What if Limited PLA-Philippine firefight at a contested Spratly reef?
An armed exchange between Chinese and Philippine forces at a disputed feature produces casualties and a treaty-test crisis; PSEi and PHP drop, Brent and tanker war-risk rise, VIX spikes.
Every number ships with its receipt — the odds, the range, the precedents, and a public grade at Reality Check. The statistical machinery that produces it is proprietary.
The butterfly cascade
How this trigger trickles across markets, left → right — the root shock, its first‑order moves, then the ripple effects. Drag any node; tap a market for its real price history.
Resolution timeline — how this probability is moving
Our model's odds (electric blue) over time vs the market's (Polymarket, amber), from the past toward the 1–3 years horizon. Each dot is a real macro event that nudged the probability — green pushed it up, red pushed it down. Tap a dot for the source. Loading the probability audit trail…
What it would mean
If this plays out, it is a risk-off shock. An armed exchange between Chinese and Philippine forces at a disputed feature produces casualties and a treaty-test crisis; PSEi and PHP drop, Brent and tanker war-risk rise, VIX spikes. The trigger decomposes into signed root‑shocks — Volatility (VIX) ▲ · Defense spending ▲ · Geopolitical risk ▲ · Oil supply risk ▲ · Risk appetite ▼ — which propagate through our causal graph to the markets below.