1

Speaking (Deimos) • Level 2 • Lesson 2

Speaking (Deimos) • Level 1 • Lesson 5

Speaking (Deimos) • Level 2 • Lesson 3

Speaking (Deimos) • Level 1 • Lesson 7

Speaking (Deimos) • Level 4 • Lesson 2

Speaking (Deimos) • Level 1 • Lesson 2

Speaking (Deimos) • Level 4 • Lesson 1

Speaking (Deimos) • Level 1 • Lesson 4

Speaking (Deimos) • Level 5 • Lesson 1

Speaking (Deimos) • Level 1 • Lesson 6

Speaking (Deimos) • Level 1 • Lesson 3

Speaking (Deimos) • Level 2 • Lesson 1

Speaking (Deimos) • Level 3 • Lesson 2

Speaking (Deimos) • Level 3 • Lesson 1

Speaking (Deimos) • Level 3 • Lesson 3

Speaking (Deimos) • Level 1 • Lesson 1

Speaking (Deimos) • Level 5 • Lesson 2

Speaking (Deimos) • Level 5 • Lesson 3

Speaking (Deimos) • Level 4 • Lesson 3

Speaking (Deimos) • Level 2 • Lesson 4

Writing (Gravity) • Level 4 • Lesson 2

Writing (Gravity) • Level 2 • Lesson 1

Writing (Gravity) • Level 5 • Lesson 2

Writing (Gravity) • Level 2 • Lesson 3

Writing (Gravity) • Level 5 • Lesson 1

Writing (Gravity) • Level 4 • Lesson 3

Writing (Gravity) • Level 5 • Lesson 4

Writing (Gravity) • Level 1 • Lesson 3

Writing (Gravity) • Level 5 • Lesson 3

Writing (Gravity) • Level 1 • Lesson 1

Writing (Gravity) • Level 4 • Lesson 1

Writing (Gravity) • Level 3 • Lesson 3

Writing (Gravity) • Level 3 • Lesson 2

Writing (Gravity) • Level 3 • Lesson 1

Writing (Gravity) • Level 4 • Lesson 4

Writing (Gravity) • Level 1 • Lesson 2

Writing (Gravity) • Level 1 • Lesson 4

Writing (Gravity) • Level 2 • Lesson 2

Singer · United Kingdom — Strong voice and slow songs.

Band · United Kingdom — Soft rock with big chorus.

Song · United States — Dark pop with a big chorus.

Singer · United States — Story songs about daily life.

Band · United States — Pop band with catchy hooks.

Song · United States — Bright anthem about confidence.

Singer · United Kingdom — Soft voice and guitar songs.

Band · United States — Loud drums and big sound.

Song · Canada — Apology song with a light beat.

Singer · United States — Powerful voice and dance songs.

Band · United States — Smooth pop with piano.

Song · Australia — Strong vocals and a big chorus.

Singer · United States — Quiet voice and dark style.

Band · South Korea — K-pop group with dance hits.

Song · United Kingdom — Slow and emotional.

Singer · United States — Fun songs with strong beat.

Band · Ireland — Classic rock with strong voice.

Song · United Kingdom — Upbeat dance pop.

Singer · Barbados — Catchy hooks and dance rhythm.

Band · United Kingdom — Famous band with many hits.

Song · United Kingdom — Sunny and light.

Singer · Canada — Calm rap with clear lines.

Band · United Kingdom — Big sound and strong vocals.

Song · New Zealand — Calm voice with a simple beat.

Singer · Colombia — Bright voice and dance songs.

Band · United States — Rock band with fast beats.

Song · United States — Warm piano ballad.

Singer · Canada — Smooth voice and night mood.

Band · United States — Dance pop group with fun songs.

Song · United States — Upbeat and joyful.

Food · Japan — rice and fish.

Food · Japan — noodles in hot soup.

Dessert · Japan — soft rice cake.

Drink · Japan — sweet fizzy drink.

Juice · Japan — citrus and sour.

Tea · Japan — light and bitter.

Food · Italy — flat bread with cheese.

Food · Italy — noodles with sauce.

Dessert · Italy — coffee cream cake.

Drink · Italy — small strong coffee.

Juice · Italy — sweet orange drink.

Tea · Italy — calm herbal tea.

Food · Mexico — folded tortillas with meat.

Food · Mexico — tortillas with cheese.

Dessert · Mexico — fried dough with sugar.

Drink · Mexico — sweet rice drink.

Juice · Mexico — thick and sweet.

Tea · Mexico — red and tart.

Food · Turkey — grilled meat slices.

Food · Turkey — flat bread with toppings.

Dessert · Turkey — pastry with nuts and syrup.

Drink · Turkey — salty yogurt drink.

Juice · Turkey — dark and tart.

Tea · Turkey — strong hot tea.

Food · France — long crusty bread.

Food · France — mixed cheeses.

Dessert · France — custard with sugar top.

Drink · France — coffee with milk.

Juice · France — sweet and light.

Tea · France — fresh herbal tea.

Museum · France — Large museum in Paris.

Artwork · France — Famous painting by Leonardo da Vinci.

Digital Art · United States — A long series of daily digital images.

Street artist · United Kingdom — Street artist with stencil art.

Museum · United Kingdom — Museum in London with old artifacts.

Artwork · Netherlands — Painting with a bright night sky.

Digital Art · Turkey — Data turned into moving light art.

Street artist · United States — Street art with bold posters.

Museum · United States — Modern art museum in New York City.

Artwork · Norway — Painting with a strong face and sky.

Digital Art · Global — Large NFT artwork sold online.

Street artist · France — Large black and white photo art.

Museum · United States — Large art museum in New York City.

Artwork · Netherlands — Portrait with a pearl earring.

Digital Art · South Korea — A digital home with calm colors.

Street artist · United States — Simple lines and bright figures.

Museum · Italy — Museum in Florence with classic art.

Artwork · Spain — Painting with soft melting clocks.

Digital Art · United States — AI tool that makes images from text.

Street artist · France — Pixel-style street art tiles.

Museum · Spain — Museum in Madrid with old paintings.

Artwork · Spain — Large painting about war.

Digital Art · United States — AI system that creates images from words.

Street artist · United States — Paper street art portraits.

Museum · Netherlands — Museum in Amsterdam with Dutch art.

Artwork · Italy — Painting of Venus on a shell.

Digital Art · United States — Futuristic 3D art for movies.

Street artist · Brazil — Twin artists with bright murals.

Museum · Vatican City — Museum with famous religious art.

Artwork · Italy — Famous wall painting by Leonardo.

Video game · Sweden — Build blocks and explore.

Brain game · Japan — Fill numbers 1 to 9.

Video game · Russia — Fit blocks to clear lines.

Brain game · Global — Strategy game with pieces.

Video game · Japan — Eat dots and avoid ghosts.

Brain game · United States — Fill words from clues.

Video game · Japan — Jump and collect coins.

Brain game · Global — Find hidden words in a grid.

Video game · Global — Football game with real teams.

Brain game · Global — Find matching card pairs.

Video game · United States — Battle game with building.

Brain game · Global — Solve clues to fill a grid.

Video game · Sweden — Match three puzzle game.

Brain game · Japan — Number puzzle with sums.

Video game · United States — Find the hidden player.

Brain game · Global — Put pieces together to make a picture.

Video game · Japan — Build a small island life.

Brain game · China — Make shapes with seven pieces.

Video game · Japan — Adventure game with quests.

Brain game · Global — Simple board game with jumps.

Dance · United States — Street dance with strong rhythm.

Sport · Global — Kick a ball into a goal.

Movement · Global — Light running for exercise.

Dance · Cuba — Partner dance with quick steps.

Sport · Global — Score by shooting into a hoop.

Movement · India — Stretching and breathing.

Dance · France — Classical dance with precise moves.

Sport · Global — Hit a ball over a net.

Movement · Global — Move in water for fitness.

Dance · Argentina — Partner dance with close steps.

Sport · United States — Hit a ball and run bases.

Movement · Global — Ride a bike for travel.

Dance · Spain — Strong steps and hand claps.

Sport · Global — Hit the ball over a net.

Movement · Global — Walk long paths in nature.

Dance · South Korea — Group dance with sharp moves.

Sport · Canada — Play on ice with sticks.

Movement · Global — Glide on ice with skates.

Dance · United States — Fast moves with music.

Sport · United Kingdom — Carry the ball to score.

Place · United States — Large city with many neighborhoods.

Event · United States — July 4, 1776. The country declared independence.

Place · United States — Capital city with the White House.

Event · United States — Movement for equal rights in the 1950s and 1960s.

Place · United States — Big city with movies and beaches.

Event · United States — 1969. First people walked on the moon.

Place · United States — City on Lake Michigan.

President · United States — First president of the United States.

Place · United States — Warm city with beaches.

President · United States — Third president and writer.

Place · United States — Historic city in Massachusetts.

President · United States — President during the Civil War.

Place · United States — Large red bridge in San Francisco.

President · United States — President known for parks.

Place · United States — Huge canyon in Arizona.

President · United States — President during hard times.

Place · United States — Park with geysers and wildlife.

President · United States — President in the 1960s.

Place · United States — Large waterfalls by Canada.

President · United States — President from 2009 to 2017.